Jun 23, 2020
The real estate business has great opportunities. As
transactional engineers, you have all the strategies needed to
identify them and turn them into deals. The market is constantly
changing because of the economic crisis. Several states are
experiencing significant disturbances, such as violent protests.
Buyers in some areas will be difficult to get. In questionable
areas, line up your buyers before closing on a
deal to avoid taking risks.
In this episode, hear about what is happening in the market, how
it affects the real estate business, and a new exit strategy. Learn
how to approach deals with no margins or properties in questionable
areas, how to deal with homes in trailer parks, and how to deal
with fire damaged or gutted cheap properties. Discover what to do
with houses that have residents who smoked, how to work out a
subject-to with a carry-back on the purchase and sale agreement,
and how to structure a deal as a sandwich lease purchase or as a
subject-to cashing the seller out in the short term.
Finally, hear how to delegate a marketing campaign to
acquisitionists, how to deal with a big difference between comps,
and what resources can be used to collect payments.
Mentioned Resources:
In this episode we covered:
- 00:00:00 – Start-up; market update, resources to find news and
another exit strategy for transactional engineers
- 00:11:54 – About a deal under contract in an oil field town in
Texas involving a manufactured home in a trailer park; whether
wholesaling is an option if seller is asking for $62K and ARV is
$198K
- 00:15:59 – About information needed to do trailer and trailer
park search
- 00:18:29 – How to approach lease options in regards to low
margins and questionable areas
- 00:28:35 – How to delegate a marketing campaign to
acquisitionists
- 00:32:36 – About a client wanting other opinions on PIN –
connected investors to run comps
- 00:34:35 – How to approach a seller in a deal that has a low
rental margin before putting under contract as a lease option
- 00:39:32 – About Cozy and Quickbooks to collect payments
- 00:40:55 – How to deal with fire-damaged or gutted cheap
properties
- 00:43:43 – How to find a buyer for a smoke-damaged house
- 00:46:04 – How to approach a seller selling two building units
on a joint loan for $75K and about remote property management for
rentals
- 00:48:59 – How to get paperwork set up for a subject-to
deal
- 00:51:14 – About lines that don’t line up with the script and
can be rearranged when training a VA
- 00:53:54 – How to deal with situations when looking for comps
and finding a big difference between those done six months ago
- 00:56:50 – How to approach a seller that wants something out of
the deal after having agreed to take over with terms and brought
current to save their credit
- 01:01:40 –Who do buyers send their check to for the first
month’s rent after deal meeting and how is it done virtually
- 01:03:16 – What form should be used when structuring a deal as
a sandwich lease purchase in which sellers agrees to be cashed out
in the short term, and how to structure the deal according to Ron
LeGrand and as a subject-to
- 01:12:20 – How to handle a situation in which Propstream says
tax assessment is $25K but the seller says it’s $68k and comps have
dropped from $200K to $19K for a house in Kentucky that gets water
in the basement
- 01:17:58 – How to handle and structure a deal in which Cherokee
Nation dismisses loan for a ramp and shower as long as the seller
stays in the property for three years
- 01:25:19 – Whether a prospect could be a deal or not; how to
approach a seller when it is very difficult to find somebody who
would want to put $26K cash into a deal that has no equity and how
to work it out as a short sale
- 01:33:31 – Best way and utility through which to hold title to
investment real estate properties and about legal protection
- 01:37:37 – How to find out who owns a property
- 01:40:42 – How to work out a subject-to with a carry-back as on
the purchase and sale agreement
- 01:43:12 – Wrap-up
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!