Broker said No to 25 : 1 plan

Did you listen to Dean's weekly wisdom this week. In it he states that the idea is to start out with 300 leads!!! Not 25 and blast out offers. But to research 300 and bring it down to 100 that have possibilities. Then narrow those down to 25 intelligent offers on properties that will go to an investor, not an owner/occ property! It takes research, talking with your realtor, determining an offer with the help of your realtor and then submitting 2 or 3 a day. NO realtor will make silly 50% off list, pray and spray offers for very long. Their time is money and so is their reputation. Throwing a bunch of silly offers against the wall and hoping one sticks is not the way to do this business in my opinion.

Why would you tell your realtor about the 25 to 1 plan anyway? TMI!!! Just tell him you are an investor and you will be making a lot of offers on distressed, non owner/occ properties and give him your criteria with the search words you want. Like as/is, must sell, bank owned, short sale etc. etc. ASK him to look for them himself and send them to you when he gets one.

Believe it or not, sometimes a realtor honestly knows in advance your offer won't be accepted. Those are the ones you want working WITH you!

Good luck and go make an offer!!!
Michael Mangham
MD Home Acquisitions LLC

John listen to what mike said. Mike is right,and mike knows his stuff. Hes a good mentor !!

I e-mailed 500 realtors before I found one I could work with.

See Dean's latest book, he gives you tips from Matt Larson on how to find the right realtor to work with. Hint: ReMax & Keller Williams have investor friendly realtors.

Are you staying in the Iowa area, Midwest, or national? Like Mike said, Realtors don't need all the information, just your criteria for now.

Yes stayiing in Iowa area for now, yes I used the letters Matt Larson provided in 30 days to cash, the letter from star, and etc. Any way I found new realtor using the same letters from matt larson and the lettter that Star wrote for agents to introduce the game plan, Mike's writing, make's it sound like I sold the team out, far from it....I'm following instr to the letter... any way enough with that, back to work and moving on, one day closer to the first deal, action+knowlegde= success.....

So you get 300 leads from your realtor, you research them until you get to 100 that have possibilities then keep going until 30-25 THEN make the 30-50% off list price once you have done research to find that they are really motivated sellers? Also what do you mean offers on properties that will go to an investor and not an owner/occ property? I thought those leads where for anyone that is a motivated seller with the IEE method or assignment unless purchasing for yourself. Did I miss something? sorry lil new still.

that you actually told the agent about the 25:1 plan
I was thinking that no agent would agree to such thing... good thing you clarified... and that you're following instructions to the t... good for u! I'm sure we will hear about your first deal very soon!

wishing you success,
Valerie

Well 300 or 159 the first number doesn't matter, what matters is the sorting process, first off what is the hotest selling zip in your area, where are the local investors buying the most properties, next we want motivated sellers,again reread the chapther on this it will break it down to all the different criteria to look for in the listings like recent price reduction, vacant, reloction due to job , etc. your looking for the most motivate sellers you can narrow it down or sort to the final 30 or 25 properties to place offers on, if the market in your area supports 50% offer that if its 30% offer that, your realtor should be able to help you decide which would work in your area, if you get to many accepted offers perhaps your offering too much you might want to adjust your offer, but always reread the book til you understand what its telling you, I hope this helps some what.. good luck to you ...action+knowledge=success....

Had my agent do a MLS search for Active VACANT listings with a PRICE REDUCTION in my specified zipcodes and send them to me.

I searched through those and picked out the listings with the keywords: AS-IS, Estate, Trust, TLC, etc.

I then made offers of 60% of the asking price and had my agent resubmitt my offers weekly until one is either accepted of countered.

Hope this helps!

www.deangraziosi.com/25to1

There is a letter here written to any agent that you decide to work with.

Also the 25:1 strategy is explained in great detail here.

Just listen to what Michael Mangham is telling you and heed the advice of an experienced investor. Mike delivery of advice may seem a little harsh at times but definately straight to the point. You cant be soft skinned when getting advice from Mike. Its nothing but adults on here anyway. But dont take it the wrong way. I have seen enough of Mike's post to know he means well and is just trying to help.