Real Estate Investing

Roadmap

Seed Flip

1. Build reserves and learn how to find/analyze deals

Birddog Leads Wholesale Deals 2. Put money back into marketing and do more deals (repeat Step 1) 3. Start rehabbing (fix and flipping)

Getting Leads

Marketing

Direct Mail

Probates Driving For Dollars Delinquent Taxes Absentee Owners Evictions Divorce Pre-Foreclosure Code Compliance Complaints Expired Listings

Signage

Bandit Signs Billboards Magnetic Signs Banners Internet

House Buying Website Free Classified Ads

Craigslist.org Backpage.com Pay Per Click

Adwords BingAds Social Media

Facebook Pinterest Twitter Classifieds

Small Local Papers Large Local Newspaper Thrifty Nickel Pennysaver Handouts

Business Cards Flyers Doorhangers Referral Program

Offer $500-$1,000 for leads to you close on Finding Potential Deals

Real Estate Agent

REOs (Foreclosures) Estates Fixer Uppers HUD Homes Internet

Craigslist.org Realtor.com HudHomeStore.com Classifieds

FSBOs (For Sale By Owner)

Building Your Team

Start looking for investor-friendly title company

Check with other investors Call title companies and ask for closer that works with residential real estate investors Start looking for serious cash buyers

At Real Estate Investor Association meetings At foreclosure auctions Have real estate agent find properties sold for cash recently Call their 'we buy houses' marketing Market for them yourself

Craigslist.org

Calling For Rent signs in areas you are investing in Create VIP Buyers list for best buyers Start looking for investor-friendly real estate agent

Check with other investors At Real Estate Investor Association meetings Call offices and ask for agent working with real estate investors Start looking for an investor-friendly contractor

Check with other investors Drive areas looking for rehabs taking place Check small local classifieds and craigslist Make sure has insurance Check references

Determine Your Farm Area

Find part of town to focus on Where active rehabs and other investor activity Usually best is working class neighborhoods and around median price for area Areas with houses old enough to have equity and/or needing repairs

Talking With Sellers

15 Important Questions To Ask

Who am I speaking with? What is the address of the house you'd like to sell? How many bedrooms and bathrooms does it have? Does it have a garage, basement, or pool? What repairs or updating does it need? Why are you selling the house? How much is owed on the house? Is the house behind on payments? Do you have an asking price in mind? What did you base that on? How soon were you wanting to have it sold? If I paid cash and close quickly, what's the least you would take? When can I come by to see the house? How did you hear about me? What is the best way to contact you?

Managing Leads

FREE Online Lead Manager

http://www.flippingjunkie.com/free-real-estate-investing-lead-manager-software/ Keep Track of Lead Details Set Follow Up Reminders Keep Track of Lead Sources

Analyzing Leads

Birddog Lead See Also:Birddog Lead (see above), Birddogging

View The House

Build Rapport With Seller

Listen, Listen, Listen Determine Repairs Needed

Use experienced investor for help if needed

Use investor-friendly contractor for help if needed You are not going to be living there Gain experience in determining repairs Calculate Max Offer Make Offer

BEST: In person after viewing the house OK: Get help from investor then call and make offer BAD: Never making an offer Offer Rejected

Counter-offer

DO NOT offer more than your Maximum Allowable Offer Follow Up

Several days later call and see if they have thought about your offer Call every week to two weeks and follow up Birddog Lead (see above) See Also:Birddog Lead

Offer Accepted

Put Deal Under Contract See Also:Putting A Deal Under Contract

Selling The House

For Sale By Owner (FSBO) List with Realtor

Rehabbing

Write up scope of work

Find Contractor Get a bid from contractor

Negotiate

Sign independent contractor agreement

Manage rehab

Check on often When doesn't look good, say something Do NOT pay money upfront with new contractor Make sure you only pay for work that has already been done Have penalty for being late Make sure change order approved in writing before being done Do NOT worry about being their 'friend'

Closing the Deal

See Also:Close on the purchase

If owning house make sure to:

Check for code compliance complaints Get insurance (builder's risk policy if vacant) Make sure vacant before closing (if supposed to be) Title company:

Does title search Prepares HUD statement Handles the closing Distributes the money

Finding A Buyer For Your Wholesale Deal

See Also:Find A Buyer, Find a buyer

Call VIP buyers

Give one by one exclusive 12-24 hour chance at the deal Call and/or email other buyers on buyers list Market the deal to build buyers list and find buyer

Wholesaling

Find A Buyer

See Also:Finding A Buyer For Your Wholesale Deal

Assign Your Contract

Sign Assignment of Contract form with your buyer

Your buyer closes the deal

You get paid at closing Double-Closing

Sign purchase and sale agreement with your new buyer (you as seller)

Close both sides

Money proceeds from B transaction fund A transaction Close Then Sell

Close on the purchase

See Also:Closing the Deal

Find a buyer

See Also:Finding A Buyer For Your Wholesale Deal

Sign contract with you as seller

Close on the sale

Putting A Deal Under Contract

See Also:Put Deal Under Contract

Sign purchase and sale agreement

Receipt at title company with your earnest money

Birddogging

See Also:Birddog Lead

Let experienced investor work the lead

Needs to be someone you feel you can trust Tell them how much you want for the lead if they close Give details of the lead to the investor $$$ Get Paid When They Close $$$

Put back into more marketing If they don't get deal, check with seller to make sure

consider birddoggin the lead to another investor

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