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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.
Hi! It’s Lou Brown. I’m back with another of my 101 cash flow accelerators helping you to build an amazing real estate business. And one of the things I’ve learned over the years is that different mortgage brokers have different lenders. And many times if my client is getting their own mortgage broker or lender, they might be turned down for the loan and that cuts me out of a sale. Well, I’ve discovered that if I go ahead and put in my agreement that, that seller has the right to substitute a lender for the buyer if they’re turned down for the loan, then I could even substitute myself as the lender if they were turned down.
Hi! It’s Lou Brown. I’m back with another of my 101 cash flow accelerators. And one of the ones that is very important for your future is when you can “Control The Closing”.
Listen, I’ve learned over my years that when it’s my title company or attorney that’s closing the transaction, then I am a lot closer to any issues that might be happening around getting that closing done. For example, let’s say that something weird popped up in the closing when they inspect the title. And it’s something that could be easily fixed. But if I don’t have a relationship with that title company, it might be something I don’t find out for days. It could impact the closing. There could be real issues that I’m not abreast of. So I like to know exactly who’s closing the transaction and that they are a member of my team.
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. And one of the things I discovered along the way, is number 91. “Have the buyer pay all closing costs”. So, it’s all related to, when you are selling the property, many times the buyer will pay some or all of the closing costs. Now you may be used to when you sell a property, you expect the agent to put in the contract that the seller is now going to have to pay up to 3% of the closing costs.
Hi! It’s Lou Brown. With another one of my 101 ways for real estate investors like you to win and close more deals to accelerate your cash flow. Today’s tip is number 1. And let’s see what it is. “Have a plan of action such as a business plan before you start”. Well, it’s a funny thing. I’ve worked with real estate investors all across the country and for many years I’ve been teaching since 1987. And one of the things I discovered is that a lot of people, whether they’ve already started or just getting started, don’t have a plan. Now, what I mean by plan is you got to figure out what you’re up to. What are you trying to create with your life, with your business? And one of the things that I always think about is the fact that when you get on an airplane, the oxygen mask drops down.
Hi! It’s Lou Brown. With another one of my 101 ways for real estate investors like you to win and close more deals to accelerate your cash flow. Today’s tip is number 2. “Avoid competition by creating outgoing leads. Example: called divorce and probate attorneys.” Alright, let me explain. It’s a very competitive thing out there in real estate and there’s a lot of competition that is already mailing certain lists. They’re already doing things in your marketplace. What I teach you are, know competition deals where you’re getting deals that other people don’t even know about. Never went on the radar. Nobody ever saw it coming. And you got a great chance to just get a deal and you’re the only market for it. So how are we going to do that?
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