Due Diligence & Finding Buyers
Due Diligence
Small Town Profits Audio: Due Diligence
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STP Module 5 Due Diligence - Download Transcript
1 file(s) 99.58 KB
Download Joe's Repair Worksheet
1 file(s) 50.00 KB
Notes:
Due Diligence
-Determine ARV
-Drive Street Online
-Rent Comps
-Estimate Repairs
-Highest And Best Use
-Pictures And Video
-Call Realtors
-Call Property Managers
Renegotiate A Better Deal
-Due Diligence You Can Do…
-Online Research
-Pictures
-Video
-Rehab Estimate
-Scope of Work
-Home Inspection
-CMA
-Appraisal
-Survey
-call realtor
-call property manager
Due Diligence I Do…
-Go Look Or Send Someone
-Pictures
-Comps
-Rent Comps
-Guesstimate repairs
-Small Town Due Diligence
-City or Septic system
-Lot lines HUD had extra lot
-zoning or no zoning
-can subdivide
-recorded easements for driveways
-shared well?
-How close to Walmart, CVS, Walgreens?
-How close to Lowes, Home Depot?
Neighborhood Crime
-Trulia.com
-CrimeReports.com
-SpotCrime.com
-ZipSkinny.com
-NeighborhoodScout.com
Estimating Repairs Per Square Ft.
-$8-10 Sq. Ft. Cosmetic
-$12-15 Sq. Ft. Light Rehab
-$18-20 Sq. Ft. Major Rehab
After all due diligence…
-RE-Negotiate
-Renegotiate after due diligence.
-25-50% you will renegotiate after inspection.
-We do it over the phone.
-We wait until close to closing.
-It’s always about the condition or the tenant or something like that.
-NEVER tell them you can’t sell their house!
-Once they agree to send a new contract.
Finding Buyers
Small Town Profits Audio: Finding Buyers
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STP Module 5 Finding Buyers - Download Transcript
1 file(s) 85.59 KB
Notes:
It’s Easier To Find A House For A Buyer Than A Buyer For A House
The vast majority of my properties that I sell in small town USA come from a brand new buyer I had never met until they responded to some marketing about a specific property.
Building a Buyers List
-REIA Groups
-I Buy Houses Signs
-I Buy Houses Flyers
-I Buy Houses Ads
-Printed Classifieds
-Online Classifieds
-Online Houses for Sale
-Online Auction Sites
-Stickers At Auction
-Houses
-Social Networking Sites
-Social Media Sites
-Social Bookmarking Sites
-Mini Blogs
-Your Own Blog
-Community Sites
-eBay
-Local Auctions
-Foreclosure Signs
Direct Mail To Build Buyers List
-Post Cards
-Letters
-Mail Every Two Weeks
-Mail To Buyers of Multiple Properties
-Have a Website To Be Professional
-Have a Voice Mail System
-Get a VA To Enter Leads For You
-Have a Professional Package
-Successful people in real estate answer their phone