“how your traditions are keeping you from closing deals” traditions vs. transactions
TRANSCRIPT
Do you need all of them?
Possessing one of these things in abundance can set you up for success
You must be willing to share your success with others
You must be willing to act EVERY DAY You must expect your fair share
Tools (Ingredients)
CashCredit (access to loan money)TimeSkill set (contractor, mortgage pro, realtor)ContactsSocial media
Tactics (Utensils & Technique)
Absentee ownersDefaults (NOD list)MLS listingsDoor knockingAuctionSubject to…Landlords
The Offer (mix up the batter)
Combine your tools, tactics and strategy in a mixing bowl
You can use any/all that you want but you MUST have all three
This will result in the OFFER Accepted? Move to the oven and watch it
bakeRejected? Back to the kitchen to make
another offerCountered? More icing, less icing, different
flavor, more layers
Ugly fourplex, found with a letter to absentee owners
Rents = 2700
Expenses = -810 (30%)
Before Debt = 1890
Debt service = 1082 (piti)
Net rents = $808
Offer = $128,000 (owed)
Down = ZERO
Repairs = $14,000
Term = 26 years
What did the seller want? Relief!
BACK into your offers
What is your exit strategy?It WILL take longer than you thinkAre you looking for PRICE?Are you looking for monthly CASH flow?Who is your target buyer/tenant?
“Black hole” out of State owner
Rents = 2000
Expenses = 600 (30%)
Before debt = 1600
Debt service = 782 (piti)
Net rents = $818
Offer $144,000 (owed)
Down = $14,400 (10%)
Repairs = $2400
Term = 25 years
What did the seller want? OUT!
An offer a day
This is your discovery processIt can be done on a single pageYou can write them and stick them in a
drawerYou cannot eat cake unless you mix the batter