As a way to generate some quick cash so that I can start doing rentals and flipping I have been advertising for a while on Craigslist and backpage with "I buy houses" type ads pointing towards a web-site I created (http://www.gdhomebuyers.com). I have gotten a few leads this way but most of them not so interesting until yesterday.
One homeowner sent in their details on a house in a very desirable neighborhood, they owned the house free and clear and wanted to sell. I tried to use my questions on the phone to gauge the motivation factor for selling and even if it didn't come out as a super-motivated seller, I thought it was worth taking a trip to the house.
I met with the owner and walked the house, it was in great shape structurally but needed a lot of updates, wall paper, built-in furniture, oak etc. I think the house had not been updated since it was built. We sat down and discussed what needed to be done, they realized that they had to make some updates to make it sell at a decent price. It became quite clear right of the bat that they didn't want to sell at investor pricing. I explained the reasoning why investors needed to buy at a certain level to ensure that there is a profit when we buy the house. The owner was very understanding and understood my explanations and agreed that we would not be able to reach a deal. Once we both realized this, we started doing some small talk and I explained to them what their options were, they could sell with owner financing, they could rent it out etc. They were very pleased with my explanations and they are exploring what to do.
For me it was a great relief that I didn't pass out while meeting with the owners, I was very nervous but as the meeting went on I started to realize that I actually do know what I need out of a house that I am wanting to buy. It was like everything that I had ever studied came together. Now I feel confident that I can talk to these owners and be much more relaxed then what I have been in the past.
What also made me feel really good was that I could actually provide the owners with some options they didn't realize that they had. They promised to keep me in mind in case they changed their mind and wanted to unload the property quickly instead of fixing it up them-selves or rent it out. They also promised to call if they ran in to other people that needed to sell. All in all it was a great day.