All Forum Posts by: Chris L.

I'm looking at a FSBO in a wealthy area where foreclosures are rare and houses on the MLS will get offers within days. The current owner is a real estate investor who rented out multiple properties over the years and now he's older and he's selling off his properties. I did my own comps, and the estimated value is lower than what he's asking. I might live in the house or I might rent it out. The house is outdated but doesn't seem to need much work. It was built in 1954. Do you have advice for things I should be careful NOT to say to a savvy investor like him when I'm negotiating? In the past, I've had the buffer of an agent to relay information.

Is it better to say I plan to live there? Should I avoid telling him I'm looking at it as an investment?

Should I suggest seller financing? Then I could offer closer to his asking price, when you factor in interest for the seller financing. 

I haven't spoken to the guy yet, only his wife. 

Thanks!

I go doorknocking in NJ, CT and NY...not exactly areas that are receptive to surprise visitors! I few things I do:

-as a girl, I wear a nice-fitting golf shirt, pants, and running shoes (in case I need to run...seriously)

-I go Saturday or Sundays during the day

-stand at a 45 degree angle from the door, so if they see you through the window, you don't look intimidating. 

-don't cross your arms. Keep them at your side or behind your back, so you don't look intimidating.

-open with a joke or something said in a cheerful way ie "I was freaked out for a minute, I thought the BBQ next door was a house fire!' It doesn't even have to be funny, just something to break the ice and set a friendly tone

-start talking to them as if you've known them forever. Literally, you can start asking them about their day and telling them about yours. Don't worry, they'll eventually ask you why you're here. At least you haven't opened up the conversation by talking business.

-Then I say that I like their house or that I'm interested in buying their house. "Have you considered selling it?... Oh, why's that?...I'm so sorry to hear that, I can relate because ____ ... How long have you lived here?..."

-I hand them 2 papers: one is our official company handout, with pictures and a 800 number. The second is a paper written with Sharpie "(Name), Sorry I missed you! I'm interested in buying your house. We can pay cash. Christine Cell: ###-####)." Sharpie is key in case they have trouble seeing well. I point out to them that it has my cell number (makes it personal), and that I work for the guy in the flier, who has been buying houses for 15 years (builds credibility)

-If they're not there, I leave the fliers in the doorway. NEVER the mailbox (it's illegal) or on their car (the paper can stick and you'll get angry calls. Then again, an angry call could be better than no call. I knew one investor who had no problem stirring up angry calls with his advertising because he was charismatic enough to turn the conversations around and learn about their house and situation)

-I make sure I get their phone number before I leave. Ask in a straightforward way, like it's no big deal "It was great talking with you, I'll follow up next week. What's your number?"

-If they aren't home, I knock on the neighbors' doors and ask them about their neighbor. I start with friendly conversation, and then tell them I'm interested in buying their neighbor's house. Neighbors can tell you a lot, plus you didn't waste your trip for nothing. 

Hope that helps!

Christine

I'm in!

Hello! I just joined this site. I have been involved with real estate in various aspects for several years. I used to be part of an investor team in NJ, hanging bandit signs, door-knocking, sending letters, etc. We had a lot of short sales in the pipeline and also worked on deals using business credit.

I'm getting started in CT now because I have ties to a builder in Fairfield county and because I personally would like to purchase a primary residence there. It seems like a whole different animal, and any advice would be appreciated! I'll start by bird-dogging for the investors I already know in FC, but I'm also keeping an eye out for 1-2 families that I personally would like to purchase.

I hope to build my network on here, and get things started.

Christine

Hello there,

I'm a wholesaler and investor in Fairfield County. I'd love to chat and find out what you're looking for. I'm also interested in deals that others can bring to the table.

Thanks,

Christine