set up my first meeting. need help!!

[Account Closed]

okay guys so here is the situation....

i got another call today from someone in my area. AND i set up a meeting with him on friday....

to be honest, i have nooooo idea what i am going to talk about with him when i am there. what am i supposed to find out? do i have to make an offer my first time?

what do i dooooooooooo

[Manny Cirino]

So a few main things you normally want to do is to get the basic info over the phone, how many beds, baths, garages, sq. ft. if facing foreclosure or other hardship(usually asking why are you looking to sell), do they owe a mortgage, are they the only owner, if there are any repairs that are needed, and how much are they looking for.

With this you can do some due diligence before going out. Look up the property by address and search for some dirty comps. That whay if you had to make and offer you know more or less your number. Of coarse a seller will alway over value the house due to an emotional connection.

Then when you go out take a repair analysis sheet with you and market down all of the repairs through out the houses. I usually calculate rehab grade repairs for a renovation or rental grade repairs if the house is in a rental area(will make a huge difference in your offer). As you walk through you want to build reppor with them talking asking them all about themselves. Then get in to the prices how long has the house been empty, why, what would he do if it couldnt sell, has he spoken to a Realtor.

Then since you never done repairs I would take the repair sheet home and cross reference the cost of materials on home depot or lowes and at least get an idea of what the materials cost would be.

Then go through craigslist/service/hard money lenders and find out what Hard Money lenders are offering in your area for LTV could be 65%-70% up to 90% in some areas and that is what you will use to calculate your offer. ever area has a different average LTV.

After you have an offer figured call the seller and make sure actually provide an offer in writting to make it real to them not just call and ask them," would you take X amount". Call them then and say, "hey based off the condition of the house and current market conditions I came up with an offer that will help us both get what we want give me your fax or email and I will send you the contract to be signed but please make sure read it carefully before signing"

I hope this helps.