Real Estate Course: Day Four of 30 Day Action Plan

Day Four

1. Establish your private money program
2. Talk to Realtor
3. Locate local REI club
4. Develop script when talking to sellers

Day Four is a critical day for your funding program. You want to fund your deals two ways (there are many ways to fund a deal but the majority that we use is by these two methods) Seller financing and private money. You need to establish your private money program. Private Money is when you ask for private individuals (friends and family) to fund your purchases (like a bank) and you pay them interest. Your Private Money Program will establish what are you going to pay your private money lenders, what interest rate will you pay them, how long will you hold their money, how is the money secured and how can they get their money out early if the need to. All these questions and many more need to be answered before you talk to anyone about private money. You can register for our newsletter (Send an email to info@jm2buyshouses.com with Newsletter in the subject) and get a free report about putting together a private money program. Once you have your program tell everyone you know about that program. It is called, “flapping your lips.” Put together a list of everyone you know and offer them the tremendous opportunity to lend money to you secured by real estate for an interest rate that is higher than their bank is paying.

Today is the day you also want to start talking to Realtors. These are people who can help you get where you want to go. Not all Realtors are the same, you want a Realtor that understands how you are going to invest and what exactly you are looking for. They can be very helpful if they understand your criteria. Be upfront about your criteria so you do not waste their time. They want to help but they need to see a pay-off from spending time with you.

You want to visit your local REI Club. This can be a good source of encouragement, help with deals, buyers for your deals and information on the local market. Go to the Web site www.reionline.com to get a list of clubs in your area.

Begin to develop your script for when sellers call. Frame your script around the information you want to collect on a property information sheet. For a copy of our property information just email us at info@jm2buyshouses.com. You want enough information to check for equity and structure a deal. You will look for motivation when you make the visit to present your offer.