Monday, January 26, 2009

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

Day 22
  1. Follow-up on all calls and property visits
  2. Talk to one person everyday about your private money program
  3. Lunch with an expert (realtor/title officer/mortgage broker)

Day Twenty-two: By now you have a list of properties you have looked at and made offers on. Take time to follow-up on those properties. In fact you should go back to those properties at least once a month. Follow-up will get you a lot of deals. Your offer may have been rejected the first time, but time can soften a seller who needs to sell. Your offer maybe the only offer they have received. Following up may give you an opportunity to buy the property. Check your comparables for the area again and rewrite your offer. We often find that the offer will be lower because property values have dropped. We always want to buy better that will make a Lease Purchase Option or a Rent to Own much easier to cash flow.

Private money! The same old story but vitally important.

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. If you run out of people to talk to ask people you have already met who you should be talking to about your business.

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