Roadmap To Finding and Selling Deals

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Roadmap To Finding and Selling Deals by Mind Map: Roadmap To Finding and Selling Deals

1. Asset Management

1.1. Get $2Million Umbrella Policy

1.2. Fraudulent Conveyance

2. Evaluate Deal

2.1. Get Comps -

2.1.1. Prop Stream

2.1.2. Zillow.com

2.2. Market Trends

2.3. Take Snapshot: Due Diligence

2.4. Estimate Costs to Sell

2.5. How Can I make Money on this Deal?

2.6. Equity Sharing

3. Paperwork

3.1. Title Insurance

3.1.1. Write up sale

3.2. Homeonwer insurance

3.3. Write Simple Offers

3.3.1. Get form from Real Estate Board

3.3.2. Use FF Offer forms

3.4. Wholesale Contract - Make it assignable

3.5. Create forms/contracts

3.6. CR Source on Wholesale Deals

4. Network

4.1. Buyers - Wholesale Deals

4.1.1. Contractors

4.1.2. SellMyHouse.com

4.1.3. Investors

4.1.4. Real Estate Clubs

4.2. Finance

4.2.1. Asset Investors

4.3. Small Banks Investor Rep

4.4. Homebuyer Class Presenter

4.4.1. Brokers 1st Time homebuyer classes

4.5. Property Managers

4.5.1. Property Mgt Company

4.6. Divorce Lawyers

4.7. Policemen

4.8. Bail Bondsman

4.9. With Other WholeSalers

4.9.1. Homevestors.com

5. Build Team

5.1. Lending Sources

5.1.1. Hard Money Lenders

5.1.2. Private Investors - Cash Buyers

5.1.3. Banks

5.1.4. Owner Financing

5.1.4.1. No current loan on property

5.1.5. Wholesaling

5.1.5.1. RE CashSource

5.1.6. Get 3 Private Money Lenders

5.1.7. Retirees: Setup Self-direct IRA

5.1.8. Business lines of credit

5.2. Realtors w/Investor Contacts

5.2.1. Profile what you want

5.2.1.1. Contact Bd/Realtors

5.2.1.2. Find largest listers

5.2.1.2.1. Talk to Receptionists - "I'm a real estate investor. Looking for broker. Who would you work with?"

5.2.2. Fast/Can-do Attitude

5.2.3. Like working with them

5.2.4. Access to Multiple Listing Service

5.3. Generate Referrals

5.3.1. Pay mailman

5.3.2. Pay subcontractors

5.3.3. Pay Bird Dogs - College Students

5.4. Find Private Investors

5.4.1. Take money secured against real estate

5.4.2. Never Beg For Money

5.4.3. Example: Offer 10%, Payback Early - Gain a Investor's Trust

5.5. Contracting Team

5.6. Real Estate Attorneys

5.6.1. Can-do attitude

5.6.2. Experience

5.7. Determine Partner Value

5.8. Flipping Team Mentors

5.8.1. Pete,Dave

5.8.1.1. Brad Russell

5.8.1.2. Tim Hellbush

5.8.1.3. Ross

5.8.1.4. Mike

5.8.2. Robert Shemin

5.9. Title Co. Marketing Consultant

5.10. Real Estate Co. Marketing Assoc.

5.11. Mortgage Company Consultant

5.12. Get your Insurance License

5.13. Certified Property Management

6. Finding Deals Not Markets

6.1. For Sale By Owner

6.2. REO Brokers

6.3. New Home Buyer Workshops

6.4. Shemin deals he can't do

6.5. Rental Ads - Call

6.6. Community Reinvestment Act - CRA

6.7. Code Violations - Get List

6.8. PropStream by Equimine

6.9. Bed and Breakfast Conversion

6.10. Insurance Claim Adjusters

6.11. Connected Investors.com

6.12. Fed Tax Liens

6.13. Title Companies

6.14. Bankruptcy Trustees

6.15. Wholesalers

7. Get Paid

7.1. Meet: Walk-through w/Appraisers

7.2. Meet: Walk-through w/Broker

7.2.1. Bank hires broker (cheap) for opinion = BPO

7.3. Get PAID TWICE

7.4. Never sign a deal w/buyer that is not pre-approved

7.5. Work-around Bank Flipping Restrictions #1

7.6. Wholesaling Deals

7.6.1. WHOLESALING - FIND THE BUYER FIRST

7.7. RE Cash Source - Day Flip Loan - Buy it. then Sell it,

8. Biz Building Blocks

8.1. 7 Cs

8.1.1. Commit - Clarify - Collect - Calculate - Contract - Construct - Cashout

8.2. SET GOALS

8.2.1. 5 year commitment

8.2.2. Rule #1 What is wrong w/now?

8.2.3. Pay off bad debt

8.2.4. Build a Business...

8.3. Systems, Policies and Procedures

8.3.1. Manage Property Managers

8.3.2. Get Interns

8.3.2.1. Over opportunity

8.3.3. Use FF Systems - Don't loose money

8.3.4. Try 3 Finding Deal Strategies

8.3.5. Setup Self-direct IRA - Worth $49M

8.3.6. Develop 7 - 9 sources of income

8.3.7. Focus on risk-free transactions

8.3.8. Work 'on' biz not 'in' biz

8.3.9. 5-3-1 Response Rule

8.4. Learn from everyone

8.5. Dominate Your Market Niche

8.6. Get a self-directed IRA

8.7. PropStream

8.8. Track your time

8.9. Cash Flow Mgmt.

8.10. Use Elite Support:

9. Make Offers

9.1. Setup Resubmit Offering System

9.1.1. Make "copy" of Earnest Money Check

9.1.2. Use Other People's Money

9.1.3. "As is" - with 10 day inspection "out"

9.1.4. Setup monthly, qrtly and annual offer system

9.2. REO or Loss Mitigation Dept.

9.3. Contra Costa Foreclosures

9.3.1. Santa Cruz Foreclosurees

9.3.1.1. Santa Clara Foreclosures

9.4. Qualify Offer

9.5. Take over payments

9.5.1. RE Cashsource.com

9.6. 22 minutes

9.7. Lease Options

9.8. Buy House w/Credit card 0 interest/6 mo.

9.9. If you loose, make backup offer

9.10. Do not give Earnest Money!!

9.11. Sign Contract - Start Advertising

9.12. Wholesale Contracts

9.12.1. Negotiate

9.12.2. investment Deal Title Company

9.13. Negotiate Short Sales

9.13.1. Find people underwater, late on loans

9.13.2. Meet BPO Agent at home

9.13.2.1. Check their comps - show similar problems

9.13.2.2. Show them, have them photo work needed

9.13.2.3. Add reports from contractors with 3 bids on cost of work.

9.14. Walk-through w/Broker Price Offer

9.15. One Sheet Offers

10. Fix The House

10.1. Get 3 Quotes on all repairs

10.1.1. - 5 Items of Your home

10.1.2. - 5 Items on Home for Sale

10.2. Budget for Worse case scenario

10.3. Kitchen

10.4. Living Room

10.5. Get Project Mgr.

10.5.1. Mutually Aligned Interest

10.5.2. Go to Score - get a retire project mgr.

10.6. Landscaping

10.7. Master Bed/Bath

10.8. Systems Analysis

10.8.1. Heat/Air

10.8.2. Improvements

10.8.2.1. Built in Sound System

10.8.3. Plumbing

10.8.4. Roof

10.8.5. Interior light

10.8.6. Electrical Needs

11. How to Sell House

11.1. Put on the MLS

11.2. Big Signs on House

11.3. Flyer the neighborhood

11.3.1. Pay referral fees

11.4. Websites - eBay, Trulia, zillow

11.5. High end sales - Winetasting open house

11.6. Equator - Short Sales

11.7. Stage home

11.8. Curb Appeal

11.8.1. Toys and brownies

11.8.2. How does my house smell?

12. Rental Properties

12.1. By the Door

12.2. Lease w/option

12.3. $1,800 Cost to replace tenant

12.3.1. Provide Incentives

12.4. No emergencies

13. Financing - Raising Seed Money

13.1. RE Cash Source

13.2. Month Rehab Loan

13.2.1. Raise more money than you need

13.3. Year Bridge Loan

13.4. Equity Line of Credit

13.5. Take over the loan

13.6. Hard Money Loans

13.7. Owner financing

13.8. 401Ks, Life Insur., Credit Cardds,

13.9. 0 Interest Loans

13.10. Lease w/option

13.11. Loan Reset

13.12. Short Sales