All Forum Posts by: Michael Linquist

Yeah, mentors are definitely a great resource to learn fast! Bigger Pockets is great to. It is really about opening as many channels of learning as possible when you get started. 

I am 3 months into being a real estate investor and I already know a ton because I have read on Bigger pockets, paid thousands to a mentor with education audios and 24/7 phone access, and read a couple of books now. 

What I'm finding is it boils down to two VITAL things to make money. 

MARKETING and NEGOTIATING!!! 

If I can master these two things I know I can be successful. 

Hello all, this is a very complicated question so I will try to spell it out as clearly as possible with an example. 

Mary wants to sell her house. The ARV of her house is $300,000. I offer to Straight option Mary's house with 10 day auction/general sale strategy (basically I will take the highest bid).

Mary agrees to my deal. I get Mary's house under straight option contract for $200,000. 

However, can I add a contingency clause/contract to the straight option that increases the amount Mary will receive based on the highest bid I receive when I close?

So, if I sell the house for 260,000. Instead of taking 60,000 from Mary, the contingency contract would allow the Straight option price I made with Mary to increase, so that she is not screwed out of 60,000 of equity and I feel like a crook. 

I would like to state that I am not a realtor, and I'm strictly speaking of homeowners/seller that do not answer their phone. I actually haven't had a ton of issues with contacting realtors. 

 Should I try to start texting sellers? 

bump

I feel like I may being doing something that is keeping sellers from picking up the phone. I will make phone calls on vacant houses and none of them will answer. Also, when I follow up with some of my sellers they do not pick up the phone.

How do I get sellers to pick up the phone or call me back?

 Good point, I will begin to review some of the contractors given to me, and it may take a little longer than this week to begin rehab. Thank you so much for the suggestions and recommendations!!

I just signed up for a microbilt membership to find more vacant sellers. I thought it was interesting that you use Findtheseller, tlo, and microbilt. Why the need for all three of these?

A website is not needed before you start nor do you need a EIN or Tax ID. 

The main thing you will need is to learn how to fill out a SPATB (something like this contract link). And how to assign that contract with an assignment form (something like this contract link). 

How to market to find or go out and find motivated sellers. Basically someone who really wants to get out of their house fast. 

And you must find someone with cash to assign the contract you have to. 

This is for wholesaling properties however, if your interested in rental properties, ignore this. 

 Exterior and Interior paint, all new flooring, kitchen completely replaced, bathrooms completely replaced, full landscaping front and back, electrical box replacement, new interior doors, new front door, tear down interior wall, clean all of roof and gutters...and I'm sure theres some other stuff to.