Friday, January 30, 2009

Real Estate Course: Day Twenty-Six of 30 Day Action Plan

Day 26
  1. Talk to one person every day about your private money program
  2. Lunch with an expert (realtor/title officer/mortgage broker)
  3. REOs – Talk to realtors
  4. Talk to Title Company
  5. Make more offers

Day Twenty-six: 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.

Have 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.

You should be constantly talking to your realtor network about REOs (Foreclosed homes) in your farm area, researching them and making offers. Any offers that were rejected should go in a file to be resubmitted in 30 days if it is still on the market. Do not go chasing deals; let them come to you.

You should also be talking to your Title Officer about deals you have in escrow. Reviewing preliminary title reports, checking documentation and removing any roadblocks and challenges that come up during the escrow. Do not assume that no news is good news.

Continue to make offers on properties that meet your criteria. It is a numbers game. Look at 100 properties for 10 offers to get one deal. That is why you tell house finders, realtors, etc. what you are looking for to cut down the time needed to find the leads. The numbers do compress, as more people know what you do and begin to refer properties and people to you.

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