OWNER SOLD PROPERTY
popular websites are
BuyOwner.com and FSBO.com.
Look for properties with high grass, mailbox overflowing and deteriorating exterior.
If you find one, you can do an owner search at the court
house, or a reverse lookup on the street address.
You can also look for rehab projects in the MLS of any broker website. They tend to use the term TLC or
rehab project on the listing, so you may be able to find them with a search on keyword.
You can use bird dogs to help find these projects also. They will do all of the
search and contract stuff for you, and charge a finder’s fee to assign you the
Do your Due Diligence. Do a thorough walk-through of the property. Note all T&M to fix the property up and determine if this is going to be profitable at the price you are offering. If not, either renegotiate terms or exit the contract.
Adding extra bedroom(s) or bathroom(s) is a good way to increase the value of a house.
Adding curb appeal – trim or cut down some trees. Plant some grass if needed. There are a lot of cheap things you can do to get your yard spiffed up.
New flooring if needed and try to have the flooring match as much as possible throughout the house.
If the home doesn’t have a deck, consider putting one in.
If you were a buyer, would a house having a deck or not, make or break the deal? Would you be willing to pay more for the property if it had a deck?
Ask yourself, if i was looking at this house for the first time to buy…
- What reasons would make me want to buy it?
- What reasons would turn me off from buying it?
You may consider furnishing the house, a.ka Staging the house, to get it to sell faster. Some people have a hard time envisioning the house as it would be if they were living there… inviting, warm look. You can rent or perhaps buy the furniture, which can be used for all your flips.
You can sell the property yourself if you put up signs, post ad on Craigslist or in the newspaper. Although this way might take longer than listing through a realtor.
Don’t forget to have an open-house, you may get a written offer.
This is a HUGE time consuming job. If you don’t want to do it, find a good property manager. You will typically have to pay them 10%.
Tenant Positive/Negative Reinforcement
Rent is due on or by the 1st of the month. If they pay after the 5th, charge a late fee.
Offer a discount if rent is paid 5-7 days early
Do credit and background check and charge potential tenants to do it.
Get a deposit, which is to be used for repairs when the tenant leaves. Keep your receipts and document repairs that were needed. Remaining balance or all of deposit is to be returned to the renter.
Persuade the owners to see that you can save their credit from a foreclosure and give them some suitcase money for moving expense.
Find out how much the owners owe the bank and offer them slightly higher than that, unless the property isn’t worth that much. In that case, offer them less than what they owe. They will then need to cut you a check.
You can find per-foreclosures on RealtyTrac.com
Can be found on RealtyTrac.com and foreclosures.com.
You can also go to public or “Court House steps” auctions which are listed in the newspaper.
If you use a partner, they can look at the property exterior and peer in through the windows to see what condition it’s in. They they can phone you at the auction to inform you.
Search for these keywords on websites, i.e Craigslist
- Sell on contract
- Fixer Upper
- Lease option
- Motivated Seller
- Creative financing
- Must Sell
- Seller will finance
- Seller assistance
- Out of state seller
FSBO’s can be found in the newspaper and be sure to checkout the website version, where you may find more info. ‘For sale’ and ‘for rent’ sections. Finding a lease option could be a good creative financing buy.
Make a website that has a ‘I buy houses’ theme. You could make them an offer to close fast on their property.
Present all the information that the seller needs to know and collect all their information that you need to know.
Multiple websites or an authority site can help you get into the top rankings on Google. Add unique content consistently to your websites, this also helps your rankings.
Can be found in real estate forums or in local networks. Make sure their fees are within reason. When you find a good one, keep them on the payroll for years to come. They are a great time saver.
If you want to sell fast advertise as ‘motivated seller’, or ‘seller will finance’. You may want 10% down and your full asking price, if you are financing part of the equity in the deal.
Connect with ME
- Google: FSBO Listings
Lease Option/Rent to Own
- Google: Landlord Tenant Laws YOUR STATE (i.e Texas)
- Google: Rehab Funding Sources
Website & Marketing
- https://www.hawkhost.com (affiliate link: I will get paid a small commission if you click and purchase)