Monday, January 12, 2009

Real Estate Course: Day Eight of 30 Day Action Plan

Day Eight
  1. Talk to one person every day about your private money program
  2. Get to know the process: talk to a Title Officer and mortgage broker
  3. Go to the county recorders office: How docs are recorded
  4. Post craigslist ad
  5. Review craigslist ad
  6. Talk to sellers

Day Eight starts exactly like the days before talking to someone on your list of people about private money. Do you see a pattern? If you do not have private money to buy your properties you will run out of money quicker than you can say “Bank Loan.” You will only get so many loans from a bank for buying single-family residences. Private money is absolutely critical to your success.

Study and get to know the process of buying property. Sure you may have purchased your own home once or twice but know you want to look at it from the business side. What are your responsibilities to the process, the seller, the private money lenders and what is the timing you need to have everything in place? Talk to a Title Officer – better yet, take them to lunch and pick their brain on the entire process. Even if you think you know, it will give you an opportunity to talk to one person about private money.

Next go to the county records office and ask how deeds are recorded and what documents you need to buy or sell a property. They will help you at the recorder’s office. The more lost and confused you look the more help you will get, so ham it up. The information can be invaluable when you need to record a document for a property.

Post an ad on Craigslist for your area. This is exposure for your business. In fact, review craigslist under the real estate section and see what others are posting. How is it written? How can you adapt it to what you are doing? I have looked at other items people are selling and how they worded their copy and adapted that to what I what from people – either buyers or sellers. You are posting an ad for motivated sellers. Do not expect much. You are just getting your feet wet. But it is free and you never know.

You should start to get some calls on your direct mail piece you sent out on Day 5. Start talking to sellers! Have a property information sheet and just go down the sheet. Remember, this is an opportunity to build rapport with the seller. They may have to sell their property, but they do not have to sell it to you. People want to do business with someone they know or like. So be friendly and upbeat. Be confident you can help them out of their problem. It helps to stand when you talk to someone on the phone. You will have more energy and that will come through the line. If you have never talked to a seller about their home, you will blow it big time. Just know that now. You will be nervous. You will worry that the seller will know you never purchased a home before, or closed a deal on investment property or that you wear different colored socks or shorts all the time (well maybe not the socks and shorts). You will imagine all kinds of things. By the time you pick-up the phone, the seller will be a cross between Superman and Houdini. Try to relax! This will all go away after you talk to 20 or 30 sellers. By then you will be a master of rapport building on the phone and that will allow you to concentrate on structuring the deal and solving the seller’s problems.

See Ya,

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