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FASTEST & BEST APPROACH

This topic contains 13 replies, has 0 voices, and was last updated by Avatar of tmr28 tmr28 12 years, 2 months ago.

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  • #5435
    Avatar of tmr28
    tmr28
    Member

    My objective is to simply find as many people whose mortgage payments I can take over and then find an RB who can make the payments with a small monthly spread built-in for me.

    What is the best and fastest way to get this done over and over again?

    Any and all replies are welcome.

    Thanks in advance!

    #28368
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    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 radias 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 Adtrakker 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.

    This is EXACTLY how I got started, including and especially the delivering pizza gig.

    Hey, you asked.

    #28369
    Avatar of neftalipazo
    neftalipazo
    Member

    BEAT THAT ANYONE…

    Thank you Scott…

    #28370
    Avatar of homesavers
    NULL
    Member

    The techniques Scott wrote here are effective to create action and to see if you really want to build this business. Most of them require a considerable amount of time. However, I bet you would see some success if you put these techniques into action.
    When you have the results you are looking for then after some time you may be able to do what Scott does to close deals.

    #28371
    Avatar of tmr28
    tmr28
    Member

    Good Advice!! Thank You!!

    One Question:

    So how do you work out a deal with the homeowner as to who shows the house to potential RB’s?

    I work a full time job and my time is very limited

    #28372
    Avatar of areyes
    areyes
    Member

    @TMR28 wrote:

    Good Advice!! Thank You!!

    One Question:

    So how do you work out a deal with the homeowner as to who shows the house to potential RB’s?

    I work a full time job and my time is very limited

    Network with residential leasing agents or property managers. Either pay them a service fee per showing or a commission or a cut in the deal. You will go through a lot before you find a good one that will commit to you.

    I’m in the same boat with a full time job and limited time. Outsource it and focus on your time at finding good team members that understand our business model. Point out the main benefit on how they will get paid for their time to be our eyes and ears. Also make sure to tell them that you’re the one responsible for negotiations and paperwork. Agents are trained to show properties. That’s their job. Also most don’t get paid until the transaction closes.

    #28373
    Avatar of jerry carey
    jerry carey
    Member

    Once you have a NEO signed … market to find Resident Beneficiaries (RB’s) or End-Buyers. Screen your leads and have the viable ones make an appointment (to attend an “Open-House”) for viewing. Have them all arrive at the same time! This creates competition that one of the others attending is going to get “their house”. You set up the appointments whenever you can fit it into your schedule … of course with consent of the seller who must go out for a while and not be present during your “showings”. The “showing” can be set-up on weekends or early evenings … after work.

    As Alvin said … you can also network or hire someone to show the property!

    Jerry Carey

    #28374
    Avatar of getsmart
    getsmart
    Member

    I have found that calling FSBO sellers are not so motivated. Most want full value now and all cash that is why they want to cut the agent. If anything you might want to put them on a drip campaign.

    hey Scott when you say put plenty of signs in the yard how many signs per yard do you recommend? :lol:

    take a night job delivering pizza, not the financial independence part we are looking for, you would be a job hopping nut if your properties are in different areas or different cities. or you will be limited to a certain area. plus do pizza drivers get robbed. :shock:

    #28375
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @GetSmart wrote:

    I have found that calling FSBO sellers are not so motivated. Most want full value now and all cash that is why they want to cut the agent. If anything you might want to put them on a drip campaign.

    hey Scott when you say put plenty of signs in the yard how many signs per yard do you recommend? :lol:

    take a night job delivering pizza, not the financial independence part we are looking for, you would be a job hopping nut if your properties are in different areas or different cities. or you will be limited to a certain area. plus do pizza drivers get robbed. :shock:

    “most want full value now”, but not all.

    One sign is sufficient

    I start this NARS Business while I was delivering pizza. I got someone to pay me $16 per hour and pay for my gas while I drove neighborhoods looking for houses. When’s the last time someone paid you to go drive hoods? I never got robbed but I stole a lot of houses.

    #28376
    Avatar of corkhorner
    corkhorner
    Participant

    Scott,
    Of all the strategies I have heard you explain:
    Call sellers:
    Is your house still for Sale?

    If they say ‘NO, you hang up.

    If, they say YES, you hang up!`

    I love it.

    As to what will be happening at the fed level, whether there is gonna be a ‘toxic loan bank’ [feds], Foreclosure halts, etc; there is nothing to wait for.

    I still follow the BG formula to do deals as they appear based on wants/needs and be a transaction engineer/coordinator.

    Is Change afoot? Certainly. Entrepreneurs will prevail.

    That is, as long as there still is a Free Society in America. [In massachusetts its 'Ameriker'. ]

    SoCalGuy,

    c h

    #28377
    Avatar of tmr28
    tmr28
    Member

    I have also found that calling FSBO sellers want full cash value. Even if they want to have you take over the payments, some of them may even want a share in the monthly income!! I guess foreclosure homeowners are better motivated prospects but trying to get in contact with them is a full time job. Any suggestions?

    #28378
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @TMR28 wrote:

    I have also found that calling FSBO sellers want full cash value. Even if they want to have you take over the payments, some of them may even want a share in the monthly income!! I guess foreclosure homeowners are better motivated prospects but trying to get in contact with them is a full time job. Any suggestions?

    I never ever allow sellers to participate in “cash flow”. However, if they want some money every month, here is what I do and suggest. Our offer is Full Price, whatever that is. If you have a deal that is making you say $100 per month and the seller wants part of it, just say,…

    “Ok, I’ll tell you what I’ll do for you. You have agreed to Full Price and leave all your equity in place for a few years. I normally purchase equity at .10 to .30 on the dollar. I’ll agree to pay you “dollar-for-dollar” in monthly payments. That way you can get some now and not have to wait a few years for all of it, FAIR ENOUGH”?

    Think about this for a moment. Anything you agree to give them monthly will now “purchase”, on a monthly basis, their equity in the trust. This means that you will now recover anything that you have “paid” them on a monthly basis.

    So, do not give them CASH FLOW, purchase equity instead.

    #28379
    Avatar of socalgal
    socalgal
    Participant

    take a night job delivering pizza, not the financial independence part we are looking for,

    :roll: :lol:

    #28380
    Avatar of mtnwizard49
    mtnwizard49
    Member

    Excellent, Scott.

    #28381
    Avatar of homesavers
    NULL
    Member

    @Scott_L._Moyes wrote:

    [

    I never ever allow sellers to participate in “cash flow”. However, if they want some money every month, here is what I do and suggest. Our offer is Full Price, whatever that is. If you have a deal that is making you say $100 per month and the seller wants part of it, just say,…

    “Ok, I’ll tell you what I’ll do for you. You have agreed to Full Price and leave all your equity in place for a few years. I normally purchase equity at .10 to .30 on the dollar. I’ll agree to pay you “dollar-for-dollar” in monthly payments. That way you can get some now and not have to wait a few years for all of it, FAIR ENOUGH”?

    Think about this for a moment. Anything you agree to give them monthly will now “purchase”, on a monthly basis, their equity in the trust. This means that you will now recover anything that you have “paid” them on a monthly basis.

    So, do not give them CASH FLOW, purchase equity instead.

    Scott can you elaborate on this? I am not sure how to present this when asked by an owner because usually the owner has no idea what the monthly cash flow is going to be. I don’t either unless I find someone to pay more than his full PITI. Cash flow is not an issue here in California since there is none in the majority.

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