When I first started out doing deals, all I really did was make cash offers.
And guess what. It didn’t work very well. Sure, I may be made one deal in thirty that I attempted. But it was difficult for me to see the house and speak with the seller in person since I was also working a full-time job.
Then, I started also offering a lease option. Guess what? My number of deals went up. The more I learned, and the more options I had available to offer to a seller, the more deals per month I was able to close. And this is all with the same amount of marketing, and the same amount of leads.
Different offers work in different situations, so it’s important to really build that rapport with the seller. That way, you can use your knowledge of their situation and motivation to help make the best offer you can. If a cash offer isn’t even possible for them, don’t waste time with that option. If the cash flow is good, don’t give them a lease option assignment offer.
You can also overwhelm a seller if you give them a bunch of options upfront. The best thing to do is present one offer at a time. Start with the offer you think is the best for both you and them. If they say no, try a different option.
Using a specific property in St Louis, we break down all the math and formulas involved in coming up with a few options, plus tips on how to present those offers to the seller. At the end of the day, the best option is the one where everybody wins: yourself, and the seller.
Watch and Learn:
Listen and learn:
- More options = more deals.
- The importance of meeting a seller in person.
- Which options to use, and when.
- Don’t overwhelm the seller: one option at a time.
- How to run the numbers for various options on one property.
Mentioned in this episode:
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!