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!
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
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.
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