Before I start week 7, I need to admit that I fell behind and have yet to mail out my letters. I’m one mouse click away from printing them out, but ran out of time this weekend to pick up the envelopes and stamps. I’m terrible at working something new into my schedule and over the past week I have not been focused and let a few distractions get in the way. Honestly? how hard is it to go to an office supply store and get envelopes and then pick up stamps? takes 30 minutes.
Ok, now that I have that off my chest I’m going to see if I can, in the future, get stamps and envelopes mailed to me on a regular basis so I won’t have to go and pick them up myself.
The real topic of this post is what to do when you go see the house after a prospective seller calls. This is not rocket science, but there are a few things you’ll want to do while you are at the house.
What to take with you? This is more important then you would think, because if you are prepared you will be more confident and you will also appear more professional. Here is the list of items I’m going to be taking with me on my house meetings…
- Clip Board: try writing on a piece of paper in mid air haha
- Probate Worksheet: use this for reference and to write down any other personal information about the seller
- Property Repair Worksheet: I haven’t explained this before, but it’ll be a handy way to quickly mark down problems when walking through the house
- Your Business Card: To give to the seller
- Experienced Investor or Contractor to help identifying repairs: This is optional, but highly recommended for people just starting out and who don’t feel comfortable estimating repair values or even spotting repairs.
What to do when you get there? We all are going to be nervous our first few times meeting these people. We are going to feel like frauds, but don’t let that feeling scare you. I know I won’t because I’m not a fraud, I’m there to help this person out who CALLED ME. Here is my quick check list of what I’m going to do
- Create a little small talk, but keep it light. Only purpose is to relax everyone because they are nervous too.
- Have them show me around the property. I take this approach as apposed to walking around myself because I want the seller to talk, i want to learn about them. You’ll quickly find out if they are “Attached” to the house for any reason. This is one of the ways to discern motivation.
- Making sure to check out every room and take notes on your Property Repair Worksheet. The worksheet also helps you remember to check all the important items like roof, HVAC, leaks, etc.
- When the assessment is completed, tell the person you will get back to them in a day or two when you have had time to prepare your offer.
Should I make an offer yet? If you are experienced with repair values and are confident in making an offer on the spot, you may do so. I on the other hand am going to need a day or so to consult with my team and review the list of repairs in order to come up with an offer.
Ron Mead’s Suggestion:
Your tendency will be to underestimate the cost of projects, so that is why I suggest you consult with someone in the business as to what the fix-up total cost might be.
Also don’t be afraid to walk away if you feel the project might be getting to big. You are looking for houses that need minor repairs not a rebuild.
Later this week I will try and come up with a Property Repair Worksheet that can be used. I don’t have one myself but have a good idea where I could get one. I was thinking J Scott at 123Flip.com might be kind enough to offer one to us if I ask nicely.
Next week I will talk about Determining the value of the house.
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