Always Keep Interested Buyers with Money in Play!

Real estate transactional engineers must keep their buyers in play. If one backs out, you already have another one lined up. Don’t underestimate the ones with little money to put down. Sometimes they turn up with more if they are very interested in the house and know somebody before them made a better offer!

In this episode, learn how to talk to buyers to keep them lined up and in play, and how to reach out to unresponsive sellers avoiding your phone calls when buyers are ready. Discover how to comp and find marketing strategies for a unique property with a 1930s pier, post foundation house, and two other structures on it. We cover what happens to option fees when setting up lease options, things you must know about insurance when closing a deal, and how to avoid deals falling apart due to untruthful sellers.

Hear about land contracts, constructive ownerships, and what happens to title and appreciations when buying and then selling a house on a land contract. Learn how to set an action plan and manage spam leads on Mojo, track the conversion rate of leads into contracts, and the cost of some apps available to manage incoming Facebook leads.

Mentioned Resources:

• Mojo
• Zillow
• Zoom
• Ron LeGrand
• Zapier
• Leadsync
• Propstream

In this episode we covered:

• 00:00:00 – Start-up and market update
• 00:05:09 – How to market a wholesale deal under contract out of state; two houses on a property in which one of them has the seller’s family member with a dangerous dog living in it
• 00:09:59 – Avoiding deals falling apart due to sellers lying after contract has been signed
• 00:17:55 – How to set an action plan on Mojo regarding inbound calls we can’t get a hold of
• 00:21:21 – How to include remote US-based assistants in calls on Mojo when training them and about probationary period versus hiring
• 00:25:04 – About a client’s two deals under contract
• 00:25:55 – Discussing a situation in which lots of people lined up to see a house but it is hard getting in touch with the seller
• 00:29:11 – About insurance when closing a deal
• 00:29:51 – About land contracts and how to approach people asking to do land contracts
• 00:31:25 – Ways to keep interested buyers in play and what to say to those who are offering little down
• 00:33:13 – Tactics for sellers that don’t have insurance on their property and about who pays tax and insurance
• 00:34:42 – When a seller discovers they have a HUD lien on their property and what to do about it
• 00:37:15 – Whether to back up on a deal under contract involving a property in the countryside in a terrible condition
• 00:40:18 – What to do with so many leads coming in
• 00:41:29 – About a client willing to help another train their team members
• 00:43:19 – Exit strategies for a deal involving a plot of land bought at $400K
• 00:48:28 – What happens to option fees when setting up lease options, about the down payment assistance program and the paperwork
• 00:52:30 – Setting up pays to the existing mortgage when buying subject-to
• 00:53:32 – How to buy subject-to when there is a HELOC
• 00:55:08 – About spam leads and quality of leads versus quantity of leads
• 00:57:06 – Dealing with spam leads in Mojo and about the conversion rate of leads into contracts
• 01:00:40 – About what happens to title and appreciations when buying and then selling a house on a land contract and about constructive ownership
• 01:01:50 – Zapier versus Leadsync in regards to Facebook leads that come in, telling them where to go, reducing tasks, and costs
• 01:05:05 – About pier and post foundations and how to deal with them
• 01:08:52 – Different strategies to structure a deal involving a house 1450 sqft on .4 acres that needs work, has pier and post foundations, and a HELOC lien
• 01:15:51 – How to comp and find strategies for a unique property with a 1930s pier and post foundation house and two other structures on it
• 01:19:12 – Wrap-up

About Blair:

Blair is the founder and creator of Dealbot, a motivated seller lead generation company. He has managed nearly $2mm in marketing spend and generated over 100,000 motivated seller leads. He also buys and sells houses himself in the Winston-Salem and Charlotte, NC markets. In the past year, he has acquired nearly $3mm in cash flowing rental properties with zero money out of his pocket.

Multimedia:

• Youtube
• Apple Podcasts
• Google Play
• Facebook

Thank you for listening!