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.
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.
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