Posted by Tony James on December 12, 1999 at 08:15:10:
I developed a system for myself. What may work for me may not work for you, but you may benefit from it… I Call it the “MO MONEY” System.
M = Management, meaning be prepared to manage your businesses in a proffessional manner. Management is how you conduct yourself, the ACTION in you.
O = Organization, Stay Organized. Keep your phone book available. Schedual yourself out. I read that the most successful people have a TO DO list in common. Organizing yourself is also planning out what you want to accomplish.
MO deals with your personal side you must be mentally, and physically ready first or you are wasting your time.
Next, “MONEY” is the objective.
M = MONEY, meaning you have the Money or Capital ready to buy the house when you find it. This can be through Home Buyers, Private investors, Lending institutes, anybodys money but YOUR OWN. This part is the most complicated I have found. But once you have this part the rest is easy. This site tells MANY ways how to GET MONEY!
O = OWNER, Now find the owners/sellers. Money talks, BS walks, Now that you have money to talk, you have the confidence to look for the deal you want.
N = Navigate, Now that you Have the Money, and the Potential Owner you might want after you seen their AD in the newspaper, or if your Lucky They Called You. Now it’s time to navigate through different sources of information. To get the Fair Market Value of the house, and basicly do the footwork to see if you actually want the house. Find out if their Codes that have to be met, and things like that.
E = Evaluate, Now it’s time to create your Purchase aggreement and Evlautate it to make sure it is in your best interest. The structure of the PUCHASE AGREEMENT (PA) very vital. For example you need to have an exit clause in it. So if you can’t sell the house, you can back out of the aggreement.
Y = YOU, now it’s up to YOU to make your offer. Send the aggreement to the seller. Once they sign your PA, you basicly have the house where you want it. You can sell it, Rent it, do what ever you had in the PA. But see, Now you have your Buyers Lined Up ready to buy. You send them all your offer for the property. First come first serve. A House may be $35,000 that is worth $80,000 after fix up…You Offer $40,000 to a contracter and make $5,000.
Make 5 offers a day. 25 a week. Thats 100 a month. If only 2% of your offers happen, thats an extra $10,000 for a part time Job. And this is the minimum I am talking about.