30 Days to Real Estate Cash 103
“Why are you selling? 10. ” – This is the most important question you’ll ask. “What is your asking price? 11. ” – This is a number you want, but it isn’t the real number in most cases. Now we’ll look at these last three questions in detail. “What’s the general condition of the property?” Generally, these seller callers will not have any idea how much it costs to do repairs and make renovations. They’ll usually think it’s much more expensive than the amount we know we can spend to get the work done. So, you ask this question, and the seller says that the property needs some work, probably about $20,000 worth. In many cases you will find that $20,000 coming from the seller usually involves work that he can get done for $5,000 to $8,000. When they give you this $20,000 number, it’s like saying,”I know I will have to take $20,000 less because of this work. ” There’s another important reason for this question. You want to get some idea of what’s going to be involved in rehabbing this property before you spend too much time and effort in further investigation and doing comparables. “Why are you selling?” This system of wholesaling works when we find motivated sell- ers, people who NEED to sell, not those who just want to sell their homes. When we ask the question and they say something like “ Well, I’m thinking of moving to a better school district for my kids, ” then they’re not motivated enough for our 25 to 1 offer system to work.
You may hear an answer like, “ I inherited this house, and I don’t want to pay the taxes, insurance, or utilities on it. I need to get
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