Do you need a chunk of cash, like ... soon?

Quick-turning single family homes is an excellent way to generate four and five figure paychecks within thirty to sixty days. Great stuff! The key to it working though is buying cheap.

The cheaper you buy the house, the hotter the deal is, the quicker your retail investor wants to close, the sooner you get paid. So, how can you generate a steady flow of motivated sellers calling you with houses you can buy cheap, cheap, cheap, you can quick-turn for quick cash.

The first thing to do is think about is who is going to be motivated enough to sell their house as cheap as I want to buy it. By far the biggest motivator for selling cheap is vacancy. When a house is vacant it costs the owner money and it deteriorates in value every month it is not occupied.

Another motivator is the house being in bad condition. Poor condition takes the house out of the general retail market and severely reduces the potential buyer pool. If no-one want the house the price must come down.

Next, draw up a marketing plan for the lead sources you can tap that will produce owners of vacant homes in poor condition. It doesn't have to be slick or sophisticated, a yellow pad is fine. Simply list out the lead sources you are going to use, and next to each lead source put a deadline for having them implemented and producing leads.

Here are 7 lead sources for houses you can quick-turn to generate quick cash.

1) Banks: These are the ultimate motivated sellers. Their charter with the government requires them to keep properties they take back at a low level, so they are constantly trying to move REO property off their books. You could say that banks are junker factories. Their whole process just produces vacant, ugly houses you can quick-turn. The foreclosure process causes neglect and sometimes willful damage from the original owner. The bureaucratic processes once the bank owns the property means it is sitting vacant for months, being neglected, often vandalized. Then it is listed by a realtor who prices it unrealistically high, and it sits vacant for another six months, continuing to deteriorate. If retail buyers even look at it they quickly eliminate it from consideration, realizing it requires more work to be livable than they are willing to do. So the property sits on the market even longer, vacant, deteriorating more, and finally comes to the notice of investors.

2) Realtors: For a start, almost all banks have their properties available through realtors, so if you want to make offers on bank owned property you have to team up with a good realtor. But (good) realtors are also highly networked and are constantly working to achieve the hallowed status of generating 100% of their business through referrals. This comes from them having high integrity and delivering on their word. Developing a relationship with a good realtor results in a steady stream of junker listings, from all types of sellers, not just banks.