All Forum Posts by: Phillip Lanier

Hi @Account Closed, I know you've suggested putting up testimonial video's in the past.  I do intend on doing that.  :-) 

By the way, I am not affiliated with LeadPropeller; I'm just a happy customer.

 Hey Justin, 

Next time you're in Uvalde and have some down time, look me up. We can talk REI at the Local Fix coffee shop.

I live in a small town of about 16,000.  I've had the same issue with hard money.  I did, however, find a local bank that I work with and they have done some creative lending for me.  The rates are much better than hard money as well as origination fees.  

Try building a relationship with your local bank and see what mutual solutions you can come up with.

 Amazing!!!!

That is so exciting!  You are such an inspiration!  Thank you for sharing this.  I will definitely listen and share the podcast.

You rock Michael!  

This made my day.  Congratulations!!!

Way to go Mike!  Good luck and lots of success!!!

 Hi Jake,

I recently had the exact same scenario.  The seller was a husband and wife in which the wife inherited the house and had her brother living in the house.  The husband called me and told me the brother is leaching, not paying rent and was destroying the house.  We negotiated and came to an agreed price.  Then the wife decided to keep the house after they kicked the brother out.  In retrospect, I should have done what Jim from Rockledge said in the above comment about getting all decision makers in the same dialog.  I was only talking to the husband due to her schedule, but I'm sure I could have gotten her on the phone.  I call these things tuition.  I do plan on keeping them on my mailing list and follow up.

As far as your situation, I think asking questions like, "What made you call me?".  You can ask, "How long do you think your family member will stay at the house?"  Also, find out if that person is paying rent.  If so, you can find out if they want to sell the house and you will allow the family member to stay for a month or two until they find a new place.  I did this with a seller as part of the negotiation.  I allowed their parents to stay for 60 days rent free.  I got a killer deal so I didn't care.  

Maybe you can call back and say, "Hey Bob, this is Jake, I wanted to make sure I understand our last conversation and I may have a solution to your situation."  "It sounds like you want to sell, but you don't want to throw anyone out into the streets."  "Does your relative have any plans on moving in the near future?"  "If we were to come up with a price that works for you and work in the contract where your family member can stay for "X" amount of days, would you be happy with that scenario?"  If the family member is staying long term rent free, then you can work out a price and agree on a deducted amount for the time he is staying.  

Hope this is helpful.

Phill

 Jim,

Those are awesome tips.  I agree with prequalifying.  A lot of times, I have a whole script or outline on what I want to say, but the conversation takes a totally different route and I end up adlibbing.  Knowing what common rejections or rebuttals from sellers ahead of time will at least not catch us off guard.  

I like your strategy on being "the professional" and showing the seller you are a serious investor and not just wasting anyones time.  I think you portray that well in your comment.

Your last paragraph is such a true statement; at least for me lately.  I've been getting a lot of people with unrealistic expectations on the value of thier house.  I think what it comes down to it, is that these people are not as motivated as our typical sellers we deal.  They are not a distressed seller.  

BTW, I see you are from Rockledge, FL.  My wife is from Rockledge.  We used to live in Palm Bay and ended up moving to Uvalde, TX.  Small world.

Thanks!

Phill

Hello BP friends,

I thought it would be productive to collectively share common seller rebuttals and to see how different people handle such rebuttals.  I am hoping everyone can gain some type of knowledge from different experiences and perspectives.  I know I will. 

These are common rebuttals you hear when trying to buy a property from a potentual seller.  I will list a few.  If I am missing any, by all means, add rebuttals you have commonly come across.
After each rebuttal, give how you handle the rubuttal and if possible, the purpose (or psycological aspect, etc) of the answer.  Whatever you want to contribute; I am grateful for any contributions, short or long.  And if anything, let's have fun with it.

Here goes in no particular order:

R) "I need to talk to my wife, partner, dog, etc."

A) "By all means, I'm in no hurry."  (I admitt, this sucks and I haven't figured out a good one yet, hince, why I'm doing this)
A) "Is she on the same boat as you on selling the house?  Is this something you guys talked about and are in agreement?"  "Have you and your wife discussed what price you want to sell the house at?" (Basically, I'm trying to see if everything has been predetermined and if so, then I know there is more motivation.)

After trying to find out how much they want for the house.
R) "I don't know, I just want to see what you have to offer."

A) "Do you have a range in mind?" (I want them to anchor first)
R) "Your advertisement says you will make an offer, so make me an offer"

A) (At this point, I'll anchor with a low ball offer, but they have a point, my website and postcards says "Fair Cash Offer".)

R) "No way, that offer is too low."

A) "What do you have in mind?" (or some other variation)
A) "I understand you want the most out of your property; and I don't blame you.  You can probably get more if you fixed it up yourself and sell it retail."  (I'm trying to justify the offer buy getting them to think what all is involved in rehabbing)

R) "Another guy offered me... <some unreallistic number>."

A) "That's a great offer, you should take it."  (pretty much calling thier bluff) "I'm not able to match that offer, but I can close fast with cash."

Right off the bat on the first call

R) "If you're going to give me some low ball offer, then don't even bother."

I haven't figured out a good one for this, but I've used:
A) "Well what price do you have in mind?" (This usually leads to the previous dialog listed above)
A) "What do you consider a low ball offer?" (I'm trying to see how far apart my offer would be with thier expectations)

 Hey Gabe,

Sorry for the late reply.  I do the project managing myself.  It is a challenge and you will have to stay on top of your contractors.  Never ever ever pay more than the work done.  I already got burned even after hearing that same advice from experienced inverters and advice on the podcasts.  You will have contractors beg you with all sorts of sob stories.  No advances should be stressed in the beginning.  Do weekly or biweekly draws as long as the work is progressing.

Don't learn the hard way like me.