Just got a bite

[Wade Mcmahan]

So we just did our first absentee owners direct mail marketing and we got a text from someone today from North Carolina. We are located in New Mexico. We scheduled a time to discuss everything this evening and honestly this is our very first interaction and possible deal of it all goes right so I was hoping to maybe get some help on what to ask. I have a rough idea but input would be nice. 

Thank you BP

[Jeff Rappaport]

@Wade Mcmahan, some it depends on what you are looking to do with the property.  For instance, if you are looking for properties that you can buy cheap, that need work, that you can wholesale to another investor would be one set of questions.  If you are trying to structure financing (owner financing, rent to own, subject to) for buy and hold or to wholesale to other investors or owner occupants then you might ask another set of questions.  I work with all type of sellers so this is the basic info I want from the seller:

Name, address of the property, phone #, email.

Description of the property - beds, baths, square footage, lot size, garage, type of house etc. 

Condition of the property - what kind of work does the property need?

Financing - Do you own the property free and clear or do you have a mortgage on it?  How much do they owe, what is the payment a month, taxes and insurance included, interest rate etc.  

If I could pay you all cash and close on the date of your choice what is the least you would accept?  Is that the best you can do?  Would you consider taking payments for your equity?

I always like to incorporate a few of these questions to build some rapport and find out what the situation on the property is:

Sounds like a nice house, why are you selling?

How long have you owned the property?

What have you done to sell the house?

If it is non-owner occupied - Is it currently rented?  For how long?  How much in rent do you currently get?

Once the seller gives you a number of what they want I like to ask - If you don't get that much for your house what will you do?

Now you don't have to ask all of these questions to every homeowner you talk to.  You certainly don't need to ask them all if you are just looking to pay cash for a house and buy it cheap.  If you pm me I would be happy to send you a seller intake form I use.  Hope that helps!  Good luck!