Skills create deals!
What I mean by that is if you do not have the right interview skills, then you won’t be able to pull-out from the seller what information you need. What you want is to be a master in doing this so you can understand what their story is and use that to create the right deals.
Hi! It’s Lou Brown. And I have been providing to you a number of different videos about the kind of like bits and pieces of tips and trade secrets that I’ve discovered over 40 years of being in this business of buying, holding, and selling property. And I hope it’s been a benefit to you. And one of the things, and this is kind of a bonus, but to have a successful business, it’s a great idea to have a mission. What is your mission in life? Is it just to make money for yourself and your family? Or would you like to make a difference to help others?
Hi! It’s Lou Brown. I’m back with another of my 101 cash flow accelerators. And I love this segment. We’ve been talking about selling properties. And you know, in my business, I’ve been in this business for over 40 years. And when I think about the challenges of this business, it has always related to the selling side of the business. How can I get these properties so quickly for the lowest cost? And one of the methods that we came up with is the auction method. And think beyond just selling a property and getting a big fat check, but actually selling a property, getting a big fat check, and keeping it so that you’re getting monthly checks along the way as well. And that’s our world.
Hi! It’s Lou Brown. I’m back with another of my 101 cash flow accelerators. And this one is “Selling your property using the auction method”. Now when you auction off property, it’s amazing what happens. There’s a psychological effect. People get excited. They’re bidding against someone else. They want to win. The competitive spirit kicks in. And by gush, they want to win. So they’ll, in many cases offer more than they typically would have if there was no other competitor for that property. So you want to consider doing that. And I’ve got that in a system called “Auction Profits”. And in the profitability of creating an auction, it’s a phenomenal way that you can get your property moved. You can get it moved for the price you want. And in fact, reduce a lot of your costs.
Hi! It’s Lou Brown. I’m back with another of my 101 cash flow accelerators to help you build an amazing and highly profitable real estate business. And one of my favorites is what we’re going to talk about right now. It’s called “Work for Equity”. AKA Work for Credit. And what happens is that when people come along in our world, we give them the opportunity to do some, all, or none of the repairs to the property. So what happens is instead of going in and doing a full-blown renovation, we offer our clients the opportunity to earn credits towards their down payment or move-in fee. And as a result of that, then they’re able to save money. And more importantly, they’re able to choose what they would like to do with the home. That means their colors. You know, probably when you moved into your house, you changed the colors on the walls, guess what they want to do exactly the same thing.
Hi! It’s Lou Brown. I’m back with another of my 101 cash flow accelerators. And this one is about having a credibility kit for buyers. To explain to buyers, who you are. What you do. How you operate. How you can help. How you’re different than traditional landlords. How you help people end up with homeownership. And some of the services that you provide as an affordable housing provider. And that’s different than landlords, isn’t it?
Hi! It’s Lou Brown. I’m back with another of my hundred and one cash flow accelerator. And today we’re talking about one of my favorite topics. And this is “Selling the property you have to your resident”. And it’s a concept that’s evolved over many years. You know, I started looking at my business and really seeing where I had the pain. And the suffering. And the expenses. And the costs. And I said, where is it that I can evolve my business? Or how is it that I can evolve my business where I don’t have the problems that other people have in their business? And I found out that landlords, pretty much, are dealing with people with a mindset of tenants. And what happens is landlords get left with a trashed property. They have to come in, they have to clean everything up, get it ready for the next people.
Hi! It’s Lou Brown. I’m back with another of my 101 cash flow accelerators. And this one is about your future. Remember, I’ve been in this business for over 40 years. I’ve learned a lot about what can go wrong in a transaction as much as what can go right about it. Of course, we do this business so we can make a good profit and a good living for ourselves and our families. And when you are selling property, it’s inevitable that the time that you worked out with the buyer will change. So in other words, there’s a date on the contract you expect that to happen, and many times that doesn’t happen. So what I suggest is there be a clause in your agreement that says if it goes past the day that it’s supposed to close, then you get paid an additional fee per day for each day that it doesn’t close.
Hi! It’s Lou Brown. I’m back with another of my 101 cash flow accelerators to help you build an amazing real estate business. You know, I’ve been in this business for over 40 years. I have seen it all. Hopefully God. I have seen it all. And one of the great things is that I’ve learned over time that things can be resolved without going to court. So I actually put it into my agreement. I have a Standard Real Estate Purchase and Sale Agreement for the buying as well as the selling of property. And one of the things I’ve discovered is that we can meditate, and we can do arbitration before we actually have to go through a trial in superior court. And so what I suggest is you have a whole clause in your agreement and I’ve actually already got that in our agreement. And what it says, and they actually initial this paragraph as well so that it’s very, very clear that if there is any dispute of any kind over this agreement, then first, there’s going to be a negotiation between the parties.
Hi! It’s Lou Brown. I’m back with another of my cash flow accelerators. In the last episode, I was talking about substituting yourself as the lender. And you might ask yourself, how would that work? Well, it’s pretty cool stuff because basically, you’re not lending cash, you’re not lending money as a traditional lender would. You are lending equity. And it’s called a Purchase Money Loan. And that’s what would happen if you substitute yourself as the lender. And so one of the things we do in our world, we don’t give people the deed to the property depending on how much down payment they have, of course, if they’ve got a sizable down payment, we will give them the deed. But if they’ve got a limited down payment, say 10% then we’re going to have and give them what we call an Agreement For Deed.