Wednesday, January 14, 2009

Real Estate Course: Day Tent of 30 Day Action Plan

Day Ten
  1. Talk to one person every day about your private money program
  2. Lunch with an expert (Realtor/title officer/mortgage broker)
  3. Drive your farm neighborhood
  4. Call rentals
  5. Call FSBOs (For Sale By Owners)

Day Ten: Private money! Review your warm list and how they responded to your offer. You may have to modify your presentation. You are selling an opportunity. You are not asking the person to buy anything. They are lending their money and getting an interest payment that is usually higher than what is at the bank and secured by real estate.

Lunch with an expert. Make sure you rotate your list of experts so you grow your list of real estate experts and contacts. Remember you can also talk to them about your private money program. That will help with the action item above.

Get out into your farm neighborhood. You want to keep on what is happening in the neighborhood. It will help when you talk to sellers from these areas. It will demonstrate you do know about the area and you are serious about real estate. They will look to you as an expert.

While you are out in the neighborhood, look for “For Rent” signs. Not the property management signs but the store bought signs or hand drawn signs. These are Absentee Owners who are renting out their property. They may have had to evict the last tenant, which can be a hassle. They may be tired of being a landlord (AKA motivated seller). The seller may be another investor who you can learn from and network with. The investor may have several other properties they are willing to sell at a discount to pay for repairs on the current property or they are getting out of the business.

The same goes for FSBOs, which means For Sale By Owner. These maybe sellers who want to sell, you already know that because there is a sign in the yard saying so. Go talk to them or call them at the very least it is good practice talking to sellers. Their motivation level maybe low which translate into not willing to dealing on their equity. They may not have to move and are not motivated to work on terms for a sale. But right now you may have more time than money so give it a try.

See Ya,

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