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The Real Estate Wholesaling Bible - The Fastest, Easiest Way to Get Started in Real Estate Investing
Than Merrill
Verlag Wiley, 2014
ISBN 9781118900390 , 272 Seiten
Format PDF, ePUB, OL
Kopierschutz DRM
Geräte
The Real Estate Wholesaling Bible: The Fastest, Easiest Way to Get Started in Real Estate Investing
5
Copyright
6
Contents
7
Introduction
17
The Shrinking Middle Class in America
17
How I Got Started Investing in Real Estate
19
Why We Decided to Start Wholesaling
20
Set Skepticism Aside—It Will Hold You Back
21
Is This Book for You?
22
The Catalyst to a Better Life
23
Chapter 1: Wholesaling Overview What’s in It for You?
25
The Benefits of Learning How to Wholesale Real Estate
25
Benefit #1: Profits Can Be Quick
26
Benefit #2: You Can Minimize Your Risk
26
Benefit #3: Having Bad Credit Is Not a Large Limiting Factor
27
Benefit #4: You Can Utilize Other People’s Money
27
Benefit #5: Time Freedom
28
Benefit #6: It Is Challenging, and Never Boring
28
Benefit #7: Wholesaling Is a Gateway to Other Real Estate Niches
29
Conclusion
29
Chapter 2: Getting to Know Your Local Real Estate Market
31
The Importance of Gaining Intimate Local Market Knowledge
31
Step 1: Gain an Understanding of Local Market Metrics
32
Step 2: Get to Know Price Points of Properties by Neighborhood
33
Step 3: Understand Zoning Laws within the Market
34
Step 4: Study Your Competition
35
Step 5: Identify Key Real Estate Professionals in the Market
35
Set Your Focus
36
Conclusion
36
Chapter 3: Establishing Your Marketing Presence
37
Foundational Marketing Materials
37
Business Cards
38
Seller Credibility Packet
38
Buyer Credibility Packet
39
Private Money Credibility Packet
39
Core Website
40
Facebook Page for Your Business
41
Easy-to-Remember Phone Number
41
Memorable Business Name
42
Logo and Business Color Schemes
42
Conclusion
42
Chapter 4: Understanding the Pre-Foreclosure Process
43
Definition of Foreclosure and How to Learn Your State’s Process
43
Types of Foreclosure
44
Judicial Foreclosure
44
Nonjudicial Foreclosure
45
The Strict Foreclosure Process
45
Buying Properties from People in Foreclosure
48
Conclusion
49
Chapter 5: Finding Pre-Foreclosure Properties
53
Finding Recent Pre-Foreclosure Property Filings
53
Conclusion
56
Chapter 6: Finding Wholesale Deals Utilizing Direct Mail Campaigns
57
Step 1: Find the Best List
58
Pre-Foreclosure Property Owners
58
Out-of-State Landlords
58
Probates and Inherited Properties
59
Free-and-Clear Landlords
59
Expired Listings
59
Delinquent Property Tax List
60
Step 2: Decide How Many Times You Will Mail the Prospect
60
Step 3: Create a Spreadsheet to Track Your Mailings
60
Step 4: Determine What Types of Direct Mail Pieces You Will Use
61
Short Letters
61
Long Letters
61
Yellow Letters
62
Postcards
62
Lumpy Mail
62
Step 5: Craft a Compelling Message
62
Have a Compelling Headline
63
Be Empathetic
63
Offer Benefits
63
Call-to-Action
64
Your Contact Information
64
A Guarantee or Bold Promise
64
Step 6: Choose Postage
64
Step 7: Set Up Your Inbound System
65
Step 8: Fulfill Your Campaigns
65
Step 9: Note Response Rates
66
Conclusion
66
Chapter 7: Finding Deals on the Multiple Listing Service
69
The MLS Offer System
69
Step 1: Filter and Find Potentially Distressed Properties
70
Step 2: Reach Out to the Listing Agent
71
Step 3: Run Comparables
71
Step 4: Walk Through the Property
72
Step 5: Drive by the Comparables to Determine the After-Repair Value
72
Step 6: Make an Offer
72
Step 7: Follow Up
72
Outsource Steps within the System
72
Conclusion
73
Chapter 8: Finding Deals Utilizing Craigslist
75
Searching for Properties under the “Real Estate for Sale” Section
75
Searching for Properties by Keyword
76
Contacting Landlords Who are Renting Properties
76
Contacting People Having Estate Sales
77
Creating Advertisements That Get People to Contact You
77
Creating a Compelling Ad Title/Headline
77
Using Symbols to Make Your Title/Headline Stand Out
78
What the Body of Your Advertisement Should Communicate
78
Image Ads versus Text Ads
79
Reposting Your Ads
79
Boost Your Account’s Reputation
79
Getting Flagged
80
Conclusion
80
Chapter 9: Other Killer Ways to Find Profitable Real Estate Deals
81
Purchasing Internet Leads
81
Questions to Ask about Purchasing Internet Leads
82
Facebook
83
Facebook Ads
83
Other Real Estate Professionals and Investors
84
Door Hangers
85
Bus Bench Advertising
85
Banners
85
Vehicle Wraps
86
Car Magnets
86
Billboards
87
Television Advertising
88
Conclusion
88
Chapter 10: Overview of How to Value Real Estate
89
The Cost Approach
89
The Income Approach
90
The Sales Comparison Approach
90
A Word of Caution
91
Always Determine the Highest and Best Use of the Property
91
Your Goal as a Wholesaler When Making Offers
92
Conclusion
92
Chapter 11: Deal Evaluation System Stage 1: Gathering Information
93
Vital Information to Gather in Stage 1
94
Seller’s Contact Information
94
Realtor’s Contact Information
94
General Property Information
94
Current Status of an Owner-Occupied Property
95
Current Status of a Vacant Property
95
Current Status of a Rental Property
95
Listing Information
96
Property Condition and Repairs Needed
96
The Seller’s Motivation
97
Current Debt against the Property
97
Terms of the Underlying Loan(s)
97
The Seller’s Bottom-Line Price
98
Recommended Tools to Gather and Track Information
98
Seller Lead Sheet: Script to Gather Information
98
CRM/Database: To Track All Your Leads and Information
99
Conclusion
100
Chapter 12: Deal Evaluation System Stage 2: The Desktop Evaluation
101
Step 1: Confirm the Property Details By Reviewing the Property Card
101
Step 2: Pull the Listing Sheet If the Property Is Listed with an Agent
102
Step 3: Understand What You Are Trying to Determine with the Sales Comparison Approach
103
Step 4: Find the Best Comparables Using the Multiple Listing Service
103
Step 5: Look for Off-Market Comparables
105
Step 6: Analyze the Sold Comparables to Determine Whether the Property Is Worth Visiting
106
Steps to Take When Working Directly with the Seller and It Doesn’t Look Like a Good Deal
106
Steps to Take When Working Directly with the Seller and It Looks Like a Good Deal
106
Steps to Take When the Property Is Listed by a Real Estate Agent
106
Step 7: Classify Your Leads
106
Step 8: Prepare Your Comparable Package
107
Step 9: Prepare Your Buying Appointment Package
108
Conclusion
109
Chapter 13: Deal Evaluation System Stage 3: The Property Visit
111
Filling Out the Comparable Sales Adjustment Grid
112
Performing Drive-by Inspections of the Subject Property and Comparables
112
Examining Comparables That Are Active and on Deposit
114
Making Adjustments
115
Calculating Adjustments
119
Conclusion
119
Chapter 14: Estimating Repairs on Properties
121
Repair Cost Is a Critical Number You Need to Make the Right Offer
122
Our System to Estimate Repairs
122
Exterior Repairs
123
Roof
123
Gutters
123
Siding/Stucco
124
Windows
124
Paint
125
Garage Repair
125
Landscaping
126
Pools
126
Fences
127
Decks
127
Interior Repairs
127
Kitchen
127
Bathrooms
130
Flooring
130
Sheetrock/Drywall
131
Mechanicals
132
Plumbing
132
Electrical
132
HVAC
133
Other
133
Permits
133
Dumpsters
134
Miscellaneous
135
Things That Can Greatly Enhance the Value of a Property
135
Conclusion
138
Chapter 15: Negotiating and Making Offers to Sellers
139
Negotiate with Confidence
140
Step 1: Uncover the Seller’s True Needs and Desires
140
Step 2: Research the Seller or Agent You’re Negotiating With
141
Step 3: Know What You Are Offering Before Meeting with the Seller
142
Step 4: Walk Through the Property
142
Step 5: Build Rapport and Dive Deeper into the Seller’s Motivating Factors
143
Step 6: Explain How You Can Help the Seller
145
Step 7: Frame Your Offer
146
Step 8: Handle Objections Effectively
146
Step 9: Sign the Purchase and Sale Agreement
148
Conclusion
148
Chapter 16: Understanding Purchase and Sale Agreements
149
Parties Involved
149
Description of Real Estate
150
Personal Property Included in the Sale Price
150
Purchase Price and Financing
151
Where Deposits Are Held
151
Financing Contingency
151
Condition of Premises
152
Inspection Contingencies
152
Statement Regarding Lead-Based Paint
152
Occupancy, Possession, and Closing Date
152
Deed Type
153
Marketable Title
153
Adjustments
153
Buyer’s Default Clause
153
Seller’s Default Clause
153
Risk of Loss and Damage
153
Addendums
154
Broker/Agent Fees
154
Time to Accept
154
Conclusion
154
Chapter 17: How to Get the Money for Your Wholesale Deals
155
Conclusion
156
Chapter 18: Working with Private Lenders
157
What Exactly Is “Private Money”?
158
How Is the Lender Protected?
158
Turning People into Private Money Lenders
159
Finding Existing Private Money Lenders
159
Can You Openly Advertise for Private Money Lenders?
160
Meeting with the Lender for the First Time
160
Conclusion
161
Chapter 19: Working with Transactional Lenders and Hard-Money Lenders
163
What Is Transactional Funding?
164
Hard-Money Lending
165
When You Will Use a Hard-Money Lender in Wholesaling
165
Know the Terms
166
Qualifying for a Hard-Money Loan
166
Locating Hard-Money and Transactional Lenders
167
Conclusion
168
Chapter 20: Building a Trophy Database of Buyers
169
How You Can Leverage a Database
170
You Must Have Software to Build a Trophy Database
171
Conclusion
171
Chapter 21: Networking to Find Buyers
175
Strategic Networking Opportunities
175
Auctions
175
Local REIA and Landlord Association Meetings
176
Chamber of Commerce and Business Networking Groups
177
Home/Trade Shows
177
Social Media
177
Hosting Your Own Events
178
Networking with Other Real Estate Professionals
178
Hard-Money Lenders
178
Other Wholesalers
179
Real Estate Agents
179
Mortgage Brokers
180
Contractors
180
Section 8
181
Property Management Companies
181
How to Build Relationships and Stand Out from the Crowd
181
Conclusion
182
Chapter 22: Direct Response Marketing Strategies to Find Buyers
183
Craigslist, Backpage, and Other Online-Classified-Ad Websites
184
Facebook Real Estate Groups
185
Company Website
185
Lead-Generation Pages (Squeeze Pages)
186
Penny Saver Newspapers
186
Reaching Out to Your Competition
186
Cash Buyers
187
Conclusion
188
Chapter 23: Marketing Your Wholesale Deal
191
Make Sure Your Trophy Database Is Organized
191
Assemble the Critical Information into a Wholesale Deal Marketing Package
192
Call Your Most Serious Buyers First
192
E-Mail Blasts
193
Text Blasting
193
Voice Broadcasting
194
What If You Have a Deal to Sell But Don’t Have a Buyers’ List?
194
Conclusion
195
Chapter 24: Classifying, Prescreening, and Communicating with Buyers
197
Classify Buyers within Your Trophy Database
197
The Importance of Prescreening Buyers
198
What to Do When Buyers Contact You
199
What You Need to Know About a Buyer
199
Communicating Properly and Training Your Wholesale Buyers
200
Conclusion
201
Chapter 25: Working and Negotiating with Buyers
203
Know the Comparable Sales in the Area
203
Have an Accurate Repair Cost
204
Create a Sense of Urgency
205
Common Negotiating Techniques Buyers Use
205
What if the Buyer Thinks You’re Making Too Much?
206
Confirm Funding
206
Case Study
207
Conclusion
208
Chapter 26: How You Profit Selling a Contract
209
What Does It Mean to “Sell a Contract”?
209
Completing the Assignment of Real Estate Purchase and Sale Agreement
210
How Do You Get Paid?
211
Coordinating the Closing
211
Common Questions
212
Which Is the Better Exit Strategy: Selling a Contractor Double Closing?
212
Common Misconceptions about Wholesaling
213
Conclusion
213
Chapter 27: How You Profit Double Closing
217
What Is a Double Closing?
217
Signing the First Purchase and Sale Agreement on the A-B Transaction
218
Signing the Second Purchase and Sale Agreement on the B-C Transaction
219
Know How the Buyer in the B-C Transaction Is Planning on Funding the Deal Before You Sign a Second Purchase and Sale Agreement
220
What Else to Look for from Your C Buyer
221
Don’t Pass Funding Through
222
Always Have Legal Counsel
222
Conclusion
223
Chapter 28: The Real Estate Closing Process
227
Who Handles the Escrow and Closing?
227
What Is Required to Open Escrow?
228
Who Selects the Escrow Company?
229
Are You Opening One Escrow or Two?
229
What Happens During Escrow?
229
How Do You Prepare for Closing?
230
What Can Cause Delays During the Closing Process?
231
What to Check the Day Before Closing
232
What Takes Place at the Closing?
233
How to Ensure There Are No Snags the Day of Closing
233
Hiring Someone to Help You Process Your Wholesale Deals
233
Conclusion
233
Chapter 29: Building Your Local Team
235
Real Estate Agents
236
Locating the Top Agents in Your Market
237
Hard-Money Lenders
238
Mortgage Brokers
238
Insurance Agents
238
Title Agent/Real Estate Attorney
239
Contractors
239
Conclusion
240
Chapter 30: Building Your Business Advisory Team
241
Real Estate Coaches
243
Marketing Mentors
243
Negotiation and Sales Mentors
243
Business Management Mentors
244
Legal Mentors
245
Tax Mentors
245
Mastermind Group
245
Conclusion
246
Chapter 31: The Path of Smart Growth
247
Preparing for Growth
247
Managing Your Time
248
Developing Systems
248
Growing at a Sustainable Pace
249
Integrating Technology into Your Business Management Systems
249
Hiring Employees and Scaling Your Business
250
Constantly Improving Your Leadership Skills
251
Index
253
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