Deal Signed Up, Now What??

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Deal Signed Up, Now What?? by Mind Map: Deal Signed Up, Now What??

1. Post Contract

1.1. Don't Cash Mental Checks

1.1.1. Deal not Done till you have a check in hand

1.2. Start Title Work

1.2.1. Work on cultivating relationship with title company/attorney Do they work with Alot of investors? Are they familiar with assignments?

1.3. Get the key!

1.4. MBA Abstract

1.5. Prosperity Abstract

2. Market the Deal

2.1. Handwritten Signs

2.1.1. Cheap House For Sale/Fixer Upper/

2.2. Direct Mail

2.2.1. Postcard to Buyers that have purchased in the past 6-12 months Buyers List Building

2.3. Gate-Keepers

2.3.1. Realtors Buyers agents: "i see you were the buyers agent for X address. I'm an investor and i have a similar property for sale in that area. You think your buyer might be interested?

2.3.2. LEGIT Wholesalers

2.3.3. Hard Money Lenders these guys make their money by loaning funds to investors. Built in source of Legit buyers

3. Buyers

3.1. B2B Relationship

3.1.1. You Run a business. You don't work for these buyers. Do not be a realtor!

3.2. Types of Buyers

3.2.1. Bottom Feeder: Super Cheap and wants the property for close to what you have it at or Less

3.2.2. Volume Buyer: Buying Multiple Properties Monthly as long as it fits his criteria

3.2.3. Diva Buyer: Only buys in attractive areas.

3.2.4. Grid Buyer: Buys houses primarily in one area, and at times willing to pay extra just to be in that area.

3.2.5. Unorthodox Buyer: Buys stuff that might not make any sense in terms of value

3.2.6. Part Time Buyer: Does something else for a living. Not a full time real estate investor. Usually needs realtor guidance.

3.3. Script

3.3.1. I'm an investor and we specialize in getting off market distressed deals. We then assign those deals to other investors

3.4. Explaining Assignment

3.4.1. All we are doing is assigning our rights to purchase the property to you

3.5. Try to show the house to multiple buyers at once.

3.5.1. Sense of competition

4. Negotiations

4.1. Confidence

4.1.1. You are an investor, ACT like it!

4.2. Don't Divulge your contract price

4.3. Know When to Hold/Fold

4.3.1. Junk vs Gold?

4.3.2. Really Understanding the marketplace

4.4. Stay in Control of Deal

4.4.1. fight to use your title co IF you have one

5. Settlement

5.1. Seller Temperment

5.1.1. if seller is potentially crazy then have both parties come at separate times

5.1.2. Otherwise Just introduce Buyer as your partner

5.2. it's your show

5.2.1. you or closing agent should review the SELLER's side of the HUD with the seller. There is no need for seller to review buyers side of HUD

5.2.2. direct closing agent to hold your check until the dust clears. You don't want them to slide you a check in front of seller

5.3. Get a testimonial from your seller

5.4. Collect check and do your favorite dance.

6. Pre-closing

6.1. Review Title Commitment

6.1.1. if it's clean proceed with settlement

6.1.2. if not, then it's problem solving time!

6.2. Set Up your HUD

6.2.1. make sure your fee is on the buyers side

6.3. You run the show

6.3.1. you coordinate closing date

6.3.2. you deal with any issues that arise.

7. Assignment/Contract Time

7.1. Execute Assignment Agreement with Buyer

7.2. Non Refundable EMD

7.2.1. Minimum $2,000 held in escrow at title company

7.3. Make sure they can close sooner than your contract expires

7.4. Get assignment contract to title company