Why does this work? Properties get damaged. Every day there are properties that are damaged by fire, flood, water, hurricanes etc. And many of these homeowners want to collect their insurance money and move on. In many cases they have already made their money from the insurance payout but they still own the lot and the damaged house. In some cases they don’t have insurance or insurance did not pay them enough to cover the cost of repairing the house. This is one of those real estate tips that you don’t normally hear about, but it is based on real life situations that people encounter. Either way, that individual is a motivated seller and they desperately want to sell their house. And because it is damaged, they cannot simply list it for sale on the MLS with a realtor. Why? Two reasons. The first reason is because regular retail listing agents won’t take the listing. The second reason is because since there is damage, there cannot be insurance. And since there is no insurance, no buyer with a mortgage can purchase the property. So the only one that can buy the property is a cash investor like myself. That thins out the competition quite a bit. And the fact that this property is just sitting there means that it may not even be listed on the MLS (or it could be).
Either way the seller wants to sell and the seller is motivated. They need a cash buyer. And that is where you can step in and make them an offer to buy their house. Driving for dollars works. And way too many investors don’t utilize this tactic primarily because they are lazy – but they should. It’s a steady source of deals for us – especially after a Hurricane in Florida. One of my students made a few million dollars buying hurricane damaged houses in the Gulf so when you see damage think opportunity.
If you are brand new to real estate and want to learn more about how to wholesale real estate and flip houses then please register for the free wholesaling real estate training at this link below:
If you want to learn how to fix and flip houses I have a fix and flip training webinar at this link: https://www.lexlevinrad.com/fixandflipwebinar
PLEASE SHARE AND LIKE THIS VIDEO
DON’T FORGET TO SUBSCRIBE TO MY YOU TUBE CHANNEL
CONNECT WITH ME ONLINE:
LINKED IN http://www.linkedin.com/in/lexlevinrad
GOOGLE PLUS https://plus.google.com/+LexLevinradrealestate/posts
LISTEN TO MY PODCAST ON ITUNES:
DOWNLOAD A FREE COPY OF MY BOOK ON WHOLESALING
Download my best selling book “Wholesaling Bank Owned Properties” at https://www.lexlevinrad.com