All Forum Posts by: Account Closed

Im calling to see if i can get an extension. I got the contract! first one! whew! This one was intense. It took about an hour to walk the house and negotiate a price. Filling out contract and down to last page....(knock, knock, knock). homeowner answers the door and its another investor door knocking. Door knocker starts with, "sir, do you know what is about to happen with your house?" and he continues to qualify, finds out I'm already inside but keeps talking with the homeowner. He finishes after about 5 minutes and gives homeowner a business card. Door knocker tells the homeowner to call him when we are done and that he lives in longmont(45 min away) so he will hang out in the area. long story short, I wait at my old place of work bullspitting with my friend/old co-workers for 2 hours. He called and let me know he is accepting my offer! Now off to another in broomfield. intense!!

In colorado the seller has 3 business days to cancel the contract no matter what. Do i have to wait the three days before i can close? anyone have a similar situation. going to call lender after i get owners authorization and try and ask for an extension. anything you think i need to do just drop a comment and ill update as i go along. thanks. 

I am currently using people smart to look up phone numbers. I have not come across one phone number that gets me to the owners. It lists 5 previous phone numbers but I am out of luck. Are all the sites that offer a similar service the same? Any recommendations? thanks. 

search bigger pockets for an article on elevator pitch. Awesome article. start out with that. Refine after every 5 people you talk to. Once you get 3-5 good responses per group of five stick with that pitch. Use own judgment on a positive response. 0-3 bad/negative/so-so responses rework pitch. Keep it fun for yourself and be prepared to network anytime or close a deal anytime. Purchase agreements/Forclosure agreements. I forgot earlier to mention cold call all the for rent houses and FSBO. Try and find any slumlords or accidental landlords. I heard this on a podcast and thought it was a golden nugget. I haven't tried it yet but its on my to do list. cold call people at random in a phone book and ask if they have a house for sale or know someone who might have a house to sell. what a great way to make mistakes while it doesn't matter rather when it does matter. Read, read, read. I can't remember where i heard/read this but it takes 5 books per subject to become a master about that one subject. thats a good starting point. Take massive action and do. Let me know if you run across any great ideas and experiences. good luck sir.

Start looking for deals. Door knock. Door knocking helped me get over fear and jitters. Get business cards and create an elevator pitch. Go to a walmart in a farming area and pitch it and end it with your business card and saying you offer xxx-amount for referrals. Put cards on windows of cars in parking lot. 

Same elevator pitch I use I ran into someone that said he has a friend that has been thinking of becoming a hard money lender bc his cash is just sitting there. Its amazing who knows who sometimes. I sent his friend some links and articles about hard money. I'm hoping when I need a partner, private money and at worst hard money to call him.  

Marketing and negotiating have been my main focus after getting a handle on the investment strategies/exits I want to pursue. Good luck and if you decide to door knock or hand out business cards to random people, give an update on how it went!  

If youre wholesaling to renters, I'm assuming in email form, include all the ratios that renters like to see and prove it cash flows. A couple of similar houses in the area and what they are renting for to support your claim. If you're wholesaling to flippers, comps supporting your ARV claim, just your estimated repair cost. I wouldn't include your spreadsheet as they are going to go in and confirm it or tell you how off you are. I would keep it simple with 1-3 paragraphs explaining the house/details and attach comps, renting comps to support your claims. That would be for email.

I might spend more time looking for flippers or renters that pay the most for deals and call them. Find cash/private purchases in the area of the houses and see what they paid for and resold for. I like knowing what they bought for and probably profited after repairs. You can break it down to a % and apply it to the houses you have under contract.  Call them and just say you have a similar house in an area they bought before. It might be an area they farm already. Good luck and give updates please!

With the phone call off of my mailing campaign i know they have equity as that was one of the filters. I did pay my sisters to go with my business cards and go to certain walmarts in my farming area and put my cards on their windows. First guerrilla campaign tactic was 130-ish business cards out and 7 phone calls off of that. Of those 7 phone calls 100% off them said their house was worth xx-amount and wanted more. None of them would take less then the first number they gave me. They all had similar answers when I asked why they wanted to sell. They knew someone that just sold or had someone in real estate saying it was a good time to sell. No phone calls off of flyers at RTD stops with tear offs of my contact info...so far. My next step is to door knock a couple of houses tomorrow. I'm targeting preforclosures that have an auction date this wednesday or next wednesday and tried selling on the mls but pulled their listing. A couple of the houses have low equity, 40-30k in equity. With these houses, if i get a contract, is to sub-2 the loan and rent to own it with an option price that will cover the back payments. And only if i can get the bank to ok the sub-2. Im avoiding any short sale opportunity as I don't have proof of funds for cash or haven't found a partner to fund those yet. 

Well I was stood up. i called him back and his voice mail has clued me in. He is a real estate agent. I have been sending out 4500-ish mailers a month and a good majority of phone calls have been agents calling and trying to figure out what I'm doing. But his renter is nice and we shared a cup of coffee while I waited. Good news is while I was leaving I received a phone call from a mailer and he seemed semi-motivated. I went immediately over to his rental. This one did not go as well as it could of. I built good rapport but mid way through adding up repairs with him, he received a phone call he had to take. I should have stop and waited for him but I at the moment I didn't think of it. He rejoined at the end of the house. I had everything finished and asked where we can sit down. He tried to side step the negotiation part of it and told me to add up my expenses and call him with an offer. My main goal is to negotiate face to face instead of calling him and saying i can pay x-amount for your rental and have him saying no thank you. After overcoming a couple of objections i started adding up quickly the repair spreadsheet i brought. Then he hit me with the winning objection. He had a plane to catch to Mexico as he has a plantation of cashews to tend to. So, my plan has been to create a business letter communicating why my offers are what they are. There is plenty of objections to overcome. Biggest i feel is he mentioned he has a sister inlaw that is an agent so he knows its worth around 460k. I pulled comps and I couldn't see anything similar or near his house supporting this claim. I did find another similar house being offered at 429k that if sold would support his thinking. I included that in the letter and showed him they started at 550k 6 months ago and are now off the market but went down to 429k without selling. i drove by this house and it need exterior TLC and yard maintenance right off the bat. I can only assume the inside is the same. I included the comps that showed it could sell for 355-365k after repairs. I fully explained my seller financed offer and did a one liner for my cash offer. His fax number he gave doesn't work. I called and texted him just before writing this asking for an email or another fax number to send my packet over to him. And I pointed out a lot while he was walking with me that needs upgraded or repairs. Im hoping it helps get him off of 460k. And the houses selling over 400k in his area are 2000sq ft plus to his 1400sq ft. 2 car garages to his "needs to be teared down make shift car port." He let his renters build a car port but it was bowing/sagging and used tarps as siding. He wants 460!?! Anyway, 460!?! haha. I hope it goes well. 

Im going to look at a house tomorrow and I will be trying to get seller financing so I can put it on the mls in as-is condition. If not I will more than likely have to assign it for a smaller fee. All depends on the final negotiated terms and offer. When you find a deal and put it on the mls in your market, what list price do you start out with? Are you taking the ARV-minus repair costs for the list price or are you finding more exposure around 80% of ARV -repair cost? I would prefer a quick sale vs a higher offer that can take a couple of months. I know that a lower asking price will get it sold faster but has there been a good listing strategy or "start here and scale down" plan you've come across in your experience? anyone?

Talking with the homeowner I found out he thinks it is worth 170k. I asked what repairs needed to be done. He described electric panel upgrade, kitchen, 2 bathrooms need upgraded. newer floors. its a 4 bed 1 bath 1400sq fee.  After that i asked if he would be willing to take less which he did say yes but then changed the subject immediately after. I feel like I've devoured plenty of books on negotiating and i am totally jazzed and looking forward for it. If you have any advice on the negotiating process and how i should approach it from your experience or any advice will be greatly appreciated! My plan is to go in with a spreadsheet of prices and go through the house with the owner to make him more aware of the work and hassle it needs. after that i will show him his expense to fix and sell using and real estate agent and closing fees. Im leaning toward hitting him with an offer of 70% of arv minus repair estimate and a small cushion. comps show it could sell between 195k-210k fixed up. So starting at 115k for a cash offer with an exit strategy of wholesaling. then transition into seller finance which i am willing to go up to 130k to try and wholetaile it on the open market. Again any advice or general big picture i should try to achieve during the negotiation please drop a comment! thanks.