Jun 15, 2020
Transactional real estate engineers can start doing business as
long as they get to talk to sellers. As soon as a lead comes in,
get hold of the seller. The best way to do it is over the phone. If
you let time go by or wait for them to answer a text message, they
might not see it, change their mind, or even lose interest.
In this episode, Blair and Jeff share their wisdom on different
real estate business topics. Learn how to get sellers on the phone.
Discover how to estimate the purchase amount for a cash purchase,
how to respond to buyers wanting to know what the process of
rent-to-own is, and the process and document signatures needed when
assigning the deed at closing. Find out what options you have for
different deals and their best exit strategies.
Gain skills on merging a separate tracking lead document with
Mojo so one automatically updates the other. Finally, find
different main lead sources for your VA to work on, the meaning of
HUD, and a hot deal involving a 3X per month rental property.
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
- 00:05:13 – Trying to figure out why seller has a mortgage for
$172K, another for $50K, and a loan for only $118K
- 00:06:40 – Starting process to do title search when buying
subject-to; whether title company orders payoff or we provide a
mortgage statement for the assumption amount
- 00:09:36 – How to estimate the purchase amount for a cash
purchase
- 00:11:13 – About a wholesale deal in Rector, Arkansas and
negotiating the purchase price, taking into account the house needs
some work done and doesn’t have HVAC
- 00:17:30 – How to approach sellers who are not responding to
calls and get them out of the house by using cash for keys
- 00:21:15 – 05:13 cont. Trying to figure out why seller
has a mortgage for $172K, another for $50K and a loan for only
$118K
- 00:29:15 – A client’s good way to get sellers to respond
quickly to calls and how to give access to team members to
Propstream
- 00:31:35 – About a subject-to deal in which seller has been
asked to complete new loan documents by their bank to fix a home
equity line of credit
- 00:37:29 – How to respond to buyers wanting to know what the
process of rent-to-own is and when is it okay to mention down
payment assistance
- 00:39:36 – A way to merge separate tracking lead documents with
Mojo so one automatically updates the other and about the
importance of having them updated
- 00:42:29 – About Screen The Tenant, paper application fee, and
hold in fee
- 00:45:18 – A client’s successful way to advertise for the
proper buyers
- 00:46:33 – Process and document signatures needed when
assigning deed at closing in New Mexico
- 00:57:24 – About Screen The Tenant and the best way to run
credit when buyers send application to validate what they are
saying in their scores
- 01:00:57 – How to approach sellers concerned about the
liabilities they hold if their house burns down and they have the
loan in their name when doing a subject-to or a carryback and
amount to consider when getting an insurance policy
- 01:05:45 – How to approach sellers when they ask how do we make
money
- 01:06:20 – About HUD
- 01:08:48 – Whether having water and electricity cut off for six
months is an issue or not in a deal in upper Midwest
- 01:12:17 – How to approach a seller asking for $175K and owes
$152K, when comps are between $140K and $160K
- 01:06:10 – What is the standard purchase agreement doc used
for?
- 01:16:35 – Problems with Facebook messenger video call saying
seller wasn’t available
- 01:18:28 – How to approach seller asking $50K for 6-bed
2-bath on 5100 square feet that is worth $200K
- 01:22:34 – Strategy to work out and exit a deal in which a
seller owes $199K for a house that needs repairs and ARV is
$230K
- 01:27:17 – What to do when we find a VA but are not quite sure
yet and the main lead source for VA to work on
- 01:30:45 – Meaning of “request refund” in one of the steps for
action plan in inbound seller leads
- 01:32:11 – How to get sellers on the phone
- 01:34:46 – How to approach a seller who is open to seller
financing for two properties he owns, and one of them in need of a
lot of work
- 01:41:30 – What happens if a seller doesn’t pay the mortgage
payments even after closing although he is obligated to pay
- 01:43:38 – About a 3X-per-month rental type property, possible
exit strategies, and highest expected taxes
- 01:48:02 – 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!