Jun 18, 2020
If you are in the real estate business, you are in it to make
money. In today’s economic crisis, there are many opportunities to
cash in. Go look for the cheap homes, buy, and then rent. A
long-term rental means you will make money on the monthly spread
and have it growing your bank account over time!
In this episode, learn how to handle loans when there is already
a mortgage, how to approach deals with subject-to involving
expensive properties, and how this business works in rural areas.
Discover the right time to negotiate the purchase price, how
negotiation works in term deals and cash deals, and how to deal
with a probate estate.
Hear how to deal with buyers seeing houses in remote deals and
how to approach sellers in default where the deals have no equity
but have an interesting monthly spread. We talk pre-foreclosure
data and lists to call, plus ways to get hold of leads!
To listen to the full episode go to MoreDealsLessHustle.com
Mentioned Resources:
In this episode we covered:
- 00:00:00 – Start-up and market update
- 00:02:50 – How to handle another loan on a house for solar
panels; handle like a second mortgage deal?
- 00:04:12 – Whether to ignore Facebook’s notifications inviting
you to add people that like your ads to your page
- 00:05:00 – Apprentice and pipeline program goals and about a
client having problems with getting buyers to see a house or even
getting back to them for further conversations
- 00:15:28 – How to work out a deal in which the seller has a
mortgage and discovered recently they have another loan
- 00:20:22 – Preparing paperwork; number of land trusts per
property, trustee per trusts, beneficiaries and date
- 00:23:08 – How to figure out an exit strategy for a subject-to
deal that has only $100 monthly spread and a house that needs a lot
of work
- 00:25:20 – How to approach sellers willing to go to terms but
concerned about not getting money to be able to move
- 00:27:24 – How to approach a situation in which seller’s
mortgage has been bought by a another company and doesn’t know if
it is free and clear
- 00:32:05 – How to do business with a seller that has no
mortgage but has a lien held by the community redevelopment
authority to do house repairs
- 00:34:29 – How to handle rural properties
- 00:36:12 – About setting up action plans, cold calling script,
and FSBO opening call script
- 00:37:42 – About percentage of ARV when calculating MAO and
calling profiles
- 00:39:15 – About what goes on at closing and in deal meeting;
how and when is the right time to negotiate purchase price
- 00:40:58 – About negotiation in term deals and cash deals
- 00:42:40 – How to deal with a probate estate
- 00:43:42 – cont. 15:28; How to approach a seller wanting more
than what they owe when they don’t even know how much they owe for
a recently discovered lien
- 00:51:51 – Whether withdrawn is a good section to call or not
when integrating My +Plus Leads into Mojo and about expired lists
and pre-foreclosure data
- 00:53:43 – How to approach deals with subject-to involving
expensive properties
- 00:59:05 – How to approach a seller who has agreed verbally to
terms and wants a written agreement
- 01:00:16 – When should mortgage missed payments be cashed out
and by whom
- 01:01:11 – How to work a deal out in which a seller is selling
their teardown property for $5K when the ARV is $109K
- 01:04:54 – How to approach buyers that keep asking how
much they need to put down
- 01:06:32 – When should mortgage missed payments be dealt with
and how to proceed if we want buyer to deal with them
- 01:09:45 – How to deal with buyers going to see the house in a
remote deal
- 01:12:14 – How to approach a deal involving a nice property but
doesn’t work out due to junky neighbors
- 01:16:48 – How to approach sellers in default in which the
deals have no equity but have an interesting monthly spread
- 01:24:33 – A recapitulation of the forbearance programs
- 01:27:28 – Wrap-up
- To listen to the full episode go to MoreDealsLessHustle.com
About Blair:
Blair is the founder and creator of Dealbot, a motivated
seller lead generation company. He has managed nearly $2mm in
marketing spend and generated over 100,000 motivated seller leads.
He also buys and sells houses himself in the Winston-Salem and
Charlotte, NC markets. In the past year, he has acquired nearly
$3mm in cash flowing rental properties with zero money out of his
pocket.
Multimedia:
Thank you for listening!