30 Days Quick Cash Formula

Thanks so much, I really need to go back and do a more thorough job then.
I wasn't really sure what was the best thing to look for. I'm glad that I asked the question. I'll start with what I have which is a list of 75.

I will probably go back again next week to clean up what I left behind, thinking that it was "no good."

You're too helpful!
Karemah

I have made my first call to one Re Max agent. I put my game face on and followed the script. RE agent asked me if I was financing or paying cash. Like most here I did not know what to say so financing and partners came out. I am not sure where I pulled that from.

Good news is I did not scare the REA off and she sent everything I asked for except for the Cash buyer list I think. She sent about 3 list of properties that were good for investors and in my price range. All the list show MLS number, listing price, and status. My guess is that none of this will give me the cash buyer info.

I guess I should ask again? What should a cash buyer list look like? Name and phone number of those who bought with cash in my area of interest? Sorry if this is to lengthy.

Thank GOD for dean and his sharing of this GOLD mine of information. Thanks everyone for your support and encouragement. : )

I am in Houston TX if anyone wants to reach out to a rookie.

Hello,

I'm a little confused about some terms. We are supposed to be doing wholesale real estate deals. Is this the same as bird dogging?

What's the difference? We are the middle man correct?

Karemah

Birddogger - is someone who finds vacant or neglected properties and lets you know about them. If you close a deal on that property, you then pay them a fee, average I've seen $100-500 depending on deal or relationship, etc. You can be one of these people for other investors OR network with these folks via internet ads, REI clubs, etc. You can start by telling people you know, you'll pay them something if they will send you properties, just remember to include their fee in your profit in the deal. There are bird dog ads in the RBBP material and probably if you do a search on bird dog on the site, you'll find a thread discussing the topic.

Wholesaler - in the middle of the motivated seller and eager buyer. You lock in property with motivated seller at below market (ave 40-70% below) and add your amount to price when reselling it to the motivated buyer.

Hope this helps!

StacyKae,

One thing I learned from an agent I spoke with was the difference between an agent and a broker, and the new laws in WA state. Now they are all called brokers--either a managing broker (independent) or a sales broker (must be supervised, the old 'agent' definition). She said is was a quirk of our state.

~Kelli

Hello Tina,
Nice to "meet" you and yes I'm working hard. I got 75 contacts that I need to mail, and I'll go back and pick up what I was unsure about next week. I'm excited that I have 2 people in the area, that are working in this program. I hope we can meet up one day. Do coffee or an investors meeting.

Take Care,
Karemah

It does. Thanks Jill.

OK Family I had a great day yesterday.I found two agents yesterday the first one has sent 7 listings already, I will be emailing her today to ask for the cash deals. I have an appointment on Thursday to meet with the second. I also attended my first REI club meeting last night and made some great contacts. I am really motivated and it is hard to sleep. I can't wait to get going in the morning.

Let's keep moving forward!

Besides Single family and multi-unit proprieties, is anyone wholesaling Condos & Co-ops? and if so can you share your experience?

Thanks,

De'Von

There is a link on the left side of any page on this site for the "30 Day Fast Start Audio", which should help. I've never checked it out so I can't say for sure what's in there, but it could be an option for anyone who couldn't afford the 30 DQCF. I do know that it has several audio files to listen to. If anyone checks it out, please post about it. Good luck!

http://www.deangraziosi.com/resources/fast-start-audio

P.S. Troy: Thanks for that info!

Great job everyone!!! From just a few short days ago you can already see the growth happening!

just a little bit of encouragement! keep at it, stay steady! It WILL get easier. The pieces will start fitting into place. It WILL be worth it!

No everyone may be following progress and post to this thread. SO if you have questions, make sure you ASK or can even search previous thread by the search engine under Dean's chin. If you do post a new thread and it doesn't get response immediately, bring it back up to the surface of active threads by re-posting a simple note in it. It will 'bump' it back to the top. (sometimes things will get buried and unintentially overlooked amongst all the activity)
Alot of amazing knowledge on this site....we're here to assist anyway we can.

Great work guys! Make it happen!

God bless,
Jen

Wow what a thread! AWaterloo thanks. I am blown away by the incredible content as I go through this thread. It's the 17th of August and I'm only to the 7th of August and feel like my head is going to explode. I have a big smile on my face. You folks are awesome. I too am a realtor and am so tired of hearing "I don't like the color of the kitchen," when everything else of significance on their list is there.
Just starting and calling realtors this afternoon.
Thank you, thank you, thank you!
Bob

Tina,
new and plowing through this great thread and blown away by the potential of multiple locations.
Thanks for the post.
Bob
"Accomplishment Creates Energy!"

Hey everyone I just got finished ordering my Bandit Signs. I did my research on a couple of websites, but I would have to say the website that Matt Larson suggested WWW.SIGNSWAREHOUSE.COM Is the cheapest.!!
I got 50 signs 18"x24" for $58
Then 50 metal stakes 10"x30" for $38
Then $26 for shipping. A total of $120

Hey I'm following the recipe as Dean would say.
Good luck to you all!!!!!

Hello all,
I finally got some cash buyer listings from the great REA I found via Trulia.com. I have 112 to look through. The Los Angeles County Assessor website doesn't provide any owner information and requires you to drive out to far flung district offices to get those extra records (at least I can't find a way to get them for free online).

So I've done some digging and found PropertyShark.com. Looks like a great site that can get you extensive owner data (for certain regions of the USA including California). I'll try them out for a month. You can do one property a day for free though.

Also you can get the owner name at least from the following site but pay a fee for more info (PropertyShark seems way better): http://datastore.netronline.com/Default.aspx But at least the name comes up for free.

Hope all is well with everyone else!
Onwards and Upwards,
Soccer Guy in LA

Alex,
Great video and great advice. As an REA I can't imagine doing the work of that many offers. Once the team member REA is found, this will go a long way in making your team even stronger. The point about investors looking at mutiple deals is key. The early bird does get the worm. Cliches are cliches for a reason.
Thanks again.
Bob
"Accomplishment Creates Energy!"

Well I am a day or two into trying to find a buyer, but have not found one yet. I am getting closer but, I have found some great tips and suggestions.

One of the investors that was on my buyers list called me. I completely botched my phone call with him. It was pretty embarrassing, oh well. It was pretty apparent that he lost confidence in me and kind of tugged me around. He started laughing at me when I told him I was new and this would be deal number one and at the end of the conversation he told me to not prank call him again. The lesson I learned from that was there are more fish in the sea. Quite frankly, we are all professionals. We are new, but we professionals and real estate investors. If somebody wants to show you that lack of professionalism, you can expect the same when doing a deal with them. I made a business decision to take him off my buyers list. Don't let anybody jerk you around, because you stand to make them a lot of money.

Here are some questions that you'll be asked when you get a deal and are contacting your buyers.

-Where is the property located
-How much work does it need
-What work is needed
-How much are you asking for it (This is where you mark up your profit for assignment fee)
-How many bedrooms/bathrooms
-What are the taxes
-What is it worth after repaired
-What are rents going for this type of property
-How much equity is in this as the property stands right now

You will be asked questions like these. Your agent can help you figure out some answers for these. They'll be able to help you no problem.

One GREAT tip I got from one of my buyers is...asking your housing center in your area for a list of what section 8 is paying for rents currently. Usually you can contact your local housing department and tell them a zip code and number of bedrooms and they'll tell you what rents are being paid in that area by the section 8 program and ask them what the waiting list for tenants are in your area. In a lot of cases around the country rental rates in markets have actually gone up a little. This will help create more cash flow for a property for your buyer. I though this was a great tip. You're figuring out what the government is paying in rental rates (which is guaranteed income, and showing a demand for people who are looking to rent right now in your area).

This is a lot of fun, and I am learning a TON!!

So, we are dropping 5 offers on MLS listings today. Our realtor team is awesome and curious to see how this stuff works. I have spoken to 3 different investors that are chomping at the bit for us to throw them deals and the market is HOT! Our goal is to close our first deal by September 15th, 2011. I think we can make it! I'll keep you all posted on our progress. How is everyone else out there doing with the quick cash program?

I had an awesome convo with an investor today who called because he had received our letter that we sent out. We spoke for about 30 minutes and he was shocked when I told him how long we had been doing this (I fibbed and told him 3 months). He said that he thought I was more educated about the process than he was. He is looking forward to learning from us and I told him how we got paid. He asked if we would tell him when we sold a property what our cut was and I told him absolutely. Our goal was to make him money so he would come back to us. We are transparent in our deals. Anyway, I'm energized today. Can you feel it! Oh, and then he said that I sounded like I had gone through a DG program. LOL! I told him that I had. How funny! Props to DG on that. He said that DG's stuff works, so he's cool with that.

Take care peeps! -Susan

I'm right here in sunny Southern California. Please don't hesitate to let me know if you need any assistance at all in the Los Angeles area. I have access to REO's HUD homes and motivated sellers. And buyers are approaching me all the time looking for "good deals"...

Best of success,
REOguy2000

Hey Alex,

Keep moving forward! It's all part of the journey, and we're all here to support you. And by the way, check out the "Done for You Marketing 2.0", I know a few DG superstars are using pro-forma statements that list out all the details your buyers will need to know (it covers every question your buyer asked you). It's true that all they care about is the number, so show them the ROI they're getting - Ali talks about it quite a bit in the Edge 2011 Disc 2.

Zillow also provides a Rent Estimate for your properties, but I think finding out what the government is paying is definitely a good benchmark to sell your deal. Definitely keeping that tip in my toolbox. Go get that FIRST deal!

Wow! You guys are all amazing! It's a bit funny, everytime Dean releases something new we get a wave of new family members to the DG site. I find it so amazing how people almost instinctively reach out to help others and share what they've learned; even if they're just as new as the next person. Totally awesome. It took me nearly an hour to read this entire thread and I found my ROI to be priceless. Thanks to each and every one of you. The motivation and inspiration you give each other is a major stepping stone to success. Anyone who has purchased the RBBP and has not started the gain the edge 2011 home study course, I recommend you start TODAY! Even if you only make it through half a disc at least start it. It's PACKED with so much information that we can begin to implement in our strategies. A few people I absolutely recommend paying close attention to are Greg Murphy, Ali Safavi, Matt Larson, Joe Polish, Nathan Street and of course Mr. DG himself. Seriously guys I've been so addicted to this course since it came in the mail; I literally fineshed it in two days. All except the Mastermind Brain Storming Session which I haven't started yet. I've learned so much in addition to what I've already learned from the books and the RBBP its insane. You will see some thing that will make you want to stop the DVD and go try it right then and there; but I urge you not to. Finish the set and take very detailed notes and when you're done you will have an entire new arsenal of weapons to use. So there are my litle nuggets for today. I look foward to staying up to date on all of your stories. Hopefully we'll all get a chance to meet at the Edge 2012 and get on stage and talk about some of the deals WE"VE done together. Best bof luck to all and nobody says it better than Dean.. Take Action!!

I am focusing on the wholesaling aspect at the moment. Here is my question: I understand that I lock in the property and then match up the property with a motivated buyer. My question is, why wouldn't the buyer just buy the property directly from whoever is selling it. For example, I have found a property in my area that is listed at $275k, 3400 sq. ft. property with 4 bd and 3 bath. The area is very expensive, and all comps sold within 60 days within a half a mile SOLD for anywhere from $390k-$660k. I did all the PSF calculations, and according to that - the average PSF for the comps is $150/sq ft. So based on that, the property I am looking at is worth about $430k. The 30 Day formula says to subtract 15% for fees and then that is your HIGHEST offer you can possible offer. That gives me a TOP offer of $366k. The property is listed at $275k. I am kind of at a stand still. I don't understand what I need to do here. Do I need to offer even less than what it is listed at? Even though the price that it's listed for is ridiculously low already? Why wouldn't a motivated buyer just swoop in and buy the property from the seller directly here? Or, do I offer $260k or something, and then assign it to my buyer for the 275k? I still am unclear why my buyer would buy the property from me for $275k when he can just get it at that price directly from the seller and avoid the middleman(me).

Please HELP!

Today, I have 30 offers going in across the country. I have 15 going out in Michigan and 15 going out in Central Illinois. Both of my agents in these cities are telling me that I am keeping them busy today.

One thing I did while I was at 7-11 getting a coffee. I decided to get $10 worth of scratch off lottery tickets for each agent. I put them in a hand written note that literally said "Thanks for all your hard work, I really appreciate it. We are very close to dialing this in and turning and burning. Until then, I hope you find good fortune in these as an appreciation from me! Good Luck, Alex!"

Don't forget to tell the people that are helping you, great work and that you appreciate what they are doing for you!

I gaurentee you'll be the first person that has done something like this for them.

I went over the "strategy" (submitting 25 offers at 50% below asking price, no walk-thrus or comps until after offer is submitted, etc) w/my REA. His demeanor did change at first, until I explained that we were "testing the market". He did try to "explain" the current market to me, but I remained firm about using our "strategy". He warmed up when he got the bigger picture and said that he has no problem trying "my" technique (doesn't that just prove how cutting edge Dean and Matt's stuff really is, my REA thinks this is "my" strategy cuz he's never heard of it). REA is sending me the contract to fill out as a template (he was very thankful for that)...

Well DG Family, it's been two weeks and a day since I purchased the RBBP and started implementing the 30D QCF. During that time, so much information was flying around, and it seemed like I was going in multiple directions possibly wasting time on things that aren't pertinent to RIGHT NOW. Now that the dust has settled, I realized there was a specific order I needed to follow. I know the QCF is a "30-Day" Formula, but even Dean himself said they might miss a few things. So I'm going to fill in any gaps for those of you who are just starting to help things flow a little better and to help you better manage your time

1) Find a Real Estate Agent (REA) who is "investor-friendly"

1A) Find a Real Estate Attorney whose primary practice is real estate and who also has experience w/RE investors. You need to find out if assigning contracts (AoC) is legal in your area and if he/she handles AoC.

1B) Find a Title company that handles double-closings and AoC. Tip: Rather than than asking about AoC, it's actually better to just show the title company the blank contract you're going to be using (the purchase agreement and the AoC) and ask if they can work w/that. If they say yes, then they will do AoC.

2) Build Your Cash Buyer's List. You need to spend about 85% of your time doing this using whatever method you choose (Ghost Ads, list of cash purchases obtained from your REA, etc).
**Make sure you QUALIFY your buyers!!! Ideally, You should have at least 5 QUALIFIED buyers on your buyers list before you start making offers (but we've heard it said that all it takes is one qualified buyer to make a deal).

3) Have your REA send you 25 filtered listings ("as is", vacant, price-reduction, has "needs work, tlc, great potential, etc" in the description box).

4) Submit offers on those props 50% below asking price. Dont worry about doing comps or walk-thrus until after an offer is accepted. Matt gave this advice during the Edge 2011 (I suggest watching that segment multiple times at this point in the process). Think about it--chances are that an offer submitted 50% below asking price will be well below value (after comps). Also, why do 25 walk-throughs on props where the offer most likely will not be accepted (25:1 ratio). Your contract should have a contingency that will allow you 10-14 days to do the walk-through/inspection (your REA will appreciate this).

That's where I'm at right now. Hope this helps to provide a more clear path to take. Let me know if you need me to elaborate on anything...

It's HIS loss, Alex. You're already a ROCKSTAR at this and everyone you get involved w/is going to make money. So keep on keepin' on!

Awesome work Susan! Feels good having an awesome team on your side I was worried about how my REA was going to react to the whole submitting-25-low-offers technique, but he got the bigger picture and is willing to "try" it.

The market it ours to take; GO GET IT!!!

I'm in Los Angeles area and realtor here a little bit more savvy, or maybe they think that they are so experts. Well anyway, after calling couple of them, I got 2 or 3 of them to say yes to my proposition to buy cash, fix and flip and make $20.000 - $25.000 on a deal. Now i'm waiting on their listings of filtered deals.
Actually one agent from KW in West Hollywood(pretty wealthy area) said that they wanted me to sign some Broker-Seller agreement, to which I said that I have to get back to them.
I'd like to know if somebody have an insight on how my agent will make a commission if I'm gonna assign or double close a deal?

Thank you.

Dennis

Hi Candice,

You are asking a great question here. My answer (and I'm new to this, but I think I understand it quite well). Your offer price is too high. The formula you are working with is what the end retail buyer would be looking for. That formula may work if you have retail buyers and if the property was not listed on the MLS. If you found this deal through a bandit sign or something. For MLS properties, it is suggested that you throw out 25 offers to get 1 accepted (if you get more accepted than you are offering too high). You go in with an offer of 50% of asking price. Then, once the offers are accpeted (and you have your 2 contingencies in the contract, then you run the numbers to see if you can attact a wholesale buyer. Your investors are either flipping or renting. If they are flipping, you need to know the repair costs for the prop and how much they can sell it for quickly after the repair and you factor in a good profit margin for them so they leave happy too. If it's a rental, the ROI has to make sense. So, for a $275K investment, they would probably want to see a rent factor of at least $5500/month or more. You would need to make sure that area was able to rent houses and if they do rent, then can they get that amount. I have no idea what area you are in, but in my state, that thing wouldn't rent. It would have to be a flip. Does this help? I can PM you with more info if you need it. -Susan

Hi Michelle and Awaterloo, I see you guys have fancy medals by your name. How do you get those? I want to look important too! LOL!

-Susan

I looking for some advice, I didn't have the money to purchase rock bottom blue print nor do I have the money to buy edge stuff, but how do I get my hand on his book 30 days Quick CAsh Formula?

Thanks

Karl Also looking for partners in New Mexico
575-990-8297

Currently it was only offered as a bonus to RBBP purchasers. So we'll have to wait and see if anything comes down the pipeline in the future.

Using one of Dean's latest books and Michelle's post (#733) in this thread you can get pretty close to what everybody else is doing.

Good luck!