I suspect that you will get different opinions depending upon people’s personal experience.
If you are going to resell soon, then no, don’t do a 1/1 unless you can add on to make it more like the norm in the neighborhood. Except, if this is a very desirable neighborhood where a single person or couple would love to live if they could get a low-enough-priced house.
If you are want to rent it out, check the price and the rents. If you can make what you consider a good cash flow, go for it. Unless you have some other deals that are even better, in which case don’t diffuse your energy on a less than attractive property such as this one.
In a hot market, even if the seller is truely motivated
I am wondering why he would be motivated to sell to me and only me…
out of 99 other “i buy houses” investors who placed ADs on the sunday paper and 19,234,992 other home buyers in the area…???
What would motivate him to deal with me and only me?
Terms, price? Good looks and charm?
You do! Compete. Be a competitor. Get in the mix, make things happen and beat your opponent. You either win or lose, it’s real simple and it’s entirely up to you. This is the most important lesson I took away from my days as a football player.
It’s like landing the girl of your dreams. What would make her choose you out of all the other billions of guys in the world? Only you yourself would!
Fact is, a motivated seller really doesn’t care who they sell to. They want their problem solved. Beat your opponents to the punch and be the first to solve their problem as Ron Starr said. You can increase your chances by constantly improving your marketing, your negotiating skills, your communication skills, your knowledge of techniques, your access to cash, etc. etc.
Re: What makes a motivated seller choose me??? - Posted by Rich[FL]
Posted by Rich[FL] on August 12, 2003 at 12:19:15:
Here’s one for you. I received a call a few days ago from a seller (the deal never worked out BTW), and I finally got around to asking her why she called me? In the last couple of months, the “I buy” ads in our local newspaper has swelled from 2-3 to about 8-10 now! Her answer? Well, my thumb was next to your ad when I opened the paper so I called you!
How many people can the owner deal with simultaneously? 99? Not likely.
If the owner likes the first person that s/he is dealing with, what is going to push him/her to start dealing with somebody else?
I went to the fleamarket once. Saw some notebook paper for sale at $1.25 and bought it. A couple of aisles further along I saw some notebook paper for sale for $0.75. What was I to do? NOTHING. I already had enough notebook paper to satisfy me.
Be the first first one to talk to the people who have a property for sale.
Be charming, friendly, a good salesperson.
Don’t worry about competition. You are creating phantom fears in your mind. Just put them aside and learn the business. Do it well and you will have customers.
I was at a seminar recently and the speaker was relating how he had fashioned his postcards.
He hired designers who messed with the fonts, put “this” color “here” as opposed to “there”, changed the words and rearranged the words, used subconcious motivator colors, placement and words, and many more tricks.
He decided to find out what was the most effective trick he was employing by asking callers why they called HIM as opposed to others.
Thanks for your advice. I think I’m slowly learning the ropes now but sometimes indeed run into phantom fears. I’ve overcome most of my previous fears as I no longer sit on my butt now instead vigorously study, talk to realtors, and search for properties.
Well, with that aside… I have another Q:
Does it make sense to rehab a 1bed 1 bath house in a neighborhood full of 3bed 2.5bath if I can get it at a steep discount? Or should I avoid the obsolete floor plan (“the wrong things wrong”) all together?