Make money doing real estate business the proper way. Before starting, get this clear: every real estate investor shares a main goal. Make money by minimizing risks. Don't take risks, save time and money, follow the script, and you will be golden!
In this episode, Blair and Jeff share insights on an article about the 10% of FHA and VA loans that are in forbearance and its effects on the housing business. They tackle business topics like how to approach a deal that lacks information and how to make a deal out of a five-unit building in Detroit that needs a lot of repairs. Learn how to negotiate with sellers when there is a VA loan involved. Hear how rehabbing works and its disadvantages.
Walkthrough a perfect scenario on how significant cash flow is made. Find out how to do business with buyers that can't prove their income and the importance of already having properties ready in case lots of buyers turn up. Finally, hear about section 8 and Dodd-Frank.
To listen to the full episode go to MoreDealsLessHustle.com
Mentioned Resources:
In this episode we covered:
- 00:00:00 – Start-up
- 00:01:38 – Insights from article on 10% FHA and VA loans in forbearance and market update
- 00:03:57 – How to negotiate with a seller who wants a down payment and has a VA loan involved, finding possible structures for this deal, the importance of having all the numbers needed and following the script
- 00:19:10 – How to do business with a buyer whose income cannot be proved
- 00:22:51 – How to handle electronic issues a seller is having with payment and sending documents
- 00:25:27 – About a deal with a land contractor owner-financing the owner of two properties. About the importance of having all the information needed and minimizing risks and about disadvantages of rehabbing
- 00:41:59 – About a deal where the seller is asking for $200k and wants to do seller financing
- 00:45:12 – How to explain to somebody what a lease-purchase is
- 00:47:32 – The importance of having your properties when buyer leads come in
- 00:48:59 – How to handle a growing successful business; getting people paid, system automated and following up with sellers
- 01:02:31 – Cont. 41:59 - A scenario for a potential deal with a significant cash flow and financing
- 01:04:45 – How to structure a deal in which a seller is selling for what she owes and also is asking for money per month for the next year to be able to move to an apartment
- 01:12:52 – How to make a deal out of a five-unit building in Detroit needing a lot of repairs but at a reasonable price, and about section 8
- 01:23:09 – How to setup exclusions on Facebook
- 01:25:54 – About attorneys doing closings in California in regards to title and escrow
- 01:29:25 – About Dodd-Frank in regards to seller financing and lease options
- 01:31:41 – How to find an RMLO (residential mortgage loan)
- 01:32:11 – The oldest family homes we would want to deal with
- 01:33:16 – Steps to take when a buyer can't be found in the 90-day negotiation before making the first payment to the seller
- 01:35:08 – Wrap-up
About Blair:
Blair is the founder and creator of Dealbot, a motivated seller lead generation company. He has managed nearly $2mm in marketing spend and generated over 100,000 motivated seller leads. He also buys and sells houses himself in the Winston-Salem and Charlotte, NC markets. In the past year, he has acquired nearly $3mm in cash flowing rental properties with zero money out of his pocket.
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