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

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

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Facebook



Thank you for listening!