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:

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 SEE SAMPLE CAMPAIGN

1.4.3. Email mailchimp, constantcontact, aweber, icontact, etc. SEE SAMPLE CAMPAIGN

1.4.4. Voicemail slydial, slybroadcast 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 Fix house? Sell house? Rent house? Seller finance Subject 2 Terms can be negotiated No Money down way to own property Build rental portfolio

1.5.2. Build relationships Agents (to get listings) Contractors Attorneys / Title Companies Appraisers Inspectors

2. Get the Contract

2.1. Determine the offer

2.1.1. Comps Local MLS Zillow / Trulia

2.1.2. Determine ARV

2.1.3. Approximate Repair Estimate Use contractor Formula based on square footage

2.1.4. Strategy Wholesaling to fix and flip to landlord Fix n Flip 65-70% of ARV or better 75% of ARV - very hot area Rental Some equity Strong price to rent ratio

2.2. Contact with Seller

2.2.1. Selling done over the phone Deliver Contract Electronically see sample contract Out of state Absentee owner Be careful - sellers get cold feet E-Sign Follow up extensively Deliver Contract in Person Better option Sign on the spot - before getting cold feet. Can present contract clearly Higher close ratio

2.2.2. Selling done in person Be professional dressed professionally Business Cards, Branded Clothes, etc. Courteous, friendly Presentation Simple, not too long iPad works well Build Credibility Come Prepared Know the Numbers Examine Condition / Rough Repair Estimate

2.3. Overcome Objections

2.3.1. Justify Your Offer Come prepared with Comps to show them Be strategic with the comps you use Sellers always think their house is worth more Gently correct them regarding sales that they are aware of Educate the seller on selling costs Repairs needed Inspection items Agent Commissions Closing Costs Additional Holding Costs Concessions Do the Math Use a legal pad to show them the math Try to get close to the same "net" number as listing with an agent.

2.3.2. Ask the Right Questions Where the answer is "Yes" "Would you like to sell the house without the headache of other agents constantly showing your house to strangers?" Check out OBJECTION HANDLING WORKSHEET

3. Contracts into Money

3.1. Whats your Strategy

3.1.1. Wholesaling Give yourself time to sell Have a solid Contract understand your "outs" Set your seller's expecations on time-frame *BONUS: 5 Wholesaling Commandments

3.1.2. Fix and Flip Need Funds Private Funds Hard Money Conventional Financing Cash *BONUS PODCAST *BONUS - 10 Ways to Finance Your Next Deal Need Insurance Builders Risk Rental Need Utilities Important before work can begin Plan ahead Need solid Scope of Work and contractors to perform the work * BONUS: How To Assess and Price a Rehab * BONUS: The Anatomy of a Flip (video presentation)

3.1.3. Buy and Hold Rental Lease Purchase (*Bonus section) Owner Finance

3.2. Buyers list

3.2.1. Partner with other wholesalers

3.2.2. Build your list Only need a handful of active flippers Check out GUIDE TO BUILDING A BUYERS LIST

3.3. Marketing

3.3.1. Email your list

3.3.2. Social Media personal page business page other local investor pages

3.3.3. local MLS Know the rules possibly buy first, then sell

3.3.4. MLS research find other rehabbed properties that have sold within a mile of your property. Intellius for investor info Phone call (add to buyers list)

3.3.5. Find Cash Buyers Fiverr addresses phone numbers

3.3.6. Postcards Use purchased list Post office - hit mail route (cheap: 15-17 cents)

3.4. Have your team in place

3.4.1. Attorney Know you and your business Help run title advise on local laws and regulations contract assistance

3.4.2. Agent Access to MLS deals Access to research MLS /Comps Help with contracts initially

3.4.3. Contractor Estimate repairs Handle repairs (fix and flips)

3.4.4. Inspector May need help with difficult houses Can refer to buyers

3.4.5. Insurance Agent Property Insurance Policies Help determine flood zones

3.5. Manage all parties

3.5.1. Seller Set expectations Players Timelines Closing / Documents over communicate

3.5.2. Buyer Financing Closing Attorney Your Expectations / viewing property