OfflineI have been negotiating through email with a seller and I think I will be able to lock up the property. here is my question, how do i tell him that I will be making a profit without him saying forget the whole thing? also, should i go in person to sign and explain the agreement or do it through email? HELP< THIS WILL BE MY FIRST DEAL!!!!! Thanks!!!!!!!!!!!
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would be the determining factor. Personal interaction always is better if it can be done.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
that is not the issue- i can go see the seller- i just want to know what to say about me making a profit?? thnaks
You can tell the seller your "fee" for this transaction wil be paid by the buyer.(truth) The seller is getting the price that you both negotiated, so he should be happy. If he were to list the property with a real estate agent, the commission would come from the seller. (an advantage to work with you).
The seller can't expect you to put this deal together and not get paid.
Good Luck!
SuzyB
Does he/she think you do this for free? This should have already been disclosed from the first conversation!!
I tell my sellers, "I do this for a living, I am going to make money by fixing it up and selling it or I might just sell it to one of my buyers and make a profit that way. So I have to know that you are totally satisfied with the price we have agreed on. I am going to make more than I paid you, this is how I make a living. Are you OK with that?"
Full disclosure from the start Kim. There is nothing to be ashamed or scared of. You must treat this as a business and present yourself as a professional!
Good luck and go get it under contract!!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
ok- great advice- I will do this! Thanks!
With MichaelMangham, if the seller is outraged over your profit, simply tell them that you are a businesswoman and you cannot buy their property unless you make a profit. Personal interaction is best. It's easier to answer any questions that may arise at that time and its harder for the seller to just drop the deal if they have a problem with anything.
Good luck!
RENinja
"Remember, success is a journey, not a destination.
Have faith in your ability."
Bruce Lee
Just telling them up front you are an investor will solve that problem. As soon as the seller hears that they know you are in the business to make money. And for the most part the sellers could care less about that. What's important to them is what you can offer them and how you may be able to help them with their situation.
Good luck
Jordan
"You gain strength, courage, and confidence by every experience in which you stop and look fear in the face. Do the things you think you cannot do. Tough times never last, but tough people do"
I told him upfront that i was an investor but i think he might have the impression that what i am offering is the end price ....
Go with what I told you. be clear. Don't rely on the seller understanding you are an investor. That is not clear enough!! You don't want ANY chance of a misunderstanding. They WILL find out what you are making at closing if you are doing a contract assignment. Don't let it blow up at the closing table. When you get your contract signed with your buyer, call the seller and tell them you decided to close using your buyers money (he is doing the deal, not you) Tell them what your assignment fee is going to be. Then you will have no problems! FULL disclosure from the very start. No chance of a misunderstanding.
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
this is a business and so many problems on this forum could be averted if investors just took the high road and offered transparency. I don't work for free and am not ashamed of disclosing I plan on making profits from my purchases. It isn't necessary to tell them how much profit as that is probably unknown and it isn't important to their end of the transaction.
Always Looking to Acquire Houses | Always Looking to Amaze Investors