Just got off the phone with @Brian Gibbons because I want to make certain that I CLOSE my 3 LEASE OPTION ASSIGNMENT DEALS and also AVOID ANY ISSUES WITH DODD FRANK, SELLER FINANCING LAWS, etc.
This thread will document our progress.
keep us posted
I have the leads hot and ready and was ready to shoot them an LOI tonight but @Brian Gibbons says I need more information first so I will be calling them for more information about the property as far as legalities and fill the information on the form for Brian.
2 in SoCal, 1 in AZ
Had a call with @Brian Gibbons tonight.
We talked at length about presentation and approaching sellers. Brian is very professional and a very eloquent speaker and it makes a big difference when you can go in looking like a million bucks.
We covered 5 "suspects" And note that a "suspect" is not a "prospect" until you have had a walkthrough.
The 5 suspects are expired listings, listings. FSBOs, landlords, and wholesalers with deals in good neighborhoods with no equity.
Expired listings: first you need access to expired listings. There are some investor friendly RE agents here on bigger pockets that have helped me with this. Brian recommends going to the local REIA and establishing rapport with the president, and then asking who is the most investor friendly RE agent in the group. You then contact him/her and buy them lunch, and arrange for them to send you listings that have been on the market for 100 days and listings the day the expire (partnership contract to pay them $500 for each deal that closes). You then go doorknocking and upon making a good, friendly, non-threatening presentation, you express interest in buying the house and you set up a meeting when everyone on the deed can be there. You give the seller a few options as far as cash or terms. Often times you can structure a lower cash deal since they won't have to pay 10-15% selling costs or you can do subject to or a lease option assignment.
Listed properties: you go door knocking on targeted listed properties, make a good presentation, and present a "Plan B" if the agent doesn't do their job and leave them with a flyer on benefits of a lease purchase and have them call you if the agent doesn't perform.
FSBOs: these people want to sell their house fast and for full price. You set up a meeting sounding like a very interested buyer so that they will be happy to meet with you. You then give them the options of how you can purchase their house in 30 days or less: low cash offer, subject to, lease option, etc.
Landlords: for landlords you have to beat them at their own game = business. Brian refers to this as "hardball". Go in dressed like a million bucks interested in renting the property with a clipboard. Do a quick walkthrough and at the end say If I sign a two year lease for your price and make the payments on time, will you sell me the property at the end of two years?
Wholesalers: you often meet these at REIAs and emphasize with them about the difficulties of the wholesaling business. Buy them lunch and give them a 1099 that states that if they come across a deal in a good neighborhood with no equity that fits your criteria, that you will pay them $500 for every deal that closes.
Then Brian talked about structuring a million dollar business and how to build a team, which is extremely critical because building wealth is a team sport.
So how does one get onto the calls with @Brian Gibbons?
Are these open to the public?
Today was a big day for our endeavors.
We wrote an LOI for our top priority this morning. @Brian Gibbons cleaned up some of the verbiage. The devil is in the details.
We spent some valuable time on the phone discussing business and I learned a great great deal of knowledge from Brian, and he gave me some reading assignments.
I spent the afternoon on the phone with the remainder of my leads. Three more warm leads that requested an LOI, all are beautiful properties. All in all two in SoCal and two in AZ. Sent out the LOI this evening.
Brian made an important point on some deals: MOVE ON. I had a potential wholesale lease option on a seller of a condo in AZ who also had 5 more in the complex, but she was being unreasonable, not wanting to accept our terms, and the HOA didn't make sense.
All in all it was a very productive day. I am honored to be working with Brian. Very professional. His ideas are top notch, and he has great business style. We have discussed making websites to market our properties that are valued over $1M.
Ky for a 22 yr old, you are learning fast!
Keep up thee pace and we should have 5 deals done in 4 weeks!
Personal Motivation and Inspiration when alone in entrepreneur endeavors is critical.
Yesterday and today have been following up to the LOIs and sent out one more LOI, as well as finding more leads.
Brian coached me on urging the sellers to come to a decision sooner rather than wasting their time and mine.
Been watching the recommended videos and reading the articles in @Brian Gibbons bundlr account.
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