30 Days Quick Cash Formula

Just taking my first steps and ready to learn!

Hey Michelle,

You'll want to run comps on the properties that you want to write on. That way you get an idea of what the property is worth now and what its ARV value is. You could pretty much submit the offer right after you run comps. It is really important to figure out what your top dollar is on each property. The more you know about the numbers and property the better.

Hi Michelle,

I too am just starting my RBBP and my hubby and I are doing the 30 days to quick cash. We did contact our realtor that we worked with to buy our house. So far, I believe she is a good fit. I know she is an awesome real estate agent and she really hustles and knows the ins and outs of everything. I used to work with her before her real estate career too. Matter of fact, she used to be my boss. So, it's not a horrible idea to contact your agent that you used for your condo. The worst that can happen is that he ends up not being a good fit and you move on. I think the suggestions that they give in the 30 day video is a great way to test the waters. Ask if he thinks its possible to flip a house and make $20-25K. If he says no, or is negative, then thank him for his time and move on. Anyway, I plan on following your path to see you succeed. Please feel free to follow me and my hubby too. So far, we have a list of 50 cash buyers in our area and we will be sending out mailings to them all to start on our buyers list. Once we have 3 or more buyers, we are going to put out our bandit signs and put up flyers at laundry mats or other places you can leave flyers. My hubby and I are also runners and we happen to live in an area that is old, parts are really run down, but other parts have million $ houses. When we go running, we make note of houses that are REALLY run down and we check the assessors site to see where the tax bill is mailed and (after we have buyers) we are going to send them mailers too to offer to buy their properties. That is our plan so far. How about you guys? Anything we are missing or need to beef up on? I know we are both new, but it's great to hear suggestions. I also plan on calling the help line before we start making offers to make sure we are on the right track. I hear all the successful people use that hotline. Good luck to you! Can't wait to hear your updates!

Hi Everybody!

It is really really really cool to see how many people are joining this thread. I think we have created something really awesome and something that is just as valuable as the 30 Day QCF itself, seriously!

If you are just joining.....there has been a ton of information and tips on what to do, hurdles we have hit, and figuring out ways to get what we need/want. The thread is now 8 pages long and each page have incredibly valuable tips.

Please share your experiences as you go along too!! Investing is all about the numbers. The more properties you write offers on, the more buyers you have in your buyers bucket, the more comps you have, more people you know and ideas on this thread will make it incredibly easy for all of us to succeed!!!

Great work to everybody, I know all of us on this thread will do whatever it takes to make sure everyone does their absolute best.

Soccer Guy in LA with an update,
1st Call: Discussed already but was lectured for sounding totally unprepared and fresh from a seminar, blah, blah, blah. Was a little scary and intimidating getting this on my first call at 9AM so I held off until 3PM on the next calls (and rechecking the training materials)
2nd Call: I got on the phone with a real friendly receptionist who gave me the number of someone she says is a real nice REA who has been in the are for 30 years and especially loves working with REIs. I left a voicemail and am awaiting a return call.
3rd Call: I left a message with an agent that was then going to connect me with one of their colleagues. The one thing they wanted me to specify was the dollar range and they were helpful and let me know starter homes in the area I'm looking at are $400K-$500K. I then got a call just 20 minutes later from a real nice REA and he was real helpful and friendly. I'm now prepping my initial email to him and look forward to seeing how that goes.
4th Call: Receptionist gave me the number of a REA that would best work for me I left a voicemail and then shortly thereafter got a voicemail (was in a meeting) and called back ASAP. She was also really nice and helpful and I'm prepping an email to her as well. She did ask about financing and I made a minor goof and said I was acting as a middle man for cash buyers I had lined up but that didn't phase her at all, she was totally fine with that. She understands if I can bring business she is happy! So I'm prepping an email to her as well. So not too bad, 2 out of 4 seem real good and a 3rd may call in the near future, but if they don't, they probably aren't a good choice.

So keep on making those calls, don't get discouraged after any bad ones, there are lots of REI friendly REAs out there that recognize an opportunity in people like us!

Hello DG investors!

I am new to this and really excited. I have purchased the Rock Bottom Blueprint and am impatiently waiting for it to come. In the meantime I am going through the blogs, and the 30 day quick start while working full-time and raising kids. I am optimistic and looking forward to hearing and seeing fellow DG Newbies succeed. My goal for myself is to make this my primary income and ultimately create extreme wealth so any advise would be appreciated.

Looking forward to reading everyone's success, challenges and methods that work!!!

Day two under my belt and it has been a productive day. I think I found as many as three agents in my area that are investor friendly. One for sure and she mentioned another agent in her office and one that I've looked for things with before I knew about any of this. Excited to keep the ball rolling.

As always "Good luck everyone". Hope all is going well for you too.

Michelle in your post you mention a video where Dean and Matt suggest some questions to ask your agent when you interview them. Where was that? Did I totally miss it?

For an investor the dollar amount of a property is irrelevant; it will be a good deal for your buyer if there is enough equity in the property for everyone, including yourself, to make a profit.
What you really want to get from your Real Estate Agent is someone who is willing to submit loads of lowball offers for you - read Matt Larson's stratgey - 'for every 25 offers, 1 will get accepted!'

Great job at taking action and calling the re agents!

Also keep in mind that you will be bringing lots of money to whoever you choose to be your agent; you are interviewing them, not the other way around, so don't feel intimidated!

Keep at it!

Valerie

Hello DG investors!

I am new to this and really excited. I have purchased the Rock Bottom Blueprint and am impatiently waiting for it to come. In the meantime I am going through the blogs, and the 30 day quick start while working full-time and raising kids. I am optimistic and looking forward to hearing and seeing fellow DG Newbies succeed. My goal for myself is to make this my primary income and ultimately create extreme wealth so any advise would be appreciated.

Looking forward to reading everyone's success, challenges and methods that work!!!

The video is in Part 1 of the Quick 30 Day Cash Formula. Matt Larson is the one who describes this. Its about 28-30 min into the video. It has great tips.

There is also a textual script and everything on Page 1 of the formula. Just scroll down a little and you see it.

This person doesn't understand and is trying to peg you into a conventional real estate hole.

I'm buying any and everywhere there is a good deal! However, I, as Michelle, am focusing on my local area and building my HUMAN AUTOMATION team here first. I will partner in other areas with people on the ground there. I have two partnerships I've formed since the weekend on DG.com and FB groups!

Hey Guys, I am working here right now on this stuff. I just made another video that I'll be posting shortly with a tip that may help you.

Keep your eyes pealed!

Alex

I've been really insecure about calling these people because I honestly don't know what to say, other than the script they give.
I also live in Manhattan and I'm wondering if there is anybody out there who has tried Dean's techniques in this particular area and what the results have been like.

Also, when you tell the RE Agent the criteria for properties, what would be "normal" for someone like me who is looking to Wholesale?

dccapital, THANK YOU for your last post. It was quite helpful!

The purpose of the double close is because you " cannot " assign an REO aka bank owned property. All of you are doing great. Keep posting, you guys are helping each other in more than advice. Probably helping tons of others who have sat on the sidelines watching and needed to see each of you dive in! Awesome job!

Hi guys,
Just read this entire thread and I'm getting some really great information.
Everybody, keep up the great work and best wishes.

Rick

Thanks Awaterloo. I tried to watch that video first but it wouldn't load for some reason and I haven't gone back yet but I will definately give it a try again. Thanks again for all of your posts. I think half the battle is having people around you who believe in what you are doing and the heart to cheer everyone on.

First of all, thank you everyone for all your input. I have been reading this thread from the start and there is a lot of valuable information here. Awaterloo and michellecaseyks have been giving great feedback to everyone including myself. Please keep it coming, the advice is great. I have a really important topic to talk about and need some words of wisdom and encouragement, because I got really down today looking at some facts.

I have found a few REAs that may be a good fit. I went through about 3 or 4 bad ones before I found 1 or 2 that may be good ones. The bad ones were basically too arrogant and had sold too many homes to even slightly think outside of the box. They had 20 to 30 years of experience working with big player investors that have lots of money.

Almost all of the agents that I speak with in this area want to know if I have loan approval or cash, and if I say I have cash, they all ask if I have proof of funds. I tell them I can provide proof of funds when I am ready to make an offer and this seems to settle them down a bit, but not really. I have found out that they are asking about this not because they are not investor friendly, but because they all work with investors who really do have cash and/or loan approval already and are able to act very quickly, which you apparently need to do in the Washington DC area.

The 2 good ones I have found have done many deals with REIs and are very busy making the REIs lots money and themselves too in the process. They want to close quickly (1 or 2 days) on the deals and they don't want to waste their time with someone if they don't have the ability to close quickly, because the deals are moving very fast in my area.

The 2 good ones are very knowledgeable about buying, fixing, and flipping, which is what Dean and Matt tell us to say to the agents, so they think this is my strategy as well.

The one REA is an investor herself and has flipped many properties for herself. She does a lot of the repair work herself and has a great contractor for the items she can not fix herself or does not have the time to do. She even offered to hook me up with her personal contractor to help me fix and repair homes before we sell them. She seems like a real team player when it comes to buying fixing and flipping and she has been the friendliest to me by far.

I feel kind of odd now knowing that buying, fixing, and selling is not really my strategy because I don't have the money to use this strategy yet. I need to wholesale first and make some money before I can actually buy a property and fix it up and resale it.

I was feeling a really good connection with this REA. I hinted at wholesaling properties with this REA and she said that it is very rare to find properties that will drop their price enough for me to wholesale the deal. At least she didn’t get rude or laugh at me like some other agents have.

She told me that there is too much demand and not enough supply for houses to drop their prices that low in our area. She was open to wholesaling, but told me it was like finding a needle in a haystack in the Maryland, Virginia, and Washington DC area real estate market. Homes are really expensive in the Washington DC Metro area, and there are a lot of new builds, and people are buying a lot of houses whether they are new, old, or any condition. There is a lot of money in this area and there are not a lot of motivated or desperate sellers willing to drop the price of their home really low to sell it according to most REAs. Logically, it doesn’t seem like people will drop prices low enough that I could use a wholesale strategy. According to Forbes Magazines, 5 out of the top 10 richest counties in America are in the Washington DC Metro area. The top 3 are all Washington DC Metro counties. See the article for yourself on Forbes.com: http://www.forbes.com/2011/04/11/americas-richest-counties-business-wash....

Is anyone else trying to apply Dean’s techniques in the DC Metro area? I am getting an impression that this strategy works best in depressed areas that are not super rich and people are more desperate, and motivated to sell their homes.

The average home cost in Falls Church, VA is $397,600. I am just not sure if wholesaling can work in a wealthy area where people are not desperate, and people have lots of money, and most people have jobs. I got a list of cash buyers for the last 90 days from 1 REA and a lot of the cash buyers paid more in cash for the home than the going price. It has just made me think a lot about whether I am trying to do this in the right place. Any feedback from anyone would be helpful, especially if someone else is trying to apply Dean’s techniques in a very rich area like one of the other top ten richest counties in the US:
1. Falls Church City, VA - Median annual household income: $113,313 (DC Metro Area)
2. Loudoun County, VA - Median annual household income: $112,021 (DC Metro Area)
3. Fairfax County, VA - Median annual household income: $104,259 (DC Metro Area)
4. Hunterdon County, NJ - Median annual household income: $102,500
5. 5. Howard County, MD - Median annual household income: $101,003 (DC Metro Area)
6. 6. Los Alamos County, NM - Median annual household income of $100,423
7. Douglas County, Colo. - Median annual household income: $99,522
8. Morris County, NJ - Median annual household income of $96,316
9. Somerset County, NJ - Median annual household income: $96,233
10. Fairfax City County, VA - Median annual household income: $96,232(DC Metro Area)

Sorry for such a long post, but I needed to get this off my chest to my DG family and see if there is anyone else here trying to apply these techniques in one of the top 10 wealthiest places in America. If so, how are you getting around the issue sellers not needing to drop the price of their homes? What about the fact that there are a lot of wealthy real estate investors already in this area that have cash in hand, and can close on a good deal within 1 or 2 days and sometimes even less from what my real estate agent was telling me. It seems like I have a tremendous amount of competition that already has a lot of money in the bank when I do not.

Does anyone think I should try working in a state far from me that has a lot of cheap real estate? Any suggestions of other states that would work well for wholesaling, where I would not run into the problem above? Thank you for anyone that has read this entire post. I will go to bed disappointed and hopefully I will see some good advice in the morning from my DG family here. Thanks again everyone!

Sincerely,
Michael

Michael, in your situation, i would look at it as a blessing.

1. You have buyers in your area that can close in 1,2 day for all cash.

2. they are busy rehabbing and flipping. which means they need someone out there to find them great deals.

3. they are paying more than market value in some cases for homes. which again, means they need someone out there to find them great deals.

4. they are not your competition. you are here to help them find great deals. You have learned techniques that works successfully in any market, that have been tried and proven time and time again by Dean and thousands of his students right here in the DG Family.

Understand that they are your partners. They are the partners that has the cash to but the property. It's kind of a tag team partnership, you do the had work on find the properties below market value and you tag them, they come in and use their cash to buy the property. For a small finders fee that you will charge them of course.

Everything that you has said has outlined why there is a huge need for you as a wholesaler in your market place. The profit in a real estate deal for an investor is made not when you sell...... Profit in Real Estate is made when you BUY. Hence, Buy LOW sell HIGH. They need someone that knows the secrets to buying low, so they can sell High enough to make a profit. That is you my friend. And Dean and the RBBP is giving you the secrets.

When you use the techniques that Dean and company are teaching you in RBBP, you are using knowledge that these investors and REA will not have on buying below the bottom. They can't open their minds to your techniques because they have not been trained on how to use them.

If A REA is NOT a good fit for your wholesaling business, they are not a good fit. It doesn't matter how nice they are to you. You need an agent on your team that will do what you ask. the demand in your area is huge for a wholesaler base on what you described in your post. The deals are out there, you just have to do the work to find them.

Keep following Dean's RB blueprint, and you will be successful.

Good Luck and Stay Focus,

DeVon

I was just texting my agent back and forth. When I started doing this a month ago, I thought it would be cool to be my own agent. It was pretty inefficient and time consuming filling out a new contract every time. I started to hate doing it because it wasn't easy.

I figure that you want to make this as easy as possible on yourself and your agent so you will keep doing it. Humans like doing easy things, I know I do...lol. I didn't want my agent to get mad at me down the line either due to simple things and signing documents back and forth. Plus this is something that will allow you to put in offers faster. All you have to do is tell the agent your price you want. The agent will fill out some specific information and there goes your offer to the seller.

Watch this video on what my agent and I are doing to save a lot of time and headache.

http://www.youtube.com/watch?v=E7y5AtqwO24

***Note this may not work for every deal, but at least you can do it for the majority of them.

Good morning to all!
My business partner and I purchased the RBBP and we are currently going through the 30 day Quick Start program. We are in the south Florida market and anxious to get our first deal going. The responses to the questions here are great and I am impressed as to the willingness of having so many people working together. We are looking forward to hearing everybody's experiences whether good or bad. This is a learning process but with so many people working together, failure won't be an option. We are working to find our "perfect" realtors as well as networking locally with like-minded people. We are going to a mastermind group tonight that is very willing to help "newbies".
Please keep posting as this is great and exciting stuff!

I was wondering about the work load of an REA having to submit 25 offers and you've cleared that up AND provided and AWESOME solution that I'm sure my REA will appreciate GREATLY! So did she just email you over a copy of a blank contract, and you just filled it out and sent it back to her and she just keeps the blank hardcopy w/the pre-filled out info on it?

I'm definitely going to run this by my REA.

I also wanted to share some info I rec'd about Simultaneous closings (different from double closings): I was told that regularly assigning contracts on props found on the MLS cannot be done; these may require either a double-close or a simultaneous close. Since a double-close requires transactional funding which, if you use a comp like coastalfunding.com, could cost a hefty fee to use (which will eat up some of your profit), it is better to do a simultaneous close and then use the money from the end buyer to fund the first transaction.

In this instance, we need to find a title comp and an atty that are willing to do simultaneous closings. Thanks for that info Ime1123!

I'm haveing a hard time find a agent with the 30 days system.following the scrip here in VA

Good morning Michelle. I'm Al. I just got off the phone with an agent I'm working with in Florida and I just asked her about sending me a list of all cash purchases in the last 90 days in a specific area. She told me she would have that list for me in a day or two. I asked a couple other agents in my area, one yesterday and another two days ago for the same list. I haven't heard from them yet though. Hopefully, I'll get my lists soon. I'm thinking a day or two like my agent in Florida said. We'll soon see! My best to you & your husband in all your endeavours.

Cheers,

Al

Thank You @Exclusive for your input!

@Murdocksusan--I did put my previous REA through the "Dean and Matt" checklist and he just didn't make the cut. He did not answer my questions clearly (like telling me that my area didn't have "hot spots" when I knew they did) and asked me for PoF and/or pre-approval from a bank before he would even conduct an MLS search for me. I could already tell he wasn't going to like the "work" he was going to have to do in order to accommodate my new endeavor, so I just moved on to someone else. Glad I did though, my current REA is really a great "foot soldier"! He just does what I ask!

You sound like you READY to ROCK this thang ! Don't forget to include a business card w/your info on it for the cash-buyers to keep when you send out your mailings (unless you're doing postcards). Also try running Ghost Ads on free classifieds websites like Craigslist and backpage--you'll get some pretty solid responses from potential cash-buyers RIGHT AWAY.

Go to Google Voice (http://www.google.com/voice) and get a free phone number that is separate from the one you have now that you can put on your bandit signs and Ghost Ads; this number will ring to whatever personal number you assign it (your cell number, home number, etc). You can also text and make calls from the google voice number. You can also use Magic Jack, but they do cost a fee to use. I'm not sure if Google Voice is untraceable though...that's something to look into.

Happy hunting!

The best advice is to keep calling agents. Its a numbers game. The more agents you talk to, the better chances you have at finding the perfect one. I made 6 phone calls and found 2 agents. I am actually using them both. There is also a TON of great information at the beginning of this thread about finding a good agents. We all talk about our experiences finding an agent, hurdles we faced and what to say to get around them.

Plus, the more you call agents, the better you will be and start sounding. I screwed up on my first phone call, I was nervous as all get out. Your next phone call will be 100% easier and the next phone call after that, you'll sound like a pro!!

Just keep at it. What area are you looking at?

Hi guys,

Great to see that many people are taking action!

Here's my progress: I've found a couple of agents who are willing to work with me in a few new areas that I'm looking, who seem helpful and excited, and have had experience working with investors - one of them is an investor himself, although he got caught with a few properties during the bubble (I appreciate the honesty anyhow).

I've also started building a buyer's list through the strategies in the Formula, and I have several investors lined up. I can see myself spending a lot more time on this area, because it's the most important part of all. If you want more strategies, check out Dean's books.

I've checked out a few listings, and I'm going to ask my agent to help me run the comps today. My plan is to put in offers with the contingency that I have to accept the accepted offer.

While I'm on page 3 figuring out the comps, but I have a couple of questions:
1) What's the best practice for gathering comparables, if no properties were sold in 1/2 mile radius within the past 3 to 6 months? It might be a sign that it's hard to flip, but again it might just be overpriced.

2) It appears that to wholesale REOs (bank-owned properties), you might not be able to use assignment (I'll have to confirm). If you use double closings, do you have to pay closing costs/realtor's commission TWICE?

Anyhow, to most people's questions about finding the perfect real estate agent, just go out and call every single real estate office out there. I got lucky and found a couple good fits by calling 10 different offices. But if you're not getting the results, just trust the process and keep doing it. I've had agents who said they were going to call me but never did - whatever their reasons are, I don't care. Just move on!

Thanks guys, keep moving no matter what and guard your mind from all the negativity out there and in here (between your ears)!

One more thing.....

Here is a video I made about my experience finding agents. Don't worry, we were all having trouble finding an agent. Just keep truckin, and you'll find the perfect one by Lunchtime today!!

http://www.youtube.com/watch?v=7r-4DAr_PTI

You'll find that everybody on this thread, including me will help you with your perfect agent!!

You've definitely come to the right place! We've got quite a family buidling here

Awaterloo is right when he says it literally takes 30 seconds to know when you've found the right agent. When you get your cash-buyers list, most likely it'll just contain the prop address but you take that address and plug it into your county's tax assessor's or treasurer's website and it will retrieve the name and mailing address of the person who owns that prop.

If you run into any hurdles, let us all know and we'll help you out in anyway that we can!