Module 3: Leads into Deals

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Module 3: Leads into Deals by Mind Map: Module 3: Leads into Deals

1. Deals are in the Follow-up

1.1. HALF of your deals will come from follow-up!

1.2. Choose a sales CRM

1.2.1. Designate priority

1.2.2. Set tasks or reminders

1.2.3. Check in monthly

1.3. Make Offers

1.3.1. Offer on as many as possible

1.3.2. Use automated system: clicktomail.com

1.3.3. Use a VA

1.4. Use Automated Campaigns

1.4.1. Some CRMs have automated drip campaigns

1.4.2. Text messaging

1.4.2.1. EZtexting.com

1.4.2.2. SEE SAMPLE CAMPAIGN

1.4.3. Email

1.4.3.1. mailchimp, constantcontact, aweber, icontact, etc.

1.4.3.2. SEE SAMPLE CAMPAIGN

1.4.4. Voicemail

1.4.4.1. slydial, slybroadcast

1.4.4.2. LISTEN TO SAMPLE VOICEMAIL

1.4.5. Use this for Wholesalers, Agents and Property Managers as well.

1.5. No Bad Leads

1.5.1. Remember to be a problem solver

1.5.1.1. Fix house?

1.5.1.2. Sell house?

1.5.1.3. Rent house?

1.5.1.4. Seller finance

1.5.1.4.1. Subject 2

1.5.1.4.2. Terms can be negotiated

1.5.1.4.3. No Money down way to own property

1.5.1.4.4. Build rental portfolio

1.5.2. Build relationships

1.5.2.1. Agents (to get listings)

1.5.2.2. Contractors

1.5.2.3. Attorneys / Title Companies

1.5.2.4. Appraisers

1.5.2.5. Inspectors

2. Get the Contract

2.1. Determine the offer

2.1.1. Comps

2.1.1.1. Local MLS

2.1.1.2. Zillow / Trulia

2.1.2. Determine ARV

2.1.3. Approximate Repair Estimate

2.1.3.1. Use contractor

2.1.3.2. Formula based on square footage

2.1.4. Strategy

2.1.4.1. Wholesaling

2.1.4.1.1. to fix and flip

2.1.4.1.2. to landlord

2.1.4.2. Fix n Flip

2.1.4.2.1. 65-70% of ARV or better

2.1.4.2.2. 75% of ARV - very hot area

2.1.4.3. Rental

2.1.4.3.1. Some equity

2.1.4.3.2. Strong price to rent ratio

2.2. Contact with Seller

2.2.1. Selling done over the phone

2.2.1.1. Deliver Contract Electronically

2.2.1.1.1. see sample contract

2.2.1.1.2. Out of state

2.2.1.1.3. Absentee owner

2.2.1.1.4. Be careful - sellers get cold feet

2.2.1.1.5. E-Sign

2.2.1.1.6. Follow up extensively

2.2.1.2. Deliver Contract in Person

2.2.1.2.1. Better option

2.2.1.2.2. Sign on the spot - before getting cold feet.

2.2.1.2.3. Can present contract clearly

2.2.1.2.4. Higher close ratio

2.2.2. Selling done in person

2.2.2.1. Be professional

2.2.2.1.1. dressed professionally

2.2.2.1.2. Business Cards, Branded Clothes, etc.

2.2.2.1.3. Courteous, friendly

2.2.2.2. Presentation

2.2.2.2.1. Simple, not too long

2.2.2.2.2. iPad works well

2.2.2.2.3. Build Credibility

2.2.2.3. Come Prepared

2.2.2.3.1. Know the Numbers

2.2.2.4. Examine Condition / Rough Repair Estimate

2.3. Overcome Objections

2.3.1. Justify Your Offer

2.3.1.1. Come prepared with Comps to show them

2.3.1.1.1. Be strategic with the comps you use

2.3.1.1.2. Sellers always think their house is worth more

2.3.1.1.3. Gently correct them regarding sales that they are aware of

2.3.1.2. Educate the seller on selling costs

2.3.1.2.1. Repairs needed

2.3.1.2.2. Inspection items

2.3.1.2.3. Agent Commissions

2.3.1.2.4. Closing Costs

2.3.1.2.5. Additional Holding Costs

2.3.1.2.6. Concessions

2.3.1.3. Do the Math

2.3.1.3.1. Use a legal pad to show them the math

2.3.1.3.2. Try to get close to the same "net" number as listing with an agent.

2.3.2. Ask the Right Questions

2.3.2.1. Where the answer is "Yes"

2.3.2.2. "Would you like to sell the house without the headache of other agents constantly showing your house to strangers?"

2.3.2.3. Check out OBJECTION HANDLING WORKSHEET

3. Contracts into Money

3.1. Whats your Strategy

3.1.1. Wholesaling

3.1.1.1. Give yourself time to sell

3.1.1.1.1. Have a solid Contract

3.1.1.1.2. understand your "outs"

3.1.1.2. Set your seller's expecations on time-frame

3.1.1.3. *BONUS: 5 Wholesaling Commandments

3.1.2. Fix and Flip

3.1.2.1. Need Funds

3.1.2.1.1. Private Funds

3.1.2.1.2. Hard Money

3.1.2.1.3. Conventional Financing

3.1.2.1.4. Cash

3.1.2.1.5. DealFarmFunding.com *BONUS PODCAST

3.1.2.1.6. *BONUS - 10 Ways to Finance Your Next Deal

3.1.2.2. Need Insurance

3.1.2.2.1. Builders Risk

3.1.2.2.2. Rental

3.1.2.3. Need Utilities

3.1.2.3.1. Important before work can begin

3.1.2.3.2. Plan ahead

3.1.2.4. Need solid Scope of Work and contractors to perform the work

3.1.2.4.1. * BONUS: How To Assess and Price a Rehab

3.1.2.5. * BONUS: The Anatomy of a Flip (video presentation)

3.1.3. Buy and Hold

3.1.3.1. Rental

3.1.3.2. Lease Purchase (*Bonus section)

3.1.3.3. Owner Finance

3.2. Buyers list

3.2.1. Partner with other wholesalers

3.2.2. Build your list

3.2.2.1. Only need a handful of active flippers

3.2.2.2. Check out GUIDE TO BUILDING A BUYERS LIST

3.3. Marketing

3.3.1. Email your list

3.3.2. Social Media

3.3.2.1. personal page

3.3.2.2. business page

3.3.2.3. other local investor pages

3.3.3. local MLS

3.3.3.1. Know the rules

3.3.3.2. possibly buy first, then sell

3.3.4. MLS research

3.3.4.1. find other rehabbed properties that have sold within a mile of your property.

3.3.4.2. Intellius for investor info

3.3.4.3. Phone call (add to buyers list)

3.3.5. Find Cash Buyers

3.3.5.1. Findcashbuyersnow.com

3.3.5.2. Fiverr

3.3.5.2.1. addresses

3.3.5.2.2. phone numbers

3.3.6. Postcards

3.3.6.1. Use purchased list

3.3.6.2. Post office - hit mail route (cheap: 15-17 cents)

3.4. Have your team in place

3.4.1. Attorney

3.4.1.1. Know you and your business

3.4.1.2. Help run title

3.4.1.3. advise on local laws and regulations

3.4.1.4. contract assistance

3.4.2. Agent

3.4.2.1. Access to MLS deals

3.4.2.2. Access to research MLS /Comps

3.4.2.3. Help with contracts initially

3.4.3. Contractor

3.4.3.1. Estimate repairs

3.4.3.2. Handle repairs (fix and flips)

3.4.4. Inspector

3.4.4.1. May need help with difficult houses

3.4.4.2. Can refer to buyers

3.4.5. Insurance Agent

3.4.5.1. Property Insurance Policies

3.4.5.2. Help determine flood zones

3.5. Manage all parties

3.5.1. Seller

3.5.1.1. Set expectations

3.5.1.1.1. Players

3.5.1.1.2. Timelines

3.5.1.1.3. Closing / Documents

3.5.1.2. over communicate

3.5.2. Buyer

3.5.2.1. Financing

3.5.2.2. Closing Attorney

3.5.2.3. Your Expectations / viewing property