30 Days Quick Cash Formula

Hi everyone, I've started later than everyone because I've been putting things off and procrastinating. But this month I told myself that was it! I've gotta take actions and I did. I called for rent signs and got some buyers. I also talked to a couple RE agents. Now the recent one I spoke with asked me to sign an agreement so he can be the only agent that represents me. I told him that I have to think about it. I'm wondering if I should sign this agreement? I heard other people who are able to work with 2 or 3 agents. If I sign it, I can only work with him. Is it correct?

Thanks in advance for all the replies.

Naomi

Hi Naomi:
The best option is to not sign the thing unless you have absolutely no other choice. I went through the same thing and due to a severe lack of agent options, and with the advice of my Success Academy coach, I agreed to sign it. HOWEVER, I found things in their exclusivity contract that I did not like so I negotiated them out of the contract. (IE: They were getting paid the same amount whether it was a MLS listing that they did all the work on or a FSBO that I did 99.9% of the work. They agreed to change that.)
The best advice is to tell the agent that you work with partners and cannot control the agents that they use but ANY listing that they provide will be dealt with through them solely.

Hope this helps...

Andy Sager
DG's AndyS

Hi Andy, thanks for your advice . I would not want to work with only one agent either so I'll definitely try to work things out with him without signing a contract.

Happy Wednesday to you and DG family!!

Naomi

if you want the luxury of being able to do your own thing.

When you sign these agreements, you will be responsible for them getting paid and often we get paid more than the investor themselves.

Learn the ropes and if there is someone you've worked WITH that you feel comfortable with, then address it when the time is right.

Hope it helps

I hear you. That's why I refused to sign when he presented the agreement, saying that I need to read over everything I sign. On the other hand, I've gotta get to know him before getting into this contract.

Thanks for your tips !

I tell people that are leery of agents to look at FSBO's

I also tell them to look in college towns; contact any 'For Rent' signs and ask if they'd like to sell, I bet 6 out of 10 will do so.

So far 123 letters sent, 2 calls I picked up on or they left a voicemail = 1.6% response. But the calls may take several days after the mailing to come in.

I may have gotten more calls but my Google Voice transfer to my Ringcentral phone number service would take 30 seconds before it would get to my voicemail. So that could've been a problem. I have now connected my Google Voice directly to my cell and home number and it either gets me or goes to voicemail in 8 seconds which wi much better. Hopefully that helps encourage callers to leave a vmail.

But the average direct mail gets a 1% response rate so OK so far. Not the 30% advertised (but could get to that).

Someone else I know who sent all 1000 letters they got at once got a 4% response rate but they were using their own leads. I'm using the leads recommended by this direct mailer.

Of the 2 calls, one is possibly motivated to do something but wants to stay in house if possible. The other isn't too motivated to sell but will if they can get a retail price, but perhaps that is what they are claiming while they are actually a PreNOD (Notice of Default). So I'll do my research and let them know if they aren't interested now that I'm always around!

Thank you for your thoughts and confidence.
I always learn from my mistakes. and I always find new mistakes that always need to be made.

But hey it happens.

Stef

If anybody here are from United Kingdom please PM me, I would like to be in touch with you.

Take care everybody.

Or you could come to the States!

Hi, as usual thanks for your suggestions and insights. I need to let you know that I am not afraid of going forward with this process but I am taking advice from professionals that I don't believe with steer me wrong. I talked last Spring about using TF for RE transactions and she said it more than likely would not work in our community. I have known this lady for years and she is a REA and my landlady. She has never lied to me about anything.

She is willing to work with me in RE but it is hard here because there just isn't enough of the kind of business that I want to do.

I did run across a guy in NYC that is willing to work with me and it may be more promising than working in my home town. I have also talked with other in the same area but I will have to wait and see how things go. Like I said this is slow moving and a lot of the people I contact and talk to end up never talking to me again. They must be to busy to work with me.

I just wanted to mention that we DG'ers are quite a bit more knowledgeable in RE than the general public, that includes a majority of agents as well.
My point is that you say she's never lied to you, but if she doesn't have the knowledge of what truly can or can't work, it will never be a lie because she simply doesn't know.
I find it hard to believe that there's nobody in your community that wouldn't do a deal with you because of TF. If you have a buyer lined up and you're getting the deal done, why would they care? If I had a property on the market for 6 or more months and somebody like you came along with a price I was happy with, why wouldn't I?
Who does the closings in your area? Ask them (title companies, attorneys, etc) if they ever worked with or can use TF for closings.

Don't let others dictate your path

(hah, I should take my own advice )

When calling for realtors, what questions should we ask?

Quick Direct Mail update. I've gotten 7 responses from 185 letters thus far. So that is a 3.8% response rate. A good deal above the average of 1% but way below the advertised 30% rate. Perhaps the West LA area I'm targeting is unusual since home prices are very high (even after the downturn) and in the $600,000-$1,000,000+. The responses I've gotten are from people that are on the surface not very motivated despite getting on a 30 to 120 day PreNOD delinquent list.

Since my leads in those zip codes ran out, I've been asked to provide some more for the remaining 450 or so letters I get. I am now turning my attention to the San Fernando Valley. Prices are usually half that of West LA and there appear to be more cash sales going on. So hopefully the owners are trully distressed and motivated to sell so we shall see.

Also, I've signed on for a couple mentorship programs to augment my RBBP/Success Academy mentorship. I'm all in with Real Estate Investing and I want to get real hands on assistance. One mentor is local and been in the LA market for 20 years.

The other is a national mentor that I'll have direct access to. All of his students in the past year have gotten back their payments within 100 days of the program through deals done via his and his program's help. So I feel good about it!

I won't mention any names as per the rules of this website but feel free to PM me if you'd like to know more. I'm so grateful already for being turned onto Real Estate by Dean Graziosi. It was through connections at my local RE Club that I've met great people that are resulting in me improving my net worth by $202,000 within the next 15 months... and without even doing any deals!

I got in touch with a great RE Attorney who advised me on how to turn a 177% underwater mortgage into a winning proposition. And the national mentor mentioned above connected me to some amazing software that allows me to pay off all my debts within 1.2 years by only paying what I'm paying now and thus saving $94,000 in interest charges. I am so grateful to all as I continue to learn and grow. Now it is time to do some deals.

I'll be putting three offers together tomorrow (two FSBOs found via Bandit Signs and one REO found via REA), just to get the ball rolling on finally making offers. I wish you all out there the best on your journeys. Just keep cranking!

I originally posted in this thread the beginning process of this deal but never came back to post the actual deal so thought I'd do that now in hopes you may be able to find some encouragement. This also has it's own thread under "deals". Some may have seen it posted there.

This one was in San Diego. Was a short sale. Family friend. They were so emotionally drained from the loss of two rental properties that they just wanted this gone. I told them I could sell it for them. I was still learning how to work the SD market and on this one worked with an agent I met at one of the local investor clubs (SDCIA).

Purchase price - $250k
Rehab $30k
ARV $350-380k

In this deal she split 50/50 her commission with me. I had the property, she had the cash investor. The house is near a major university here, SDSU. Perfect rental! Her buyer is doing the rehab within 3 weeks (they do on a regular basis) and then selling to buy/hold investor. I will also get 25% of the commission on the second deal. If I find the buyer then commission will increase.

Beauty of this is that we put in the offer with the bank in May and deal closed yesterday, Sept 20,2011. Which is pretty fast in this market on a short sale. The only reason it didn't close in August is because the owner (my friend) was travelling and so delayed the closing a few weeks.

This was with BOA. Cash buyer. Agent is very familiar with working with Investors. She has her own buyers list. She and I signed an agreement between us outside the deal. She paid me after she got paid via a cashier's check, which I received today and deposited immediately after scanning it into my record book!! $4,700.70. Not a bad start!

I have another house I'm showing another one of her buyers and we - agent and myself - are teaming up on other SS via a preforeclosure list we are purchasing or she is purchasing and I am paying half of cost plus doing the leg work. Not sure how good the list is but it only costs $30 per month for 500 names based on criteria we provide. If anyone has insight into this please let me know. Even if only one deal out of it...seems well worth it to me!

Now my DG journey. I purchased Dean's Profit From RE Right Now book in March. I began following his steps immediately. One was go to an REI meeting. I began getting my feet wet and meeting other people while continuing on DG path...getting on the forums, reading and learning learning learning. At the REI meetings I just opened my mouth, asked questions and got more comfortable with each meeting. I got my friend to let me sell her house so then talked it up when I met this agent at the REI meeting. All worked together from there.

Hope this helps and encourages someone!

Hey, Ken.... haha yeah that is what I am considering to do in my mind when I will first collect some money from the couple of deals so I would be able to go to US and do much more...

I made a slight miscalculation and included mortgage savings twice, so my net worth boost from what I've recently learned is $98K and I'll be debt free within 15 months (hopefully sooner as I make many deals)

Love this deal!!

jholden wrote:

I originally posted in this thread the beginning process of this deal but never came back to post the actual deal so thought I'd do that now in hopes you may be able to find some encouragement. This also has it's own thread under "deals". Some may have seen it posted there.

This one was in San Diego. Was a short sale. Family friend. They were so emotionally drained from the loss of two rental properties that they just wanted this gone. I told them I could sell it for them. I was still learning how to work the SD market and on this one worked with an agent I met at one of the local investor clubs (SDCIA).

Purchase price - $250k
Rehab $30k
ARV $350-380k

In this deal she split 50/50 her commission with me. I had the property, she had the cash investor. The house is near a major university here, SDSU. Perfect rental! Her buyer is doing the rehab within 3 weeks (they do on a regular basis) and then selling to buy/hold investor. I will also get 25% of the commission on the second deal. If I find the buyer then commission will increase.

Beauty of this is that we put in the offer with the bank in May and deal closed yesterday, Sept 20,2011. Which is pretty fast in this market on a short sale. The only reason it didn't close in August is because the owner (my friend) was travelling and so delayed the closing a few weeks.

This was with BOA. Cash buyer. Agent is very familiar with working with Investors. She has her own buyers list. She and I signed an agreement between us outside the deal. She paid me after she got paid via a cashier's check, which I received today and deposited immediately after scanning it into my record book!! $4,700.70. Not a bad start!

I have another house I'm showing another one of her buyers and we - agent and myself - are teaming up on other SS via a preforeclosure list we are purchasing or she is purchasing and I am paying half of cost plus doing the leg work. Not sure how good the list is but it only costs $30 per month for 500 names based on criteria we provide. If anyone has insight into this please let me know. Even if only one deal out of it...seems well worth it to me!

Now my DG journey. I purchased Dean's Profit From RE Right Now book in March. I began following his steps immediately. One was go to an REI meeting. I began getting my feet wet and meeting other people while continuing on DG path...getting on the forums, reading and learning learning learning. At the REI meetings I just opened my mouth, asked questions and got more comfortable with each meeting. I got my friend to let me sell her house so then talked it up when I met this agent at the REI meeting. All worked together from there.

Hope this helps and encourages someone!

Yeah, just focus on the first 2 deals and you'll be good to go! I just noticed you were into Bob Proctor, he's awesome Just keep at it, you can do things you never thought you could before if you just do it.

I really appreciate everything you have shared with me. Just trying to catch up. I have my le6tters to my cash buyers I received from my REA. I'm trying to get Google Voice, but having trouble getting it set up and not getting a call or email back from GV to help me. Frustrated. Want to put the great Bandit Ad on Craig's list. I do have a landline that goes directly to Voice Mail. Should I use that number? Rather than try to get Google Voice to work. Please help.

Is There a faster way to go from pages in the beginning to the end? It takes a while to get back to page 21 where I am at.

Yes, look towards the bottom of the page (just under the final post on that page), then click on last. Keep in mind that you won't see last if you're on the last page.

One more thing you could also change the number in the URL.

I guess I was not real clear when I said my REA did not think TF would work, she knows what TF is and know people that have used it in my community. She said it did not work here I think mainly because people here aren't sure what it is and does not want to get involved, they prefer cash deals or because there just isn't enough of the types of properties that I could use TF with. I live in a community of about 25,000 people and I have talked to several of them about RE. They just don't trust anything but cash. I may have to keep looking outside of my area, I run into several people in other areas.

Clearly, she doesn't entirely understand what TF is: TF IS cash. Think of a TF lender as a money partner whom you have to pay off at closing.

Well; maybe you will be the person to make your town understand that transactional funding is legal and ethical. In the meantime can you assign the deals that you don't use TF for?
Wishing you success.

RENinja

I am just getting started in dean,s success academy looking for your help to put deals together here in las vegas I am also looking for a mentor to share with deals that will make us money please contact me as soon as possible.

Hey, Nick, I was living in Las Vegas just 2 years ago and saw so many opportunities there, just go to a local RE club and you'll find plethora of RE professionals there.
In Las Vegas you can actually buy houses and rent them out, because it's insanely cheap right now.
Always look for advice from a RE Professional.

Dennis

I am pretty new to this, and haven't done anything yet except study. I found this post and all the attachments very helpful. They answered a few questions and gave me several more to investigate. Thankyou for taking the time to include it. Have a great day!

Your comments are helpful to both of you but trying to get others to see things my way is a different matter. Assigning these deals is going to be tricky and I am not sure how the residents here are going to react. These people are very peculiar. If there are any other comments please share them.

Do whatever you can.

RENinja