Build up an alligator skin; don't take things personally, be confident, and always assume control of those conversations. Transactional real estate engineers deal with many different people. Each one has a particular situation, needs, and objections. Most of the time, sellers will want deals to work out their way and make conversations a little more difficult.
In this episode, Blair and Jeff talk about different business topics. Learn the importance of building an alligator skin. Discover how to approach sellers when they have objections to keeping the loan in their name, or they don't want buyers to go to see their house. Listen to a scenario where a subject-to is the only option for a deal and a scenario for a hot deal in Texas with several exit strategies.
Gain skills on how to find comps for a 2-bed, 1-bath and a 1-bed, 1-bath that are listed as a 3-bed, 2-bath, how to handle the closing of a wholesale deal in which seller is not open to terms, and when should a seller vacate a property in regards to closing.
To listen to the full episode go to MoreDealsLessHustle.com
Mentioned Resources:
In this episode we covered:
- 00:00:00 – Start-up
- 00:00:45 – About a deal where a subject-to is the only option
- 00:07:27 – How to do business with a seller who wants to sell ten properties all-cash and move on
- 00:18:38 – How to find comps for a 2-bed, 1-bath and a 1-bed, 1-bath that are listed as a 3-bed, 2-bath
- 00:23:29 – The importance of building an alligator skin
- 00:26:10 – About a deal where buying subject-to the existing loan is the only option
- 00:29:04 – When should a seller vacate the property in regards to closing as a subject-to deal
- 00:30:07 – How to transition from opening call to closing call on a single call when there is no time to look into the house and find comps
- 00:31:18 –About a seller needing a VA loan to move but isn't able to show their income; about VA loans in the economic crisis, reverse mortgages, and how to deal with sellers who object to leaving loan in their name
- 00:38:26 – How to approach a seller who wants to sell for cash. How to market this house in New Jersey when seller doesn't want buyers to see the house
- 00:47:42 – How to approach a seller who is selling a property in very poor condition in Albion, Pennsylvania, and prefers cash to terms
- 00:54:04 – About people looking for rent-to-owns that, after seeing the investor's ads, get in touch to see if they have any properties to sell
- 00:55:34 – About a custom audience with CSV and what ads to do to get better results
- 00:58:59 – How to deal with a seller concerned about keeping the mortgage in their name and that appearing on their credit report
- 01:07:04 – How to handle the closing of a wholesale deal in which seller is not open to terms
- 01:08:57 – 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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