Real Estate Wholesaling | How To Talk To Sellers

In today's video, I'm going to show you exactly what information you need from your leads to qualify the property to know if you have a deal or not. Coming right up. When you're reaching out to potential motivated sellers, it's important to determine if you have a deal or not. There are 4 main pieces of information that you need to get your seller to reveal. You can do this by remaining casual and having a simple conversation. Hi, I'm Joe Homs. I have over 40 years of real estate experience as a broker, investor, and mentor. This channel is dedicated to helping new and experienced real estate investors of any age create the life that they've always wanted through real estate. So make sure you subscribe so you never miss a video. 4 main pieces of the puzzle that you're trying to solve to help your seller in whatever situation they're in And determine if you have a deal or not are these 4 behind me. So let's talk about them. Condition of the property is one. Condition, also determining what the after-repair value, which we talked about. What are the loans on the property? And then anything else, and this will give you the equity position. And as I spoke in another video, we want it at least Me, uh, here in California, I want at least $150,000 in equity so that I could deal with this situation. What is the motivation of the seller? Very important. How quickly they want to do this deal. Do they have time? Are there tenants in the property? Did somebody pass away? What is their motivation for selling it at a distressed Uh, timeline again is important as well. So we can close within 3 days on a normal transaction because we are all cash, or I have one right now that said they wanted 60 days, and that's fine because they needed that time to move out, um, the furniture and items that were in there that were left behind. Unfortunately, it was a probate situation where somebody had passed away, so they needed that time for all the relatives to come over and take whatever they needed, and then we said, fine, let's close in 60 days. Price is always the number one important product in anything. Price is obviously important to the seller, and price is important to the flipper, and it is literally the meeting of the minds where you end up getting a deal. So those are Basically the 4 things that you need to do to establish whether this is a good deal or not. Stick around to the end because I'm going to give you some negotiating tips so that you can get the price that works for you. Here are a few negotiating tips to help you get the price that you need to make this a deal. Okay, let's talk about these 4. We're talking about building rapport, showing empathy, Get their value first is really important, and then starting low with your offer. So building rapport is paramount up front. You need to get the seller to like you. People don't like to work with people they don't like, so it's simply just building rapport with them, showing empathy. If it's a situation where you learn that Grandma passed away in the property. Please give your condolences. Things like that so that they know that you're a human being on the other side of that phone call, or if you're person to person, same thing that you care about them and their situation. Always get their value first. I can't tell you how many times I've gone and somebody will just you know blurt out, "I want three hundred thousand for this property," and my maximum. Allowable offer was $250,000, or it could have been even higher. So it just depends on what they're looking for. It gives you kind of a basis to start at. Once you figure that out, always start a lot lower. People are, are used to negotiating, and so they're, they're going to give you a high number. You want to do the same thing and give them a lowest number as possible, and then you're going to work your way towards that middle ground where not only you're happy but they're happy and you create a deal. Ready to get started building your real estate career and your financial future? Please make sure to subscribe or feel free to reach out to me anytime. I'm here to help.