Buy Cheap, Hold for the Long-Term, and Make Money on the Spread!

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The Transactional Real Estate Investor Show with Blair Halver

Business


If you are in the real estate business, you are in it to make money. In today’s economic crisis, there are many opportunities to cash in. Go look for the cheap homes, buy, and then rent. A long-term rental means you will make money on the monthly spread and have it growing your bank account over time! In this episode, learn how to handle loans when there is already a mortgage, how to approach deals with subject-to involving expensive properties, and how this business works in rural areas. Discover the right time to negotiate the purchase price, how negotiation works in term deals and cash deals, and how to deal with a probate estate. Hear how to deal with buyers seeing houses in remote deals and how to approach sellers in default where the deals have no equity but have an interesting monthly spread. We talk pre-foreclosure data and lists to call, plus ways to get hold of leads! To listen to the full episode go to MoreDealsLessHustle.com Mentioned Resources: Zillow Craigslist Propstream Mojo Screen The Tenant My +Plus Leads In this episode we covered: 00:00:00 – Start-up and market update 00:02:50 – How to handle another loan on a house for solar panels; handle like a second mortgage deal? 00:04:12 – Whether to ignore Facebook’s notifications inviting you to add people that like your ads to your page 00:05:00 – Apprentice and pipeline program goals and about a client having problems with getting buyers to see a house or even getting back to them for further conversations 00:15:28 – How to work out a deal in which the seller has a mortgage and discovered recently they have another loan 00:20:22 – Preparing paperwork; number of land trusts per property, trustee per trusts, beneficiaries and date 00:23:08 – How to figure out an exit strategy for a subject-to deal that has only $100 monthly spread and a house that needs a lot of work 00:25:20 – How to approach sellers willing to go to terms but concerned about not getting money to be able to move 00:27:24 – How to approach a situation in which seller’s mortgage has been bought by a another company and doesn’t know if it is free and clear 00:32:05 – How to do business with a seller that has no mortgage but has a lien held by the community redevelopment authority to do house repairs 00:34:29 – How to handle rural properties 00:36:12 – About setting up action plans, cold calling script, and FSBO opening call script 00:37:42 – About percentage of ARV when calculating MAO and calling profiles 00:39:15 – About what goes on at closing and in deal meeting; how and when is the right time to negotiate purchase price 00:40:58 – About negotiation in term deals and cash deals 00:42:40 – How to deal with a probate estate 00:43:42 – cont. 15:28; How to approach a seller wanting more than what they owe when they don’t even know how much they owe for a recently discovered lien 00:51:51 – Whether withdrawn is a good section to call or not when integrating My +Plus Leads into Mojo and about expired lists and pre-foreclosure data 00:53:43 – How to approach deals with subject-to involving expensive properties 00:59:05 – How to approach a seller who has agreed verbally to terms and wants a written agreement 01:00:16 – When should mortgage missed payments be cashed out and by whom 01:01:11 – How to work a deal out in which a seller is selling their teardown property for $5K when the ARV is $109K  01:04:54 – How to approach buyers that keep asking how much they need to put down 01:06:32 – When should mortgage missed payments be dealt with and how to proceed if we want buyer to deal with them 01:09:45 – How to deal with buyers going to see the house in a remote deal 01:12:14 – How to approach a deal involving a nice property but doesn’t work out due to junky neighbors 01:16:48 – How to approach sellers in default in which the deals have no equity but have an interesting monthly spread 01:24:33 – A recapitulation of the forbearance programs 01:27:28 – Wrap-up To listen to the full episode go to MoreDealsLessHustle.com 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!