A wholesaler is only as good as the deal he can present. This means finding motivated sellers who are willing to sell a property for less than current market value for any reason.
Three ways wholesalers can find motivated sellers in New Port Richey include targeting very specific avenues, casting a wide net or something in between. Regardless of the method, it is important to find properties with the potential for an investor to make a solid profit. Here are three ways to find motivated sellers.
Public Records
Public records are filled with useful information that wholesalers love. One very good public resource is the county tax assessor’s office. Look for properties where owners are delinquent on taxes. The county often holds tax lien auctions and has other records. It’s worth a drive to the assessor’s office to understand how the information is funneled through the system so you can best use your time. Those who are delinquent on property taxes may have other financial issues and be willing to negotiate a sale.
Another public record of great use to wholesalers is eviction notice records. County court houses have a list of current evictions on file. By contacting owners, you may find an owner who no longer wants to deal with tenants or an investment property at all.
While at the courthouse, look at probate listing. Here is where beneficiaries may need to sell quickly to pay debt or taxes on an estate of a deceased loved one. These people have a reason to sell and move quickly. This creates an opportunity for you as the wholesaler.
Neighborhood Drives
This is widely becoming known as “Driving For Dollars”.
Here is a little bit about what to do when driving around looking for potential sellers.
To effectively identify potential investment opportunities and properties for cash buyers, start by conducting thorough market research. Focus on neighborhoods with high potential for profits and great deals. Once you identify promising areas, drive around and look for distressed properties that need some work. Signs include overgrown weeds, neglected roofs, and broken windows.
Owners of such properties may be experiencing financial hardships or be eager to downsize. After identifying potential investment properties, conduct further research on them and reach out to the owners. This method can uncover motivated sellers who are ready to move.
Additionally, getting involved in the community can be beneficial. By making yourself known and sharing what you do, you transform from a cold contact to a familiar face, making it easier to approach homeowners with offers. Always approach respectfully and be sensitive to their situation. Financial hardships can make homeowners wary of solicitors, even if you’re offering a solution. Remember, emotions run high when people are at risk of losing their homes.
Direct Mail
Direct mail is a wide cast net. It is cost effective in many ways and with a virtual assistant doing most of the administrative work on it, you are only concerned with the one to three percent of home owners who respond.
Give yourself an advantage in the direct mail game by targeting communities that have problems but potential. You can’t always determine why people want to move, but you can target things based on common reasons. Perhaps a spike in crime in the neighborhood is making some families antsy to move. Targeting a community with seniors can find a group of people who want to downsize or move closer to grandkids and other family members.
Whatever the reasons are, expect a low rate of conversion on direct mail but don’t neglect it. Do it consistently and cycle through several communities so people learn who you are. They might not be ready to sell today, but by the time they get the third direct mail postcard from you, they may be considering it.
Direct mail may be very time consuming and can cost quite a bit as the costs of everything is going up around us all the time.
Not just the price of postage, but the gas prices going up and down almost every day can become challenging for doing this, but just one deal that comes out of it makes all of that seem to go away.
If you see for sale signs in the neighborhoods you drive, call before you leave the area. Even if the house is vacant and listed with an agent, you might also be able to make a deal especially if the house is overgrown and shabby or has been on the market too many days.
Usually in this case the agent and the owner