Business
Real estate transactional engineers must always do calculations to see if a deal is worthwhile. Time and energy are precious, and you are in this business to make money. So, if a deal does demand too much effort and time, make sure it has big equity, a big cash flow, or both! In this episode, hear about what is going on in the market and note all the housing opportunities now out there. Learn how to approach sellers asking too much for their house, sellers with individual loans, and sellers who haven’t figured out their asking price but want to sell. Discover how to deal with a filed bankruptcy and how bankruptcy court works in these scenarios. Find out about note buyers, private lenders, how to negotiate down payments, and dealing with mobile homes and their community restrictions. Gain skills to manage Facebook ads to get your business flowing. To listen to the full episode go to MoreDealsLessHustle.com Mentioned Resources: Propstream com Mojo Fundwise CreditSuite In this episode we covered: 00:00:00 – Start-up and market update with good opportunities for the housing business 00:06:04 – How to approach a motivated seller when the tenant-buyer filed bankruptcy and there is trouble finding a new retail buyer who would retail a house worth $525K needing $50K work done. 00:16:07 – How to handle paperwork to terminate a contract when laying off a contactor 00:17:54 – Selecting four potential candidates to work in a team 00:19:51 – About a property from the 1900s in which the seller has an individual loan. How to figure out the purchase price for the property if wholesaling and paying monthly payments 00:25:44 – Is it a waste of time and energy handling with a deal involving a bankruptcy situation and two loans? 00:33:31 – About a client’s first deal signed. How to approach realtors calling on a property and how to negotiate $10k money down needed for some repairs and working it up on the contract 00:37:57 – A client having problems with buyers leads not coming in from a Facebook campaign 00:39:28 – Approaching a seller asking for $65K for a clear and free house when ARV is $112 and house needs work 00:45:28 – Approaching a seller who doesn’t have an asking price for two plots of land, one with a livable mobile home, that they want to sell as a whole package 00:48:46 – A seller is selling two properties that need to be torn down and is asking $3000 for each, but county assessor says they are worth $2500 00:52:05 – About creating notes and note buyers 00:54:21 – How to overcome sellers needing equity to buy the next property to move into 00:56:34 – How to pay subject-to mortgage payments and client wondering whether a partner in can join Facebook page and concerns about dead leads on Mojo 01:00:07 – How bankruptcy court works when dealing with a seller whose tenant-buyer has filed bankruptcy and other scenarios 01:02:41 – Determining which is the best potential buyer for a subject-to deal; one can afford $15000 down but negative $50 cash flow and the other $5000 down but a $250/300 cash flow 01:04.26 – How to approach a seller who wants to do a lease option; purchase price $60K, ARV $62k and with a tenant in the house for another eight months renting for $750 01:07:38 – Approaching landlord investors who want to keep tenants in and keep property without doing owner-financing 01:08:47 – How to do business with an investor wanting a 15% down for his property 01:10:30 – About using a private lender for down payments 01:12:40 – About mobile homes and how to turn a luxury 55-and-over community mobile home park into a potential deal; getting it and selling it with seller financing 01:21:09 – Meaning of “learning limit” or “learning mode” in the Facebook ads 01:21:42 – Restrictions for mobile homes in winter 01:21:57 – About “buying smarter” and issues with Facebook ads 01:25:36 – Ads on Facebook that are producing the best responses and how to filter anonymous profiles of leads coming in 01:30:11 – Possible reason for a high PITI and where to find all the ads that are running in Facebook 01:31:53 – Wrap-up About Blair: Blair is the founder and creator of Dealbot, a motivated seller lead generation company. He has managed nearly $2mm in marketing spend and generated over 100,000 motivated seller leads. He also buys and sells houses himself in the Winston-Salem and Charlotte, NC markets. In the past year, he has acquired nearly $3mm in cash flowing rental properties with zero money out of his pocket. Multimedia: Youtube Apple Podcasts Google Play Facebook Thank you for listening!