Tuesday, March 24, 2009

Top 10 Ways To Find Motivated Sellers and Buyers

I get a lot of questions from people interested in mobile home investing about the one thing they have problems finding - motivated sellers and buyers.

So, I've decided to make a list of the Top 10 Ways To Find Motivated Sellers and Buyers that have worked for me. Here they are:

1. Park Managers

Get to know the park managers in the parks you want to work with - they will play a key role in the success of your business. Park managers know everything that is going on in the park - they talk to everyone including sellers and buyers. If you get to know the park managers and establish a good relationship, they might just start sending leads your way.

2. Flyers

Post up flyers in the local businesses around the parks you want to work in - find the community bulletin boards. Make sure you are in compliance with the rules posted on the boards - if you're not sure be sure to ask for permission first. Some examples of places that have local bulletin boards include gas stations, laundry mats, car wash, etc.

3. Bandit Signs

Put up some signs around the areas that you work. Be sure to check with your local city ordinances to see where and when your signs can be placed/not placed.

4. Manufactured Home Dealers

Visit a couple Manufactured Home Dealers. Introduce yourself. Tell them that you are looking to buy, sell and finance mobile homes. Leave some flyers with them. Tell them you are looking for motivated sellers and buyers. Keep in contact with them. They might just send some leads your way.

5. Calling On Newspaper Ads

Check out the local paper in your area - keep to small publications such as The Recycler, The Thrifty Nickel, etc. Find ads you see advertising from sellers and buyers for manufactured homes. Call them and find out more information. Keep looking everyday and you may just find some leads this way.

6. Placing Newspaper Ads

Place an ad in your local paper stating that you buy, sell and finance mobile homes. Be sure to include a local number where you can be reached.

7. For Sale By Owner

Drive around the areas you want to invest in and call/visit For Sale By Owner signs for manufactured homes. Find out all the information you can when you call/visit. Be sure to always leave a flyer or business card with each property you visit.

8. Banks

Find out which banks in the area handle manufactured homes in the areas you like to buy. Call on them and ask them if they have any ones for sale.

9. Other Real Estate Investors

Network with other real estate investors. Find out what they do and tell them what you do. Build up a rapport and maintain an ongoing relationship with them. Suggest a reciprocal lead swap should you run across leads for them and vice versa.

10. Contractors

Establish relationships with local contractors, especially those that specifically work on mobile homes. Tell them about your business and what you are looking for.

Also, you want to learn more about their business as you will need some good contractors for future work on your mobile homes. On my team, some of the types contractors I keep handy are an electrician, plumber, air conditioning and heating, cleaning crew, handy man, etc. (I will have a post in the future about the types of contractors you want to have on your team and how to hire contractors).

There you have it. The Top 10 Ways To Find Motivated Sellers and Buyers that have worked for me.

A word of caution: Most people when they start out only focus on one method to find motivated sellers and buyers. Why? They hear from someone else that only one method works the best.

In my own experience, there is no one method that works the best for everyone. You have to do what works for you. What works for one person may not work for someone else.

So, I advise not focusing only on one method to find leads. I suggest trying a number of methods, sticking with them and finding out what works best for you.

As the old saying goes, "If it ain't broke, don't fix it!"

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