By: Mark Maupin KEY When buying real estate try to make connections with other real estate investors. Their firsthand experiences can help you to avoid similar pitfalls. You are looking for sellers whose #1 objective is to sell their property. You are looking for motivated sellers (A DON'T WANTER). If you are dealing with any one else, you are going down the wrong road. It would be a good to get a real estate license. Even when you are dealing with someone who is not a motivated seller and whos #1 objective is not to get rid of the property, a real estate license can earn you money by listing the property for the person, or referring them to someone else that would be better as a listing real estate agent for the property. KEY Buying real estate is a decision that should not be made lightly. If you are in the market for a house the first obvious decision should be the area in which you would like to live. When I call on someone who wants to sell their property, I have found they know the value and their options. We review what the after repaired value is with them and what we would offer. We also advise them as to their options regarding getting pre-qualified by a mortgage company, or any other options that might be the best solution for them. If they are motivated sellers whose #1 objective is to get rid of the property, then they will look to work out a sale with you. I feel it is important to let them know all their options such as to list property, take investor offer, or refinance property. If you present to them what is you see as their possible solutions it will make a difference for them regarding saving the property through refinance, or you might get the listing or referral fee from another realtor that gets the property sold for the owner. The bottom line is you served them and in doing that, you get taken care of also. Some examples of motivated sellers are: KEY If you like fishing, boating, swimming, or any other activity involving the water, you should consider buying real estate that is bordered by a lake. The right property could even come with its own boat launch and dock that you can use. a. Divorce The couple has separated. They now have doubled their individual overhead. They have two house payments now. The home they shared required two incomes. The marital house is headed for foreclosure b. Probated estates- the attorney in charge will want to liquidate the estate as quickly as possible c. Tired landlords people who jump into this business and can't handle property management. d. Loss of job e. Move out of state- double house payments f. Partnership split The business of finding motivated sellers is good one. g. Foreclosures h. Tax Forecloures KEY Set a realistic budget for yourself when you are buying real estate. Many times your financial institution will overestimate what you can afford to pay and loan you too much money. In this business, key is to stay focused on making sure you have motivated seller. Said anyother way is that the person #1 objective is to get rid of their property. Good hunting for Motivated sellers! Ralph Mark Maupin has purchased in excess of 3,500 single-family homes and many multi family properties. Mark teaches real estate investing seminars, and has real estate mentoring program About the Michigan Real Estate Investors:
KEY If you're buying real estate as an investment, you cannot assume what other people may want. People's desires change depending on the state of the market, so always opt for low-priced property over property you feel to be more desirable to people. The Michigan Real Estate Investors Roundtable meets the 3rd Thursday of each month to give property investors, realtors and companies who provide real estate services the opportunity to network and learn from each other. The club is free to join, open to the public, and there are no pre-registration requirements. Simply show up at a meeting and enjoy the latest information from successful real estate entrepreneurs who are happy to share all their secrets to success. Contact: Mark Maupin 17177 Laurel Park Drive, N. Ste 142 Livonia, MI 48152 248-939-6232 |
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