Hello im thinking of driving for dollars and putting up a bandit sign. I was thinking how to handle the conversation. How do you handle it? Do you go to the customers home to meet up and talk and then give them a verbal offer there on the spot or do you just give an offer over the phone. Or maybe call a contractor to come out?
Rental Property Investor · Des Moines, IA · Member since 2020 · 232 posts · 116 votes
6y
If I'm going inside someone's home, and meeting with them face to face to make a deal. I always have a paper purchase agreement with me for the meeting, even if I don't think the deal will work out. You never know with sellers.
Because the last thing you want, is to have to tell them, "Oh, let me come back tomorrow with a purchase agreement" because you weren't prepared to do a deal right then. And then all of a sudden the seller has get cold feet when you come back tomorrow. I learned this the hard way.
This is also why you have inspection clauses in your purchase agreement, because if you need to walk away, you’ve got the out clauses to get you out. So after you get it locked up, then you can bring out your contractors to take a look, and if they find something, you can walk away. Also most contractor won’t walk a property, until you have it under contract. They are already busy enough trying to find there next project, and a property not under contract, is not a future job for them, it’s just a waste of their time, especially in a hot market.