I can hear you shouting several objections and questions at me right now, so how about we tackle some of those for you here…
You: How do you inspect the house before you buy it if you’re not there?
Me: Video call via FB Messenger or FaceTime. Or we simply let our buyer inspect it themselves.
You: How are you going to wholesale the deal to another investor if you don’t have a cash-buyers list built up in whatever town you get a deal in?
Me: Well first of all, some of our deals we sell to owner-occupants. Others we sell to investors. But it’s the same either way, we just run our property marketing process using the property itself as bait to attract the exact right type of interested buyers, pre-screen the buyers, let the good ones make an offer to us, and then get it closed.
You: How do you show the house if you’re not there?
Me: We just get the seller or someone else to show it or go put a lockbox on it if it’s vacant and let the buyers look at it on their own.
You: How do you know the seller’s not going to cut you out of the deal?
Me: Eh.. I guess they could, but they don’t. And if they did, I mean… it’s probably easier just to move on to the next deal instead of fighting with some seller who doesn’t want to do business with you, wouldn’t you agree?
You: What kinds of deals are you doing like this?
Me: Any and all kinds: wholesale, fix and flip, lease-option, subject-to, wrap mortgages… basically whatever the deal calls for. In other words, whichever strategy is going to make us the most money with the least amount of effort and risk, that’s what we do. It’s on a deal-by-deal basis. It's not about one strategy over another.
You: Are you guys actually doing the business or are you just teaching how to do the business?
Me: That’s a great question. Because you’re right, if this business is so easy and lucrative, Mr. Guru, why aren’t YOU just focusing on doing more of your awesome deals instead of telling us all about it?
Well first of all, yes, we are actively doing this business. Our group contracted three properties just in the last week alone, and we don’t even work on Sundays.
Second of all, you remember earlier how I said the business had gotten a little boring? I wasn’t lying about that.
So what’s keeping the spark alive for me is branching out into the “training” business alongside the house business. Keeps my creative juices flowing. Plus we make a lot of money doing this, too… duh.
You: I’m out of questions, what’s something I should be asking that I haven’t already?
Me: Great question. You should be asking questions like:
“Why am I banging my head against the wall using the same outdated model of the business that all the other broke investors are using?”
“Why has nobody told me I could do this before?”
“Why didn’t I think of that?!”
Just a few to get you started there. :-)
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