May 28, 2020
Transactional real estate engineers should be
creative and quick, but most of all, they should be wise not to
evade any steps in the process when making a deal. There is a
script, and that script must be followed steadily and minutely.
In this episode, learn the sequence of steps you must take to
make a real estate deal work. Discover how to
approach sellers with non-conforming properties who only want to
cash out, and those who are in foreclosure with a USDA loan. Hear
about a deal with lots of exit strategies, about buying and selling
with seller financing, and how to deal with sellers walking away
from a contract a couple of days before closing.
Get tips on how to do ads to hire qualified acquisitionists and
how to find proper lawyers for this business. Master real estate
terminology that trips newbies up.
Finally, keep updated with what is going on in the market with
the shifting economy and its effects on the real estate world.
Mentioned Resources:
In this episode we covered:
- 00:00:00 – Start-up and market update
- 00:07:28 – How to approach a seller who wants to see the
contract with an attorney when there hasn’t been a verbal agreement
yet and how the whole real estate process works
- 00:13:47 – How to approach sellers with non-conforming
properties
- 00:21:30 – About a seller who wants to sell a house as three
rental units; steps to make the deal work and several exit
strategies with good cash flow
- 00:28:29 – About a client’s business update and having trouble
to get a proper lawyer; coming across a bad lawyer for this
business, and about real estate appraisals and assessments
- 00:38:57 – How to approach a seller who wants to cash out and
structuring the deal to wholesale and sell to somebody else
- 00:45:03 – Whether clients can go on working deals beyond the
90-day apprentice program
- 00:47:26 – Following steps after a contract has been
signed
- 00:50:01 – How to approach a seller in foreclosure with a USDA
loan that hasn’t paid the mortgage in three years
- 00:54:15 – About a deal in which the seller is selling for what
they owe; buying and selling with seller-financing and how to
approach the seller on when to cash out the loan
- 00:58:44 – Difference between title company and attorney
- 01:00:10 – How to evict tenants in short and long-term leases
and how to figure out buyer’s monthly payment
- 01:03:13 – Re-amortization vs. refinancing as an option
for the seller to bring down monthly payment and about equity
spread, back end, and carryback
- 01:06:07 – What is a wrap mortgage?
- 01:08:11 – Approaching a seller that owns a property free and
clear with a VA tenant willing to purchase in eight months; on the
other hand, they have a lien for $200K that they have to pay
off
- 01:17:26 – How to post and set an ad to hire an administrative
acquisitionist and about the process before interviewing
- 01:24:07 – When sellers are concerned about something happening
to the house before it gets paid off or wanting it back
- 01:27:03 – In what part of the process do clients take on
leads?
- 01:27:44 – Where can clients get the resource docs from without
having to get into Dealbot?
- 01:29:12 – About a seller walking away from a contract a couple
of days before closing and whether suing for specific performance
is recommendable or not
- 01:36:09 – How to do a video walkthrough in a deal in which
seller can’t stand the tenant anymore
- 01:39:10 – About evictions these days
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!