Current and Prospecting Landlord in Maryland

[Kim Coleman]

I'm a current landlord of property in both Maryland and Missouri. Looking for at least a two family to BRRR in Baltimore City or Charles County, Maryland.

[Account Closed]

Systems to find more profitable transactions -----

• There many properties available that are not listed, but available directly from owners, some can be very profitable.
•  The farming method of finding these properties has worked well for me in past years. Walk and talk, ask a simple question of everyone you meet (find these folks in public places, supply houses, stores, barber shops, where ever the public is permitted to enter)

• The question: "Excuse me, I am looking for real estate in the area, would you know of anyone with properties to sell?   (Sometimes, you'd get answers like, yes my aunt has been thinking of selling her home or yes my sister has a property that hasn't sold for months, the listing is about to expire, sure that lady down the street has a small sign in the window) 

• I did this when I first got licensed to sell real estate in Harford County, I would carry a legal size clip board, a camera hanging from my neck, tape measure and a yellow pencil in hand - I wanted to create curiosity, what's he doing? ) WOW.......I was amazed at how friendly people were (and nosy) and how willing to chat with me.

• I listed and sold a property that is now the Fallston Shopping center on Belair Road, lots in Bel Air, commercial properties on Mountain Road (Maryland) and a few small subdivisions to mention a few.

• While fellow agents sat in the office (playing politics, and waiting for the phone to ring while on floor duty, I was out there walking and talking and getting good exercise, and getting to know people and asking my simple questions and getting leads). This Pro-Active system works, don't be shy, be alive get out there to survive in this business. 

Even today after 4 decades in this business I still find it valuable to talk to everyone I can, in rent and housing court, in elevators, in the hall ways of where I travel, I usually have something in hand or says something that is an attention getter. Even when someone calls me and says they missed dialed or wrong number, I say, "No problem, I am in real estate do you know of anyone with properties to sell?"

• Over the years of struggling in this business, trying to put deals together, working to earn a commission or an equity profit, I am blessed to have had the ability to be innovated and with creative imagination to invent systems, techniques and concepts that produced short cuts and made my job easier, rewarding and fun.

Some things I have used or invented to help myself and associates to relieve the pressures of this business:

• A business card that people keep and play with and ask me for more
• A Indian Head Nickel that has gotten the attention of bankers, prospects and many people who have received it. A system that has created lots of business for me and has increase my leads when doing mailings or talking to people.
• A broadcasting branding system  that has worked locally and nationally and is almost a guaranteed system of creating leads.
• A closing techniques that has increased my odds and purchases with sellers, called the Hybrid Offer.
• A system I call Peggy Back Bookings for our auction company, a way to book multiple properties that sellers are attracted to and often say "Yes".
• A way of using contract consideration that makes the investor capable of making hundreds of offers on real estate without running out of money. ( legally). This system was discover almost by accident, but I still use it today all the time to control real estate; residential and large commercial properties. The first time it was used to control a $4.5 MM property that sold in 11 days.
• The Principal Mortgage, it has been around for a long time, but over-looked by most investors, when you don't have to pay interest your deal is lot more attractive to buyers and assignee.
• Contract Clauses that has increased ability to Control real estate, assign properties, receive discounts on mortgages and real estate. Important to remember that what you put in writing will be seen and memorialize for decades. A well written contract, in my opinion could be considered a work of art, the words you use and how you use them are subject to scrutiny by others, the buyer, his lawyers, a judge, others in title. Every written word in your offer is important and should be understood. A well written offer is the investors ticket to profits.
• The Skinny Contract Offer, in my area the standard agent's contract of sale is about 30 pages long (sometimes more), I wanted to make our contract offer smaller with everyday words, easy to understand, only one basic contingent clause, something that the seller can read in a few minutes and understand and most importantly accept! The Skinny Offer usually is understood and accepted by sellers of residential and land owners.
• Commercial Long Form Contract Offer, this is only three pages, but has everything in it that is needed to make the deal work and to will defend the investors position in court if it every comes to that.
• Locator Program, a networking system with trained Locators (neighborhood people and others who want to make extra money in real estate but don't want to spend the money or time learning how to be an investors), a good Locator is capable of supplying many potentially profitable leads. The key to success of this program is the intensive training and follow up.
• Direct mail, the letters are professional written, with a call to action and a sample of what can be accomplished if they call to do business (letters NOT written on yellow paper!). I believe that a well written letter that offers benefits to the reader and an easy call to action is one of the best ways to find great properties. I will often get calls from a sellers who has gotten my letter years ago, I always say, "It's about time you called :-).

It is one thing to be able to create leads (anyone can)..........but a very different technique and wisdom to be able to convert that lead to an eventually cash flow or equity profit.

Education: It is said that knowledge is the accumulation of facts, but wisdom is the ability to use those facts and make a decision that will be profitable.

Charles