30 Days Quick Cash Formula

Hi Alex,

I was wondering if you told the REA that you are also one? If so, did they ask how come you're not doing all this yourself?

Thanks for answering my question.
Melissa

First - Thanks to all who have posted here and helped me immensely!

I purchased the RBBP and have a dumb question... When I tell the REA to narrow the search with the following criteria, does that mean the house must fit all three criteria, or any one of the three?

1. "As-is" condition
2. Vacant
3. Has had a price reduction

No question is a dumb one! The house must fit ALL THREE. Then the realtor needs to go through each listing manually and refine it to only those props that say something to the effect of needing repairs done (needs TLC, elbow grease, repairs, etc.) Hope this helps

Hey i just finished the first page on the 30 day fornula. It took me like 12 calls to find the right agent, but i did. The agent is in the process of sending me the list of cash buyers. He already send me the other 2 thigs i asked him. He did not give me a problem not once. If anything he told me he didnt know how to pull the list of the cash buyers and i told him how to do it, so he texted me back and said thanks for the tips!! Trust me if you havent found the right agent yet , dont give up just keep calling around. You will know when you found your agent like half way into the conversation. I am so excited, i can't wait to do my first deal. Oh and an tip for anyone still looking for an agent, try to get an agent that just getting started in the business or one thats not that popular. Because they will be more open minded to your demands or what you have to say..
On to page 2!!!!!!

The RBBP is wonderful, but I definitely need the one-on-one, hold-my-hand treatment to get me through my first few deals. The reason I joined is because I can feel myself getting stuck where I'm at (on the verge of submitting offers). I just have way too many questions and concerns; the wonderful ppl here just aren't able to keep up w/all of them

So my first appt is w/Diana tomorrow! Boy is she gonna get an ear-full lol...

Between the RBBP and the Success Academy, my credit card is definitely smokin' lol...

Hey Joe,

1) Your REA will give you the paperwork to work with and fill out. If this is your first time filling out a contract, I would have your REA send you a copy of the contract that they like to use before you fill it out so you can look it over. Plus I would have your REA explain the parts in the contract. If you think you may look unprofessional or not know what you are doing when asking this, just tell your REA that you are unfamiliar with this contract, so you'd simply like an explanation.

2) You want to make sure that you have a long enough home inspection period 14-30 days to do your inspection and find a buyer for the property. This clause is important, because it is your out for buying the home if you cannot find a buyer. Have your REA or Attorney modify the contract to reflect the amount of time you want. It may be as simple as crossing out the number that is already there and changing it.

3) I would say close in 30 days. The properties you are going to be targeting are motivated sellers and want to close ASAP.

4) I have never used the $1 earnest money clause like Matt does. But, one thing you can do is offer to put $1 down as EM and after your home inspection period ends (meaning you have found a buyer) increase the earnest money to $500 or 1000 or 2000, and the new buyer will end up paying it.

5) If you back out of the contract using your home inspection clause, financing clause or any other contingency you can get your earnest money back from the Real Estate office that holds it. If all the sudden a day before you close you get cold feet and back out, you or your buyer will loose their EM.

This is really important and make sure you get it right. This is how you stay protected through all of this.

I read about your willingness to help others and I thank you for your abilities/servitude to help people change their lives.

I have made out flyers and distributed them around towns.I am trying to build a buyers list,which is my reason for this.Do you think this is agood approach? also I advertise for buyers and sellers on craigslist and other sites,just a couple of hits,but thta better than no hits. I am in the process of helping a lady/buyer.

I met her while delivering my ads,she is a business owner and i meet with her tomorrow.I have been looking for a home for her and my difficulty is I need more
references to find homes. I wrote my Realestate agent letter and now I am getting ready to fax to agents/brokers.Do you think this is a good approach?

Should I call agents or fax my letter to them? I am trying to build my buyers list.

Thank you.
Much success
Daniel

Just getting started with RBBP -- Day 3. Got my list of RE offices and plan to make calls tomorrow.

Never posted before, so just learning the ropes on this as well.

To everyone out there at the beginning with me, I wish you the best!

God bless.

Thanks Awaterloo!

1) The home inspection is done by me, right? or am I hiring someone for that?

2) Do you look at ALL the properties in person before putting in an offer?

Hi Melissa!

Yes, I did tell the agent I have a real estate license and that I am a Realtor in the same state but a different area. There are two reasons behind that.

1) On all my contracts/offers I submit, the state of Illinois requires me to disclose that I am an agent and I am the buyer of the property. I don't know why, but a lot of things in Illinois are weird like that.

2) I don't want my agent to feel that I am going to be going behind their back and having them do all this work for free. I told my agent that "for full disclosure, I am a REA in Illinois, but I don't plan on using my license when working with you." That way your REA doesn't feel their commission is in jeopardy or anything.

3) Your REA might treat you a little differently and give you a little more priority if they realize you are a "fellow agent." There is the brotherhood that will "go above and beyond for a fellow brothern." This is a valid reason, but also one that doesn't carry much weight in my eyes.

If you are an agent and are thinking about being your own agent, I would recommend not doing that. A month and a half before starting this system, I was acting as my own agent. I thought I could get double paid from an assignment fee and commission. Well, I realized that doing all this extra work, submitting 25 offers, drafting 25 offers, organizing 25 offers and negotiating 25 offers was definitely not worth it. Plus I didn't really enjoy presenting offers that were low and getting a "talking to" by other agents, so I started presenting offers via email and most of them ended up in agent's spam box. I learned that I was the person holding myself back. It is way more valuable to have somebody do the searching for you while you manage your buyers, and sellers and free up time to explore new markets. I am VERY VERY glad that I am using another agent. They really have no problem working with me either, they actually enjoy it! I'd highly recommend following the exact steps of finding the perfect REA through this course.

I hope this helps! My vote goes to finding the best REA ever!!

Alex

I have found the perfect REA. I sold him a few cars back in the day and he has kept in touch with me throughout the years. He has only been a Realtor for a little over 1 year and he is with Keller Williams so that is all good. He also seems very eager to help and has some good contacts.
We are meeting on Monday and he has recieved my email with the search criteria and request for the cash buyers report.

Charles

Hey Everybody,

It looks like people are starting to draft offer, write contracts and really take the plunge on getting everything going on finding properties. I wanted to make a video and make absolutely sure you understand your real estate contract/purchase agreement (they are the same thing) that you are going to use. This is the vehicle that you are going to use to legally secure and pass on the property to others. You need to absolutely make sure you are protected. This isn't a guarantee you will stumble, fall and have it cost you. If you have any questions, doubts or hesitations about your contract/purchase agreement you are going to use, make sure you talk to your Agent of Attorney about it. They will gladly walk you through it. This is their job/profession/career. They use the contract all the time.

http://www.youtube.com/watch?v=34NQrZqzk_g

Don't be afraid of it either. Have fun when submitting an offer. The first few you may sign you'll feel like "OH MY GOSH, what did I just do!?" Quickly, you will learn that you are just simply filling out a piece of paper and using it towards your advantage. Its going to be a LOT of fun. I promise you that!

Have a lot of fun....things are getting VERY exciting!!

Alex

I know this is a little off topic but everytime I try to play one of the video blogs by Dean it just skips me to the top of the page.
Any suggestions?

Charles

Need help finding agents/buyers.
I wrote an agent letter should I send this to them or call them instead? I place ads to get sellers and buyers,should I use a different approach?
I also distributed flyers.I am still new here/green you might say.

Thank you.
Daniel

1) You can do the inspection yourself that will save you money. The only time you might want to pay somebody to do an inspection is when you decided to back out of the contract. Plus if you are unfamiliar with homes and what to look for, it might be who of you to use a certified inspector. I'd recommend working out a deal with the guy for $50/inspection. Just tell him you are going to be doing a lot of them and cannot afford his regular fee all the time. He/she should be pretty open to doing that.

2) On the properties I have submitted offers on before, I have actually never seen. If I had gotten a counter offer or got close to a deal, I went to go see it. It's just something to save yourself a lot of time since the majority of the offers will be rejected anyway.

Thank you Michelle and Alex for creating this "30 Days To Quick Cash" ongoing conversation. You two started this like a tennis match going back and forth until so many other players came onto the court. And there are now so many great players!I am recently laid off from my job (my professional brother has been looking for work since November 2010) so when I wake up in the middle of the night, almost every night in total dispair not knowing what I'm going to do, I think of you guys and Dean Graziosi and think maybe there really is a way out of this nightmare which so many of us are going through. Like Dean says on page one of the 30 day program "we're gonna miss some things". But you guys are filling in the gaps and I'm sure Dean appreciates that (you can just see him taking notes for his next book, can't you??) So thank you guys. Thank you All for saving my life. All the best, Michael

1) You can do the inspection yourself that will save you money. The only time you might want to pay somebody to do an inspection is when you decided to back out of the contract. Plus if you are unfamiliar with homes and what to look for, it might be who of you to use a certified inspector. I'd recommend working out a deal with the guy for $50/inspection. Just tell him you are going to be doing a lot of them and cannot afford his regular fee all the time. He/she should be pretty open to doing that.

2) On the properties I have submitted offers on before, I have actually never seen. If I had gotten a counter offer or got close to a deal, I went to go see it. It's just something to save yourself a lot of time since the majority of the offers will be rejected anyway.

I have been telling them I want to use the information to build my end buyer list, so far all have accepted this and it seems to be working great. Imagine that, the truth actually works!

Hi Daniel,

Great! I am really glad to hear that your working this out and being very pro-active.

I would say you need to get a Realtor ASAP. The beginning of this thread and part 1 of the 30 day Quick Cash Formula has a lot of great information in it regarding how to find the perfect agent. The way I found my agent and a majority of everybody on this thread is by calling every office in town. Ask to speak with an agent that is very keen on working with investors. You will literally know within 30 seconds that you found the perfect match. You can have the perfect Real Estate Agent by lunchtime tomorrow just in time to meet with your new hard earned buyer. You can reference scripts on page 1 of the 30 day QCF and this thread. You may be nervous calling but trust me and the rest of us, that your first one you may stumble but the second call will be 100% better and the 3rd call you'll sound like a pro. You'll have fun doing it and it will build your confidence through the roof. Do youself a favor, put the fear aside and make your first call, it will down hill from there. I promise!!

There are a few ways we have all found great buyers so far. I have had massive success with craigs list ghost ads and letters to sellers. I am very curious to hear how the bandit signs go for everybody. I am not investing in the area I live in so it is going to be hard for me to place bandit signs. Part 2 of the 30 day QCF talks all bout building a cash buyer list that is hungry for deals.

We are here to help you! Keep up the good work, you've gotten this far already!

So far I have an agent sending me the list of properties that were bought with cash, and I am just now figuring out how to look up tax info. I am so excited, I know that this technique is working!

My blank yellow 18"X24" bandit signs came today! I'll start handwriting on them tonight and continue to finish them tomorrow and Friday; Friday night after the city workers go home, my hubby and I will start posting 25 of them around town. I'm using these to find motivated sellers. I did create a few white bandit signs to find motivated buyers, but feel that the Ghost Ads and the cash-buyers list I rec'd from my REA is generating enough leads for buyers.

"I Buy Houses CASH, any condition, (XXX) XXX-XXXX, www.mywebsite.com"

Has anyone else posted or is starting to post bandit signs yet?

I am really excited to hear how well the bandit signs work. That's the one thing I am not doing since I am investing in out of area's.

So, we'll see-- I sent messages to 9 investors that are interested in buying in/around Vegas. Thanks Nick!

Here is the message I wrote:

Hello,
I see you may be interested in a variety of properties, but if
you could give me a defined criteria and how you prefer deals
presented I will be better informed to present deals closer to
the mark than many you get.

Your time is appreciated.

Thank you,
Tina Hague
N3Q Real Estate Investing Co.

Hey Michelle--

Good job! I can make my signs in a day (seein' as how I have sign co. !) but Vegas is so spread out, I hope to hone in on an area that is where investors are buying--- still working thru my cash sales lists to get that info-- then I will put the signs up in those areas near Wal-Marts and McDonald's! Also just getting my phone number for the signs. We're going to use Google Voice instead of Magic Jack-- it seems to be un-traceable and no cost ? I think.

We'll compare notes.

I put bandit signs around the city.

This one worked great, a lot of calls:

Need a house?
No Credit? No Problem
We can Help
(XXX) XXX-XXXX

there were a lot of calls, trade places the next weekend
VERY IMPORTANT!! PICK THEM UP FRIDAYS so you don't get fine!!

Hope this helps.

Hey Zuzzze,

Did you figure out if you can just Skype for your outgoing phone calls and suggest that you prefer email for incoming communication while you're overseas?

Congrats Michelle--

Oh yes, you can ask lots and lots of questions on the adviser line. Don't forget us though; this is your amazing thread and we'll want to hear your deals-- one after the other!

So, you already have sellers in your seller bucket?

Was just watching Carol Stinson (on TotalViewRealEstate.com - Lock It Up - Video #7) talking about how you can't really do that with listed buyers....

You can't? why not?

And how do you get around that if we can't assign it?

You'll get a lot of calls with that sign, but they won't be from the buyers you're looking for... it'll be from broke people looking to move into a house with no money or credit, thinking YOU will finance them.

The houses you'll find using this technique are (mostly) going to need work, so you really will need to sell to investors who have CASH. I could be wrong, but I don't think so... I've taken thousands of calls from bandit signs and know exactly what type that will draw. (of course you may get a few investors though too) That was what we wrote 5 years ago when we could get anyone a mortgage. (I just don't want you to waste time)

Try -

House For Sale!
CA$H Buyers ONLY
DEEP Discounts!

Also, (no offense to whoever suggested it but) I wouldn't ask the Realtor to explain the contract to you... the state contracts are SO universal in each area that you'll really look newer than new. You can't really tell a Realtor "please make 5 offers a day for me, and by the way, I don't know what the contract means". You'll lose a lot of face... have someone else explain it to you if needed, maybe the attorney you'll use or another investor.

And... the $1 and $10 earnest money deposits happen when you're buying from FSBO's (for sale by owner) you won't get a Realtor to take that very often, except maybe after you've closed a few deals and have credibility with them and they know you'll close... especially after asking them to do 10-15 hours of work a week for you.

You can stall them, (regular sales, not REO's) but you'll need to pony up the $ if you're working with Realtors.

Having said that, let me give you a trick... give your attorney $1,000 to hold in escrow, and tell your Realtor "I keep my money in escrow with my attorney, I'll have him send you a letter stating he has $1,000 escrowed for this deal to be paid upon closing". Now when you tie up a deal, have the attorney send the letter...

You can use the same letter for many EM deposits, lol.

As long as your attorney understands what you're doing, it works well...

Nick

lol...away from this thread I mean

I know I have LOTS, TONS, MUCHAS, and so many questions that others here probably will feel stuck on too, so I'll share the wealth of knowledge that will come from the Success Academy w/everyone here to pay it forward.

Seriously, I LOVE you guys-ya'll feel like family to me and I'll do what I can to help you out when and where I can

KEEP MOVING FORWARD NO MATTER THE COST!