30 Days Quick Cash Formula

Karl, I am pretty sure you cannot buy the QCF, it was part of the Rock Bottom Blue Print and that is no longer being sold. You could probably simply follow this thread and read Dean's books. Then, when you have a question, just post it here and someone will chime in to help you. My only advice is to pay attention to who you are taking advice from and make sure they are qualified to give you advice. The more bling next to the person's name, the more longer they have been on this site and such. Also, I don't think you are supposed to post your personal information (phone number) on this log.

"2) NO POSTING PERSONAL INFORMATION: You may not publicly ask members to contact you via phone, email or any other form of contact through the forums or comments, for any reason. Also, please do not use your email address as your username. When you put your info out there, the next thing you will have is unsolicited phone calls, spam emails, etc.

If you wish to talk privately, including to exchange personal contact info privately with another member (which is OK), please do so through the "Private Message" system (called PM'ing, via the "Send PM" link). That allows you to have a one on one conversation with other members privately."

There is plenty of support just on this site, so we hope to hear your questions soon. This thread is a great way to start to learn. Just read it from the beginning. -Susan

I have been calling around. I called the 3 Keller Williams in my area. Out of the 3, I spoke to 1 agent. The other 2 put me in voice mail and have not responded to me in 24 hours. I suspect strongly, they never will. One of the VM folks is the owner of the office. I am starting my way through the list of Remax offices and finding similar reactions. Grant you that I am doing this on Tuesday and Wednesday, but I would think that somebody would call back. The last Remax office I called the receptionist tried the "well any of our agents could do that" approach. With her, I left my number and asked her to ask around to find the agent that works with RE Investors and is comfortable with their strategy.

The 1 agent that I spoke to "had to rush to a meeting" and gave me her email address. I wrote the email yesterday, no reply yesterday or today. I am thinking that I just haven't found the right office and I need to keep calling.

Suggestions? I am using the Matt Larson script to open the conversation, but it is hard to get the agent's mindset when they don't call back.

Thanks in advance!
Rick

They have updated the system with new call numbers and a way to type questions in also. Go to your Mentor Page and you'll see the number and updates. Carol will be the first one to go live with it tonight. Thanks everyone for your understanding.

Because you are the one connecting the two and making the sale possible; the buyer wouldn't even know about the awesome deal if it wasn't for you. That's why you first put the property under contract at the agreed-to price with the seller, then assign that contract over to your end buyer using the assignment-of-contract doc found on this very site!

Whether your sellers are coming from the MLS or FSBO, this program is teaching us techniques that are literally cutting edge. yeah, the buyer might be able to get the property from the MLS and deal with the seller directly, but does that buyer have the skill (that you are learning) to purchase that property at 50%-70% below asking price (not ARV)? HIGHLY UNLIKELY. Chances are VERY good that the end buyer would actually make more money-even figuring in your fee-than if he/she purchased the prop directly from the seller via the MLS themself.

Tip: When presenting the deal to your end buyers, have your fee already figured into it. So when you tell them that you've got a 3BD/1.5BTH house w/estimated repairs being $7K and an ARV of $90K that you're selling for $48K, they'll think "wow, only $48K?" and be happy with that figure. That way when it comes time to assign the contract and they see that you only paid $43K, they won't hem-haw about paying you the $5K difference. They'll just be thankful that you helped them get such a great deal on a property that they couldn't have found otherwise.

This is my first DG blog. I purchased Dean's RBBP about 2 weeks ago. I an excited about getting organized and completing the RBBP program.

I have found what I believe to be an 'investor' friendly real estate agent. So far, she has done everything that I have asked. My main purpose for writing this blog is to clarify a question that I have about the Cash Buyer's List. Is this list a listing of all properties that sold for cash in the last 90 days? Or, is the real estate agent supposed to be able to pull the actual names of the buyers of these properties that sold for cash? I'm guessing that the cash buyer's list is a list of properties. Then, based on what Dean taught us on Page 2 of the 30 Days to Quick Cash program, we are supposed to take the property address and find the owners from the local courthouse records.

Can someone please give me a little clarification on the above issue.

Thanks

You are right-it's not a list of names, but properties that were sold for cash. You then take those addresses and look them up in your county's treasurer or tax assessor's website. If they are really behind on the times and don't have a website, then you'll have to go down to the physical office and pull the records yourself.

HI SAMBA, According to the info from DEAN YOU ARE A CASH BUYER. Also you buyers are cash buyers. Always say cash buyer, if they ask for a PROOF OF FUNDS LETTER, tell them you can get one for them.GO to DEANS WEB HOME PAGE under STUDENTS RESOURCES,FORMS AND DOCUMENTS. you will be able to get a proof of funds letter which shows you are a cash buyer. hope this helps.

DONNA

Thank you Michelecaseyks. I appreciate your quick response. My county does have a web site where I can locate the buyer's name, address, etc. I am now busy going through my list of properties to get my buyer's info.

Thanks again for your help.

What if the seller has reduced his list price already? Say to 65% of ARV. Then you offer 50% on a list price that is already 35% under market. You just offered 32.5% of ARV. List price can be way to much also. Say your seller is listed at 25% over ARV and you offer 50% under. You just paid 12.5% to much. This is the pray and spray, shotgun method that wears out realtors and insults sellers, in my opinion of course.
A very, very, very large percentage of sellers OWE the bank more than your 50% off whatever in the world their list price is offer.
Don't get me wrong, I am a firm believer in making multiple low offers. I do 10 to 15 through realtors every week and 4 or 5 directly with homeowners weekly. After researching 8 to 10 a day, we usually look at the ones we make an offer on. 2 to 4 a day.
But I base my numbers on property values after fix/up because I wholesale and do fix/flips myself. I have heard it said that even buy and hold deals should be evaluated like a wholesale deal. Still most of my offers are not accepted because they are too low. We get 3 to 4 a month, I know for a FACT, we would get less if we offered 50% off list price.

Maybe things are different in Detroit but then again, who cares! I guess 50% off a $30,000 list price is not as drastic as 50% off a $300,000 list price. So the list price theory might just work on very cheap houses. We don't have those here. So I guess it depends on what part of the county you are doing the 25 to 1 thing in. I would still want to know ARVs, but that is just me.

Michael Mangham
MD Home Acquisitions LLC

yeah, using that method will offend some sellers, but the worst they could do is not even counter-offer. It's nothing personal, just playing the field in a buyer's market.

If you submit 25 offers 50% below asking price and no one even counters, then do as Matt suggests and increase the offers to 60% of asking price. He said only do this if you've submitted 100 offers at 50% below asking an NO ONE even counter offers.

**BUT**is it wiser to get better acquainted w/your area's particular market? ABSOLUTELY! I actually had my REA agent run comps on all 25 props (and I also ran the numbers myself to check his work) and the average asking price was priced 18% below ARV so I feel pretty confident in utilizing the method. Also keep in mind that the average "starter" home in my area is priced $75K-$150K. If you live in an area where the "starter" home range is priced much higher, then yes, you may have to adjust your method.

Definitely feel out your REA as well as your particular area's market. My main purpose for implementing the shot gun method is prevent REA burn out. He and I keep a very open line of communication and he's VERY on board--but I also told him that I know when to stop whipping a dead horse and to relent. We're just getting started and know that we'll eventually settle into a flow.

I'm doing all of this w/the guidance of 2 Success Academy coaches and Matt (via the EDGE 2011 and VIP Mastermind Session). I don't know what works, so I'm employing the help of those who do and have been successful doing it. That's kind of the prob with not having one-on-one training, you can get so many opinions and suggestions coming at you from every direction that you don't have the slightest idea which way to turn or which way to go--and that's exactly why I decided to invest my time, money, and effort in both the RBBP and the Success Academy

Excellent advice Susan and very well put. Candice as a wholesaler it's your job to make a spread that is unresistable to the buyer/investor. I can't speak for every state but here in Michigan serious investors won't even consider accepting an assignment if there isn't at least a 40% spread (profit margin), and thats just speaking for the rehabbers. Landlords here look to make at least 10% of their total investment back in a years time some look for a lot more. So my advice would be get to know the area a little better and know what the market is doing in your area. When you can easily determine average prices in your area it will be easy for you to spot properties that have a high probability of being accepted low. Knowing your area will also give you a little more confidence when it come time to justify your offer to the seller. One strategy I like to use that I'll share is this: I drive around the nicest neighborhoods in my 20 mile radius and I look for houses that "don't belong", i.e. vacant, needing work I take the address and give it to my agent. He can then find the owners info in most cases. Sometimes its already bank owned; but if its owned by a tax paying citizen or a LLC a good agent can find them. As it turns out, sometime they will be your most motivated sellers. Hope this helps.

One strategy I used that brought me a few good agents was to post an ad on craigslist under jobs offered my heading was "Investor friendly Agent Wanted" put a BRIEF description of the agent you are looking for and leave an email address to respond to. When they respond I have a pre written email that I got from Dean that you can tweak to your liking. The problem is I don't remember where I got it from but I have a copy in my email so I will copy and paste it in this thread. Keep your eyes open for it. This email you send will automatically screen your agents so you wont have to intewview dozens of agents over the phone.

Just want to say I am new to DG I am excited about the RBBP. Recieved the material last week, but was out of town putting my first daughter in college. Working on finding my REA, think I found one, but will wait and see if he will deliver on the second request for information. I really a[[reciate all the comments just by reading the comment alot of my question have been answered.Look forward to getting to know the regular DGers and becoming one myself.

Hi, my name is (YOUR NAME HERE) and I am an investor in the local area. Due to the

current economic conditions, I have decided to ramp up my existing operations. I not only

represent myself, I also have several investors in and out of the area that I help find,

rehab, rent out, and manage properties.

Because of the money backing me, I have set the goal to buy 100 hundred properties within

the next 12-18 months. Some of these properties I will buy and hold myself, some of them

I will sell to other investors and some I will buy, fix up and flip for myself. Regardless of

the strategy I use on each property, I need to be very aggressive on the price I pay for the

property, especially in the current market.

I have not chosen a real estate agent to represent me yet. The agent that I choose cannot

be afraid to offend other agents with low offers.The agent I choose also will have to be available

at all times. I use several strategies to buy and sell properties quickly including making verbal offers

when permitted. I will also look at a lot of properties and may buy only a few; Therefore, an aggressive

work schedule will be required.

The upside for the agent that gets accepted will be lots of commission. We will close on

properties every month. In addition, I will pull the agent in on for sale by owner deals. At times I will

write additional commission into the contract when we ramp up to full speed.

All that aside, I am a professional and I expect to work with a professional. I want to make money and I

want the agent to make money. If you feel you are this person and this is something you wish to pursue

please respond with the answers to these few, simple questions and I will contact you if I feel you are the

right fit or to further discuss certain details.

Time in the business

Willingness to work with Investors

Worked with investors in the past

Number of successful "assignment of contract"s handled if any

Worked with banks on foreclosures/short sales

I appreciate your time and look foward to making money with you in the near future.
------------------------------------------------------------------------------ I hope this helps someone. Good luck guys!!

Hi Everybody!
Has anyone done a double closing in California yet? I need quick cash and some advice! Thanks

This is why DG blogs are the best! I am still waiting on my course and I have started on the 30 day plan and still have a lot of questions. But I find that if I read the posts here someone has the same or close to the same questions and the answers seem to keep flowing. Thanks Guys!!

I am working on a deal with the 30 days quick cash formula.

It is a bank owned property so I will most likely be doing a double close.

When doing a double close, does it double your agent's commission?

Should I have factored in 30% instead of 15%?

I already made the offer, but I left $64,000 in the deal for commissions, rehab, and profit, so I think it will make a good deal either way, but I just want to know for future deals in case this one falls through.

I don't know if you got your answer and I believe for a small fee ( like $2 US ) you can get a number through Kall8. It gives choices for local, 800 numbers and local international. Here's a link and I hope this is helpful.

https://secure.kall8.com/signup/displaynums.asp

Just brilliant!!!!

@ dtupak Sellers pay an agent's commission.
In an assignment, the agents couldn't care less who ends up buying/closing. They only care that they DO close b/c their commission will come out of the seller's pockets when the deal is done.
For a double close, the original seller will pay all commission for the first half of the transaction. For the second half of the double close, you will pay commissions (since you are the "seller" in this latter portion of the transaction) IF you have an agent representing you.

@ AWaterloo Love love LOVE the stories from the trenches!!! Dude, sorry about that first buyer. My take-away is that all serious cash buyers will need to analyze and understand how a property will affect their investment portfolio. Heck, I would have the same needs if it were MY hard earned money, and so would everyone else who's serious about their cashola. So, if I can anticipate the informational needs of an investor and present it in an intelligent, easy to digest format, I will become a one-stop shop SOLUTION for that investor, and make it easy for him/her to recognize my value. Finding a deal is only half the battle, I guess. Presenting the deal brings us all the way home, baby!! Hey, love that you're already back on the horse and have 30 offers on the table. INCREDIBLE and INSPIRING! We'll all raise a virtual glass when you close that sweet sweet first. And it'll be a good one. I feel it.

As for me, I just got my cash buyer's list and mapped out the hotspots. I am gonna get the owners' names and mailing addresses and begin my letter campaign. Outside of ghost ads and the letters, I'm gonna start a buyer's list marketing campaign (I have about a dozen names/contacts so far but I can tell that it's not a STRONG list yet b/c of the conversations I've had with them.). I want to round up 15-25 seasoned, solid cash buyers so that I can really focus on finding and creating amazing deals for them. With that kind of a sturdy list, I'll have the confidence in my buyers' ability to pull the trigger with the right numbers.

I am also finishing up my power team (just found a phenomenal lawyer, title company and property management company.). I still need some great contractors, inspectors, and insurance folks. That will be done by tomorrow (latest by the end of the week), as I'm still asking people for some respectable references.

This is fun, dg peeps. I'm so thankful to have found this. Now go get it.

It's been a wild and furious week and 1/2.. went from no agents to 4.. have an incredible buyers list going of which 4 are cash buyers that want 60%-75% of ARV (depending on the investor)..and close within 2 weeks.. and put an offer in yesterday for a property.. I have a renter lined up who wants to do a 2 year lease with an option available at the end of the 1st year to purchase. The agreed minimum is 20% above the purchase price or market value, whichever is higher.. and the lease is a positive $600 a month! I can't wait to find out about my offer and will know by Friday! Wish me luck!

Y'all are awesome and just know that what you share here makes a difference in others live! THANK YOU!

This is all happening with OPM ( other people's money ) I haven't had a job job since Nov of 09. With a little CC floating and talking to a B of A mortgage lender I was hooked up with a prequal in a day! They also approved me for more than I need for this deal so I can actually do another deal or 2! I'm blown away.. Who says the banks aren't lending??

I've been following this thread since the biginning and I've gotten a lot of information and a ton of motivation!
Keep up the great work and best wishes to everyone's success!

Have been seeing references about having an LLC for the investment business. Does that come later when we start holding properties and rentals? We have a business (one person programer s-corp) that we can use to purchase/assign properties but am Leary of combining the two.

Any thoughts on this? I am prob over thinking this (like I do everything else!)

Thanks for all the play by play advice. I am so glad yall are here! We are not doing this alone!

My family already has a corporation set up for a franchise business that we run. We plan on separating our real estate business from the corporation and to form an LLC. However, we are not going to mess with it until we have done our first deal or maybe 3 or 4 deals. You do need to pay taxes on your proceeds that you make regardless if you hold houses or just wholesale and if you form an LLC, that will help you shield some of your money (legally) from paying taxes. I don't know the ins and outs of it and I am not qualified to give tax advice, but I have a CPA that is very knowledgeable and will do this all for us at a very fair price. This CPA already does our family taxes and the taxes for our other business.

So, in short, don't let this detail hold you up, just get your first deal done and then you can get an LLC set up after that.

Hope this helps! -Susan

Wow, everybody is doing so great. I appreciate everyone's cheers and hooray's for my first deal. It's really helping me along.

Yesterday I had 30 offers go out. 15 in Michigan and 15 in Central Illinois. I have heard back on most of them a lot of them were rejected, which is okay.

The cool thing is that my Realtor is starting to get in a grove. He has figured out a way I can help him stream line the offer process. In return he is helping me!!!

After he spit out the 15 offers, sent me over a list of places that he thought would be good and there isn't a whole lot of competition. He is starting to learn what I want and helping me dial this in. So, in short, we have another batch of 15 offers going out today in Michigan.

What is really cool, is that you are a client that your agent never really had. You are pretty much an easy client, and probably one of the few clients that are writing a offers, let a lone A LOT of offers. It's really neat to see how we are starting to work really well together and we haven't even known each other for more than a week. I am guessing that you and your agent will do the same!! Most importantly HAVE FUN WITH IT!!

Somebody posted a question what the awards/medals are under our name on the forum. I have no idea what they are or what they mean. They just showed up....does anybody know what they are?

I'm believe I've struck the main artery ... You guys are the best, and I'm glad I found you.
Let's do what ever it takes to make this happen for us and our families. Let's Roll !!!

IIRC (If I Recall Correctly) you had communicated with 2 different agents that you wanted them to put out 15 offers by the end of the week. Here you are with an agent that's going BEYOND that, how cool is that? You'll be ramped up and running as smoothly as an electric car real quick.

To your success (and everybody else's too)!

I........Am........Pumped.........UP!