Quote from @Account Closed:
Here is a big pro tip:
Stop buying on the MLS. It’s too expensive! There is a process called "Buying Off Market". Where do you think all of those properties on the MLS come from? They were "off market" until they were "discovered by an agent" and put on the MLS. Think of it this way, someone decides to sell their property, so they call a realtor who takes 6% (so they can get paid) and lists it on the MLS. When you find the property before it goes on the MLS, you can buy for 6% less. On a $400,000 house that's about a $24,000 savings. I do this all of the time.
Then I use “Subject To”, which runs $15,000 to $20,000 to buy a property instead of putting 20% down ($80,000 on a $400,000 property), and a similar process called “Seller Financing” that gives way more than 1% monthly income.
There are other ways called “SEO” and “Pay Per Click” and “Yard Signs” and so on to find properties.
Ok, everyone ready for the REALITY-CHECK by an ACTUAL real-life Pro????
Ken start's by hitting the nail-on-the-head, before running off into fantasy land....
YES, the unspoken TRUTH of it all is that a MLS listing STARTED life as an OFF-MARKET deal that a REALTOR dug-up, discovered, ran down the rabbit hole of analysis, confirmation, negotiation, and MADE an ON-MARKET purchase opportunity.
So kiddo's, let's stop there and put our thinking cap's on for a moment:
If we want to MOST READILY/EASILY/CHEAPLY find OFF-MARKET purchase opportunities, which do we think that would be????
(A) creating a complete system from 0, to source these potentials, build the websites, pay the PPC fee's, maybe some billboards, maybe some radio and tv spots, maybe pay a marketing team, then a coach to figure out how to do all the things, or burn $$$$ for a few years to sort it all out.
---- OR ----
(B) Network with the REALTORS who already have done ALL that in (A), and have gotten dang-good at it, so good that they are weekly/daily sourcing potentials. And connect as a go-to buyer to "get-in-early" as a ready "pocket-buyer" they can simple serve these to on a silver platter.... NO expense, coach, ad expense or what-not required.
Hhhmmmmmmm....... I wonder which is most efficient/cheapest/quickest.... (it's called snark)
Ok, now onto Ken's ridiculousness of fantasy land.
Just because it's off-market does NOT make the transaction FREE!
Come on, COMMON SENSE. Closing cost's $, and a seller with half a wit is going to want some kind of representation to know this ya-ho saying there "A CA$H BUYER" isn't working to rip em off. That's REALITY. So maybe they use an agent, if there SMART they use an agent so not only do they get that protection in transaction process BUT also find out what other sale $ potential they have in market. But at minimum they are using a R.E. Attorney, unless there a complete idiot void of any common sense OR friends/family with common sense. Those professionals cost-$.
Next, yes terms sales exist. I do terms sales literally EVERY month, I'd have to dig to find how many months in last 4/5 years I didn't have/do a terms sale. And that also shows how NOT special a terms sale is, they have been COMMON since the early 80's, so common that most Realtor/MLS associations have some standard templated approved contracts for these. No "Guru" needed.
BUT.... Oh all the but's. As a REAL-LIFE Pro who does term sales all the flippin time AND sources off-market deals constantly, HERE IS THE REALITY OF THEM; There is significant learning curve in discussing this with virtually any/all sellers. I have had literally 1 in recent years who readily knew what it was. Most are all but clueless what it is, and with that, very wisely, standoffish and scared of such an unknown that relates to hundreds of thousands of dollars. So one must have the LEGITIMACY that invites/empowers it being a conversation vs a "NO, not interested". Than, it's a detailed conversation, often several, to help EDUCATE the seller of all the details to it, the "what-if's" and so on.
And after all that, it ONLY best applies to certain situations. If seller can readily get $400k at market, owes $125k, why would they do a terms sale? Why lock up the equity? Some will, but many won't, because for many, no, it doesn't make sense, many ARE better served getting ALL that equity in capital NOW to do the things they need/want/plan to do with it now.
And Sub-To is simply the single DUMBEST most DANGEROUS way to transact property BAR-NONE!
And from there it's just Ken trying to sell his "Guru" program which still makes me chuckle that someone who so barely has a clue what he's doing himself is billing himself as the "Guru" so-yeah, lol.
Ken's not totally clueless, but he's FAR from the "Guru" status he portrays and that's the whole rub to it; the guy with a tonic to ease an upset stomach saying it will cure ANY/ALL ailments, regrow limb's, lol. Yeah....
As for buying via "wholesaler" of any form or fashion, come-on-now....
So would you rather buy a property with TOTAL CLARITY of the #'s, who's getting paid what, when, how, why....
---- OR ----
Buy a property via some yahoo that just says "it's a great deal" and gives LIMITED vision of the #'s, deal, who get's what, etc etc...
A LICENSED Realtor/Broker IS a LICENSED Real Estate Wholesaler! Think on that for a moment because it's the most accurate truth of it.
Do you think it's best to buy with a licensed, or UNlicensed person? Which has highest % to have lies, cheating, BS, scam etc in it????
Fact is, a persons time/money is BEST served by finding that right fit Realtor/broker UNTIL you yourself become the professional, and are ready to spend all the $$$$ and time in building your real estate "machine" just like that licensed professional.
