Finding buyers lesson (part 1)

[ericmedem]

Hi Eric,
This is all great info!  Is there a "Part 2" to this "Finding Buyer's Lesson"?

Part 2 is on the way this morning.....I hope you enjoy

[Jeremy1113]

good stuff

[d2dotson]

  BUTLERSW3 WHAT AREAS ARE YOU LOOKING TO BUY?

[Mohegan]

My questions to this group are : How to tie up a contract with a HUD home..?
How much money EMD would be needed..? would you be using any escape clauses..?
How would assignment of contract work? I thought they didnt allow any changes in buyer/ closing name from original contract.. Please fill in the blanks..

also could these ideas somehow work with bank owned homes, or auction homes..?

Tell us more!!

[ericmedem]

My questions to this group are : How to tie up a contract with a HUD home..?
How much money EMD would be needed..? would you be using any escape clauses..?
How would assignment of contract work? I thought they didnt allow any changes in buyer/ closing name from original contract.. Please fill in the blanks..

also could these ideas somehow work with bank owned homes, or auction homes..?

Tell us more!!

HUD homes require an agent to make an offer.....

BIG TAKEAWAY....Agents set there own commissions when they make your offer and they can take up to 5%.

Since HUD will choose to accept your offer based on the NET price, the more commission your agent takes, the more you will be required to pay...

I have seen agents lose deals because they charged there clients 5% on a 100,000 home meaning they were taking $5k...The lost to me even though I offered less because I only charged my clients 3%.

Deposits are $500 or $1000 depending on the price of the home.

They won't allow you to assign, but you can add a buyer on then deed yourself off or put the home in trust then sell the beneficiary position or sell the llc that the home is in.

Good luck

[Mohegan]

I think - if they will accept a purchase in trust by trustee - then assign beneficial interest in trust and have trustee close for them - how would this effect funding the deal being in trust? ( putting in Trust - how would this be signed on P&S or Offer ) I like the idea but makes it hard with lender and funding or not..?
Please elaborate -

PS - Eric Saw your webinar great job.. was considering even let me know exactly what i would get by personal email.. i was having trouble understanding exactly..

[ericmedem]

I think - if they will accept a purchase in trust by trustee - then assign beneficial interest in trust and have trustee close for them - how would this effect funding the deal being in trust? ( putting in Trust - how would this be signed on P&S or Offer ) I like the idea but makes it hard with lender and funding or not..?
Please elaborate -

PS - Eric Saw your webinar great job.. was considering even let me know exactly what i would get by personal email.. i was having trouble understanding exactly..

I offer email follow up to anyone after they have bought my course and once they've finished the wholesale training.

Often times this small bit of assistants helps push newbies over the edge...

[WeSellHomes2Fix]

Erics list is great.  One thing I recommend is make sure you have all your buyers email addresses and phone numbers.  Once you have more than 1000 buyers, you will not have time to call each one.  You will want use an opt-in email service for sending emails and a free txt messaging service to let them know you have properties.

[ericmedem]

I agree completely keep name, phone, and email of each new buyer.   

I use a system so I can just "globally broadcast" to my entire list of 2000+ with the click of a button....

If you're wondering about costs on something like that, I spend $20/mo for hosting and autoresponders...Which is insanely low, but doable.

[johnm04]

I like your post and it's informative. Question is how would you know the true potential client/investor and not being trapped by impostors. It's a waste of time dealing with this kind of people.

[ericmedem]

You simply need to ask the right qualifying questions. 

How many deals have you done?

Are you paying cash or getting a loan?  and where?

Keep in mind you don't need to do this directly you can just point towards the topic in your questions then watch for congruency in their answers

[Delondon]

Keep it simple. They pretty much already know where they want to invest. Get the information goods and take action. Get a check.

[getrichinNC]

I've noticed a number of people referring to Craig's List for finding buyers or sellers.  I searched for some time now and haven't noticed any strong deals.  I know that most are cruising CL like I am (as a lurker so to speak).  Kind of like fishing.  I know the buyers are out there.  Just trying to catch 'em. 

How strong does your buyers list need to be before begining?  Do you find that you sell to the same investor mutilple times throughout the year or or multiple investors just once?

Thanks all!

[Delondon]

Your buyers list has to be as strong as you want it to be. Some people are happy with having a list of 20 buyers. Some people will not start to take action until they have 50 buyers.

JUST BUILD YOUR LIST! EVEN IF YOU ONLY HAVE 1 BUYER ON YOUR BUYERS LIST, YOU HAVE A LIST!

Folks just take action.

About craigslist, heck no, I won't use this to find sellers. Buyers list only.  I don't want to find sellers, it takes up way to much time. That is why I spend a little time and money on marketing so that they can find me. How much on marketing money? $100 bucks will keep your phone ringing for a month. Ask me how......

Just take action folks.