OfflineHello everyone. It's been 4 weeks since I've read Dean's book, Profit From Real Estate Right Now (the first time). I've set up a LLC, obtained a DUNS number, set up a business bank account, ordered business cards and am working to build business credit. I have just begun posting ads to create a buyer's list and will attend the next REI meeting in my area in 2 weeks in hopes of networking and finding potential buyers. Unfortunately, I was downsized 5 months ago and my credit is fair at best so I think my only options are to do assignments or bird-dogging until I build up some cash reserves and business credit. I am also using Dean's coaching staff although I think that maybe I can better utilize that asset. My adviser me called the first day and gave me some homework assignments however, I have not heard from him since. Is anyone else using the coaching?? I guess I thought that there would be more follow-up thus the term "coaching" but maybe I misunderstood. That aside, can some of the more experienced people on this site tell me if I'm heading down the right path?? Any suggestions would be greatly appreciated. This site is a wealth of info from personal experiences. Thanks!!
Bill
Sounds good so far. build a buyers list then find some deals to assign and make you some money. about the coaching - I'm in the coaching program also and I have found they don't call me and ask me what I've done or check in with me, I have to call them. however they are always very willing to help and listen to what I have to say or what I want to ask them. I have been very slow building my buyers list I need a swift kick in the pants. keep up the great work.
what state r u in ? I'm in Mississippi
I'm in Fishers Indiana (suburb of Indianapolis). The coaches are very well informed and helpful. From what I've understood thus far, a rock solid buyer's list seems to be the key. My goal is to have at 5-7 potential buyers on my list and at least one completed deal by the end of July. Thanks again for your input and good luck to you!!
Bill
ANOTHER THOUGHT BILL
IN INDY THERE ARE PROBABLY SEVERAL REI CLUBS YOU COULD JOIN IF THERE MEETING DATES DONT CONFLICT HUH ? THERES PROBABLY SEVERAL HUNDRED BUYERS FOR YOUR LIST RIGHT THERE.
WHAT A THINK. HOPE THIS HELPS AND GOOD LUCK.
WALT
Just thought I'd throw these suggestions out there to you in case you might need em.
1. Go to a local real estate club
2. Go to a public auction
3. Ask a renter for the properties he's interested in
4. Look for the "I buy houses" ads in the newspaper
5. Go to craigslist, backpage or any other websites that have ads
6. Look for the "we buy houses" street signs and give them a call
7. Call every hard money lender you know. Ask them who currently has money and is looking for properties. Incentivize them by telling them you will direct the hard money loan back their way. They may not want to release the information but they can find out what they are looking for on your behalf.
8. Marketing by passing out business cards in places like grocery stores, birthing centers of hospitals, and wedding shops. Wherever people are going through life changes. Or marketing by placing an ad like this in your local newspaper:
INVESTORS WANTED!
I sell homes at 40% off todays already low prices! Call me if you're ready to make money!
xxx-xxxx
_______________________________________________________
Here's a few things you would want to know from the buyers to build a quality buyers list:
• Email address
• Company Name
• First and Last Name
• Company Address
• Preferred Phone
• Fax Number
• Type of property they are interested in: Single Family, Multi-Family, Commercial
• Approximately how much capital are they working with?
• Are they interested in loaning money on mortgages?
• What level of Rehab are they comfortable with?
• How many transactions have they completed in their career?
• How often do they buy property?
• What's their price range and profit margin they expect?
• How much equity they're looking for?
"Open minds backed by knowledge, wisdom, persistence, and determination equals unstoppable excellence"
- wrecklessKane
Say i found a pre-foreclosure , i want to lock it up . house worth 400,000 , the owner has 150,000 in equity in it . what exactly am i offering to the owner in regards to his equity or am i seeing this process wrong
we go hard or go home
Hi Rodney,
If you are doing an assignment offer then your goals are to have the equity in the home to attract to the end buyer. The more equity the better chances of selling quick. If there is enough equity in this to make the figures work for all parties. The seller can also walk away with cash in his pocket at the closing too. Example your saying the home is worth 400. The sale price of the home would be 250 plus the equity 150. If the seller wanted 25 in his pocket. Then your new offer price would be 275 plus your fees and expenses. Still leaving equity in the property. The seller can now walk away with the difference minus the expeses and your fee. So it becomes a win/win for all parties. Continued success..........Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
Hi Billy,
Congratulations on joining the greatest opportunity by far! Sounds like your off to a fantastic start. Your in the right place and time! Keep moving forth. Much success to you.............Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
Great strategy Lubertha. Something definitely to think about when doing the numbers. Excellent info Wrecklesskane. I could truly say, "They have nothing on us in the DG WORLD" Thanks all for the info.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
Thanks so much Sandra! Having different points of views o things gives you the knowledgr to handle objections when they arise! Continued success to you.......Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
i really do thank you . so i wouldn't need to address the bank for any reason . this would just be me an the seller even if he didn't own straight out . i was looking at preforclosures.
we go hard or go home
Because their is equity. Make sure you factor in repairs, and your fee and do your own comps. Or if they had a recent appraisal 6 months or less. Much success to you.....Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
Thanks for your time and providing the information and it will be helpful to those dont know the business. Happy 4th !
Paul
80 ways to find buyers Exit Strategies Part 3
by Jeff Jensen
80 ways to find buyers:
1. Freebie Newspaper Ads
2. Minor Newspaper Ads
3. Newspaper Weekend Edition Ads
4. FSBO Magazines
5. Business Cards
6. Paper Signs
7. Bandit Signs
8. Door Hangers
9. Bulletin Boards
10. Handouts
11. Flyers
12. Real Estate Agents
13. Expired MLS Listings
14. Open Houses
15. Title Companies
16. Closing Agents
17. Accountants
18. CPA’s
19. Attorneys
20. Mortgage Brokers
21. Lenders
22. Property Management Companies
23. Financial Planners
24. Financial/Money Advisors
25. Investors
26. Home Inspectors
27. Appraisers
28. County Records Employees
29. Escrow Officers
30. Hard Money Lenders
31. Private Money Lenders
32. Secondary Lenders
33. Developers
34. Contractors
35. Local Employers
36. Rent-to-Own Stores
37. Referrals
38. Your Existing Occupants
39. Sub-Contractors
40. Handymen
41. Door-to-door Canvassing
42. Free Gift Advertizing
43. Postcards
44. Promotional Materials/Calendars/Note Pads/Magnets
45. Cooperative (Co-Op) Advertising
46. Legal Newspapers
47. Grocery Store/Wal-mart
48. Flower Carts
49. Benches
50. Bus Stop
51. Adopt a Street Sign
52. Laundromats
53. Car Washes
54. Yellow Pages
55. Restaurants
56. Restrooms
57. Mail Center
58. TV Guide/Newspapers
59. TV Ads/Commercial
60. Special TV Programming
61. Radio Ads
62. Billboards
63. Walking Billboards
64. T-Shirts
65. Hats
66. Community Business Organizations
67. Chamber of Commerce
68. Sponsor Sports Team
69. Sponsor an Event
70. Charitable events
71. Charitable Raffles
72. Host a Charitable Function
73. Local Churches
74. Weekly Hotels
75. Property Brochures
76. Magnetic Vehicle Signs
77. Vehicles Wraps
78. Real Estate Auctions
79. White Vehicle Lettering
80. Club Membership Bulletin Board