Five opportunities to gain your property investment
Number one on the list must involve the potential sellers of investment properties, but qualify them in the “motivated” category. If this sounds basic to the extreme, you’re probably right, but, the art is in knowing where to conduct your search. A large amount of the information in Canada, utilized to discover motivated sellers is protected by privacy laws, including mortgages. The question then is, how do you start your search!
Number two relates to who is among the first people to be aware of eager sellers, which are brokers like the Mortgage Guys. Because the usual cause of a concerned seller is frequently related to them having two mortgages on a property, with the first often being the traditional type from a Canadian bank with usual mortgage rates. However, the second one is generally a private mortgage, bearing an interest rate significantly above that of the first!
Number three refers to a further and usual type of motivated seller who is an owner of two properties, but only residing in one of them. In this case, it’s usually a question of changing circumstances and an affordability factor that makes it impossible for them to maintain the two mortgages. This can be generated by various influences, even an increase in mortgage rates.
Number four is the high volume and established mortgage brokers who can be a valuable leverage influence towards locating a willing seller. In this situation, you must seek the twenty-percent of brokers that turn over eighty-percent of the business, such as the Mortgage Guys. Many would-be investors chase after so called “hot tips” but for you, the answer could be establishing a few but firm relationships with the best brokers.
Number five is that you want to be remembered by your contacts when they encounter eager sellers! Therefore, don’t take the easy way by just phoning or emailing brokers, in the hope they will get back to you; because, they won’t. The high volume busy mortgage brokers are constantly receiving phone calls and emails, so, you must be different!
Personally send or deliver a package! It can be something for their desktop, or some edibles that can be shared in the office. Accompany it with a letter explaining who you are and why you are a preferred buyer if a motivated seller becomes known to them. A wisdom-driven property investment is waiting for you!