Quick and EASY co-wholesale closed today!

Bump

Congrats once again!

This is great info that often escapes investors. Thank you for sharing.

Karen

And a Nice Payday......Sweet...... Congrats Michael........WTG

Regards,
Sharon

Thanks! I love networking!

Hope all is well,
Michael

Thanks, it was not a big payday but I'll take it!

Michael

Hey Mike
You never know what will happen and who know who when you meet someone face to face. It is crazy what can come out of just one meeting...NOW GO GET SOME MORE....

Congrats again MM.

You never know who you'll meet and the resources that comes with them.

I've met ppl that looked broke, but could buy half the city with cash.

It is amazing to think of the people I have met while "out in the street" doing business. Just last week we were looking at a property with our contractors when a guy from down the street stopped by and asked if we would like to buy his house! Unlisted, motivated seller that I would have never know about!

Thanks,
Michael

Thanks!

Years ago in one of my shops one of my salesmen was very rude to this older gentleman in worn out overalls and a dirty t-shirt. He basically insinuated that the old guy didn't have the money to buy the product he was looking at.

The next day this gentleman came by with one of his employees driving a GMC dually pulling a trailer with TWO of the units he was looking at in my store the day before. This time he was wearing a suit and driving a Rolls Royce!!
Absolutely a true story!

I have met a lot of people like that in Real Estate. They just wear work clothes but they have big bucks! I have also met a lot of women that are BIG TIME REIs that have told me they have been kind of blown off by some male investors. BIG MISTAKE THERE!!!

Thanks again Mike and hope all is well with you,
Michael

This is a critical part of a successful REI business.

Michael

as you say, networking is crucial in rei business; for some people it may seem difficult, but after talking to a few re investors, they will find out that they are normal people, just like everyone else!

Thanks for sharing!
Val

We have been searching for a rei club in our area and found nothing. We have been thinking of starting one ourselves but have no clue in taking this on our own.
We have our buyers list that we can invite but how does others find us?
How do you find clubs?

Little help please.
Thank you.

Aaron-n-Suzy

http://www.reiaresources.com/ <<<<< HOW TO START A REIA !! and also national reia

http://www.nationalreia.com/

Thank you we will look into this and let you know how we think on this.

Staying positive

Aaron-n-Suzy

Thanks and you are welcome!!

Michael

Auctions, rehabs in process, Chamber of Commerce, Real Estate offices, Banks, grocery shopping, Church, at the Mall, Home Depot, restaurants, open houses, home improvement shows, ANY kind of free real estate trainings or meetings, handing out you cards where ever you go, friends, family, neighbors, any type of social media and of course, your local REI club.

Michael

Bump

Hey Michael!
I've got a seller that called me last week wanting to sell her house. She said Wells Fargo gave her a 3 week redemption period to pay off the $70k she owes. House has an ARV of $112k, in a great neighborhood. Not sure what repairs are needed, etc since I haven't seen it yet. An investor down the block just bought a similar house for $72k.
Any ideas on how to get a deal done? I could see what kind of money she could bring to the table?
Thanks Michael

Peter in Iowa

You could get the property under contract and assign the contract to a capable investor and close in 14 days. Take both contracts to the title company. They will contact your sellers lender, get the payoff amount and pay them off at closing. They will also make sure your buyer gets a clear title.

OR if the cure amount is not too high you could do a sandwich lease option.

Of course your offer price will depend on the rehab/remodel not being to extensive and/or expensive.

As an example:
Your buyer sells the place for $112,000
His closing costs, commissions, money costs etc - $11,000
You have sold it to him for $72,500
He has $28,500 gross profit. All rehab/remodel costs will come out of that figure.

Obviously if it needs $30,000 in repair this is not a deal. If it only needs $10,000 this is a pretty good deal.

Hope that helps,
Michael

you never know who or where the next deal/deals come from.

great story thanks Michael !

What if the seller had money to bring to the table.....just not all $70k to pay off loan?? How would that work if at all?

Then just adjust/reduce your offer to reflect the amount the seller can bring in if needed.

Michael

What a great deal indeed. I appreciate you elaborating on how you made it happen. 2,500 on deal I will take anytime any day its much better than nothing. Yes I agree with you, NETWORKING is the KEY to success in Real Estate. I will start implementing your strategy, by asking sellers and my buyers if we can meet up for a coffee. looks a great idea to me. Well they got Starbucks in my school I can tell them to meet me at my school lol.

Thanks for sharing

Good luck in your investing

You are welcome! Remember to tell EVERYONE you encounter what you do (your quick elevator speech)and hand them a card.

Michael

Please tell me the basic info which I need to put on my business card. Since I joined Dean Program I haven't ordered a personal business card. There was this one time I ordered business card from vistaprint.com and here is what I wrote on them.
I BUY HOUSES
ANY CONDITION
xxx-xxx-xxxx

YOu don't consider them a business card do you? Also I have another great question which is this, when I have a coffee meeting with my buyers and sellers, how long would you suggest the meeting to be (I dont want to hold them up for too long since some of these people are professionals who have busy schedules) ?

Thanks

PM me your email address and I will send you a copy of our cards. We use two cards. One designed to hand out to professionals in the RE business and one to hand out to the general public. I carry both with me at all times.

As far as meeting times I just play it by ear. Sometimes the meetings are 15 minutes, sometimes an hour or more. Usually you want to spend a little time building the relationship before you jump straight into your presentation.

Michael

Thats awesome. I'm fired up I can't wait to get them and then order mines. I just sent you a PM with my email address.

I really appreciate your help and support..

God bless and Good luck in your investing this week!

Just sent them to you.

Michael

Hey Michael,
Have you ever worked with a seller that had multiple properties for sale? Reason I ask is I had a lady contact me and she has 13 properties(single family/multi-family) she wants to sell before spring.
All are rented and need no repair. I took gross rents, subtracted taxes, ins and 20%(vacancies, maint, etc)to come up with a net cashflow.

Not sure where to go from there as far as making an offer. I know there's gotta be investors/landlords interested in these properties. Just wondering how to put it all together?

Thanks Michael!

Peter

p.s. I'm looking to wholesale these properties and would be willing to split profits 50/50 with anyone interested!