Epic Real Estate Investing - Your First (or Next) Deal - Little to No Money Needed Real Estate Investing Pt 3 | 394

Episode Date: May 21, 2018

Don't miss Part 3 of Matt Theriault's new free course, "Your First (or Next) Deal - Little to No Money Needed Real Estate Investing!" This week, learn how to convert leads into contracts with step-by-step instructions for calls with sellers, negotiations, and in-person appointments. Plus, get Matt's tricks for building rapport in any setting, sorting prospects for maximum effectiveness, accurately determining the value of a property, and much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terio Media. Yo, yeah, yeah, we got the cash flow. Cash flow. Welcome to the Epic Real Estate Investing Show. So glad you found us. And if this is not your first time here, welcome back. If this is your first time here, you have found us right in the middle of a very special series of episodes that I'm airing on four sequential Mondays. Today being the third episode.

So if this is your first episode that you're listening to the show, probably going to make sense for you to back up a little bit, back up to episode number 386, just a couple weeks ago. And then you can catch up to us to where we are today. We'll still be here. But that probably makes sense because you can capture the whole essence of what's going on. And what we are doing is we're going over the very steps and tactics to get your first or your next deal done using little to no money.

And the reason we're doing this is through some, Conversations that I've recently had with various mentors of mine, I shared with them the amazing case studies over our new RA's clients that they've been getting over the last 18 months. It's just been a tremendous success. We've made a big shift in how we help people get what they're looking for with regards to their real estate investing. And it's really panned out nicely. And I've mentioned to my mentors and my friends how the majority of our clients have closed

at least a deal or two. I mean, some are just knocking it out the park. Some are getting great results. And, you know, on the low side, I mean, they're at least closing deals. And, you know, the successful people in any program, in any industry, no matter what the endeavor or what the pursuit is in any program, it's never among the majority of people are getting great results. And the 80-20 rule, it's always a play where 80% of the results are produced by 20% of the participants. I mean, forgive what the statistic was. I heard on actually somebody else's podcast, I think it was, where, I don't know, it was like 73% never even open up the box of the program or never even log in or something like that.

But in our RIA's program, I'm approximating. We're right around 60 to 70% of the participants are getting pretty close to exactly what they were hoping for. And so one of my mentors, the one specifically, he kind of asked me and he grilled me. As I was trying to celebrate, he said, he kind of kept me humble. And he said, so how can you get your results to 100% in your RIA ACE program? And I was like, well, gosh, I mean, we just went from like what normally was 20% to like 60% to 70%. I mean, you know, can we celebrate that a little bit? He said, oh, we got to, how do we get to 100%?

You're not done yet. And so I started thinking and I naturally went to, my mind went to about to the place. And I started thinking about the people that are struggling a little bit and not really, you know, haven't got their, haven't met their expectations yet. And I say, how do I help them? What I have to do differently for them? And what, what, how could I tweak them? How could I help them? How could I encourage them?

What more resources could I give them and stuff like that? And he quickly corrected me. He said, no, no, no, no, no. You're not getting me. That's wrong. That's the wrong way to approach it. The answer is you don't let that 30 to 40% of those people. You don't let them into the REI ACE program.

that's how you get 100% success rate. And I was like, well, I never really thought about it that way. And I think probably the reason that I never have thought about it that way is because I remember what it was like for me when I got started. You know, on the surface, you know, what I look like from the outside looking in, I probably looked more like that 30 to 40% of the people that aren't getting the results than the 60 to 70% that are. Because I didn't have a whole lot to work with.

I had very little experience in real estate investing. I'd been an agent. But once you've been an agent and you've been an investor, you realize how few similarities there actually are between the two. And what I'm saying is if I don't let that 34 to – or that 30 to 40 percent into the program, that's – you know what that would mean? That would mean that I wouldn't even have qualified for my own program. And I would have never gotten a shot.

and I can't imagine where I'd be right now. So there's a big part of me that has this, I don't know, this soft spot for those that are starting from square one with very limited resources. But they got the desire. I mean, they just need someone to put them on and they'll go ahead and they're going to make it happen. And I, you know, I just always feel like if I feel like someone might not, you know, be the perfect fit, I'm like, but they could be that person. And so we still turn away.

I don't know. We were turning away 10, 20%, but he says, no, you got to get to that 30 to 40%. You're still letting too many people in. So my mentor is suggesting me to create an all-inclusive course. Like, because I said, I can't just cut everybody off. I got to give them a shot. How can I get them, I guess, like prepped up and revved up to become a successful RIA-AACER? And he said, well, this is what you do.

Create an all-inclusive course. Like just put everything that you know, everything that you know. Is it the essentials of everything that you know of how to get that first or that next deal done if you had limited resources? Like what would you do if you were to start over again? And I was like, well, I'd do it the exact same way because that's how I did it. That's the only way I would know to do it. And, you know, so he goes, okay, so just put that together. How did you get that first or that next deal done with limited resources, like with little to no money?

and then you got to make the course almost free. I mean, you have to make it super easily accessible. You got to get them in there. So now those people that really do want it and that will really go after it and do what's necessary, they can easily get in. They'll rise to the top and then they'll have that option. If they want to turn this real estate thing into a business,

they'll be perfect for REI-A's then. And you maintain your 100% success rate. I was like, wow, you sound like you've done this before. And he said, no, but I know other people that have, and it's been very successful. So I was like, okay, cool. And I did it. I went forward with it. And if you've done a few deals already and you'd like to turn your real estate investing into a business, R-E-I-Aase.

That's for you. Go to R-E-I-Ase.com. That's for you. But this short series that I'm running right now, this is for everybody else. So if you've still yet to do your first deal, or, It's been a while since you've completed your last. Maybe you've hit a slump or you've lost a little bit of confidence or you're just kind of getting back into it and you want to refresh you and don't really remember how to do it,

whatever it may be. I'm playing it right here on four sequential Mondays right here on the podcast. So if you want to listen, nothing for you to do. You're already in. Just listen. But if you'd like to see the course, you want to access all of the resources, all of the materials that are mentioned in the course. and you want to receive community and personal support from me,

go to free real estate investing course.com. Free real estate investing course.com, and then you can get started there. Ready? So my mentor told me to make it almost free, and as you can probably tell by the domain name, I made it actually free. Actually, it's better than free.

Meaning, I'm going to pay you to complete the course. That's how badly I want this for you. I'm going to pay you to complete the course. And I'm going to do that because if you follow it, I know how grateful you'll be once you complete it. And you'll have made me look good through your results. All right? So I'd be happy to pay you for making me look good. And I might even have you here on the podcast to discuss your experience and I'll make you famous and we can become friends.

It'll be fantastic. All right. So if you want to listen, stay right here. We'll get started here in just a second. If you want to see it, you want to access it and you want to participate and get support, go to free. real estate investing course.com. All righty, let's get started. Welcome back to lesson three. And right now what we're going to do is we're going to take these leads that we generated in the last lesson and we're going to convert these leads into contracts. We've got to get control of the

deal. All right. So let me show you. Actually, I think it would be good ideas. Let me kind of recap real quickly where we are in the process. So this all really makes sense for you. I think this will be really helpful. So, you know, back in a couple lessons ago, we started with the RIAEAS model, right? And in the RIAs model, this is what the three pillars of this real estate investing business that you're building. This is how we build the RIAEASE businesses, but it's how we eventually create badass real estate investors, right? So the badass real estate investor, it has confidence, they know how to make money, and from there they know how to put it to work for themselves in a way that the money gives them freedom, the type of freedom that real estate

promises. That's why we're here in the first place, right? So what we're doing is we're going to create a basically an introductory version of this so you can get going to get your first deal done. So those are the three components, or that's what we're going to create. And from there, Our three pillars are going to attract leads, right? So this is what we did last lesson. Now we're going to take it and convert those leads into a contract. And once we have the contract, next lesson we'll go ahead and we'll exit and I'll show you how you get paid basically, okay?

So you've heard the expression you make your money when you buy real estate, right? So this is where we're going to buy between attracting the lead and converting it. because if you can't attract what you've got, remember, you've got no opportunity. And if you can't convert, you've got no control. And then the next lesson's gonna be really important because if you can't exit, what you've got is no profit, okay?

So that's where we were last lesson. This is where we are this lesson. And with that, come there's three profit accelerators for each pillar okay so kind of looks like this we did come around this like this so we are finding people let me pull another color for you we are finding people property owners with problems remember we're looking for people that need to sell no one's going to sell their real estate at a discount unless they need to do it.

So we're looking for the people with problems. Those are the people that need to sell it because they got a problem. Now once we got the problems, we're going to promote our solutions. And that's what we did with our ads and with our audio business card, with the flyers. Those are how we promote our solutions. And then the third point is to automate. Now with REI ACE, we automate a lot of the follow up. We'll automate the lead generation.

We do a lot of that automation. But in this context of this course, what we're doing is we're automating you. So you always know exactly what to say. You always know how to seize that opportunity when it presents itself. So you are going to be automated. Now to convert, there's three pillars to converting, and that's what we're going to go over today is the first one, you've got to build rapport. Got to build rapport because you're dealing with property owners with problems.

They've got a situation. and they're a little nervous, they're a little scared, they might be a little bit embarrassed, so they're being very cautious, they don't want to get hurt, they've got their guard up. That's the mindset of the person that you're talking to that wants to sell their house. They've got a problem, and they're just not showing up

in the best version of themselves. They're not in the best situation in life. And so you need to be empathetic to that. You need to be sensitive to that. That's your mindset. Remember, you are the problem, solver. So you need to go in with that conversation with the seller that you are interviewing the seller. You are assessing the situation. And you're trying to get as much information as you can

so you can basically offer a prescription. So you're getting the diagnosis. Yeah, I think the diagnosis, that's the right word. You're finding out what's wrong with them. What ails them? Where does it hurt? What needs to be scratched? And then you're going to offer the prescription. the solution, right? So that's building rapport. So people in that state, they want to work with people that they like, they want to work with people that they trust, and they want to work with people that they have confidence in their competence.

And I'm going to show you how to do all of those things rather easily, okay? And then the next is we've got to go over how to present your offer, how to present the price and the terms. You see, as a real estate investor, from now on, from this point forward, you are going to to do, you're going to present your offer in a specific way, one of two ways, whether it's, or it's going to be your price in the seller's terms or the seller's price in your terms. Got it? As long as you can control one, you can always make a deal for yourself.

So just always think of price and terms, price and terms. There's going to be like a give and take, okay? And we'll go over that in a second. But then once we got that, that's time to get the signature. Okay. If you can't get the signature, then you haven't converted. It's not officially converted into a deal. You don't officially have control until you've got the signature.

And then next tomorrow or the next lesson, we'll go ahead and go over the exit. But we're just going to focus on this right now. So where were we? Yeah, so these calls are going to come in. So you've done some, you've placed your ads, you've gone out, you've made some, you've made some friends and some relationships so you've got some referral calls coming in you've handed out your your property flyers you've got calls coming in from that you're sending emails out you've got your super signature you're getting responses from that so calls are coming in and you're going to have to talk

to these sellers so the objective of these calls particularly the first call so we'll call this the objective call objective is one to build to build rapport okay so to build rapport you so to build rapport you you've got to be likable. You've got to be trustworthy. And you have to show up as being competent. And I know this is your first deal, right? This is your first deal. You have no competence. Or it's been a while and your confidence is a little low. And so you're not feeling very competent in that regard either. Don't worry. I'm going to show you how to a shortcut to do that. Yeah, just a shortcut to show the seller that you do know what you're doing. Okay. So don't worry about that part. But that's the first part. You've got to build rapport.

The second one is, the second objective of this call is to sort. To sort, you're looking for people that need to sell. You're going to be talking to a lot of people that want to sell, but you're looking for the people that need to sell. So you need to sort those. So we call the ones that need to sell, we call those. Those are the real prospects. The people that want to sell, we call them suspects.

And the people that need to sell, those are the people you're going to help. That's where the discounts are going to be. There'll be some people that want to sell that you'll still be able to help, but you're really looking for the people that need to sell. Okay, so you're going to sort. And then the third thing is the third objective is you're going to, you've got to set the appointment. Okay, set the appointment. So to set the appointment, that's the call objective. Don't do the, take the amateur move and try to close the deal too fast, right?

because you've got to come over, you've got to build rapport. You're essentially building a relationship, and you can't do that in a few minutes. Okay, so your calls, they could be 20 minutes, 30 minutes long, maybe even an hour, depending on the situation. Remember, they've got a problem, and they're looking for a friend. They're looking someone that they like,

because that's who they're going to give the discount to. All right, so let me give you kind of, I'm going to give you a diagram of what this actually looks like. All right, because it's going to give you a little bit better context. of what you're doing here. So I call this the conversion quadrant. And when you first start taking these calls, you're going to hear all kinds of things. I mean, I'm going to give you a script. I'm going to give you a framework to work within, but the seller, they don't have this script. They don't have this framework to work within. So you're going to hear all kinds

of stuff. And you're going to hear certain types of objections and questions right away. They're going to try and take control of the conversation. Not always, but sometimes. And I put a link down below to where you have answers to the most common objections. But what that kind of does is it puts you in a place where right off the bat, if you're not careful, you can get into this adversarial relationship with the seller. Like it's you versus the seller, right? And that's just the place where you don't want to be because when there's an adversarial relationship, there's going to be a winner and there's going to be a loser.

And that's a really tough way to work. It can become really tiring. And yeah, it can become exhausting, actually. You want to work with the seller. You want to create win-win scenarios. So don't do the amateur move and go in being the adversary, which we call the, don't go in being the bad cop. Okay, you don't want to be the bad cop.

The other thing you don't want to do is when it's time to present your price, you don't want it to appear that it's your idea. That's what most people do. They figure out, okay, so this is a $100,000 property. The most I can pay for it is $60,000. So seller, that's what it is. I'll give you $60,000. That's the most I'm going to pay. You don't want to do that either because that is going to create some resistance. So the wrong way to do this is to have the offer appear to be your idea. Okay? So you don't want to be the bad cop. You don't want it to be your idea. What you'd rather do you want to go the other way the other end of the spectrum. You want to be the good cop. I

You want to align yourself with the seller. You want to be on the same side as the seller. You want to be on the same team as the seller. Remember, they've got a problem. They're calling you for a solution. So you two have to work together to solve that problem. And together you will. But the only thing, the only reason you won't,

and the only thing that'll get in your way is the market. Okay? So the market is going to be the bad cop. You are going to be the good cop. cop. Got it? Now, with regard to your idea, the offer being your idea, you want to make it their idea. You want to position it so that they come up with the price in terms that they're going to sell to you. Okay, so you want to make it their idea. Okay, so you want to be the good cop and make it their idea. You don't want to do what everyone else does. All the newer investors,

you can do business over in this area, but it gets really difficult because let me, Let me show you. When you go in is the bad cop, the adversary. It's you versus the seller and you say, this is how much I can pay. What you're going to get is a lot of resistance from the seller, okay? And ultimately it's going to end up in no deal. Every once in a while you get a seller that's in such distress and they're so motivated that you might still be able to do a deal here.

But for the most part, it's going to be a lot of resistance. Okay. Now, the next part where the amateurs play is they come up here. They go in as the adversary, but they're so, they're so hungry to get a deal that they kind of let the seller run the show. They let them control it. And the seller says, I'm not going to sell this property to you for less than $90,000. Take or leave it. And the new investor is like, well, at least I'll have a deal. I have a contract. I'll feel like I accomplish something. And that's what happens up here. And when that goes on, what you get is you get a real, we call an arrogant seller. They think they're your boss.

They're in control of the whole situation. You are not in control. Okay? You are doing this deal in spite of yourself. They might not have any other options, but they understand that they're in a position like take it or leave it. And just because you want the deal so badly or it's been so long since you've done a deal, you've got to get one. You go ahead and you acquiesce. You give them the seller what they want.

And what happens here, this whole transaction begins to be, or becomes a real struggle if you even get to close the deal at all. Okay? Sometimes you can make some money up here, but it's really tough. The odds are really far against you. Almost more so than even down here, because even if you get the seller to accept your offer, at least you got a deep enough discount. But if you're in contract up here, it's really tough to close. All right. The next place is you like the idea of being a good cop, right?

You're totally with me. Matt, this sounds good. This sounds much better. Sounds like I'm actually helping people. We're going to go in and create win-win scenarios. But you don't know how to position it in the way that the seller comes up with it. So you kind of still come up with the price, right? It's still going to be your idea. And now you can do deals down here because the seller's going to like you.

And that's really important. They're going to recognize that you're on their side. But since you've come up with the offer, what they're going to come up or what they're going to be, is they're going to be doubtful. Okay, they got a lot of concern. They're going with you because they need you. They like you, but they're not quite sure because it was your idea And what you're gonna get are really You need a lot of questions and it's gonna go slow. It's gonna be slow transactions Alright, now if you go in and you do this right and you are the good cop

We're here to create a win-win scenario. We're here to solve your your problem and you position it in a way that The seller says, well, based on what you share with me and this and that, yeah, let's just sell it for this so we can get through this. When you make it their idea, you get cooperative sellers. You get cooperative sellers. You want to work with cooperative sellers. And what happens is the transactions, they become easy. They become easy. So when you're out there and you're negotiating with a seller and you're working through your transactions,

and if things aren't going smoothly, they're not going the way that you want them to go, stop and analyze which quadrant am I working in? Am I down here being the bad cop of it? It's all my idea. Or did they come up with the offer and I just need the deal really badly? So I went ahead and went against my better judgment and did the deal anyway. Or, you know, did I come over here and I was trying to help them, but I really, I had to just like really kind of force the price on them for them to see it.

And they're becoming, they're really doubtful, and the things going slow. Or they're just cooperating and things are moving along nice and easy. Okay, so that gives you a kind of, I guess, a compass, so to speak, to analyze where you are in the deal. So we want to operate up here. And I'm going to show you exactly how to do that, okay? All right. So we got our call objectives.

We're on the call to build rapport. We're going to sort between prospects and suspects, those that need to sell and those that want to sell. We're going to set the appointment. I put a list of all the common objections down below. There's a little link there with all those and your responses. Go ahead and take a look at that. Now it's time when you're on this call. What are you actually going to say?

You know your objective. This is your objective, right? What are you actually going to say? Perfect. Glad you asked. Here is what we call the nine point seller interview. Actually, I'm going to move this so it doesn't shine through. Okay.

The nine-point seller interview. And what this is, it's a framework for the conversation. It's not necessarily a script, although you can treat it like one if you want to, has ideas for some questions there, but it's a framework. And then it takes the whole conversation, splits it up into nine sections. So I want to make sure that we cover everything. And with this framework, you are going to build rapport. You are going to become likable.

and the seller, by the time you're done with this interview, they're going to have confidence in your competence. All right. So let's go through it really quickly and I'll show you how this works. All right. So box number one, what we're going to do is we're going to set the stage. Okay, so they call and say, hey, I heard you could help me out. Or hey, I saw one of your ads and I need to sell my house.

Fantastic. Most of the time, people who call us want to know how much they can get for their property and how everything works. Do you have similar types of questions as those? All right, you're going to take control right off the bat. The person asking the questions is the person that's controlling the conversation. All right. Next is once they say, yes, I do have those questions.

Great. Do you have a few minutes or so to answer some basic questions about your property? So, again, you're asking them a question. They're going to say yes. Okay, super. After, I'll give you some options and then you can simply tell me what you'd like to do. Is that fair? So what you've just done is you've set the stage.

You've exhibited that, I know why you're calling. Most people that call me, they want to know the price. They want to know how this works. Is that your situation too? Perfect. We've done this before. I'm just going to have some basic questions about your property. Is it okay if I ask those?

Great. And after we're done, I'll go ahead and give you some options. And then you can choose which way we want to go. Is that fair? All right, so you've just set the stage. You've totally exhibited competence. And all of a sudden, you sound likable and so far so good. All right.

So that's box one. Next, right here in the number box two, you want to get the seller's information right up front. Okay? And sometimes they're a little bit reluctant of giving that to you depending on how they found you But this is how you do it may I have your full name and property address please? What's the best phone number for you and where would you like us to email our contact information to? So we want to make sure that we can put them in your CRM or put them on your spreadsheet as an actual contact as a seller So you need their name phone number and email address, all right? And that's just a way of a non-threatening way of asking for all of that information Next, about the property. Okay?

So perfect. Now I'm going to run through some quick questions about the property. You'll notice this and you're going to notice this pattern over and over again and you want to get used to doing this is you want to tell them what's about to happen. You want to set their expectations. You want to tell them what you're going to do. And if you tell them that up front when you actually do it, it brings down the guard, there's less resistance.

And you get a lot more cooperation from the seller. So that's what this box number three. Perfect. Now I'm going to run through some quick questions about the property. Question one. What's the general condition of the house? And these are, these questions, you don't have to ask every single one of these. These are just ideas of questions to ask.

A lot of times when you ask the question, they're going to answer the next three or four automatically without you ever having to ask them. So just kind of let it flow, okay? You've talked to people before. You know how to do this. Just go with the flow. And if you go off into some far tangent somewhere and you start talking about your, you're kids little league team or the vacation that you guys coincidentally took at the same place last year,

you know, go ahead and go for it. Go wherever the conversation leads you. And then when it's time to get back down to business, like when that part of the conversation comes to a natural close, just jump back under the next box. All right? So it's going to keep you on track and it's also going to create that rapport, create that relationship. Okay. So here's a bunch of different questions. What's the general condition of the house? Does it need any repairs? If you get any resistance, Since, does it need any repairs? This is a question I like to ask. Well, if it doesn't need any repairs, but let me ask you, if you were going to stay another

10 years, what types of repairs would you do? Right? This is just a nice way of asking. Is anyone living in the property right now? What does it or would it rent for? Is there anything else you think I should know about the property? Okay. So just basic questions.

You don't have to ask them all. Like I said, you ask one, they're going to answer three or four of them automatically. Four. Box number four, this is really important. What's the motive? Why are they selling? Remember, the foundation of every deal. lies within the seller's motivation to sell.

So you want to know why they're selling. You want to keep it. And you're going to keep asking. And the reason you're going to keep asking is because they're not always going to tell you the whole truth right away if they tell you the truth at all right away. So each time you ask, you get a little bit more out of it. So you'll notice as we go through this process, you'll be asking more and more, why are you selling?

Oh, I forgot. Why is it selling? And when do you need to be there? And what a da-da-da-da-da. So you're going to ask all these why questions. So right here. Okay, so great. after you got information about the property, it's, well, this sounds like a property that might work for us.

Why are you thinking about selling it? Okay? They'll tell you. And then how long have you been thinking about it? So you're going to find out how long their problem has been a problem. And then next, you're going to ask, have you considered calling a realtor? Now, a lot of people get a little bit nervous about asking this question because they feel like they're just suggested that they should go call a realtor and they're going to go call a realtor and then you're not going to have the deal. No.

So, if that's the case, you want to know that right now anyway. You don't want to go through this whole process and they eventually say, well, you know, I think I'm just going to call a realtor. No, you'd rather have that information right now. But even more importantly, what this question does, it reveals more about why they are selling. No, I don't want to deal with no realtor. I don't have the time to deal with a realtor. You want to know that type of stuff because you're like, okay, it's urgent.

They don't want to deal with a realtor. They don't like realtors. This is my deal. So I get to take care of them. I don't have to worry about losing this deal to a realtor. So all those different things can happen by ask that question. It reveals a whole lot. Next, encumbrances.

This means, is there anything against the property? Like, is there any taxes due, any judgments, any liens? Is there a mortgage? So we ask that. And then we ask, do you have a rough idea of how much that would be? Okay. And so you want to know that. If there are a mortgage on there, if there's some taxes, anything like that, you want to know that

because that's going to affect the value. It's going to affect your offer. Six, properties value, right? Remember, this is an interview. You are assessing this situation and you are interviewing the seller. You want to know for your sake and for the sake of putting together a good deal and solving their problem. You want to know everything that the seller knows.

So this is not the time to be extracting or, excuse me, offering your opinion and telling and demonstrating how much you know about the market. No, it's not worth this. It's worth that because this house over here sold for that. And a lot of new investors, they do that because they feel like that's their crutch to exhibit what they know and it's it kind of wields their power over the situation. Don't do that. You're just there to be helpful. You're just asking questions. Okay. So this is a really good way to ask it. Okay, great. So I think I got some information about the property. What I'm going to do is I'm

going to check the most current market conditions. But do you have an idea as to what properties like yours are selling for? She was asking, do you have an idea of what properties like yours are selling for? And I'm going to say, no. Or they're going to say, yeah, the house next door is sold for $200,000. You want to know what they know. Okay. So that's kind of your, a nice way, an indirect way of assessing how much they're probably expecting for the house, how much they think it's worth. Okay. Next question is, after you've asked them that, it's what's the lowest price that you might consider for your property? So right there, you're making this assumption that if the house next door sold for $200,000, okay, great, that's good. What is the lowest price you would take

for your house. Assuming that, well, you're not getting 200, and that's kind of what they're assuming too. I'd be okay with 180. You might get an answer like that. Okay. Then the next question is, so 180, got it. Is that at all negotiable? So those are the sequence of those three questions when you get to the properties. And you're not going to pass judgment. You're not going to make a face. You're just going to just ask the questions. And whatever they answer, you're going to go ahead and scribble that down. Okay. So take a note of it. Next, seven, problem check in. Okay. What you want to do here now is you want to go and summarize the whole conversation that you just had with the seller. You know, one of the habits of the highly effective people out of the book, the seven habits of highly effective people's first seek to understand, then be understood.

So right now you're going through this whole process, this whole conversation you had, you're going to relive it. You're going to summarize the whole conversation to just make sure that you understand them and you want to make sure that they feel understood. Okay. So go ahead and check in and then seller expectations after they've told you everything. So Mr. Mr. Seller, what you're saying is you've got a three-bedroom, two-bath house, it needs some repairs, it probably needs a new roof. There's nobody living in right now. You think it'll rent for $1,500.

The reason you're selling is because you've just got relocating your job. You need to get over to across the country within the next 30 days. Is that right? Did I miss anything? Okay. So that's how you've checked in with the problem. They say, nope, you've got it all. Sounds good and great.

So what would you like to have happen? That's the question right there. And you want to ask that question because you don't want to assume you know what's best for them. And new investors, when they've never purchased a property at a deep discount or ever been given a property before, because it happens. That's never going to happen for you until you allow the seller to actually tell you what, they want. Because what you think they want might not be what they actually want. What they actually want might be easier for you to provide than what you're thinking that they want. You got it? All right. So what would you like to have happen and then just be quiet? Just shut up and listen. Great. So when

they say that, perfect. So if I or anyone else could make that happen, would this be a later or a sooner thing. If I or anyone else could make that happen, would this be a later or a sooner thing? So very key words. Okay. Would this be a later or a sooner thing? And they're going to tell you how urgent this is for them. Well, I need to do it right away. I'd like to have this thing sold yesterday. See, you're constantly peeling back the layers of that onion, revealing their motivation and what's the sense of urgency is. You're separating them from someone that wants to sell to someone that needs to sell or vice versa. Okay. So this is this is part of the interview process. Then the last question is if they say sooner thing, great, how soon or sooner is what you'd want to ask. But if they say a later

thing or okay, what do you say 30 days, 90 days, sometime further out? So if it's out, like so, oh, I don't need to move to, you know, six months from now. Summer would be fine. Around the holidays would be fine. Something that's far away, then I stop. I stop right there. I was like, well, gosh, so far out. Why me? And why now? Again, the why questions. You'll find out why they called you. And that's going to reveal a lot more information. Okay. So there, you're done with the interview. Now it's time to make this transition. Remember? So our goal was to build rapport, to sort. And then the third thing was of the objective of this call is to set the appointment. Now we've got we've built rapport. We've decided whether they want to sell or need to sell. So we've decided if they're a prospect or a suspect. Now it's time to set the appointment with those that need to sell. It's time to set the appointment with the prospects.

All right. So we do something what's called a transition agreement and you're going to use this frequently in this whole transaction in every transaction. So it's a transition agreement is when you're transitioning from. the phone call to the appointment. And essentially what you're doing is you're going to be setting the expectations again. You're going to tell the seller what's going to happen. And then you want to reassure them that it's okay if this isn't a good fit for you, you can tell me so. All right. So this is the exact wording. Sounds good, but I'm not sure if I'll be able to help you or not. The market conditions will have more to say on that, more to say on that. So what that's saying is, I'm not sure if I can help you or not. I'm not sure if I can help you or not, the good cop.

The market is going to have more say on that whether I can or can't. Got it? So I don't know if I'll be able to help, but I'm certainly going to try. The only thing that's going to get in my way is the market. Got it? So this is one thing I can tell you. When I come over to take a look at the house, if I decide that this is not going to be a good fit for me, because, you know, I can't buy them all.

And if I get over, then as soon as I know it's not going to be a good fit, I'm going to let you know that. Is that fair? All right? So you're letting them know that I don't need to buy this. It might be a good fit. Might not be. I'm going to come over there. And if it's not a good fit, I'm going to tell you right away.

So what are you doing right now? You're developing trust. You're developing this relationship that I don't need to buy this. I'm here to try and help you. And if I can, I'm going to. But if I can't, it's going to be the market's fault. Got it? So, if I can't, if it's not going to be a good fit, I'm going to let you know.

And what I'm going to ask for in return is if at any moment you think it's not going to be a good fit, do you promise to let me know? Got that? So you're giving them permission to say no. That's what's called a release statement. See, you're never going to get a true yes from anybody in any scenario or any capacity unless you give them the ability to say no, unless you give them the permission to say no. and you're giving them the permission to say no.

I got the permission to say no, and I'll tell you know if it doesn't work. But I want to give you that same permission as well. All right? It's building trust. It's making you likable. All right. It's building a relationship.

All right. So, so perfect. I can come over later today or first thing in the morning, which time will work best for you. All right? So you're just going to give them two times.

I would say try to get over there as soon as you possibly can. So if it's in the afternoon, I can come over tonight. Or if it's at nighttime, I can come over first thing in the morning or maybe later in the afternoon. Give them two different options to choose from. Got it? So that's the nine-point seller interview. So with that, I just want you to follow the steps.

And I want you to listen more than you speak. Remember, it's an interview. Can't interview somebody very well if you're talking all the time. So I want you to interview. I want you to listen one-third. Let them talk two-thirds of the time. That's the rule, right? Don't worry about being perfect.

Okay. the seller did not just watch a free course on how to sell their house fast to an investor, right? They don't know if you're doing it right. They don't know if you're doing it wrong. They're nervous. They're all in their own world. They don't know if you're messing up.

So don't worry about you being perfect. And if you get lost, just lean into the framework. It's there to keep you on track. Right? So if you lean into this and you follow this, you're going to come out by the time you reach box number nine. You'll be likable. You'll be trustworthy. And that seller is going to have confidence in your competence.

Even it being your very first time, they know more than I do. So let's do it. Okay? That's how the framework works. That's how the interview works. Now, something I want to let you know to expect. So you set the seller's expectations. Let me set your expectations.

You're going to run into pretty much four types of people. Okay, four types of sellers. And some in every capacity, it goes out when you're talking to the people on, when you're calling through Craigslist, you're calling the buyers, you're calling the sellers, when you're going to your networking events, when you're going to your RIA meetings, when you're going to your Chamber of Commerce meetings, when you're going to all those places, you're talking to all these people, the people that you're going to talk to are going to fall into four categories.

I'm going to specifically address this to the sellers you're going to talk to. And rather than just, we're just going to use something to categorize them. And we're just going to use something very non-threatening, very apolitical. We'll just use fruit, okay? So we're going to use apples. So you've got red apples and you've got green apples. You've got, that's a brown apple and then you have what we call rotten apples. So your red apples, the red apples, these are the

the sellers that need to sell. The red apples are the people that need to sell. The green apples are the ones that they want to sell. And motivation isn't quite there to be red. They don't need it as much, but they still want to sell. So that's good. Brown apples, these are the sellers. We follow them.

They're curious. Maybe, maybe not. Don't know. Not making any commitment today, maybe tomorrow. Just kind of curious, what's this all about? Who are you? I got referred to you. I saw your ad, saw this flyer, what's this all about?

Right? So those are curious people. Then you have your rotten apples. We just call them, I don't know. I refer to them as crazy, all right? Crazy people. They're negative. They're angry.

They're ornery. Something's going on in their life. They're just pissed off. They don't like the way your flyer look. They don't like the way you're a flyer look. ad looked, they're mad. Okay? So, but these are the four categories.

So as you're going through, you're talking to people, I would say, of all the people you talk to, probably only 3% are going to be red apples. Just 3% will be red apples. Of the green apples, about 12%.

This is approximations, and this will vary over vary over large groups of people, but that's essentially how it's going to pan out. The curious people, it's going to be most people. It's going to be 70%. And some of them might end up being green and some of them might end up being rotten. We don't know. Right, but 70% are going to be curious. And so crazy people, it's probably about 10 to 15% of the people out there.

They're going to be angry people you don't want to deal with. People that are going to upset you. people that are going to, you know, put you in a bad mood. They just want to stay away from them, okay? So let me give you the recipe for success. The recipe for success. I want you to spend, as far as how you divide your time, I want you to spend 90% of your time with red apples.

Spend 90% of your time with red apples. With the green apples, you spend 10% of your time. 90% with the red, 10% with the green. How much time do we got left? Not a whole lot more time, right? So I don't want you to spend really any time, especially as we're going after your first deal. Don't spend any time with the brown apples.

Okay? The rotten apples, I want you to, see if you can ignore them. Okay, just flat out ignore them. Don't come to our support desk. Don't come to help complaining about the rotten apples, because what we're going to say is, what do you do with rotten apples? You ignore them, right?

Then why are we talking about them? So this is the recipe for success. Let me show you how people fail. Let me show you how people quit and they give up in this business. When they say this real estate thing, it doesn't work. And that's a bunch of baloney, by the way. It's worked for more people than anything else ever will in creating wealth, okay? Or anything that ever has.

I don't know what's coming around the corner. maybe something better than real estate. But until that happens, it's all about real estate. It's got the track record. It's created wealth from more people than anything else, any other industry, any other investment vehicle. So don't tell me it doesn't work. This is why it's not going to work for you if it doesn't work.

People that come in this business, it doesn't work. What they end up doing is they spend 100% of their time with the brown apples trying to force them to be red. Don't do that. Okay? This is the recipe for failure. And then on top of that, what they do with the rotten apples, all they do, they can't forget them.

They focus on the rotten apples. They say everybody's mean and angry. Nobody, everyone's nasty out there. This doesn't work. Don't do that, okay? 90% with the red, 10% with the green, no time with the brown, and ignore the rotten. Got it? Can you do that?

That's the recipe right there. That's the formula. I gave you the formula for failure. I gave you the formula for success. Okay? So what's next? Okay. So you are going over to the property.

You've set an appointment with a seller. You know, you might set that at maybe at a Starbucks or a restaurant or maybe it's at your office or something convenient. I would recommend don't go to their office because you do need to see the inside of the house. So you're going to have to see this inside of the house at some point. So might as well just do your best to make it. Hey, I need to come see the inside of the house. Can't buy a house without seeing the condition.

You wouldn't buy a house, Mr. Seller. If you didn't know what the inside looked like, right? So, yeah, I'm the same way. I can't do that either. So try to get into the house. Okay? That's where you want to set the appointment. What we're going to do?

We've got the appointment set. Now we're going to do a little bit of preparation. Okay, we'll do a little bit of preparation. And we've got this called the seller information. sheet. Okay. This is going to be information. I'm going to find out about the property. So you can put, you'll put the seller's name there, the phone number, you got their email, you got all that, and then you can put all the basic property information that you've got, the address, the bedroom, the square footage, all this basic stuff. What you wanted to go

find now is you want to find out the comps, the comparables. What that means is what are properties comparable to the one you're about to go look at, what have they sold for recently? Within the same area, like their property, and within a reasonable amount of time, you try to get within 90 days, the more current, the better. Sometimes, depending on the area, you might have to go out six months. You might have to go out to a year sometimes to find a comparable sale. And what we're going to look for is we're going to look for three or four of those transactions, those recently sold, and we're just going to take an average of whatever they sold for. and that's going to give us a ballpark idea of what the value of this house is.

Because we don't want to go in totally blind. This doesn't mean this is what we're going to offer at. It doesn't mean this is ultimately what the value is going to be. It's just going to give us an idea. It's going to give us a ballpark of where kind of what we don't want to spend more than. Of course. I mean, obviously we want to buy it at a discount. It's just going to give us an idea of what the approximate value is.

Right. So this is how we do that. All right. So I'm just going to go over to Zillow. It's just kind of the household name. If you have a source that you like better for looking. looking up at real estate information, feel free. Go ahead and use it. I'll just use this for a quick example here. If we took, let's just say Kansas City, Missouri. Okay. I'm just going

to pick any old random house just because I don't have an address ready. All right. So there we go. 4408 Independence Avenue. So if I click this right here with Zillow, they're going to give me their opinion of value. They say it's worth about 72,000. Okay. So that's what Zillow says. So that's fine. We'll keep the note of that. Was this it right here? That's it right there. All right. So what I'm going to do, this is a two-bed, one bath at 1,400 square feet. So I'm going to come over here, and this is what the stuff is for sale. This is stuff that hasn't sold yet. So we don't know if it's worth that or not, because it's still waiting to be sold. We're only really concerned with what has sold.

What someone came along and validated the price, where the market validated the price. Someone pulled out their checkbook, they wrote a check and said, yes, it's worth that, and they confirmed it. So that's what we're looking for. So we'll just take off the sales, we'll take off these potential listings. I just want to look for what's recently sold. Okay? So that was a single family.

Let's make sure we're only looking at houses because that's what's comparable, right? And that was what, two bed, one bath. Here we go. There's one bath. Here's the bedrooms. Two over here. And it was like 1,400 square feet. So we'll just take like, we're kind of already there.

So here's 1,300 to 1,500 square feet. And we'll see if we can do that in the last 90 days. See what kind of gives us to us there. All right. So we were down here somewhere. So just for the sake of making this easy. I've kind of zoom in here. in here and I see kind of a wide range. So I see a 34,000 of 4.2 of only 4,200. Here's a 33,000.

Okay. So let's go back a little bit more, see if you can get a little bit more data. Probably not the best area if a house is selling for a thousand bucks in here, right? That's what I'm guessing. That's what you get when you just go random. But hey, this is a real world example, so I would be looking at it. So I would know there's a 4,000, a 12,000, a 34,000. What's this one? Doesn't give me a number there. All right. Okay, so say this is our little cluster. Let's drop the lowest, drop the highest. So we've got, if I come back over here, I'm going to take, so we got one that's 4,000. I got one. That's 12,000.

And let's say we dropped the lowest one, so we take 10,000 and then 20,000. So take 10 and 20. So say those were our comps, okay? Probably not the best example, but that's what we got. It'll work the same relatively with whatever you're looking at. So I've got 20, 10, so there's probably 15.

So that takes down to 14, I don't know, maybe $10,000, right? Yeah, so maybe our, Our comp is 10 grand. So I might be going into the seller's appointment like, okay, I'm kind of thinking 10 grand. It's really going to greatly depend on the condition. I'd probably dig deeper and just look at the pictures through these properties to see what type of condition they were in.

Just so I had a little mental image, a mental note when I go into this property, I'll know exactly what I'm looking at. And then go ahead and fill in whatever they said the rent was here and any notes that were pertinent that you got in the, during that phone conversation, you'll put those there. Okay. So now you're going in. You are prepared. We've got our transition agreement. So we had a transition agreement when we left the phone call to set the appointment. Now we're showing up at the appointment about to start the appointment. And that transition agreement is, remember, it's we're going to set expectation. We're going to tell them about what we're

going to do and we're going to let them know that, hey, if this isn't a good fit for me, I'm going to let you know. And if it's not a good fit for you at any time, you tell me no as well. Okay. So that's basically how it would work. So Mr. Seller, great. I'd love to take a look at your property. I'd love for you to show me around. Please point out anything that you think might directly or indirectly impact the property's

value, anything that you think I should know, anything important about the property. Please let me know that. And while we'll go through, I'm going to ask you some questions. I'm going to ask you all these questions that I have on these sheets. In fact, are on this sheet. In fact, I'm going to read them right off the paper. just to make sure that I don't forget anything, because I don't want to miss anything

that might cost you some money or cost you an opportunity. Would that be okay if I just read them right off the sheet? Because they're the same questions I ask everybody, so I'm just going to read them off here. Is that okay with you? Right? You got permission. So now you don't even need to memorize these questions.

You've got permission to read them right off there. Okay? And then say, so I just want to remind you that as we go through and I'm asking these questions, you're pointing out and sharing the house with me and telling me everything that I need to know about it, If at any point, I just feel like, you know what, this isn't going to be a good fit. I can't buy them all.

And I'm not going to waste our time. I'm going to let you know that right away. Okay, is that fair? And at the same time, if we're going through this and you're not feeling good about it and you don't like the way it's going and if you don't want to move along any further and you want to stop, you've got permission to do that. Will you let me know that? Great.

Okay? So let's go ahead. Let's get started. So that's it. And I just go through and you've got four. permission, they know exactly what's going to happen. Now you know what's going to happen, right? So you've set the expectations for the seller and if this is your first time, you set them for yourself. Now you just go through and, ah, nice bedroom, nice kitchen,

ah, got it. And here, I got some questions here. Why are you selling? Does the house need any repairs? If it does need any repairs, have you had it looked at? Do you have an idea of how much it would be? You know, what are your immediate cash needs? Is the house listed with a realtor? So all these questions are right here. You can just read them right off the paper. So now you come, you're done, right? You've taken the whole tour. You've got all your questions answered. And now it's time to come up with the price in terms to present the offer.

Okay. So again, transition agreement. Mr. Seller, Mr. Seller, I think I got everything that I need to know. And, you know, what I need to go do is kind of look and see what the market's doing. doing and then come back and see what it's going to allow us to do. Got that? I'm going to go look and see what the market is doing. This is your first deal.

You don't have to write an offer right there on the spot. But your objective here is to get the property under contract as soon as possible. Okay? The more you do this, the better you'll be able to do it on the spot, but don't put a bunch of pressure on yourself right now at this very first meeting or even the first dozen. Don't put the pressure on yourself to come up with a number and get it. get under contracts. I don't want you to get under contract on the wrong number. Okay, we can get ballpark. Ballpark is good, but if we're way off base, bad. Okay. So you can just kind of excuse yourself, okay, great, I think I got all the information I need. Let me go see what the

market's doing, and then I'm going to see what it's going to allow us to do. Okay. So us, it's going to allow us to do. The market, the bad cop, is it might get in the way. Let's see what it's going to allow us to do. All right. So your objective here is to get this property under contract. This is really important. First of all, understand that you'll never get it under contract unless you present a written offer. So your objective, whether you do it right there on the spot or you go back to your office or down to the Starbucks at the corner to present your offer, do your research to present your offer, you have to present it in writing. Regardless of what you've communicated with the seller back and forth

verbally, the dynamics change completely once the offer is in writing. So that's the first part because everything changes once it's in writing. It becomes real. You get true consideration from the seller once it's in writing. The second thing is, if you don't have it in writing, they can't sign it. Meaning you will never do a deal unless you're actually presenting the offer. So your goal is to present an offer at every single appointment that you have. So that's the objective.

Now why do we want to do this? Let me show you this example. Let's say, we'll say that's the Mona Lisa, okay? The Mona Lisa is coming up for auction. And you heard about this, and sold it all the auction houses in the area, and all the auction houses are vying for the opportunity because they wanna sell the Mona Lisa

because there's gonna be a healthy commission attached to the sale of this. So we'll take two auction houses, the two contenders, do you have auction house A, and auction house B. Okay. Now auction house A. Auction House A, this is an auction house that's been in business for generations. It's a family run business. They're a household name in the local area. They're especially a household name when it comes to selling and buying these, these really

expensive, elaborate items. And they've got a huge database, a huge network. They've got all kinds of marketing dollars. And anytime they, they come up and they have something to auction off, they've got all the power. They can put, they can just fill the house. Okay, these X's, these just represent people. Okay, they can put the butts in the seats like nobody's business. They can fill this house. Now, auction house B, they heard about this opportunity to sell the Mona Lisa. And they said, what a great start. What a great launch to, to our business. This would be if we could sell the Mona Lisa. How much that could be a massive windfall and we could be in business and establish ourselves.

So they go out, they open up their little LLC, they buy their business license, they go and rent the property and they rent the building, and they start, they got a little bit of money left over for their marketing, and when it came down to it, they got one person to show up to their auction.

They got one person to show up for the auction. Now, if you were the owner, if you were the owner of the Mona Lisa, Which auction house would you want to win this bid for the right to auction off the Mona Lisa? You're the owner, you're the seller, right? You want auction house, A, don't you? Yeah, because you want all of these people to bid against each other to drive up the price

as high as possible because this is your Mona Lisa, that's how much money you're going to put in your pocket. So the more people that are bidding for this, the better, right? Now, if you're the buyer, who are you hoping wins this opportunity to auction off the Mona Lisa? You're hoping auction house B, right? And you're hoping that that's you. Right? So if you're the seller, you want this house.

If you're the buyer, you want this auction house to win. So right now, in this scenario that we've been talking about, you are the buyer, right? You're the buyer. And when you put a property under contract, this is why your objective is to get this property under contract. Because when you put this property under contract, this is you in this house. You are the buyer under contract. It's you. And when you put that under contract, you lock the door.

How do you do the little keyhole? You lock the door and none of these people here, none of them can get in. That's you. That's your opportunity. So that's what a purchase agreement does in real estate. And that's why you want to get a property under contract. That's why you always want to put it in writing because you'll never get it under contract unless you do put it in writing. Got it?

So it's very key. It's very important. That's the objective of that meeting. So the objective of the call is to build rapport. It's to sort and it's to set the appointment. When you're at the appointment, is to build more rapport. It's to collect all the data that you possibly can and the information from the sellers or really find out their motivation as to why they're selling. And then it's to get the property under contract.

Got it? Perfect. So there is the purchase agreement. Let me make sure that you can see that. There it is. There she blows. Okay. Put that over there.

Purchase agreement. And so this is how you're going to do this. Also down below there is a script on how you present and get consent. Present and get consent. And if you use this wording exactly how it's written here, it's going to keep you in this upper right-hand quadrant. Up to this point, we're still here, aren't we? Yep, we've been the good cop the whole way, we've blamed the market on everything.

So we come back, we've got an idea of how much we're going to offer, and now it's time to present. Here's what we call our quick and dirty math formula. You take this two-part, you take this two-part closed, so to speak, right? You met with a seller, you got everything figured out, and now you're going to go down the street and you're going to hash out the the numbers, you're going to see what the market's doing, you've got to figure out what you can offer. So here's the quick and dirty math. You're going to start with your comp. So that comp was, where did our sheet go?

What was what? 10,000 bucks is what we kind of came up with, I think. So it's, this is really a bad example of a house. We'd like to start with a little bit higher price point. But this is what we did. And so let's just keep it congruent. So 10,000 is what we call our fair market. value. Okay. And from here, we have to minus what we have for repairs. So say after we looked at

the house, there was $3,000 of repairs. Then we have to subtract profit. Okay. And we want to look at profit in two ways. We're going to divide up into a portion, or two separate portions, pieces of pie, so to speak, is one piece is yours. One piece of the profit is yours. The other piece that you want to leave just in case is for another investor that you might sell this property to. And we're going to get to that part how to do that. But I just want to have that in mind, you want to be prepared for that person. So if it's another investor, what do they want to make? Why are they in this business? They want to make money too. So you have to leave a little meat on the bone, so to speak. You have to leave a little extra equity there for that seller or for, excuse me,

for that buyer, for that other investor, if you want to be able to sell this and get a piece for yourself. Again, the next lesson, I'll show you exactly how to do that. But that's just the mindset. You want a piece for you and you want to save a little piece for somebody else. So say there's 3,000 in repairs. That's what this is. And then maybe another 3K for, that's profit one. Okay, that's your other person. And then you'd be good with 3K of your own. Okay? And that's your profit. Again, this is really crazy starting with a $10,000 house, but that's just kind of what

we ended up with. It was totally imprompt to there. So what this would be is 10,000 minus 3 minus 3 equals the most we could pay for this property is $1,000. So that's kind of what the market has said that we could pay for this property is $1,000. Again, the amount doesn't matter. The principle is all the same. So now we'll go to this script.

Now you're gonna present the offer. You've got your idea, you're leaving Starbucks, you're going back to the seller, hey, I've got something for you. Let me come over to show you with you what I found. Okay, so this script right here is very key because it's going to keep you in this upper right hand quadrant of our conversion quadrant. It's gonna keep you as being the good guy

and it's gonna make the offer their idea. Yeah, the seller is gonna look at this and say, wow, Yeah, I think we should sell it at $1,000. This is how you do that. So Mr. Seller, the current market conditions have your property's value right around $10,000. So that was our starting point. So just, we'll keep the script the same. So $10,000.

And based off what you shared with me about the repairs needed and then making room for a small profit for myself, what you're saying is we're right around. $1,000. Is that right? You got that. So based off what the market is saying, the property is worth right around $10,000. Then based off what you shared with me about repairs,

$3,000. And then after carving out just a small profit for myself, what you're saying, Mr. Seller, is that we're right around $1,000. Is that fair? So you position that whole thing, bad cop, their idea, bad cop, their idea. And you slid in and then after carving out a small profit for myself, what you're saying is, we're right around $1,000.

See the wording in there? It's very specific. And once you ask that, is this fair? Then just shut up and listen and wait. Got it? So you're just going to wait. So if they agree, boom, get the contract signed. If they don't agree, don't take the amateur route.

Don't stop there. Okay, you got more room to play. Okay, so based off what the market is saying and what you did share with me, what is the lowest number you would accept, okay? So based off what the market is shared with us, what the market is saying, and what you shared with me, what is the lowest price you would accept? And you shut up and you listen, you wait. And the seller is going to say, well, I can't see myself taken anything less,

than $2,000. Okay? Their idea. They said $2,000, right? Still their idea. Now you have a decision to make. If that's a good deal for you, if you still think that's a good deal and you can make that happen, get the contract signed.

If $2,000 is too high for you, then go ahead and we'll roll it up again and we'll ask again. Okay? So if 2,000 is good, you're going to get the contract sign. If you guys don't agree, boom, you go to the next side. Boom, you go to the next step. Don't give up. We're going to keep on going after this. All right, Mr. Sell, you know, my biggest goal here is not to make the biggest profit,

although it is to make a profit. I mean, this is how I feed my family. But my bigger goal is to make sure that I'm safe and that I don't lose money. And based off the current market conditions, what you're proposing is beyond my risk tolerance. Would, say, $1,500 be doable. if I could close quicker. Okay? So what's you're proposing, Mr. Seller?

It's beyond my risk tolerance. Okay? The market ain't going to allow me to get there. But if I could offer you $1,500 and close quicker, would that be doable? Again, they're going to say yes or no. It's going to be their idea. Would that be doable?

Yeah, I guess that'd be doable. Or no, that wouldn't be doable, okay? But what you've done here, and this is very key, remember I said in the beginning you're going to purchase property in one or two ways, either by your price in their terms or their price in your terms. And since you couldn't come on those first two attempts, you couldn't come to an agreement on the price, you're now going to introduce a term. The term being, can you close quicker?

All right, so now you've taken that negotiation back and forth from price where you're going to have a winner and a loser, and now you've introduced an additional term to where you can both get something that you want. Okay, sometimes a seller is gonna like that fast money, that fast nickel over a slow dime. And that's what we're talking about here. If I get your money by the end of the week, would you take 1,500? It's a lot better than them waiting four weeks for the full 2000. You got that? So you guys are going to come to an agreement or not. If you come to the agreement, boom, you're going to get the contract signed, right? If you don't agree, all right, perfect. Take another stab at it. Mr. Seller, okay,

So you now know my biggest goal and you know what I'm looking for. Can I ask what your biggest goal is? Is it to get top dollar or is it to sell fast? And you get to let them choose, right? It's still their idea. What's your biggest goal? Is it to get top dollars or to sell fast? So top dollar, that means they're going for price. If they're selling fast, that means they're going for terms. And as long as you can control one, You can always create a deal up for yourself. Okay, and we'll get more into that and tomorrow on how that works. But if you come up with a number and go ahead and get it signed, if not, then this is a moment where you say, well, Mr. Seller doesn't look like the market is going to allow us to both get what we want

and unfortunately, I was really looking forward to helping you if something changes give me a call. Here's my card. Here's my number. I'd be happy to to come in and work something out. I don't know if I'll be able to buy this house when you do call me as of right now I've shared with you what the market will allow us to do. Hopefully that doesn't change too much if it comes down to the point that you still you know you need my help but I will I wish you the best of luck if there's anything I can do you know give me a call and you walk out you're done okay don't go and come up too high into their idea and all of a sudden you're just kind of acquiescing and you just you know you went and went too high

and all of a sudden you got this arrogant seller and it's going to be a struggle because you're going to need to sell this property you're going to need to sell it quickly and like I said we'll go over that in the next lesson but if it's a struggle it's not going to happen fast and there's only two reasons you won't be able to struggle or excuse me there's only two reasons you won't be able to sell the property And one of those reasons is it's just not a deal. Second is you lacked exposure and we'll go over the exposure in the next lesson. But for the most part, you don't need a whole lot of exposure when you actually have a deal. So you don't want to be up here because it's a real false sense of security.

You're going to think you got a deal. You think you got a contract. You think you're just about across the finish line. You're just about to get paid. And boom, you're going to be disappointed. You're not going to get it. All right. So you did a little bit of research.

If you were able to get in the ballpark of your number, then you're moving on. You can't buy that one. Now, you can follow up and check in with them and take other attempts at it. But it's better to miss out on a good one that it is to buy a bad one. You don't want to buy a bad one.

Got it? All right. So, where are we now? Got my notes over here just to make sure. Okay, perfect. So if you did come to an agreement, now we can come over here. Where to go?

Here it is. So if you did come to an agreement, Here's the contract. You're going to write it up. It's pretty darn easy. Just fill in the blanks. Here's the date. Sellers name, your name, property address.

And here's the property address. Here's the purchase price. Any terms? Like you're going to close in seven days, five days, whatever I mean, any special terms. Throw in the cat. I love the car. Whatever it may be. Okay.

And it's a very basic contract. You just fill in the blank. And you are now in contract. you have control. You have purchased the property. You know, the expression. You make your money when you buy real estate, right? You just bought it. Now it's contingent. You don't officially own the entire thing, but you do technically own a portion. You have something what we call equitable interest. You own a portion of that property. You own now the right. You've blocked people out. You've locked the door. No one can get in. This is you. You own this space.

You don't technically own the Mona Lisa yet, but you own the space and the right to purchase the Mona Lisa. Now you've made your money to buy. Tomorrow I'll show you how to get paid. So let's recap a little bit. So this is the Daily Success Report. So today what we did is we took an incoming call, we made this incoming call, we set an appointment, we ran the appointment, we analyzed some

properties, those comps, right? We analyzed the properties and we presented an offer and we got the offer accepted. So that's how we had track our points with all the activity that we did today. Okay. All right. So we went over how to build rapport with your leads, how to present the offer, how to get the signature. Okay. Again, my most successful students are quick to implement, quick to ask questions. Travel as far as you can see when you get there, you're going to see further. at the speed of instruction. Okay? You got to stay ahead of your negative thoughts.

You got to stay ahead of your doubts. You got to stay moving. You can't steer a parked car. So you got to keep moving so you can steer and correct the course when you need to. All right. So if you need help, the private Facebook group, you'll see the link below this video. If you haven't joined already, now would be a good time. And when you need help, go there and either I or other people in the community

will help you with any questions or concerns that you have. If there are any dots here that didn't get connected and we need to do that for you, go ahead and do that. And then also the monthly call where I or one of my team members will be on the call once a month and give you our personal undivided attention in that call as well. Is there anything else here? You know, it's very common when people ask for help that that question was answered in the video and that might happen, right?

So if there's a question you asked and I say, you know what, go back and watch the video, because I remember specifically we talked about it. It's just, it's going to allow me to help a lot of people. So I need to leverage these lessons in a way so I can do that and refer back to them. But like I said, if there's any holes there, something that I missed, which is very possible. I've been doing this for a long time. I take a lot for granted. And maybe I did skip over something.

I went through it too quickly or didn't complete the thought and, you know, it left you wondering. Then go ahead. And now that's the time to ask the questions and let us help you and work you through that. All right. Yeah, that's it. Travel as far as you can see. When you get there, you'll see further. And tomorrow I'm going to show you how to take that contract and how to get paid, how to actually collect a paycheck without you using any of your own money. No credit, no banks, no nothing. You're not going to have to do any of that. We're going to use someone else's money to get you paid.

All right? So I'll show you that in the next lesson. Take care. Okay, that's it for today. If you're cool with listening, then catch us next Monday and we'll wrap it up with your exit strategy, how you're going to actually get paid. You know, up to this point, we've made our money in real estate. Next week, it's going to be time to collect, time to get paid.

And I'll show you exactly how to do that next week, next Monday. And if you want to listen, I will see you next week. If you want to see what's going on, access all of the materials and get community and personal support from me, go to free real estate investing course.com.

Free real estate investing course.com. All righty. God bless. and to your success, I'm Matt Terrio, living the dream. Yeah, yeah, we got the cash flow. Yeah, yeah, we got the cash flow. Yeah, yeah, we got the cash flow.

You didn't know home for us, we got the cash flow. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.