In this 2012 real estate market, you have to know the game and how to win.
Yeah, it's a game.
Win ? Win is to assign the transaction AND ensure it closes - it's how you get paid.
Rules are simple:
1) Know your market
2) Know your buyers within your chosen market(s)
3) Identify a "true" prospect
4) Learn/know AND respect your seller's needs
5) Create a contract that reflects "reasonable" timelines - and outs - that respect your seller's needs
6) Have your capital, or proof of funds, included in your purchase offer
7) Have a marketing plan that's ready to roll at contract/offer acceptance
8) Talk/market to your buyers
9) Roll your marketing
10) Assign and drive on to the next
Wholesaling, or flipping, real estate is easy enough - even in this 2011/2012 real estate market.
Easy enough means implementing a system, or set of steps, that you apply to every property you get under contract.
Social media is, nearly, a complete marketing system - in and of itself.
Knowing where to market AND how to market - to social sites, is as important as identifying the sites.
Bandit signs are critical and will sell your property.
Additional local media will round out your efforts to flip that property !!
Timelines are critical, from those specified in your contract, to marketing, to bringing in and verifying your buyer to closing the transaction.
By understanding and following the rules of engagement, you have the best chance of making your $$, EVERY time.
Want help ?
Give us a shout
So, you just got that great bank-owned property under contract and now you need a loan to buy, fix, and flip. You went to three hard money lenders, and they turned you down. Why? Because you STINK at selling your deal.
That's right, you need to learn how to SELL your deal to a lender.
You start by getting a binder from the office supply store with a set of tabs you can print on. Here's what you need in each tabbed section:
About Me. This section should contain a FNMA 1003 loan application, a copy of your credit report, a copy of your driver's license, and a brief resume of your experience. If you have no experience, at least put a list of books and seminars you've taken. A list of references would help, too.
Purchase Contract. A copy of the purchase contract with addenda goes here.
Appraisal. Ideally an appraisal, but at least a real estate broker BPO (broker's price opinion) goes here.
Insurance Binder. A copy of a commitment to insure from your insurance provider goes here.
Title Commitment. A copy of the title commitment goes here.
Photos. Detailed, color photos inside and outside of the property go here.
Inspection. Have a professional inspection done of the property and put the report here.
Repair estimate. A repair estimate from a licensed general contractor and a copy of his license go here.
Numbers. Insert a spreadsheet of the breakdown of the numbers: your purchase costs, closing costs, holding costs, repairs, realtor fees, etc.
Timeline. An outline of your construction project goes here.
Now, you've got a product you can SELL. Go out and approach hard money lenders and see if you don't get much better results!
At mikcohen.com - we enjoy sharing insights, helpful tips and specific information. Feel free to comment and share your knowledge and experience, but please keep it respectful.