September is off to a great start! 25/1 does it again.

Just re submitted an old offer and it was accepted! Got to go see the place in the morning and get to work getting the thing sold.
Work means taking a look, deciding it will work and then blasting it out to my buyers list if its a good deal. That should take about an hour total. Then see what happens while submitting more offers!

Gotta love REI!! Thanks for the education Dean!

Michael

Now September is starting off on a sweet note......WTG.....

Regards,
Sharon

I need to read this today.Tomorrow I am getting together with a seller, i gave him my price,a couple day's ago, but he has two other offers. He stated that we would talk tomorrow and go over the numbers on this deal.Buy reading what you wrote above, it will help me to adjust my price if i am going to get this deal or not.

Richard

Thanks again. Looking forward to the fall.

Michael

Sometimes you do have to negotiate! Just don't go so far that the deal won't sell. People always have "other buyers" so don't be fooled, stand firm and don't come up to far!

Michael

August went out with a bang and September is coming in with a bang. cool !! much continued success......

WALT

Thanks a lot!

Michael

Nice work on going back and renegotiating the deal to make it work for you and your buyer. Awesome!!!

Thanks, it worked out for everyone.

Michael

Michael thats the way to work, I love this business, Jim

Thanks and hope all is well with you!

Michael

awesome Mike!

Thanks and congratulations to you for all the things you are doing! You deserve the best! We are taking action and getting out of our comfort zones.

Michael

Michael, this is great to see. Often when a person is new they do not realize that offers can change in the middle of the deal. Many things such as rehab costs, markets and lack of interest can force a change.

Your deal is a perfect example of a deal going through with a little creativity. As you said, this is how many deals go through. Just keep pushing like you are doing.

You are a great example for others to follow.

Thanks coach, we learn something new every day!

Michael

love reading your posts, so awesome.

1. Are all of your deals in Denver or Do you wholesale remotely as well ??

2. Any advice for those of us looking to start out wholesaling remotely ??

Thanks Michael,
WALT

I really hope the posts help people out!

Michael

Most of the deals I do are in Denver and the surrounding areas. However, we have done remote deals and are looking to do more.

What we have done remotely is pretty much the same thing we do locally. We find our agents, we find area wholesalers that are experienced and know the market place and what they are talking about. We build our local buyers list. The remote buyers list is the most difficult part of remote investing for us. We start submitting offers right away before we have a great buyers list. We have found real buyers when we advertise our deals. This takes a while, but we are looking at moving into several other states ASAP!

Thanks again,
Michael

Way to go Michael!

It's always smart to negotiate. Don't throw the deal out until you have plotted every way possible to make some money on it.

You strengthen relationships with buyers too when you show them that you will negotiate and meet in the middle.

Very nice!

I really appreciate your reply. I have read 30 days twice. so now I am studying specific parts and getting started doing the things dean says to do in the order he says to do them.

Do you have a way to use bandit signs remotely ?? (in other words someone to get them out for you and know where to put them.)

Has asking the Realtor for "CASH SOLDS" been BENEFICIAL ??

I have many many cash buyer prospects, but I still have to talk to them and get there criteria.

You are so right. Creating long term relationships is what we always try to do.

Thanks,
Michael

I have not tried having some one place my bandit signs remotely. I just work with local wholesalers that are doing the signs for themselves. Not that it is a bad idea, I'm sure you could supply the signs and train some one to draw them up and place them in the right places. How you would compensate a good reliable person to do that is another question.

We get cash buyer info any and everywhere we can. As far as "cash solds" we just contact those that have a different address than the subject property.

For us, there are two ways to interview buyers to determine their criteria.

First is to call/meet and interview them and look for properties specifically that match their criteria.
Second is to add as many buyers as you can find to your list and send them ALL your deal when you find it. Some buyers will be in a certain area and/or price range. Some will take a good deal anywhere at any cost if the numbers work ETC ETC. Just look for deals and have a huge buyers list.

We mostly do the latter but we do have buyers that we KNOW will buy certain types of properties in certain areas because they have actually done so and we know through closing deals with them that they are active and capable.

You can pre qualify your buyers all day long but that does not mean they will actually preform. We like to supply a real deal that we have under contract and then qualify the buyer with a non refundable earnest money, no inspection, non assignable contract.

Walt, for us, having a real deal and trying to sell it really grew our list of real buyers. If you do not have the systems in place and the knowledge to properly evaluate a property and then get it under contract, what good does having 1000 buyer do you? So my advise is to ALWAYS build your buyers list while trying to get investor type properties under contract.

Good Luck!
Michael

CONTINUED SUCCESS....
WALT

Michael,
What was the reason you gave the agent and seller for a price reduction? Asking for a $10k price reduction you'd think would make the seller back out.....but it didn't! Great stuff!

Tara

The reason I asked was that I could not wholesale it otherwise. None of my buyers wanted it. You never know unless you ask!

Michael

Great Job Mike!!
_________________________
TC
Miam, FL

My Journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/144538...

Thanks!

Michael

I really like your three rules to screening a real cash buyer

a. Not assignable
b. No inspection period
c.non-refundable deposit

I always use your technique when I get calls from my ghost ads on CL and I have deleted alot of newbies and tirekickers lol from my buyers list. It has saved me alot of my energy and time for real. I appreciate it!

_____________________________
TC
Miami, FL
My journal http://www.deangraziosi.com/real-estate-forums/investing-journals/144538...

Michael,
What I meant was did you give the agent and/or seller a reason for your reduction? Like the repairs were more than you expected, etc.
When you said you needed to take $10k off the price they didn't ask why?