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Today’s tip is number 16 now these are all buying tips that I’ve been given through this series and this one is when getting owner financing asked for first writer refusal if the mortgage is sold. So one of my favorite ways to buy property is to have the seller be the bank. Write that down. The seller is the bank. Now when the seller is the bank, it’s a really cool thing because of course you had didn’t have to go to the bank, you didn’t have to qualify for a loan, you saved all the points, you saved the closing costs, you save all of the pain and suffering of qualifying for that loan in the first place. Very, very powerful thing to master.
Today’s tip is number 15 when there is equity, always ask for owner financing. Now of course this is when you’re buying a property, go through your, what we call cost to sell worksheet. I’ll be explaining this in another video and what we do is actually sit down with a seller. We make a presentation to them and we end it with something called the costs to sell worksheet.
Continue Reading Always Ask For Owner Financing – Street Smart Cash Flow Accelerator #15
Today’s tip is number 14 to assure your contract is binding. Always give consideration. Now let me explain what that means. Contracts in order to be valid must have certain things in there and of course you’ve got to have the parties in there. You’ve got to have the subject matter and you’ve got to have some kind of consideration between the two parties that binds the contract. So here’s what I recommend and it’s something that I’ve been teaching my clients to do for many, many years. And simply it’s when your PR, your seller goes ahead and signs the purchase and sale agreement. Then you go ahead and bind that by bringing a check with you. You make the check payable to the seller, whomever’s signing that contract or sellers, if there’s two of them or more, make the check payable to all of them, have them sign it on the back.
All right, so today’s tip is number 13 have a contract that states disputes should be settled with mediation, then binding arbitration, all. So over the years I’ve developed an amazing agreement and it’s what we call our standard purchase and sale agreement. Now this standard purchase and sale agreement is amazing because it takes care of profits. So it’s got profit centers in there. It negotiates a lot of your transaction for you without each point having to be negotiated by you. And it’s also got a lot of protection in there too. So the purchase and sale agreement, it’s three pages long and it actually goes through, one of the things it does is collect up all the money together on one page so you don’t have to hunt through the document to actually find out what the money looks like.
Today’s tip is number 12 always file a notice of purchase and sale agreement to protect your deal from being taken. Let me speak about that. It’s amazing.
We would like to believe that a seller, when they sign a contract with you, is going to actually go all the way through to closing. But many times the seller has actually talked to other people or after they do a contract with you, they’re going to talk with their next-door neighbor, their uncle, their brother, their attorney, and all of a sudden somebody else says, well, I would have paid you that or I would’ve paid you more than that.
Today’s tip is number 11 have the seller pay all closing costs. All right, so I have a contract that I’ve spent many years putting together in my career. There’s 40 plus years now. I’ve been buying, selling and holding property and a I created something called the standard real estate purchase and sale agreement. Now I’ll just take this one clause and focus on it because I talked about the agreement in tip number 10 so let me tell you about this particular clause.
Today is tip number 10. Always have the right contract with language to protect you and yield all the process possible profits available. Well over the years, of course, I’ve been in this business now for over 40 years and I’ve learned a lot of things in what to do and what not to do. And I can tell you that one of the most powerful things I ever learned way back in the beginning was to have the right paperwork. And I’m not talking about a standard realtors agreement because the realtors agreement first is designed to protect the realtor, second, to protect the seller and third, to protect the buyer. What I found is that I really needed two different contracts. I needed a bine contract and I needed a selling contract and I needed one that had negotiation built into the paperwork and I needed one that had profit centers built into the paperwork.
And so over the years I designed one that was truly amazing and it’s helped a lot of my students. You know, I’ve got clients in all 50 states and 16 foreign countries and they just brag about my paperwork and I say it’s a best in the industry and I’m very proud of that. I’ve worked hard to do that. A figured out what works and what doesn’t. You know, a paragraph, a phrase, a word, it can make all the difference in success in your paperwork.
Today’s tip is number nine, use a credibility kit, give the seller a reason to do business with you. Now what I use is something that I designed many years ago. You know, I come from a sales background. One of the first jobs I ever had was in sales. And one of the most powerful things I learned is that if you have a story to tell and you take it through and explain exactly who you are, what you do, how you operate to a seller, then they’re much more inclined to do business with you or someone who might be buying from you, much more inclined to do business with you. So I created a seller presentation kit, a buyer presentation kit or lender presentation kit.
Today’s tip is number seven, use signs to direct incoming seller leads to your investor websites or your telephone system. Now I’ll tell you that signs have been amazing in my career and when I got started in this business there was a lot of competition and let me tell you, people used to put a lot of signs on telephone poles, so you heard or seen signs on telephone poles.
101 Street Smart Cash Flow Accelerator
Today’s tip is number six, market to newer neighborhoods where the owners have little or negative equity. If you think about it, newer neighborhoods, they paid retail for those homes and in many cases, the builders are still building their and competing now against someone who may want to actually get rid of their property. So that can be a real opportunity for you to step in and take over the existing financing on the property. One of my favorite ways of bought my very first house when I was 18 years old by taking over the existing financing on the property, one of the most powerful things I’ve ever learned in real estate in my entire 40 plus year career in doing real estate.
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