UNITED STATES, Feb 20 — In the current depressed real estate market, selling houses has become harder than ever. This is also true of deals that look great. You must therefore have a game plan for selling houses fast to succeed in real estate investing.
Keep up with the closing process and make sure the money is available when expected
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n the current depressed real estate market, selling houses has become harder than ever. This is also true of deals that look great. You must therefore have a game plan for selling houses fast to succeed in real estate investing.
This article focuses on identifying buyers with cash for your real estate deals. Specifically, we focus on how to market and successfully sell wholesale deals.
You must identify qualified buyers to be successful flipping wholesale deals.
Identifying the buyers involves the following steps:
1) Build a buyers list
This is a primary golden rule in real estate investing. If you sell houses, you must build a list of potential buyers of your properties.
In order to build a good buyers list, you must have a real estate investor website that is fully equipped with the ability to automatically build your buyers list as you sell your houses.
The first thing you do when you get your next deal is to email it to your buyers list. You are likely to get a buyer from that list. Many times I have found buyers the same day I email my deals to my buyers list.
Check the bottom of this article for a good recommended real estate investor website.
2) Market aggressively
A lot of investors rarely market their properties adequately. It is necessary to run a marketing campaign for every property you get even if you have a buyers list.
You must always include your website address where they can view the property and sign up to your buyers list.
I make sure I run ads on Craigslist and other real estate websites. You can run ads in your local papers for $200 to $500.
Again, do not provide a phone number, instead provide the web address to your real estate investor website where you have the property listed. If you give them your phone number, it must be a voice mail that re-directs them to your website.
I like to make sure they provide their contact information before they can access full property details.
You can generate potentially hundreds of potential buyers this way.
3) Pre-qualify potential buyers
One of the biggest mistakes real estate investors make is to get excited when they get a potential buyer. Until I know they have the money to close, they are just potentials to me.
When I talk to a potential buyer first, I take their contact information and show them the property or give them the lockbox code. Once they express interest to buy it, I must ask them the source of their cash.
"Cash" is not enough. Do they have this cash in the bank? Did they just sell a property? Are they working with a line of credit? Do they have a private money lender or a hard money lender?
In other words, proof of funds is a must.
Do not rely on sellers who are hoping to get a mortgage from a bank. They must have cash, and the ability to close quickly.
4) Follow through to closing
Once I identify a potential buyer, we then sign a contract. I must collect a cashier’s check for the earnest money. It must be at least $500 which they lose if they do not close, but is credited to them at closing.
Keep up with the closing process and make sure the money is available when expected. As always, time is of the essence in closing wholesale real estate deals.
Communicate directly with Simon Macharia, the author of this article. Ask questions, send suggestions, comments, engage in conversation, or perhaps you would like to submit a project.
Click Here to ask a question, send a comment, or proposal.
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