Friday, January 16, 2009

Real Estate Course: Day Twelve of 30 Day Action Plan

Day 12
  1. Talk to one person every day about your private money program
  2. Lunch with an expert (Realtor/title officer/mortgage broker)
  3. Visit properties from calls
  4. Looking for equity
Day Twelve: Private money! Review your warm list and how they responded to your offer. Compile a list of people who said no because you will go back to these people. We want to give them five opportunities to say no.

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.

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? Is there equity?

You continue your property research to see if they have equity. Check comps with a realtor or on-line to verify property information and asking price. If the sellers’ asking price is more than the area comps then continue looking. If it is close, I will go look at the area and make an offer based on what the property can afford. I do not really care what the seller wants. It all comes down to what the property can afford and that is based on rental rates, repair costs, transaction fees and our profit in the deal.

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