Forum Replies Created
September 10, 2009 at 7:40 pm #30124
Why would I be talking money or other details to a seller’s agent? I would only be talking to a seller’s agent, in the first place, if he were on board and submitting one of his properties to the home office for an offer. How would I get a “CEASE AND DESIST” from making an offer to a seller as a buyer through the seller’s RE agent?
All I am doing is finding RE agents that want to submit a Seller/Buyer Info Sheet, a copy of the CMA, a copy of the listing agreement and a current copy of an appraisal, if they have one, to receive a possible buyer’s short sale offer from NARS/TSSH. How can I possibly get in trouble doing that?
I don’t want to do anymore than that. I like being a “bird dog” ONLY! That’s the big appeal to me about the program. You are trying to make it too complicated. If anthing, to me it’s too easy!September 9, 2009 at 11:16 pm #30096
Why are you waiting for your team leader to furnish you leads? Just go on the internet, type a well known RE company into your search engine, when their web page comes up, click on “contact agents” and their pictures and Email contact comes up. Send them a (cut and paste) Email message and then call the ones who respond. Remember, it’s a numbers game. Also remember, your message needs to be heard three times before it registers in the brain. So, you’ve got lots of work to do. You don’t have time to wait!
DavidBSeptember 9, 2009 at 11:04 pm #30121
Here is what I use as an Email script. I’ve found it to be pretty sucessful:
Hi, my name is DBH. I am located in Salt Lake City. I am affiliated with a company of professionals that negotiate short sales for a living. We are in communication with private investors in California ready to make “all cash” offers with “proof of funds” at 85% of appraisal, on short sale properties.
I am seeking Utah (or CA) Realtors who are interested in working with me on short sale properties. I get paid for bringing these investors properties, so you keep 100% of your commissions.
Are you interested in working with me? If you are, please contact me at my private Email address (my Email address)
When they Email me I call them and discuss the program. If they hit me with something I can’t answer (I haven’t experienced that yet. Mostly I get, “Great, I’ll go get you a short sale we can submit.”) I tell them I don’t know the answer to that, but I’ll have someone at the home office call you with the answer to that.
I started doing Emails a week ago Saturday and I now have 10 RE agents in Utah and S. CA looking for short sales to submit to me.August 26, 2009 at 5:50 am #30031
Seller wants an investor to purchase a home on a short sale then sell it back to him at the new price.
I don’t think that is what we are doing. My understanding is that we ARE NOT reselling it to the original short sale seller.August 14, 2009 at 4:21 am #29932August 13, 2009 at 4:46 am #29927
In regards to finding sellers to “contract” (NEO signed) with you for a NEHT deal.
One mistake I have made is calling FSBOs and ???For Sale??? ads! Why? I discovered (the hard way) that 90% of those sellers must get their cash out and most of the other 10% will not consider something creative and will only consider ???Cash???. It???s not because they don???t want to consider something creative ??? they just would prefer to ???cash out??? and be done with the property. Also, trying something ???outside the box??? scares most sellers.
Call the ads that are ???For Rent???, because the two main objectives have already been resolved: 1. These owners apparently do not need to sell or cash out the home. 2. And, they are obviously willing to stay on their existing mortgage and lease it.
I only need to ask two questions:
Can you tell me a little about the home?
Let them volunteer some information about the home. You main reason for this question is to build rapport with the owner. People warm up when they do the talking. Listen and sound interested.
Wow, this home sounds really nice, would you consider selling it?
If they say no, then say, Thanks, but what I am looking for is something I could rent for a while until I can get qualified and then I could buy.??? Leave them your name and number so they can contact you later if they change their mind about selling.
DavidBAugust 13, 2009 at 4:30 am #29884
What does TCHG stand for?July 16, 2009 at 3:38 am #29751
HOW TO FIND RBs ??? Fastest and Best!
1. Make lots of calls to FSBOs.
2. Make lots of offers to FSBOs.
3. Put lots of signs in the yards of FSBOs (once under contract/NEO).
4. Put our lots of flyers on the property.
5. Knock every door in a 2 block radius and personally hand flyers on property to ever home owner and tell them you have a house for sale and you will take payments.
6. If you are a Network Member, use the Ad tracker line and place lots of signs, ads, cars, flyers everywhere.
7. If you are a member you can use the Call Dialer for free to make calls to sellers, renters, realtors, lenders with a pre-recorded message to get them to call you.
8. Stand at the top of an off ramp with a BIG Sign that says, Buy My House, I’ll take Payments, no qualifying or credit.
9. List the sellers house with a rental agency for free and have them find someone that wants to rent-to-own.
10. Go to large apartment communities and give the manager a referral fee if they send you renters that are looking for houses.
11. Talk to the owner/manager of the local pizza deliver place and have them put a flyer in all the boxes of pizza and give them $250 for a successful referral.
12. Take a night job delivering pizza so you can see all the move outs, move ins, vacant houses and empty for rents, then call them.June 14, 2009 at 4:53 am #29528
Even as the economy tanks, buyers are willing to pay good money for a curious commodity: a thousand-page-plus novel from 1957. (Used to be required reading when I was in High School. It probably still should be).
Atlas Shrugged, by Ayn Rand (1905-82), just reached No. 6 on Amazon???s Literature and Fiction best seller list. Bookstore sales reached an all-time annual high of about 200,000 copies in 2008. So far this year, reports the Ayn Rand Center for Individual Rights, the book is selling at almost triple last years rate.
Demonstrators carrying ???Going Galt??? signs are regular fixtures at the Tea Party protests — referencing the book???s protagonist, John Galt, who leads a general strike by society???s entrepreneurs and producers. These achievers-as-Atlas simply refuse to continue to carry the world of government-backed ???looters??? and ???moochers??? on their shoulders any longer.
And it???s happening. On March 2, ABC News reported that over-burdened Americans have started to plan to earn less. ???Why kill yourself working if you???re going to give it all away to people who aren???t working as hard???? asks an unnamed 63 year old attorney in Louisiana. Along with many other ???upper-income??? taxpayers, who already fork over a huge percentage to the government, a Boulder CO dentist is looking to downsize earnings. Since $250,000 paints an Obama bulls-eye on her back, she intends to be less productive. ???It would mean working fewer days which means having fewer employees, seeing fewer patients and taking time off.??? After all, she notes, ???if I???m going to be working just to give it back to the government — it???s de-motivating and demoralizing.??? And earnings and the money that belongs to the Atlas of the over-taxpaying private sector is about to dry up, as this Atlas shrugs!June 11, 2009 at 5:15 am #29521
We still need to fix the edit function on the reply!June 11, 2009 at 5:10 am #29520
You know as well as I do that the SEC can insert their big jackboots in to anything they wish no matter what you call it. No kidding, look what the government has done to GM dealerships across the country. They did the same thing to me only on a smaller scale. Bottom line they destroyed my $200k a month auto business and when I asked them, ???What is a security???? They looked me and my attorney right in the eye and said, ???Anything we want it to be!??? ANY TIME you solicit funds from anyone for any reason, the SEC can get involved. Technically if you ask a friend to invest $50 in an Amway Kit you’re subject to SEC regulation. You are right. So I guess with the present administration???s attitude on free enterprise and capitalism, we should all get ???real job??? and become ???mealy mouths??? afraid of our own government? Not me!
All I’m saying is, you have now “ADVERTISED” and “SOLICITED” funds publicly. Not really. I am only offering my services to provide and exit strategy on an investment he already has made. I don???t ask him to invest with me in my investment. I don???t share the equity he gets by buying a REO at a 40% to 60% discount. I have advertised a service, that no one else out there can offer him, AFTER he???s made his investment. A service is not a security. It doesn’t matter that you are going to be using an EHTrust. The fact that you solicited funds to purchase real estate and become a co-beneficiary of a trust does not matter to the SEC. You should know that better than anyone. If they want to insert their boots up your A$$, they will. They can I agree, but I don???t think they have deteriorated that much — YET? I have not solicited funds to purchase real estate or anything else!
Don’t you think that Me or Bill could have written the same post you did and asked members and others for funds to purchase REOs and Short Sales so that we could put an RB in the place and all share in all the profit centers? Sure we could. Then why don’t we? Believe me, we have all considered it for many years and in fact at one time started creating entities to do so before our Attorney’s advised us not to.
Just be very careful what you do and say to those who contact you regarding your advertising and solicitation for funds. Believe me I am well aware of the dangers of solicitations for investment funds. I advertised for passive investors who don???t want landlord problems, who don’t want vacancy problems, who don’t want property management problems, who do want an established exit strategy already in place, who do want a full price when they sell, WHO HAVE ALREADY PURCHASED their REO properties, NOT for funds to buy REOs and short sale properties. This is a discussion I think we should have privately and not on the open board. It???s kind of like who came first? The chicken or the egg.June 10, 2009 at 3:28 am #29518
Looks like you solved the SEC issue. David, why are you advertising here for passive investors?
What SEC issue? My investor buys a REO from a bank at a 40% discount. On a $200K house, that is a pick up of $80K in equity (that’s over 20% ROI. There is also potential for monthly PCF). No SEC regulation involved here!
Now what does he do with the house?
Under FHA rules he can’t finance it for 90 days. Flips are now tough.
How does he sell it for $200K when the banks are loaded with the same kind of homes that they are selling for 40% to 60% discount?
He is passive because he doesn’t want to be a landlord and worry about vacancies, property management, maintanence, upkeep, repairs, etc. I can put a live-in property manager in the house.
I can have the RB ready to buy in 24 months at the then appraised price. Thus, the exit strategy is in place.
Nothing but a normal NARS deal using a NEHT to do a lease2own.
DavidBApril 3, 2009 at 5:25 am #28998
Try ignoring all the double declining step over lip locks in the NEO and simply tell them you need this NEO signed so you can help them market their property without a RE license.
DavidBMarch 21, 2009 at 2:54 am #28896
Pick up the phone.
Call rentals (because they have already decided they will take payments and are not hung up on “cash only”).
Ask them if they are willing to sell it to you after you have rented for a while. If they say yes . . .
Tell them you need an NEO signed so you can help them market their house with out a RE license.
Put out the yard signs (Lease2Own) and directionals, post with pictures on your web site, post flyers in the grocery stores etc., put out car window cards, etc.
Find the RB (like Alvin suggested — if they have 1% to 3% sign the interim lease agreement, if they have 5% to 10% do the NEHT. The tax benefits and share of the appreciation is the incentive to get the NEHT completed ASAP.)
Bump the equity $10K.
Build in $300 a month positive cash flow (because of the tax benefits and the share of future appreciation, the net lease payment is competitive enough to compete with any rent payment and give you your $300 PCF).
I don’t have any “cash” so I can’t do bank owned, foreclosures, auctions, rehabs, flips, exchanges, discounted purchases, etc. So, I’m forced to do the above and focus on making it work!
Become a Lease2Own expert!
Keep focused on what you do!March 7, 2009 at 7:47 am #28788
The current definition of 1st time buyer is pretty loose.