Epic Real Estate Investing - How to Make an Offer on a House Below Asking Price - Step by Step | 309

Episode Date: October 23, 2017

Join Epic Real Estate Investing and get the know-how to make an offer on a house below asking price. Follow this step by step guide to attract, convert and exit real estate deals consistently with strong returns. Get the profit accelerators to add a serious boost to your business and dial in your offer process for better results. From setting expectations with sellers upfront, to evaluating the property and making a soft pass, get your best offers signed and close more deals with Epic Real Estate. ______   The free course is new and improved!  To access to the two fastest and easiest strategies to a paycheck in real estate, go to FreeRealEstateInvestingCourse.com or text “FreeCourse” to 55678. What interests you most? • E.ducation • P.roperties • I.ncome • C.oaching Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terrio Media. Broadcasting from Terrio Studios in Glendale, California, it's time for Epic Real Estate Investing with Matt Terrio. Hello. And welcome to Epic Real Estate Investing. This is the show where I show people how to escape the rat race using real estate. And to make this happen for you, first step is just shifting your focus from making piles of money to creating streams of money. to creating streams of money. That's where it begins.

And it continues as long as you embrace it and you follow your thought and the shift up with corollet action. You only have to do that once, make that shift once, embrace it, and your escape from the rat race is going to be 10 times faster than those that choose the alternate path.

And just to clarify, this is not get rich quick. So if you're like, oh my God, what I get myself into, not another one of these. No, it's not get rich quick. It's 10 times faster, so it's get rich quicker, and it's all about getting rich permanently.

So you only have to do this once. All right? So to get started down that path or restarted, I've created a free course just for you. Go to free real estate investing course.com and you'll get a crash course on how to find deals. I'm going to give you the two quickest and easiest strategies, the two quickest and easiest exit strategies to a paycheck in real estate. And stay tuned here each and every week. And I'll show you how to put that paycheck to work for you in a way that it works harder for you than you did for it. How about that?

All right. So picking up from where we left off last week and turning you into a, badass real estate investor. We're going through the badass investor plan. We went through the three primary pillars, attract, convert, and exit. And then we went through the nine profit accelerators that you need to become a badass investor.

And who can, you know, just a badass is one who can work more on their business rather than in it. So you need all nine profit accelerators. And we covered those briefly. But we're going through the first three in detail that can get you traction can get you some results the fastest.

One, you've got to know your exit. So we're talking about the flip. Two, you've got to generate leads. We talked about how to automate those so you can be generating leads while you're doing something else to help make ends meet. And three, how to control those leads. So we covered the flip as an exit strategy two weeks ago.

We covered automating your lead generation last week. And this week we're going to cover presenting, presenting your price in terms like a badass. Because if you're not presenting offers, you're not presenting them in writing, you are never going to do deals. Even if you know how to flip properties, even if you got your lead generation automated,

if you don't present offers and present those offers in writing, you are not going to do deals. You could do everything else right. You get this part wrong. Uh-uh, nothing. All right, so you need all nine profit accelerators. But if I were to give you a shortcut of the three that would get you some results really quickly,

they would be know your exit. We're talking about flips, generate leads, get that automated. And three, control the leads. Got to make the present your offers. Okay. So presenting price and terms. And, you know, if you get this part wrong and, you know, I can feel your frustration, you don't know the best way to initiate that discussion, especially in the beginning.

Like, how do you start that conversation? Or you're uncertain about the value of the property and what your actual price and terms should be. Or, you know, you're actually nervous and scared that you're going to be paying too much. Like if this goes too easily, uh-oh, did I pay too much? Right. Or if it didn't go easy at all and there's no deal. you're like, uh-oh, did I just not offer enough?

Was I the one that was wrong? So those are frustrations. And the big fear is that, you know, the seller is going to see right through you and they're going to reject your offer. That's the big fear. But when you get this part right, all we really want is just a simple, easy way to begin each conversation with a seller and just kind of set you on the right track and down the right path for success with that particular deal and each and every deal after that.

You just want clarity and certainty around the value. You want to know what the property is. worth and you want confidence about the price and terms and how do you you put that in a presentation and how do you know it's going to be a good deal for you ultimately you just want your offers your discounted offers to be accepted and you know Josh Swanson he's a great example of getting control of deals and specifically it's in his presentation you know he lives in Orlando Florida he invests in Orlando just got married recently and congrats Josh and he's been a full-time real estate investor for a few years now. And when we met, he was working as a real estate agent,

mostly. And he's very tired of buying and selling real estate on other people's behalf. I certainly could relate with that story. That's kind of how I got started. And he wanted to quit the agency entirely and just transition into full-time investor, buying and selling on his own behalf. More money with nobody to answer to but himself. Right. And he almost didn't join the badass investor program because he thought he knew enough as an agent and that it would really translate easily into investing. And then he quickly discovered that to not be the case. So here's what we did. We had to get him outside the box a little bit and stop thinking so conventionally as realtors do.

Most realtors do. And think more creatively. And then we really dialed in his presentation as a buyer of real estate as opposed to a lister of real estate. And when we did that, here's what he got. He went from listing a few properties a month to buying a few properties a month. Seemingly, right there, not a big difference in workload, right? And it's not. It's not really a big difference in workload.

But his profit went from 3% commissions, like $3,000 per listing to a minimum of $10,000 per investor deal. So I went from a $3,000 commission to $10,000 profit on the low side. And with a shift in how he presents his offers, he increased his profit by 70%. without increasing his workload. Pretty badass, right? Cool. So today I got five magical points. Big hot points I'm going to focus on with you.

Point one, getting aligned, setting the expectations and establishing the upfront contract. Point two, how to tour the property and how to investigate as the seller is showing you around the property. Three, how to evaluate your quick and dirty math, what are the two formulas you got to have down pat? And point four, how to make a soft pass, how to kind of test the waters to take the seller's temperature without putting you in one direction or another just for your information. I'll show you how to do that. And how to not take a no, how to take no for an answer without being some pushy, obnoxious salesperson. And then how to give somebody multiple options if needed at the end.

So you're always in the game. All right. So think about that. Which one of the five do you need most and why? How to get aligned with the seller, get on their side and set. expectations, how to tour the property, what types of questions to ask, how to evaluate and how to get your quick and dirty mouth so you get under contract on the right amount, how to make that soft pass, or how to keep on going and not taking no-for-an answer without feeling like a

pushy dude or a pushy girl. All right, so which one? Think about it. Okay, so let's start with point one. Getting aligned, setting expectations, establishing the upfront contract. This is so important. We've talked a lot about that this year because it's just that important. So, to get aligned with the seller is to set this entire relationship up between you and the seller. You need to align yourself with them in the interest of solving their problem. You're going to join their side. You're going to join their team. You're going to go over there to them to help them solve their problem.

It's you and the seller versus the market. You're going to be a good cop. The market is going to be the bad cop. Got it? And if you're truly operating from this space, like from your heart is really operating from this space, you really are interested in solving this problem for the seller, the right words are going to come out of your mouth. If your heart is in the right spot, you're going to say exactly the right thing. But just to make sure that you can accomplish this for sure, you're going to want to set the expectations for the seller by establishing an upfront contract, sometimes referred to as a transition agreement. And it sounds something like this.

It's Mr. Seller or Mrs. Seller, depending on who you're talking to. In order for me to help you out of your situation, I'm going to need to ask you some questions. I want to view the property and then I'll review the most current market conditions so I can come up with the best solution for us. So as we go through this process, I want you to know that if at any time I don't think the market is going to allow us to both get what we want and that it's not going to be a good fit, I'm going to stop and I'll let you know. I'll let you know right away because I can't buy them all. Sometimes it works. Sometimes it doesn't. and in return, I'm going to ask that if at any time you don't feel this is going to be a good fit,

you can stop me. I'm going to ask you to stop me and let me know as well. Will you do that? All right? So you're asking that question. And you'll say something to that effect, close to the end of the conversation of that initial contact that you have. And typically that's going to be over the phone. That's kind of how you're going to wrap up the phone call.

And you'll repeat it again, though, when you arrive to tour the property, when you meet the seller in person. So this phrasing that I went through there puts you on the side of the seller. It positions the market as being the primary reason as to why this may or may not work out. And you give the seller the permission to stop you at any time. And why you want to do that is this is called a release statement. It's you won't get a true yes from the seller unless you give them the ability to say no. Unless you give them an authentic, realistic, comfortable ability to say no. and because if they know they can say no and they know they can say it comfortably,

when they do say yes, it's a real yes. Okay. And collectively, all these words and phrases and sentences, the speech, it just, it really lays the groundwork for establishing trust of which is crucial when dealing with a distress seller. When someone's experiencing some sort of issues going on in their life and, you know, when they're dealing with that, they're likely nervous or they're ashamed or they're scared about their situation that they're currently in, and they want to work with and are willing to give a discount to the person that they like and trust.

So that's a lot about what this upfront contract, this transition agreement does. Okay. It establishes trust. You become likable. I'm sorry, excuse me. You become likable. And ultimately, you are really conveying your confidence. Like, you know what you're doing.

You've done this before. Don't worry. Just follow along. If anything gets too fast, then you can stop me and we'll slow down. All right. So that's point number one, getting aligned and setting expectations. All right. So point number two, you got to tour the property and you got to investigate the property.

So prior to arriving at the property, you're going to want to pull your comparable sales in an area. You're going to see what the mark is doing as it relates to this property. And you're going to look at the comparable for sales, stuff that hasn't sold yet, stuff that is for sale. Because you want to analyze, you know, if it's for sale and it hasn't sold, why is that the case? And then you want to drive by them so that you have an idea. as to what the market is saying about current market value. So if your appointment with the seller is at 4 o'clock, you know, get to the market area, get into that area at around three and just do a drive-by of these properties.

So you have, so you're up to speed and you understand the market, you understand what your competition is or what that house is competition that's going to be. Okay? So you're just going to drive around and see how those values relate to the property you're about to tour. So when you arrive to the property, you're going to want to walk around it as much as possible, taking some notes, and you're going to do all this before not. knocking on the door or engaging with the seller.

Okay, you want to take note of everything you see that may directly or indirectly impact the property's value, as you're going to want to ask the seller about it all later, okay? And if you do it totally right, if it's working, then the seller probably going to peek out the window and see you walking around. And that's just showing that you are competent once again. You're being careful. You're being cautious. Okay.

And so after you've made this brief tour of the exterior of the property, you go ahead and you knock on the door. You introduce yourself, you exchange some basic pleasantries, and then you repeat the transition agreement. I want you to go through that again, the upfront contract, and ask the seller to point out anything and everything that they think will directly or indirectly impact the property's value. Okay. So at this point, what you're doing is you're looking to extract everything that they know. You want to extract their opinions. You want to know what they're thinking as your initial offer is going to be based off of what they say, right? This offer is going to be their idea. Your initial offer is going to be their idea, not yours. That's going to be your starting point.

You're going to know that's your lowest point. Okay, that's where you get to start and then you can go deeper in the discounts from there. So as you tour the property, ask about what you see. Ask about everything. Ask about, you know, kind of like how long has that water stain been up there in the corner or how long has that crack been over there down in the foundation and ask you know have you ever had anyone look at it did they give you an idea what would cost to fix it do you have an idea of what that would run to repair it those types of questions are going to pile up and they're going to result in your initial discount because they're all the seller's idea it's not you imposing your will or your opinions on on the seller they're the seller's giving you all the information they're

telling you everything another great question i like to ask is if you're going to to stay here another 10 years or so, what are the two or three things that you would change, fix, or improve about the property? And that, so even if stuff's not broken, it's telling you what has some wear and tear on it and what they're going to need to have done. And when they start telling you that kind of stuff, it's like, again, you kind of go deeper and you go, have you had any bids or have you received any estimates on that work? Do you have an idea of how much that would cost?

Still, all of this stuff is, you're just asking questions. So every answer that comes out, it's all the seller's ideas. idea. It's the information they're giving you. And of course, you're going to take them through your own questions. And we have a seller information questionnaire for that. And before I run through it and ask the questions that haven't been answered yet, you know, after I've asked all these kind of, I would say like freestyle questions. You're walking around. You're just making questions based off what you're observing. And a lot of the questions that are on this seller information questionnaire will get answered during that process. But you still have some holes to fill up.

You still need to know everything. So before I run through that seller question, you're questionnaire, to get the answers, those questions I haven't been answered yet, I'll say something like, Mr. Seller, I got a lot of information from you already, and I need a few more questions answered. And these are the same questions I ask everybody. In fact, I have them written down right here on a piece of paper. Would you mind if I just run through these real quick, and I'm just going to read them right off this piece of paper to make sure that I don't forget anything, particularly anything that may cost you an opportunity or cost you some money. Would that be okay? Right. So I asked for permission to ask these questions. I laid the groundwork, so just so

they know these are the same questions to ask everybody because some of them get kind of personal they can get into their finances and they might not want to reveal everything but these are the same questions I ask everybody and I don't have to memorize them because I just asked for permission to read them right off the paper and I gave them a really good reason of why they want to let me read them off the paper because I don't want to cost them an opportunity or cost them some money okay so again you're on the same side as the seller they're all in let's do it yeah read that right off the paper don't miss anything because I don't want you to cost me any money okay and then you ask for permission would that be okay so you

go through the rest of your questions, take note of the answers, and do not interject here with your opinions. Don't debate. Don't argue with the seller about their answers. Even if the seller is totally off base and they're totally wrong, just kind of nod your head and make notes. Okay? What you're doing is just flushing out what the seller knows, ultimately getting to their deepest motivation as to why they are selling as the foundation of every deal lies within the seller's motivation to sell. There's no motivation. There's not going to be a discount. If it's just mild, motivation, there'll be a moderate discount. If there's big motivation, there's room for a big discount.

Okay, so that's point number two, tour the property and investigate. Number three, point three, evaluate. You got to know your quick and dirty math. When I say quick and dirty math, understand you'll be calculating your slow and clean math later. We want to know the quick and dirty math right now. We got time for the slow and clean math later. You'll take your time here to evaluate and calculate,

but not before you have the property under contract. Okay? We don't want to waste a lot of time here. We're looking for a quick number that's in the ballpark of where a contract can be signed by the seller. So once you have your contract signed, you now have control. And you have some time now to go confirm your numbers and your overall math. But for right now, quick and dirty math is what you want to be thinking. So first, you're going to want to come up with a quick estimate of everything the seller shared with you with regard to repairs and improvements.

You've asked all these questions up to this point. And those repairs and those fix. is that need to happen, those dollar amounts are adding up. Okay? So you're going to want to deduct that from what you're, you watch you early determined as fair market value when you tour the neighborhood. Or you want to deduct that from what, if you're going to plan on fixing up the property, you can deduct that from the after repair value.

Or even what the seller said or suggested that they want for the property. So you kind of want to start with the lowest number there. Use some discretion. You know, use your best judgment there. but kind of want to start from the lowest number, and that's when you subtract the seller's opinion of the repair costs. And then once you've deducted the seller's opinion of repairs, now it's time to calculate two things.

First, equity, second, cash flow. So when you have your initial opinion of value, less the repairs, the seller's opinion of repairs, is there enough left over for you, right? That's the equity. Is there equity in there for you? If you're going to wholesale it, is there enough equity there left over for you and the person you're going to be wholesale,

wholesaling to. Because if you're going to wholesale, you've got to leave some meat on the bone for the person you're sending it to, right? You're selling it to. Because most likely that's going to be an investor and they're not going to buy your deal unless they can make some money on it too. So the second number you're looking for is will it cash flow? Will it cash flow? And to determine this, to determine this, you'll apply that 1% rule. We've talked about it here for years, which means is it's the monthly rent, is the monthly rent at least 1% of the eventual sales price. For example, if you see yourself either immediately or eventually selling the property for, say, $100,000, at the very least, the property should bring in a gross monthly rent of $1,000.

Okay, so there's a good chance if you're going to sell it for $100,000, you're into it for less than that. So that's still $1,000 mark. That means it would be a good deal for you. But if you have to sell it at some point in the future, you're going to want to try and make sure that, it meets that 1% rule. I mean, you can do your best because you don't know if it's going to be, you're going to hold on to it one year, five years or 10 years. But you kind of want to have that 1% rule met,

so it won't be such a difficult sale to a cash flowing investor. Okay? So if you can say yes, do both of those equations. You've got some equity. You get into cash flows. It's time for what I call a soft pass. Okay? A soft pass.

And that's no point four. So soft pass. It's exactly, I mean, it's what it sounds like. You're going to make a soft. offer, an uncommitted offer. You're doing this to test the waters of, you know, you're kind of taking the temperature of the seller to see where you are. And you're going to maintain your alignment when you do this.

There's a very specific way you want to make this soft pass. And you want to maintain this alignment this way of you're on the seller side still. Okay, just now that you get to the price and term doesn't mean that all of a sudden now your adversaries and it's you against the other. No, you're still on the seller's side. And the market is the bad cop. It's the market that's going to prevent this from ever happening, not you. Okay?

And it would be a good idea to review the transition agreement here again, right? You're making a transition from the investigation into the presentation. And you're going to add something in that transition agreement to the effect. Mr. Seller, I think we've got a basic number here. Not sure if it's exactly what you're looking for. And it's okay if it's not. I mean, the market doesn't always let us both get what we want. So if it doesn't work for you, are you comfortable,

telling me no. Okay? You want them to say, yeah, I'm comfortable telling you no. Okay, perfect. And conversely, if it does make sense for you, you're comfortable telling me yes, so we can move forward. Is that right? All right?

So you're just getting an additional agreement, moving that forward. So once you've reviewed that transition agreement, your soft pass would sound something like this. Mr. Seller, the current market conditions have your properties value right around 100 grand, and based off what you've shared with me about the repairs needed, and then making room for small profit for myself, what you're saying is we're right around 65 grand. Is that right?

So we're positioning that that it's the seller's idea. What you're saying is we're right around 65 grand. Is that right? If I said what we're saying is right around 65 grand, that was wrong. It's what you're saying is we're right around 65 grand. Is that right? I guess if you said what we are saying wouldn't be that big of a mistake. but you want to make it the seller's idea.

And you just want to insert all that logic. The market says it's $100,000. You shared with me the repair amount. And then I just make it a small profit for myself, because this is what I do for a living. Wouldn't be a very good investor if I didn't make a profit. So what you're saying is we're right around $65,000. Is that right?

And if they agree, boom, get the contract signed. Okay? And I like to leave a little room in there for an adjustment to the price down the road. Okay, like and get the contract sign and say, okay, Michelle, I think that's work. Let's go ahead and we're going to write it up. Ultimately, though, it really depends on what the market has to say. And, you know, that water stain in the basement.

I'm going to have to have that looked at more closely by a professional. But all in all, seems like we're going to be able to make this happen. Sign here. All right. So you just kind of left it open for somewhere down the road that remember that water stain we talked about, right? Remember I said it was always the market that's going to determine, well, the market change is quickly. So you just leave in some room in there so it doesn't sound like a big giant, you know, bait and switch or you're being unscrupulous or, you know, immoral or unfair business

practices. You're telling the truth. You're going to have it looked at. And there's potential that I could come back and ask for an adjustment. All right. So that's a soft pass. Non-committed. It was the seller's idea. It was posed as a question is based in logic rather than emotion. It was just a simple math equation of everything the seller had shared with you up to that point. and very easy for the seller to say yes or no. You've got that upfront. You lay that up front. As you've gotten that agreement now, that transition agreement, that upfront contract,

you've had that two or three times now by the time you hit this point. So it's very easy for the seller to just say yes or no. All right? So if they say yes, boom, get the contract and lay down the groundwork that, you know, in the future we might have to revisit this. I don't know. Looks like we're going to be fine, but just in case. So now, if they say no to the,

the soft pass. No problem. All right? That brings us to 0.5. You don't want to take no for an answer. And you want to do that in a way, you know, typically when people here don't take no for an answer, they think that means to be stubborn and hard and really extra shrewd and just kind of be, you know, turn into a contrarian and now all of a sudden it's you versus them. No, that's not what I'm talking about. You don't want to take a no for an answer. You want to be able to provide them with multiple options of necessary. And, you know, and you want to take no for an answer without losing your alignment, that of which you are on the same side as the seller.

The mark is the bad cop, remember? You're the good cop. The mark is a bad cop. And you're not going to be this slimy, pushy salesperson. Okay? You're going to be 100% yourself. You're going to be a respectable problem solving real estate investor. That's you.

So do you, all right? You're the problem solver. You're not the one with the problem. And you can't buy them all, all right? You can't save the world. You try to, but you can't. And actually, you don't want to. I mean, if you buy them all, you're probably paying too much for real estate.

So if you lose some, say, cool, I escaped a bad deal there. All right. So it's not a big deal whether you get this deal or not. That's always got to be in your mindset. You do this every day. It's no big deal. Sometimes you buy, sometimes you don't. Okay, because your lead machine is running.

This is why another part of why your lead machine is so important. Your lead machine is running 24. you've got another appointment right after this one, or maybe tomorrow, so it's not a big deal. That's always your mindset. Detach yourself from the outcome. As soon as you are afraid to walk away, you've lost the negotiation. So detach yourself from the outcome and be willing to walk away if the deal doesn't fit your minimum deal standards. By all means, I want you to fight for it.

I'm not saying just be willy-nilly and walk away from everything. I want you to fight for it, but be willing to walk away at the same time. Okay, so if the seller that says no to your soft pass, your response may sound like, okay, well, based off the of what the market is saying and what you've shared with me, what is the lowest number you would accept? So if they come back with a number that you do agree with, then boom, get the contract signed. It's in the ballpark, right? If they come back with a number that you agreed with, get the contract signed.

If you two don't agree, then you're going to try again. You're not taking no for an answer. it's going to be like, hmm, you know, my biggest goal here, Mr. Seller, Mr. Seller is not to make the biggest profit. Okay, that's not what I'm trying to do. Although it is to make a profit, it's not to make the biggest profit. This is my business and it's how I feed my family, so I'd have to make some profit. But my bigger goal is to make sure that I'm safe and I don't lose money. And based off the current market conditions, what you're proposing is just, it's beyond my risk tolerance.

I don't know if the market's going to allow me to do that. So would $70,000 be doable if I could close quicker? Very key question. So again, it was the seller's idea and what they're proposing based on the market conditions. It's just beyond your risk tolerance. It doesn't mean it's bad. It doesn't mean they're crazy. Doesn't it out of their mind or anything.

It's just beyond your risk tolerance. So would $70,000 be doable if I could close quicker? So now you went from just a negotiation on price. now we're into price and terms. Because if you can't come to the agreement on price, you're just going to go back and forth until you have a winner and a loser. But if you introduce terms now,

by the way of closing quicker, the speed of which you do close and they get their price, all of a sudden, now there's some give and take that can happen and you both can still win. So we're talking about price and terms and you as a real estate investor, you're going to buy properties in one of two ways.

Either your price in their terms or their price in your terms, as long as you can control one of them, you can create a deal for yourself. So at this point, that's why we introduce terms. Okay. So would $70,000 be doable if I could close quicker? Or if I reduced my contingency period.

Or if I increased my earnest money deposit. It doesn't matter what it is. You're just introducing another term, another element into that conversation. So now you have two things to negotiate. If you get narrowed down to one thing, there's going to be a winner and a loser. And sometimes you win, sometimes you won't.

but you really kind of want to do this with both people win because you've got still some work to do after you get the contract signed. You're going to need their cooperation. So you don't want to create an enemy or an adversary at this point even if you do win and get the contract signed. Okay, so keep that in mind. But if they agree, then get the contract signed.

If they don't agree, okay, well, Mr. Seller, Mr. Seller, you now know my biggest goal. What is yours? Is it to get the highest price or is it to sell fast? All right. So again, we're keeping price and terms in play. What's the most important one to them? Which one do they want?

Do they want the price or they want the terms? Because if they say they want the terms, then you're going to go for the price. If they want the price, then you're going to go for the terms. So if you're still unable to reach an agreement at this point, it's Mr. Selle. I'm sorry. It doesn't look like the market is going to allow us to both get what we want. Darn market. And as a final attempt in creating a win-win scenario for us,

What I can do is leave you with this letter of intent. You'll see it has three different options of how I'm prepared to purchase your property. So go ahead, take a look at it, review it, and let me know if anything there resonates with you. My number is at the bottom if you'd like to call me and discuss further. And boom, walk out to your car. You're done for now. All right. The next day, next day or two, give them 24, 48 hours.

Call him back. We'll drive by and knock on the door. I left that three option letter of intent with you. I'm just curious. Which one did you like best? Was it number one, number two, or number three? And then just be quiet and wait for them to answer. And a lot of times they'll say none of them.

Okay? If they say one, two, or three, boom, you're in the ballpark and start negotiating again and see if you can get that under contract. A lot of times they might say, I like number two, but, you know, we've got this mortgage underneath. How are we going to do that? So now you get back in the game and you can explain to them how a subject two works or something like that.

But most of the time I say none of them. Great. So which one was closest? Okay. So they didn't like any of them, but which one was the closest? And when they tell you, number three was probably the closest, great. How far apart are we? Again, you're not taking no for an answer.

You're just getting in there with a series of questions, and you're still aligned with them, you're still the good cop, and you're still allowing it to be their idea. you got it so today we covered um uh point one getting a line setting expectations establishing that upfront contract uh how to tour the property investigate the property um how to evaluate and do conduct your perform your quick and dirty math so you're at least in the ballpark and you can get to property in the contract the right price in terms and then how to do the soft pass how to take the temperature to make sure that you don't overpay for a property and

also make sure you don't come and undercut and offend the seller as well so you make that soft pass And number five, how not to take no for an answer without sound like a total jerk and how to provide them multiple options. And that is how you present your price and terms like a badass. And if you'd like to see how this theory translates into real world results, go to epiccasestudies.com, epiccase studies.com where you'll see several examples of how this presentation of price and terms gets discounted real estate under contract time and time again, translating into big profits. So go to epiccase studies.com to see for yourself. All righty. God bless. To your success, I'm Matt Terrio, living the dream. You've been listening to Epic Real Estate Investing, the world's foremost authority on separating

the facts from the BS in real estate investing education. If you enjoyed this show, please take a minute to visit iTunes and share your thoughts. Thanks for listening. We'll see you next time here at Epic Real Estate Investing with Matt Terrio. This podcast is a part of the C-suite radio network. For more top of the top of business podcasts, visit c-sweetradio.com