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Today’s tip is number 26 figure out the personality type you are dealing with and negotiate accordingly. Now what do I mean by that? So you want to listen to people. Listen, even over the phone you can discover what personality type you’re dealing with. Now there’s four basic personality types. Of course there’s iterations of this and everybody’s got all four personality types. But the important thing to learn is that there’s four basic personality types. A that means bottom line oriented. They’re not interested in your conversation. They just want to know how much you’re going to pay him for the house. Well you don’t know yet. And so you got to deal with and overcome that personality type B, they’re all about the looks.
Today’s tip is number 25 all right, shut up. I don’t want to scare you, but that’s exactly what I want you to be thinking of like somebody like Lou Brown was just shell yelling at you. Shut up, shut up, shut up. Now here’s what it says. It says, let the seller talk. Listen, they’ll tell you what they need so that you can buy their house. Now, this is why it’s, you know, it’s amazing. I watched so many real estate investors over my years, of course, I’ve been doing this over 40 years and I’ve learned a lot of things about how people learn, how people interpret things, how people act.
Continue Reading Don’t Talk Your Way Out of A Deal – Street Smart Cash Flow Accelerator #25
Today’s tip is number 24 show the seller how you are benefiting them. Now, this is so important because many times sellers really don’t appreciate some of the things that you’re bringing to the table. One of them is that you can close quickly. Now that can be very valuable to a seller, so you want to contrast that. Well, of course, Mr. Mrs. Jones. You have an opportunity now to go ahead and put your property on the market with a real estate agent and they’re going to tie it up typically for at least six months. Most real estate agents won’t even take a listing for three months. They only want six months or even longer, and in fact, if things don’t work out, they’re going to ask you to relist the property.
Today’s tip is number 23 it’s about negotiations. Get all the issues covered before you make an offer. Well that’s so important when you’re putting a deal together. Sometimes you negotiate one part but you really haven’t gotten all the pieces put together yet. So you might’ve gotten agreement over here and then you have to bring another issue to the table and you have to get agreement on that. And then there’s another issue and you have to get agreement on that. So what I suggest is before you close, before you actually agree, say, okay well we can take that under consideration. What else do you need to hear about? Or what else is of concern to you? And then you put that back to the seller and they say, well I don’t have anything else.
Hi, it’s Lou Brown with another of my valuable profitable hundred and one ways for real estate investors like you to win close more deals, and accelerate your cash flow. So today’s tip is number 22 when optioning to buy or when buying on an agreement for deed, always have this seller place their deed in escrow. Now one of the things you might have heard about is that you could actually purchase a property by simply getting an option and a lease with the seller. So rather than actually getting the deed on the property, maybe you’re not so sure there’s equity there. Maybe you’d be better off doing a lease with the option to buy. Maybe the seller doesn’t want to give you their deed. Maybe they want to stop you from getting their deed. Maybe they’re concerned that you don’t won’t make the payments. Maybe they’re concerned they would have to foreclose to get their property back.
Today’s tip is number 21 have the seller refinance their home, get the cash that they need, and sell it to you subject to the existing loan. Now, how does that work? Well, let’s say that you go to the house, and in one of my other tips, I said that we go through a presentation with our sellers. When we’re going through the presentation, we do something called the cost to sell worksheet. We get down to a final number that shows the seller their equity. Now let’s say that our seller was insisting really did need cash. Okay, how can we get them their cash and how can we stay out of the bank and not qualify for a loan? I love that part.
Today’s tip is number 20 control the closing. You choose the attorney or title company and include that in the contract. Now, one of the things I’ve found is whenever I let the seller control where the closing is going to be, or if I let a real estate agent control where the closing is going to be, I’ve found that I have to go through some pain and suffering and in getting in a relationship with this new closing agent or attorney. So I’ve found that my life is a lot better if I have my own team and in my contracts, I tell the seller where the closing is going to be. Or I’ll tell the real estate agent where the closing is going to be.
Today’s tip is number 19, build an extension into your contract. Now build an extension into your contract. What does that mean? So I’ve been talking in this series a bit about a thing called a standard real estate purchase and sale agreement. And uh, I’ve seen what sellers do and I’ve seen when they don’t do what they’re supposed to do and I’ve seen that they can pull back on you and cause you a lot of expense and a lot of loss of money because you could have gotten a title search, you could have spent money getting a survey. Maybe you had the home inspected, it’s a lot slot. You could have invested by the time you get to the closing.
Continue Reading Build An Extension Into Your Contract – Street Smart Cash Flow Accelerator #19
Today’s tip is number 18 and it is offered to buy the property subject to the existing financing. Oh my goodness changed my life first property I ever bought when I was 18 years old. I was able to do that by taking over the payments, taking over the existing financing on the property, how powerful that was back in the day they had a thing called n e n Q loans, non escalating non qualifying loans. But Congress in its infinite bought wisdom. Of course the the banks, we all know they influence the politicians by a thing called contributions to their campaigns. Right. And so one of the things they created in 1982 was a law called the garn Saint Germain federal depository institutions act allowed the banks to put a clause in their mortgages called the due upon sale clause.
Continue Reading Offer to Buy “Subject To” Owner Financing – Street Smart Cash Flow Accelerator #18
Today’s tip is number 17 I’m going through some of the contract closes in our amazing standard rent, a standard purchase and sale agreement on the buying side. Now I’ve got one for buying and I’ve got one for selling. So I’m focusing on the buying side here in this tip when getting owner financing asked for substitution of collateral. Now that’s a powerful one. So I’m going to teach you how to master the process of getting sellers to carry back financing. I love the idea of the seller being the bank.
Now when they carry back that loan, there’s a mortgage and in that mortgage you have some stipulations in there, some clauses, and one of the clauses I recommend that you have in there, and it’s included in my purchase and sale agreement, is that the seller agrees to something called substitution of collateral.
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