| When you're flipping houses (aka wholesaling), | | | | - Local online classifieds |
| aside from finding a motivated seller with equity, | | | | - Media websites |
| the most important piece of the puzzle is the | | | | - Flyers to local vendors in exchange for |
| ability to find buyers. Here's a strategy that will | | | | sponsorship - Contact local newspaper or TV |
| show you how to sell a fixer upper (that you | | | | station to get some free press |
| currently have under contract) THIS weekend! | | | | - Local REIA group(s) |
| This will work if you've got a property under | | | | - Your existing database |
| contract that you need to wholesale OR if you've | | | | 4. Hold your event. |
| got a fixer upper you've already closed on and | | | | You may wind up with 2 people or you may wind |
| you simply need to find a buyer fast. In either | | | | up with 20 people at your event. Obviously the |
| case, we're going to assume that you've got to | | | | more, the better! The event will probably take a |
| find a buyer, and you've got to find a buyer | | | | total of 4 to 5 hours including the property tour. |
| FAST! | | | | In the "training" portion of the event, you'll want |
| One of the most successful ways to flip a house | | | | to have each person meet with the mortgage |
| is to hold an "event". This type of event is going | | | | broker to know what they are really able to get |
| to be a little different and is targeted towards | | | | unless they are cash buyers, of course. You'll also |
| investor buyers with cash. What we're talking | | | | want to go over the current market, why now is |
| about here is a "flipping houses" bus tour, and | | | | the time to buy, and the best types of deals to |
| here's how to put it together: | | | | maximize their investment. When you're flipping |
| 1. Find a "Preferred" Partner to host the event. | | | | houses, an educated buyer is the best type of |
| You're going to want to find a Realtor® or | | | | buyer! They often move faster and close quickly. |
| mortgage broker whose office is within 5 miles of | | | | 5. Take the tour of homes. This is where you |
| your property and who has access to a small | | | | help them apply what they just learned. You'll |
| meeting space or conference room. Ideally, you | | | | want to have flyers, financials, financing scenarios, |
| will have both a Realtor® AND a mortgage | | | | rehab costs, etc. available for each property. Get |
| broker as a part of this team. Better yet, you'll | | | | them to put a number on each deal at which |
| have a Realtor® with properties that are ideal | | | | they'd be willing to write an offer. Do this as you |
| candidates for your buyer prospects. Since time is | | | | leave each property. |
| of the essence, you'll need to move quickly, so | | | | If you have enough people register for the event, |
| try and secure the location and partners on a | | | | you may consider renting a small bus or a |
| Monday (if you're holding this event on a | | | | minivan, but in most cases, a caravan will serve |
| Saturday). | | | | the purpose. The only benefit of a bus or minivan |
| If you're using this strategy solely to build a | | | | is that you control the situation and people can't |
| buyers list, timing is not as critical and you may | | | | leave in the middle. |
| consider an extra week to promote and/or get | | | | 6. Recap. |
| FREE publicity. | | | | Once you've visited all 5 properties, return back |
| 2. Select 5 properties for the event. | | | | to the location to go over any questions and |
| At least one of these is obviously your property | | | | write up contracts. You, your Realtor® and |
| and it must be clear to the Realtor® and | | | | your mortgage broker can work together to |
| mortgage broker. If you have multiple properties, | | | | make sure that any offers people want to place |
| obviously you will use those before you find "filler". | | | | are submitted and that they can actually close if |
| REOs and fixer upper properties are going to be | | | | the offer gets accepted. This is CRITICAL when |
| your best choices since the goal is to find buyers | | | | you're flipping houses |
| to flip a house to. And this is why you'll need the | | | | 7. Follow up. |
| Realtor®, to get you in! You will need to draft | | | | Again, the follow up is crucial. You will want to |
| up an agreement with the Realtor to make sure | | | | touch base with each attendee the following day |
| you get paid on any deal that closes. | | | | to get any additional offers, write up contracts, or |
| 3. Market your event. | | | | add to your buyers' list for the future. |
| Your event is going to be an educational seminar | | | | Remember, your ultimate goal is to sell this |
| with a buyer field trip so that people can actually | | | | particular house, but if you find that people are |
| purchase deals. Make this very clear in your | | | | ready, will and able to buy another type of |
| marketing. But remember, we're using | | | | property, go out and find what they're looking for. |
| education-based marketing. Here are just 10 ways | | | | Flipping houses is simple if you just realize it's a |
| you can market your event: | | | | matter of finding the properties the buyers want |
| - Craigslist.org | | | | to buy! |
| - - - Pay Per Click (Google Adwords) | | | | |