Line up Your Buyer Before You Close a Deal to Avoid Taking Any Risk!

The real estate business has great opportunities. As transactional engineers, you have all the strategies needed to identify them and turn them into deals. The market is constantly changing because of the economic crisis. Several states are experiencing significant disturbances, such as violent protests. Buyers in some areas will be difficult to get. In questionable areas, line up your buyers before closing on a deal to avoid taking risks.

In this episode, hear about what is happening in the market, how it affects the real estate business, and a new exit strategy. Learn how to approach deals with no margins or properties in questionable areas, how to deal with homes in trailer parks, and how to deal with fire damaged or gutted cheap properties. Discover what to do with houses that have residents who smoked, how to work out a subject-to with a carry-back on the purchase and sale agreement, and how to structure a deal as a sandwich lease purchase or as a subject-to cashing the seller out in the short term.

Finally, hear how to delegate a marketing campaign to acquisitionists, how to deal with a big difference between comps, and what resources can be used to collect payments.

Mentioned Resources:

• Housing Wire
• Wall Street Journal
• SFGate
• Ron LeGrand
• Zillow
• FSBO
• Cozy
• QuickBooks
• Propstream
• Mojo
• Screen The Tenant

In this episode we covered:

• 00:00:00 – Start-up; market update, resources to find news and another exit strategy for transactional engineers
• 00:11:54 – About a deal under contract in an oil field town in Texas involving a manufactured home in a trailer park; whether wholesaling is an option if seller is asking for $62K and ARV is $198K
• 00:15:59 – About information needed to do trailer and trailer park search
• 00:18:29 – How to approach lease options in regards to low margins and questionable areas
• 00:28:35 – How to delegate a marketing campaign to acquisitionists
• 00:32:36 – About a client wanting other opinions on PIN – connected investors to run comps
• 00:34:35 – How to approach a seller in a deal that has a low rental margin before putting under contract as a lease option
• 00:39:32 – About Cozy and Quickbooks to collect payments
• 00:40:55 – How to deal with fire-damaged or gutted cheap properties
• 00:43:43 – How to find a buyer for a smoke-damaged house
• 00:46:04 – How to approach a seller selling two building units on a joint loan for $75K and about remote property management for rentals
• 00:48:59 – How to get paperwork set up for a subject-to deal
• 00:51:14 – About lines that don’t line up with the script and can be rearranged when training a VA
• 00:53:54 – How to deal with situations when looking for comps and finding a big difference between those done six months ago
• 00:56:50 – How to approach a seller that wants something out of the deal after having agreed to take over with terms and brought current to save their credit
• 01:01:40 –Who do buyers send their check to for the first month’s rent after deal meeting and how is it done virtually
• 01:03:16 – What form should be used when structuring a deal as a sandwich lease purchase in which sellers agrees to be cashed out in the short term, and how to structure the deal according to Ron LeGrand and as a subject-to
• 01:12:20 – How to handle a situation in which Propstream says tax assessment is $25K but the seller says it’s $68k and comps have dropped from $200K to $19K for a house in Kentucky that gets water in the basement
• 01:17:58 – How to handle and structure a deal in which Cherokee Nation dismisses loan for a ramp and shower as long as the seller stays in the property for three years
• 01:25:19 – Whether a prospect could be a deal or not; how to approach a seller when it is very difficult to find somebody who would want to put $26K cash into a deal that has no equity and how to work it out as a short sale
• 01:33:31 – Best way and utility through which to hold title to investment real estate properties and about legal protection
• 01:37:37 – How to find out who owns a property
• 01:40:42 – How to work out a subject-to with a carry-back as on the purchase and sale agreement
• 01:43:12 – 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!