10 Questions Your Potential Buyers Are Asking

Do you know what potential buyers are asking themselves when they look at your property? We can anticipate the basics: Will they like the kitchen? Are there enough bathrooms? But what about the underlying questions every homeowner wants to know? By now, we know that you make money when you buy and you realize that money when you sell. Easy. If you want to fully actualize all the money you can, consider some of the questions your potential buyers will have in mind when touring all the hard work you've made happen. The more you can ...

By |2020-01-27T23:19:28+00:00January 4th, 2018|Fixing, Flipping, Property Evaluation|

A Better Auction Experience

You’ve done your research (you've read THIS article), prepared for an auction, and maybe even attended a few to get a feel of the process and the competition. How can you set up for success when it comes time to put your money where your mouth is? Let’s talk debt stack, bid strategy, and bidding with other people’s money… Debt Stack What is it and how do I use this information to my benefit? Separate your leads from you we call a “Full Debt Bid” and a “Specified Bid.” When an auction starts, the opening bid ...

By |2020-01-29T03:05:30+00:00September 16th, 2017|Property Evaluation|

Guessing Game

It may not occur often, but if a home auction is happening with auction.com, Marshall & Swift, or another auction group, you may be allowed access to the property before the auction takes place. This can be a true advantage, especially since most trustee sale and sheriff's auctions will not let you into the house unless you have a realtor key--or if the house just happens to be left unlocked. (Even if that is the case, if someone is living there, do not go on the property!) If you get to see inside, you can better ...

By |2020-01-29T03:08:30+00:00September 1st, 2017|Flipping, Property Evaluation|

A Guide on Where to Meet Homeowners

When working with distressed homeowners, there are several key traits to working out a respectful deal that profits both sides and keeps the transaction professional. I've discussed helping distressed homeowners before, and if you need a refresher course on the basics of putting together a deal with tact, please CLICK HERE to get your tips. Now, let's talk about where to meet a distressed homeowner to discuss terms and sign the purchase and sale agreement. Because the sale in question is their property, a homeowner may expect that the meeting will take place in their home. ...

By |2020-01-29T03:16:20+00:00August 18th, 2017|Flipping, Property Evaluation|

Not as Seen on TV: a Guide to Foreclosure Auctions

Even if you are new to real estate investing, you likely know what a home auction is. You've probably even seen one on a TV show where people buy a house, and after thirty minutes of airtime have completely renovated and sold a home. Just as the shows can give an inaccurate representation of the rehab process, they can poorly portray an auction, too. Foreclosure auctions are a viable way to purchase a hot deal with a healthy profit margin, but let's clear up some misunderstandings. If you've never been to a home auction, I recommend ...

By |2020-01-29T03:28:10+00:00July 21st, 2017|Borrowing, Property Evaluation|

#1 Proof of Funds Mistake

If you're crunching the numbers, making consistent offers that are at your MAO (maximum allowed offer), and you're coming up bust, you may be making the #1 mistake with your Proof of Funds Letter. But before I tell you what the #1 mistake is, let's talk about rejection. Having your offer rejected is common. In fact, if your offers aren't getting declined consistently, you aren't making enough offers! Remember how we talked about making an offer on every single place you look at? (READ MORE HERE!) Even if your offers are strong, you're still going to ...

By |2020-01-29T03:30:33+00:00July 14th, 2017|Borrowing, Property Evaluation|

Don’t Look Without Offering

There are few similarities between purchasing your home (your primary residence) and buying a distressed house with the intent of fixing it and retailing it back into the market. For instance, when purchasing your own home, you will look at the house before deciding to make an offer. You're going to make sure it's a layout you like, and the quality is what you expect. That isn't the case when looking at an investment property. You don't always get the opportunity to look at a distressed home before buying it. At auction, for example, you may ...

By |2020-01-29T03:35:49+00:00July 7th, 2017|Flipping, Property Evaluation|

Helping Distressed Homeowners

People lose their homes. It's an awful experience for most, and the situation comes with a myriad of emotions. Although you can help turn the situation into a win-win experience, if you don't know how to properly tackle the sensitivity of the topic, you aren't going to help anyone. I recently walked you through the basics of an Equity Deal (to read and watch, click HERE) and the fundamentals of Short Sales (click HERE). To further your understanding of these processes, you need to understand the etiquette necessary when talking to a homeowner in trouble. Put ...

By |2020-01-31T01:57:14+00:00June 16th, 2017|Communication, Getting Started, Property Evaluation|

How Do I Get Approved?

  I was recently asked, “Lee, how do I know what a good, fundable deal looks like?” While I’ve spent hours reviewing the numbers to my deals (and yours) during my Scratch Paper Chronicles, at Lee’s Inner Circle, and during courses and specialty labs, the question is valid because every property is different. Start with the most important question to ask on any deal: Will there be a good outcome for everyone involved? If the deal isn’t going to make any money for those involved, it’s probably not going to be approved. But, don’t take a ...

By |2020-01-31T02:04:10+00:00May 26th, 2017|Getting Started, Property Evaluation|

What If I Don’t Have Cash for a Home Auction?

Today, I have a committed group of folks out here in Coeur d'Alene/Spokane attending my Lee's Inner Circle intensive training. I can't even begin to review everything they're learning, but I can tell you that today, I am taking them to an auction. It's a fantastic opportunity for these success-hungry individuals to get on-site training, learn the details of structuring MAO (maximum allowed offers, or in this case, my maximum bid), and I bet a few will acquire properties with me. Not all of them have cash to buy houses at an auction like I do. ...

By |2020-01-31T02:08:57+00:00May 19th, 2017|Borrowing, Property Evaluation|