Ep 159 pt.3 The 5 Big How To's

<p>On this series we are talking about… The big 4 How To’s</p> <p>How to talk to Sellers about creative financing- First of all, Don’t use the term seller or owner finance. It has a negative connotation. Use terms like payment for equity, are you open to terms or an installment. If you're open then there are multiple options we may be able to offer. I can put together a couple options and you can pick the best for you… Is that fair? If we can get you monthly cash flow without dealing with tenants, would that work for you. Use the same approach with every prospect, we buy properties using cash or terms. Are you open to taking payments for your equity. Let me explain how terms may work for you… With terms you become the bank and therefore we can pay you more for the property, not only top price but also you can continue to make money from interest. I'm not positive, but there may be some solutions that we can offer you that solves your problem. We can put together some offers and then we can present that to you and figure out what works best for you.</p> <p>How to talk to Agents about creative financing- You need to understand in a hot market this is an uphill battle. You need to get their attention quickly. And it's harder with residential agents v.s. Commercial agents. The Agents need to know how they are going to get paid, first and foremost. Explain up front to the agent that you might be able to pay more than the asking price, you can get them paid up front at closing, and there will only be one agent involved so all the commission go’s to them so they can make more on their listing. Ask if their client may be open to terms and if/why that may not work. Don’t offer a downpayment if they ask, explain that you can put some offers together and see if any of them work for their client. Always ask why they think the property has not sold yet. You want the agent on your side. Always say you can net the Seller more if they choose one of your offers. AND ask if they understand the offer and if they can explain it