What to ask Sellers?

Question

Newbie here from Sunny San Diego need some advice.

I got into real estate investing about a year ago after attending one of those 3-day weekend boot camps.  I got excited, did more research and reading, but still have not closed on any deals.

I think it comes down to not knowing what to say or what questions to ask when dealing with the Sellers.  Please help.

Thanks in advance.

Mike C · Answer

Joy,

A key to real estate investing is to find out as quickly as possible what they NEED you to do, not what they WANT you to do. They may want you to write them a check for full asking price or a very minor concession. But what do they NEED? Were they transferred and canâ€™t afford two homes? Are they getting divorced and one spouse canâ€™t carry the property on their own? Did they buy another home and canâ€™t sell their old home as easily as they thought? Are they just testing the waters and donâ€™t really need to sell? ETC.

Finding out their real needs and motivation is the key. All the questions suggested to ask above are all you need. Keep it simple. Write down one or two and call someone. You will quickly learn they wonâ€™t yell at you if you donâ€™t know one of their questions. If you get flustered, say you have another call you have to take and put them on hold and compose yourself. Or if you have no idea what to say to a question, say something like â€œThat is a great question. I donâ€™t know the answer off the top of my head but I will find out and call you back.â€

Just start making calls. Your fears will pass quickly if you just do it.

Good luck

Mike

Douglas Christian · Answer

All the above comments are correct.  What you need to do is pick a area that you can find your first property to kind of play with.

Are you looking to buy and hold for the residual income, or are you trying to FLIP.

Whatever it is you are trying to do.  I always recommend finding someone who  is doing what you are trying to do and ask them if you can follow them or learn from them

Look at the Charlotte, NC area and see if it would be of interest.  I have many who come from Cali to do business.  Choose your poison wisely and go from there.

Joe Cline · Answer

My favorite question is "Tell me about your situation." It's very very open ended and you'll find that a lot of times the sellers will give you almost everything you need. It might be a good idea to get a list of questions to go over and then you can take notes while the owner is speaking. 
            
            Also, I only follow one real estate coach/mentor/program. I've been in several and read a bunch about them, but the most substantive is StarPower. Sign up for their Club. You get a CD every month with interviews from agents who have made it. They talk about how they made it and what they do now. You also get access to the entire archive of old interviews and documents. The Star Power way is that of sharing. Their philosophy is that they are happy to help because they know that no one out there is their competition since they do their jobs so well.   It is the best $350 you'll spend IMO. 
            
            Joe

Michael Rossi · Answer

I ask for the address of the house; the number of bedrooms and bathrooms; if there is a garage or basement; and what repairs are needed.

Then, I ask them how much they want for the property.  After they answer, I usually ask if that is the best they can do (and then I shut up).

That's about it.

I agree 100% with Dan about the scripts.  I think scripts are just silly.  Just talk to them like you would any other person.

Good Luck,

Mike

Joy Marquez · Answer

What's holding me back?

hmmm....fear of the unknown and most of all, I don't know what to do  next.

Any advice on what steps to take to get my first deal?