There are three things to be focused on in this market, and your ability to succeed through this market shift will rely on how well you can do these three things. I describe the huge variety of creative financial deals you can offer when you would choose to offer them, and I give you examples in real-time on how to figure out the offer.
You need to learn how to make multiple offers. No more one-trick cash-only offers because they’re not going to work anymore. When you find buyers, you’ll need to offer solutions and creative financing for them. If you become that go-to creative financing guy, you can make nearly any deal work, as long as the seller realizes they’ll have to choose between terms and prices.
Financing is going to be getting harder and harder as money dries up, so when I say creative financing, I mean:
- Owner financing
- Seller financing
- Seller carry-back
- Lease purchase
When you make an offer on a nicer property, I recommend a different strategy based on the MAO formula. MAO stands for the maximum allowable offer, and this formula has been around for a long time because it works. I walk you through how to figure out to offer for a nicer home.
In my FREE mind map, I offer calculators so that you can calculate a price that still nets you enough income to make the deal worth your while. Now, after you text “FLIP” to 313131, you won’t be able to make edits on this copy. So what you need to do is go to file, make a copy, and download this mind map so that you can make edits on your copy for your business.
Watch and Learn
Listen and learn:
- The more options you can give a seller, the more deals you’re going to make.
- In this market, you need to be thinking about making a “quick nickel rather than a slow dime”.
- The three options I like to give sellers.
- Why I like Redfin data over Zillow, and how I use it in my calculations
- Step-by-step instructions on how I figure out an offer.
Mentioned in this episode:
- Apple Podcast Reviews
- Joe McCall on Youtube
- For the mind map, text: Flip to 313131
What are you thinking?
First off, we really love feedback, so please click here to give us a quick review in iTunes! Got any thoughts on this episode? We’d love to hear ’em too. Talk to us in the comments below.
Enjoy this podcast? Share the love!