When you're flipping houses (aka wholesaling), as well as finding a motivated seller with equity, the most important piece of the puzzle is the ability to find buyers. Here's a strategy that will show you how to sell a fixer THIS weekend!
OR if you've got a fixer upper you've already closed on and you just need to find a buyer almost. In either case, we're going to assume that you've got a buyer, and you've got to find a buyer FAST!
One of the most successful ways to flip a house is to hold an "event". This type of event is going to be a little different and is targeted towards investor buyers with cash. What we're talking about is a "flipping houses" bus tour, and here's how to put it together:
1. Find a "Preferred" partner to host the event.
You're looking for a real estate or mortgage broker whose office is within 5 miles of your property and who has access to a small meeting space or conference room. Ideally, you want to have both a realtor and a mortgage broker as a part of this team. Better yet, you & # 39; ll have a Realtor with properties that are ideal candidates for your buyer prospects. Since time is the essence, you'll need to move quickly, so try and secure the location and partners on a Monday (if you're holding this event on a Saturday).
If you're using this strategy to build a buyer's list, it's not critical and you may consider it an extra week to promote and / or get free publicity.
2. Select 5 properties for the event.
At least one of these is clearly your property and it must be clear to the realtor and mortgage broker. If you have multiple properties, obviously you will use them before you find "filler". REOs and fixer upper properties are going to be your best choices since the goal is to find buyers to flip a house to. And this is why you & # 39; ll need the realtor to get you in! You want to make an agreement with the realtor.
3. Market your event.
Your event is going to be an educational seminar with a buyer's field trip. Make this very clear in your marketing. But remember, we're using education-based marketing. Here are just 10 ways you can market your event:
– Pay Per Click (Google Adwords)
– Local online classifieds
– Media websites
– Flyers to local vendors in exchange for sponsorship
– Local REIA group (s)
– Your existing database
4. Hold your event.
You may wind up with 2 people or you may wind up with 20 people at your event. Obviously the more, the better! The event will probably take a total of 4 to 5 hours including the property tour. In the "training" portion of the event, you'll want to meet each other with the mortgage broker to know what they are really able to get without they are cash buyers, of course. So you want to go over the current market, why now is the time to buy, and the best types of deals to maximize your investment. When you're flipping houses, an educated buyer is the best type of buyer! They often move faster and close quickly.
5. Take the tour of homes. This is where you help them apply what they just learned. You'll want to have flyers, financials, financing scenarios, rehab costs, etc. available for each property. Get them to put on each deal at which they are willing to write an offer. Do this as you leave each property.
If you have enough people to register for the event, you may consider renting a small bus or a minivan, but in most cases, a caravan will serve the purpose. The only benefit of a bus or minivan is that you control the situation and people can not leave in the middle.
Once you've visited all 5 properties, return to the location for any questions and write up contracts. You, and your Realtor and your mortgage broker are willing to accept the offer. This is CRITICAL when you're flipping houses
7. Follow up.
Again, the follow up is crucial. You want to be in touch with the following day to get any additional offers, write up contracts, or add to your buyers & # 39; list for the future. Remember, you are ready to go, and look for another type of property, go out and find what they are looking for. Flipping houses is simple if you just realize it & # 39; s a matter of finding the properties that buyers want to buy!Immobilienmakler Heidelberg Makler Heidelberg
Source by Heather Seitz