How Do You Screen Which Sellers To Spend Your Time On?

[Tony Nguyen]

Hey guys,

I am about to send out a little over 600 letters to sellers with at least 40% equity in their homes in certain areas of my city to make them offers so that I can buy and flip or buy and hold w/ terms.

Once sellers start calling you, how do you filter out which ones you're willing to spend time making offers to or meeting with in order to view their properties and making appropriate offers? What key questions do you ask to know if you're going to be able to get it at a price you want? I would love to meet all sellers to figure out a way to patch together a deal, but theres got to be a more efficient way.

If it's a flip, of course I need to buy it low enough to make a 20% minimum profit, but if it's a buy and hold and the seller is going to finance it with maybe 10% down, sure I'll pay a better price.

Would love to know what you guys have experienced. Any help would be appreciated - thank you!

[Lafi S.]

I agree with the above posts. Get to know your market, but in reference to what questions to ask, a typical evaluation sheet would look like this...

1. Why are you trying to sell this property?

2. Address (also ask for a subdivision name if applicable)

3. Number of bedrooms _____
4. Number of full baths _____
5. Number of half baths ______
6. Year built ______
7. Basement? Is it finished? Is it a walk-out?

8. Number of levels (always ask if they are including the basement in this number)

9. Is there a garage? For how many cars? Is it attached or detached from the house? If there is no garage where do they park their car (carport? Street? Driveway? Assigned in parking lot?)

10. What repairs need to be made to make it ready for a new homeowner?

11. What updates or upgrades have been made to the home within the last 5 years?

12. Whose name is on title?

13. What is the monthly rent you need if we were to lease the property ?

14. How much money do you need for the property?

15. Is the property vacant or occupied?

16. What is your email address?

17. What is a good call back number?

18. What is the mortgage balance?

19. What is your monthly payment?

20. Are you behind on payments?

21. Do you need all cash or could you have someone take over your monthly payments?