Advertising Tips: Using Cash As Bait
As a full time Canadian real estate investor, we must realize that we can’t rely on other people like realtors to get us the majority of our deals. If we stick to the MLS in order to build our portfolio in a "conventional" manner, we may either run out of money or become too much of a risk, based on our debt load, to be financed.
What do desperate people look for when they need to sell?
It's usually either quick money through a quick sale as they have an immediate need to fulfill. If you have the skills and techniques to be able to get the seller out of a bind, you may have a great deal on your hands.
How do we get these desperate people to call us?
Let's equate advertising to fishing. In fishing, we utilize a lure to be able to get the fish to grab the hook. We can do the same thing in real estate marketing. We place ads that offer cash loans for people (under specific criteria), and when they ultimately call you, you can discuss with them what their situation is.
You lend money?
If there are responding to an ad that states you lend short-term money up to a certain amount only if they are behind on their payments. Once you have them on the phone, you then ask some pertinent questions that will allow you to gain insight into their situation and discover if there is a deal or not.
To actually lend money, you need a lot of security. Remember the name of the article: using cash as bait. So we never really ever want to lend them the money… we just want them to call. Then we can better understand their situation.
What questions do I ask?
We can learn a lot about their situation by asking a series of specific questions. For instance, you need to understand what their time-line is in terms of a Power of Sale or Foreclosure; what their equity position is; what kind of debt load they are under, or simply what their "pain" is. Once you determine that, you are able to formulate a strategy that may be best for them, and in turn be good for you.
I must emphasize that we are always looking to solve a person’s problems, then get paid as a result of the deal we structure.
We speak about many techniques and strategies regarding how to make lots of money in these situations in our training and in future articles.
So cast your advertising, and reel in the deals!
World Wealth Builders offers many unique, practical, out of the box real estate investor training which offer the student hands on, in the trenches style instruction. To find out more, please go to www.Flipping4Profit.ca
P.S. Take Action now to attend the eye-opening seminar and walk away with confidence, knowledge, and specific "action ideas" that can help you achieve your dreams and leave the rat race behind.
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