Is PiN local Pre-MLS software worth the investment

[Kevin Beverly]

Hi I am a new investor in the Baltimore metro area and have been having a difficult time landing good deals. So far I have only used the MLS listing to find these deal. Recently I've been considering the PiN local software package to help me find pre-MLS listing in my local area. I want to know if anyone has had any experience using the PiN local software and how they viewed this product. It's being offered for $399 and $79 per month

[Account Closed]

I have never heard of a program like that - I would be doubtful if it is worth it  - 

Understand a little about owner's motivation to sell.

• if a building is on the market for sale by FSBO, by agent or public auction - those sellers listing to sell are motivated - they may try to hide there desire to sell and say things like ''I ain't going to give it away!" or "I don't really need to sell, I can wait!" or other statements made by their agent ----

• if the property is for sale (houses, commercial, land, lots or non-conforming) there is a degree of motivation. It is up to the investor (you) to determine the degree of that motivation and to act on it immediately. MAKE AN OFFER ON EVERY PROPERTY YOU LOOK AT - you will be surprised at some of the deals you will make and the negotiations you will open. But don't take yourself too seriously, make it a game you play for fun and profit.
• it is your job as an investor to get to their base-line price - you can only do that by asking questions and getting to the right answers.
• Questions: how long on the market and how - agents or FSBO? what is the mortgage balance, is it current, how many payments back, what are properties selling for in the area (is his price above or below others), *how much seller financing can the seller take,* how much cash above the mortgage would seller accept, how fast does the seller want to get to the settlement table, what repairs or up-dates does the building need - you could ask if you had $10,000 to spendon improvements - what would you spend it on? This questions sometimes will smoke out what needs to be done. Even if you know what they are asking for the building - ask - "What do you need for the property?" - some of these questions will help you to get to their base line price - as you know sellers always ask for more than they expect to get! You just need to dig for their bottom line. Always as the 7 words after they give you the price -Is that the best you can do? don't say anything else after asking that question.
• Now if you are dealing with an agent - you are not going to have the opportunity to deal with the seller - so - you may want to just make an offer 25% below what ever it is list for.

AUCTIONS: As for real estate auctions - I have been an auctioneer for many years selling hundreds of properties annually - I would like to say that we do not always satisfy the sellers reserve price (Oh - we only represent owners and investors - no foreclosures) but we don't always get the auction price up to the reserve - but the good news is that at the auction the owner becomes very motivated to accept a lower bid - thus a great equity profit is made ------ so do not discount auctions if you are looking for a great deal.

Believe me I have seen so many properties sold at auction that have a ton of equity.

Someone recently said "The best deals are MADE and FOUND"

So ---- how do you MAKE a good deal from the many properties out there that do not look like a good deal?

• Be a DON'T WANT-ER - always be willing and ready to walk if you can't get a good deal - And understand that you can always come back to that seller later and begin Second Stage Negotiations
• Ask the 7 words
• Always consider a subject to offer
• Always ask for seller financing
• Use the Study Period Clause with right of possession to control properties without cash
• Offer seller participation - this is a great way to close deals
• Offer something other cash - a note secured by your other equities, an unsecured note, a Principal only mortgage (using this technique you can offer more for the building since you are not paying interest - and as you know a direct reduction mortgage will pay off much faster. Make sure you put discount clauses and subordination verbiage in your offer.
• Use the Installment down payment clause.
• A Front Porch clause can be used to completely eliminate the down payment requirement.
• Write in your offer that seller pays all transfer, contributes X-$'s to you at settlement and that you receive all positive escrows if there is a mortgage to be paid off, and the seller agrees to leave stuff in the house or garage - all furniture, the old car in the garage, tools and garden stuff.

**how much seller financing can the seller take? If the answer to this question in "None" always put a seller take back statement in your offer - this will re-open negotiations.

* how much cash above the mortgage would seller accept? This question will set you up for a mortgage take-over - (Subject to existing mortgage - why pay off an existing mortgage when you have an opportunity to take it over - meaning you come up with less cash.

Good hunting - great deals are made - not found!