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HOW YOUR TRADITIONS ARE KEEPING YOU FROM CLOSING DEALS Traditions vs. Transactions Slide 2 How To Bake a Cake Slide 3 What Comes First? Recipe (strategy) Ingredients (tools) Utensils and technique (tactics) Slide 4 Do you need all of them? Possessing one of these things in abundance can set you up for success You must be willing to share your success with others You must be willing to act EVERY DAY You must expect your fair share Slide 5 Start with the END in mind Slide 6 Strategy (Recipe) Rehab & Flip Buy & Hold Wholesale Slide 7 Tools (Ingredients) Cash Credit (access to loan money) Time Skill set (contractor, mortgage pro, realtor) Contacts Social media Slide 8 Tactics (Utensils & Technique) Absentee owners Defaults (NOD list) MLS listings Door knocking Auction Subject to Landlords Slide 9 The Offer (mix up the batter) Combine your tools, tactics and strategy in a mixing bowl You can use any/all that you want but you MUST have all three This will result in the OFFER Accepted? Move to the oven and watch it bake Rejected? Back to the kitchen to make another offer Countered? More icing, less icing, different flavor, more layers Slide 10 Ugly fourplex, found with a letter to absentee owners Rents = 2700 Expenses = -810 (30%) Before Debt = 1890 Debt service = 1082 (piti) Net rents = $808 Offer = $128,000 (owed) Down = ZERO Repairs = $14,000 Term = 26 years What did the seller want? Relief! Slide 11 BACK into your offers What is your exit strategy? It WILL take longer than you think Are you looking for PRICE? Are you looking for monthly CASH flow? Who is your target buyer/tenant? Slide 12 Black hole out of State owner Rents = 2000 Expenses = 600 (30%) Before debt = 1600 Debt service = 782 (piti) Net rents = $818 Offer $144,000 (owed) Down = $14,400 (10%) Repairs = $2400 Term = 25 years What did the seller want? OUT! Slide 13 An offer a day This is your discovery process It can be done on a single page You can write them and stick them in a drawer You cannot eat cake unless you mix the batter Slide 14 Will you do it? I dont have any time I dont have the right form I dont know enough I dont have any money