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Article > Finding the Deals



Article kindly provided by Fazal Ullah

www.theglobalwealthmasters.com

 


Where are they and who’s got the deals?

Well, let’s look at the people that fall into the category of ‘desperate seller’.

Debts
Someone who has debts who may have put their head in the sand. They may have letters coming through the door or they may have the debt collection companies chasing them. They may have phone calls at ungodly hours during the night and day or calls at work, with people chasing them for offers of repayment. Nobody likes it, but they may be facing an uphill struggle trying to balance their funds at the end of the month. They might think their option is to get rid of the house, because that is the biggest stranglehold. Our role with this is to allow them to get out of their situation and get on with their lives without the stranglehold of the property around their necks.

We’re helping people with debts and we’re not saying it’s the only option. The vendor could put the property on the open market through an estate agent and wait months to achieve a sale if they have the time.

Divorce

The second category would be people who have gone through a divorce and typically the reason that they become motivated or desperate sellers is because neither of them wants to deal with each other when selling their property. They don’t want to do viewings together and they don’t want even to talk to each other. This situation can be a bit raw and you may have to see these types of people separately. You could have difficulty getting a contract signed by both of them and you may have to go to different locations to get the contract signed. There’s a little bit of difficulty in this, but divorced couples make desperate or certainly motivated sellers, because they want to move on with the rest of their lives again and get out of their situation quickly.
Trading up or down

You could have a couple or a family that are trading up. These don’t fall into the category usually of desperate sellers, but they could be motivated because they want to trade up into their new property and they want rid of their old one very fast. A new baby may be coming along or a new hobby, but these are at least, motivated sellers.



Moving abroad

has its own time issues that need to be dealt with and it could just be a timing issue. A specific date does put pressure on people to sell and you might not get that property straightaway. They might not be motivated enough until nearer the date when it comes that they have to sell and trade up and move abroad, etc.

Chains

In the old days, we used to have chains and chains used to break down. Nowadays, we don’t really have them anymore, but certainly if a chain’s broken down and they were a little desperate or a little motivated, before they go into the sale, and a chain breaks down during that period of desperation, they could actually become a desperate seller.

Death & Probate

Death and probate can cause desperate sellers. Although they usually turn out to be a motivated seller certainly because the family members might reside out of the country and this particular property has become a pain. They might have squatters or the property might have been damaged by vandals because it’s lying empty. It might need updating because it’s not in a sellable condition decoratively speaking. So there are a few reasons why probates will provide you with motivated sellers, who maybe not desperate, but certainly motivated.
You start to get a feel for a deal when you’re on the phone talking to a lead, whether they’re desperate or motivated. We want to deal with the desperate sellers primarily because we’ll get the best deals out of them. Don’t presume anything, because you can be surprised and a deal can spring out of nowhere that you didn’t expect it to.

Tired landlords
Landlords sometimes get into positions where they’ve got too much property. They’ve gotten into a position where they want to get out of it. They’ve become landlords rather than property investors and they want to get out and do something else. These sellers will help you, they usually know the BMV market, so they will offer the right prices and the right sorts of deals because that’s how they got into the game.

How are we going to find them?

Well, we’re actually going to find them in a number of different places. These are the top-secret different places you can find deals and we’ll run through them.

The courts
The people that are facing repossession will be attending or have attended court at some point. That’s either to save the property or to go to a court hearing to have the judge extend the payments, etc. You can’t put leaflets outside the court but you can discreetly speak to people if they’re going through the court system.


Debt forums
People are going onto debt forums asking how they can get out of debt. They’ve obviously got debt so you can put messages on them that you’ve got a solution for their debt problem and you can help them out with their situation, www.moneysavingexpert.com is an example.

Private adverts
Private ads can supply you leads. When you get the leads, it’s up to you to negotiate the deal directly with the vendor.


Developers

Developers want to sell property, because they want to move on and build another development. They may have one property left, or two or three properties left, that they’re stuck with and can’t sell in retail market. Speak to some and see if you can strike a deal.

Auctions
Personally, we don’t buy from auctions and we wouldn’t bid on an auction property particularly but you can actually go to an auction and find the unlisted or the unsold lots. Usually, these are the ones that need some cosmetic work. We know quite a lot of developers or investors that just buy from auctions.

BMV lead sellers
There are plenty of companies and people in the marketplace who will provide you with BMV leads. Lead sellers generally save the cost of advertising but then you have to pay for the lead. This is typically people in the market who did exactly what we’re describing or teaching in this book. But instead of doing the deals for themselves they’re actually making a business out of selling the leads. You’ll quickly realise that you’ll have to go through a lot of leads to find the right deals for you.

Mortgage brokers
Mortgage brokers know who’s got the money and who’s desperate to sell (sometimes). So mortgage brokers can be a source of leads.

Leaflet Drops
If you’re doing leaflet drops you need to pick an area that’s going to be your patch. The ex-council estates, the lower demographic areas to buy in for example. That’s where we want to get our deals in and which will yield well and that will rent easily. If you’re using leaflets, the guy may drop all of the leaflets in the bin, to make sure that doesn’t happen, you can tell him that you will pay if you see a leaflet through the door in one of your houses because you own property in this area. That just keeps him on his toes. Your area or patch can be as little as two estates, or a postcode. There’s no reason to have an area the size of London.

Using your own advertising, right? What we’re going to do is show you a few top-secret ways of – and I say that tongue-in-cheek – top-secret ways of using your own advertising to get your leads. The only part of advertising is to get the phone to ring. So let’s go through them.

If you bombard an area with leaflets, you’re probably not going to get a response and the reason for that is it’s understood (in marketing circles) that people need to see a leaflet around seven times before they make a response. That rule works in a lot of marketing in most industries. If you do one blast of 5,000 leaflets, the chances of response are pretty slim. But if you do smaller, targeted deliveries of 300, 350, and 1,000 and do it over a period of time you’ll get a much better response rate from your leaflet.

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