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> Finding the Deals |
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Article kindly provided by Fazal Ullah
www.theglobalwealthmasters.com |
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Where are they and who’s got the deals?
Well,
let’s look at the people that fall into
the category of ‘desperate seller’.
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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.
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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.
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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.
NEED
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