Friday, January 23, 2009

Real Estate Course: Day Nineteen of 30 Day Action Plan

Day 19
  1. Talk to one person every day about your private money program
  2. Lunch with an expert (realtor/title officer/mortgage broker)
  3. Purchase one property

Day Nineteen: Private money! Enough said.

Then have a good lunch and pick the brain of someone in the field. Pick someone you may have met but do not know. You can talk about the real estate environment and how their business is being impacted. How do they see it changing in the future? You are building relationships with these people that will pay off in the future. Refer work to them or use them.

With all the offers you have made over the last three weeks you should have gotten one accepted. The law of averages says you will. Now what do you do? First stop and celebrate your little victory…..ok, now back to work. With all the people you have talked to about private money you should have a couple of sources for it. If you do not, get on your horse and talk to everyone you have already talked to. Get more “Nos.” You need that money to close the deal. Do not use your own money in the deal. I know it is tempting to do that but that is not your job. You bring value to the deal that attracts the private money. So get out there and get the money. You can control the closing to make sure you have the money for the deal. What is your exit strategy for the property?

While you are getting the deal closed, you are going to place an ad to sell the property on craigslist. It is fast and cheap (free). Look how other people have placed their ad and how it attracted you. Copy the good ones and make sure you have pictures for it. This will get your phone ringing. Collect as much information as you can about the potential buyer. If they do not want this property you can look for other properties they might like. You are creating a buyers list. Anyone who calls about property goes on the buyers list.

No comments: