Finding Real Estate Buyers and Sellers: Part I
By [http://ezinearticles.com/?expert=Conrad_Miller]Conrad Miller
Part 1 of 2:
As a real estate investor, one of the most important things you need to know how to do is find properties to buy. It seems like a simple task, but it can be much harder than it looks. This two-part essay will help give you some ideas on how to find owners who are looking to sell their property, and tenants who are ready to buy - even if they did not know it!
Perhaps we should start by explaining what a motivated seller is. A motivated seller is an owner with reasons that have catalyzed their desire to sell. Motivated sellers might be created by inheriting an unwanted or distant property; they may have come about through divorce or business break-ups; they may be regrouping from the death of a close relative or someone leaving the country. Often, motivated sellers are simply tired of fighting with the county (in cases of code violations or liens), family, tired of maintaining a property or paying taxes, or for any other reason simply do not want the hassle of holding the property anymore. Real estate investors like to find motivated sellers because they usually want so badly to get rid of the property that they will accept a price below market value just to get it off their hands. Take care and remember, though, that these people are often hurting and struggling with major life events. Although you are running a business and need to make some profit, do not take advantage of them. Real estate investors are in a valuable position to help motivated sellers by relieving them of one extra burden; we are not vultures circling overhead, waiting for the right time to strike.
But back to the topic at hand... Before employing any of the techniques in this publication, it is smart to begin by coming up with a list of exactly what types of properties you are looking for, with what amenities, and in what areas. If you do not want properties in a particular zip code or locale, then you should be aware of that and make sure that you do not advertise in or target that area. Your list might include things like how many baths and bedrooms (for houses), if power lines are already strung to the building or lot (for commercial or mobile home lots), how many electric meters there are (for multi-units), and so forth. This will help you limit your search fields and weed out the properties and areas in which you are uninterested.
One interesting way to find a motivated seller is to go to your local court's records of evictions. I am sure that all over your great city there are landlords who are sick and tired of lazy or dirty tenants, maintaining a building, missed rent payments, and other things that go along with renting. By creating a list of landlords who have filed eviction notices to their tenants, you have a whole new world of motivated sellers at your disposal. Maybe not all of those listed will be ready or willing to sell, but if you target those same landlords over and over again, eventually someone will come to you.
Another method is placing advertisements in the classified sections of your local newspapers and publications. Usually of low cost, this technique is an excellent way for sellers to be made aware of you and know how to contact you. Also, they can cut out the ad and place it on the refrigerator for future reference. Keep your advertisements short and sweet, and to the point. There are often a minimum amount of words or letters you must use to make the Classifieds, and extra charges for longer ads. So just use a quick two or three word attention-getter that also tells readers what you want, and your phone number or website address. Choose a newspaper that has good circulation and is in the area(s) in which you are looking to buy. Also, it is not a bad idea to track when you get the most responses in relation to when you run your ads. For example, if you find that you get the most calls or emails when you run the advertisement on Mondays and Thursdays, but none when you run on Tuesdays and Saturdays, then save yourself time and energy and only run them on Mondays and Thursdays! Find what works for you and do not waste your time and money on unprofitable endeavors.
My name is Conrad Miller; I am a real estate investor, entrepreneur and small business owner in southeastern PA. My company, Terra Proficio Inc., specializes in wholesaling both ugly and pretty homes as well as rent-to-own and lease/purchase options. Our webpage for those seeking to purchase a home is http://www.terraproficiowholesalers.com and for those who may have a home they need to sell fast is [http://www.letconradbuyit.com]http://www.letconradbuyit.com. We are often able to close in as little as 7 days, depending on the circumstances. We are willing to look at ALL situations; negative equity, pre-forclosure, and properties that require extensive renovation are all okay with us. Contact us via our webpages for more information.
Article Source: [http://EzineArticles.com/?Finding-Real-Estate-Buyers-and-Sellers:-Part-I&id=6763321] Finding Real Estate Buyers and Sellers: Part I