All Forum Posts by: Doug Pretorius

@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!

@Jon LaBorde That's what I figured you meant which is why I warned you that it's very unlikely you will get a deal from 10k cold texts. SMS is a very low impact method of reaching people. For example I auto-delete every text I get from numbers that are not already in my contacts without even looking at them. You would need to hit them up with multiple texts with different messages over a long period of time in an attempt to build some kind of trust factor before just about anyone would consider responding.

At least tell me that you have a well targeted list that you're thinking about texting?

@Jon LaBorde Don't use any marketing method that you can't sustain long-term.

Something like cold text blasts is going to require a large list and regular contact for a long time to generate a worthwhile response. I also wouldn't even suggest doing it exclusively. It should be something that you use in conjunction with other ways of contacting the same people.

The response rate is also going to be a tiny fraction of what you would get from cold calls. You definitely do not need to cold call all day every day to find deals.