All Forum Posts by: Doug Pretorius

What a great business strategy! Over pay in cash and then let your investment fall apart. I get the feeling the author of this article might be just a little bit politically motivated in their spin of the situation.

@Sean Dezoysa Since they already reached out to the wholesaler they should be warm leads. It's very odd that they're not answering a call back. I'd be curious to know how the wholesalers are speaking to them, they might be making them feel so worthless because they don't have equity that they're giving up. The only thing I can think of is to go knock on their door.

@Greg Scott What are you saying? That we should all just stop using phones for business? Sean isn't cold calling/texting these people he's returning their call!

@Account Closed The first question is: Do you actually have a deal?

What's the ARV? What do you have it under contract for? How much repairs does it need?

Second question is: Where have you advertised it?

@Jay Ben This depends on the MLS. Each MLS is maintained by the local real estate board. Some allow contracts to be listed while others don't. Here in Ontario every MLS I've interacted with has an option for brokers to list a contract as an "Assignment Sale".

As others have mentioned it's illegal in every state/province for you or your agent to list the property for sale when you only have it under contract. But you may be able to list the contract for sale.

Quote from @Nicholas Burch:

What's the best way to find seller financing leads, I have tried craigslist and Facebook marketplace. I appreciate any input!

1. FSBOs and Expireds. Knock, call and/or direct mail.
2. If you're in the US you can target equity lists with direct mail.
3. Run PPC and SEO campaigns to buy houses and some of those leads will work for seller financing.

@Ty Spinks You could buy on a lease option. Get a low enough rent so you can make a decent spread and if prices go up you can exercise your option in a few years.

Quote from @Jay Ben:

DEPOSIT: One Dollar ($1.00)

Contract sample: https://pdfliner.com/orea-form...

Consideration can also be a promise to do or not do something. Like: "As consideration for entering into this contract the Buyer agrees to pay the Seller's closing costs."

@Sean Dezoysa The problem is that few people stay in the same house for more than 5-7 years anymore so it's not so much them refinancing as just selling the house and moving on.

I keep my rates competitive with the banks posted rates for an open mortgage (usually 2-3% above market) with no prepayment penalties.

@Jay Ben I do $1. You don't need to give them any money though. The contract requires "consideration" which can be anything of value.

@Tricia O'Brien There are thousands of flat fee listing services like that. The problem for sellers who use them is buyer's agents will steer their buyers away from those listings because they feel it's harder to close without a listing agent to work with. It's the same with being an FSBO even if you offer a commission to agents who bring a buyer most of them with avoid working with you.

I actually use these sites as one way to find motivated sellers because you can be pretty sure they aren't getting any offers. These sellers obviously are trying to maximize their profit on the sale which is something I can give them with a creative offer. I sweeten the deal by offering to pay all of their closing costs as well. Seller's LOVE the idea of getting top dollar as NET cash in their pocket!