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Showing posts with label investment property. Show all posts
Showing posts with label investment property. Show all posts
If you are a Real Estate Wholesaler there is no excuse for not making money in Today's Real Estate market. There are so many opportunities that can get you making money in the next 30 days.
*Those underlined in blue are links on that particular resource!!
Make some Money in 30 Days
Wholesale ugly/vacant houses to landlords, rehabbers, contractors Flip subject-tos to owner-occupant buyers and landlords Flip lease options to tenant-buyers and landlords Flip pretty houses to owner-occupant buyers Flip leases to tenants Auction houses for investors Bird-dogging Putting out signs Putting out flyers Skip-trace sellers Sell your seller leads to agents and loan officers Sell your buyer leads to other investors, agents, and loan officers Sell your tenant leads to landlords agents Sell you buyer/tenant leads to credit repair companies Charge FSBOs and investors a fee to market their houses Refer rehabbers to hard money lenders Create a Property Hot Sheet and sell advertising to vendors Negotiate liens and judgments to clear title issues Charge to run comps Charge to estimate repairs Charge to manage repairs Charge to notarize documents Sell lists such as vacant houses, city code violations, tenant evictions, fire damage reports, out of town owners, probate notices, pre-foreclosure notices Negotiate forbearance or workout plans Sell bankruptcy kits Postpone foreclosures Sell Short Sale leads Hold wholesale meetings Start your own investment group (Yahoo group or discussion group) Teach others what you know
There is a way to lock in your Short Sales and REO flips with absolutely no money out of your pocket. By using your buyer's money for your escrow deposit you are securing his interest and using zero of your own money to secure the deal.
In order for this to work you must have active buyers on your list not just "Tire Kickers." What's a "Tire Kicker" you ask? Did you ever go to a car lot and the guy next to you is walking around kicking all the tires acting like he knows what he is looking at? He really knows nothing about cars but wants to make the car sales man think he does so he kicks the tires as if he is checking for something. The same goes for your buyer's list. You have your serious buyers who get in and start the car up, look under the hood and them make an offer and then you have the guy who calls you as if he is interested but never actually buys a property. However you still want to keep your "Tire Kickers" informed when you have a deal because they are more than likely wholesalers who know buyers. So if you send them a property they will most likely present the property to their buyer with the hope of getting a referral fee. So you want to keep the tire kickers around!
When you put in your offer on a property put $1,000 in the escrow section of the contract. It would usually state "due upon signing the contract".
As soon as you get an offer accepted on a property immediately begin calling your buyers letting them know about the property. I have my agent take my partners through the property before I sign the contracts with the bank. (this is why it is a good idea to have an agent on your team).
If one of your buyers is interested have them sign a purchase agreement with you and give you an escrow deposit of $1,000. Now this purchase agreement is between you and the buyer, not you and the bank. This agreement will have the total purchase price that the buyer is buying the property for from you not the price you are offering the bank.
You will then give the bank the $1,000 that you received from the buyer and sign the contracts.
The key to this process is your buyers list. I am a firm believer in calling my buyers as opposed to just sending an email or posting in classifieds. Calling your buyers builds your relationship with them.
Now this process will be difficult if you do not have an active buyers list. In this case I recommend giving an escrow of $500.00 ONLY if you think the property is a GREAT deal and you can move it in the time that you have until the closing date. The deposit is non refundable so make sure that you have run your numbers and calculated your costs and profit on the property before you commit to signing the contract. A good wholesale deal is at least %30 below the ARV (Average retail value) of the property after you have deducted repair costs, your fee and holding costs.
I recommend that you continue to build your buyers list daily. Here are some articles that I wrote that will help you build your buyers list.
Are you taking advantage of the Short Sale and Foreclosure flip opportunities that today's market is offering? There are thousands of properties just waiting to be flipped by wholesalers earning them big profits in the process.
Sadly many wholesalers are not jumping in because they are not sure how to flip these deals. This is a wholesalers market my friend and if you are not making tons of money in this market than you are missing the biggest opportunity in the history of wholesaling. If you are still stuck in the old school methods of finding deals by bird dogging neighborhoods instead of putting in hundreds of offers a month on short sales you are truly missing out.
Though Birdogging still proves a very effective way to find deals there is a currently a new wave of opportunity sitting at the feet of every wholesaler. With 7 million new foreclosure getting ready to hit the market like a Tsunami I strongly suggest that every wholesaler learn and perfect a Short Sale System that will allow them to share the wealth with the thousands of other wholesalers that have already dove in.
In an effort to help you to begin to make huge profits from this new wave of wholesaling I would like to share with you the very system that I have implemented into my own Short Sale Wholesaling Campaign. This program has allowed me to put my wholesaling on autopilot. It simplified the process of finding the Short Sale and REO deals, making the offers and finding the buyers. I also suggest that you check out the Short Sale Riches blog link located at the bottom of the page to discover the best free information on short sales avaiable anywhere.
I don't know about you but as a kid I always got stuck with the "Hand Me Downs". I was the youngest child in the family and would always get the clothes that everyone else already wore. I would get the jeans that were already worn out, the shirts that had the color washed out etc...
I never really appreciated the concept of "Hand Me Downs" as a child. I mean who wants something that someone else has already worn out? Something that someone has already had in their possession for about 4 months before they decide it is of no use to them anymore.
You know where I am going with this right?
Exactly!!! Expired listings are the real estate version of Hand Me Downs. Check this out... A Realtor lists a property and puts it on the MLS. This is where it gets worn out, washed through and picked apart. Then one day the listing runs out and the property is available for the picking. Just like an old shirt or an old pair of jeans. If it fits wear it!
The best thing is that these are sellers that have been trying to sell their house for whatever reason and are now more motivated than they were when they first listed their property. They may have fallen behind in their mortgage and tried to sell their house to prevent foreclosure. If this is the case than you now become a new hope to them and you get a chance to help someone out while making a profit. These are my favorite kind of Hand Me Downs because I can offer these sellers another chance to relieve their burden.
If you have a Realtor on your team have them send you all of the expired listings in a particular area that you have buyers in. Now go through the listings and pull out the ones that say "Motivated seller", "Handy man", "Bring Offers" etc... Research the owners of these properties using the resources that I have provided in the side bar. Contact them and see if the property is still for sale. If it is then go through the sample phone script that I have added as a resource for you. Now schedule a time to see the property. Remember to do as much research as possible on the property before you get there. This will help in your negotiations.
I now have a new respect for Hand Me Downs. I am now standing with my trash bag open shouting "Put Em in Here!".
People are always asking me, "Carol how do you get so many motivated seller leads?". So I figured I would share my secret...
Picture this...One month from today you have 100 people bringing you extraordinary leads on unlisted properties in any market you want to invest in.Every single day.For absolutely NO CASH out of your pocket and absolutely NO EFFORT on your part. This is every investor's DREAM right?
My partner invested in an automated system last year that uses free online classifieds and a web-based management center to recruit, train, launch and manage a massive network of bird dogs that brings us leads all day long, every single day. We use this system and it Works! We literally receive hundreds of leads each month from bird dogs that we have recruited to our Team Work program. This system is so effective that we can target any state or area in the United State and literally receive motivated seller leads and wholesale properties in other states without ever leaving home.
The best thing is that It runs on complete autopilot, and we basically sit at home analyzing deals and making offers.
Now Picture this... 100% outsourced & automated lead generation, FREE marketing, and no more work to generate your own leads.
This incredible system was recently made available to the investing world, and it is taking this world by storm.
Believe me when I tell you that YOU'D be crazy if you didn't put this system to work for you immediately!
You will probably never see another lead generation strategy that has the potential to produce as much bang for your buck.
Once you find a vacant property and research it the next step is to contact the owner. You are calling the owner without knowing if they want to sell the property and I guarantee they are not ready for your call. The following phone script will make it easier for you to stay on point.
Cold contact is not very comfortable for the owner or the wholesaler. So by sticking to the following script you can ensure you get all the right answers you need to effectively evaluate the property. Try to memorize the script so you don't sound like your reading off a paper. Casually ask the questions as if they were just popping into your head.
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