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Featured Articles |
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Real Estate Contract Basics
The real estate contract is the most often used, yet little understood tool in the real estate business. Whether you are a rank beginner or seasoned expert, there is no excuse for not knowing and understanding the real estate contract
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on... |
Understanding the mortgage market
The mortgage business is a complicated and ever-changing industry. It is important that you understand how the mortgage market works and how the lenders make their profit
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Real-Estate :: Finding Cash Buyers for you real estate investment property sale |
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Out of the Box Ways to a
Build Wholesale Buyers List.
Type 1 - Wholesale Rehabbers
We are going to start by building our buyers list. There will be five different techniques (the first 5 lessons) that we use to build a buyers list at virtually no cost.
This is the first and most important step to take in building your Real Estate Investment business.
You must always have and refine your buyers list as your buyers are the lifeline of your business. I will teach you several ways to build this list and it is extremely important that you do not skip any of these steps.
The whole process will take a few weeks to put into place however once the groundwork is laid then we will begin to look for deals.
The last thing you want is a killer deal and no buyer to buy it.
Ok let's begin:
There are really only 3 components to putting a deal together. Everything else is just filler.
1. You need a motivated seller.
2. You need a house at a price that will ensure a profit.
3. You need willing and able buyers.
The first buyer we will begin locating will be one of four types of wholesale buyers.
What? Have I lost my mind? Isn't there just one type of wholesale buyer?
No, there are really 4 types of buyers for wholesaling.
1. The Wholesale rehabber who buys houses, fixes them up (bare minimum rehab) and sells them to other investors who holds them as rentals.
2. The Retailer that buys ugly houses and then rehabs them to pristine condition and sells them to the end homeowner who gets a mortgage.
3. The landlord investor and this is one of my favorites to sell to, that buys and holds the property for long term gains. They usually will pay more for a property because they are looking 10-20 years out to make a profit so time is on their side.
4. The fourth type of wholesale buyer which is one that I have been selling to recently and has also by another guru been coined as a "Wholetail" buyer. I think that's a pretty cool name….I sure wish I had thought of it.
This is a buyer for your better houses that may still need some cosmetic repairs but you can sell for 80-95% of the value as opposed to 65-70%. (More to come on percentages in an upcoming lesson) They are buyers who plan to live there but are still looking for a deal whereby being willing to do the necessary upgrades in exchange for a cheaper price.
We are going to cover all these buyers in detail and how to attract them and how to hunt them down.
Let's start with the first one which is your wholesale rehabber and one of my favorite ways to find them.
It's like shooting fish in a barrel. If you're looking for a pizza shop or a barber you look in the phone book right?
So why not look in the book… No, not the phone book. There are 2 top secret areas that hold contact information for every buyer in your town that has done a deal.
It's the MLS (multiple listing systems) and the county public record's office.
If a wholesale investor has done one deal, their information will be in one of those two places.
Today we are going to cover the MLS and how to mine it for buyers.
I know you are thinking but the MLS has sellers not buyers. Read on.
No matter what you have learned thus far, making money in real estate is possible in any market if you follow a few key steps.
The first is to have a steady and growing supply of cash buyers.
Don't accept a contract that is contingent on your buyer getting a mortgage with the exception of wholetail buyers. We will cover further how to prequalify your buyers in order to avoid tirekickers.
For that matter, set up your business so that you are not relying on a buyer to do anything other than show up at closing with a cashier's check.
Another important factor is that you want to keep your closing time short from the time you find a buyer to the actual closing day.
No more than 21 days if at all possible. The longer it takes to close the longer you wait to get paid and the more questions the seller will ask thus creating a field for second thoughts.
Plus the more the buyer goes over the deal and rethinks their choice the more of a chance you have for them to weasel out.
Time is a killer of real estate deals. MOVE FAST and push everyone to the limit.
Ok here are the killer secrets on finding cash buyers using the MLS.
First, you need a friendly Realtor that will do detailed searches for you on the MLS. The MLS is an abbreviation for multiple listing systems. A database used by Realtors to showcase each of their listings.
In exchange for the friendly Realtor doing the searches for you, you will give them warm leads on the houses you can't do anything with which makes great listing leads for them. Do not fret….there will be deals/properties that you will not close but they will also be to your benefit in the long run. Continue reading and learning.
If they can't get listings from those leads they should hang it up. You already know they want to sell and have all the information available to them. All they have to do is sign them up. That's why a smart agent will work with you and do what you ask.
OK the search……………………. How to do in an easy step-by-step system.
It's a 4 step process that your friendly Real Estate Agent will take.
NOT SO FAST….. To read the rest of this report and many other lessons on out of the box thinking to explode your real estate investing profits in this extraordinary step-by-step training.
Go now to http://www.realestateprofiteer.com
To sign up for your 15-day trial membership.
Wish you all the success
Jordon Bradley | | Author Info: Jordon Bradley |
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