30 Days Quick Cash Formula

I have been able to speak with a couple agents, and I even have one sending me listings on a consistent basis. My question is how often should a good real estate agent keep in contact with me, or should I be calling her? The only thing that is happening at this point is that I am receiving listings and reviewing them.

Hi Zuzzze1,

I know an investor who uses EVoice (http://www.evoice.com). I looked at their site briefly and saw that they have a UK version. I didn't read enough to learn whether you can have a US number, but I wanted to give you that link.

Juanita

awaterloo -

nice work, keep us informed on how things go or what strategy you end us using with that property.

Thanks so much, jcj_watersedge for your advice, it's appreciated, will take a look at it...

Hi Jill,

Wow I have 162 listings to go through. My agent sent me the list of cash buyers. It seems like it will either be multiple trips to the county office.

I'm going to try to make it the meetings. I'm late for this month, so I'll give it a go for next month.

Thanks so Much for the Help,
Karemah

Thank you for the insight. We always have to keep our minds open and continue the out of the box kind of thinking. There are many ways to look at a deal and that gives us a coice in how to play the deal. Isn't this fun ? I know I am loving it. Keep up the good work Alex.

Hi guys.... yhuuuu... just wanted to let you know that I made my first calls and I feel I could jump up high in the sky how proud I am about myself that I went throught this terror barrier, because behind this fear is the feeling of freedom... I couldn't call for a week, because I was affraid, didn't feel ready, but I thought I will never be ready, so I called. I was SOOOO nervous and my heart was bumping like crazy. But no matter what I did it... so good feeling...

it's actually kind of strange to call and act like you are someone who you are not, but I believe when you want to become someone you need to act RIGHT NOW like the person you want to be and that's so true...

I am making this post for those people who haven't yet made their first calls as an encouragement. Just remember the success is then when you feel the fear and do it anyway. Behind the fear is freedom which you are looking for and you have nothing to lose. Think of your WHYs and DO IT...

P.S. let us know how your first calls went.

take care everybody

I'm trying to run comps for FSBO outside of the MLS listings. Is there a way to do this without the help of my REA? I know about trulia.com and zillow.com and so forth, but what if a prop doesn't have any solds remotely close? There's one prop whose nearest sold prop is about 2 miles away!

I finally found a great agent from KW. Her name is Mary and is being so cooperative and helpful and very eager to please! Hallelujah!

Turns out that one agent said he ordered from a title company, lists of all cash purchases in the last 90 days in Culver City, Mar Vista and 90044. So he is going the extra mile even if his MLS system couldn't come up with it. This is something you might be able to bring up with your own REAs as well... I'll see the list in a day or so.

There are FSBO sites online. Try googling and see what comes up. FSBO won't be on MLS because they are not represented by an agent. I"ve had best luck here just driving around. The online sites didn't have anything in my area but may need to check back ...also CL and other advertising sites will have FSBOs. Hope that helps!

sorry, misread you listing was reading on my cell. zillow and deans totalviewrealestate should be helpful if you don't want to use your agent to run the comps.

We've got a potential deal working, but the numbers may be pretty slim...

Property for sale is in good condition, buyer wants $26k. I believe the market value is around $30k based on decent comps.

Is it a bad idea to try and lock it up for around $20k to $21k and then market it as a rental to our buyers? Landlord should be able to get ~$600/mo in rent, minus taxes and misc expenses that should give him/her a return on investment of about 25%, maybe a touch less.

Naturally we'd take an assignment fee...

Any comments?

-s

Hello,
I havn't recieved my package yet,but it sounds like i should be looking for buyers fist. I just started the 30 day blue print and after a few home works check offs like my WHY, GOALS then visiting DG web sites it goes next to calling a real estate agent. Where did i miss the home work to how to build a buyers list or is it in the package?
thanks...
Rick

Thanks for the info!
Rich

I am currently working on the first page of the RBBP and am still trying to secure an agent. I notice that when calling around and speaking to different agents, they want to ask you a million questions. The last agent I spoke with wanted to know why the listings had to meet those three criteria (vacant, as-is, price reduction)...I wasn't sure how to answer... He also immediately asked me in the very beginning of the conversation how much experience I have with RE investing. I told him I was completely new to it, but am beginning to realize that was a mistake. I get the feeling agents don't want to work with investors who are new to the game. Should I lie and say I've been doing this a long time?

How should I be responding to these questions?

Please help!

Thanks,
Candice

You are taking action!! This is how you learn this business! What a property will actually SELL for in the current market and what the remodel/rehab costs are. If you can't evaluate and determine what a REAL deal is, why have buyers? By getting out there, making offers, getting properties under contract and then marketing them is how you will meet ACTUAL CASH buyers that ACTUALLY buy wholesale deals!
I always say it would be like having a fast food restaurant. You have done all the advertising and you have a line of 500 buyers in line but you do not know how and where to acquire your burgers. You don't know what to pay, what your expenses are to get them ready for sale and what you can sell them for.
The real estate business is no different. You MUST have buyers but you must also know how to find properties, evaluate them, get them under contract and present the deal to your buyer in a professional manner. You must do both at the same time, FOCUSING on learning the market, rehab/remodel costs. How you are actually going to make money!!! This is true in ANY business. You must have the product or service ready BEFORE you bring in buyers. Imagine bringing in your burger customers but you have no burgers!! It is the same in REI!!!

Sorry, this is just my opinion, I'll get off my soapbox now. On to your current deal. Susan you say you "believe" the current value is $30,000. You have to KNOW what the ARV is not believe. Sold, currently listed and under contract actual comps will tell you. Same Sq footage, same design (ranch for instance) Same finish. Also, does this property need any fix up? You must subtract the rehab/remodel costs from your offer. If it is move in ready, why hasn't it sold already? Not listed yet? Your $20,000 offer is good if the ARV is $30,000. Don't forget to subtract any rehab costs from the $20,000

What assignment fee where you thinking of charging? How did you figure a 25% ROI for your buyer?

Once again, good work!!! You are ahead of 95% of new investors!! Keep making those offers!(intelligent offers based on the numbers) Not 25 offers on properties that will go to an owner/occupant buyer. Low balling for the sake of low balling is nonsense!! Know the numbers. You can have 1,000,000 buyers but if you do not make offers you have zero, ziltch, NO chance of making money!

Michael Mangham
MD Home Acquisitions LLC

I told and still them not to worry about my money. If they can bring me the deals, they will have all the money needed at closing. Then I turn the interview back on them. What was the last investor wholesale deal you provided? How much under ARV did the investor pay? How much rehab did it require? What did he sell it for? Did he list the property with you? Then I tell them, Any time one of my reltors brings me a deal and we do the fix/flip ourselves we always list the property with the realtor we buy it from.
If the realtor asks why your criteria, tell them that is the criteria I work in. I don't want to waste your time looking at and making offers on properties that don't work for me. I am an investor, not an end buyer, I want to look at distressed properties because that is what I buy.
You are right, most investors don't want to work with new investors that don't have the ability to produce (CLOSE) They will work with new people that present themselves as professionals and know what they are talking about and don't repeat what every other newbie says when he reads his talking to a realtor script. This requires real thinking outside the box and common sense. Put yourself in the realtors position and think what you would like to hear from a new investor. Not a bunch of empty promises like I will make you a ton of money. Not what you supposedly can do, but what you do!

Good luck and go make some offers!
Michael Mangham
MD Home Acquisitions LLC

I just purchased the last Dean program. I am very excited to get involved and have this help with my current financial issues. It seems that my brain is going on over drive and this is my first post, but not my last.

Bev
Focusing on the positive

How many real estate offices did you have to call before you found an agent? I seem to have an issue getting agents to return my calls. I've talked to the receptionist and each time I get put through to voicemail and no one has returned my calls yet. Any advice?

Angela

Candice, welcome to real estate investing and hopefully, a bright and wonderful future for you and your family. Michael is showing why he's a DG Superstar. Lots of WONDERFUL WONDERFUL info that I'm sure will help you get assistance from the real estate agent you decide to work with. I'm an active real estate agent so I know if I heard some of the things Michael has said, that would put me at ease. Some of those agents may have been running all around town with folks that aren't able to purchase (normal residential homebuyers) so that when someone else calls, they want to "prequalify" them before they invest too much time and/or expense. But Michael's comments should put them at ease.

Best wishes for your success!!

Kendall

Plain and simple you are looking for motivated sellers. Sellers that have already reduced the price have shown their motivated. If the property is already vacant that's also a good sign they are more motivated as they are paying a mortgage on a home their not in or at least piling up tax fees, etc. Finally, as is usually means that it needs some work. If it needs some work it might apeal less to the general public, but it also offers the opportunity to create your own value (or your buyers value) by fixing it up.

Best of luck!

Angela, what type of message are you leaving? I would try something short and to the point. "Hello, my name is Angela and I am interested in distressed properties. Please call me as quickly as you can at..."

Hope this helps!

Kendall

I'm working my way through Dean's books and can't believe how helpful you all have been. Just got the books last week but think I already have a realtor and a couple of properties. I'm not scared at all to start advertising.

Thank you everybody. Can't wait to be just as helpful.

Michael -

The comps are part of the problem...I've only got three other properties that are within 20% of the size of our property that have sold within the last 3 months...I've got a few others but they are from back in march. Those three old ones removed the ARV is ~ $27,800. TotalView has it at $37,000 (take your grain of salt here).

According to the seller it is in good condition...I haven't been inside, yet. It hasn't been sold yet because it's not listed, we were contacted via a bandit sign.

I had a $1000 assignment fee in mind.

ROI was based on a $21,100 offer to the seller, $1000 assignment fee making $21,100 total to the buyer. Taxes are $333/year ($27.78/month) and assume ~$100/month maintenance costs/etc. for a total monthly cost of $127.78/month. Rent in the area for a 2bed house is around $600, so ($600 - $127.78) X 12 months / $21,100 = 26.8% ROI. If there are some repair costs or whatnot to the property then it'll be a bit lower.

-s

Hi DG Family! I'm just taking a few moments to update everyone about my progress, and also providing some encouragement to ppl who may be experiencing setbacks or obstacles.

I was able to find RE professionals for my powerteam (right now I've got an Agent, Attorney, and Title comp) who are very knowledgeable and very investor-friendly. It took a few phonecalls and interviews to find them, but that's how it is w/every profession. Right now I'm in the process of setting up FSBO tours and running the comps on those props before I actually take the tour. I should have several offers out on FSBO props by the end of this week!

For those of you who are brandnew to this thread and the 30D QCF, hang in there and keep making those phone calls! Wherever you are at in your venture, don't let anything keep you away from the prize (your first deal). Your first deal is attainable-just believe it and set your mind that , you will make it happen!

@Angela-keep calling those offices. Be sure to use the script included in Page 1 of the 30DQCF. It does work! Don't necessarily tell them that you're new--do a LOT of preparation, reading, and homework so that you can at least sound like you know what you're doing and what you're talking about. This thread is really long, but there is some really good info, guidance, and advice regarding finding the perfect REA mostly on the first few pages.

Everyone remember: You are a real estate investor! Right here, right now. Even if you haven't done your first deal yet! Adopt that mindset so that when you talk to other RE professionals, you convey confidence; they'll take you seriously. If you sound even remotely unsure, they may not give you time of day or won't take you seriously.

The professionals I was able to connect with know that I'm brandnew, but they can tell I'm serious b/c I keep up a convo w/them without too much dead air. They take me serious and are helping me out immensely b/c they can tell I'm going somewhere with this--and it's all in the way I talk (confidently) and carry on the conversation.

Know that I have no background in real estate before the RBBP and the QCF. I have yet to even close my first deal. But in my mind, I am a successful real estate investor! That's what other RE professionals want to work with!

Keep up the GREAT work everyone!

Rick, the buyer's list building is on page 2. But follow the blueprint and spend some time on finding your RE agent. I still go back to my WHY and GOALS whenever I find myself getting beat up over an obstacle or disappointment. So keep them handy!

This is all very good advice. I have absorbed everything from your post and am pushing forward to continue calling different agents until I find the perfect one.

So, as far as the agent asking what kind of experience I have with investing...nobody seemed to directly answer this question....what sort of tailored response should I be giving? I am new or I have been doing this for a while?

Starting in two communities to see where works best, one mine, other an hour away.

Got some not interested, some not right agents following RBBP interview process. But found a Winner RE agent in one community. Have been at this less than a week but getting pre-screened listings that are close. Agent also volunteered has fix up folk she uses a lot and can pass on cost savings she gets. Asked if she could recommend a local bank for refi with no seasoning. Now she is phoning banks and doing the interviewing for me.

May have found right agent in local community... we'll see. Did seem to understand what I was doing and did respond promptly with all info requested. Not so much enthusiasm here... but if the listings are right and frequent this may work just fine... if not.. thanks, and look again.

Just wanted to encourage you who are uneasy making those phone calls. It's your call... not theirs. And you are offering opportunity... not begging for assistance. The right agent will recognize opportunity offered and run with it. The RBBP process works.. follow the script and have fun... while travelling the road to profit.

I was listening from the website and there was no way to submit a question using *0. I submitted a question using the form on the page and she kept saying no questions in the queue.

Is there a way to be on the call so we can ask questions?

thanks.

...Dwight