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Last Updated: May 14th, 2012 - 22:24:01 |
I get emails on a regular basis from people
asking how they can Quick Start their investing.
Here's one I just receivedˇ
Mr. Walters,
I am just starting to take my first steps
in this business. Thanks for the advice
you have already offered.
In your opinion, what is the best way to
attract motivated sellers? I know this is probably
the number one question of all new investors....
Thanks,
Jeffrey Littorno
Hi Jeffrey,
Good question! I'm happy you asked
because I can probably save you tons
of time with the answer...
Most investors are doing the same things,
which means loads of competition if you do
what they do. Here's what we do...
Step 1.
We blanket areas we're interested in owning
homes with postcards on a regular basis with
our marketing message.
Postcards usually always get read.
We know that in any given area there are
people struggling to make their payments.
Sound reasonable?
We then get calls from these people
interested in our offer to help them
out of their tough situation.
What happens is we find out about the
deal before any of our competition!
By the time they might know about it,
we've got the loyalty of the motivated seller
and hopefully already a signed contract!
Step 2.
Once we have the motivated seller interested
in our offer, we usually take over their
payments so that we don't have to qualify
for a new loan.
This also saves us time and lots of money.
Often investors can't qualify for a loan,
so buying the property "Subject To" the
underlying financing is a great technique.
Also, you get the deed and a power of
attorney, which puts you in the drivers seat.
Once we've got the deed we will then offer
the property for sale using a Lease with
Option to Purchase, rent it, flip it, etc.
Step 3.
One more thing you should know about is
something called a 1031 Tax Deferred Exchange.
It's a way real estate investors defer the
taxes owed when an income property is sold.
There are steps you must follow after holding
the property for a certain amount of time.
One thing most investors don't think about
is an exit strategy. You need to know what
you're going to do with the property
once you get it.
Knowing how to defer the taxes is a wealth
tool you can't afford not to understand.
If you add this simple technique to your
investing you can save yourself tens
of thousands of dollars.
Hope that helps!
About The Author - Mark Walters has written
"Profits in Probates - The Amazing Real Estate Secret.
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