Offer Exercise/Challenge

 

 

Goals:

 

1. To analyze a property

2. To make an offer

3. To assign/wholesale the property

4. To exit out of the deal

 

Exercise:

 

1. Go to any website and find at least two properties.

   • Zillow.com, Redfin.com, Realtor.com, MLS.com, Craigslist.org, Loopnet.com

   • You shouldn’t have to pay to go to any site, you can get the info you need for free

   • One in your area and one outside your area (another state if possible)

   • Multi-family properties (duplex, tri-plex, four-plex or more or commercial property)

   • $300,000 or more.

 

1. Find the listing agent or the agent who is representing the seller.

 

1. Contact the listing agent directly. (DO NOT GO TO ANY OF THE OTHER REALTORS ON THE WEBSITES) You may not have an email address so you can google their name and company to get their email, or you can call them.

 

 

Your goal is to get the income and expenses (taxes and insurance and any other expense they have except the mortgage payment). There are answers below to many of the questions they will frequently ask you. Please review this before you make the call.

 

When you call them, first, ask them if they will send you the income and expenses on the property (give them the address) so you and your partner can go over them? 

 

 

Frequently Asked Questions:

 

Q: They will probably ask you if you have a realtor or representation?

A:  Tell them you want to work with them as they are representing the seller and you want to work with a decision maker. 

 

Q:  How long have you been doing this?

A:  Whatever your experience 2 years or I am newer, but I have multiple partners who have been doing this for a long time.  I will be working with different partners.

 

Q:  How will you be paying for the property?

A:  I can pay cash or credit it will depend on the deal.  (Remember, if we wholesale the property; we have no idea how the new buyer will buy it.)

 

Q:  Do you have proof of funds. 

A:  Yes.   Besttransactionfunding.com

http://besttransactionfunding.com/index.php?option=com_proof&Itemid=61&productChoice=POF

 

Q:  When do you want to come and look at the property?

A:  Can you send the income and expenses first so my partner and I can go over the numbers. 

 

Q:  They will probably want to send you more listings?

A:  Remember we want to work with the realtors who are representing sellers (listing agent)

Don’t get listings and listing agent confused.  Any realtor can get you a listing, but the listing agent represents the seller on a particular property or (listing). 

 

Q:  Any other questions you don’t know the answer to?

A:  My partner takes care of that; can I talk to my partner and get back with you. 

 

 

Tips:

 

• We don’t ever want to seem anxious.

• There are more properties so one of the best things you can do is tell them you will just move onto other properties (many times you will see their motivation when you do this)

• We want the path of least resistance.

• If the initial call with the realtor seems like they want more info from you (non-disclosure agreements, personal questions, personal finance questions, etc.) Then we will just move onto other properties.

 

Once you get the income and expenses send me the link and the income and expenses.

 

We will help you step by step from there. 

 

If you don’t get info quickly (24 hours or less) from the realtor keep moving onto other properties.   We are looking for motivation and if they don’t give you info there must not be much motivation.