I would recommend email, phone and name.
But, If I were you I would get yourself a website or at least a domain prior to getting your cards printed.
Most of my students notice an immediate gain in influence once they've got their website up and running. You can build your own for next to nothing.
Good luck
I just sent this wholesaling process map out to my list the other night and I've had hoards of email streaming into my inbox thanking me for cutting through the fog with this process map.
I stripped it of all advertising so that I could post it here without Josh thinking I'm spamming.
If you dig this thing let me know and I will post more in the future. these maps are just an awesome way to cut through the clutter...
For me at least.
You can get it here, it's a direct download...
Wholesale Process Map
Good luck,
Eric
You close with seller A and no money changes hands, then 2 minutes later you close with buyer b....He/she gives you a check and that check is given to the title company to pay off the transaction with seller A...
Then you leave with a big $hit eating grin on your face with the difference between the two sales...
These are getting more difficult to do if you don't have cash buyers....
Hope this helps
Hey, Eric Medemar here. After getting hundreds of questions asking “What do I say to investorsâ€, I put this little guide together to help you out. On this first page you will find what looks to be about a 30 second conversation. On the following pages you will see the reasoning behind the dialogue.
1.Hey this is Eric with [REMOVED]
2.I'm an investor here in (your city) and was just doing some research on a home I'm thinking of buying on (name of street from data) noticed you had purchased (piece of real estate you discovered)
3.Do you still own that piece of real estate? Depending on their answer, ask them about whatever real estate niche they fall into.
4.What do you think of the area on (Whatever side of town the home is)?
5.Continue the small talk if everything is going smoothly then once you're finished jump to this: “Well hey, thank you for your time and insight on (the area that your data gave you). I really appreciate it. You've been more than helpful.
6.Say before I go, on occasion we/I run into a piece or two of bargain real estate that we/I can't close on because our money is tied up in other projects. Since you've been so helpful it would be my pleasure repay the favor of your time today by giving you the inside track.. Would you be offended if I gave you a buzz/ring? Then without giving them a second to answer, jump to the next question, “AS IF†they just said yes.
7.Is this the best number to reach you at? Or would you prefer I shoot you an email?
=====================================
Why You're Saying What You're Saying
=====================================
1.It's helpful to have a website with a domain name that matches the type of investing that you plan to do or at least has something to do with real estate. However, if you do not have a website you might consider making up the name of your “Company†so that you can sound official. Once again I would suggest including real estate, ptoperty or investors in the “Company name†somewhere.
This gives proof that you're a serious investor without having to come out and say “I'm a serious investorâ€. This type of proof slides completely under their IDS (Investor Defense System) because it subconsciously answers the question “Is this person I'm talking to an investor or notâ€.
2.It's a presupposition phrase, meaning that by saying “You're researching homes†the investor will be forced to presuppose that your are an investor. In order to question whether or not you are an investor they would have to question whether or not you were actually looking at homes...Which as you might guess would make them sound more than a little silly.
3.This is a good question to get investors to open up about who they are and what they buy. People love to talk about themselves and this question will get you off to a good start. Listen closely to their answer as you may be able to pull some insight as to what type of investor they are. If they no longer own it, then you'll know that more than likely they flip houses (especially if you're calling fairly close to the sale date). If they say they still own it then you should ask what they intend on doing with the property.
4.Once again this keeps the conversation flowing and the investor talking more about “What they thinkâ€, which is most likely their favorite thing to talk about.
5.You're not going away yet, but you want them to believe that you are. That's the beauty of this, because the investor thinks you're ending the conversation they will lower their IDS (Investor Defense System) so that you can once again sneak under it.
Additionally by piling on the compliments you're building them up and and giving them a new identity that they will subconsciously feel the need to remain consistent with. This new identity that you've assigned to them will make it extremely difficult for them to be impolite when you actually bring up the real reason for your call.
6.This is the MONEY SECTION and the reason why we dropped their radar with the last section. This chunk of phrasing is absolutely overflowing with phrases meant to stack the deck in your favor.
#1 “Being tied up in other projects†let's the investor presuppose that your a big time player without the need for you having to say. Because—As you know, if YOU SAY IT, they won't believe it, but if THEY THINK IT, they believe it.
#2 “Bargain real estate†We use the word bargain because, as you know, NOBODY CAN SAY NO TO A BARGAIN. Words like cheap, distressed, and foreclosure all have an underlying tone of “Somethings wrong, so the price is lowâ€, where as BARGAIN says inexpensive without the hassles.
#3 “Since you've been so helpful I would love to repay you the favor by....†gives the impression that they've earned something and you're wanting to give them something for being so gracious. As you know, most people won't turn down something FREE, especially when it's something that they've earned.
#4 “Giving you the inside track...†leaves the investor with the impression that they are going to get something special from you that most people will not be privy to. Getting “Insider†information is far more cool than just getting information. In addition, because they are getting “Insider†information from you, they must presuppose that you are an “Insiderâ€.
#5 “Would you be offended if I gave you a buzz/ring†This is my hands down favorite closing phrase. “Would you be offended if†is an extremely hard question to turn down; because it unknowingly requires a person to become inconsistent with what they really think.
Sure, they probably don't want you to call, but more than likely they can't say it would offend them. After all, you're offering to call them to reciprocate a favor that they granted you earlier.
Basically you're asking them a question that has nothing to do with the answer you are seeking. Leaving the investor “Giving you permission to callâ€, by answering only that it “Wouldn't offend themâ€.
Lastly in this section, don't ever use the word call. Most humans have an automatic response to the word call. The word “Call†carries an underlying tone of interrupt, disrupt or taking your time. Where as buzz or ring leaves the impression of “Just a quick contact, that'll just take a secâ€.
#6 “Is this the best number to reach you at? Or would you prefer I shoot you an email?â€. Remember earlier when I said we would be stacking the deck in your favor? Well, this is where it all comes together.
We've already preloaded the entire conversation to lead the investor to believe that we are “Big dog†investors. Mind you, we never once said that we were.
We've also preloaded the conversation to make it difficult to say “No I don't want to work with youâ€, without being pushy in the least.
Now to further stack the deck we're not going to even let them answer whether or not they want a call back from us, we're going to respond as if they said “Yes I want you to callâ€, they will be giving us an “Implied yes†by saying yes or no to “Is this the best number to reach youâ€.
Lastly, in most cases they will say email is the best way to reach them. Which is exactly what you want them to say, because now you have their phone number and their email to contact them when you've got an awesome deal under contract.
It's pretty amazing how much insight goes into one short call script, isn't it? Rest assured with over 140 transactions under my belt, this stuff is tested and true.
I hope you enjoyed reading this as much as I enjoyed putting it together.
I will usually go out and see a property if it sounds like I can put under contract below 80% of FMV....
Ask about repairs that are needed over the phone...I have a whole sellers form that I fill out with everyone that I talk to so as not to miss anything.
If it sounds like you've got a chance, then give it a chance and go check it out....It won't hurt you any.
Eric
I always tell my students to get 1 buyer then start looking for homes for THAT BUYER....but in the mean time to divide their time up proportionatly between looking for buyers and finding them homes. Meaning if you've got 1 buyer then spend 10% of your time finding them a home and 90% of your time finding more buyers.....
Unless of course you get a buyers like I picked up the other week...
I put out a new video ad on craigslist, and within 5 minutes got a call from an investors who has since closed on 7 houses with me....It just takes one.
In that case keep finding them homes until they can't buy anymore
Good luck!
As with so many things in life, the answer to your investing problems are completely counter intuitive to what you think that they are.
I have spoke with Hundreds and hundred of wanna be investors and I can tell you in 99% of the cases the trouble has nothing to do with:
The Real Estate Market...
The amount of buyers in the market...
The prices rising or falling...
The amount of information that they've studied....
Whether or not you have a business card...
Whether or not you send post cards...
Whether or not you have a good Realtor...
Whether or not you have cash...
Whether or not you have credit....
Wanna know why most newbie investors fail? Sorry I can't tell you, you've got to buy my system....
LOL I'm kidding.
In 99% of cases the problem that paralyzes most newbies is they have absolutely no confidence in themselves.
Since I specialize in wholesaling, I'll give you examples in terms of that, but this advice go's for anyone....
I'm not talking confidence like "I am confident I can succeed" though that does play a small role....
I'm talking about the confidence when you approach investors or sellers about putting a deal together you need to come in with the mindset of....
[center]"Dude, I feel bad for you if you're not buying my contracts because if you buy from anyone but me and you're paying too much"[/center]
I tell all my students "You should literally feel terrible for people that don't choose to work with you...they are on a sinking ship and you're the only life boat in the water"
If you can bring yourself to having that attitude your chances of success go up like 400%....
I can remember one of my students was just pouring out the "Yeah but" excuses to me.
"Yeah but I don't have any experience"
"Yeah but I don't know if it's really a good deal or not"
"Yeah but I'm not quite sure, if it is a good deal"
I said listen dude....You're going to be talking to investors either way, right? And during that conversation they are going to come to one of two possible conclusions:
#1 this guy say's he's going to find a great deal on property, but HE DOES'NT EVEN SEEM TO BELIEVE...so why should I?
#2 This guy say's he's going to find a great deal on property, and I better get his name and number...
We did a few exercises, he went to his next REI meeting and came home with 5 new numbers that he didn't have to ask for...Investors now wanted him, as bad as he wanted them...
He had been to 3 other meetings, with the same people and all 3 times he left the meetings not with lead, but with a sinking feeling in his gut that he was destined for failure...Which of course contributed to the problem even more at the next meeting...Here I'll explain
The problem is many rookies MISTAKINGLY believe that by talking a big game (which they usually fail at as well) that they will get investors to work with them...
The trouble is 90% of communication happens on a subconscious level....In fact, in many cases the investors who turn you away probably don't even know why they don't want to give you a chance....they just get that "FEELING" from you, and gut feelings are basically a quick snap decision from the subconscious mind....
You have probably had a similar experience when you meet someone and something doesn't feel right, or they just seem to be full of B.S....It's because "WHAT YOU SAY" is far less important than "HOW YOU SAY IT".
The only way to change the "how you say it" is to change your attitude and beliefs about you and you're business. You need to bring yourself to a point where, you feel like you're doing investors a MASSIVE DISSERVICE by not letting them by contracts from you.
If you don't believe me, please suspend your disbelief for just 1 or 2 meetings and "Check out" whether or not it works, you'll be thrilled, I promise.
I'll give you one more example before I gotta roll....I stopped going to REI meetings for over a year because I already had a line up of buyers a mile long, but one Friday I decided to attend their weekly breakfast meeting to drum up more clients for the Realtor side of my business.. Over the course of that year most of the faces had changed, but what hadn't changed was the place was still swarming with money hungry Realtors looking to sink their teeth into some of the investors.
When it was "Networking time" I had to stop myself from laughing, when I found out these many of the realtors had been attending these meetings for the past year, and yet when I started talking to the investors there, most who met me said "I've been looking for someone like you, can I give you my number". I left with 6 numbers that day....
BOTTOM LINE: People don't just buy your contracts, THEY HAVE TO BUY YOU FIRST.
I hope this helps a few of you out...Eric Medemar
Hey that's awesome....
It always amazes me how so few people will follow the advice of people like myself who are telling them EXACTLY what works.
I try to explain...Do This=Get this result=Sure as 2+2=4
Keep up the good work...
After watching this awesome Tony robbins interview which you can find here==http://tonyrobbinstraining.com/320/interview-with-frank-kern-and-john-reese/ (It's about why beginners fail at internet marketing, but it's just as relevant for investing...)
I put together a little blueprint of why most beginners fail...
Basically what happens is many rookie investors don't think that "They can make it happen"....meaning they don't have many expectations of what they can do====>When they have low expectations, they don't put forth much effort===>When they don't put forth much effort, they don't get results ==> When they don't get good results==>It reinforces their beliefs that "They can't make it happen" =======>Next time around they have even lower expectations==:>Meaning lower effort==>meaning lower results===Meaning more reinforcement that "they can't make it happen"
the ugly cycle continues....
To break the cycle you need to raise your expectations of yourself....You need to visualize yourself making it happen. Since your subconscious mind cannot tell the difference between, what you visualize and what is real, you'll expect more===>Meaning you put forth more effort===>Meaning you'll get better results==>Meaning you'll expect even more
Basically by using visualization you can cycle your effort up, building major momentum......rather than down, leaving you in an even deeper mental rut.
Hope this helps
Eric Medemar
I'm sitting here at the Honda dealership waiting for the oil to get changed in my wife's minvan and I decided intead of reading the latest issue of USA today...I would do something that will help you make money....
I've only got about 45 minutes but here go's....These some of my most often used Wholesaling exit strategies.
Straight Assignment
This is the traditional method of doing wholesale deals. As a percentage, I use this method about 40% of the time and you too, can make a killing simply using this tactic exclusively, however why would you want to limit yourself?
Build Buyers list ==> Find homes ==> Put under contract (and/or assignees) ==> Assign Contract
Pocket LLC Method
This profit tactic is best used when dealing with non-assignable REO's....The reason this works so well is that instead of assigning a contract and getting paid as you normally wouldâ€"You're going to get your assignment fee when you sell your llc.
Since the bank won't know who owns the llc when you've put the home under contract, you can just sell the llc and they won't know that anything has occurred.
I would recommend setting up 3 or 4 llc's after you've done a couple deals. The reason I recommend doing this AFTER you've done a couple of deals is because many of the rookies that I've trained end up putting to many obstacles between getting started and their first deal. I call this “Getting ready to get ready†or “Preparing to prepareâ€
Build Buyers list ==> Find homes ==> Put under contract (Using Pocket llc) ==> Sell llc
Double Closing (Simultaneous Closing)
This profit tactic has received a ton of bad press but I still use it all the time. I like using this tactic when I have a greedy cash buyer on the other end of a sale. Greedy cash buyers will often have a meltdown if they think that you are making too much money. As you'll soon see, this profit tactic eliminates the chance of a greedy buyer knowing what you've paid for a property because they NEVER see the original contract.
Besides eliminating the headaches of working with greedy cash buyers, using a double closing also eliminates the headaches of working with sellers who might get upset if they see that you're making a profit being the middleman.
Warning: In either case sometimes you may feel like shaking the greedy party and saying “Listen your goal is to Sell your home (sellers) or Find a deal on the home (buyers), so what's the problem meat headâ€...I don't recommend doing this...It can cost you.
They can find out what you paid eventually by looking in the tax records but you will have closed the deal by then.
The main downfall in doing double closings is that you closing costs increase significantly because you'll end up paying buyers side title on the first transaction, sellers side title on the next (More expensive than buyer) . Plus, you'll also end up paying 2 closing fees....Unless, you do like I did and always try to close at the same company and negotiate yourself FREE CLOSINGS (That saves me up to $400 on double closings)
[b]Build buyers list==>Find homes==>Put under contract (your name or llc)==>Sign a completely new contract with your buyer==>Double Closing
[/b]
Double Closing Procedures
Closing #1-Close with the owner of the home (No money is exchanged)==>Closing #2-Close with your buyer (Give you money)==>Give the money from the closing with your buyer to the title office==>Leave closing with difference between closing #1 and closing #2.
Though I don't use the double closing quite as often as the other tactics, I do have to say it's my favorite as far as producing an AWESOME FEELING when you're leaving the closing table.
There is just something about walking into a closing penniless....Then leaving less than an hour later with a check for $10,000-$20,000.
HUD Assignment
This is a tactic you won't find many investors or “guru's†know a lot about, but it's a sweet little tactic.
As most of you know HUD Contracts are NOT ASSIGNABLE....Which is no big deal if you know how to use this “Little honeyâ€. This was a favorite tactic for one of my clients and he was using this almost on a weekly basis.
The reason I think this is such a killer strategy over many others is that HUD homes can be tied up for $500-$1000 deposit depending on purchase price....But the part that makes me smile, is that UNLIKE many other homes that you will be putting under contract....HUD is NOT IN A RUSH to have them closed....
Since HUD isn't in a rush to get them closed this gives you more of a chance to market for buyers which is especially important if you're one of those people who was foolish enough not to have your buyers list in place BEFORE you started trying to do deals....
On the HUD deals I've done here in Michigan, HUD doesn't require you to close until 60 Days AFTER they have signed the contract...In most cases that means around 70 days (That's a heck of a lot of time for marketing a home).
The other major benefit to doing HUD deals is that if you're a person who can't make it out to look at homes every day HUD homes UNLIKE most REO's are run in an auction style bidding format with bids due daily at midnite and weekend bids are do on Monday....Meaning you can have the entire weekend to go look at HUD homes, at your liesure.
HUD Assignment Procedures
Find your buyers ==> Put home under contract using your name or your llc's name ==> Use a “Add a buyer for financing†form and add your buyer onto the contract with you (Get you're assignment fee when you do this) ==> Have your buyer bring money to closing and both of you will sign paper work like in a traditional closng ==> Once the closing is finished and the hud agent is gone, simply deed yourself off the property...Leaving your buyer as the sole owner.
Looks like they called my name, I'll finish this up later on....With TON more killer tactics.
Eric Medemar