I started in real estate right before the crash, so I have to be honest and say that I made a lot of mistakes when I entered the real estate market. I’m embarrassed to say that I lost homes to short sales and foreclosures before I finally figured out what I was doing. And I learned that lease options in a down market work really, really well.
The 3 things you need to be focusing on right now are making more lease option offers, making buyer offers, and following up with your old leads.
Increase the amount of offers you get accepted by being flexible in your financing when you use lease options. There’s a lot of power in being able to give the seller any price they want as long as they wait for it. I walk you through my philosophy and how I make my three main offers. In addition, in my Mind Map, I’m giving you a calculator for the three different kinds of offers:
- Cash offer
- Seller financing interest only
- Seller financing principal only
This free Mind Map will help you figure out how to handle this changing market. It’ll include calculators, marketing tools, letters, and a lot of other things that will help you pivot and shift. When you get the link, you’ll only have View privileges only. If you want to make changes, go to File and make a copy or download it and save it as an Excel spreadsheet.
I walk you through how to find a rental house on Zillow to make an offer on. Remembering that you want 15 percent equity and 25 percent cash flow for the properties you’re looking for, I run the numbers on a couple of houses to show you how to find a great deal.
Watch and learn:
Listen and learn:
- You can give a seller any price they want as long as they wait for it.
- Remember the sandwich lease option rules: cash now, cash flow, cash later.
- I share examples of a cash offer, wholesaling lease option offer, and a sandwich lease option.
- I walk you through how to use Zillow and Redfin to find rentals to buy.
- Get my free Mind Map with the tools you need to make better offers.
Mentioned in this episode:
- Apple Podcast Reviews
- Sandwich Lease Options Class
- For Free Mind Map, Text: FLIP to 313131
- Who Moved My Cheese?
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