What You Missed March 2013 General Meeting
by Rob Earhart
Ultimate Buying and Selling Machine
Presented by: Larry Goins
March 5, 2013
Mr. Goins began the evening with: “I can show you how to buy and sell RE in two hrs or less on the Internet.”
“Investors Rehab is the company with which I buy and sell houses.”
“I call them ‘Learn Key Properties’ since I buy them right and sell them at deep discounts to other investors. They fix them and learn by doing,” explained Larry.
I do all my business by phone, fax, Internet, and FedEx. Most of the homes I purchase are in South Carolina but, if it’s a good deal, I will buy in other states.
Education is the key in any business, even in Real Estate. I have four bookshelves full of my education. In going through the real estate courses, I had to do everything myself so I learned the hard way.
As a quote from the book The E-Myth by Michael Gerber states: “If you have a business that does not run without you, you don’t have a business, you have a job.” I didn’t want a job so I began to develop systems.
There are nine easy-to-follow steps in my automated system. Using the systems myself, I repackaged the training system and gave my first talk at MetroLiner REIA. After that talk, I then started getting calls to speak at different REIA’s. I only have my North Carolina PHD: “Public High School Diplomer,” but I do know how to run a business.
Step 1 Analyze – What is the deal, phone offers, email offers, automated offers. Find out:
1. What are the amounts for repairs to the property?
2. What is the after-repaired-value of that property?
3. Then make an offer. If you are not embarrassed to make your offer, it’s too much.
Email – sign up for email notifications with realtors with all the keywords you are looking for: distressed, handyman special, needs work, etc.
Then we use my Ultimate Property Analyzer to determine the profitable deals to invest in and always plan to sell at 70% of ARV, or the after repaired value. Most investors want to buy at that level so they can make some money also. I try to make $12,000 to $15,000 per deal, but always do win-win transactions.
Step 2 Locate – I would rather have ten ways to find one deal than have one way to find ten deals. Always try to go for the low hanging fruit.
Use Mozilla Firefox with the tab searches and put all the newspapers in one bookmark group so you can open them all at once. Then search for keywords and find the deals.
“If you can find a spouse online, you can find a house online,” exclaims Larry. I put together all the searches into bookmarks that you will get with my program.
There are over 200 sites like Craigslist on the Internet (Groups.yahoo.com, marketing groups, etc.). Type any subject into Google search and get tons of responses.
It’s important you realize when you are building a buyer’s list that a buyer is a buyer is a buyer. They are all looking for a great deal, no matter where it occurs.
Step 3 – Negotiate. Always use a script to learn consistency. A written script lets you fake it till you make it. Once you have done it a few times it will become second nature.
Some of our best deals are from code enforcement.
Step 4 - Contracts. There are three must-have clauses in every contract.
a. Subject to inspection and approval (15 days)
b. Subject to an appraisal acceptable to buyer
c. In event of buyer’s default, the deposit is the sole remedy
Step 5 – Inspections. Have three contractors give you a price using your form. The forms in my course are specific and detailed. Each contractor has a guideline to follow and not just some scribbles on a piece of paper.
Step 6 – Appraisal. Give those estimates to an appraiser and get an ARV appraisal. Get an appraiser who gives you a good clean appraisal. Also get a CMA (competitive market analysis) from a realtor.
Step 7 - Sell Fast. In order to sell quickly you have to have a motivated sellers list and buyers list, including investors, realtors, FSBO’s and, if retailing, a retail buyers list.
It’s much easier to find a house for a buyer than to find a buyer for a house. Find out what your customer is looking for and find the home that fits their criteria. The results are quicker sales.
How to create a two hour head start short list. Send an email pre-qualifier questionnaire. “I need to know that you are ready and able to buy right now. Send me a letter of approval or a bank statement and I will accept five people for my two hour window list.”
Step 8 - Automate “Auto Responder Program.” “Set it and forget it”
With my autoresponders I have the Realtors build my dream team. Ask “who do you know who is a good contractor, title co., etc.?” Then create your ideal team members.
My course teaches you how to find answering services and scripts for them to use. They will be a “call capture service” and use your scripts to qualify prospects.
Step 9 – Duplicate. You have to train employees to work for you in the correct methods. You can get your teenagers started in a real estate business by having them help you in your business.
You can hire a virtual assistant for virtually little expense and they do all the work for you. Assistants based in the Philippines are great workers.
Then Larry gave the details to his course and a special discount to SREIA members with a great guarantee and financial recovery program. He described four ways to get your course fee back:
1. Close three loans within one year
2. Buy a wholesale house from me
3. Sell me a wholesale house
Larry provided all those attending with some great information and many profitable ideas for their real estate investing.