Posted by howard-nyc on December 11, 2000 at 08:27:27:
I am just ramping-up my own flipping machine at this time. I am in Queens.
IMHO, yes it is possible, no it is not easy, yes there is more competition. The key here is to use all of the other professionals to send you deals. There are over 5,000+ re agents in Brooklyn, Queens, and Long Island. There are 2000-3000 mortgage-loan agents. The chances of a motivated seller bumping into “them” be fore “you” is much higher. You must “take care” of those people referring you deals.
Posted by Brian J on December 10, 2000 at 14:58:03:
I have dealt with a few out of state sellers in the past few months. They all started out in a very motivated way and ended up never contacting me again.
I talked with them about the deals. (Mine were all subject to) some where the seller got cash and others where I just take the property because of very little to no equity involved.
These sellers were very agreeable and wanted the offer sent out right away so they can sign and get rid of the burden that they had (Their Vacant Houses).
Each one of them called back with various questions, that I, was happy to answer because I didn’t want them to be confused by any part of the deal, be it the agreement, the trust or anything for that matter.
Then after various calls, I never hear from them again!
How could they be so interested all along, and then just disappear? Am I over educating these folks and giving them ideas of how to put cash in THEIR POCKETS? or am I just missing a point somewhere here?
Note: When I send these offers out via mail to the seller, I am not putting on the agreement an expiration date. Is this a good thing or a bad move?
Also one more question: If these sellers are so motivated, would it be wise to have them fly into town to sign these papers rather than give them the chance at learning what I’m doing? If I like the house and the conditions involved I can tell them that I definately want the house but need them to come to town to get it done.
Posted by JCPerry_NH on December 11, 2000 at 15:01:33:
brian –
Everything sounds like it is going well so far…but like they say…“the fortune is in the follow up” – I would say in addition to the deadline, like you mentioned – I will call you in 2 days. 24 hours, etc. something to say that you will get in touch with them very soon if you don’t hear from them…
good luck
Jason Perry
Not sure if you said they wound up selling to someone else or just not selling. Send them another offer with an expiration date and keep sending if not sold, if the deals are worth it.
You don’t say how you found them. If you contacted them, it may be that they hadn’t thought about what they were going to do yet, for real. And your contact got them to thinking and they found another way to go. Don’t know.
Re: The Out Of State Seller - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on December 10, 2000 at 15:51:30:
Brian,
You note the answer to your problem. A good offer has an expiration date (usually tomorrow). It helps if an offer can be written, signed by me and signed by the seller and on the way back to me in 24 hours or less.
This is a snooze and loose business.
Today we have fax machines that work very well. Clue: if they can’t get to a working fax machine right now then they are not motivated.
Today we have overnight delivery of documents about anywhere. I like FED-EX, or UPS with a return envelope included (Ipay both ways that way I know it got done).
Now I have found that if the seller is motivated we will deal in 24 hours or less, and if they are not motivated I will find out in 24 hours or less.
Just tighten up on your acceptance time, and you will do fine.