All Forum Posts by: Jeff Corpuz

Marcus,

With the new FHA waiver, you might want to see how this plays out, without you having to be on title...

I'm not that into short sales, but be sure you follow all the other rules to make sure your deal is compliant...

Hey Jeff,

First off, why do you think a seller would, "probably going to be very stressed and very leary of any investor coming to them about their home"?

In general, sellers are not like that, they're actually pretty open to working with investors, after all, we do provide the SOLUTIONS!

Don't walk into the business with the mindset that sellers are not open to doing business with you, because you won't be doing much business, so the first step would be to realize that sellers ARE in fact open to working with investors, especially investors that can provide real SOLUTIONS!

Making 2 or 3 offers to a seller is a GREAT strategy, and we actually implement this about 90% of the time in our own business...

Getting a license may or may not help, just depending on what you are trying to accomplish. I would say, if you want to be an investor, spend the money that you're spending on real estate agent education on real estate investing education instead, then establish a relationship with a local realtor for MLS access, etc, etc...

If you want to instead sell other people's properties for a commission, then be an agent...

But it's definitely not needed if you're wanting to simply be a creative real estate investor...

Jeff Corpuz

First, I want to congratulate you for coming up with a plan. Also, congratulations on being interested in real estate at an early age.

Now, don't get too caught up with building your team, etc,etc. What you need to focus on right now is getting leads in and working the business. Your team will fall into place. The more time you get busy being busy, the more likely you'll fall into the pit where it'll be even tougher to take action.

I know people who've been busy getting started now for the last 3 years. They've gotten to the position where it's now tough for them to take action on ALL the knowledge they have.

The point, get going taking ACTION...

So you have the seller and you have the buyer already. Do you have the property under contract yet?

The basics are in these forums. Read what you can and the most important thing you need to then focus on is taking ACTION! I'd read a few pages on the wholesaling forum and then move immediately to the marketing forum. Get as much information as you can there then take action, start marketing for both buyers and sellers. This will get the wheels turning in your business...

Maria, what exactly are your goals? What are you trying to accomplish? Why real estate? Give us more information on YOU so we can better assist you...

It may be a little messy the way it transmitted through. But that's the jist of it right there. 30 questions.

PROPERTY INFORMATION WORSHEET



(If cold calling) Hi, I’m calling about your house for sale/rent.

(If calling a seller back)  Hi, my name is _______________________ with_____________________________________, returning your call about possibly selling a property that you have?

YOU: Is this a good time to talk?


Who am I speaking with?_____________________

GREAT! Well our company is a real estate investment group, and we’re looking to purchase a few properties for our own portfolio. Is it ok if I ask you a few questions about the property to see if it meets our buying requirements?

Great, and how did you hear about us? ______________________________________________________________________

What’s the best phone number to call just in case I lose you? ____________________________



What’s the address of the property?______________________________

Ok, great! Well tell me a little bit about the property (Let seller talk) …Beds and baths? _____ Sq.Ft. ______ Garage ____ Yr. Built ______

This sounds like a nice house so far, why are you looking to sell? ____________________________________

Is there a Home Owners Association (HOA)? _____________ (if yes) ïƒ how much?_____________

Any repairs needed to the house? ________________________________

What was your asking price? ________________________________

What do you think the house is worth? _________________ How did you arrive at that value? __________________________________

Is there still a mortgage on the house or is it paid off? _________________________ (IF there is a mortgage proceed to mortgage information, IF paid off skip down to “is the house currently vacantâ€) 


*MORTGAGE INFORMATION*

1st Mortgage Balance(Payoff): _______________________________ Monthly Payment: __________________________



Does That Include Taxes And Insurance: YES ______ NO______ (if not)  Taxes: _______________ Insurance: ______________



2nd Mortgage Balance(Payoff): ______________________________ 2nd Monthly Payment: _________________________



Payments Current: YES_______ NO _______ (If behind)  How Many Months: __________________



Interest Rate For The 1st Loan: ___________________________ Interest Rate For The 2nd Loan: ___________________________



Is The Interest Rate Fixed, Adjustable, Or Interest Only: _________________________________



Are you looking to sell the house for the loan balance or……………….. _________________________________

How soon were you looking to move? __________________________________

Are you able to let us take over the monthly payments? _______________________________

Is the house currently vacant? _______________________________

What is the least you would take for an all cash offer and a quick closing? ________________________________

Is the property listed with an agent? ________ (if yes)  When will the listing expire? ______________________

Ok, well what do you plan to do with the property if you’re unable to sell it? _______________________________

Ok, well hopefully we can provide you with a solution. If your property meets our buying requirements, we’ll give you a call back within 24-48 hours to discuss in more detail what we can do for you!



Thank you for your time! Bye Bye!

From your previous post, it seems as if you're looking at getting into commercial property. If that's the case, my residential property worksheet will not help you...