A wholesaler is only as good as the deal he can present.
This involves finding motivated sellers who, for whatever reason, are happy to sell their house for less than its current market value.
Motivated Sellers Are The Key To Finding Investment Opportunities.
Three ways that wholesalers can discover motivated sellers in Miami is by targeting very specific avenues, casting a wide net, or something in between.
No matter what method is used, it’s important to find the right properties with the potential for an investor to turn around a substantial profit.
Keep reading to discover three ways to find motivated sellers in Miami.
Public records are filled with useful information that wholesalers love. One particularly good public resource is the county tax assessor’s office. Look for properties where homeowners are delinquent on taxes. The county often holds tax lien auctions and has other records you can look at.
For best results, take a drive to the assessor’s office. That way, you will understand how the information is funneled through the system. Those who are behind on property taxes will likely be struggling with other financial issues and, therefore, more willing to negotiate on a sale.
Eviction notices are another useful public record. County courthouses have a list of current evictions on file. If you reach out and contact the owners, you may come across a homeowner who no longer has the patience and energy to deal with lazy tenants or an investment property at all.
When you at the courthouse, also take a look at probate listings. You may find beneficiaries that need to sell quickly to pay off debt or taxes on a deceased loved one’s estate. This is unfortunate, but a great opportunity for you as a wholesaler since these people usually need to sell up and move fast.
Do market research and find a neighborhood or two that you feel has potential. Drive around and look for properties that you think need work. Perhaps, the weeds are overgrown, or the roof needs attention. In some instances, you might discover properties with broken windows or other more severe issues.
Chances are these houses belong to people who struggle to keep up with the size of their property. They could be experiencing financial hardships and distracted from property maintenance. In some cases, homeowners might jump at the opportunity to downsize with the right motivation and guidance.
Once you identify the properties you’re interested in, do some research, and once you have all the information in place, get in touch with the owners. You might think this sounds a bit odd, but this method will actually lead you to homeowners who want to move.
Plus, getting involved in the community and creating a positive public presence is also a smart idea. Once people know who you are and what you do, they’ll be more likely to trust your judgment and expertise. This helps if you need to approach a homeowner with an offer. Just remember to be respectful and polite. If someone is going through financial difficulties, they might not be receptive to solicitors. Don’t be fooled into thinking, “But I’m offering them a solution!?” People tend to lash out and panic if they feel they’re going to lose their home even if this is the only solution.
Direct mail is a wide cast net. It’s cost-effective in many ways, with a virtual assistant doing most of the administrative work. You only need to reply to the one to three percent of homeowners who actually respond.
A great strategy here is to target communities that have problems but clear potential. It can be challenging to find out exactly why people want to move, but you can reach out based on some obvious reasons.
For instance, perhaps a spike in crime in the neighborhood has made some families eager to move. Targeting communities with seniors can help you find older couples who want to downsize to a more manageable property or move closer to family.
Just don’t expect a high conversion rate on direct mail. A lot of homeowners throw this sort of correspondence straight in the bin. But this doesn’t mean you should neglect it. Even if people don’t read the information in detail, you’re still building a name for yourself and creating a presence across several communities. Do it consistently, and at some point, you’re bound to come across homeowners who are ready and willing to sell.