| THE VACANT HOME STRATEGY | | | | what is the least you would take?" Be quite and let |
| 1. Find 50-100 Vacant Single Family Houses in your | | | | them speak. If he says it's worth $130K and he says |
| local area. | | | | he'll take $90K. You come back and say, "We're |
| 2. Research the property using your counties | | | | picking up the same type of home in that area for |
| Property Appraiser. If it's not online then go down to | | | | $70-75K." Once again be quite and let them speak. |
| your County Courthouse. Get the mailing address of | | | | Don't say another word. If they say No, then let |
| the homeowner for these vacant properties. How do | | | | them know that this is not a great market and the |
| you do that? Run a search using the property | | | | property could sit much longer. Then tell them that if |
| address to find the homeowner and their contact | | | | their situation changes and they reconsider my offer |
| info. | | | | to please call you back. About half the time they will |
| 3. Run the comparables to figure out what you would | | | | call back. |
| offer for the property. You can use these FREE | | | | 5. Once you get a property under contract what do |
| websites. Zillow, HomeGain and Domania. Or you can | | | | you do? First you do the inspections and start lining |
| use RealQuest but they charge a nominal fee. I | | | | up buyers. Put a For Sale sign out in the yard to start |
| personally use RealQuest as they are more accurate | | | | advertising. Put an ad in the paper. The wording for |
| and up-to-date with their comps. | | | | the ad will depend on whether you are selling it |
| 4. Find owner's phone# using 411, switchboard. Or | | | | wholesale or retail. If you are retailing the property |
| send them a letter. Get into a conversation with the | | | | and it needs fixing up, then you need to start the |
| homeowner first by building rapport. Introduce | | | | rehab. If you wholesale the property, you could |
| yourself. Ask what the weather is like where they're | | | | "assign" the contract over to the end buyer and do a |
| at. Just talk about anything to build rapport. Then tell | | | | simultaneous closing. (I go more into this type of |
| them you noticed their property on "whatever" | | | | wholesaling in another article.) |
| street. Tell them you are an investor and that you | | | | Ways to get out of a property once you have it |
| buy properties like the one they have and you just | | | | under contract: |
| so happen to be looking for a property like theirs in | | | | 1. Other Real Estate Investors |
| that neighborhood. Tell them you are a wholesaler | | | | 2. Build a buyers list by networking and putting an ad |
| and you buy properties at a discount. You buy from | | | | in the newspaper |
| banks, institutions, lenders, homeowners, whomever. | | | | 3. Word of mouth/ Referrals |
| Tell them you will either fix it up and rent it or re-sell | | | | 4. Before inspection period is up, get out of contract |
| it, or turn around and resell it to another investor for | | | | and still recoup your deposit. |
| them to fix up. Let them know that you are not sure | | | | Or you follow through with the purchase of the |
| what you will do with their property yet. Ask them | | | | property, fix it up and re-sell it, rent it or do a lease |
| what they are doing with the property right now. | | | | option. |
| Say, "GREAT! If I pay you cash and close quickly, | | | | |