All Forum Posts by: Alisa O.

Before trying to sell the property you just got under the contract it is wise to run the search so the Title company can indicate on their letterhead that you've got a "clear and marketable" title. You would cover this cost.
Once you start marketing the property to your buyers you can broadcast to them that you have a letter from the Title company confirming that the title is good. This will be especially useful when they start debating EMD.
I believe it is wise to have insurance on high dollar amount purchases so I pay for the title.

After the title company representative answered that they DO double close, I would ask them what is their charge for the second closing. Some companies try to charge for two sets of documents and some companies charge a nominal fee for the second closing.

Also, I would ask them whether they require from your seller and you buyer + buyer's lender before the closing a notarized statement stating that both parties understand that this transaction is a flip. This one could be state specific, but my title company in NY requires this.

 Brian, you did an amazing job! Incredible! Congratulations! 

Got a question for you. Why didn't the city/municipality slap an ordinance for the caving second floor balcony and whatever it was at the back of the house and condemn it? Neighbors must have complained! In my neck of the woods they would actually condemn the house and declare it unoccupiable, i.e., they would literally lock it down with huge sheets of plywood. 

Also, how did your associate find this fragrant gem?

Erick Martinez,
I found an answer. @Michael Quarles answered it on the Podcast #81, 32:49. He said that you can find the info on the listsource. You can open a free account and compile the data. You will not see the names of the people, but you are going to know your numbers. Whether you are going to mail to them or not, you can compare different segments/zip codes to one another in your market research. Especially, if you are just starting or exploring a new market and really want to know the area, this is the way to go per Michael Quarles. In the podcast he outlines why this is important and backs it up with data.

Michael Quarles, thank you so very much for being so thorough and generous with the information. For me and I'm sure for many many many others the information that you so graciously share is nothing but a ticket to freedom. Thank you!

Michael, do you use MLS to find this info? If yes, where and how to find this info without access to MLS?

Thank you.

Hi Luiz, 

On your next mailing you might want to consider narrowing your criteria or choosing your words wisely so not every marketing piece receiver calls, but the most qualified for your criteria and future goals. You may not want to market, for example, to people who bought the house 2 years ago, but apt for 4 years or longer so there is some equity in the house and slightly higher probability of the owner getting antsy about moving. Or increase the percentage of equity. Or exclude trusts, LLCs, Corps and Incs. I don't know what your criterias are, but I hope you get the idea. Also, you might want to consider setting up a voice message where your message would filter even more callers to leave you the most qualified ones. You can look for samples and scripts in the upper right corner. I believe Michael Quarles posted some brilliant material. 

Virtual Assistants are not that expensive if you hire someone from oversees. Brandon Turner mentioned in one of the podcasts that he started paying $3-4 an hour and when the assistant reached his desirable level of expertise, he started paying her on commission basis.

I hope this helps.

Originally posted by @Daniel Francis

The biggest obstacle is usually the lender.

100% agree!
I hate to give up a possibility of $10K, so I look for ways to elevate a relationship with the $42K buyer and make money with the $65 buyer.

Can anyone suggest creative ways to structure this deal to make money twice? It is probably after effect, but history repeats it's self. Thank you for everyone's input! :)

Daniel, I believe it was @Brandon Turner who was telling in one of the podcasts that he was driving around his area and found an awesome FSBO at the end of the street. The sign was hard to see so not many people contacted the seller, or even saw the sign, and after a while the seller became very motivated. Brandon happened to be there at the right time and took an extra step to contact the seller.

I agree, it is not the most efficient way to look for leads, but nevertheless, there is potential there. You never know what prompted them to go FSBO and you never know how their situation changed while the property was sitting in the market and getting stale.

 Hi Daniel, 

I see your point. However, if there is potential, I would fight for the double until it doesn't make sense. 

I would not recommend the $65K buyer to go to the conventional lender if they really wanted the property. Some unconventional lenders don't require 6 months seasoning. I would make an agreement with the $42K buyer to either drop the price by a couple of thousand or, better, pay for the buyer's points to make the loan comparable. I also would not include an assignment fee on the closing docs, it would be an agreement between me and the $42K buyer in writing. I realize there are a lot of variables, but for about $10K (for Scott) I would try. Stott would make $4K anyway, so by trying to do the double, he might gain a new cash buyer that would know that Scott doesn't give up and fights to the end to make money for both. There is a potential to make money twice and earn the relationship with a cash buyer for many years to come. I would not give up easily. When there is a will, there is a way, right?

@Michael Quarles

Michael, I love your idea, but wonder whether it would look professional? On one side there is potentially a "Cash Buyer" message and on the other Pizza. Doesn't show a lot of credibility, does it? If I got such a promotion, I would wonder whether the "Cash Buyer" truly has cash to buy the house if they can not afford to buy their own advertisement. But it's only my opinion.
I know you can say that noone knows until they try, but I'm trying to figure out how to approach it to get the most bang out of the spent buck. I'm thinking it might work in C/D class areas with lower price houses ($30K for example), but would it work in more expensive areas?