Million dollar FSBO lead in my backyard!

[Ashleigh Flowers]

Good morning BP! I found a million dollar FSBO on my way home from work and I want to make my first call to the owners. Im so nervous!!!! I feel like I'm on information overload and will freeze up if they actually decide to meet with me. I'm I biting off more than I can chew for my first time or is this a great way to practice calling owners? My fear is not being rejected but actually the possibility of it turning into a deal. I know it's a numbers game and I may not be so lucky on my first try but I have that lingering "what if"?

[Kerry Baird]

Take away some of your fear by having a script with a number of good, solid questions to ask.  Ask your question and be quiet, and let them talk.  One of the more important questions/answers is "Why are you selling?" so you can determine any motivation. 

Food for thought...these are questions that I ask myself when I am picking up a deal.  

How do you think you are going to make this deal work for you? A million dollar property costs a lot of money in the monthly time frame, the taxes will be sky high, and expenses much more than your average house.  What is your plan?  Is it a fix and flip?  If so, where are you getting the rehab funds?  What is your Plan B, in case Plan A doesn't work?  Sort out Plan C...will rents cover the monthly payment?  

Speaking of funds, how are you planning on getting purchase funds?  Do you have a hard money or private lender who has funds available?  

How do you know the value?  Can I confirm with past sales comps or must I use a Realtor friend?