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Copyright MMX by Group M Marketing, Inc.


ALL RIGHTS ARE RESERVED. No part of this publication may be reproduced or transmitted in
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any information storage and retrieval system, without permission in writing from the Publisher.
Published by:
Group M Marketing, Inc.
Austin, TX 78733
DISCLAIMER AND/OR LEGAL NOTICES:
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Authors nor the Publisher assumes any responsibility for errors, inaccuracies or omissions. Any
slights of people or organizations are unintentional.
Tis publication is not intended for use as a source of legal or accounting advice. Te Publisher
wants to stress that the information contained herein may be subject to varying state and/or local
laws or regulations. All users are advised to retain competent counsel to determine what state and/
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Te purchaser or reader of this publication assumes responsibility for the use of these materials
and information. Adherence to all applicable laws and regulations, both federal and state and
local, governing professional licensing, business practices, advertising and all other aspects of doing
business in the United States or any other jurisdiction is the sole responsibility of the purchaser or
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any purchaser or reader of these materials.
PRINTED IN THE UNITED STATES OF AMERICA
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Table of Contents
Chapter 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
A Brief Introduction
- Welcome and Congratulations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
- Who is Michael Kimble: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
- What You're About to Learn . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Chapter 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Crucial Concepts
- Fair Market Value (FMV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
- Assessed Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
- Afer Repair Value (ARV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
- Appraisals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
- Maximum Allowable Ofer (MAO) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
- Motivated Sellers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
- Earnest Money Deposit (EMD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
- Assignment Agreement / Assignment Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
- Hard Money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
- Private Money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Chapter 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Wholesaling 101
- What is Flipping Houses: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
- Is Flipping Houses Illegal: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
- What is Wholesaling: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
- Anatomy of a Wholesale Flip . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
- A Finder's Fee" Opportunity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
- Advantages of Being a Real Estate Matchmaker
TM
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
- Matchmaking in Today's Real Estate Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Chapter 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Surveying My Own Real Estate Wholesaling
TM
System
- Te Single Most Important Factor to Your Success . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
- Push VS. Pull . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
- Summary of My System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Chapter 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
How to Get Deals Coming to You
- How to Do It For Free (A Proven Ad Template) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
- Mail Postcards to Absentee Owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
- Absentee Owner Postcard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
- Absentee Owners Call My PATLive Answering Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
- Absentee Owner Voicemail Script . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
- Seller Information Questionnaire . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
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Chapter 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Negotiating and Getting It Under Contract
- Some Quick Sizing Up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
- Deal Rating System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
- Calling the Seller Back . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
- Seller Call Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
- Negotiating Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
- Getting It Under Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
- 12 Misc. Sales Points . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Chapter 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Due Diligence
- What is Due Diligence": . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
- Getting a BPO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
- How to Find Your BPO Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
- Getting them Access . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
- Time to Renegotiate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
Chapter 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
Transaction Management
- Using a Virtual Closing Coordinator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
- Online Transaction Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
Chapter 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
Attracting Qualifed Buyers
- Tree Types of Buyers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
- My Primary Focus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
- Which Comes First. Buyers or Deals: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
- My Two Main Attractor Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
- How to Build Your Buyer's List Free. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
- My Favorite Way to Build Your Buyers List . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
- Proven Investor-Buyer Postcards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
- Te Seductive Squeeze . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
- Afer the Squeeze . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
- How to Manage Your Buyer's Email List . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
- Questions to Ask Investor-Buyers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
Chapter 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
How to Get Deals Sold
- Te Rife Approach: Te 'Pocket' Listing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
- Te Shotgun Approach: Emailing Your Buyers List . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
- Te Grenade Approach: Selling Your Deals Online . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
- When Buyers Call You Back . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
- Common Sales Killing Mistakes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
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Chapter 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
Assigning, Closing and Getting Paid
- Assigning Your Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
- Collecting Earnest Money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
- Giving Your Buyer Access to the Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
- In Steps My Closing Coordinator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
- Closing and Getting Paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
- Wrapping Up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
- Final Toughts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
Chapter 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
Mindset
- About Mindset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
- Adopting a Mindset of Action . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
- Mindset of Fear . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
- Fear of Mistakes or Failure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
- Moving Forward In Spite of Fear . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
- Words to Live By . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
Chapter 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
Bonus: Unwrapping My Deals Done For You System
- It All Starts With My Team . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
- Basically How It Works . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
- Deals Done For You Email . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
- Done For You Buyer Email . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76
- Done For You Buyer Letter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
Chapter 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79
Bonus: A Private Invitation
- You're Invited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79
Chapter 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
Bonus: A Done-For-You Program in Commercial Real Estate
Addendum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
- Absentee Owner Postcard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
- Seller Call Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
- Addendum to Purchase and Sale Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86
- Assignment of Purchase and Sale Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87
- Craig's List Ad . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
- Investor-Buyer Postcard #1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90
- Investor-Buyer Postcard #2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
- PATLive Receptionist: Additional Script Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92
- Group M Marketing Application & Rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94
- Live Receptionist Script Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
~v ~
~ 1 ~
Welcome and Congratulations
C
ongratulations! You made an incredibly wise decision by investing in this course. You're about to embark
on an incredibly proftable journey - one where you'll learn how to quickly set yourself apart from the
masses and take a huge leap forward into a brighter fnancial future.
What youre now reading is nothing less than my own personal blueprint for real estate investing success.
Admittedly, I am standing on the shoulders of giants who came before me in the fipping real estate arena -
men and women who laid the very bedrock of time-tested, proven principles for making fast cash in real estate.
But make no mistake. Within the pages ahead you're about to discover how I've taken these principles and
uniquely amplifed them with my own immensely successful real estate fipping strategies.
Tis is because I bring something to the table that few others do. Ill share more on that in a second, but know
that its a secret weapon of mine that continually flls my pipeline with leads and lines my pockets with cash.
So welcome! Its an privilege to fnally get to share my professional successes with you, and it is my sincere
hope that what you're about to learn on the following pages will not only be put into action (that part is up to
you of course) but also that it will be of the same immense beneft to your life as it has been to mine.
Who is Michael Kimble?
Before going any further, I realize you may be wondering why I'm even
qualifed to be writing this manual and what I uniquely bring to the table.
First of, I'll happily admit that compared to many other real estate investors,
I'm a relative rookie." But don't let that fool you. because I'm also a very savvy
businessman and an expert direct-response marketer."
I began my career in face-to-face selling, achieving record-breaking results in
the life insurance industry. I was earning a handsome six-fgure income, but was
growing increasingly dissatisfed with the repetitive manual labor and long hours
required by a sales career.
Tat led to my interest in the world of direct-response sales and marketing. I
became an avid student of some true direct-response marketing. And even more
importantly, I took action and actually applied what I learned.
Today Im best known for creating million-dollar businesses and systems that run on auto-pilot. For more
than two decades I have developed business models that others have used to emulate my high-level success in
information publishing and marketing, direct marketing, and online sales.
I've made a very good living as the owner of direct marketing (i.e. mail-order) businesses. I actually still
own one of those businesses today and it continues produce great profts with little involvement on my part.
Over the years, Ive personally mailed out millions upon millions of postcards and sales letters selling
everything from information products" (that teach marketing to small business owners). to nutritional
supplements. to life insurance (selling multi-million dollar policies to doctors). ALL sold via direct mail!
NO face-to-face selling!
And until recently that's how most people have known me - as the highly successful direct-response
CHAPTER ONE
A Brief Introduction
~ 2 ~
marketing guy. But with this manual, you're actually getting to know the new me.
Meet The REI Marketing Guy
Truth be told, I had never heard of real estate wholesaling up until a few years ago.
Tough admittedly Ive had a secret fascination with real estate investing for a long time, I had always
mistakenly assumed I would have to risk big down payments and my personal credit to even play ball
not to mention hordes of time, which is really not something I wanted to do.
And thats the big problem with the traditional approach to real estate investing, isnt it? Honestly Im not a
big risk taker when it comes to fnances. I like to do everything I can to insulate myself and my investments.
My wife, Linda, has been in commercial real estate for 22 years and I have been able to shadow and observe
some of those activities, but for the most part, this world is vastly diferent - more complex and a few extra zeros
behind every dollar sign. It's a great place to make money as well, but much harder to jump in without experience.
Ill tell you more about her business later we have a lot of fun helping and learning from each other.
But then this thing called wholesaling" hit my radar, and very suddenly my eyes were opened to a model
for real estate investing that completely broke the mold at least for me. Now I was discovering that it
doesnt really take a high risk of money or time to make good money in real estate not in wholesaling at least.
Now we've all heard, If it sounds too good to be true, it probably is". And I'll admit I was fairly skeptical
at frst, thinking.
How on earth could someone make that much money from real estate investing,
without the need for cash or credit, and without spending a ton of time every day?
But I've always been an action taker. So despite my skepticism I jumped in and gave it a shot, and
almost immediately I was kicking myself for not having discovered wholesaling sooner!
My Own Real Estate Money Machine
Tis may seem hard to fathom, but I was able to accomplish more (and make more) in my frst year as a real
estate investor than most do in a decades worth of trial and error. And no, its not because Im so special or
particularly brilliant.
It's because I started with some time-tested, proven foundational real estate investing principals -
methods, tools and tactics that have been working for many other successful investors. Ten I amplifed
them with key elements from my own expertise in the world of direct marketing. And the next thing I
knew I was enjoying the fruits of a full-blown real estate quick cash machine.
Tis is the same Money Machine" that I use to earn an average of $8,400 in fnders fees for each deal,
and all with basically a part-time efort. Consistently, I can consistently get all the deals I want and more
than I can handle just here in Texas alone.
And the best part is you can duplicate what Ive done yourself. Starting today right now. All you have to
do is take action and follow my step-by-step blueprint - which happens to be what you're reading right now.
Now briefy, before we jump in.
Let Me Set the Record Straight on Something
I know marketing. But here's something you may be surprised to learn: I do not consider myself an expert at
the technical" side of real estate investing (though I am constantly learning and investing in my education).
As I said earlier, I'm still kind of a rookie" in many ways. And yet despite this handicap" I've been able
to create an income and lifestyle through real estate that most only ever dream of.
So the $64,000 question you might be wondering is.WHY?
Te answer is simple really. Its because once I got the ball rolling with my wholesaling business, I
realized very quickly that the same marketing techniques and systems I had always used to sell books,
home study courses and nutritional supplements through direct marketing could also be used to fnd and
persuade motivated sellers (complete strangers) to give" me their houses for 30 below market value -
without me ever meeting them in person and could also be used to place those deals with hungry buyers
eagerly waiting for them, who are also happy to pay me a handsome fnder's fee" in return!
It was great! I mean, I felt like I had super powers! While people all around me were complaining about
today's economy, I just put some of my tried-and-true marketing know-how to work, and from that time
forward the deals have continued to come quickly and easily for me.
Why is All This Important to You?
Because whether you know a lot or a little or even nothing at all about real estate at this point, you can still
follow my lead and enjoy earning big fnders fees from real estate.
Im not trying to be boastful. I really just want to paint a picture here from the start of whats possible for
you, and shatter any misconceptions you may have holding you back about having it all fgured out" before
you can really make good money in this business.
So here's my promise to you.
it can be done. Im living proof that you can create a thriving, proftable wholesale real
estate business without a mattress full of cash or a head full of advanced learning.
and I can show you the way. My Real Estate Cash Machine runs circles around even most
experienced investors. and only because I combine time-tested, proven quick cash fipping
principles with the marketing tools and systems that consistently get me deals, then sells
those deals for me. My systems are reliable and predictable. When using these systems, you
don't need to know everything I know about marketing.
Just follow my footprints.
~ 3 ~
~ 4 ~
This is Not Pie-in-the-Sky
Here's a quick real life example of how I earned $13,600
from just ONE deal in less than 30 days.
In a recent week, I fred of my secret weapon":
a postcard mailing to a list of 1,000 absentee owners
that is, people who own houses but do not live in them.
Tat mailing of 1,000 postcards generated 96 phone calls
from motivated sellers. My postcards consistently have
response rates of 8 to 10 or more, as opposed to the
typical 2-3 that most marketing mailers receive.
I actually ended up doing business with a couple of the sellers from this mailing. One of the houses from
this mailing had an ARV (Afer-Repaired Value) of $148,000.
I was able to get this house under contract for only $79,400 without any money or credit, and at NO risk to me.
I got the Seller to agree to an assignable contract - also known as an assignment contract. (Tis basically
allows the buyer to turn over his/her rights under the contract to a third party. In other words, an assignment
contract means that you are not personally obligated to buy the property. You can sell your rights to someone else.)
Tis house needed approximately $10,000 in repairs. No problem! I never touched it! I was able to quickly
and easily fip (wholesale) this house to someone on my Investor-Buyer list with an interest in rehabbing
properties. My Investor-Buyer paid $93,000 CASH for the contract, and we closed the deal 9 days later.
Can you see where this is going? I got the property under contract for $79,400 (without any money)
then quickly fipped it for $93,000. So the bottom line is, I found an easy deal that I quickly fipped (via
assignment)for a tidy $15,600 proft to me! Sois your mouth watering yet?
What Youre About to Learn
You're about to learn how to become a highly sought afer, highly paid Real Estate Matchmaker
TM
.
You'll see step-by-step how you can make a fortune with Real Estate Finder's Fees, earning anywhere from
$3,000 to $23,000+ cash per deal. You'll learn insider secrets to my personal real estate business that only
a few have been privy to before now. And youll see not only how I do what I do it, but how you can duplicate
it yourself
Without buying" or selling" anything
Without using any of your money
From home, in your spare time
From anywhere you happen to be in the country (or the world for that matter)
As I said already, Ive been involved in a lot of businesses over 23 years and been successful in most of them.
But none. none (and I think no other business) can match the income-producing power and simplicity of the
real estate deal fnder business" I've crafed.
And if you can follow my simple blueprint laid out here, you absolutely CAN earn these big fnders fees.
You'll get paid on deals you fnd. without investing any money. without using credit. without risk.and
without all that much efort.
So.are you ready to become a highly paid Real Estate Matchmaker
TM
:
~ 5 ~ ~ 5 ~
B
efore we go a step further, I need to lay out a few crucial concepts you should really have your mind
wrapped around before we delve into the nuts and bolts of being a Real Estate Matchmaker
TM
.
While many of these concepts may be familiar to you already, this wont be the case for everyone. And since
these are foundational elements of this business, its prudent that we cover them. Not only will understanding
them now ensure the rest of this manual makes a lot more sense to you, but youll notice many of my own
marketing philosophies for how these apply to wholesalers are sprinkled throughout here and there as well.
Don't expect a comprehensive real estate glossary - not by a long shot. Just some core concepts. And
rather than go through them alphabetically, Ill go through them in an order that better demonstrates how
some of them interconnect to each other.
Fair Market Value (FMV)
Here's an abridged version of Wikipedia's current defnition (at the time I'm writing this) which
summarizes it pretty well:
Fair market value (FMV) is an estimate of the market value of a property, based on what a
knowledgeable, willing, and unpressured buyer would probably pay to a knowledgeable, willing,
and unpressured seller in the real estate market. An estimate of fair market value may be founded
either on precedent or extrapolation. Fair market value difers from the intrinsic value that an
individual may place on the same asset based on their own preferences and circumstances.
Said another way, FMV generally means the price at which a seller will freely sell and a buyer will freely buy.
Teres an ocean of motivated sellers out there who are willing to sell for less than Fair Market Value, and
for a variety of reasons. Te bottom line is, at some point something else becomes more important to them
than getting FMV, and its usually the prospect of some kind of RELIEF a relief that selling cheap or fast
can solve. And as you might guess, these people are the very lifes blood of your wholesale real estate business.
How do you determine FMV?
Well you can always pay for a professional appraisal, which is
probably the most reliable way to do it. But that can be a pretty
expensive prospect for every deal you do (about $300 a pop in my area).
Not practical most of the time.
You can also approach Realtors/Brokers who have MLS access. Tey
can provide a competitive market analysis (CMA) that compares your
property with recent sales as well as like properties currently on the
market. Diferent Realtors may produce difering valuations, so it's
important to ask how fgures were obtained.
Tis may be a good solution for you at times, but if you begin doing any volume of business your agent
might get tired of constantly running CMAs for you, unless youre going to start paying him or her a
commission on your deals which most of the time isnt necessary with the wholesalers model.
Many suggest using some of the newer, free online services, like Zillow.com. But here's the problem with
Zillow and other services like it - and anyone who's tried using it can attest to it: Te Zestimate" it gives
CHAPTER 2
Crucial Concepts
~ 6 ~ ~ 6 ~
you (its own estimate of your property's value) in my experience is inaccurate much of the time - be it too
high or too low.
Zillow.com can be an exceptional way to get a preliminary bird's eye view" of a property and some of
its surrounding comparable sales. But in my opinion it should NOT be relied on exclusively for determining
ARV. As cool as it is, its just not comprehensive enough or accurate enough in how it estimates.
Ultimately, the best way to determine ARV is to acquire and assess real world comparable sales
(i.e. comps") of other similar houses in the area at frst (which is actually a big part of how appraisers
do it as well). And hands down, the very best way to do that is to get access to the Realtors MLS
(Multiple Listing Service) somehow if you can.
Can You Get MLS Access?
Typically MLS access is a privilege reserved for those in the club" (i.e. Realtors
who are licensed and pay membership dues to their local board). But with a little
creativity you can typically fnd a way in.
For example, nearly every area allows for Realtors to have unlicensed
assistants" MLS access under their account. So what would it take for you to
become someone's remote assistant": What kind of WIN-WIN could you strike
up to make that work: Tink about it.
Sometimes its just a matter of asking for it. Find a Realtor who commonly works with investors and ask
them directly if you can check comps through their MLS from time to time. Maybe you could get them do
to it for you the frst few times, then ask them if you can just run it yourself to save them the time and hassle.
You might be surprised at how many will do it.
If getting direct, personal MLS access is a challenge for you, then another option would be to suggest
PAYING a Realtor for running comps. It takes him/her basically no time at all to do it and fax or email it
over to you literally 2 or 3 minutes. Pay them $5.00 a pop and thats a pretty fair deal.
But the bottom line is, the very best way to determine ARV is to get access to good sales comps (typically
from the MLS) of houses that are as similar to yours as possible (in size, number of rooms, age, etc.) and
size them up together. Ofen, you'll exclude foreclosure sales and might even toss out the highest and lowest
sales, then average the rest in the middle.
Again, it's an inexact science at best, but with just a little practice you should be able to size up a house's
ARV (Afer Repair Value) pretty quickly with some good comps to guide you.
Assessed Value
Tis is typically the value as determined by the local tax assessor's omce for the purpose of levying local taxes.
If you see this listed somewhere, do not make the mistake of assuming its the same as FMV its not.
In fact, the local tax assessor typically does little more than a drive by (if that) to determine assessed value.
It could be outrageously high or ridiculously low compared to the propertys actual FMV.
Te bottom line is, dont ever use it to determine value.
After Repair Value (ARV)
Tis is a term youll hear a lot from the real estate investing community. Its basically an assessment of
how much a house will be worth (FMV) afer needed repairs have been completed.
Fair Market Value is how much the house is worth NOW today. ARV is how much a house needing
~ 7 ~
notable repairs WILL BE worth once they're completed.
Its a key number to your business as a wholesaler for obvious reasons.
Appraisals
You probably already know what it is in general, but specifcally
an appraisal is an estimation of a propertys value, and technically
could be determined through any of three methods: (A) cost
approach (B) income approach (C) market data approach.
Heres something important you should understand about
appraisals: Teyre subjective.
In fact, while an appraisal is a professional's omcial, well
researched opinion of your propertys FMV its still a humans
opinion and an estimate of Fair Market Value. I'd say while there's defnitely a good bit of science" to putting
an appraisal together, there's also a bit of art" that goes into it.
In fact - and I'm not exaggerating this - you could pay for 3 separate appraisals on the same property
at the same time, and more ofen than not you'll get three diferent values. Oh sure, they'll usually be fairly
close to each other, but not always.
Maximum Allowable Oer (MAO)
Heres where we see some of the pieces of the puzzle begin coming together.
As the name implies, your MAO" is the highest price you feel you can reasonably pay for a property and
ensure it will be a good deal for you.
The Standard Investors MAO Formula
Tere are a handful of MAO formulas out there, but the most well known MAO formula is this one for
investors, originally popularized years ago by the great Ron LeGrand:
ARV x 70% - Repairs = MAO
Tis is the kind of formula a rehabber might use in sizing up a potential deal. Te assumption in the
above MAO formula is that the investor's acquisition/holding for the deal (holding costs, money costs,
closing costs, etc.) and his potential proft margin are all covered in the 30 he's taking right of the top.
In most cases, those acquisition/holding" costs might be around 10-13, which leaves 13-20 as a
proft. Keep in mind, I'm just speaking in generalities and averages here.
Just to put some round numbers on it, it might look something like this:
$100,000 ARV x 70% - $15,000 in repairs = $55,000 MAO
The Wholesalers MAO
Te formula above is important for you to know and understand because it's what many of your investor-
buyers will be using to assess potential deals. But keep in mind that as a wholesaler you'll be using your own
tweaked" version of this formula.
Why: Because the formula above doesn't account for your proft does it: So as a wholesaler, my own
version of the MAO looks more like this:
ARV x 70% - Repairs - My Finders Fee = MAO
~ 8 ~
I typically use the MAO formula and back out $3,000, $10,000, or whatever I want my assignment fee" to
be on that particular deal. (It can be as much as you think you can reasonably make as long as you still leave
enough meat on the bone" for the next guy.) So in the example before, my formula would look more like this:
$100,000 ARV x 70% - $15,000 in repairs - $10,000 Finders Fee = $45,000 MAO
Again, Im keeping this to easy, round numbers for simplicitys sake, but you get the idea. As I said in
Chapter 1, my reality is that I average around $8,400 in fnders fees for each deal I do. And I do it without
visiting the houses, or even talking to sellers anymore. More on that later.
Other MAO Formulas?
Now I should say this: Te wholesaler's MAO formula above is absolutely the backbone of how I crunch
the numbers for deals in my own business. And most likely it will be for yours also. But. please be aware
that this formula could potentially vary at times based on a number of factors, such as your area trends, local
property values or even special terms you could negotiate.
Keep in mind, the formulas above are most typically meant to be a calculation of the highest you can
aford to pay when making an ALL-CASH ofer. Said another way, this version of MAO only comes into play
when the seller is not willing to accept anything less than an all cash ofer.
A friend of mine lives and deals in a higher priced area where the average home value is $400k to $500k.
For him the MAO formula above is almost an impossibility. But with bigger numbers come bigger spreads.
So his adjusted MAO looks something more like this:
ARV x 80% - $25,000 proft - Repairs - Finders Fee = MAO
In the above formula, the $23k proft is more than likely going to be less than 10 of the house's value, but
still a worthwhile proft for a deal. Tis is the exact formula he uses for his wholesale deals. So a typical deal
for him might look like this:
$500K ARV x 80% - $25K end-buyer proft - $25K repairs - $15K Finders Fee = $335,000 MAO
Motivated Sellers
As a real estate wholesaler, your mantra should be to only deal with truly motivated sellers that is, people
who are clearly motivated to sell because they see their house as a problem that they just want to get rid of.
Sellers can be motivated for any number of diferent reasons, such as.
medical expenses
a childs education
unpaid bills
unpaid taxes
divorce
pending bankruptcy
Conversely, one of the fastest (and most common) ways to royally waste your time is to try and squeeze a
deal out of a seller whos NOT truly motivated.
Te bottom line is that motivated sellers don't just want" to sell. they need to sell. And whats more,
they need the services of a professional investor like you who can buy quickly, in as-is" condition, so they can
move on.
settlement of an estate
overwhelming repairs needed
job loss
inheritance
dealing with tenants
(burned-out landlord)
~ 9 ~
Tey understand there's a trade-of for doing so, and that you need to make a proft.
And when you tell a motivated seller who needs $50,000 in a couple of
weeks that you can buy their house within a couple of weeks, they feel an
immediate sense of relief.
Te more imminent the motivating factor, the greater the sellers
motivation tends to be to get their house problem solved quickly.
As a real estate wholesaler you must continue to target motivated sellers
and let them know that you buy houses." You need to get your message
out to as many people as possible. I like to call it 'fshing lines'. Te more
fshing lines you have in the water, the more fsh you will catch.
Some of the fshing lines you can use are:
Bandit Signs these are the signs you see on telephone poles or
staked in the ground that say 'We Buy Houses', 'Stop Foreclosure', etc.
Direct Mail Tis is my specialty and primary way for fnding deals at 50 cents on the
dollar. I send out one of my simple postcards to absentee owners of properties. Te
postcard I send is included with this manual.
Classied Ads - You can post ads at www.craigslist.com or www.backpage.com. Go to the
real estate section and check out what ads are being placed and create your own ad.
Word of Mouth - I am constantly telling my REI Marketing Club members (and
anyone else who will listen) that once you become a real estate wholesaler you have to let
EVERYONE know that you are in business. Get business cards, and pass them out religiously.
Tese are some great ways to fnd truly motivated sellers which is an essential part in your real estate
wholesaling business.
Earnest Money Deposit (EMD)
Most of us are familiar with the concept of earnest money in a real
estate transaction. Its simply a deposit of money given by a party to bind
the contract usually credited toward the sales price. In traditional real
estate transactions, it's ofen from as low as $300 to as much as 2-3 of
the entire purchase price or more.
Tough it's important to note there is not legal minimum" for earnest
money. In fact, some would say it's not technically required for legal
consideration" at all. I'll refrain from giving legal advice about this, but I
know for a fact you can ofer as little an amount as you want for your EMD and it's still legitimate".
Earnest Money in Wholesale Deals
So the question is, how do you handle earnest money in wholesale deals: Afer all, if you're making a lot
of wholesale ofers (and you should be) then it could get pretty pricey to drop $300 to $1,000 with every
contract you submit.
Well for starters, my particular wholesaling model (which I'll be going through step-by-step for you
shortly) focuses primarily on individual motivated sellers - mom and pop" homeowners who have a truly
motivating reason they need to sell to someone like me. So its not usually much of a challenge for me to
negotiate pretty favorable terms for my earnest money deposits without even trying hard. Heres a few ways
you could handle it.
When people are
highly motivated, its
easy to accomplish
the impossible. And
when theyre not,
its impossible to
accomplish the easy.
~ Bob Collings ~
~ 10 ~
The Low EMD
You should just ofer them $100. or even just $10 as earnest money. You could just explain to them the
reality that you make so many ofers each week, it's just not practical to have hundreds of dollars out on every
single one of them. Be confdent and friendly about it, and act like it's no big deal - like you do it every day.
Te result will be 9 times out of 10 they'll just smile and say, OK, that makes sense" and roll with it. Trust
me, youll see. Tey already see you as an authority, so dont be timid or automatically assume theyll have a
problem with it. Tey probably wont.
The Post Inspection EMD
One of my favorite ways of getting around the earnest money situation, (as well as eliminating much
of the risk in the transaction) is to put a special inspection clause into the contract. An inspection clause is a
clause in the real estate contract that says you have a certain amount of days to inspect the property.
If the inspections are not to your satisfaction then you may cancel the contract. Along with the inspection
clause, you include verbiage that the earnest money
will be due upon the release of the inspection clause at the end of the inspection period.
By making the earnest money due at the end of the inspection clause, you have time to line up a potential
investor buyer during the inspection period and collect earnest money from them!
So if the buyer you're fipping the deal to does like the property, then get a non-refundable earnest money
deposit from them which you could then just pass along to the seller. On the other hand, if your buyer does
not like the property then simply cancel the contract, or ask your seller for an extension. Most sellers will give
you additional time, because no one else is ofering to buy their property.
Nobody loses. and you win!
Assignment Agreement / Assignment Fee
Most of us are well aware of what a real estate contract is a
document (technically a bilateral agreement) that dictates the
terms and obligations for the purchase and sale of real estate.
In connection to this, an Assignment Agreement" (or
Assignment Contract") is basically an agreement you can use to
legally assign (or transfer) your legal interest in that contract to
another person. Tis includes every aspect of your interest. So
essentially, your buyer steps into your shoes and has to perform on
the terms of the purchase contract as if he were you, but also reaps
the rewards of doing so.
And this, my friend, is one of the most crucial tools in your tool chest as a wholesaler. You'll use it on virtually
every deal you do. And in return, you'll receive compensation - a fnder's fee" typically referred to as an
assignment fee" in real estate circles.
Tis is how you make your money as a wholesaler its your proft and sometimes you can have it paid
on the front end (right when you assign the deal) and other times you'll end up waiting until your new buyer
actually closes on the deal to get paid.
You'll understand this even better as we get into the basics of wholesaling shortly.
Hard Money
Hard money is a term you'll hear used a lot in the house fipping business, but as a wholesaler you probably
wont use it a great deal.
Why not: Because you'll be assigning contracts, so you shouldn't have to come up with fnancing to close.
But. many of your buyers will be using it (or need it). So you should understand it at the very least, and
if you can help your buyers connect with hard money lenders, youll be one step closer to getting your deal
closed and getting paid plus youll be an even greater valuable asset to them.
Hard money lenders ofer a specialized type of loan where the real estate being purchased is typically
used as collateral. Tese are companies who operate where few other lenders fear to tread, making loans to
special needs" clients (i.e. investors) the same way regular banks and brokers service traditional customers,
but with terms that refect the inherently higher risk involved with this type of loan from their perspective.
For what it's worth, here's the Wikipedia version:
A hard money loan is a real estate collateralized loan based on the quick-sale value of the property
against which the loan is made. Most lenders fund in the 1st-lien position, meaning that in the event of
a default, they are the frst creditor to receive remuneration. Occasionally, lenders will subordinate to
another 1st lien position loan; these loans are known as mezzanine loans or second lien position loans.
Hard-money lenders structure loans based on a percentage of the quick-sale value of the subject
property. Tis is called the Loan-to-Value or LTV ratio and typically hovers between 60 and 70
percent of the property value. For the purposes of determining an LTV, the word value is defned
as todays purchase price. Tis is the amount that a lender could reasonably expect to realize from
the sale of the property in the event that the loan defaults and the property must be sold in one to
four months time.
While rates and terms can vary from lender to lender, hard money is almost always short term as in 30 to
180 days and at a much higher interest rate than traditional" loans - as in 3 to 3 points and 12 to 18 interest.
Yes, that's expensive money. Tat's the down side and frankly enough to turn many away entirely. But the
fipside is, since you can get it fast, ofen with little or nothing down, and if the numbers make sense, they're
just fne with the house being a junker" in poor shape. Traditional lenders wouldn't touch a deal like that
with a ten-foot pole.
Let me repeat: If the interest rate is high enough and the perceived risk is low enough, hard money lenders
will fund the deal. And part of the reason theyre willing to do what others wont in this arena is because if
you default and they have to foreclose, the numbers will be good enough for them to still come out on top
afer liquidating the property most of the time. Sometimes a hard money lender will come out even better
and wont mind foreclosing one little bit.
Private Money
For some people there's no diference between the terms hard money" and private money" - they are
synonymous. But in other circles (and in my opinion) there is a distinction worth noting.
Hard money typically comes from an institution or company of some sort one with a specifc,
structured hard money program" for investors. Tey generally have a formal website detailing set criteria
and clearly are in the business of lending hard money to investors.
Private money on the other hand comes from private individuals real people just like you and me, who
just happen to have a chunk of excess money on hand for some reason. Maybe it's an inheritance, maybe
its been socked away for years, pulled from the stock market, or just someone with a higher than average
income (doctor, lawyer, etc.) who's got some lazy money" they'd like to get a better rate of return on that the
stock market can currently ofer them.
Private investors can ofen be an investor's best resource for fast, easy, no hassle deal money - and more
ofen at better rates than institutional hard money - as in 8-12 interest and 0 to 2 points. And ofen you
can easily get (just by asking) interest-only payments or even no payments at all. Very nice indeed for short
term deal money.
~ 11 ~
~ 12 ~ ~ 12 ~
N
ow that weve laid some groundwork of essential terms and defnitions, well delve into the mechanics
of the wholesaling business.
But before we get into exploring the details of my own personal Real Estate Matchmaker
TM
business
model (which, by the way, is way more proftable and way less work than that of most wholesalers Ive
noticed) we should begin by frst covering the basics of wholesaling for anyone who may not already be
familiar with them.
Don't expect an exhaustive Real Estate 101 class - that would be way beyond the scope of this manual.
But since everyone is at a diferent level, I want to make sure everyone has their mind wrapped around some
of the key, foundational concepts underlying any real estate wholesalers business before we delve into my own
personal model.
So think of this section as kind of a beginner's wholesaling primer. And the next chapter will amplify this
base knowledge into the realm of my own day to day business.
What is Flipping Houses?
Most of us already understand this, but fipping houses is basically buying a house for one price, then
selling the same house again for another price. And the general idea is to sell it for more than you paid for it,
thus realizing a proft.
By now you've probably seen the popular TV shows like, Flip Tis House", Flip Tat House", Property
Ladder" and others. Each of them details (some less accurately than others) the adventures of someone
plotting to make a fortune fipping a house - that is, buying, repairing, then reselling a piece of real estate.
Most of those shows leave a lot to be desired in terms of painting an accurate picture of the real world ups
and downs of fipping houses, but that's the nature of what we've come to know as Reality TV", isn't it:
Commonly Synonymous With Rehabbing
An important distinction to make here is that, while technically anything thats bought and then resold has
been fipped", when most people speak of fipping houses" they're ofen speaking generically of the
fx-and-fip side.
In other words, fipping houses" has become almost synonymous with what's been known for years in real
estate investment circles as rehabbing houses" - which means not only fnding a great deal on a house, but
also repairing it to some extent, and usually selling to a RETAIL buyer (and owner occupant).
Tis type of fipping can be very, very proftable. But it also tends to take much more time per deal than
wholesaling (usually months rather than days or weeks) and also, typically involves higher risks of time,
capital, etc. than wholesaling.
Make no mistake there are many investors who make a very good living and have become multi-
millionaires through the fx-and-fip side of this business. I just prefer the safer, faster-moving wholesaling
arena - and I'll explain exactly why in a moment.
Is Flipping Houses Illegal?
I'll just briefy address this one. Years ago this question was the big one everyone kept asking - though
not nearly so much anymore thanks to the popularity of the aforementioned TV shows.
CHAPTER 3
Wholesaling 101
~ 13 ~ ~ 13 ~
Te bottom line is this: NO, fipping houses is NOT illegal in any way, shape, or form. Tere is absolutely
nothing wrong with buying a home cheap and then selling it for more than what you paid.
If you think about it, technically things are fipped" all the time. It's just basic capitalism - the free
market exchange of goods and services for valuable consideration. Our economy depends on it and it's a
normal way of life for all of us.
If I owned a car lot, I would purchase cars at a wholesale price then resell them at a higher retail price in
essence, I would be fipping" cars. And if I owned a sporting goods store, I would be fipping" everything
from soccer shoes to baseball bats to my customers.
Te whole reason it was ever in question in the frst place is because a few years ago some unscrupulous
investors were nailed for using fraudulent information in the process of making gobs of money fipping
houses together. Basically their resale relied on infated appraisals, fake documents, sales to straw" buyers
representing original sellers, and phantom" second loans.
Tere are cheaters and bad apples in every industry, but the media at the time quickly labeled these scams
as house fipping schemes", thus casting a shadow on the term for quite some time.
So to put it simply, just don't commit fraud. Just do everything you do with integrity.
And rest assured, there is absolutely nothing wrong with buying a home, then selling the same home for
whatever larger value someone is willing to pay. If your buyer wants to pay you substantially more than market
value, and they have the means to pay you, then it's their choice and your proft. plain and simple.
What is Wholesaling?
Technically wholesaling is just a certain, specifc variety of house fipping.
Being more specifc, it's the business of fnding a great deal on a bargain-priced property, placing it under
contract, and then quickly assigning the deal to another buyer (ofen a landlord or other Investor-Buyer) in
return for a fnder's fee", who will then close on the property in your place.
Tese buyers are typically professional, private investors with cash, credit, expertise, and the ability to buy
instantly with cash at the right price.
Get Paid Immediately For Providing a Simple Service
Yes, this is simply a service business." Each transaction has only a few steps, which I'll outline in a
minute. Tere are no products to buy, inventory, handle, or sell. And even though real estate" may sound
intimidating, and some of the terminology I have to use here may sound foreign to you, there really is NO
SIMPLER WAY OF MAKING SERIOUS MONEY in real estate than wholesaling houses!
In fact, just recently (at the time of this writing) I acquired 8 houses in Dallas, Texas at HUGE discounts
(approximately 30 of ARV), and earned what some would call obscene profts compared to the few hours
I put into them.
(And by the way, Dallas is 200 miles away from my home and omce in Austin. I acquired these properties
without ever seeing them - more on that later.)
Wholesaling Vs. Fix and Flip
If you think of the Fix and Flip" or Rehabbing" side of it as buy low, sell high". then the wholesaling
side would be buy low, sell low". but still high enough to make a nice, quick proft. and leave some proft
for your investor or landlord buyer.
However, with the Fix and Flip" side of the game, you have to worry about repairs, contractors, hard
money, or private money, etc. No need to bother with any of these things as a wholesaler.
~ 14 ~ ~ 14 ~
Anatomy of a Wholesale Flip
In essence, a typical wholesaling transaction might look something like this.
1. Joe Wholesaler fnds a motivated seller with a distressed property.
2. Its worth $100,000, and needs about $10,000 in repairs.
3. Joe negotiates a great deal, and puts the house under contract for $30,000.
4. Joe does NOT plan to do any repairs, or evenactually go to closing.
5. Instead Joe calls up his friend Larry Landlord and asks him if he's interested in buying
the house for a total of $60,000 ($10,000 more than Joe's contract price - Yay, Joe!)
6. Larry checks it out and likes what he sees.Deal!"
7. Joe then assigns his purchase contract to Larry, in return for an assignment fee"
of $10,000.
8. Larry Landlord then steps into Joe's shoes (metaphorically speaking) and closes on the
$60,000 purchase in place of Joe.
9. Everyone wins. Te desperate seller got out of their situation, Larry Landlord got a
great deal on another rental house he loves, and Joe Wholesaler scored a quick $10,000
Finder's Fee".
I know I'm using round numbers in this example for simplicity's sake, but do you see how simple it really
is: Some say wholesalers get paid handsomely just for shuming some paperwork around. I'd say there's a
little more to it than that. but not much.
I have my own variation of this model an amplifed version Ill be detailing for you shortly thats even
simpler, easier, and more proftable in my opinion. But in its most basic form, this is exactly how most
wholesale deals work and its important that you understand it as a basic
foundation to start with.
Where Wholesalers Fit In
Tough most in mainstream" real estate circlesdon't seem to recognize
it, real estate wholesaling is a vibrant and important aspect of the real estate
industry as a whole.
Ofen it's the wholesalers who are singularly able to fnd and provide solutions
for sellers with distressed properties they no longer want people who
desperately need out of what seems like a no win" scenario (or problem) to them.
Wholesalers are actually doing the motivated seller a huge favor by helping
them solve an ofen overwhelming real estate problem. Without a wholesaler to help fnd and move these
properties back into the marketplace, the real estate market would grind to a slow crawl, property values
would fall even more, and bankruptcies would skyrocket to new heights.
Truth be told, wholesalers are the unsung heroes of the real estate industry, and provide the very grease
that helps keep the gears of our market turning.
A Finders Fee Opportunity
If you think about it, the wholesaling proft model is less of a real estate" opportunity and more of a
fnder's fee" opportunity. Because when it comes down to it you're really just a fnder" - a middleman
providing a much needed matchmaking" service to a certain pool of motivated sellers and buyers.
1. First you fnd and negotiate a deal with a seller (which I will show you how to do).
You can get
everything in life you
want if you will just
help enough other
people get what they
want.
~ Zig Ziglar ~
~ 15 ~ ~ 15 ~
2. Ten you match your new deal with a qualifed buyer who can close fast and
pay you a fnder's fee" for your efort.
3. Everyone wins viola, youre a Real Estate Matchmaking
TM
Did you know that some of the highest paid people in the world earn their giant incomes from fnders
fees: It's true! Tey do it as matchmakers and dealmakers, not as buyers or sellers or investors - and
certainly not as owners of businesses that enslave them with stores or omces, employees, overhead, long hours
and worry.
Sometimes ridiculously handsome fnders fees are paid to people who make corporate mergers and
acquisitions happen, fnd private lenders for borrowers, even buyers for used private aircraf!
Oh yeah, and of course, buyers for discounted real estate!
Advantages of Being a Real Estate Matchmaker
TM

Tere's a number of big advantages to being a Real Estate Matchmaker
TM
, many of which may already be
apparent to you. Its certainly not the only way to make money in real estate, but in my book its one of the
very best. Here are just a few reasons why.
Wholesale Deals Benet Everyone Involved
I've already touched on this one. But one of the best parts about wholesaling is that each deal is a
win-win-win.
Te seller is happy to quickly unload
an unwanted piece of property for a fair price and without having to lif a fnger in the process.
Your buyer is happy because they are getting a great deal on a piece of real estate.
And you, the wholesaler, are
happy because youre making a $5,000-$15,000+ fee for your services (about the average range
fnder's fee" I aim for).
When a deal is done right, there are no losers. Te original seller is happy because he or she was able to
get rid of unwanted property such as a vacant house that is costing the
owner money without doing any work to fnd a buyer.
Great Money, Ridiculously Low Risk
Compare this to any other business you might start. Most take more
time, use your cash or credit, saddle you with inventory, require education,
ask you to be a great salesman, and may involve a franchise fee, debt, a
store or omce, employees, and big headaches.
Tere's basically NO RISK in wholesaling, because as a middleman" or
matchmaker" between a motivated seller and an eager buyer, you never
actually put any money down on the property yourself!
In most cases, you should have NO holding costs, NO rehab costs, NO tenant worries, NO money out of
pocket. nothing. In fact, my personal system can actually take you from postcard to proft in less than 30 days!
Insanely High Leverage
Once you learn the ropes, the profts in Real Estate Matchmaking
TM
can be obscene compared to the time
and efort involved. Seriously, I can mail out a batch of postcards, get dozens of solid leads back, resulting
in 1 to 3 great deals. And having my omce staf handle almost everything for me, I'll make more money in a
month than most people do in a year.
A pessimist sees the
difculty in every
opportunity; an optimist
sees the opportunity in
every difculty.
~ Sir Winston Churchill ~
~ 16 ~
No, I'm not exaggerating. Yes, this is my reality. and it's truly sweet!
Matchmaking in Todays Real Estate Market
Hopefully, Ive painted a pretty good picture for you of not only what a wholesaler/Real Estate
Matchmaking
TM
is, but of the potential that lies in store for you when you join the ranks (and I haven't even
touched on my specifc version, yet!)
But now I have something brief but important to share about doing this in today's real estate market.
and frankly the tremendous opportunity that exists right now for you to make huge profts with Real Estate
Finders Fees".
You may have been 'sold' the idea that there's just no money to be made in real estate right now by the
relentlessly negative media. We all know bad news sells, and as Im writing this, the media seems relentless in
spinning every story to paint as bleak a picture as possible about the prospect of engaging todays real estate
market in any way.
But Theyre VERY Wrong
And what they ARENT telling you could cause you to look in the wrong direction and miss the great
income and steady profts just waiting for you.
Everybody knows there is a nationwide fre sale" of deeply discounted houses today. a growing and
giant number of homeowners eager or even desperate to sell.
And ironically, as savvy investors begin scooping up deals at bargain basement prices, theyre inevitably
being painted as vultures" - and even in the same breath acknowledged as a needed pool of buyers for the
tsunami of foreclosures thats only beginning to crest.
Te reality is I cant think of a better way for you to capitalize on todays market than to get into the Real
Estate Matchmaking
TM
arena. Quickly earning fnder's fees of $3,000 to $23,000+ on each deal you fnd,
without using any money or credit.
And just know that despite the doomsday and popular nay saying, todays environment is prime time,
my friend. Congratulations, because YOU ARE in the right place at the right time! You're being handed the
chance to participate (and proft) from the single greatest exchange of wealth in a century.
Just ignore the fear mongers of the media, open your eyes and start raking it in. Trust me, there's more
than enough to go around.
Now. are you ready to see how my own Real Estate Matchmaking
TM
business operates: Well hold onto
your hat, friend. Here goes.
~ 17 ~
N
ow that you have a pretty good idea of how the typical wholesaling business works, lets take it to the
next level and delve into my own personal amped-up version" of the wholesaling business. And
this is where things start getting interesting.
As I mentioned before, I live in Austin, Texas and I've been fipping properties in the Dallas/Fort Worth
and the Houston areas. (FYI. Dallas/Ft. Worth is about 200 miles away from my home, and Houston is 160
miles away.) And I do this business.
without talking to sellers
without seeing the properties
without talking to the buyers
without going to closings
and without using any of my own money or credit.
In fact, you may recall from Chapter 1, I can get all the deals I want (and more) just in just one of these
markets alone.
And like I said, it's not because I'm particularly special or brilliant. I just have a system that WORKS and
WORKS WELL. It starts with time tested, proven foundational wholesaling principals (from the last chapter)
and then amplifes them with key elements from my own expertise in the world of direct marketing and
business systemization.
As a result I notably outperform most full time investors in my arena, and live a real estate dream"
lifestyle that, frankly, many have a hard time even identifying with.
And if you follow in my footsteps, you can, too. So let's jump in, shall we:
The Single Most Important Factor to Your Success
Like I said earlier, Im a marketing guy. And in particular, Im a direct mail guy.
It all started way back in 1983, when as a life insurance agent, I started doing a lot of direct mail
prospecting. While other agents around me were really wearing themselves out hitting the streets for new
clients, I was quietly learning and testing my newfound direct mail techniques. And before I knew it I was
consistently one of the top agents in my company (with 1,600+ agents nationwide).
I remember when wed go to the annual conventions, all the guys would gather around me asking me how
I was doing so much business. And I just said, Well, it's because I use direct mail to do all my prospecting
for me."
What was funny was how most of them scofed, assuming I was just putting up a smokescreen and
holding some big tactical secret back. I wasnt. I was just using good, solid direct marketing principles.
And over the years since then, I've mailed out millions and millions of letters and postcards (yes, literally
millions and millions). Ten in 1993, I got into the information marketing business, and then a few years
later decided to take my direct mail expertise and marketing expertise and apply it to real estate.
And here's something I want to burn in your mind: I believe marketing is the single most important factor to
your success as a real estate investor.
CHAPTER 4
Surveying My Own Real Estate Wholesaling
TM
System
~ 18 ~
Without marketing, my wholesaling business has no leads. And without leads, no deals. Without any
deals,
I dont have a business. Period.
So Id say being a highly paid Real Estate Matchmaker
TM
is 93 about marketing. I'll even go so far as
to say you should think of yourself as a marketer frst and a real estate investor second - the more efective
you are at your marketing, the more deals youll do. And the more deals you do, of course, the more money
youll make.
But Cant I Get Wholesale Deals Without Marketing?
Well actually yes, you can. But I don't recommend it, and here's why.
Tinking back to 1983, if you were to analyze my success as a life insurance agent a little more, you
might say I was pulling" while the rest of my colleagues were pushing". And while they were certainly
able to get leads and sell policies, I became the mysterious enigma" who was somehow able to make a ton
more while working a ton less.
Push VS. Pull
What Im referring to is a concept in the business marketing world called push-pull prospecting, which
basically refers to two diferent ways of promoting something in order to reach a target market.
In push-marketing, you 'push' your content, product or service towards an audience who may or may not
be aware of it. Typically you 'push' your way into situations in which you can try and make an impression
and ask for a sale.
In pull-marketing, the customer 'pulls' your content or product towards themselves, because they are
interested in learning more about it youve presented a targeted message that resonates with them, and
they feel compelled to respond by coming to you.
So while my other insurance agent colleagues were hitting the streets day afer day, aggressively pushing"
around for new leads, I had my time-tested, proven marketing pieces doing most of the heavy lifing for me.
And when a prospect contacted me in response, he was already pre-qualifed by my direct mail piece and is
asking you for a potential solution to his life insurance problem.
Push Vs. Pull Wholesaling
So if you were a push" wholesaler, you're out there hitting the streets or mining a list of some sort,
hunting for something that smells" like there might be a deal there. Maybe you're calling up Realtors,
combing the MLS, driving through neighborhoods looking for run down houses - all push" tactics that
can get you deals. But also a TON of work - work I frankly don't have time for. It just doesn't ft into
my lifestyle - especially not when I know there's a much more emcient way to extract deals from the
marketplace.
Tat's why I leverage my direct mail expertise to craf a pull" wholesaling business, which draws
motivated sellers to me like paperclips to a magnet. And that's exactly why I want YOU to adopt the
same philosophy.
So, let me ask you: Would you rather push your way around hunting for deals, or implement a system like
mine where your elegantly crafed message pulls prospects to you, asking for relief from their house problem?
For me, the answer is obvious. I hope for you, too.
~ 19 ~
Summary of My System
Here's a quick bird's eye view of my Real Estate Wholesaling
TM
system in a nutshell.
1. Mail lead-generation postcard to Absentee Owners (people who own houses
they dont live in).
2. Absentee owners call the telephone number on the postcard I mail to them,
leaving their name and contact info.
3. Mail lead-generation postcards to prospects to build my Investor-Buyers list.
4. Investor-Buyers opt-in at my squeeze page website (where they opt-in with
their contact info).
5. Call back Absentee Owner leads, negotiate price and get property under
contract.
6. Order BPO from BPO Agent. (More about this later.)
7. Afer I receive the report from the BPO Agent, renegotiate contract with Seller
if necessary.
8. Ofer the property under contract to my Investor-Buyers list.
9. Assign contract to Investor-Buyer.
10. Submit deal to Closing Coordinator.
11. Close on deal.
12. Get paid!
Tat's the big picture perspective. Now let's look at each step in more detail.
~ 20 ~ ~ 20 ~
L
et's take a closer look at my own wholesaling funnel, which begins with how deals come to me. But
notice I said how deals come to me" instead of how I fnd deals": Tis goes back to the Push Vs.
Pull concept". I'm not out on the streets deal hunting" or pouring over the MLS every day hoping for
the scraps everyone else missed.
Instead my system creates an avenue for targeted, pre-qualifed leads to come to me. And in case you cant
tell, I really want to make sure this concept works its way into your own real estate endeavors.
How to Do It For Free
(A Proven Ad Template)
Let me start by handing you a
proven way I use to fnd house deals
for free. Its not my favorite way mind
you its not where I get most of my
deals. But it costs a whopping $0 and
DOES deliver leads and deals so it
only makes good sense to employ it in
your business.
Simply run the ad to the right on
CraigsList.com in cities you would
like to acquire properties.
Tis ad on CraigsList.com found a
house deal, which was quick-fipped
it to an Investor-Buyer for a fast, easy
ten grand. Cant beat that with a stick,
can you:
So you now have a proven, no-cost
way of acquiring properties at
wholesale.
Now let me describe for you my
favorite way to bring qualifed buyers
to the surface. Its not completely
free like the Craigslist method, but
it works extremely well, over and
over again and clearly leverages
my expertise in the direct marketing
world.
So here we begin walking through
the twelve steps of my Real Estate
Matchmaking
TM

System I briefy
outlined in the last chapter.
CHAPTER 5
How to Get Deals Coming to You
~ 21 ~ ~ 21 ~
Absentee Owner Postcard ~ Front Side
Mail Postcards to Absentee Owners
Te frst thing I do is I mail out lead-generation postcards (which I'll show you in a moment). With
this postcard Im specifcally targeting Absentee Owners and my goal is to use the message on the postcard
to get their attention, pre-qualify them a little, and ultimately get them to respond by calling me for more
information.
What is an Absentee Owner?
Absentee Owners are people who own a house but dont live in it. Tis could be for any number of
reasons, ranging from being a landlord. to having inherited the property. But a much of the time Absentee
Owners live a good distance away from their property - ofen out of state - which can ofen be a highly-
motivated factor for selling.
Tink about it. Someone who lives in California but owns an investment property in New Jersey cannot
take care of the property the right way. Tey're ofen overwhelmed with repairs, tenant vacancy, evictions, a
bad property management company, vandalism, etc.
So what happens: Over time, Absentee Owners ofen get just plain sick and tired of the headaches and
end up wanting to sell the property. But if you've ever tried selling a house from a distance away, it's not an
easy thing to do.
And who comes in to save the day: It's the Wholesaling Superhero (you).
So you can see why Absentee Owners are my favorite motivated seller lead source.
Where to Get Absentee Owner Mailing Lists
At the time Im writing this I currently buy my absentee owner mailing lists from www.ListSource.com.
Part of the reason I love them is you can get your list right there on their website you dont even have to
talk with anyone. Just enter in the criteria of the list that you want, submit your credit card number and
youll have your list immediately.
[Your name]
[Your address]
[City, State, ZIP]
Please call this number toll-free:
1-XXX-XXX-XXXX, ext. xx
Postage
Here
[Your name]
[Your address]
[City, State, ZIP]
Important Notice:
Regarding your property at:
[Property Address]
1-XXX-XXX-XXXX, ext. xx
(Please call as soon as possible.)
[Owner First & Last Name]
[Mailing address]
[Mail City, State, ZIP]
////// IMPORTANT NOTICE ///////
Re: [Property Address]
Dear [First, Last name],
I want to buy your property referenced above. I will pay your cash.
I am looking to buy two additional houses in the [property zip code] zip code areaand Id
like to buy the property you own at [property address].
After reviewing some public information about your property, I am prepared to buy it as is
and pay you all cash. I can be exible on the closing dateand can we close at a Title Company
near you. I will even pay ALL of the closing cost for you.
I understand your property may need some repairs or updatingand thats OK. Most of the
properties I buy are in need of repairs. And if you have tenants, thats OK, too.
Please call and listen to a brief message I recorded for you at: 1-XXX-XXX-XXXX, ext. xx. You
can call anytime, 24 hours a day, 7 days a week. Please call right now as I want to get two
properties in the [property zip code] zip code under contract very soon.
RememberI will pay you ALL CASHI will buy your property AS-ISI will pay ALL of your
closing costsand we can close whenever you want at a Title Company near you. Please call
the number above now so I can above now so I can make my cash oer to you. Thanks.
~ 22 ~ ~ 22 ~
You can also order these lists from several other sources, such as www/Realquest.com, www.MelissaData.
com, www.DataQuick.com - or you can even contact a list broker you fnd online or in they, yellow pages
and let them know what type of list youre looking for.
Absentee Owner Mailing Lists Criteria
Here's the list of 10 exact criteria I use in the lists we purchase right now:
1. Property Types: Single Family Residences (SFR), duplex, triplex and quad
2. Type of Owner: Absentee (no corporations, trusts or duplicates)
3. Owners Contact: Complete mailing address
4. Subject Property Address: Yes
5. Living Area: 1,000 to 2,300 sq. f. (because that's what investors are buying in my area)
6. Rooms: Minimum 3 bedroom / 2 bath
7. Last Sale Date: Year 2000 (I want sellers who owned the property at least 10 years)
8. Year House Built: 1940 to 1990
9. Total Assessed Value: $80,000 to $160,000 (again, that's what investors are buying in my area)
10. Tax Assessed Value of the Property: Yes
Please keep in mind I'm providing you with this list of criteria because it's literally exactly what I use when
I order Absentee Owner lists right now. Feel free to use it as a template, but also keep in mind you may need
to tweak some of these items for your own market.
For example, if your target area's average home price is $230,000, then #9 probably won't work at all for
you. Or, if you get a buyer whos specifcally looking for 2 bedroom houses for some reason, then you may
tweak #6. You get the picture. Tese criteria are absolutely ideal for me, but if I were targeting a diferent
region, Id have to tweak them myself. So just be aware of that.
Absentee Owner Postcard ~ Back Side
~ 23 ~ ~ 23 ~
Absentee Owner Postcard
On the following page is the exact postcard I use for my Absentee
Owner mailing. Please read it and try to see if you can fgure out why
it works so well.
What Makes This Postcard So Powerful?
Well for starters, you can see my Absentee Owner postcard is a
copy-intensive postcard meaning there are a lot of words to read.
Tis is not an accident.
Some people who dont know better would notice this and assume
its a bad thing, and that it would perform better if it had a shorter
message, and made the same point with fewer words.
Tis would be a mistake. Trust me.
Remember, Ive been in the trenches of direct marketing for a
long time and was trained by the best of the best. With this type of
marketing message to this kind of audience, a longer, more robust
message like this is perfect and will outperform a short form card
consistently.
In fact, depending on what zip codes I mail to and whether its
Houston or Dallas, it's consistently getting me somewhere around an 8 response rate, give or take a little
bit. Tis is compared to an industry standard response rate of around 1-2 - so yeah, it's doing very well.
But it's not just the length of the message that's powerful - it's the message itself.
Notice how its structured
Te headline (the most important part of any piece of copy) looks like some kind of omcial notice - when
you read it, it's just begging you to read on to see what's so important" about your property.
Remember, many times these owners dont live in the same city as their house, so theyre instantly curious
about this. Could it be a notice from the city or county: Was the house vandalized: Grass too tall: What:
As the message continues, it zeroes right in on what prospective motivated seller would want. QUICK,
EASY RELIEF.
Notice how it keeps pushing emotional hot buttons by listing specifc benefts.
Notice how the parts in bold and underline act like anchors for your eyes so if you
just skim it quickly (which many people do) you still get all the main points because
of how the benefts are postured.
Heres a Tip: You Dont Matter That Much!
One of the biggest and most common mistakes I see investors making in their own marketing is to focus
it all on themselves, mistakenly assuming that if they can just impress their prospect with how awesome they
are, surely to get the deal. (Some Realtors can be the WORLDS WORST about this!)
Wrong. Dead wrong. Te fact is, they dont care about you at all. All they really care about is what you can
do for them and whether or not youre believable.
Notice how the message of my postcard isnt so much about how great I am, as it is to what kinds of benefts
there are to them for letting me help them out of a tough situation (i.e. getting all cash. pay zero closing
costs. forgetting about doing repairs, etc.)
Done-For-You Mailings
Just so you know, something weve
started doing in my oce is done-for-
you mailings for Gold members of my
REI Marketing Club.
Well purchase a list for you, do the
direct mail campaign for you using
my personal marketing pieces (which
Im always improving upon)
Basically well oversee the whole
thing for you.
For more information about all the
benets of The REI Marketing Club,
feel free to visit JoinREIMC.com.
~ 24 ~
And notice how it's personalized. Important Notice re: your
property at [their property address]. And then A recorded message
is waiting for you at [the 800 number]. It also has their information
and their property address right on it, and mentions that a message
has been recorded for them.
Personalization is a strong tactic and always boosts response
rate, even if its plain as day that youre doing it just to increase
responsiveness. It just works.
A Two-Step Approach
Notice that my postcard doesnt give them all the information
they need to know in order to make an informed decision nor
is it intended to.
Tis is a two-step marketing approach and the postcard is step
one of two. It really has ultimately one purpose and one purpose
only: to get the right target prospect to go to step 2 for more info.
In other words, the postcard isnt meant to be a fully
informational piece, nor could it be. Its a carrot on a stick, with
just enough information to screen people a little and entice the
right targeted prospect to take the simple action of calling my
toll free number for a recorded message. which just happens
to be step 2.
Absentee Owners Call My PATLive
Answering Service
So afer the Absentee Owner receives my postcard, she reads
it over a couple times then says to herself, Hmmmm. this guy
might actually be able to help me fnally get this real estate monkey
of my back."
.then the next step for them is to call my PATLive telephone number printed on the card for more
information.
Why I Outsource Talking to Sellers
First, I should mention here that while I don't talk to potential sellers anymore (at least not when they
frst call) I did when I frst got started. Tis is because I wanted to get a feel personally for how to handle
them, what kinds of questions they would have, and what I need to fnd out from them.
But my goal from the start was to get that part of my plate as quickly as possible by systemizing and
outsourcing it.
Now some people have a really hard time understanding how I could do this they feel like theres just
no way they could trust this part of their business to someone other than themselves.
To this I say, stop kidding yourself. Frankly, you can probably hire someone who would handle it better
than you. But even if they only handle it 80 as good. it's still worth it.
Remember, I'm a marketer frst and real estate investor second (as you should be). I believe it's a far
better use of my time to oversee the ongoing marketing that fnds the deals for me, and sells the deals for
Save Big on PATLive
The recorded message/answering
service Ive been using for years is
PATLive. They oer live operators and
recorded messages.
Ive included an application to get
set up with PATLive with this manual.
But thats not all
I have also negotiated with
PATLive to have 100% of your
set-up fees waived!
You just need to fax in the enclosed
PATLive application or order through
the special website on the applica-
tion. When you mention you were
referred by Michael Kimble, they will
set you up with $0 set-up fees.
These kinds of deals are a big
part of what I do for members of the
REI Marketing Club. Get more info
on that at the end of this manual.
~ 25 ~
me, rather than talking to property owners, most of whom ultimately won't meet my criteria as a 'good'
seller anyway.
And yes, it's a better use of your time, too. (Once you start making some money and can aford to
outsource this to someone else.)
Tats why I created my Seller Information Questionnaire sheet, which is basically a step-by-step script that
not only makes it super easy for you to talk with prospective motivated sellers, but also make it brain dead
simple to outsource it just like I have. More on that in a second.
Why a Recorded Message?
Tis is a question I ofen get. Some people feel it's better to always have a person answer the phone so you
can make a personal connection with the seller as quickly as possible.
While this may be advantageous sometimes, I prefer leading them to a recorded message frst, primarily
because its completely non-threatening to the seller who calls in.
Te fact is some people are very embarrassed by the situation theyve found themselves facing with their
house, and may not feel quite ready to face the music with a real, live person, yet. But letting them listen to
a recording frst gives them the safety" to go ahead and make the call. Afer all, they can just hang up at the
end of the message and never have to speak to anyone.
Both approaches have pros and cons, and my opinion is that the advantages are weighted toward a
non-threatening voicemail rather than a live person at frst.
Absentee Owner Voicemail Script
As I said, the company I use for this is PATLive, which is a combination recorded message/answering
service. Ive been very happy using them for years and warmly recommend them.
Here's the exact voicemail script prospects here when they call afer receiving one of my postcards int the
mail. (Note: If you use the CraigsList ad, this can also be the message they hear when they call from your
ad.) I've also inserted a few of my own comments [in brackets].
Hello, this is Michael Kimble. Tank you for calling and listening to my message. As I stated on the
postcard I mailed to you, I want to buy your house. Im looking to buy two additional properties in your
zip code area and your property is one of the ones Im interested in buying. [So, it sounds like a personal
message I recorded for them, doesnt it?]
If you accept my cash ofer to buy your property, here are seven benefts youll receive
#1 I will save you money. Tere will be no realtors involved, so there are no real estate commissions or
fees to pay. Tis can save you thousands of dollars.
#2 I will pay all of your closing costs for you. Tis too, can save you thousands of dollars.
#3 I will buy your property as is so you will not need to make any repairs to fx it up - again, saving you
money. If you listed your property with a Realtor, they would want you to fx it up and/or update it before
putting it on the market.
#4 You wont have to bother with setting appointments to show the property. [Which is something they
dont want to do, right?]
#5 If you have tenants at the property, I can buy your property with them still living there.
~ 26 ~
#6 I will pay you all cash. You wont have to depend on a buyer getting approved for bank fnancing.
[Which has become very difcult due to the tough mortgage lending environment.]
And #7 We can close whenever you want at a local title company near you.
Tats it in a nutshell. Its pretty simple. If youre interested in selling, Im ready to buy and pay you all
cash. Youll be paid a nice sum of money and youll be done with the property. [Which again, is exactly
what they want if theyre truly motivated.]
In just a moment you will be automatically connected to one of my friendly operators who will gather
some information from you about your property. Ten someone from my ofce will contact you by phone
and let you know what my cash ofer is to buy your house.
Please stay on the line. An operator will assist you right now.
So thats the recorded message every prospect hears when they frst call in response to my postcard.
Its purpose is basically twofold:
1) Te frst is to reinforce and amplify the message from the postcard a little more. Notice how the
entire script is just oozing with beneft statements for the seller: It's like the postcard, but on steroids.
2) Te second purpose is to gently pre-screen the prospect just a little more before they move on to the
next step - which is talking to a live operator. Essentially if they're still on the line for the operator,
theyve pretty much raised their hand and said, !"# %&'( )# *##+ , -.// 0. 0#'.12
I have included a second (alternate) voicemail script for you to use in Appendix A at the end of this
manual. It's basically the same, but with a little diferent favor and tone. Neither is designed to try and
box you in". Feel free to create your own if you prefer, but I trust you'll fnd these two to be helpful.
Seller Information Questionnaire
So next, the PATLive line automatically connects the seller prospect to a live operator to continue the
process, armed with my handy dandy Seller Information Questionnaire" below. Te operator (Pat")
at PATLive will ask the following questions.
1) May I please have the extension number next to the 800 number you just called?
Tis frst question is very important. Did you notice the 2-digit extension next to the toll free number
on my postcard? Tere was no actual extension. Te only purpose of the extension is so I can know
which direct mail campaign this particular lead came from. I track all my direct mail campaigns so
I know which lists produce the most leads. You should too.
Interestingly, Ill sometimes get calls from postcards I mailed six months ago or more. Sometimes
people will hold onto it for a long time, and then when the motivation level gets high enough, theyll
fnally call.
2) May I have your name please?
3) What is the address of the property you are interested in selling? City? State? Zip?
4) What is your daytime phone number?
5) Evening number?
6) Cell phone number?
7) What is the best time and phone number to call you at?
8) What is your physical mailing address?
~ 27 ~
Clearly Im starting with the basic information Ill need from them, so Ill have it handy if/when I need it.
But Im also setting a pattern of compliance right from the start. Its an old phone sales technique youve
probably been on the receiving end of a thousand times before, but didnt even realize it.
Basically, the idea is if you get people on a role of answering easy, no brainer questions, theyre much
more likely to continue answering compliantly when the questions get a little more personal in nature.
And it works like a charm.
9) Tank you. Now, I need to obtain some basic information about the property
10) How many bedrooms does it have?
11) Number of baths?
12) Is the house brick or wood frame?
13) Does the house need any repairs?
14) How much do you think it would cost to fx it up just a ballpark?
15) Do you have tenants at the property?
16) If the property is vacant, could someone live there now?
17) How long have you owned the property?
18) How much do you owe on the property?
19) Will you sell the property for what you owe?
Youd be surprised at how many times we get a simple Yes to this one.
20) Why are you selling?
With this question we start exploring their motivation, which will help us rate the lead and determine what to
do with it next.
21) When would you like to sell?
Knowing their timeline can tell us a lot about whats motivating them and how much pressure they might be
feeling to get it sold or lack thereof.
22) How much are you asking for the property?
Sometimes theyll tell you right of the bat, and other times they just wont give you a number. Te next
question ofen helps get it out of them if theyre hesitant, but the reality is we want this piece of info to help us
in rating this sellers motivation.
23) (If they say they dont know, ask them, Can you give me just a ballpark fgure?)
24) If Mr./Mrs. (your last name) can pay you all cash, close quickly, and buy the property as-is, what is the
LEAST you could take?
25) Is that the best that you can do?
I just want to see what their answer is to this one. Ofen this little question is enough to get them to drop their
asking price right on the spot, or even reveal a little more about their true motivation for wanting to sell.
26) Any other comments about the property we can pass on to Mr./Mrs. (insert your last name here)?
Many times their answer to this one will be something like, Oh, it needs a new kitchen or theres a hole in
the roof or something like that.
~ 28 ~
Tank you for calling. Mr. Kimble will review this information and will contact you if he's interested in
moving forward."
And that's it. Once they hang up the phone, the completed questionnaire is instantly emailed to us (me
and my assistant) for following up.
Te fact is I dont even look at these anymore when they come in, because it now goes to someone on
my staf whose job it is to size up the lead, call them back (using my Seller Call Sheet" - basically another
script), negotiate with them to try and get the property under contract, and rate the deal altogether using
my Deal Rating System.
But as you can see, at this point we probably already have a pretty good idea of what their motivation is,
we know how much they want for the property essentially everything we need to see at a glance how to
classify this lead and what to do next.
Whats Next?
At this point we fnish the screening, negotiating and due diligence process on our end. At the same
time, I also go ahead and mail out a lead-generation postcard to investor/buyers to build up my buyers list
if I havent done that for this particular area already.
I'm going to wait to go into buyers in a future chapter, even though it ofen comes into play at this point
of the process. For continuitys sake, let me stick with how we process the Absentee Owner lead for now.
~ 29 ~ ~ 29 ~
S
o at this point weve laid out the basic foundation some of the most important, fundamental
elements that should be the framework to your fipping business, including having the right mindset,
basic terms and concepts, and the groundwork for Wholesaling 101.
Weve also covered the frst two steps in my own personal Real Estate Matchmaking
TM
Money Machine,
which covers basically how I get qualifed, motivated seller leads coming to me on a regular basis - more
than I need really and how Ive systemized and basically outsourced the whole process.
If you recall my overview from Chapter 3, you can see that the next two steps involve reaching out to
buyers right away - which is something I will ofen do simultaneously while processing the seller lead.
But for now, I'm going to skip over steps 3 and 4 and cover them in another chapter. For the sake
of continuity, lets stick with the seller lead that just came in and follow how we continue handling Mr.
Motivated Seller now that he's been pre-screened by 1) my postcard, 2) my voicemail and 3) the live operator.
Let's quickly size this deal up, then call him back and see if we can tie up" the property with a contract.
Some Quick Sizing Up
As I covered in the last chapter, once the PATLive operator hangs up the phone with the seller, the lead is
instantly emailed to my staf. Now we have a qualifed lead, we know pretty well what their motivation is,
and hopefully how much they want for the property.
CHAPTER 6
Negotiating and Getting It Under Contract
~ 30 ~
So before I call the seller back, I want to do a bit of
quick research on my own to quickly size this lead up
and see what kind of box" I should put it in.
And again I should say, at this point my staf handles
it all for me but at frst I did it all myself.
A Quick Review of Comps
I covered a bit about how to get and review comps
in the chapter about Crucial Concepts" - under Fair
Market Value". And there's a number of ways you can
go about getting comps. But by far, the best and most
reliable is to fnd a way to get access to the Realtors
MLS system.
Personally, I am able to access the MLS through a
local appraiser I know. Im not a Realtor, but Ive got a
win-win relationship with her that includes letting me
access the MLS for some quick deal analysis. It was
actually very easy to do, and I guarantee its not going
to be nearly as hard as you might imagine for you to do
something similar. (Please review Chapter 3 if you need
some tips on how to do this.)
So I (or my staf member at this point) will quickly
get on the MLS and try to assess the propertys ARV.
Please remember that you should never take the
sellers word for value. Tey almost always see their
house's value (and the market) through rose colored
glasses when they want to sell.
Other Useful Recon Resources
In addition to MLS comps, we'll also check the tax
assessor's website to see what it's assessed at (not a reliable
source for value, but helpful in the overall sizing up).
Additionally, I like to use Microsof Live Maps or Google Maps and get a bird's eye view of the house
from all diferent angles. It's really cool because it kind of gives you an idea what the neighborhood looks
like, what the property looks like, etc.
And in some areas (increasingly over time) Google Maps will incorporate something called Google
Street View" which lets you actually see what the house and neighborhood look like from the perspective of
someone standing right in the street, in front of the house - how cool is that:!:!:
Microsof Live Maps: http://wwwlbing.com/maps/
Google Maps: http://google.com
Google Street View: http://maps.google.com/help/maps/streetview
One of the great things about using these tools is, not only does it gives you an incredible way to see" the
property and neighborhood without ever going there, but when youre talking with the seller on the
~ 30 ~
~ 31 ~ ~ 31 ~
phone, you can comment about their house or neighborhood and they actually think you drove by and
looked at the house in person!
Emphasis on SPEED
I should emphasize that at this point in the game, Im NOT spending hours poring over this deal trying
to analyze it from every possible angle and for you overly analytical types, I urge you to resist the
temptation to do just that.
Listen, this is a quick and dirty" analysis - just enough to take us to the next steps, which are rating
the deal and calling the seller back. Dont get bogged down and spend hours trying to work the numbers at
this point! Dont do it!
Deal Rating System
OK. so at this point you might think I'm ready to call the
seller back but not yet!
Before we go another step forward with this lead, we rate
them as A", B" or C" leads - and we actually write it on
the very top, right hand corner of the Seller Call Sheet.
Why do we do this? Because.
A) With the number of leads we have coming in,
we need a quick way of seeing what the seller's
motivation level is - or how hot" of a lead it is.
B) We need to know what box" to put it in.
We handle diferent types of leads diferently.
And when your business is well systemized,
you have a process (like my deal rating) that
helps defne exactly how things should move
forward with any particular lead.
Here's how my deal rating system works, in a nutshell.
A Leads
Let's say in my quick assessment it looks like the house is
worth around $100,000. And on the PATLive questionnaire
the seller is asking $63,000. Well I can quickly say that's an
A" lead, because even with rough" numbers to go by, I can
tell the sellers already got a strong motivating factor to sell
well below market value. Tis is a hot one" and gets our
full and immediate attention.
B Leads
Now let's say I can see from the PATLive questionnaire
that the seller didn't actually answer How much are you
willing to sell for:" with a specifc selling price. Tis one gets
classifed as a B" lead.
But a word of caution: Dont ignore B leads! Some of the
best deals I've made started out as B leads. You need to understand that a property owner may not want
How to Make Money
from C Leads
If you wanted to, heres a great
way weve started monetizing the
C leads we cant use: Work out
some kind of a deal with a Realtor in
your area.
These leads may not be good for
your business model, but theres still
a legitimate lead here a moti-
vated seller who wants (or needs)
to sell. So why not work out an ar-
rangement to allow a trusted Real-
tor to call on property owners who
are asking full market value for their
property? Then if the Realtor lists
your lead and ultimately sells the
property, they could pay you some
type of referral fee or lead fee or
fnders fee. (Youll note that the im-
portant word here is FEE.) You can
also work out an arrangement with a
Realtor where youll give them your
C leads in exchange for them giving
you access to the MLS.
You can also sell these C leads to
Realtors. There are rules and regula-
tions governing this kind of transac-
tion, so be sure to check the laws
in your state on how this should be
handled. Ignorance is no excuse! But
there are some great ideas worth
considering!
~ 32 ~ ~ 32 ~
to give you a price because theyre not sure what to sell it for. Or theyre just a little uncertain at frst or
whatever the reason. Te bottom line is a B" lead isn't a bad lead - it's just not as obviously red hot" as an
A" lead.
C Leads
And the C leads? Well this is a seller who is basically asking full market value. And at those prices, theres
typically just no room for wholesaling success.
Sure, there could be a deal of some sort there maybe with some creative fnancing or fancy investor
mojo. But it's not likely and I don't much care for the idea of trying to squeeze blood out of a turnip.
So I basically focus my real attention on the A" and B" leads. And quite frankly, we don't even call C"
leads back.
Calling the Seller Back
Afer some quick sizing up and deal rating", now we're ready to call the seller back.
So hopefully, youre dealing with the right sellers those who are highly motivated by personal
circumstances to sell and sell now. Tey don't typically care if you buy it, fip it, sell it, or EAT IT. as long as
their name comes of the deed for a property, they're happy to sell to you. Tey need a monkey of their back.
But when you talk to a motivated seller, what do you say: How do you handle yourself: Should you be
cheery or serious: Strong and assertive or laid back: And how in the world do you go about (GULP)
NEGOTIATING!!!!
Its really much easier than you may think. Of course, your frst time will always be your worst and,
as with anything, you'll only improve over time. I'll cover this in another chapter on Mindset" - expect
mistakes and learn from them. We all goof up and say the wrong things sometimes. Just laugh at yourself
and treat your frst bunch of calls as practice rounds" if you need to.
Now in a moment, I'm going to walk you through the Seller Call Sheet" we use to guide us when we call
the seller back. But frst, I want to help you understand a little better how to posture yourself to them.
Focus on the Sellers Benefts
When communicating with motivated sellers, you are in the business of stressing relief and solving
problems. We saw it with my postcard, we saw it with PATlives voicemail and interview script, and now we
want to continue keeping it in mind as we continue chatting with the seller.
Here are fve specifc types of benefts that you can focus on ofering a motivated seller:
1. Convenience: How can you save the motivated seller time, energy, and efort:
2. Economy: How will you help the motivated seller save or make money:
3. Peace of Mind: We all have a tendency to seek pleasure and avoid pain. Can you
relieve the motivated seller's stress:
4. Ego: Can you appeal to the human desire for a better image: A motivated seller wants
to avoid humiliation from the situation.
5. Fun: People need a break. Can you provide a diversion:
Tink about each of these categories try to keep them in the back of your mind whenever youre
talking to them. How many of these benefts can be specifcally applied to the seller's unique situation:
To take it one step further, which of the benefts that you ofer are unique to you: Te key to attracting
motivated sellers and creative real estate investing deals is to answer this:
~ 33 ~ ~ 33 ~
Why should a seller do business with you over any
and every other option available to him/her?
Te answer to this question lies in the benefts that you ofer that are unique to you. Te answer to this
question is one of the most powerful 'weapons' in marketing. real estate marketing. product marketing.
any marketing. Its your Unique Selling Proposition.
And for you it could be speed, integrity, professionalism, convenience, a professional history, or something
else entirely. But if you have a good answer to the question above, your marketing and negotiation will be
tons easier, and I promise youll greatly increase your profts from real estate wholesaling overall.
By better understanding and communicating the benefts that you ofer to a motivated seller, you will become
a powerful salesperson. And yes you are a salesperson, whether you like it or not. We all are were all in
the business of selling ourselves (or the value we represent) on an ongoing basis. So get used to the idea.
Building Rapport by Listening
I've found that I can build rapport with the seller quickly by simply listening to them - and I mean really,
actively listening and truly hearing what it is theyre saying.
For many, this is much harder than you might think at frst. Tere's ofen so much going through your
mind - what to say next, how to say it, how to rate the deal - that all too ofen you could end up not only
missing important information and subtle clues in what
theyre saying, but give them an inadvertent impression that
you dont really care all that much about their situation.
And really, thats kind of the stereotypical view of
investors, isn't it: Te uncaring, seedy underbelly of real
estate that's really just out to make a buck of someone
elses hardship.
Heres your chance to dispel that myth and start showing
your real stuf. When you can really listen, truly hear and
even empathize a little with their situation, I fnd a seller truly
appreciates knowing you care about their lives and want to
help them out of their situation. Dont be afraid to reveal you intend to make a proft but also readily let
them know thats not what this is all about.
Having said that, hopefully your mindset is sharpened even more as you step into your conversation with the
seller. Remember act natural and be yourself but focus on the seller and benefts to them, not on you.
Starting the Conversation
When we frst call the seller back, we'll typically start of saying something like,
Hi, my name is I recently [or Mr. Kimble recently] mailed you a postcard expressing
an interest to purchase your property. Im calling to talk with you about the property to
see if it qualifes. Do you have a second to talk?
So one thing Im doing from the start is taking the focus of the fact that Im screening them and their
situation, and stating instead that I want to see if their property qualifes for the type of house were looking for.
Tat way theyre less likely to feel scrutinized, threatened, or judged.
~ 34 ~
Seller Call Sheet
On the following 2 pages you'll see the Seller Call Sheet" - the piece of paper we have in front of us
when we call the seller back for the frst time.
You'll notice a lot of the information on this sheet is just information from PATLive, and we actually
transfer it onto this sheet frst. Ten we just start walking through the blanks you see on the sheet.
Tis is, frst of all, to confrm the information that they gave PATLive (miscommunication happens
occasionally) and also to get them into a pattern of giving compliance, giving you easy answers to easy
questions. (Remember that strategy from the PATLive script:) And it's also just a good way to warm up
with them and build rapport.
You'll see the frst page is all fll-in-the-blank Q&A, and the second page is where we get into our
presentation.
Negotiating Price
Once we get to page 2 (a.k.a. the presentation part") notice how we yet again start restating all the
benefts to the seller. Tis may seem ridiculous to you especially as youre sitting here going through the
whole process and the psychology behind it step by step.
But the fact is, at this point you should assume they've probably forgotten most everything about your
marketing message. I guarantee you theyve forgotten a lot of it, and may even tried contacting other
potential buyers, which they might be inclined to confuse with you.
So you always want to restate the benefts and refresh their memory. And just assume that they totally
forgot everything. (Because they probably did.)
So, again go through the little spiel, We buy it as is. Well save you money. And now were setting up
about how we want the discount.
Of course, when we buy the house, we have to then pay all the holding costs, the taxes,
the insurance, the upkeep, pay any rehab and repair costs, mow the lawn, etc. Ten well
have to advertise it to sell it. Well have to show it. And this could take six to nine months
or longer, especially today.
Now, our ofer is based on several factors, such as rehab and repairs well have to make,
the prices of properties we have recently bought in the area, and also based on comps that
weve run, and the current condition of the market.
Now, I realize that you might be asking $X amount. Based on everything you know, that
may seem like a fair price to you. So perhaps you know something that I dont know
about your property based on the research weve done. But it seems to me we should be
talking closer to $75,000 [or whatever]. We can write you a check for $75,000. Is this
something you can live with?
And they're either going to say yes" or no." And if they say, No." then we'll say,
How close can you come to that price? .and then stop talking. Seriously - it may feel awkward.
no, I guarantee it will feel awkward at frst to do this. But trust me and DO NOT SPEAK.
Wait for them to speak next, and ofen you'll hear them say, Well, I might consider [some lower price].
Bam! Youve got a deal.
And by now we know pretty well what their burning motivation is, so we then go on to say,
continued on page 37
~ 35 ~
Seller Call Sheet
Date:____________________ MLS Value: ___________________ Tax Value: ______________________
Low comps: ________________________________________ Oered: ________________ Accepted: _____
Notes: __________________________________________________________________________________
Name:________________________________ Address: __________________________________________
Hi, my name is [your name]. I recently mailed you a postcard expressing an interest to purchase your property
at _______________________________. Im calling to talk with you about the house and to see if qualies.

# of bedrooms: _______ # of baths: ______ Square footage: _________ Brick or wood? Year built:__________
Does the house need any repairs (and cost)?
Tenants at the property? __________ How much are they paying? _____________
Lease or mo-to-mo? Rent current? _____________________________________
How much do you owe on the property? ______________ Will you sell the property for what you owe? ________
Why are you selling?_________________________________ How quickly do you want to sell? ______________
What is your asking price for the property? __________________
If we can pay you all cash, close quickly, and buy the property as-is, what is the least you will take? _____________
Is that the best that you can do? How long have you owned the property? _____________________
Any other comments about the property? _________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________
What kind of roof is it? (metal, shingle, tile) ________________ How old is the roof? _____________________
When was the last time the kitchen was updated? _____________ Bathroom updated? ___________________
Have you had any oers on the house? _______________ Why did you turn them down? _________________
Let me tell you a little bit about what we do We buy approximately 8 to 10 houses each month in the Dallas area. There are
Continued
~ 36 ~ ~ 36 ~
numerous benets of selling your property to us the biggest one is we will save you money. We will buy your property
as-is (if you listed it with a Realtor, theyd want you to x it up) we pay you all cash (so you dont have to depend
on someone getting approved for bank nancing) we pay all your closing costs (this alone can save you thousands of
dollars) we can close whenever you want There will be no Realtor involved (so there are no RE commissions to
pay no appointments to set and you dont have to worry about showing the property.) We will simply write you a
check, and youll be done with it. (If you have tenants, you dont have to worry about them moving out or coordinating
with a Realtor to show the house.)
Of course, when we buy a house, well then have to pay all the holding costs, the taxes, insurance, upkeep, pay rehab and
repair costs, mow the lawn, etc. Then well have to advertise it to sell it, well have to show it, and this could all take 6 to 9
months (or longer) to sell.
Now, our oer is based on several factors such as the rehab work and repairs well have to make the prices of other
properties we have recently bought in the area what other properties are selling for in the area based on the MLS comps
we have the condition of the RE market right now, etc.
I realize that youre asking $________________ for the property and based on everything you know, that may seem
like a fair price to you. So perhaps you know something that I dont know, but based on all the research weve done
on your property, it seems to me we should be talking closer to $ _________________. We can write you a check for
$________________.
Is that something you can live with? (No.) How close can you come to that price?
If you make the decision to sell to me today in the next 30 days, this (name problem) will be a distant memory.
I am looking at one other house in your area and although I like yours better, the other one makes more sense.
What would it take us to do business today? If you really want to sell this house, Im your guy.
Seller Call Sheet, Continued
~ 37 ~ ~ 37 ~
If you make the decision to sell the property to me
then in the next 30 days [insert their motivation
to sell here] will become a distant memory for you.
Dont miss another great tactic we employ towards the end in
saying, I am actually looking at one other house in your area and though
I like yours better, the other one seems to make a little better sense.
.this can be a powerful scarcity tactic to try to get them down
on the price.
Perception VS. Reality
You should bear in mind that in general a seller will ofen ask
for a higher price than they think they will get 14.5So maybe you
tell Mr. Seller that, respectfully, you dont see theres any way you
could pay close to what hes asking for the property, nor do you
honestly think he can even get that price, based on (whatever the
reason - timeframe, circumstances, repairs, or whatever).
Maybe hell listen, maybe he wont. But your job isn't to use kid
gloves and try to candy coat the truth, nor is it to play hard ball
and twist his arm to see reality. Just be frank and honest about the
numbers you see, put them out there, and see where it goes. And
be ready to say Next!" and move on to the next deal if you need to.
Getting It Under Contract
Once you have negotiated a great deal, the next step is to put it
down on paper so that you have control over the property and
can legally market it for resale. You'll do this by securing an
assignable purchase contract (an agreement to buy) for the lowest
possible price and then transfer your interest in that contract to a
third party by way of an Assignment Agreement (see Chapter 3
for a defnition).
So as soon as my seller agrees on a price, I send two copies of my
contract, which is included in this manual. One copy is to send
back to me, and other is for them to keep.
How Do I Know If My Contract Is Assignable?
You may have heard or read that your contract needs to have
the specifc language and/or assigns" afer your name (as buyer)
in order to be an assignable contract.
But my understanding (and please double check with your own attorney about this) is that according to
standard contract law, any contract is assignable by default unless it has language specifcally stating that it is
NOT assignable. Nonetheless, I recommend you add the and/or assigns" verbiage.
Again, please check with your local professional.
12 Misc. Sales Points
Te following are 12 powerful sales points Ive learned how to use in my business, and if you familiarize
Is Your Seller
Truly Motivated?
We dealt with this a bit in
Chapter 3. But the fact is if youre
dealing with truly motivated
sellers, much of the time they just
want out of a bad situation. And
if theyre not yet ready to let go of
their hopes for something closer
to their idea of market value, then
theyre probably not motivated
enough yet to be a good prospect
worth investing your time in.
A basic fact to keep in mind is
that many sellers are generally less
willing to negotiate their selling
price down immediately after
deciding to sell, as opposed to
when theyve been waiting months
and months and are getting
desperate. Dont let this stop you
from making oers early on!
Many times an oer may be
rejected at rst and the seller may
contact you and ask if your oer
still stands. Ive had a seller call
me back after 13 months of
wondering if he could still take my
original oer, which at the time
was around $25,000 less than he
thought was his bottom line.
~ 38 ~ ~ 38 ~
yourself with them enough to internalize them, they can be like steroids to your own personal
negotiating style.
I don't use them every time, which is why they're not included on the Seller Call Sheet" script.
But occasionally you'll fnd them a perfect ft and you'll be glad you have them in your negotiating
arsenal" when you need them. In fact, you might even want to have this sheet in front of you for a
while as kind of a cheat sheet" as you talk to sellers.
1. Never refer to their property as a home. Say either property" or house".
2. If they ask about property taxes tell them that the Seller is always responsible for
paying the property taxes. Tey do not have to pay it now. It will be paid by the Title
Company when we close on the transaction, and deducted from their proceeds.
3. Let me tell you a little bit about what we do Mr. Kimble buys approximately
8 to 10 houses each month in the _________ (Dallas) area. He's looking to buy two
additional properties in the ______ zip code (their zip code). Your property is one of
the properties hes interested in.
4. There are several benets to selling your property to us
(a) We save you money. (Tere will be no Realtor involved, so there are no real estate
commissions or fees to pay. Tis can save you thousands of dollars.)
(b) We pay all of your closing costs. (Tis, too, can
save you thousands of dollars.)
(c) We buy your property as-is. so you do not
need to make any repairs or fx it up. (Again,
saving you money. If you listed the property
with a Realtor, they would want you to fx it
up and/or update it before putting it on the
market.)
(d) You won't have to bother with setting
appointments to show the property.
(e) WE PAY YOU ALL CASH. (You won't have to
depend on a buyer getting approved for bank
fnancing. which has become dimcult with
the current mortgage industry crisis.)
(f) We can close whenever you want to, at a local
Title Company.
5. If the Seller has tenants at the property
we can buy the property with them still living
there. If the tenants are not paying rent, or
perhaps, they are family members, that's OK.
We can close on the property, give you your
check, and then make arrangements for the tenants or family members to move out
later. Always fnd out if tenants are living at the property.
6. When we buy a house, we have to pay all the holding costs. Tis includes.
taxes, insurance, upkeep, rehab, repair, and/or updating costs, mow the lawn, etc. Ten
Finding and Using
the Perfect Contract
One thing most beginners seem too
often hung up on is How do I know
Im using a good contract? or the
right forms in general?
At some point you may want to
consider using forms that are
specically designed for what you
are doing in your business and were
written for your particular market. You
can get them from a local Realtor or,
even better, another local, reputable
investor.
But for now, youll nd a solid con-
tract in the Resources section of this
manual. Please feel free to use it.
~ 39 ~
well have to advertise it to sell it, well have to show it, and this could all take 6 to 9
months (or longer) to sell.
7. Let them know that the kitchen and baths almost always need to be updated/
remodeled which can easily cost over $10,000. In order for the house to sell, the kitchen
and baths must be updated.
8. When we make an oer to buy a property, it is based on several factors such
as
(a) prices we have paid for other properties in the area that are similar to yours. (b)
estimated costs of the rehab work, updates, and/or repairs we'll make to the property.
(c) comparable prices from the Multiple Listing Service (MLS) on other properties in
the area. (d) the age of your property. (e) the current condition of the local real estate
market. (f) our holding costs afer we purchase the property. (e) the closing costs we
will pay for you. etc.
9. Based on the research we conducted on your property
(including a drive-by of the property), we are prepared to buy it as-is. and write you a check
for $____________.
10. If they say they want $___________ (more money), say I realize that youre
asking $__________ for the property and based on everything you know, that may seem
like a fair price to you. So perhaps you know something about the property that we dont
know, but based on all the research weve done on your property, it seems to me we should
be talking closer to $____________. We can write you a check for $____________ and
youll be done with it. Is that something you can live with: (If they say No" say.) How
close can you come to that price:
11. If you make the decision to sell to us today in the next 30 days, this (name the
problem, the reason they want to sell the house) will be a distant memory.
12. To close the sale, say Right now, Im looking at one other house in your zip and
although I like your
house better, the other one makes more sense me. What would it take us to do business
today: If you really want to sell this house quickly and easily, I am your person.
~ 40 ~ ~ 40 ~
SO let's see. we've now got a seemingly great deal under contract, right: So what's next:
Again I'll remind you that we will have ofen already started the process of attracting targeted buyers
(steps 3 and 4 below) but I'm passing on that for the moment as we continue following the now-highly
qualifed seller/property lead through steps 6 and 7, which I call the due diligence" phase.
What is Due Diligence?
Tis is basically the process in which a potential buyer will gather and verify key information thats
relevant and important to his decision, before fnalizing the sale. More specifcally in our case, its where
well look a little harder and dig a little deeper to make sure this is actually a good deal for us.
Remember, up to this point I've basically relied on a quick and dirty" look at the comps, a rough estimate
of ARV and I'm basically taking the seller's word on the extent of repairs that might be needed. But we'll
need to do a little better than this, which is exactly why my contract has an inspection clause.
Remember this from Chapter 3:.
Tis is my safety guard. I'm fully expecting that most of the time the seller's perception of what the house
is worth or the extent of possible repairs will be of base. And when that happens, I have not only a good
reason, but an open door to renegotiate the contract.
Tat's why I say if it smells like a deal, just get the property under contract. You don't need your exact
repair costs, values, and proft margins calculated to the penny frst.
Start with broad strokes and move forward, because once we get it under contract, were going to have
CHAPTER 7
Due Diligence
~ 41 ~
our BPO agent go out to the property and
take much closer look for us.
Getting a BPO
Once we get it under contract, we
order a BPO from a BPO agent which
will be a much more detailed and intense
report than our own quick and dirty"
assessment thus far, but not nearly as
robust or extensive as
a full-blown, certifed appraisal (BPO).
What is a BPO?
Te BPO, or Broker Price Opinion,
is typically used by lenders, mortgage
companies and loss mitigation
companies to determine a propertys
approximate value when they believe the expense and delay of an
appraisal is not necessary.
It's typically conducted by a local, licensed real estate professional (Realtor) known as a BPO Agent
- which is really just a fancy label for a regular real estate agent who also does BPOs. Because of their
training, they know how to run comps, assess a house and a neighborhood, and come up with a list of
obvious repairs with estimated costs.
Tere are two major categories of BPOs: the Drive-By BPO" and the Full BPO." You want the Full BPO,
which typically includes:
- Broker information
- Location
- Neighborhood
- Conformity to neighborhood and zoning
- Property type, style, approximate age
- Visual condition of all individual exterior
features
- Whether it looks occupied
- Parking
- Lot size
- Estimated square feet
- Estimated room count
- Comments
Seeing Without Being There
Everything about the BPO is designed to help you determine whether the deal at hand is a winner, a loser,
or marginal at best. And frankly, this is a big secret of how Im able to do these deals without seeing them
because I have a BPO agent go out the property and act as my eyes and ears once I have it under contract.
- Tree recent sold comparables with info
- Tree currently listed comparable
properties
- Photos of the exterior
- Photos of the interior rooms of the
property.
- Inspection of interior and exterior features
conditions.
- Comps (comparables).
- Individual photos of interior or exterior
damage.
- Repair estimates.
- Cleaning or trash-out estimates.
~ 42 ~
Besides my own students, I don't know any other investors who
have even thought about leveraging a BPO agent to do the major
legwork involved in the due diligence process but when you
think about it, it only makes good sense, doesn't it:
How to Find Your BPO Agent
I've had a lot of success using CraigsList to fnd qualifed BPO
Agents. It's totally free and gets a staggering amount of tramc
daily. Te fact is theres no better way that Im aware of to fnd just
the right person as quickly as possible. I remember when we put
the very frst BPO agent ad in the Dallas area CraigsList - within
minutes people started responding.
Who Youre Looking For
First of all, you want a licensed Realtor with a digital camera.
Licensed Realtors have the foundational knowledge somebody of
the street doesn't. Even if they're new to BPOs, they're at least used
to sizing up houses and giving opinions of value, etc.
Also real estate agents are ofen looking for extra work on the
side to subsidize their sporadic commission income.
I'm not talking about Top Performers" here - they're not likely
to be interested in BPO work of this nature. But most agents are
NOT top performers. many are struggling just to stay in real
estate. And seeing the opportunity to earn some extra money
doing something thats related to their feld is a perfect ft.
Secondly, Im hoping for someone whos not only a Realtor but
also an investor if possible. Tat way theyll have an even better
understanding of what Im doing and why not to mention they
might even end up being a potential buyer. Tat's right, I recently sold one of my deals to the BPO agent I
hired to assess it for me!
How Much to Pay
When a Realtor does a BPO for a lender, he or she typically gets paid anywhere from $40 to $100,
depending on a number of factors. Te fees you should pay for your BPOs can also vary based on the
provider, type of report, and turnaround time.
We started out at $30 initially. But Houston and the Dallas Metroplex areas are so huge, we found the
cost of gas was taking a serious chunk out of our agents' compensation and made them question whether it
was even worthwhile. We want our BPO agents to look forward to doing BPOs for us - they're a crucial
part of our system and they deserve to be fairly compensated for their work. So we upped it to $75 per
property which seems to be working pretty well.
Something to remember is to always include the fee youre willing to pay in your ad. Be clear about what
youre looking for and clear about whats in it for them.
My CraigsList Ad
Whether you choose to advertise online or omine, the following ad is a good template for you to follow.
It's the very ad I've used it on CraigsList myself to fnd some outstanding BPO Agents.
TIP: Use Individuals,
Avoid BPO Services
Ive been asked before if it might be
better to hire a BPO service (which you
can see advertised here and there in
real estate publications) rather than
an individual agent.
My answer is NO.
Why? Because BPO Services like this
typically can charge anywhere from
$125 to $300 a pop you might as
well get a full-blown appraisal!
We have BPO agents in more than
one area who have been with us for a
long time. And they love me because
I provide a constant ow of extra
income for them.
Sure, theyre only getting $75. But
youd be surprised how many agents
will love the opportunity for an extra
$75 over and over again.
~ 43 ~ ~ 43 ~
Posting Title: Realtor with a camera needed in Houston area
Austin based real estate investor needs a reliable/dependable Realtor to complete 10
to 20 BPO (Broker Price Opinion) reports on single family residences in the Greater
Houston area.
Your report will include the following:
AfLei iepaiied value of Louse
CuiienL as-is value
Comps
esLimaLed iepaii cosLs
The photos that must be taken are:
Interior Photos
A photo of each room in the house. In the kitchen take multiple photos so that we can
have a view of the kitchen cabinets, appliances, and ooring. In the bathrooms, photos
will be required of all xtures, bathtub and shower. Additionally, if there is any damage
to the property, photos should be taken of this.
Exterior Photos (5)
f1 - fionL view of LLe piopeiLy
f2 - ieai view of LLe piopeiLy
f3 & f4- pLoLos of piopeiLy fiom LLe lefL and iigLL side of subjecL piopeiLy
f5 - sLieeL view - pLoLo of sLieeL wLeie piopeiLy is locaLed.
All photos should be taken in landscape format no vertical
ou will be paid $50.00 pei piopeiLy. 0nce youi BP0 iepoiL is compleLe, you will e-mail
it to us and payment will be sent out to you the next business day. We can also wire
transfer your payment into your bank account the very same day.
If you are interested, please respond with the following information.
oui conLacL infoimaLion, including e-mail addiess and pLone numbei.
Bow long you Lave been a iealLoi
Bave you evei done BP0s:
0nce a iequesL Las been made foi a BP0 iepoiL, Low long will iL Lake you
Lo compleLe iL:
~ 44 ~ ~ 44 ~
Don't be surprised if your phone starts ringing of the hook afer you place this ad. As I said, real estate
pros in almost any area are eager to do BPO work since it provides them with an additional income stream
on top of their normal business.
Why Such a Long Ad?
Sometimes I get asked why such a long ad: Why not just give them a shorter, abbreviated description and
get them to call.
1. Well frst of all, Ive already mentioned I have no shortage of respondents with this very ad. So
thats not even a concern.
2. Secondly Ive just found that this ad works well because when they call theyre already very
qualifed. By the time they respond, they know exactly what I'm looking for, what I expect and
even know how much were going to be paying them. So, it works very, very well in that regard to
keep us from wasting time weeding through unqualifed prospects.
Have you noticed a trend yet with me? I like to minimize my hassle and time wasted by leveraging my
marketing to pre-screen my leads before they get to me. It's a consistent factor in almost everything I do and
it works very, very well for me.
Getting Them Access
Obviously, if I'm expecting my BPO agent to do a full fedged,
interior BPO, they'll need access to the property, right:
Tis is simply something we let the seller know from the start
that our inspector" (rather than BPO Agent") will need to go by and
inspect the property in detail on our behalf. We let them know hell be
taking pictures, will need full access to the property and may even ask
them a few questions if they're on hand.
And of course in the contract one of the things to which they agree
is letting our inspector into the house. Tey understand our need for
a contingency to inspect the property before purchasing, and also that
were a business and naturally delegate certain responsibilities to others
on our team.
It's really easy to explain and it has never been an issue.
Time to Renegotiate?
Afer I get my BPO report back (typically a 2 to 4 day turnaround), I'll see how close my quick and dirty"
numbers were in comparison. Even more importantly, Ill see if Im overpaying for the property based on
the fndings of the BPO agent, and if so, we'll call the seller back and renegotiate.
Tis is a much easier conversation than some people imagine it to be.
Tis is not a time to be aggressive or accuse them of not being truthful about the house maybe they
weren't, or maybe they were just mistaken due to lack of knowledge, experience, or just being too emotionally
tied to the house. Dont judge them or assume a condescending posture. I do not recommend coming back as
a know-it-all".
Really, it's just about being honest with them. You should have established already that if you're inspector's
assessment came back showing something diferent than you were basing things on initially, then this
~ 45 ~
conversation would need to happen. Even if theyre surprised, most of them will handle it well if you treat
them well.
Really when you end up calling the seller back to negotiate a lower price, I'd say about 93 of the time
theyll agree to it especially when you have a list and estimate of all the repairs right in front of you,
which you can go over with them.
Dont Abuse It
Te fact is you can use this tactic to carve out additional profts on just about every deal, but you should
always use it with full integrity. Dont plan on going back to renegotiate with every single deal only the
one's where the numbers actually come back diferent than you initially thought.
I believe in the Golden Rule of always treating people as you would want to be treated. And while Im
fne with the art and science of healthy negotiating, theres a line you can cross where healthy negotiating
becomes dishonest manipulation.
So please feel free to use this strategy when it makes good sense. But be careful not to cross that line.
Afer all, the single most valuable asset you have is your integrity.
~ 46 ~ ~ 46 ~
I
f you're following along (and I know you are ) then you know we've covered steps 1-2 and 3-7. Te
next step in our process is to actually become a Real Estate Matchmaker
TM
and connect your great deal
with a hungry buyer!
But before we go there, I'm going to take a moment to share an important part of my business with you
- and it's one big reason why my business runs like a well-oiled machine without requiring me to spend all
my waking hours working in it as so many other investors do.
Its our system for Transaction Management.
And take note here, because Im about to show you how to turn a disheveled heap of paperwork, photos,
and deal details into an organized, easy to manage business system most people envy.
Tere are two key components you should know about:
- Our Virtual Closing Coordinator
- Te HighRise" Online Tracking System
Using a Virtual Closing Coordinator
Shortly afer securing a contract on a piece of property, one important step we take right away is
to notify our closing coordinator that we have a new deal in the works. She will then coordinate a
quick, preliminary title search on the property to see if there are any surprise liens, judgments, or other
encumbrances we should be aware of now rather than later.
CHAPTER 8
Transaction Management
~ 47 ~ ~ 47 ~
What is a Closing Coordinator?
Quite simply, this is someone you must have on your team if you want to run things like a business
owner rather than an employee. Most investors don't - but you should, and here's why.
- A good closing coordinator oversees the entire closing process for you.
- A good closing coordinator keeps in touch with you, your buyer, and seller, with
important, timely information thats relevant and timely to the transaction.
- A good closing coordinator lets you know when a
problem pops up, and helps you get it resolved quickly.
- A good closing coordinator keeps all your transaction
paperwork organized and in good order, including
disclosures, addendums, milestones, etc. - ensuring 'i's
are dotted, 't's are crossed and everyone has signed
everywhere theyre supposed to.
- A good closing coordinator works with the lenders, the
title company, the buyer and the seller together to get
the deal closed.
- A good closing coordinator is familiar with the state laws
that you live in, and helps keep you in line with them.
- A good closing coordinator saves you hours and hours
of your precious time per transaction (not to mention
potentially costly mistakes) so you can focus on doing
what you do best. getting more deals!
Work Smarter, Not Harder
Look, you shouldnt have to worry about handling administrative
tasks, dealing with stacks of paperwork, calling around to schedule
closings, or collating reams of paperwork for your fles.
All that stuf is important, but it's not what you do best. Let them
do it. Tat's their specialty. You move on and go fnd more deals.
You should be spending your time marketing and having
your closing coordinator manage the paperwork and admin for
you. And when the transaction is done, they should send you a
professionally presented digital copy of your transaction.
Tis is exactly how my transactions are managed. I cannot
emphasize enough how important a Closing Coordinator is to
our system. He/she keeps shuming papers from getting in the
way of making money. He/she sits on hold with a lender, title
company, or agent and manages the never- ending details so I can
be a business owner, not a business slave.
Hire In-House or Outsource?
You can go either way with this. Some people prefer an in-house staf person handle their deal
management. I've tried it that way, but today I prefer outsourcing to a full-time professional closing
coordinator.
How to Use My Own
Closing Coordinator
Just so you know, I oer GOLD
Members of my REI Marketing Club
VIP access to my virtual Closing
Coordinator. And Im telling you,
using her service is the easiest way
to get the job done.
This is a limited oer that Im
making only to GOLD Members
of The REI Marketing Club. My
Closing Coordinator can only handle
a limited number of closing trans-
actions each month and once she
reaches her limit, this will no longer
be oered.
No matter where you live in
the U.S., she (or someone on her
small sta) can oversee ALL of your
deal closings for you from start to
nish, saving you tons of time. You
wont even have to show up at
the closings because she sees to
it your checks are sent to you
via FedEx!
For more information about all
the benets you receive when
you become Member of my
REI Marketing Club, visit:
www.JoinREIMC.com
~ 48 ~ ~ 48 ~
Here are a few reasons why:
- She has an entire team working together to provide the best real estate experience
possible.
- I get exceptional service, but I'm not her only client. So if things don't work out,
we can part ways and I wouldn't have just laid someone of a full-time job.
- Tey use state of the art transaction management sofware (that I don't have to
pay for). So I can log on anytime to fnd out in real time where we are with any
deal shes working on.
- She gets paid when I get paid. Meaning, she gets $330 for each closed deal, at
closing. If she were an employee, Id be paying by the hour, whether a deal closes
or not.
In the end, you can hire an assistant, train them, manage them, pay them, and work harder to keep
them busy and paid.
.OR you can outsource it to a fulltime closing coordinator like I do. It's up to you. But just like the
BPO agent, I feel it's some of the absolute best money I'm investing in my transaction, because I'm
outsourcing to a true professional, and likely getting a better result than if I were to try and do it myself.
Online Transaction Management
Teres a resource I started using not long ago thats taken our already streamlined approach to
transaction management and put it on steroids. It's an online-based program called Highrise and can
be found at: www.HighriseHQ.com.
Its kind of like an online contact/deal management program where you can attach fles, insert notes,
etc., and you can even set milestones, task lists and deadlines on a per transaction basis.
Why Highrise?
So many people to keep track of. So many phone calls, emails, notes, follow-ups, and tasks. Who is this
person again: When did we last speak: What did we talk about: Has anyone else talked to this person
yet: What's supposed to happen next:
Highrise is here to keep track of it all. Its the answer to the avalanche, and a perfect marriage with my
closing coordinator.
More Specically, How We Use It
We actually use two versions of Highrise side-by-side: One for keeping track of the leads and another
ust for keeping track of the deals I have under contract.
For the Leads Side
- When a lead comes in, the email from PATLive becomes an attachment in Highrise.
- Ten when we call the seller back, any comments or important notes, or just a
summary of what happened on the call is also entered into Highrise, attached to the
same transaction.
- When items are scheduled, tasks created, or anything else related to that seller lead,
its always going to be input into Highrise and attached to that transaction.
~ 49 ~ ~ 49 ~
- Te big beneft is, I or anyone on my staf, can easily access this info at any point,
in a paperless format, from anywhere in the world. And its all entered in the same
systemized way every time.
Below is a screenshot of our Highrise account for tracking leads. We have it organized frst by county,
then property address, and whether or not we talked with the seller.
So let's say we call a PATLive lead back, but there's no answer. We would type in Contacted Seller on
[date] at [time]. No answer."
Or, if we got we spoke with the seller but they said, Oh, I cant talk right now. Call me back tonight.
Tat's exactly what we would enter.
Te point is, every little detail is logged into Highrise with every touch or point of contact we have.
Similarly for the Contracts Side
- We keep all photos, notes, PDFs of the contract, BPO reports, all the property info,
contact info etc., in one place for each deal.
- You can tag" your items by property address, by county, by name, or any other
way you might want to categorize, classify and organize the information you
upload or input for your deals.
- So again, whatever we put in there, our closing coordinator can see, my staf can
see, and I can see at any time, in a paperless format, from anywhere in the world.
So as you can see, its just a great way to organize everything online. And it allows you to record all
correspondence with sellers, keep lists of tasks, milestones, deadlines, etc.
How Much Does It Cost?
If I were you, Id think of it as an investment rather than a cost because it WILL pay dividends to
your bottom line!
Highrise has a number of monthly plans, which you can review from their website based on your
current needs. As of the time Im writing this I think were only paying around $29 a month for this.
And it's a steal for the benefts we get from it. (Tey even ofer a free account.)
But, it's just a great way to organize all your leads and also organize all the properties you have under
contract. For the world of diference it's made in my own business, you should seriously consider it for
yours. [www.highriseHQ.com]
~ 50 ~ ~ 50 ~
N
ow we're going to rewind a bit and look at steps 3-4 of my Real Estate Matchmaker
TM
System, which as
you know I've held back on covering up to now for the sake of following the fow of a new lead.
It goes without saying that if you can't sell your deal, you're not getting paid, right:
So now you're at the point that you need a qualifed buyer for your deal. Or even better, a list of qualifed
buyers, hungrily waiting in the wings, eagerly anticipating your deals. Tats what I want at least. And I
know exactly how to get it.
But listen, you really need to understand that attracting and cultivating a list of qualifed buyers to whom
you can liquidate your deals to is every bit as important as attracting deals in the frst place.
Said another way, you should think of your buyers list as money in the bank. And the more robust the
buyers list you can tap, the more easily and quickly you'll fip your deals and get paid. (And that is the
ultimate goal here, right: )
You may recall that, if I don't already have a list of qualifed buyers in my pocket for a specifc area,
I'll start building my investor-buyers list just as soon as the frst lead comes in from a new mailing -
simultaneously to steps 5 and beyond. And I typically start this process by mailing out a lead generation
postcard to investor-buyers to build up my buyers list, and placing a classifed ad or two.
But before I detail the nuts and bolts of exactly how I do this, let's briefy highlight.
CHAPTER 9
Attracting Qualied Buyers
~ 51 ~
Three Types of Buyers
In general, the pool of people to whom you can potentially fip your deals at any given time can be
divided into three main categories:
1. Owner Occupants: With this crowd, you can stand to make your largest proft per deal, but its a one
shot deal. Teyre only interested in the one house.
2. Investor/Rehabbers: Tese are the guys who buy, renovate and sell. We covered them in the fx and
fip" section a few chapters back. And they need you because without houses they don't make money.
And ofen they're too busy managing their rehab projects, contractors, cash fow, etc., to go out and
fnd the next deal.
3. Investor/Landlords: With these you will make the easiest and most money consistently. Rather than
a quick proft, they're typically looking for monthly cash fow, equity and long-term appreciation.
I intentionally cater to landlords. If they want a house with tenants already in there paying, then I
will accommodate them. But believe me, I will get paid well for my eforts. Would you rather sell 3
houses to 3 diferent people. or 3 houses to one person:
My Primary Focus
While some wholesalers like to try and play in the wholetaling" arena (selling wholesale deals to
owner occupants), personally I really prefer focusing on rehabbers and landlords (investor-buyers) -
and landlords are my very favorite.
One big reason is that landlords are in widespread buying mode" because this is their business which
is driven by volume. Tey can buy at lower prices and rent them out for more money, faster. Its like a
landlords dream come true and they are always looking to increase their portfolio and make more money.
Landlords also tend to pay a little more for property than a rehabber. Why: Because they're not
typically trying to make a big chunk of money up front - they're in it for the long haul (i.e. at least a few
years).
So their equity margins don't have to be nearly as big as rehabbers in order for the deal to make sense.
Also, because a landlord tends to do the minimum amount of work required to fx the house up and
get renters in it, whereas rehabbers will need to put the house in primo condition if they hope to sell it
to a retail buyer.
Which Comes First Buyers or Deals?
A question that comes up a lot among wholesalers is, Which should I focus on fnding frst, the buyers
or the deals:"
And as you've no doubt notice (I've more than hinted at it a number of times) my answer is BOTH.
If possible, you should work aggressively to attract both sellers and buyers simultaneously. But if you
had to choose one before the other, Id urge you to make it buyers frst.
Why: Because frankly, starting with the deal and rummaging around hoping to fnd a buyer is a much
more stressful and inherently riskier prospect.
First of, your chances of following through on the contract go down notably, because rather than
having a deal basically pre-sold to a pocket buyer", you're basically starting from scratch. And if you can't
perform on your contracts, you'll quickly build a reputation as that guy" who can't get deals done.
Hopefully you get this already, but having a solid reputation is critical to your long term success in this
business. Tis is a people business" and word spreads faster and broader than you might think.
~ 52 ~
And wouldnt you much rather be on the hunt for a deal with a hungry buyer in your pocket, than have a
deal signed up and fnd yourself running around stress out, trying to fnd someone to buy it from you before
it falls through:
So my advice: Go for both buyers and sellers simultaneously. but if you must start with one frst, start
with buyers.
My Two Main Attractor Factors
When it comes to selling my deals, I enjoy a large buyers list
that's eager to hear what I've got coming down the pipeline next.
And I have two factors that have been responsible for the lions
share of these buyers.
1. My Carrot on a Stick" Classifed Ad
2. My Proven, Direct Marketing Method
Tey're both exceptional ways of bringing hungry buyers to
the surface. Im going to walk you through both of them, and
you should absolutely employ them both in building your own
buyers lists.
How to Build Your Buyers List Free
For starters, here's a no-cost way to build your buyers list: Use free online classifed ads.
Tis one should be a no-brainer to you by now - afer all I've already demonstrated how quickly and
easily I was able to get all the BPO agents I needed from Craigslist.
Tere are actually a number of places you can do this, ranging from the aforementioned Craigslist.com.
to Backpages.com. to local real estate investor association websites and newsletters.
And while it's not quite free, you can also run an
ad for a very low-cost in weekly publications such as
the Greensheet, the Trify Nickel, etc. Many cities
actually have weekly alternative newspapers in which
you can run ads in a very low-cost.
And as I said, ofen at local real estate investor
meetings youll be allowed to post advertisements at no
charge if youre a member.
Heres a solid ad that pulls very, very well for us.
Running it online should get you a number of good
leads to start with:
Notice that this ad does not have a telephone number. Rather than having your investor-buyer prospects
calling you, I propose that you want them emailing you so you can build your email lists of investor-buyers.
But wait, I can hear it now - you're asking.
What If I Dont Have a Deal Like That?
Well that's where the carrot on a stick" comes in.
If you actually have a property for sale when they contact you, then of course youd just email them back
information about it. But if you don't, then you don't. And in this case your response could be something
more like.
Done For You Mailings
Remember that GOLD Members
of my REI Marketing Club can get all
their postcard mailings DONE FOR
THEM through my oce.
For more information about the
Club and its benets, visit: www.
JoinREIMC.com
Hey, Im sorry, but this ones not available anymore. Red hot deals like that one get snatched away from me
pretty quick. :-) Would you like me to let you know when I have another one like this come my way? Im a
wholesaler and seem to come across a number of these. Id be glad to send you another one. Tanks.
Do you see the power in what you've just done: Sure, you'll get a few tire kickers responding to an ad like
this, but by and large, most who will contact you will be prequalifed as to their interest already.
Investor-Buyer Postcard #1
~ 53 ~
[Your name]
[Your address]
[City, State, ZIP]
Postage
Here
I Am A
Motivated Seller!
I must sell my investment
property (at a very deep
discount) thats near your
property at:
[Property Address]
Please see the other side
for more details. I need
to sell fast!
I must sell my [City] property really fast...
Its near the property you own at:
[Property Address]. Can you help me?
Dear [First Name],
Hi, my name is [Your First Lastname]. I have a property for sale near yours in [city].
I need to sell this property QUICK! Im oering it at a very, VERY deep discount. It would
make an awesome rental property, lease option, or quick ip. And, as youll see, its in a
great location.
Its priced so low (far below market value)... you could ip it for a quick prot if you
wanted to. I will wholesale this property to an investor who will see its value and can pay
cash or use hard money. To see more info, please go to
www.YourWebsite.com <http://www.yourwebsite.com/>
I appreciate your time. I really do need to sell this property. Im motivated and its priced
to sell fast! I hope to hear from you soon. (If my property does not appeal to you, please pass
this postcard on to another investor.) Thanks!
~ 54 ~
You can ask them a few more questions from there to help size them up as buyers - specifcs about
the kind of deals theyre interested in specifcally, whether or not they need fnancing, or are operating
with cash ALL OF WHICH you should be making carefully note of. (You can also keep track of all your
buyers in Highrise.)
Do you see how powerful this is:
My Favorite Way to Build Your Buyers List
As you might guess, by far, my favorite way to build a buyers list fast and easy is to use direct mail and
Investor-Buyer Postcard #2
[Your name]
[Your address]
[City, State, ZIP]
Postage
Here
Attention Rehabbers
and Landlords
Wholesale Deal
Of The Week:
555 Fifth St., Dallas, TX
3 BR, 1BA 1,320 sq. ft. traditional
style home built in 1956. Minor
repairs needed.
ARV: $xx,xxx
Sale Price: See at site
See this deal, and many others at:
www.xxxxxxxxxxxx.com
Attention: [First, Last Name]
I thought youd be interested in seeing
the WHOLESALE DEALS Im oering at
www.xxxxxxxxxxxxx.com
Dear [rst name],
Below, are a few of the latest wholesale / rehab deals Im oering
at my site: www.xxxxxxxxxxxx.com You can see photos, property
descriptions, and maps for all properties. Hurry at these low
prices, these properties will sell very fast!
Regards,
{Your Name}, RE Wholesaler
DEAL #1: 111 First St., Dallas 75212
3 BR, 1 BA. Needs paint, carpet, new siding.
ARV: $xx,xxx Sale Price: See at site
________________________________________
DEAL #2: 222 Second St., Fort Worth 75214
3 BR, 2 BA brick house. Needs paint, ooring, etc.
ARV: $xxx,xxx Sale Price: See at site
________________________________________
DEAL #3: 333 Third St., Dallas 75216
3 BR, 2 BA. Completely remodeled 3 years ago.
ARV: $xxx,xxx Sale Price: See at site
________________________________________
DEAL #4: 444 Fourth St, Ft. Worth 75214
3 BR, 1.5 BA. Minor rehab. Established neighborhood.
ARV: $xx,xxx Sale Price: See at site
________________________________________
You can see these deals and more at:
www.xxxxxxxxxxxxx.com
~ 55 ~
more specifcally by sending cheap little postcards to investor-buyers, and getting them to respond by
visiting my website (more on that in a second).
Mailing List Criteria
Here Im using very similar criteria to what I used for my motivated seller lead mailings, but obviously
tweaked a bit.
Its really very simple. In a nutshell, Im buying my mailing list from the very same resources I mentioned
previously in the chapter about attracting sellers. I purchase another list of Absentee Owners from them,
but this time its fltered down to only Absentee Owners who have purchased a property in the same area within
the last nine months.
Why: Because the chances are pretty high that since they don't live in the property, it was an investment
deal of some sort. And having purchased as recent as only 9 months makes them a fair candidate for buying
another property in the same area. In other words, most of these people are likely landlords or rehabbers
who have recently been in buying mode" and may very well still be.
When ordering my Investor-Buyers list, I usually order every name I can get in the entire county and
maybe even the surrounding counties.
Using this criteria consistently flls my buyers list to overfowing for any area I'm focusing in. Seriously,
I cant stress enough how powerful method is.
Proven Investor-Buyer Postcards
As with my motivated seller mailings, the postcards I've created for attracting Investor-Buyers work very
well for me. Its flled with subtle tactics designed to grab attention, draw you in and compel you to take
action (i.e. respond) if you're an ideal prospect.
The Desperate Seller Approach
On the following page I've pasted one of my best Investor-Buyer postcards. Using this very postcard,
I was able to build a buyers list of nearly 600 Investor-Buyers within a two week period in the Dallas/Fort
Worth area! Yes, it's that powerful.
Please read over it entirely, front and back, and see if you can tell why it converts so well.
Worth Taking Note Of
Did you notice how its personalized with their name and the address of the property they own:
Seeing your own property address in print is a strong attention-getter.
And notice how I'm speaking their language" right from the start with the headline, I Am A Motivated
Seller!". It's the language of opportunity for a real estate investor, and it's stating in no uncertain terms,
I need to sell this property, and if you're a real investor, please come buy it from me!"
Like bees to honey.
Also notice that all this postcard is selling them on is the idea of going to my website. Ill show and tell
you more in a second about what they experience when they get there. But on the postcard, I'm not giving
them a phone number to call - it's just a website. It's because I have an elegant system set-up to gently
screen them and entice them onto my list on near autopilot - and you'd expect nothing less from me by
now, right:
The Multiple Deal Approach
On the following page is another (second) postcard I ofen use that's also proven to pull really well for me.
~ 56 ~
~ 57 ~
Tis is particularly useful when I have multiple properties in an area, and takes the approach. Hey, I just
thought you'd be interested in seeing some of the wholesale deals I'm ofering."
And depending on what website were using at that time, sometimes well include summaries of the
properties.
And yes, this all fts on one little four inch by six inch postcard.
The Seductive Squeeze
So afer the investor-buyer prospect receives my postcard, he's then directed to respond by visiting a
website - and specifcally he's driven to a special kind of web page called a squeeze page".
What is a Squeeze Page?
Never heard of a squeeze page before: It's kind of a street-smart marketing term referring to a web page
that's designed to do one thing and one thing only: To motivate someone into giving you some piece of
personal information - typically their email address at minimum, and ofen their name, and maybe even
an address and phone number as well.
Te reasoning behind their name is probably pretty obvious - the page is all about squeezing"
information out of them. And in return you should be ofering
them something of value be it information, opportunity, or even
just a warm fuzzy feeling. Whatever it is, it must be something they
want enough to exchange their information for it.
I'm sure you've participated in a squeeze page" a number of
times before and may not have even thought about it that much.
Many times the carrot" being ofered is an eBook, special report of
some kind, special audio or video content, or even just something
entertaining.
But the bottom line is every single item on that page is designed for
the singular purpose of compelling you to submit your email address
(at minimum) in return for whatevers being ofered.
Why: Because once you have a valid email address, you've just been granted an open, ongoing line of
communication with your target prospect. It's called a voluntary opt-in" and it's what separates you from
the spammers.
Spammers send unsolicited email to people who have never granted their permission to receive it. You on
the other hand are being invited to send them information they consider worth receiving. Granted they can
end that relationship at any point by opting out" - which of course is only fair.
But as a Real Estate Matchmaker
TM
it's paramount (and legally critical) that you get their permission in
the frst place before you can start letting them know about your deals via email.
A Look at My Own Squeeze Page
On the following page you'll see a screenshot of my own squeeze page. As you review it, notice how each
and every element points toward the one thing I want them to do.
The Squeeze Video
You might have noticed the picture of the professional woman on the top lef of the page. No, it's not
just a pretty picture its a video, which you obviously cant view here within this manual, so Ill describe
it for you.
~ 58 ~
~ 59 ~
First of, the woman in the video doesn't work for me. I actually worked with a videographer in
Austin on this, and he sent me sample clips of some of his actors. I felt like she was the best ft both in
terms of how she looks (it doesn't hurt that she's a pretty blonde) but also in how she communicated -
she sounds clear but not canned". professional but not scripted.
I actually wrote the script I wanted her to say and she executed it verbatim, sounding completely
natural the whole time. Here's what she says.
First, Id like to thank you for stopping by. And I want to give you an idea of what our website is
not about. Tis is not a subscription website. Tat means we wont ever ask you for your credit card
information in order to access the properties we have for sale. It also means that the properties we
have are not available anywhere else. Tese are our own properties.
We are wholesalers. What that means is we put the property under contract. And we are looking
to assign the contract for a modest proft. We are looking to leave most of the money in the deal for
you. So, you can do what you do, which is either fx it up and then
resell it to an end buyer, or hold it in your rental portfolio.
We respect your privacy very much. When you give you us your
information, we will never share that with anyone and it stays with
us. We will only use your information to keep you updated as new
deals become available. We will not bombard you with emails.
Whenever we have a property available, we will send you an
email and you will be able to check out the property information,
which usually includes pictures, comps, and a detailed description.
Everything you need to determine if this is a deal
for you, or not.
If at any time during the process you no longer want to receive
emails from us about the wholesale deals we have available, there
will be a link at the bottom of each email we send you that will
automatically unsubscribe you from our mailing list.
You will always be able to call us directly about any property
you are interested in. Our phone number will be included in
the email and on the website and you can call us to discuss the
properties.
Bottom line, we are here to do business with you. We are real estate investors just like you and
arent here to B.S. So, if youre a serious investor who is interested in being notifed about awesome
wholesale deals in your area, then please enter your information on the right of your screen.
Do I Have to Hire It Out?
If you think you can pull it of, there's no reason you can't produce a video like this one yourself using
a $130 fip camera and a tripod. But in the end I went with an actor and I couldn't be happier. Tis page
has been very successful but the numbers spiked even higher when we added the video. And all things
considered, I felt it was extremely fairly priced at around $400 or so.
Te fact is, almost everyone who arrives on this page ends up opting in to my buyers list.
Let Me Create Your
Squeeze Page
You can feel free to model your
squeeze page after mine. But if you
have no idea how to do this or who
to hire to do it for you, I can make my
webmaster available to you to give
you a cloned version of my page.
This would be the exact same squeeze
page I use for nding investor buyers
in my real estate business.
As a member of my REI Market-
ing Club, my webmaster can create a
squeeze page like mine for you, please
visit: www.JoinREIMC.com
~ 60 ~
After the Squeeze
So afer investors opt-in at my squeeze page with their name, address, phone number and e-mail address,
they are taken directly to my website where they can view my properties.
See Image to the Lef.
If you don't have any deals available yet, you can just send them to a quick thank you" page indicating
you'll be in touch shortly. Also they're now on my buyers" email list (at least until they opt-out"). Tis
means every time I get a new property under contract, Ill be sending them a polite little email about it.
Tey also receive a near-immediate email from me warmly welcoming them as a new buyer. Of course
I'm not actually sitting at my computer waiting for new subscribers to send email replies to. It's an auto-
responder email sent automatically. Here's basically what it says.
[Buyers First Name],
Tank you for taking the time to sign up at [YourWebsite.com]. We will immediately
notify you each time we have a wholesale deal thats priced below market value.
Regards,
[Your Name]
www.YourWebsite.com
How to Manage Your Buyers Email List
Communications to your buyers list are like money in the bank. So you want to do whatever you can to
make your emails as efective as possible - including making sure they get through spam flters!
Many will make the mistake of using regular" email like Gmail, Yahoo or Outlook to manage your
buyers. I say this is a big mistake. Here are three good reasons why.
Problem 1: Bulk Email Scrutiny
When you send a single email to a large number of recipients (hopefully hundreds of buyers) then youre
sending bulk email. And even though youre not spamming them (theyre opt-in subscribers) your email
will still be highly scrutinized by the spam lters based on its very nature.
The bottom line is, regular email isnt made or equipped to handle bulk email marketing. Its quite simply
the wrong tool for the job.
Problem 2: No Auto-responder
An auto-responder sequence is of key importance to marketing any business online these days. And
regular email clients either dont have them at all, or theyre ill-suited for your purposes. You need to have
a reliable, exible, fully customizable auto-responder sequence built into the core of your email marketing
system.
Problem 3: No List Segregation
You need to be able to have several sub lists within your main email client and then be able to email
only a particular sub list or group of sub lists at any given time. You should have one for buyers, one for
sellers, one for hard money lenders, one for well you get the idea.
Even contact managers like Outlook and Act! arent equipped to do this to the level you need it done.
Solutions 1-3: Aweber
Use an email system specically designed for legitimate mass email marketing. Personally I use and
~ 61 ~
recommend Aweber.com. Its aordable, intuitive and consistently has one of the highest deliverability
rates in the email marketing arena. As of the time Im writing this, you should be just ne with a $20/
month plan.
Questions to Ask Investor-Buyers
Afer an investor-buyer responds in any way - whether from a classifed ad, postcard or
whatever - the next step is to put together a profle of who they are and specifcally what they're
looking for. And everything we fnd out goes into Highrise.
You really want to try not to waste a buyer's time demanding their attention for a deal that's
clearly outside the scope of what they're looking for. Tat's a quick way to get them to stop paying
attention to you altogether.
And of course, the more we fnd out on the front end, the better chance we have of matching
them up with the right deals for them. So here's a list of questions we ask them, along with some
comments from me [in brackets].
1. What is your phone number?
2. What is your fax?
3. What is your email address?
4. How many properties are you looking to acquire this year? [Trying to nd out if
this is a real player or a newbie/tire kicker. We had one guy in Dallas who responded,
I buy on average about ve properties a month. So we tag him and make sure to
maybe even personally call him when we have a property for sale.]
5. Are you a landlord or rehabber? [Helps us better understand what theyre
interested in.]
6. Do you have a preferred area? [Always make notes of this because when you get
hot deal in their zip code of choice, you can personally call them rst on it.]
7. What level of properties are you interested in? [Find out if they do simple
cosmetic rehabs like updating baths, kitchens, or changing carpet, or if they can
handle major jobs such a foundation issues or re damage.]
8. What is your price range?
9. Do you close with cash or hard money? [This one tells us a lot about whether
theyre really ready to buy or not, and helps us potentially direct them towards local
hard money of choice.]
Well that about covers Steps 3 and 4 of my Real Estate Matchmaker
TM
System. Now you know exactly
how and why my cup runneth over" with buyers for my deals, and you're equipped to go out and create
the same thing for yourself.
Next up, let's make a deal with your new buyers!
~ 62 ~ ~ 62 ~
OK, so at this point youve got hungry buyers, youve got a contract on a hot deal from a truly motivated
seller. now it's time to play, Let's Make A Deal!"
Time is of the essence at this point. You really want to match your deal up with a solid buyer before your
inspection period" expires, which makes your contract a ticking time bomb until you have it assigned.
For this reason, I employ a number of tactics simultaneously to get my property sold, and I recommend
you do the same. Go afer the lowest hanging fruit frst (whatever that may be for any given deal) but don't
just rely on one thing. Instead be proactive and aggressively pursue as many roads as practical for you.
The Rie Approach: The Pocket Listing
A 'pocket listing' is a term commonly used to describe when a Realtor gets a new listing and already
has what he's determined to be the ideal buyer 'in his pocket' so to speak. So without even necessarily
marketing it or listing it on the MLS, he simply calls his 'pocket buyer' directly, lets him know about the
deal, and viola collects an easy commission check.
In the Realtor world, its actually looked down upon and its typically a violation of the Realtors code of
ethics. Tis is mainly because one of an agents fduciary responsibilities is to protect the best interests of his
client. And if the listing never really sees the light of day (never gets fairly advertised in the open market)
then the agents hardly doing his best to get the highest possible price for his seller.
In other words, an agent may very well be doing whats in his own best interests rather than his clients
when he/she facilitates a 'pocket listing'.
CHAPTER 10
How to Get Deals Sold
~ 63 ~ ~ 63 ~ ~ 63 ~
But in your world the world of the Real Estate Matchmaker
TM
its a whole diferent story, isnt it?
You're not the seller's agent. You're not the buyer's agent. In fact, while you do have a moral obligation
to treat everyone you deal with fairly, the only person whos best interests youre really responsible to cover
is your own.
And if you know of someone in your stable of buyers who would be a perfect match for the property
youve just got under contract, then youd better sure as heck call him frst to let him know about it!
Anything less would be insane!
Tats another reason why its so important for us to record everything we fnd out about our buyers and
their buying criteria in our Highrise system. Tat way its there within just a couple of clicks for us.
So in your world, 'pockets listings' are awesome! Dont necessarily limit yourself to only that but call
them frst!
The Shotgun Approach:Emailing Your Buyers List
Tis is what I like to call 'click a mouse, sell house.' You've worked hard to build a targeted buyer's list -
now email them!
When you send an e-mail out to your list ofering a property at a deep discount, you will get calls. If
you've build a quality buyer's list, your phone will ring, count on it.
Heres a tip: If you've already called one of your 'pocket listing' investors about the deal, you might
want to give him a 24-hour window to check out the deal and size it up before you blast it out to your
list. Be sure you tell him
that you called him frst,
and youll agree to hold
of for just 24 hours so
he has time to make up
his mind. If he likes
the deal, then you get a
contract immediately. If
not, no harm done and
blast away.
My Email to Buyers
I like to keep it short
and sweet. Teres no
need to be long winded
these are busy people
and, like all of us, theyre
going through their inbox
with a fnger on the delete
key. If I want my email
to get their attention, it
needs to be quick and digestible - and if their interest is sparked, they'll click through to my property listing
page for the details.
Here's the email I typically blast out to my list.
The Grenade Approach: Selling Your Deals Online
Tere are a number of free or low cost websites I and other real estate investors and even retail buyers
~ 64 ~ ~ 64 ~
- frequently visit for wholesale deals. Each time you get a property under contract you should post it (or
have someone else post it for you) on as many of these sites as possible.
Te tramc at these listings sites is simply amazing. With hundreds of thousands of Investor-Buyers
visiting these sites, this can be a quick, easy, free way to sell your deals. We actually have close to 100 that
we can list on, but here are the top ones we use.
- BoiBargainProperiies.com - Requires site registration. Very simple to post houses, but can only
upload 3 photos of a property.
- HyBouseBea|s.com No site registration required and no fees. Can only upload 6 photos of a prop-
erty. Listing a separate website is not allowed.
- Pot8arga|nProert|es.com Requires site registration. Very simple to post houses,
but can only upload 3 photos of a property.
- MyPouseea|s.com No site registration required and no fees. Can only upload 6 photos
of a property. Listing a separate website is not allowed.
- kehabL|st.com Requires free site registration. No restrictions on photo quantity.
- Probot.com Requires free site registration. Much more detailed, yet harder to use.
Requires submittal of oor plan to list properties.
- Post|ets.com Requires free site registration. When you post a property at PostLets.
com, it can be set to automatically post your property to these 10 additional sites for you:
(1) Zillow.com, (2) Backpage.com, (3) Craigslist, (4) Googlebase, (5) Hotpads, (6) Kijiji.
com, (7) LiveDeal.com, (8) Oodle.com, (9) Trulia.com and (10) Vast.com. Easy to use. No
restrictions on photo quantity. Post your property on this one site at NO charge, and it will
automatically post your property to 10 additional sites for you!
When Buyers Call You Back
With the strategies we've outline here, we almost always get buyers calling us back quickly about our
deals. When they do, they'll ofen have a handful of questions for you about the deal (if you did a good job
describing the property on your website then hopefully there won't be too many).
Make sure to have the numbers ready on hand to answer their questions. Of course for me, it's all right
there in Highrise, so that me, or any of my staf can get to it right away. And if you use Highrise the same
will be the case for you. No need to hunt for the fle or rummage through paperwork just login to
Highrise and click a tab.
In addition to answering their questions, here are some important questions we ask them to try and get
right down to brass tacks:
- How long have you been an investor? [if you dont already know]
- How many properties are you planning to buy this year?
- Are you interested in fxing and fipping or renting this property out?
- Do you have hard money lined up, or do you pay cash?
- How soon can you be ready to close?
You're basically trying to fnd out right of the bat, 1) how serious your buyer is right now, 2) how
qualifed he or she is to buy right now, 3) whether this property meets his/her criteria right now.
You want to fnd out quickly if this Investor-Buyer is a player for this deal or not.
~ 65 ~
What if They Want to See the Property?
It's not unexpected that your Investor-Buyer would want to get access to see the inside of property.
My policy is - and I suggest you do the same - is this:
With rare exception, I usually wont allow them to personally see the inside of the property until afer t
heyve signed the assignment contract and put up the earnest money deposit. We tell them to go do a
drive-by, and of course we have an array of great photos they can see. But we won't let them in until
we have the assignment contract and earnest money thats frst priority.
Why: Because you might have a number of people interested in any given deal. And you don't want
to have to inconvenience your seller every time someone wants to see the inside of the property, unless
theyre a serious buyer.
Common Sales Killing Mistakes
We're about to move into assigning your contract, going to closing and getting paid. But before we
move past this section I'd like to share a few common deal-killing mistakes I see people making all the
time (and yes, some of which I've made myself).
As a wholesaler, your job is to give the people what they want. So if youve been careful about the
properties you get under contract, the selling side of wholesaling should be easy. Easy is diferent from
guaranteed. And success is far from guaranteed if you make any one of the following killer errors:
1) Wrong Neighborhood
If the property is in an undesirable neighborhood, it stands to reason it will be hard to sell. Even if
the numbers add up to a great investment, most potential buyers are very wary of undesirable, or 'bad',
neighborhoods.
A good rule of thumb here is, if the neighborhood is questionable, dont put a deal under contract there
unless you already have a solid buyer (or buyers) in place, and you know with fair certainty this deal will
meet their criteria. Otherwise its too risky.
If you're somewhat certain (but not 100) that you have a buyer interested, you could tie it up with a
contract for just a few days and tell the seller you need to have your partner" eyeball the house in addition
to your inspector. Ten call your potential buyer right away (provided you trust him not to steal a deal away
from you) and have him tell you whether it's a winner or a no-go.
Tat, or just stick with better neighborhoods.
2) Not Enough Time
If you dont give yourself enough time in the inspection period to fnd a
buyer, then you can fnd yourself in a very awkward position and might even
be inclined to roll the dice" a little on the deal.
My rule of thumb is you need to have a bare minimum of 10-13 days to
locate an investor-buyer.
Of course, many times you can match it to a good buyer a lot faster than that,
but you need to give yourself this head room if only for your own sanity!
3) Your Numbers Are O
Make doubly sure that your estimates of repair and the value of the property are right. Make sure
there aren't any incurable aspects in the property! Is the house an odd-ball: Shotgun house next door to
~ 66 ~
mansions: Do you have to walk through the bathroom to get to the kitchen: If you have a horrendous,
functionally outdated foor plan, this could easily be a deal killer because it would just cost too much or be
too involved to repair.
4) You Have No Network
If I've said it once, I've said it a thousand times: You MUST have a list of able buyers on tap who are
hungry for the deals youre bringing to the table. Teres just no way around this frankly you want to be
fnding deals for your buyers, not the other way around!
Once you've developed a large network of investor-buyers, you'll fnd you start getting a feel for what
your investors want individually, and you can actually target fnding those properties for them.
~ 67 ~ ~ 67 ~
H
ere we are in the home stretch. Te last 4 steps of my Real Estate Matchmaker
TM
System will all
be covered in this chapter and with the foundation of what weve already discussed up to now,
they'll go pretty quickly.
Now that you've got a buyer who has (by now) sized up the deal, probably done a drive by and is highly
interested, the next step is to fax your Investor-Buyer an Assignment Agreement so you can assign your
contract to him.
Assigning Your Contract
Remember this bit from Chapter 3:.
In connection to this, an Assignment Agreement" (or Assignment Contract" os basically an
agreement you can use to legally assign (or transfer) your legal interest in that contract to another
person. Tis includes every aspect of your interest. So essentially the new guy steps into your shoes
and has t perform on the terms of the purchase contract as if he were you, but also reaps the rewards
of doing so.
And this, my friend, is one of the most crucial tools in your tool chest as a wholesaler. You'll use it
on virtually every deal you do. And in return, you'll receive compensation - a fnders fee" typically
referred to as an assignment fee" in real estate circles.
CHAPTER 11
Assigning, Closing and Getting Paid
~ 68 ~ ~ 68 ~ ~ 68 ~ ~ 68 ~
Tat pretty much says it. If you understand the paragraph then you understand exactly what's about to
happen and what it means.
A real estate Assignment Agreement is a very simple form you should have no problem at all flling out.
A sample of the Assignment Contract I use is included in the Appendix A" section of this manual. Just fll
it out, and either fax or scan and email it to your buyer. Ten once you get it back with earnest money in
hand, you're ready to take the next step.
Collecting Earnest Money
I usually have the Investor-Buyer put up a $2,000 earnest money deposit at my title company. And I
request that they do this within three days of signing. If they back out of the deal, I keep the $2,000.
Why the Title Company Instead of Me?
Te bottom line is this: Tey feel more comfortable with it.
Te title company has E&O insurance and underwriters to answer to. So if a buyer doesn't know me that
well and feels unsure about setting $2,000 in my hand for an EMD, theyll tend to feel a lot better letting a
reputable title company hold their money instead.
Ever Skip the Earnest Money?
If you ever decide to skip the earnest money
part and assign your contract to a buyer
without it, youd better be sure you trust them
and I mean really trust them. Because if
they walk away with no skin" in the game,
theyve really lost nothing, but youve lost a
ton and youre sitting there with a contract in
one hand, nothing in the other. and egg on
your face.
So with rare exception, I don't
recommend foregoing the earnest money
deposit.
Giving Your Buyer Access to the Property
Next you need to set up an appointment with your seller for the buyer to see the property.
I typically either have my staf or even my closing coordinator handle this for me.
I've found the easiest way to do it is to call the seller (or have someone else do it ) and tell them that
your 'business partner' or 'funding partner' needs to come out and see the property briefy.
But Arent You Lying?
No! Anyone I assign a contract to is a very real 'business partner', even if only for one transaction
together. We dont have to be partners in a corporation or have a joint venture agreement in place in order
to make it 'omcial'.
Te bottom line is, theres absolutely no need to tell the seller that you have another buyer for the
property. It could very likely confuse them at the very least, and theres no sense muddying the water.
A confused mind ofen says No" by default. So just stick with 'partner' of some sort and it'll all make
sense to them they wont even bat an eyelash.
~ 69 ~ ~ 69 ~
In Steps My Closing Coordinator
Remember my Virtual Closing Coordinator from back in Chapter 9:
Well heres where my Closing Coordinator really steps in and start earning her keep. Remember that long
list of things I gave you that a good Closing Coordinator should be doing for you to save you time: Tat's
exactly what Michelle is about to take care of for us.
- She'll be overseeing my entire closing, nursing things along and handling all the
details for me.
- She'll make sure the title company pulls full title work to ensure we don't have any
unexpected title surprises.
- She'll keep in touch with me, my buyer, and my seller with important, timely
information thats relevant and timely to the transaction.
- She'll be watching our timeline like a hawk, making sure all the pieces of the puzzle
are ftting nicely into place between now and closing.
- If any problems crop up, she'll let me know immediately and she'll do what it takes
to help get it resolved quickly.
- She'll be keeping all our paperwork organized and in good order, including
disclosures, addendums, milestones, etc. - ensuring 'i's are dotted, 't's are crossed
and everyone has signed everywhere theyre supposed to.
- She'll work with the lenders, the title company, the buyer, and the seller together to
get this deal closed.
- She's intimately familiar with state laws and will help ensure we all stay within them.
And ultimately, shes going to save me hours and hours of my precious time just by handling all this on this
one deal for me.
Me: I'll be checking in from time to time just to see that all's as is should be (and it will be - it almost
always is). And I'll be of doing what I do best: Marketing for even more deals!
Closing and Getting Paid
Steps 11 and 12 are almost laughably simple and straightforward. In fact, theyre so ridiculously easy you
might even fnd it hard to swallow.
Step 11: Close
Te truth is, I dont even go to closings anymore. I dont have to.
Oh, I know when theyre happening. I know weve got our ducks in a row, whos getting what and so on.
But I don't actually show up because I'm not the buyer for the seller - I'm the middleman". And since I
assigned my contract over to a new buyer, all I have to do is wait for my 'paycheck' to arrive.
Step 12: Get Paid
As a part of the checks they're cutting at closing, the title company will also cut my fnder's fee"
(assignment fee) check, and then send it right over to me, usually via FedEx.
Yes, it's really that easy. And my trusty Closing Coordinator will even be making sure it happens.
~ 70 ~ ~ 70 ~
I mean I could go on and tell you about how I go to the bank , deposit the check, spend the money having
fun, etc. But I think you get the idea.
Wrapping Up
At this point youre armed with my entire Real Estate Matchmaking
TM
business model. Id like to remind
you of the promise I made to you in Chapter 1.
It can be done. Im living proof that you can create a thriving, protable real estate
business without a mattress full of cash or a head full of advanced learning
and I can show you the way. My Real Estate Cash Machine runs circles around even
most experienced investors and only because I combine time-tested, proven quick cash
ipping principles with the marketing tools and and systems that consistently get me deals,
then sells those deals for me. My systems are reliable and predictable. And now that I have
these systems, you dont need to know everything I know about marketing
just follow my footprints.
You've just consumed the entire blueprint for my Real Estate Matchmaking
TM
Money Machine, and armed
with this you should very well be able to set yourself apart from the masses and take a huge leap forward into
a brighter fnancial future.
What you do with what you've just learned from this point on is up to you, isn't it:
Are you going to close this manual with the best of intentions, but the worst of follow through: Is it going
to be just another dust collector in your ever increasing bookshelf full of dust collectors: Will it be just
another great idea you're embarrassed you never followed through on:
Or will this be your game changer?
It can be. But it's up to you.
Final Thoughts
Before we part ways, I want to invite you to continue reading through the bonus chapters and review
the resources in the Appendices. I think youll enjoy them and theyll only add to your Real Estate
Matchmaking
TM
expertise.
I also have just a few other items I'd like to share with you that didn't quite ft in other sections of this
manual. But they're important enough that I'd like to share them with you now.
Run an Honest Business
I mentioned earlier that the most important and valuable asset you have in the world is your integrity. Its
1,000 true and worth repeating.
Always be Fair
Have an 'abundance mindset' in the way you do things, and do what you can to make sure those around
you get paid well for the value they bring into your business and life.
And keep in mind that as a real estate wholesaler, your buyer should typically get the majority of the
proft! Afer all, he's the one purchasing and rehabbing the property. Tere's got to be enough room in the
deal for your buyer to do this and still retain a nice amount of money for cash out and/or equity.
I'm not saying you should give deals away for $1,000 a piece. Your proft will vary depending on the
~ 71 ~ ~ 71 ~
house, but the better you are at locating properties and putting together ofers, the greater your proft will be,
while still maintaining an excellent proft for your buyer. Get good at that.
Dont be overwhelmed
Dont focus on all of the steps, all of the time. Remember that you only have to work on one or two of the
steps at any given time. Just take it step-by-step and you will have mastered the process in no time!
Its What You Know
I challenge you to keep focusing on learning about real estate investing, learning about marketing, and
expanding your real estate network. As I've told you, I'm committed to doing these at all times.
Armed with continuing stream of quality real estate information and an ever-growing knowledge base,
whether youre wholesaling commercial properties or wholesaling houses, youll continue to do better and
better with each deal.
W
eve covered all the essential tools for you to become a Matchmaker. In this chapter Ill
cover some basic but critical components to the very foundation of your real estate investing
endeavors and to your ultimate success as a Real Estate Matchmaker
TM
.
About Mindset
Contrary to what you may have believed up to now (and contrary to what most people seem to teach)
real estate investing success is about so much more than having the right technical knowledge and skills.
Te fact is, I know people who have far more real estate investing knowledge than me, but they are far
less successful. I've already told you, I'm not that profcient at the technical stuf, yet. But I run circles
around so many who are.
Tey typically attribute my accelerated, ongoing success to
knowing the right people", being in the right place at the right
time", or even just plain dumb luck. All of these can help.
But the fact is, one huge reason I have done well is because
of my MINDSET.
I know it may sound simplistic, but I challenge you not to
dismiss this too quickly.
Having the right mindset for success can be like rocket fuel
to your business, propelling you towards success at break-neck
speed. And likewise, having the wrong mindset can be incredibly
debilitating, entirely self-defeating, and ultimately is the single
biggest (and least recognized) reason so many highly educated"
investors continue to fail miserably over and over again.
For this reason I want to take a moment to challenge your mindset in a few specifc ways right here
from the start. Tis is certainly not a motivational or personal development course. I'm no Brian Tracy
or Anthony Robbins, nor do I intend to be.
But this stuf is really important - no, absolutely critical. So Id honestly be doing you an injustice if,
before we jump into the nuts and bolts" of, we didn't frst give some attention to a few key elements of
your mindset.
Adopting a Mindset of Action
Tere is no one specifc template for success a persons defnition of success can be like night and day
compared to the next guy.
Tere is however, a common thread running through those who consistently achieve success" however
they might defne it. And it is the one step that no one can skip if you hope to succeed. Regardless of your
talent, your ambition, your skills, your knowledge. you must eventually TAKE ACTION.
For some of us, this comes naturally. And for you Ready, Fire, Aim" types, you've already got an edge
over most people and you know it. You've got a mind that's naturally wired for taking action frst - and
while you may fnd yourself making what seem like silly mistakes at times, youre also just fne with the
~ 72 ~ ~ 72 ~
CHAPTER 12
Mindset
Remember that fear always
lurks behind perfectionism.
Confronting your fears and
allowing yourself the right
to be human can, paradoxically,
make you a far happier
and more productive person.
~ Dr. David M. Burns ~
~ 73 ~ ~ 73 ~ ~ 73 ~
idea of failing forward" into success, and you'll get there much sooner than most.
Ten there's the rest of us.
Are You Educating Yourself to Death?
One of the biggest setbacks (i.e. killers) of newer investors is the tendency to learn and learn and learn
about real estate investing, but never actually put things into action. You can have the most knowledge
of anybody around and shine like a rock star at your local REIA (Real Estate Investor Association) group,
answering any question they throw at you.
.but until you actually get out there and mix it up, put your knowledge into action, and yes, scrape your
knees a little in the process, youll never make any money.
And this is exactly where all too many well intentioned, highly-educated investors get bogged down.
Im Not Quite Ready Yet Because
- "Vaybe l should do some more research hrst.'
- "l know what to do, but Ill get started tomorrow.
- "l'm just too busy wlth day to day stuh rlght now.'
Any of those sound familiar to you:
If so, know this: I CAN RELATE.
Tese are the very same thoughts that once held me hostage back, comfortably working in my direct
marketing business, keeping me from taking the action necessary to move towards my real estate goals.
And while I nervously held myself back, I simultaneously fooled
myself into believing I was really just being responsible" - afer all,
I just needed a little more due diligence" before I really jumped in,
thats all.
I had allowed myself to use perfectionism as an excuse for my fear.
Te reality is if Id just moved forward sooner, even with a good deal
more mistakes, my progress would have been exponentially faster.
For me, it was only when I fnally made myself take action, in spite
of my nervous excuses and personal fear of failure - only when I
accepted the reality that mistakes will happen no matter how prepared I
might or might not feel, and then pushed one foot in front of the next
thats when I fnally broke through and started making money.
Im not saying I jumped in haphazardly, with no education and no real plan nor do I suggest that for anyone.
But once I got the foundation - once I knew basically where to aim and what kinds of tools, resources and
tactics I could employ in the process I moved boldly forward. I didnt wait until I had a PhD in real estate
investing. I moved forward and knew Id just be fguring some of it out along the way. And Im still doing that today.
Imperfect Action Beats Perfect Inaction Every Time
Said another way, it's better to go out and make mistakes, taking fawed, imperfect action. than to wait
and wait and wait. until you fnally feel ready to move forward, when all the stars are aligned and you have
that nice, warm fuzzy in your tummy.
Here's a hint: Its not going to happen.
No passion so efectually
robs the mind of all its
powers of acting and
reasoning as fear.
~ Edmund Burke ~
- "l've learned a lot, but l don't feel qulte ready yet.'
- "l'll know when Im ready, and I just dont feel
ready yet.
~ 74 ~ ~ 74 ~
Tat feeling will never come, and if you keep waiting for it youre going to end up sitting in one place for
a very, very long time.
Mindset of Fear
Fear can also be one of the most debilitating, demoralizing, life-stealing things imaginable. And fear is
absolutely the number one thing that steals success away from people in the real estate game.
Fear of Mistakes or Failure
Are you scared to death of making a misstep:
Let's see. are you afraid that when you're making an ofer, you
might ofer too much or too little: .Afraid you won't estimate repairs
correctly: .Or maybe you'll undervalue or overvalue the deal: .
Maybe you're afraid you won't know a good deal when you see one: .
Or if you get a good one on the line, maybe youre afraid you wont be
able to sell it: .Or you won't have the perfect paperwork, or the exact clauses you need in your contract .
Or someone calls you to sell a house, and you don't know just the right words to say:
Truism: You ARE Going to Make Mistakes
No matter how much you learn, prepare, practice and rehearse, and no matter how hard you try or how
determined you are, you will goof up. And whats more, your mistakes might even be a little embarrassing
from time to time. And some of them will cost you money. Get over it.
Understand that every mistake you make takes you one step closer to a breakthrough but only if you
choose to respond to it that way.
Moving Forward In Spite of Fear
Contrary to popular belief, a courageous person is not someone without fear. A courageous person has
the judgment that something else is more important than fear, and the nerve to act in spite of fear.
Dont surrender to your fear! Fear is natural, and at times keeps you from doing something thats bad for
you. But don't let it keep you from being part of something amazing!
Words to Live By
I leave you with three quotes, to either motivate or haunt you. Please consider writing them down where
you can see them each day, or even memorizing them.
Confront your fears, list them, get to know them,
and only then will you be able to put them aside and move ahead.
~ Jerry Gillies ~
FEAR is an acronym in the English language
for False Evidence Appearing Real
~ Neale Donald Walsch ~
You gain strength, courage and confdence by every experience in which
you really stop to look fear in the faceDo the thing you think you cannot do.
~ Eleanor Roosevelt ~
Failure is success if
we learn from it.
~ Malcolm Forbes ~
~ 75 ~ ~ 75 ~
I
have developed a special niche" side to my Real Estate Matchmaker
TM
business I call my Deals Done
For You" System. Now that you've got the basic mechanics of my System internalized, I'd like to share
this side with you, quite simply because it's been an incredibly proftable model for me. It's helped me
make a killing on deals that otherwise would have been a struggle, and has really set me apart from my
competition in the areas I fip houses.
It All Starts With My Team
By now it should be obvious to you that I'm not a one man show - far, far from it. I've plainly stated
that from the very start I built my business to be dependent upon a team of people.
Tis is especially important if you want to do deals outside of your immediate area like I do. Im based
in Austin, but thanks to my network of professionals, I do deals all over the state of Texas. And I could
just as easily do deals in any other state if I wanted to and I know many who follow my footsteps to who
just that.
Because so many of my processes are automated, the people I hire can 'plug in' to what's required and
handle all the details for me long distance. Tey're essentially my 'eyes and ears' on the ground. the
spokes in my success wheel. and they include:
- A BPO Agent (Broker Price Opinion)
- Hard Money Lenders (to provide funding to my buyers)
- Conventional Mortgage Brokers (to provide refnancing for my buyers)
- Rehab Companies (to repair the properties my buyers purchase)
- Property Management Companies (to manage rental properties for my buyers)
So, this is my team. And once I had this team in place and had them really cooking, it didnt take long
for my Deals Done For You" System to materialize.
Basically How It Works
I've setup a website at: www.DealsDoneforYouVIP.com that explains how it works in detail. I defnitely
recommend you check it out read the whole page to really grasp the full picture.
But in a nutshell, as the Deals Done For You" name implies, I have a subset of buyers for whom I make
it ridiculously easy to buy my deals. And I do this by essentially doing all the work for them, and spoon
feeding them a turn-key, positive cash fow property.
Tese people are looking for turn-key positive cash fow and equity, and I leverage the various members
of my team my hard money lenders, conventional lenders, property managers, rehab contractors, etc.
to hand it to them on a silver platter.
- I fnd the deals for you at a deep, deep discount (usually 30-63 of ARV).
- I evaluate the deals and crunch the numbers for you.
- I make the ofers for you.
- I fll out the paperwork for you.
- I help you get fnanced (short term and/or long term).
CHAPTER 13
Bonus: Unwrapping My Deals Done For You System
~ 76 ~ ~ 76 ~
- My team gets get the property renovated for you.
- My team gets the property rented for you (if it's not already rented).
- I get a property management company in place to help you on an ongoing basis.
- I even set you up with an exit strategy, if need be.
But anyway, the whole pitch is that, When you, the investor, buy a house from me, all the work has been
done for you." Of course, I'm not doing it myself - I'm leveraging the members of my team every step of
the way, and basically overseeing the whole puzzle as they interconnect the pieces with my guidance.
So the new buyers end up ecstatic because all they had to do was write a check and sign some
documents, and in return they get a smoking hot deal, with tenants paying their mortgage for them and a
nice monthly positive cash fow.
Tats basically how weve been selling a lot of properties lately, and its just been working really well.
Again, if you want to wrap your mind around it even better, I want to encourage you to get the full scoop
at www.DealsDoneforYouVIP.com
Additionally, as a bonus, on the following pages Im going to share with you some of the marketing
resources I use in my Deals Done For You" marketing.
Deals Done For You Email
Tis is an email I've been using to tell potential Deals Done For You" buyers about the system and how
it works. Its purpose is to solicit new Done For You VIP" Buyers.
Subject line: Real estate deals done for you you get paid for doing nothing Or
Make money in real estate by doing nothing
Hi [rst name],
Im writing to tell you how you can make a fortune in real estate by doing absolutely NOTHING!
You CAN become wealthy in real estate WITHOUT doing any work and WITHOUT using any of your own
money. As youll see below, Ill provide you with the money and will do ALL the work for you.
Announcing my Real Estate Deals Done For You program.
With this turn-key program, you can receive big checks many times for well over $10,000.00 (within a
few weeks) PLUS receive nice checks in the mail each month with ALL the work DONE for you.
Heres how my Real Estate Deals Done For You program works:
1) I nd house deals for you at deep discounts (usually for less than 65% of the after repaired
value)
2) I evaluate and crunch the numbers of the deals for you
3) I construct and make the oers for you
4) I ll out the paperwork for you (all you have to do is sign your name)
5) I provide you with the money to close the deals (in some cases, you do NOT use any of your
own money)
6) I get the houses rehabbed (xed up) for you
7) I arrange to get renters in the houses for you (with each Deal Done For You, you can have a
very nice monthly cash ow from the rent checks you receive)
~ 77 ~ ~ 77 ~
8) I arrange to have the properties managed for you (you will NOT be dealing with tenants
my property management company will do this for you and send YOU the rent checks each
month)
9) I set-up your exit strategy for you. Usually, you will renance the property after its been
xed up, pull money out at closing (can be $5,000 to $15,000+) and you keep the property
as a rental while earning a very nice monthly cash ow PLUS youre building equity. (Your
tenants will be making the payments FOR YOU while you receive extra cash on top of that
each month!)
10) I oversee the ENTIRE closing process for you so you can get paid quickly.
As you can see, my Deals Done For You" program is 100 TURN-KEY. You really CAN make money
in real estate by doing nothing.
I have everything in place for you. nice properties at tremendous discounts. ofers accepted.
properties evaluated. paperwork done. money for you to close with. tenants in place (you receive
a nice monthly income!). plus you can usually pull a large chunk of money out of the deal at closing.
EVERYTHING done for you!
Ten, when you decide to sell the property, you will have another BIG payday!
My marketing systems for acquiring houses is working so well, I can't handle all the deals myself. So
Done For You Buyer Email
This is a copy of the email I send any Done For You VIP buyer as soon as he or she has signed a contract
to purchase a new deal. Its designed to help guide them gingerly down the done for you path, and
reassure them everythings being expertly handled on their behalf
Dear [buyer],
Congratulations on your purchase! You have made a great investment, and will start reaping the profts
and benefts from it soon.
Soon, you will receive two copies of the contract for the above property. Please review it and note any
questions you may have. Once you have signed them, please fax a copy to us at: 312-xxx-xxxx. Please
return one original copy in the enclosed pre-stamped envelope, along with an earnest money deposit
check for [earnest money amount] made out to ABC Company at the following address: P.O. Box xxx,
Austin, TX 78703. Keep the other copy for your records.
Once we receive the contract from you, you will receive a phone call from our mortgage broker, and he
will begin working on your funding. You will also be hearing from the closing coordinator who will
oversee the entire closing process for you, while keeping you updated.
If you have additional questions about the property or the contract, please contact my assistant Elizabeth
at: xxx-xxx-xxxx, ext. 13.
Tank you for doing business with us. It is my intention to make sure that the transaction goes smoothly,
and closes as quickly as possible.
Sincerely,
Michael Kimble, Principal
ABC Company
Tel: xxx-xxx-xxxx
~ 78 ~ ~ 78 ~
Micu.ii Kimnii
9433 Bee Care Road, Suite 2110
Austin, TX 78733
Tel: 1-800-334-3436
Tel: (312) 486-9284
FAX: 1-800-473-2803
[Date]
Re: [Property Address]
Dear [buyer],
Congratulations on your purchase! You have made a great investment, and will start
reaping
the profts and benefts from it soon.
Enclosed you will fnd two copies of the contract for the above property. Please review
it and note any questions you may have. Once you have signed them, please fax a copy
to us at xxxx xxxxxxxxxx. Please return one original copy in the enclosed pre-stamped
envelope, along with an earnest money deposit check for [earnest money amount] made
out to Nationwide Homebuyer Associates. Keep the other copy for your records.
Once we receive the contract from you, you will received a phone call from our mortgage
broker, and he will begin working on your funding. You will also be hearing from the
closing coordinator who will oversee the entire closing process for you, while keeping
you updated.
If you have additional questions about the property or the contract, please contact my
assistant Elizabeth at: 312-223-223333.
Tank you for doing business with us. It is my intention to make sure that the transaction
goes smoothly, and closes as quickly as possible.
Sincerely,
Michael Kimble, President
Done For You Buyer Letter
This is a letter after the above email. It has basically the same form, purpose and function, but will also
include two copies of the purchase contract, as you see indicated below
~ 79 ~ ~ 79 ~
from time to time, I will ofer these deals to you. if you're on my VIP list.
So in a nutshell.
You can OWN the properties I fnd for you. my lenders will give you the money to purchase them
and fx them up. my rehabbers fx them up for you. my property managers will fnd you tenants and
manage them for you. and my other lenders refnance you out of the property, allowing you to walk
away with a nice chunk of change at closing ($3,000 to $13,000+). On top of all that, you get a positive
monthly cash fow and tens-of-thousands of dollars in equity.
It does NOT get any easier than this to make money in real estate.
If you would like to be notifed when I have some of these Deals Done For You" deals available.
please go here and get on my Deals Done For You VIP List":www.DealsDoneforYouVIP.com.
I ofer these deals to my VIP List on a frst-come, frst-served basis. And because these deals are
usually ofered at 43 BELOW market value, they go really fast!
Go here to get on the VIP list now: www.DealsDoneforYouVIP.com.
All the best,
Michael Kimble
Te REI Marketing Guy"
P.S. Remember, everything - and I mean everything - is DONE FOR YOU. And YOU receive
the monthly rent checks, the cash out at closing, and the equity in the property.
P.P.S. Go to the link above to see how you can easily make $80,300 on just ONE of these Deals
Done For You." (www.DealsDoneforYouVIP.com.).
Note: To qualify for this Deals Done For You" program, you must have a credit score of 680 or
higher.
~ 80 ~ ~ 80 ~
I
want to invite you to participate in something very special with me. Its a private group a
community if you will of investors who are committed to learning together, growing together,
and staying on the very cutting-edge of what's working best now in real estate marketing.
I created Te REI Marketing Club" as a private home base for real estate investors who want to continue
to learn about, use, and proft from the most efective, cutting-edge marketing available today. Because afer
all, MARKETING is the single most important factor to your success in this business.
As I mentioned earlier, without efective marketing, you won't get any deals. and without deals. you're
out of business, plain and simple. THIS BUSINESS IS ALL ABOUT MARKETING. Te more efective you are at
marketing.the more deals you will do. and the more deals you do. the more money you will make. It's
that simple.
Remember my motto: Tink of yourself as a 'Marketer' frst. a 'Real Estate Investor' second.
Te most successful (and wealthiest) investors I know do consider themselves 'marketers' and are serious
students of marketing. Tey understand that marketing is constantly evolving and its a continual learning
process. To be successful in this business and make the most amount of money. you MUST continue to
learn about marketing, and implement marketing that works.
Youre Invited
As a Member of Te REI Marketing Club. you will constantly learn about new marketing tools,
techniques, systems, and resources that are being used by me, and some of the most successful real estate
investors in the country today.
Private, Monthly, All-Content Interviews
Each month, I interview and introduce you to real estate investors who are using cutting-edge marketing
in their business to do lots of deals. I record these interviews and send them to you on Audio CD.
PLUS, Ill send you the actual sales and marketing pieces being used by the investor I interview that month so you
can use them, too! Tat's right! As Member of my Private Club, you'll receive brand-new marketing materials
each and every month that you can use. and that are PROVEN to make you even more money!
Benet From My Testing, Experiences and Mistakes
Also keep in mind. I am a practicing real estate investor who's doing lots of deals each and every
month. Im constantly creating, testing, tweaking and perfecting new marketing tools and Systems for
my real estate investing business. Each time I create a new marketing System that works (or modify my
existing marketing), I'll tell you all about it - and send it to you so you can use it in your business, too!
So, in addition to teaching you about marketing, and sending you NEW marketing materials each month
that you can use. I'm also creating and TESTING new marketing pieces for you!
Access to My Resources
As a member you'll also get access to my Done For You" direct mail service, where I'll handle all your
real estate marketing needs from start to fnish.
No licking stamps, no clunky mail merge, no buying outdated lists. I'll do it all for you. But I only
CHAPTER 14
Bonus: A Private Invitation
~ 81 ~ ~ 81 ~
make this service available to my inner circle. my fellow REI Marketing Club members.
By aligning yourself with other successful investors as a Member of this private VIP Club, you will never be
alone with your marketing (or as a real estate investor) again.
Please consider joining me. Were waiting for you, and the view is amazing up here at the top.
Best wishes for your success,
Michael Kimble
Please Visit www.JoinREIMC.com
~ 82 ~ ~ 82 ~
A
s I mentioned in the introduction, my wife, Linda Kimble, is also a real estate investor. Her experience,
however, is within the feld of commercial real estate. She invests in and owns apartment complexes
within emerging markets, primarily in Texas. (Texas is currently one of the top states in the country
for apartment investing, as there are many emerging markets within the state.)
Linda has 22 years of experience in commercial real estate. She's a CCIM (Certifed Commercial
Investment Member) and a CPM (Certifed Property Manager); making her a recognized expert in the
disciplines of commercial and investment real estate (some refer to it as the PhD in real estate).
Linda is a shrewd negotiator, an excellent operator, and is versed in multiple commercial property types
and functions including property management, leasing, acquisitions and dispositions. All of these traits and
experiences are important because to be successful in commercial real estate, you must be competent in not
only maintaining value but CREATING value and she has a great track record in asset management.
Her strategy for investing in commercial real estate is pretty simple.
Find properties that cash fow at purchase, yet still have multiple opportunities to increase value during
the 'hold' period. She makes commercial properties available to private investors (like you) who want to
diversify their active or retirement portfolios with real estate and get all the benefts of ownership, without
the headaches.
She has a very unique opportunity for you to make money with commercial real estate AND acquire
knowledge along the way, AND... she does all the heavy lifing for you. Linda and her company, Anew
Realty Group, LLC, have an established program we call Commercial Real Estate Investing Done For You.
Tis program allows you, the private investor, to receive ALL the benefts of multi-family/commercial
investing and ownership. with Linda and her team doing ALL the work for you!
Tis is a very simple way for you to become a passive investor of COMMERCIAL real estate with Linda
doing the work for you. Its a great place for you to put the money you make in your wholesaling deals to
work for you- without you having to do any work!
For more information about Linda, her company, the opportunities she ofers. AND to get on her
VIP List". go to the link below.
www.aptsdoneforyou.com
Once you are on her VIP list, you will be notifed when apartment deals are available. She will also send
periodic information about the apartment industry and markets.
Additionally, when you sign-up to be on her list, she will send you her informative presentation titled,
An Introduction To Building Wealth With Apartment Investments."
For more information and to see a brief video of Linda discussing the benefts you receive as a Apartment
Real Estate Investor," go to the site below:
www.aptsdoneforyou.com
CHAPTER 15
Bonus: A Done-For-You Program in Commercial Real Estate
~ 83 ~ ~ 83 ~
Absentee Owner Postcard ~ Front Side
[Your name]
[Your address]
[City, State, ZIP]
Please call this number toll-free:
1-XXX-XXX-XXXX, ext. xx
Postage
Here
[Your name]
[Your address]
[City, State, ZIP]
Important Notice:
Regarding your property at:
[Property Address]
1-XXX-XXX-XXXX, ext. xx
(Please call as soon as possible.)
[Owner First & Last Name]
[Mailing address]
[Mail City, State, ZIP]
////// IMPORTANT NOTICE ///////
Re: [Property Address]
Dear [First, Last name],
I want to buy your property referenced above. I will pay your cash.
I am looking to buy two additional houses in the [property zip code] zip code areaand Id
like to buy the property you own at [property address].
After reviewing some public information about your property, I am prepared to buy it as is
and pay you all cash. I can be exible on the closing dateand can we close at a Title Company
near you. I will even pay ALL of the closing cost for you.
I understand your property may need some repairs or updatingand thats OK. Most of the
properties I buy are in need of repairs. And if you have tenants, thats OK, too.
Please call and listen to a brief message I recorded for you at: 1-XXX-XXX-XXXX, ext. xx. You
can call anytime, 24 hours a day, 7 days a week. Please call right now as I want to get two
properties in the [property zip code] zip code under contract very soon.
RememberI will pay you ALL CASHI will buy your property AS-ISI will pay ALL of your
closing costsand we can close whenever you want at a Title Company near you. Please call
the number above now so I can above now so I can make my cash oer to you. Thanks.
Absentee Owner Postcard ~ Back Side
ADDENDUM
~ 84 ~
Seller Call Sheet
Date:____________________ MLS Value: ___________________ Tax Value: ______________________
Low comps: ________________________________________ Oered: ________________ Accepted: _____
Notes: __________________________________________________________________________________
Name:________________________________ Address: __________________________________________
Hi, my name is [your name]. I recently mailed you a postcard expressing an interest to purchase your property
at _______________________________. Im calling to talk with you about the house and to see if qualies.

# of bedrooms: _______ # of baths: ______ Square footage: _________ Brick or wood? Year built:__________
Does the house need any repairs (and cost)?
Tenants at the property? __________ How much are they paying? _____________
Lease or mo-to-mo? Rent current? _____________________________________
How much do you owe on the property? ______________ Will you sell the property for what you owe? ________
Why are you selling?_________________________________ How quickly do you want to sell? ______________
What is your asking price for the property? __________________
If we can pay you all cash, close quickly, and buy the property as-is, what is the least you will take? _____________
Is that the best that you can do? How long have you owned the property? _____________________
Any other comments about the property? _________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________
What kind of roof is it? (metal, shingle, tile) ________________ How old is the roof? _____________________
When was the last time the kitchen was updated? _____________ Bathroom updated? ___________________
Have you had any oers on the house? _______________ Why did you turn them down? _________________
Let me tell you a little bit about what we do We buy approximately 8 to 10 houses each month in the Dallas area. There are
Continued
~ 85 ~
numerous benets of selling your property to us the biggest one is we will save you money. We will buy your property
as-is (if you listed it with a Realtor, theyd want you to x it up) we pay you all cash (so you dont have to depend
on someone getting approved for bank nancing) we pay all your closing costs (this alone can save you thousands of
dollars) we can close whenever you want There will be no Realtor involved (so there are no RE commissions to
pay no appointments to set and you dont have to worry about showing the property.) We will simply write you a
check, and youll be done with it. (If you have tenants, you dont have to worry about them moving out or coordinating
with a Realtor to show the house.)
Of course, when we buy a house, well then have to pay all the holding costs, the taxes, insurance, upkeep, pay rehab and
repair costs, mow the lawn, etc. Then well have to advertise it to sell it, well have to show it, and this could all take 6 to 9
months (or longer) to sell.
Now, our oer is based on several factors such as the rehab work and repairs well have to make the prices of other
properties we have recently bought in the area what other properties are selling for in the area based on the MLS comps
we have the condition of the RE market right now, etc.
I realize that youre asking $________________ for the property and based on everything you know, that may seem
like a fair price to you. So perhaps you know something that I dont know, but based on all the research weve done
on your property, it seems to me we should be talking closer to $ _________________. We can write you a check for
$________________.
Is that something you can live with? (No.) How close can you come to that price?
If you make the decision to sell to me today in the next 30 days, this (name problem) will be a distant memory.
I am looking at one other house in your area and although I like yours better, the other one makes more sense.
What would it take us to do business today? If you really want to sell this house, Im your guy.
Seller Call Sheet, Continued
~ 86 ~
Addendum to Purchase and Sale Agreement
Addendum No. _________ to agreement between ________________________________ (Seller)
and ___________________________________________(Buyer), dated____________________,
concerning the property located at: __________________________________________________
Buyer and Seller agree to the following terms and conditions and make part of the agreement:
Due to the costs of repairs needed to property, the new purchase price is $31,500, payable all cash
at closing.
Date:________________________________ Date: _________________________________
Seller: ______________________________ Buyer: _________________________________
Print Name: _________________________Print Name: ______________________________
Seller: _____________________________________________________________________
Print Name: _____________________________________________________________________
~ 87 ~
Assignment of Purchase and Sale Agreement
This agreement is made between ________[name] , hereafter known as the Assignor and ________
[name] , hereafter known as the Assignee, for property located at:
Address:____________________
City:_____________________ County of: ________________
State: ________________ Zip:________ Parcel ID number: 0000000000000
WHEREAS, Assignor entered into Purchase and sale agreement with [name] (Seller) for the subject property
dated [date].
WHEREAS, Assignor wishes to assign its rights and interest in the Purchase and Sale Agreement.
It is hereby agreed between Assignor and Assignee as follows:
1. The Assignee shall pay Assignor an Assignment fee in the amount of $00,000 U.S. payable at
closing of transaction between Assignee and Seller.
2. Assignor and Assignee agree to utilize the services of the closing agent designated by the Assignor.
3. Assignee must close on transaction on or before [date].
4. Assignee shall deposit $X,000 by 5 p.m. [date] with designated closing agent.
5. Assignor has negotiated a purchase price on the subject property of $00,000. Adding the
assignment fee of $00,000, the Assignees total purchase price is $00,000.
6. This Assignment and/or Purchase and Sale Agreement may not be further assigned by the
Assignee without the consent of the Assignor.
7. Assignee accepts all terms and conditions of the purchase and Sale Agreement for Sale and
Purchase between Assignor and Seller in its entirety.
8. This assignment is contingent on seller providing clear and marketable title to Assignee prior to
the closing date. In the event that clear and marketable title cannot be obtained, Assignee shall be
released from this assignment and deposit of $X,000 will be refunded to Assignee.
9. Assignee acknowledges receipt of legible copies of the original purchase and Sale Agreement for
sale and purchase, in its entirety including all addendums associated with this transaction.
10. In the event that Assignee fails to close this transaction or is in default of this agreement, the
Assignor shall have the right to terminate this Assignment of Purchase and Sale Agreement and
declare the Assignee in default, wherein, Assignor shall (a) retain the sum of $X,000 as liquidated
damages and (b) all right, title, and interest pursuant to the Purchase and Sale Agreement shall
automatically revert to the Assignor without notice.
11. Assignor retains the right to renegotiate the price on original purchase and Sale Agreement with
Seller at any time up to the closing date. At closing, the newly reduced price will be reected on the
settlement statement. The Assignors assignment fee shall be increased by the amount of the price
reduction. Assignees total purchase price shall remain the same.
~ 88 ~
12. Disclosures and acknowledgements:
a. Seller sells property as-is with no warranty of property conditions. Assignor makes no
representation to buyer, or his agents, as to the condition of the subject property. Assignee
acknowledges and agrees that he or she is purchasing the property on an as-is basis and
based on his or her own inspection, investigation, and evaluation thereof. Assignee is not
relying upon any representations of Assignor, Seller or Sellers agent(s) to investigate and
report on the condition of the property.
b. Examples of matters as to which Seller disclaims all warranties, representations, or
guarantees (expressed, implied, or statutory, written or oral) are: including, but not limited
to, roof, plumbing, electrical, appliances, sewer, soil conditions, foundation, heating, air
conditioning, structural, and pool related equipment, if applicable.
c. Assignor, Seller and/or Sellers agent do not warrant that the property meets any current city,
county, state or federal building codes, as well as the presence of any and all outstanding or
pending violations against the property. Assignee assumes all responsibility to perform any
inspection, investigation, and evaluation thereof, prior to the signing of this agreement.
d. Assignor and aliated associates make no warranty, expressed or implied, regarding
inspection reports or other reports provided to Assignee by Assignor or third parties
concerning this property. Assignee is advised to independently verify the accuracy of
all information contained in reports regarding this property.
e. Assignee acknowledges they are conducting a transaction dealing directly with Assignor
for the purchase of subject property. Assignee is not relying upon, or being represented by
Assignor or any other real estate brokerage in this transaction.
13. Additional Terms and Conditions (if applicable):
Assignee is aware that Assignor may accept backup Assignments of Purchase and Sale
Agreement up and until the deposit is placed with the title agent on or before the due date of
___________________.
_____________________________________ _____________________________________
Assignor Date Assignee Date
[name] for: [name] for:
[company name]
~ 89 ~ ~ 89 ~
~ 90 ~ ~ 90 ~
Investor-Buyer Postcard #1
[Your name]
[Your address]
[City, State, ZIP]
Postage
Here
I Am A
Motivated Seller!
I must sell my investment
property (at a very deep
discount) thats near your
property at:
[Property Address]
Please see the other side
for more details. I need
to sell fast!
I must sell my [City] property really fast...
Its near the property you own at:
[Property Address]. Can you help me?
Dear [First Name],
Hi, my name is [Your First Lastname]. I have a property for sale near yours in [city].
I need to sell this property QUICK! Im oering it at a very, VERY deep discount. It would
make an awesome rental property, lease option, or quick ip. And, as youll see, its in a
great location.
Its priced so low (far below market value)... you could ip it for a quick prot if you
wanted to. I will wholesale this property to an investor who will see its value and can pay
cash or use hard money. To see more info, please go to
www.YourWebsite.com <http://www.yourwebsite.com/>
I appreciate your time. I really do need to sell this property. Im motivated and its priced
to sell fast! I hope to hear from you soon. (If my property does not appeal to you, please pass
this postcard on to another investor.) Thanks!
~ 91 ~ ~ 91 ~
Investor-Buyer Postcard #2
[Your name]
[Your address]
[City, State, ZIP]
Postage
Here
Attention Rehabbers
and Landlords
Wholesale Deal
Of The Week:
555 Fifth St., Dallas, TX
3 BR, 1BA 1,320 sq. ft. traditional
style home built in 1956. Minor
repairs needed.
ARV: $xx,xxx
Sale Price: See at site
See this deal, and many others at:
www.xxxxxxxxxxxx.com
Attention: [First, Last Name]
I thought youd be interested in seeing
the WHOLESALE DEALS Im oering at
www.xxxxxxxxxxxxx.com
Dear [rst name],
Below, are a few of the latest wholesale / rehab deals Im oering
at my site: www.xxxxxxxxxxxx.com You can see photos, property
descriptions, and maps for all properties. Hurry at these low
prices, these properties will sell very fast!
Regards,
{Your Name}, RE Wholesaler
DEAL #1: 111 First St., Dallas 75212
3 BR, 1 BA. Needs paint, carpet, new siding.
ARV: $xx,xxx Sale Price: See at site
________________________________________
DEAL #2: 222 Second St., Fort Worth 75214
3 BR, 2 BA brick house. Needs paint, ooring, etc.
ARV: $xxx,xxx Sale Price: See at site
________________________________________
DEAL #3: 333 Third St., Dallas 75216
3 BR, 2 BA. Completely remodeled 3 years ago.
ARV: $xxx,xxx Sale Price: See at site
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DEAL #4: 444 Fourth St, Ft. Worth 75214
3 BR, 1.5 BA. Minor rehab. Established neighborhood.
ARV: $xx,xxx Sale Price: See at site
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You can see these deals and more at:
www.xxxxxxxxxxxxx.com
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