Who Places ‘I Will Buy Your House” Ad In NewsPaper?
Answer? The darn house flippers - those who buy houses with below market prices and flip them for profits. Even better, some filppers never have to pick a hammer to flip the home for profits. The secret? Rob people when they are desperate. Check out a Flipper’s tip below:
Seems simple enough doesn’t it? It truly is if you’ll do it right. So how does one “do it right?” Follow these steps and you’ll be on your way to a hefty paycheck: First, you must find homeowners in distress. There are many ways to advertise what you do: Run ads in the paper that state, “I buy houses cash”; place business card size ads in school newsletters; call local churches and charities to let them know that you are a real estate investor who helps folks that are behind on mortgage payments; place “I buy houses” signs on street corners; wear hats and T-shirts stating what you do; call homeowners listed in the public records who have filed for divorce, bankruptcy, or foreclosure, landlords who have recently evicted tenants, folks who have not paid real estate taxes, and people going through probate; place magnetic signs on your car; go door knocking; and much more.
There are many reasons homeowners find themselves in distress: Job loss, illness, downsizing, job relocation, divorce, death, pay cuts, and more. Just searching for foreclosures limits your business. I have bought many houses from people who were transferred, unable to sell the property before the move, and couldn’t afford to make two mortgage payments. Even though the payments were current, the situation was headed for distress. Don’t limit your thinking. Once you find a homeowner willing to work with you, go to contract. Get a real estate sales contract from the local board of realtors or an office supply store. Fill it out making yourself the buyer. Give the homeowners a $10 dollar deposit to bind the contract. Yes, homeowners will accept $10. I have never had anyone tell me no. Once the contract is signed, get busy finding another investor (a rehabber) who will buy the property wholesale.
To find an unlimited supply of rehabbers, run an ad in the local paper that states you have houses in foreclosure. When they call, get their contact information and keep it in a database. Each time you get a property under contract, contact the investors on your list. If the property is priced right, it will sell. Another great source for rehabbers is to attend local REIA (real estate investor association) group meetings. These are monthly meetings attended by real estate investors, mortgage brokers, real estate agents, and others specifically looking to work with real estate investors. Once you find a rehabber, simply assign the sales contract to him or her and this person will close on the transaction in your place. You’ll get paid an assignment fee for putting the deal together. The closing will take place at a title company or an attorney’s office. The rehabber can arrange the entire closing. All you have to do is show up and collect your check.
I can’t seem to agree with this type of money making method. Yes, people are divorcing, losing jobs so that they have to let their homes go. So this is the best time to rip those people off? Hmm.. I simply just don’t agree with the moral side of the deal…