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All Forum Posts by: William Johnson

William Johnson has started 21 posts and replied 173 times.

Post: Determining AS-IS or ARV value in a correcting market

William JohnsonPosted
  • Real Estate Broker
  • Laval, Québec
  • Posts 183
  • Votes 59

Hello all,

I live in the Montréal area which is in the process of going through a serious correction. It has changed from sellers to buyers market and housing prices are dropping rapidly (which I am thrilled about because deals are coming faster) however I am concerned that the ARV that I establish today will be too high even two or three months down the road.

How would you recommend that I proceed?

Post: I'm Obviously Over My Head

William JohnsonPosted
  • Real Estate Broker
  • Laval, Québec
  • Posts 183
  • Votes 59

@Cecil Russell You have the right idea to find a mentor and you are in over your head.  The only thing you have to decide is what area of real estate you want to invest in, then find somebody who is working in that area of expertise who lives close to you.  How do you find them you might ask?  I could give you a list of ways to locate this but I think that if you are motivated enough you can locate these people yourself.  After you locate somebody then offer them value (if you have to offer to work for them for free).  Whenever they talk to you and impart wisdom your job is to listen, do not interrupt, do everything they ask you as long as it is not illegal and, most importantly be humble.  They will often tell you things more than once and will also tell you things that you already know from other research.  Do not tell them that you already know this, act as though it is the first time you heard that information.

This will ensure that you learn everything that they know if you stay with them long enough.

Post: Attention investors Don't be this guy.

William JohnsonPosted
  • Real Estate Broker
  • Laval, Québec
  • Posts 183
  • Votes 59

I think a lot of people on this thread must not remember what it was like to be starting off as an investor.  At the same time I appreciate the fact that most seasoned investors and agents have that same attitude because it discourages and filters out the vast majority of investors starting out and reduces the competition I have to face for deals so...Thank You very much!!

Post: Cold Calling Followup Strategies

William JohnsonPosted
  • Real Estate Broker
  • Laval, Québec
  • Posts 183
  • Votes 59
Originally posted by @Michael Quarles:

@William Johnson  WOW you have received some different answers. That has to be confusing...

To your original question. Maybe something like the following since you are calling daily...

Hi ____________ this is ____________ and I am calling to  follow up on buying your house. 

  • Have you sold it? What has to happen before you do? 
  • Do you have any questions or concerns about my program? 
  • I wanted to give you one more opportunity before I spent your money buying someone elses house. 
  • How may I help today?  
  • Thank you for inviting me out to buy your home, If your situation changes please keep me in mind.
  • Out of curiosity do you know anyone else who may need sell fast and close on the day of their choice?
  • After considering my offer I was wondering what needs to change in order for you to sell your house to me?

Then let them talk... They will tell you why you failed for them or if they are getting closer. 

What you cant do is create reasonable motivation. 

And in reality warm leads get followed up just like cold leads... You send them another mail piece within 30 days. 

 @Michael Q Thank you for the response, do you recommend that I say the same thing to them every day that I call them?  For the time being my system is going to be almost all cold calling so I will not be sending any mail for the foreseeable future.  Do you still recommend:

Hot Leads – 3 days in a row, then put them back into their binders

Expired – daily until they list, sell or decide not to sell

NOD – daily until they list, sell or stop foreclosure

FSBO – daily until they list, sell or decide not to sell

For Rent – day 1 and day 5 then monthly

Thank you.

Post: Newbie to BP (Brossard, QC Canada)

William JohnsonPosted
  • Real Estate Broker
  • Laval, Québec
  • Posts 183
  • Votes 59

Welcome to the site Wes, looking forward to discussing this site with you next time we talk.

Post: Cold Calling Followup Strategies

William JohnsonPosted
  • Real Estate Broker
  • Laval, Québec
  • Posts 183
  • Votes 59
Originally posted by @Rick H.:

People with no other sales skills talk price and focus on the price point. 

Successful sales people delve into the problems leading to the reasons for selling, after first making a connection and building rapport (trust and comfort). 

Never talk about deals unless your name is 'Bubba'. Discuss possible solutions. 

I suggest that you invest a significant amount of time, money and effort into studying sales and conversion skills. Your simple question will (hopefully) lead you to much bigger opportunities, if you take substantial action.

 Thank you very much Rick for your response, please recommend study material if you wouldn`t mind.

Post: Cold Calling Followup Strategies

William JohnsonPosted
  • Real Estate Broker
  • Laval, Québec
  • Posts 183
  • Votes 59
Originally posted by @Teal Lambert:

That's only something a buyer wants to hear, and 90% chance its usually not rock bottom price when they hear it

 Thank you, do you think it is a good idea to call daily in some cases and, if so what would you say?

Post: Cold Calling Followup Strategies

William JohnsonPosted
  • Real Estate Broker
  • Laval, Québec
  • Posts 183
  • Votes 59

Simple question, after using a simple introduction and finding out what their bottom line price is, what do you recommend saying when doing daily followups up on NODs, FSBOs, Rentals, etc.?

I am thinking something along the lines of: "I know yesterday/last week/last month when we spoke you said your rock bottom price was x, I am just following up to see if you can do a better price and help me out so that I can buy your property today?

Post: New Member in Carlisle, MA/Lowell, MA

William JohnsonPosted
  • Real Estate Broker
  • Laval, Québec
  • Posts 183
  • Votes 59
Welcome to BP what are your areas of expertise?

Post: Verbal or Written Offers

William JohnsonPosted
  • Real Estate Broker
  • Laval, Québec
  • Posts 183
  • Votes 59
Originally posted by @Bill Gulley:

Question is, who are you dealing with? A homeowner may haggle verbally, a Realtor or shouldn't be and most investors don't act on verbal offers, talk is cheap as they say.

In RE there really isn't such a thing as a verbal offer, an offer that may be accepted and enforced must be in writing, everything else is just talk, much of it is hot air.

A written offer full of contingencies isn't much of an offer either, certainly can't take it to the bank.

Making 5 offers a week is an indication of a low baller that shotguns out offers and they tend to try and weasel out if there is any mistake made on their part, if the deal isn't as good as they thought it might be, actually, they are not dealing in good faith so much as hoping they snag some deal, any deal. Once these types are known, their offers are often ignored, replies from Realtors may be more of a pain for them once they know who does business that way.

And, what happens if you get 3 offers accepted? Can you follow through or do you pull some dodge the deal trick ? Ethical investors do what they say they will do.

I have purchased sight unseen, made an offer after speaking to the appraiser who I knew personally who had been on the property. I also know the area so well I often will know the property at the very least its location and condition of the area so if  it's at the right price I already know if it can be a deal to make an offer......and if I offer something, if it's accepted it's a done deal. But making blind offers are very few and far between as I expect major repairs.

If an offer comes from someone who has not viewed the property or has had it inspected prior to the offer, they aren't serious buyers unless everything is just right for them, most all properties will have some issue, none are perfect, so a decision can be made quickly to discount the offer to file 13.

Wasting my time or my client's time reflects on your reputation for a long time, sometimes forever. What I have found in my area is that these types of wannabe investors don't last for the long haul, pretty much fly by night. :)

 @Bill Gulley: you have taken so many things about me, my process of due diligence and my level of experience and knowledge for granted in this post.  I can only say thank you for illustrating the kind of thinking that could potentially cause selling agents to not give me a fair shake when they present my offers to their clients.

What would you suggest I do? 

How do you feel in a general sense about wholesalers using the Mls?