First things first… - Posted by Carmen_FL
Posted by Carmen_FL on March 18, 2001 at 18:22:04:
Although it may all seem confusing at first, I think the key is this: FIND AS MANY POTENTIAL DEALS AS YOU CAN! THEN figure out what to do with each one.
So I say - Focus all your energy on generating CALLS FROM MOTIVATED SELLERS! After you get them on the line, get all the possible info from them (what their situation is, what they want, what they need, what they pay, are they behind, do they think they need cash, if so for what, etc.). After you have this info, it’s amazing how much easier it is to decide WHAT to do with the deal! Some people just want to dump a beat-up property on which they owe nothing; others are over the barrel and facing foreclosure on an over-financed house. Obviously, the answers on what to do with each are different. But they are both potential money-makers.
If you get 10 calls, and start “working” the deals in your mind, even if by the time you call back with YOUR solution they have moved on, you’ve gotten some on-the-job training - the best kind in REI. Come back here, ask questions, get answers, figure some stuff out, make offers - and eventually you will get one accepted that will stick. You’ll get faster at figuring out what to do with each call, and eventually you can put together deals “on the fly” - and that’s the fun part. Solving other people’s problems is how you get paid.
The first time someone signed their deed over to me, I almost fainted. I mean, someone actually SIGNED THEIR DEED OVER TO ME! They didn’t ask for my credit, references, nothing - they just said “where do I sign?” At the time, we did not expect that people actually did this, so we had no clue what to do with it. But let me tell you - the possibilities opened themselves up real quick. We dabble in just about everything - right now we’re doing one rehab and looking for more with a partner; a L/O; a rental; we have couple of notes out; a few PacTrusts; and are getting calls almost daily from people who want to sell their house. We tell them what we can do; if they accept, great. If they don’t - NEXT!
So don’t get into “analysis paralysis” - if you’re uncomfortable, treat the first few calls as “training” - don’t put pressure on yourself, just treat it as a mental exercise. And you might be surprised - they may accept, and you may make some money by mistake!