Saturday, January 17, 2009

Real Estate Course: Day Thirteen of 30 Day Action Plan

Day 13
  1. Talk to one person every day about your private money program
  2. Visit properties from calls
  3. Looking for equity
  4. Prepare offers and structure deals
  5. Talk to more sellers
  6. Talk to realtor agent

Day Thirteen: Private money! Review your warm list and how they responded to your offer. This will always be the first item on your action plan because it is so important.

Go look at properties that sellers called on yesterday. You are reviewing them for repairs required and assess how a buyer would feel about the property. Does it need a lot of repairs? What is the cost of the repairs? Does it have curb appeal? Do we want to spend the money for curb appeal? This is the bread and butter part of your business. I really like this part. I can visualize how the house will look fixed up and ready for a buyer and that is exciting.

You continue your property research to see if they have equity. Same as you did yesterday. We are developing a routine that will help you get started and be successful in this business.

You have a list of properties you have researched and visited. Start writing offers on those properties. While some of the offer will be presented directly to the sellers others will be through a realtor since they may have a listing. While it may be harder to find a realtor that will present your creative offer to a seller it is worth the effort to try and find that agent, because they will be gold. They will understand what an investor does and help your business. Look at it as another opportunity to extend your network and talk about what you are doing.

Call more people from craigslist and any rental signs you may see in the area. Another good source of leads are the “Vacant with Weeds” property. If you are in an area that has a lot of foreclosed homes this will not work as a good lead source. If not, this is a great source. Find a property that is vacant with weeds or a dead front yard and research the owner of the property and call them.

Go to an open house in your farm area. Meet the realtor and get to know them. Let them know what you are looking for. Be very specific on the type of properties you want to buy.

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