Today’s episode is a coaching call and Gavin Timms, my training partner, is on it with me. We have coaching calls once a week with private clients, and monthly coaching calls with people who purchase a course.
We hear from the audience about deals that fell through. We want to analyze it to see what happened, what you could have done differently, etc. Please send all details, especially offer and property address.
We can all learn from deals that fall through. And, as you must know by now, “no” means not yet. It’s possible you can still follow up with the seller involved in that deal that fell through.
Mary sent an offer she made recently for analysis. It’s a lease option deal in Ocala, Florida. It’s a new house that’s been for sale by owner on Zillow for almost a year but the comps don’t match the asking price.
The seller wants a big down payment, which indicates he’s not very motivated. You have to make an offer that works for you, not one that simply pleases the seller.
Mary made a lease option assignment offer and a sandwich lease option offer. Most likely, neither will be accepted. Gavin recommends prioritizing leads… give more of your time to motivated sellers.
Jim sent a deal for a house in Green Bay, Wisconsin. He’s already got a tenant buyer who’s offering a $25k down payment. The seller’s wife wants to use a friend who’s a realtor, which shows low motivation.
The next deal is for a townhouse in Ft. Washington, Maryland. Another comes in from San Diego. The house is in the middle of a rehab, which means a high down payment. Remember, offers can be renegotiated if needed.
Listen and Learn:
- Use Joe’s lease options calculator to create your offers, and always include 3 REI strategies.
- First offers for lease options should only take you a few minutes to complete.
- Watch a brief demo of REI Simple to see how it helps users rank leads.
- Joe and Gavin answer attendees’ questions, which may be questions you have yourself.
Mentioned in this episode:
- Joe’s podcasts on iTunes: RealEstateInvestingMasteryPodcast
- Joe’s Lease Options book: WLObook
- Public info on properties: PropStreamJoe.com
- Joe’s CRM: REI Simple (Send email to firstname.lastname@example.org to get it.)
- Smartphone messaging app: Voxer
- Watch a compilation of several training videos: JoeMccall.com/apply
- Application to work with Joe and Gavin: Coaching Application
- Online real estate hub: BiggerPockets
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