Business
Transactional real estate engineers can start doing business as long as they get to talk to sellers. As soon as a lead comes in, get hold of the seller. The best way to do it is over the phone. If you let time go by or wait for them to answer a text message, they might not see it, change their mind, or even lose interest. In this episode, Blair and Jeff share their wisdom on different real estate business topics. Learn how to get sellers on the phone. Discover how to estimate the purchase amount for a cash purchase, how to respond to buyers wanting to know what the process of rent-to-own is, and the process and document signatures needed when assigning the deed at closing. Find out what options you have for different deals and their best exit strategies. Gain skills on merging a separate tracking lead document with Mojo so one automatically updates the other. Finally, find different main lead sources for your VA to work on, the meaning of HUD, and a hot deal involving a 3X per month rental property. To listen to the full episode go to MoreDealsLessHustle.com Mentioned Resources: Zillow Propstream Mojo Screen The Tenant Rentown CallRail FRBO FSBO Zbuyer In this episode we covered: 00:00:00 – Start-up and market update 00:05:13 – Trying to figure out why seller has a mortgage for $172K, another for $50K, and a loan for only $118K 00:06:40 – Starting process to do title search when buying subject-to; whether title company orders payoff or we provide a mortgage statement for the assumption amount 00:09:36 – How to estimate the purchase amount for a cash purchase 00:11:13 – About a wholesale deal in Rector, Arkansas and negotiating the purchase price, taking into account the house needs some work done and doesn’t have HVAC 00:17:30 – How to approach sellers who are not responding to calls and get them out of the house by using cash for keys 00:21:15 – 05:13 cont. Trying to figure out why seller has a mortgage for $172K, another for $50K and a loan for only $118K 00:29:15 – A client’s good way to get sellers to respond quickly to calls and how to give access to team members to Propstream 00:31:35 – About a subject-to deal in which seller has been asked to complete new loan documents by their bank to fix a home equity line of credit 00:37:29 – How to respond to buyers wanting to know what the process of rent-to-own is and when is it okay to mention down payment assistance 00:39:36 – A way to merge separate tracking lead documents with Mojo so one automatically updates the other and about the importance of having them updated 00:42:29 – About Screen The Tenant, paper application fee, and hold in fee 00:45:18 – A client’s successful way to advertise for the proper buyers 00:46:33 – Process and document signatures needed when assigning deed at closing in New Mexico 00:57:24 – About Screen The Tenant and the best way to run credit when buyers send application to validate what they are saying in their scores 01:00:57 – How to approach sellers concerned about the liabilities they hold if their house burns down and they have the loan in their name when doing a subject-to or a carryback and amount to consider when getting an insurance policy 01:05:45 – How to approach sellers when they ask how do we make money 01:06:20 – About HUD 01:08:48 – Whether having water and electricity cut off for six months is an issue or not in a deal in upper Midwest 01:12:17 – How to approach a seller asking for $175K and owes $152K, when comps are between $140K and $160K 01:06:10 – What is the standard purchase agreement doc used for? 01:16:35 – Problems with Facebook messenger video call saying seller wasn’t available 01:18:28 – How to approach seller asking $50K for 6-bed 2-bath on 5100 square feet that is worth $200K 01:22:34 – Strategy to work out and exit a deal in which a seller owes $199K for a house that needs repairs and ARV is $230K 01:27:17 – What to do when we find a VA but are not quite sure yet and the main lead source for VA to work on 01:30:45 – Meaning of “request refund” in one of the steps for action plan in inbound seller leads 01:32:11 – How to get sellers on the phone 01:34:46 – How to approach a seller who is open to seller financing for two properties he owns, and one of them in need of a lot of work 01:41:30 – What happens if a seller doesn’t pay the mortgage payments even after closing although he is obligated to pay 01:43:38 – About a 3X-per-month rental type property, possible exit strategies, and highest expected taxes 01:48:02 – 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!