Business
Dealing with sellers is one of the main things real estate investors do. We are undergoing an economic crisis, meaning fortunes can be made in the housing business. Investors always should follow up with sellers, but now more than ever. Circumstances are changing every day. A seller might not want to do business today, but if their conditions change, they will probably want to do a deal tomorrow. Blair and Jeff have many tips to make your real estate business work. In this episode, they tackle topics like the power of seller follow-up, how to do seller financing with many possible exit strategies, how to buy subject-to and then selling either with lease-option or seller finance, and how to negotiate a down payment while avoiding using your own money. Discover how to handle different tools to make your Facebook campaign flow better. Learn how to recognize red background flags on seller’s records, tools to market and get wholesale buyers, and the importance of having a HELOC and small lines of credit. Finally, hear about what you can do with homes in forbearance that appear week after week! Mentioned Resources: Textline Zapier Mojo Too Big to Fail Craigslist Facebook Marketplace Letgo 5miles Propstream In this episode we covered: 00:00:00 – Start-up 00:01:08 – About using Textline and Zapier in the Facebook ad campaign 00:04:25 – How to set an autopay for a deal in Mexico 00:05:58 – Maneuvering a new insurance policy to send to mortgage company for a deal in Mexico 00:08:28 – A golden seller financing scenario with many possible exit strategies 00:12:38 – What to do when people are asking for more of your information 00.13:03 – Red background flags on the seller’s record we should be concerned about when doing business 00:14:32 – Steps to take for deals not to fall through 00:18:24 – About the transfer of property taxes when buying a property as a non-owner occupant 00:20:06 – A scenario for buying subject-to and then selling either with lease-option or seller finance and about the deed 00:20:10 – Structuring a deal where the buyer is interested in a property that has a two-year hard money loan 00:22:15 – Making sure getting a free house for moving the house would work out 00:23:31 – Doing business with sellers that want to sell because they need to evict somebody from their house 00:26:39 – About a wholesale deal: When to see, sign contract, and negotiate a property when we don’t know its condition 00:29:06 – About a typical scenario where a seller’s mortgage has finally been sold, and a private individual is collecting the payments 00:31:58 – How to deal with sellers that want to do a subject-to but want down money to move and about cash script 00:34:57 – Doing business in the Detroit market 00:38:11 – When to take a tenant’s deposit, before or after application of background check 00:39:08 – How to get the costs covered for a deal with a scenario in which a seller has signed a contract with a new buyer 00:44:58 – How to negotiate a down payment while avoiding using your money 00:48:04 – Jeff’s insight on homes going into forbearance 00:49:53 – How to deal with a seller who doesn’t want to give an offer for his property and possible strategies if there was an existing asking price 00:57:32 – About closing a wholesale deal with a USD $5000 assignment fee; still buyers in the market. 00:58:06 – About a seller reconsidering owner financing for a deal after having been followed up for three months 01:00:29 – Tools for marketing wholesale deals and all about a wholesale deal with a USD $5000 assignment fee and the importance of having a HELOC and small lines of credit 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!