How do you find motivated sellers (optionors)!!! - Posted by Vic

Real Estate Investing
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Posted by Vic on April 14, 2000 at 01:21:30:

Hey Scott & JPiper & others,
I realize it seems like I’m asking for a lot here. But, I really don’t expect anyone to sit at the computer & type out page after page of info. that would answer all of those questions. I know some of them have already been asked & probably will continue to be asked by the newbies. I do however, know that with all the great minds at this site, that there are people who are strong in maybe one or two areas & they could address the specific area with which they work in.

I also have spent some time searching the archives & I do agree that I probably should order a course or two. I’m sure over time I’ll probably order almost every single one of them. Just not in position to do it now.

That’s why I posted these questions - to see if I could get enough info. to get started in the right direction, then hopefully by using that knowledge, be in position to order every course out there, if need be.

I’ve read all the how-to articles & as I said, some of the posts. However, when you post a question, you only get answers from people who happen to catch your post while it’s still fairly new. I’m sure some people are busy & don’t get a chance to check this board & respond as often as they’d like. So if you post a question today, it may only be seen & responded to by the people who are actually tuned in at that time. If you come back & ask that same question, a few days later, you may get a whole new perspective from someone who didn’t get a chance to respond to it the first time.

It’s kind of like fishing, you throw your line in the water & see what you catch. If you don’t feel you’ve gotten as much out of the responses as you’d like, you just wait a lil while & throw your line in the water again & see if you can get some new responses.

This is such a fabulous site to gain info. & my objective is to gain as much info. as I can from as many people as I possibly can. Then I can form a strategy based on that.

So, I for one do not mind seeing the same question being repeated time after time - because you never know when you might gain a new insight.

Even though I’ve only been here a short time, I really think that’s what this board is all about.

Perhaps, a new newsgroup could be added that addresses all of the FAQ’s. Perhaps, it could be set up similar to the how-to articles, except maybe it could allow people to add in the solutions that they’ve found work for them. It wouldn’t be a question & answer type of thing - maybe just a subject head & then people could post their solutions to it under the lead question. In other words, solutions only, no questions. Just speculating about this, don’t know if it would be feasible or not. Just an idea.

In any event, I will continue to read the questions, even if they are the same old ones, in hopes of picking up that one new idea that could possibly help me close a deal.

Vic

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How do you find motivated sellers (optionors)!!! - Posted by Vic

Posted by Vic on April 13, 2000 at 24:13:01:

Hi everyone,

I tried calling a few ads out of newspaper tonite, looking for people that would either L/O their SFH or possible do some seller financing. It was the same story with everyone I called - they all wanted to cash out. I also found it very difficult to build enough of a repoire with these people on the phone, so that they would be open enough to what I was proposing. Their thought patterns were just totally on the traditional type of sale. So I thought I would post & try to find out, specifically, how you’ll find your motivated sellers (optionors).

  1. Does anybody use the newspaper & cold call? If so, what is your specific script that you use?

  2. Do you place ads in classified section? If so, specifically what does your ad say?

  3. Do you go to courthouse & look up out of town owners. If so, what specifically, does your letter say that you send to them? Are there any other groups of people that you look up? If so, who & what do you send them?

  4. What other methods do you’ll use to find motivated sellers?

Please be specific with what your ads, letters, etc. say.

I’m like a race horse being held back right now, I’m ready to run, just need to find the track.

Thanks so much.

Vic

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Re: How do you find motivated sellers (optionors)!!! - Posted by scott

Posted by scott on April 13, 2000 at 09:48:24:

Vic,
Please don’t take this the wrong way but have you invested in a L/O course? There are several good ones, I have Bronchick’s which I can personally recommend. If you’re going to take this business seriously, you have to be willing to invest in educating yourself. This is an ongoing process. True, this board has much valuable information but it certainly isn’t a substitute for some in depth education. The rewards are worth a few hundred dollars worth of material, and if you’re really serious about it that is indeed a small price to pay. Best of luck.

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Re: How do you find motivated sellers (optionors)!!! - Posted by Scott

Posted by Scott on April 13, 2000 at 09:14:37:

Please don’t take this the wrong way Vic, but have you invested in any of the very good L/O courses out there?
There are several. Personally, I have Bronchick’s and I believe every single one of your questions are answered in the course. I would highly recommend it.
True, you can obtain a lot of very good information here on this site (for free) but if you’re really serious about this business, then a few hundred dollars to become educated is a very small investment that will pay huge dividends. Best of luck.

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Re: How do you find motivated sellers (optionors)!!! - Posted by JPiper

Posted by JPiper on April 13, 2000 at 01:35:21:

Vic:

What you’re asking for is an answer that would be a course in and of itself.

My suggestion is that you read the newsgroup, the archives, the how to articles, money making ideas section, and success stories. All this information is FREE. Some of the questions you’re asking have been answered in the last couple of weeks…right here on the newsgroup. Detailed information can be found in some of the courses available here.

Even race horses need to take the time to read once in a while.

JPiper

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Re: How do you find motivated sellers (optionors)!!! - Posted by Eric C

Posted by Eric C on April 13, 2000 at 24:46:37:

Hi Vic -

When I first began in this business many years ago, I began every morning the same way - I would call the newspaper ads. Not those ads that offered a house for sale – the “for rent” ads!

In advertising a house “for rent”, owners demonstrated a willingness to allow their property to be acquired (or controlled) for a comparably small amount of money. (They called it a deposit) Often, the reason they were trying to rent the property was that they had (earlier)FAILED to sell it.

Of course, if they stayed on the phone with me and answered all (or most) of my questions, I knew they were motivated (or really, really bored).

I’ll be the first to admit that this was (and is)a time-consuming process. And it’s certainly not original to me. But the cost was low and the success rate was better than fair.

I don’t do this today, but the process taught me many of the skills I needed to become successful in this business. Negotiation, telephone skills, property values, repair costs, and many more.

By far, the most important thing I learned was to listen. Only by listening could I learn the seller’s true needs. The real trick was to then structure an offer that could meet those needs and still make me a nice profit. Nuthin’ to it.

Trust me, it works.

Yours,

Eric C