30 Days Quick Cash Formula

Good work dude,

I would stick to the plan and do like Matt said 100 offers before changing the strategy... the problem i do see is that your agent didn't get you any counter offers.... Like Matt said, any agent worth a grain of salt will get you a counter offer. I would find out what's he's doing to get you a counter, that's a very important part of the REA job.

As far as sellers outside the mls... try calling rentals, penny savers news paper ads, any where you can advertise that sellers would be found. run an ad on craigslist for Bird dogs to do the foot work for you and send you fsbo's and take pictures of vacant properties in your farm area. etc.

just my 2 cents.

~ De'Von

Thanks for the answer Shine. Yes I knew that I wouldn't be doing the inspection myself. I meant the cost is on me, and then I imagine I take that cost and added it to my wholsaling fees.

Alex, in the VIP Mastermind session (it's awesome!), Dean suggested to change to 40% off the list price after about 25 offers with no results (still gotta run the comps to make sure the seller is not overpricing). I'd suggest to go with your gut feelings on this. If 40% off still allows you to make profits, I wouldn't mind getting extra couple of thousand dollars

As far as investing out of town, you should post ads on Craigslist or local newspapers for bird dogs. I did it on Craigslist and literally had like 8 calls in a day! Some of them also had experience placing signs, so you could always ask them if they wanna make a few extra dollars by placing bandit signs on the street - and ask them to take a picture to verify that they've actually done it. There are also companies who will distribute fliers for you at a fee, just use yellowpages or google for it.

By the way, did you have your first deal done in some other areas? I thought I read that somewhere, it'd be great to celebrate your success!

Hello DG Family.

I wanted to thank all of you for your posts. I appreciate everyone sharing their predicaments and suggestions. After Dean's last blog I'm making it a point to get to know my DG family members.

I'm a newbie and have my first deal just about ready to open escrow. A broker acquaintence of mine knew I wanted to get involved with investing so he told me he was going to start working with an asset manager in southern california. He started sending me lists of REO properties and I sent the list to 3 buyers I had on my buyers list. Two of the buyers started sending in offers and one got accepted by the bank which got the ball rolling. Bank originated a contract and the buyer signed the contract and submitted a check for 5% of the purchase price plus proof of funds. Now we're waiting for the contract to be returned so that escrow can open. I'm excited and nervous at the same time. I'm so ready for this deal to close and for me to get my finder's fee. I've been going back and forth with these buyers for 6-7 weeks with letters of intent to purchase being submitted to the asset manager & bank then either not hearing anything, bank countering or someone else's offer being accepted. After getting this Rock Bottom Blueprint I hope to make a more educated detour toward making and closing more deals!

Much success to you all! Thanks again for sharing!

Gayle

I just joined 3 weeks ago and have finally got started. I looked a 9 Remax offices in my area and personally know 2 agents in different offices and an owner that has 3 offices.

I am in the remodeling business and things have been way off for the last 4 years and trying to compete with the licenced contractors or the handyman working out of his truck is not working for me. It is time for a change or at least and added income stream. I am excited to be part of this and see it come together.

I am planning on contacting the realtors I know and others. I am glad I started reading what you guys are doing and info that is being passed it will help find the best realtor reguardless if it is someone I know or not. I will stick to the blueprint.
Thanks, I'm looking forward to a good start
Jay

Are you offering 50% off of listed price or 50% of ARV? If the listed prices are way under value already it's going to be hard to get another 50% off of that.

Also, I have an incredible source/way to get the info for all of the FSBO's in your area emailed to you as they go on the market. If anyone's interested shoot me a PM.

Nick

Hi Guys,

This is my first post on DG.com! I am building a buyers list for southern California, but the properties are a bit more difficult to come across than other parts of the country. If anyone has a good source of discounted properties to share, I have buyers. Looking forward to success!

Marilynn

This thread is awesome - so glad I looked at it. I'm only on pg 4 so far, busy life, but this thread along with my RBBP will kick me into High Gear! Awaterloo - thank you for your posts, very helpful, as well as others. I'm printing the long info-packed ones to read at lunch break & stay focused! Thank you all so much, Dean should be proud!
Next Stop . . . Success! Best of luck to everyone =o)

Carolyn in KY

Did anyone have any luck of finding Realtors in Northern California Realtors?
I've used the formula/script provided except I emailed all; contacted 10+ remax.com and kw.com offices. Only 2 replied and asked more questions, then I answered using the script. Lost both...no one reply afterwards!

Either they aren't friendly or I just have to call during my lunch time.

It's a while that I have tough time find a friendly realtor to work with investor. I thought with RBBP can help me; just a bit sad...

I just finished the EDGE dvd with Sherry's presentation. She states that 5% of all real estate agents are or have actually invested in real estate themselves.

To put that in perspective, that's 1 out of every 20 agents.

If you found yours before you hit those 20, give yourself a pat on the back, you did great!

Hello All,
I was wondering if there was anyone in the south jersey or philadelphia area that would like to get together and help each other. Please let me know. Thanks

Jim

Wow,
I've been sidetracked for 4 days and this thread has gone crazy. I had almost read it all. Looks like I have a lot of catching up again.
Still looking for the right REA.
I need some help on something else.
We own a property and want to Owner Finance it.
Can't seem to find a document to use.
Been all over the Dean site.
Any ideas or does anyone have one I can cut and paste?
Thanks.
Bob W.
"Accomplishment Creates Energy"

Hey, guys, after all this time of sifting through realtors I'm working with 2 currently and they were the ones who actually called me after I left a message with secretary.
So whoever is still looking, do not give up, because 90% of them just tyre kickers, and the ones that call YOU are should be considered to start a relationship with. Of course after interviewing them:)
One agent actually was very grateful to me, that I provided one more tool in his toolbox of pulling up a cash sold properties from MLS.
Hey, they don't even know half of what we know, so consider that when talking to them, be friendly and try to educate them at the same time.

You guys rock on this thread, couldn't have done without you.

Thanks a lot to Dean, just read his new book on 30 days fast cash.
It's awesome!!

Keep pushing and see y'all at the top

Dennis

Hello Everyone,

I was moving forward with such fervor, and then found that I dont have an agent in my corner right now. He has obviously opting out do to the rigorous work that he's being asked to do. I've went and got flyers and bought my bandit signs and was ready to do this, but now I have no agent.

Can someone give any recommendations for San Diego for either an agent, or an attorney, or both? I really hate to be set back like this.

Can someone really tell my if I only generate my own homes via bandit signs etc,What do I need an agent for again. *sigh* I'll keep at it.

There was a post with a letter to the agent (telling what he needs to do)

if you could send the link for that it would be helpful.

Thanks,
Karemah

Hey everyone I had my agent filter out thru the MLS with the 3 criterias. She sent me 25 properties that fell in my criteria. I submitted 50% on all the asking prices, but I send an e-mail to my agent with the offer. So i dont know what comes next? Do I have to sign a purchase agreement for all the properties so i can make my offers? Or do I sign a purchase agreement only when a offer gets accepted?

I dont want to sound like a rookie to my agent and ask her what I do next!!
I would appreciate if anyone could tell me how the process goes, so I sound like i know what Im talking about when my agent E-mails me back!!!

I'm a newbie myself, so this is what I know. Any other answers are welcome.

If you find sellers yourself via bandit signs, etc., technically you don't really need an agent.

However, I remember DG and/or Matt Larson mentioned they would still bring their agents in to these deals because agents can handle paperwork and lots of boring stuff for you, and you can focus on more important stuff.

Plus, if you already have a great agent in place, her/his expertise is a great asset to you. S/he can help you evaluate properties, estimate rehab costs, etc. It's also a great way to let your agent know that you treat her/him as part of your team, not just using her/him when it's necessary. You sacrifice some of your profit to cover your agent's commission, but in the big picture, it's worth it. You can't do this alone. You need your team!

However, if you still decide to do it without an agent, technically, there's nothing wrong, either. It's your decision to make, so make it wisely.

Gabriel

I'm seeing some questions here that are being repeated.

Don't forget our Table of Contents:

Click Here For Table Of Contents

No, I'm not yelling at anybody, just reminding y'alls!

Id depends on the agent and if its his own listings or not...

Some want you to literally complete and sign a contract for every offer. It's a lot of work for the agent of course, AND you'll need earnest money for many or all of them.

Other agents will "run the offer by the seller" or "run the offer by the sellers agent" if she's not the listing agent himself.

If I'm making a lowball offer through an agent I usually ask "I'm willing to pay up to $$$ on this deal, do you think it's worth writing up, or do you want to ask the seller first?". This way she's not going to spend 20 hours filling out and sending in contracts unless she's pretty sure it's worth the time. (I truly want to save my agent time if I can, or they'll soon disappear) She'll contact the bank or seller and if the bank or seller will consider it, then we'll write it up.

It's different for other though, like I said... some will need to write up everything.

If you emailed them in, I'd give it a day and see what reply you get. He'll likely contact you and tell you either "we need to get contracts done" or whatever else he thinks.

If you're generating FSBO leads without a Realtor, then work those. You don't "need" a Realtor, it depends on your business model. If you're flipping bank owned properties then yes, you'll need to work with Realtors. If you're flipping Rent to owns, or doing sub-to deals, or wholesaling FSBO's, you won't need one.

Personally, I use Realtors to find maybe 1 of 10 deals. I'd much rather deal with FSBO's, because then I make the rules. However, I have to do more work... like draw up my own contracts, do my own searches, etc.. Again, it all depends on your business model and type of deals you're doing...

Nick

I have a question and I hope someone has the answer.

Alot of the REO's I have looked at from the MLS require the property to be owner occupancy. my plan is to wholesale and double close properties but how do I get around the owner ocupancy? some are for a set time limit but there are some that is the only offer they will accept is owner occupancy. I think this is stupid for example one house I looked at needed about 25k in repairs and they want it to owner occupancy the only people who will do is on a 203k loan and most people don't want to do that for themselves, and from what I gather rehabbers are using the 203k so I know they are not living there.

Any thoughts.

Huw

you hit the nail on the head. We need to know were to find some of this information so we don't feel so uncomfortable when talking to people in the industry with so much more knowledge than we have at the starting point. Thanks for your points.

Those are most likely HUD properties. After a certain amount of time they'll open it up to investors though. That's the only scenario I've ever seen that required this, unless it's a short sale where the bank taking the discount has no sense at all... which is most of them.

Nick

Hello everyone. I am new at this and have not finished all of day 1 yet because I am still tied to my J-O-B, for 12 & 1/2 hrs per day. So it may take me 5 days to finish day 1 but these posts are very helpful. It takes effort, but it will be worth it.

I have a few more questions. REA is a little concerned on how the transactions will flow. She wants to be assured that they will be smooth. All names on contract and checks will be the same and that we aren't going too low on already low deals like fixer uppers, and she thinks 50% may be too low. What should I tell her, I havn't gotten to that part of the lessons

Hey, I've got a few tips I'd like to share.

I mailed out 80 letters to cash buyers, but only got a response from 2. If you'd like to improve your contact rate here, do a little more research. I looked up many names and llc etc on the net and was actually able to get some phone numbers or atleast connect with them via facebook or linkedin. Not everyones contact info was available but some were.

Also the craiglist houses for rent was pretty nice. I was able to add a few to my buyers list this way.

Just a few marketing tips for ya.

Karemah

I havn't drawn up any contracts yet. I have a few question though.. Has anyone considered adding a cancellation fee to their contract. For instance if you lock up a deal and then the person decides some where along the proces that they don't want the property, have you thought of making them pay a mandatory cancellation fee? Just curious.

Also How do you do your deals if with an agent. Make offers get the deal approved and then after its approved then market it for sale. Or do you get one you like, market it, see if you have enough buyers who want it and then go about marketing it? Seems like the second wouldn't work because you're not sure if your offer will be accepted.

Karemah

OK DG family I am just checking in. I have added another realtor to my list that makes 4 now. They are all willing to work but I will have to do like Matt says and train them. Still building my buyers list and I may have found another investor to partner with.

Just do it!

Hello everyone. I am making some progress. I have a new phone number, business cards are being shipped today. I have called several REA and have found one to seem to want to work with me. I have not found a REA that has been able to provide me with the 90 cash buyers list. The one that is willing to work with me said he called the MLS and they told him there is not such way to pull that list, still working on him to get it. I have 2 ads out on Craigslist and one add on Upiller but have not received any hits on them yet. Do you put ghost ads on those pages with pictures? My next step is to put bandit signs out. I am about 3 weeks in but haven't seem to gotten very far, is there anyone on the 30 plan on plan? Has anyone made offers and closed deals yet in there first 30 days?

Hi I just got DG's books also I live in Fredericksburg, Va. Have you found an investors club in the area or a realtor? Hope you have great success

Sup DG Fam!!
About to go dig in for some weekend REI work.

A quick reminder for me that may apply to some of you: I started to run in to some serious speed bumps that threatened to stall and derail the process. I had to remember that this is a marathon, regardless of the fact that this thread is geared toward 30 day results. I'm also reminded that this process is about growth through solving problems and realizing that my frustration is a useful feeling that can propel me toward my next level as opposed to stop me in my tracks. I sense (from some of the messages people have been sending me), that different folks have different challenges unique to their situation/market/niche/etc.

If necessary, post those challenges here. We will help you with strategy and motivation, and you will help us by keeping us mindful of solutions in case similar challenges face us. Dig deep, dgfam!! My "why" is pulling me forward and pushing me toward success. How about y'all?