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Well,dofirst

E-BOOK:
Why
INTRODUCTION
you
Flipping
want
off mytoHouses
learnManifesto
businessfrompartners
me & this
andguide?
I are REAL people, not some pretend exp
erts who teach
investing concepts from 10 years ago. We are currently active in the real estate
been
business
doingandit successfully
have for many years all across the country from CT to NY t
o NCDiego,
San to FL CA.
and In nowthe past few years alone, we have bought and sold over 350 pro
perties and
continue to make lots of money by investing in real estate. YES, EVEN IN TODAYÕS M
We also teach the very concepts we use in our business and have successful stude
ARKET!
nt investors
state you couldin name.
every In fact our educational company, FortuneBuilders Inc has b
een may
Inc.
You recognized
Magazine
also recognize
asbythe #1,usfastest
from ourgrowing
hit TVeducational
show on A&Ecompany
called ÒFLIP
in America.
THIS HOUSEÓ, whic
h follows
our team around as we buy and sell real estate, using the exact strategies detai
led inthe
fact, thisreason
guide!theInshow selected us is because our company is considered to be
estate
Likewise,
one ofinvesting
theI am
besta real
companies
estateininvestor
the country.
who will teach you what works in todayÕs mar
ket. My may
grammar typingnotorbe perfect and I encourage you to find mistakes within this guid
e. Isee
You knowtheyouwording
will! ainÕt going to be perfect, but ask yourself this question? Wou
ld you grammar
proper rather have and not learn what you really need to know or would you rather ha
ve great
information, along with a few typos, that helps you make the money and live the
lifestyle
would
What
Beforedoes
assume
I get
youahead
thisthe
desire?
mean
latter.
offormyself
I you? here, itÕs important for me to point out WHY I am sha
ring my secret
strategies and systems with you. First off, sharing these strategies is a great
wayinvesting
my for me tobusiness.
leverage But, beside that, I have to admit itÕs personalÉit really mak
es my day
every bloodI see
boilsupposed
as ÒguruÓ investors teaching crappy systems that donÕt work! If
you are truly
committed to learning how to consistently profit from short sales, the least I c
an do way
RIGHT is teach
to doyou it!THE What you are about to read is 100% certified meaty content!
No fluff!allI of
through willthecuthype and teach you my systematic, no-nonsense approach real e
statecaninvesting
you start closing
so deals and bringing in pretty hefty checks! Sound good to y
ou? GreatÉletÕs
Within
inÉ this guidedigI will introduce many aspects of the investing and wholesaling
show
process,
you howandtoI implement
will my proven step-by-step systems and strategies that wil
l greatly your success in this lucrative niche of real estate investing. I will
accelerate
your
givejob
youtotheputtools;
implement
itÕs them. As you may expect, it will take a very consisten
t, devoted
and an unwavering
work ethic eagerness to learn. As it is with any business venture, buildi
ng wealth
estate requires
throughspecialized
real knowledge, a team of competent advisors, a business
infrastructure
systemic business built
processes,
on and a willingness to consistently take action. Your
information,
ability to process
create systems, obtain leverage, and hustle will directly determine
This
outcome.
yourguide
personal
draws on my experience as both a seasoned real estate investor and as
isanimportant
entrepreneur.
to understand
It that these two characteristics MUST go hand-in-hand i
n order
true lasting
to achieve
success in real estate. ItÕs that entrepreneurial spirit that inspire
d you toAndinvest
guide! withininthis thisguide, IÕll show you how to reign in that entrepreneurial s
piritcalculated
take and train risks
you toin an effort to turn specialized knowledge, money, and tim
e, into of
amounts evercapital.
increasing The revenue you create should be reinvested into your busine
ss call
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Learn
or
www.FBMasteryCoaching.com
andhow
you
used
myyou
like
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tocanto 888-807-9964
be coached
qualify by going
by me to:
and my team?
purchaseFlipping
E-BOOK: other types
Houses
of real
Manifesto
estate. These two practices will be the cornerstone
s forifhelping
achieve
So, you
thearefinancial
you
ready tofreedom
take your
and real
independence
estate business
you desire.
to the next level and ass
ure a securefuture
prosperous and for yourself, your spouse and your children, letÕs jump right in
This is not a text book or a novel. In fact, I despised reading text books in co
!FIRST,AWARNING
llegewritten
not becauseinthey
a waywere
that could hold my attention. (I guess that is what happens
Aswhena result
you have I have
ADD.)decided to write this guide they way I want it written. This
means statements,
color there will bejokes,off and parts that may offend you. Let me apologize in adva
nce. I prefer
include humor because
to it holds peopleÕs attention and every once in a while gets a
guarantee,
chuckle. Likewise,
there willI be numerous spelling and grammatical errors. I encourage y
ou all
highlight
In to find
seriousness,
them.
them Itandmakes
this guide
for a should
really befunjudged
game ifonyou
whether
are bored.
it helps you become a
investor
As
ENTREPRENEURIALFREEDOMCOMESWITHAPRICE
more
an entrepreneur
knowledgeable
and make more
you will
money.have
If the
it does
freedom
thentoitwork
has in
served
any manner
its purpose.
you choose. Y
ou will to
liberty havedothe
what you want, when you want to do it. Nobody is going to tell you
basis
what orto micromanage
do on a dailyyour every move. No boss, no timed lunch break, and no Satu
rdays (if
choose notyou
to work on Saturdays). It can be an exhilarating feeling for a lot of
come
people;
withhowever
a heavyitprice.
does You will most likely be trading-in a steady pay check f
or anLikewise,
one. unpredictable
you will no longer have anyone to bail you out should things not
go as planned.
Complete control always comes with a price, and that price might be a lot of you
r time things
figure spent trying
out. Well
to at least you will have Saturdays off right? DonÕt count on
two
Now,
it at
for
sayleast.
the
youfirst
only
In fact,
year you
implement
or maya few
evenkeyhave
elements
to rename
fromSunday
this guide
to Workday.
-yes it can still
extra
make money
you some this year; however I want to be clear this was not my intention for
writingwasthis
guide created
guide.toThe
introduce you to concepts that can lead you on a path to bu
ildingestate
real a successful
investing business which will help you achieve your long term financ
Iialamanda builder
personalofgoals.
businesses and a serial entrepreneur. This is what I enjoy to
do more
else in the
thanworld.
anything
I want this to be your goal because anything else is an under
achievement
is nothing worseand there
than an underachiever. I want to change the way you think about
and
building
show you a business
a model you can follow to ensure your financial success. The purpos
e of you
lead all tothisyour
is own
to business that you will enjoy building, can be proud of, and
ofwill
dollars.
make you Together
millionswe will create the BEST version of you. This is my goal for
designed
Asyouyouandknow,
I have
the guidereal
the to estate
get youmarket
startedhasdown
taken
thisa dramatic
awesome path
change
of in
success.
the past coup
le of years.
investors think
Mosta downturn in a market is a bad thing and many have become frigh
teneddidbyyou
But
changes. theknow that throughout history some of the most successful real estate
their
investors
fortunes
haveinmade
flat and down markets?! In fact, there is no better time in hi
story toinmake
profits realhuge
estate because of the amount of distressed properties out there
thatcall
literally
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how pennies
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E-BOOK: Flipping
you know Houses
how to
Manifesto
take advantage
3 of what is all around you but what an
average person
recognizes as annever opportunity. So whatÕs the secret? Well, I have created a step-by
-step system
buying and selling
for real estate in a down market and in this guide I am going to
showfact,
YOU
In can
yougetIexactly
guarantee
in thehowgame youand
thatreplicate
by following
our successÉ
this step by step guide, you too can
start LIVING ANLIFE. For me, a definition of an extraordinary life meant taking c
EXTRAORDINARY
ontrol
and achieving
of my futurefinancial freedom. It was the dream of being the BEST at something
WhatÕs
in life.your extraordinary life? Ask yourself the question ÒWhat is my WHY?Ó Why are yo
u reading
this guide, what is it that you want to change in your life? What is it that you
What
wouldislike
yourtotrue achieve?
motivation? I guarantee you, itÕs not money; itÕs what that money
can YOU
FOR PROVIDEAND THOSE CLOSE TO YOU. Maybe you want to be an 800 pound guerrilla in y
marketplace and make millions of dollars to start a charity, or maybe you simply
our
deals
want atoyearcoupleso you
of can better provide for your family and retire comfortably. E
ither way,
proper roadmap
having andalife mentors is what will help you get there. Are you ready f
or this
life
PATH
Pyramid
Knowledge
application
knowledgeable
investors
willof
TO journey?
SUCCESS
never
is
thrive
Success
topower.
players
real
beon
ASYour
Athe
for
This
estate
information
REAL
are
same.
Anystatement
ESTATE
always
Business
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and
INVESTOR
theget
could
they
most
InstartedÉ
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are
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be more
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estate
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Knowledgeable
game,
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seeking mostfinding re
sourcesknowledge.
their to improveThe information they seek is specialized knowledge, the finer d
etailswithin
say, you might
the niche in which they operate. If you do not continue to gain new
knowledge,
behind the curve.
you willTofall stay on the cutting edge in any field you must continually
seek the
With new ever-changing
information. real estate market, those who are educated will always be
toinsucceed.
How a better
many of youposition
would agree that high school and college did not necessarily pre
pare youafor
learned lotlife?!
about art,I ancient history. In fact, if I was on Jeopardy then may
be I that
used
After could
a $120,000
information
have actually
education,
to makeI didnÕt
money! walk away with one tool to build wealth. You
see I read theand Peace, Moby Dick, but unfortunately that big ass whale didnÕt helpi
classicsÉWar
ng bank
my me increase
account; the whale is not improving the quality of my life. I learned mo
re at mybootcamp
estate first real then I did earning my four-year college degree! Making yourself
and expert
estate is what
in realwill make you money. Who else wants to be THE BEST at something y
ou call
with
The
Specialized
Would
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do?
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Systems run
E-BOOK:
Business Flipping
Systems
businesses.
Houses When
Manifesto
you create a solid system and implement that system
you
in are
yoursetting
business, up the infrastructure to be successful. Truly efficient companie
s have
in place.
detailed
This allows
systemsthem to insert new people at any time into any position an
d not this,
doing skip ayou beat.
canByremove yourself from certain responsibilities as well as rep
lace employees
whenever the need to do so arises. This allows you to run your business rather t
han have run
business youryou. If you are not able to create an effective system, you will al
ways beyour
within
Business aSystems
prisoner
own business.
allow you to duplicate your business in other markets. All succ
essful franchise
operations have detailed business systems that allow them to efficiently and eff
ectively replicate
businesses at new locations.
their Whether your plan is to open one store or a hundred
business
Without
Action
stores,action,
a solidknowledge
system will make andthissystems
processdopossible.
not accomplish anything. You can go out
knowledge
and gain you all wish
the and create an excellent business system along with that knowl
edge,take
not butaction
if youand do implement your ideas, they are wasted. This is the step that
never
many accomplish.
people will Action separates those who do from those who only dream of doi
ng. afraid
are Many people
to take action and as a result never become successful. While taking
action is and
education a risk,
systemthrough
development you can minimize that risk. Successful business
everyday
owners takeand asaction
a result expose themselves to risk and failure. This is inherent
including
Pyramid
Marketing
investing.
Successful
apart
ininreal
anyfrom
business,
of
estate.
real
is
Success
Marketing
marketing
other
theestate.
Billboards,
first
investors.
forisand
With
Real
whatart,
an most
great
Estate
There
mail
makes
important
and
campaigns,
risk
are
Investing
the
those
many
comewho
phone
step
different
great
TV,
ring
doincold
itand
rewards.
successful
well
forms
calling,
generates
setofthemselves
real
marketing
andleads.
estate
of course netw
orking. With
wholesale investing,
regard tothere is no substitute for networking. Meeting other invest
aorsgreat
withinwayyour
to generate
area is leads. The more people you meet and talk with in real es
tate, the is
possibilities
Marketing morealso
you vital
have totoput
yourdeals
companies
together.
brand recognition and reputation. Havi
ng acommunity
the large presence
throughinmarketing helps create a strong and positive reputation. I
t also
to youradds
company.
validity
Developing a good reputation through word of mouth is greatly e
nhancedmarketing
strong
Wholesalingwithproperties
a presence is an
within
essential
the industry
part ofand everythereal
public
estate
eye.investors busin
ess. It isincome
generate a waywithto little or no risk. Many times, you never own the property -
youcall
Would
Learn
or
www.FBMasteryCoaching.com
simply
youmyyou
how like
arecan
officethe888-807-9964
to be coached
qualify by going
by me to:
and my team?
transaction
E-BOOK: Flipping
coordinator.
Houses Manifesto
In essence, you are bringing a buyer and a seller toget
her. Through
marketing efforts,
your you locate deals and then you assign them to other investors
that younetworking.
through locate If your marketing machine is in motion, you should have no p
roblem finding
sellers. Successful networking and being active in the real estate community wil
l enable you
wholesale buyers.
to find By developing your wholesale buyer list and networking with th
eseturn
in
The
Rehabbing
buyers,
long bring
andthey
short
deals
will
oftorehabbing
you. It isproperties
a win-winissituation.
this Ð buying low, adding value, and
The
making
mosthuge
attractive
profit.benefit of rehabbing properties (as opposed to wholesaling)
is the can
rehabs immense
yield.profit
Wholesaling allows you to gain quick cash with little risk. Re
habbing a itÓ
Òflipping property
requires
and an increase in risk, but massive increases your potential ret
urn. The marketing
strategies bring in deals, with the knowledge, skills, and abilities to both reh
ab and
you thewholesale
option togives cherry pick which exit strategies yield the best results in ea
ch Leadership
TopSixQualities
1.
2.
3.
4.
5.
6.
There
FIGURINGOUTINVESTMENTSTRATEGY
situation.
Takes
Sales
Work
People
Understands
isEthic
Action
Skills
an
andold&Communication
Working
OfASuccessfulInvestor
Decision
adage inSmarter
Making
real
Skills
estate
vs.
Capabilities
Harder
that says you always make your money when y
ou buyyouandsell!
when not This saying embodies how you should think about buying properties
Would
Learn
or
www.FBMasteryCoaching.com
incall
your
youmyreal
how like
you
office
estate
can
to 888-807-9964
be coached
qualify by going
by me to:
and my team?
business.Flipping
E-BOOK: This isHouses
also precisely
Manifestohow I choose to invest and the same way I teach
want
others
to make
to invest.
a profitI going in whether I decide to develop the property or not.
There
Aapproaches
TheAppreciationApproach
lot of
areinvestors
other
to investing
buy properties
and it is betting
importantthat
to the
understand
propertytheir
willdifferences.
appreciate over
approach
time. Infor fact,
making
thismoney in real estate is probably the most common investment
strategy
used acrossbeing
the country at the present moment. The concept is simple. Buy a prop
erty, hold
well, manageititlong enough for the market to appreciate, sell when the market is
up, andtoretire
never be heard
peacefully
from again. Of course many investors have become very wealthy
over investment
this time using strategy especially when the market is hot. The buy and hold app
roach is for
strategy a valid
making money in real estate, however there are other strategies I c
onsider
more lucrative.
to be much
These are the strategies the real players in the marketplace are
stinking
using torich.
becomeThese
filthy
strategies will bring you returns of 50% to 500% on your mo
ney do
modest
Why instead
I6%advocate
toof9%areturns
againstusing
investing
the buyforandappreciation?
hold strategy.
Now donÕt get me wrong, I lo
ve it when I am holding onto appreciate. However, investing for appreciation is
properties
too risky
have the patience
and I donÕt
for it. There are too many unknown variables influencing the v
aluenot
can thatcontrol
an investor
In contrast, if you invest the way I teach and buy properties 30
% to 50%value
market belowwhat risk do you face if the market drops 10%? What risk do you fac
e if the
drops 15%?market
You still have an asset worth more than what you paid for it and you
can of
asset
One
TheValueAddedApproach
dispose
quickly
the best
ofand
that
ways
still
to invest
make a is
profit.
to add value to an existing property. There ar
e plenty
for addingofvalue
techniques
to a property. Physically improving the existing structure of a
wealth
property,through
finding
zoninghidden
changes, buying in bulk and selling by the unit, creating
returns through creative financing are all examples of value added approaches. A
disproportionate
ll ofexamples
are these methods
of how an investor can use superior information and knowledge to in
acrease
Theproperty.
valuetheadded
valueapproach
of is a much better strategy for making money in real esta
te compared tobet.
appreciation theHowever, there are still many risks associated with this appro
ach. Sometime
risks will outweigh
the the reward, but not every investor knows this before they go
Anytime
into a youproject.
develop or redevelop property there can be problems that pop up alon
g the way.
unknown variables
These give the value added approach a certain amount of risk. Will t
he rehab cost
predicted actually turn out to be more? Will deadlines for construction be met o
r will
out eating
the up
project
all thedragprofit? Will the market turn on me during the development
This being said there is more money being made in the real estate market everyda
process?
y withapproach
added the valuethan any other form of investment. So why is this still not my fa
vorite
investment?
Would
Learn
or
www.FBMasteryCoaching.com
callhow
you
form
myyou
like
office
ofcan
Well,
to 888-807-9964
letÕs
be
qualify
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discuss
by going
by me
thisto:
andbelow.
my team?
No building,
E-BOOK:
This
BuyingwithEquity
one
market
the
profit
absolutely
sell
than
to the
technique
current
isproperty
the
you
well,
when
Flipping
my
property
paid.
favorite
nothing
market
you
buy
no
IThis
prefer
close.
in
leasing,
aHouses
the
property
value,
to
anyway
investment
means
the
next
toManifesto
This
noto
teach.
and
property
you
day
for
means
rehabbing,
achieve
ensure
don't
strategy
for
significantly
The
you
and
significantly
have
concept
ayourself
could
turn
sizable
no
and
tozoning
the
do
around
add
isaless
profit.
number
simple,
hefty
value
more
changes
than required for this inves
and
tment strategy.
beautiful investment
It's strategy
a and all you have to do is learn how to find these
deals,
contract,
My investment
putandthemstrategy
wholesale
under isthem simple
to another
and caninvestor
be summarized
for more.
in one line. Never purcha
se a property
unless you can turn around and sell the property the following day for more mone
y. that
is What Ithisam buying
means properties under market value with built in equity. This rul
e applies
of propertytoand every
every
typetype of deal I look at from single family houses to raw la
nd. Iestate
real want togameplayonthemy own terms. I want to have options with the properties I b
uy becauserisk.
eliminate it helps
And if I choose to do anything to the property then I will only
Iincrease
This haveapproach
already
the profit
can
secured.
nowmargin
be used in conjunction with the value added approach to cr
eate profitable
most some of thedeals out there. I donÕt like the idea of having to develop the pr
aoperty
profit.
in Iorder
wanttotomakeknow I can make a profit from day one without having to do a
nything
property,
MARKETING
When youÕre
toFOR
but
the
thinking
if I choose
DEALS abouttofinding
developdeals,
then you
I knowalways
I amwant
making
to get
a safer
one-on-one
bet. with t
he seller
YouÕll getdirectly.
the properties at the lowest price by cutting out the middleman. YouÕll i
ncur when
cost an additional
buying the property from a wholesaler or a property listed on the MLS
(which
incurring
The biggest
meansreal
mistake
your
estatemostagent
investors
commission).
make is they hit the whole marketplace with t
heir marketing.
ThatÕs a complete waste of time and money. You see the problem is that when market
ingteach
Imasses,
to theonly 5% ofhow
investors thoseto go
sellers
afterarehighly
actually
targetedmotivated.
lists. Target marketing is how
into
you big
turndollars.
small dollars
Targeting is where leverage comes from. With a minimal marketi
ng investment
target sellersyouÕll
(for example in pre-foreclosure, bankruptcy, landlord with bad te
nants, person
recently inherited
who a property, fire damage) who are all likely be motivated enou
gh toconsider
property
But sellatyou
athis,
discount.
a each and every type of motivated seller listed above is effec
ted by something
different. The have different reasons for selling. What is going to cause someon
e incall
Would
Learn
or
www.FBMasteryCoaching.com
foreclosure
youmyyou
how like
office
can
toto888-807-9964
be coached
qualify by going
by me to:
and my team?
respond to
E-BOOK: Flipping
you, isHouses
very different
Manifesto then divorce, which is very different then if
they recently
property. Thisinherited
explains why a generic marketing yields a low response because you
will onlyifgenerate
response you areaaddressing their specific problem. Generic marketing pieces
and bad
your thousands
lists willof dollars
cost (trust me I know because I made these mistakes my firs
t year
business).
Now I realize
in theYouyoumustmayhave
be thinking
campaignsÒIgeareddonÕttowards
have thethemoney
individual
to investsellers.
in marketingÓ or ÒI
donÕttohave
time implement
the multiple campaigns.Ó Listen, every investor, including my partne
rs andexact
these I, hadroadblocks when we first got into real estate. YouÕre either working a
less
full-time
than 15jobhourswitha week to devote to real estate; or itÕs the exact opposite; yo
u have
on yourahands
lot ofbuttimevery little money. I teach my students how to spend little or
no time
get
Our moreand
Marketing
outmoney
ofFortheir
to marketing.
Deals Home Study Course includes 53 different marketing strate
gies for
stage of your
everyreal estate career. For this introductory e-book IÕve narrowed it do
wn to the top
strategies youfive
can implement right away and run simultaneously to consistently g
enerateyou
First,
leads. quality
start out with 1 campaign, then 2 campaigns. The leads start coming i
n, invest
the
ÒItÕs
NETWORKMARKETING
This
to
successful
you
return
strategy
not
invest
what
in
ismarketing,
investor
ayou
amazing
will
little,
know,
work
hasonabut
best
these
it
passion
isforhave
DO under
who
those
for
you
amarket
few
their
know.Ó
of youbusiness
hours
value
whoa week
deals.
haveandof
little
canÕt
time.orwait
Every
no to
money
talk to peo
ple about
there has toit.beHowever,
a system to your efforts in order to maximize positive response.
marketing,
So what isanyway?
networkNetwork marketing is establishing relationships in business f
or purposes
the reason ofbeyondthe initial contact. These relationships can lead to more business
indirectly
either directly
throughora referral. Networking is a very proactive form of marketing.
commitment
It takes atodaily establish and keep relationships alive. ItÕs not different than pers
onal life. You
continually workmust
on relationships in order to make them successful. The biggest
mistake that
investors make is focusing on themselves and their own needs first, but if you r
emember SOMEONE
HELPING that ELSE IS THE SUREST PATH TO HELPING YOURSELF you are bound to get
benefits
Whydoinvestors
lots of from networking
needtonetwork withmarket?
variousNetworking
groups of ispeople.
and one of the most essential
well
partscrafted
of a marketing campaign. The reason networking can be such an effective
avenue you
people is because
deal with can associate the business with a face and a personality. T
his is wherecharisma
individual your makes all the difference in the world. People like to work w
ith individual
know and like. Therefore
they let your best qualities shine and establish a level of
trust.
to accomplish
The primarythis is
wayby showing sincere interest in people, who they are, and w
hat theygoal
overall do. ofThenetworking is to promote the business and to educate a widest po
ssible audience
services offeredonby your company. Broader exposure often leads to new opportunit
ies, prospective
clients and new ideas and there is no better way to achieve this goal than throu
gh networking.
Networking opportunities are truly endless and only limited by your imagination
andcall
Would
Learn
or
www.FBMasteryCoaching.com
thehow
youmy
willingness
like
you
office
can
to 888-807-9964
betocoached
qualify by going
by me to:
and my team?
interactFlipping
E-BOOK: with peopleHouses
around
Manifesto
you. There is virtually no one you come in contact w
ith,first
shouldn't
Whatarethebestplaces
The that place
you aware
make to start
of what
tostartnetworking?
networking
you do is
andyour
whatlocal
services
Realyou
Estate
haveInvestors
to offer.Associat
ion.will
you At your
findlocal
dozensREIA
if not hundreds of like minded investors all with different
isexperience
your market levels.
whetherThisyou are looking to buy or sell. We have wholesaled dozens
people
of properties
we met attoour local REIA in Connecticut. Likewise, we have bought dozens
of properties
people
Another wegood
haveplace
off
metofto
at network
the monthly
is your
meetings.
local homebuilders association and apartme
nt owners
association. The homebuilders association is a different type of association who
se membership
consists of builders
usuallyand suppliers. These relationships will be very valuable in
development
case you getorinto serious
landremodeling work. Local landlord associations can also be
very valuable
great
There source
are alsoofand
events
wholesale
a specifically
buyers fororganized
your multi-unit
for purposes
properties.
of networking. They ar
e anmeeting
of excellentotheravenue
professionals that work in real estate and non real estate rela
ted fields.wayItofisestablishing
efficient a very new relationships, because everyone has the same a
genda,most
make which
possible
is to contacts that can benefit their business. ItÕs like going to a
singles
is therebar,
to mingle.
everyoneThis eliminates any awkwardness about getting right down to
business.
meet many people
You willwho will be valuable assets to your marketing campaigns. At var
ious networking
events I have met ad agency reps, media buyers, printers, and a lot of private l
Howtonetwork
Ienders.
am sure a lot effectively:
of you are skimming this portion thinking it is not important an
d that
how to meet
you already
people and
knownetwork effectively. Unfortunately, this is not an area y
ou want toa charismatic
Becoming overlook. person that people like and want to do business with is n
ot is
It
Building
easysomething
for
rapport
everyone.
that
quickly
takesiseffort
something
and you
practice.
must do when you are networking. I usu
ally about
much find out theasother person as I can let them do most of the initial talking. I
usuallyquestions
ended ask themsoopenI can get them talking. People love to talk about themselves.
more
ItÕsyoufunny,
listen,
but the more people will like and respect you. After I have found o
ut as them
about much Iaswill
possible
usually give them a little 2-3 minute spiel about my business
and how to
service it them.
can bePeople
of always want to know how you can help them so let them kn
ow. If you and
initiative takeintroduce them to someone they would like to know or you help the
m in forever
will some waybethey grateful to you. Anytime I have taken the time to help a new inv
estor
my generosity
I have found
will be
thatreturned to be many times over in deals they will bring to
Another
me. important thing to remember is to not try and network with the whole roo
m. Whenayou
attend networking event you should try to connect with only 3 or 4 new people
and find aupreason
following with them.
for ItÕs the follow up component that usually leads to opportu
nities
real
Would
Learn
or
www.FBMasteryCoaching.com
call
estate
you
how
for
myyou
like
you
office
investor.
can
as 888-807-9964
to a coached
be
qualify by going
by me to:
and my team?
E-BOOK:
Beginning
Advanced
Mortgage
Real
Foreclosure
City
Contractors
Eviction
xFamily,
In
PeopleYouWillWanttoImmediatelyStartNetworkingWith:
Bankers
order
Estate
Officials
Flipping
Friends,
Investors/Wholesalers
Brokers
Marshals
toInvestors
Agents
Attorneys/Probate/Eviction/Divorce
be truly
Houses
Neighbors,
effective
Manifesto
Community
at networking,
Groups and you
Attorneys
Places
must define
of Worship
who you network wi
th and what
purpose is behind
the reaching different groups of people. Some individuals you'll n
etwork other
deals, with toones findto find funding, yet another group to sell your homes and or d
evelop
relationship
KeyComponents
Understand
Plan
Set
Know
Build
Follow
xHelp
America
BANDITSIGNS
networking
which
your
others
relationships
favorable
upison
audience
what
anetworking
succeed
for
regular
society
OfNetworkingToRemember
goals
professions/people
theand
byon
and
future
for
basis
events
understand
showing
they
wheels
each
toofwill
apply
meeting
maintain
yourhelp
genuine
and what
can
to
in
business.
ayour
benefit
benefits
interest
the
you
welldo
networking
relationship
oiled
the
your
yousame
in people
marketing
business
cangoals
offerand
and
machine,
them
objectives
in what
youway
must f
ollow your
living habits.customersÕ
This is the reason why outdoor signs are a necessary component of
plan.
everySigns
marketing
create multiple points of contact with prospective customers and the
y are aofcost
method establishing
effective awareness for your services in the marketplace. This is a
quality
sure wayleadsto bring
to yourin business. LetÕs discuss some basic signage options perfect f
or beginning
When
investors!
evaluating types of signs available to your business, there is one option t
hat is silent
cheap, a no-brainer.
and inconspicuous
A sellerÉ What I am referring to here are street sig
ns, also
some as bandit
known signs.
to They come printed in a variety of sizes 6" x 18", 6" x 24"
, 12"the
with x 18",
most24" common
x 36"size being 18" x 24". Bandit signs should be one of the fir
st methodsemployed.
marketing of They are among the least expensive forms of advertising avai
lable toentrepreneur
estate a real and at the same time one of the most effective tools out the
re. best
our Streetmarketing
signs aretool. Currently, bandit signs account for nearly 60% of incom
ing leads.
reason
What signs
alone, Forthis
can thisfor
do toolyour
is business
an absolute is promote
must forawareness
every serious
and multiple
investor.points of Òc
ontactÓ with
customer at ayourvery low cost. This is especially true if you are diligent and sys
tematic
Would
Learn
or
www.FBMasteryCoaching.com
callhow
youmy
inyou
like
yourcan
office
toefforts
be coached
qualify
888-807-9964
toby going
by me to:
and my team?
put themFlipping
E-BOOK: up. As discussed,
Houses Manifesto
repetition of a message is what gets the phone ringin
g, socan
you
Good
Properties Places
thegetmoreyou
it own.
for signs
in
Your
front
Make
Signs:
ofsure
yourtoprospect
place a large
the more
signleads
on the
youproperties
can generate.
that you o
wn.the
on Thesiteactivity
will draw attention, so you always want people to know that you are
in the and
buying businessrenovating
of homes. You may face an issue with the city if the sign is
too large,
check city ordinances
so always before putting one up. Some towns have restrictions on how
be,
Friends,
bigsothecall signs
relatives,
andcan
ask.and others. If you have friends in the areas where you typic
aally signbuy,
in their
ask tofront
put yard. Many people are willing to do it for political offic
e candidates,
do the same forsoyou. theyThe
maysame goes for relatives. These are just a few more plac
es wherecan
message yourbe seen by potential customers, especially if their properties are l
ocated You
areas. in high can even
trafficoffer a small monthly fee, or possibly a referral fee for ev
ery house
result
Telephone
than
consistent
traffic property
ofandpoles.
ayou
leads.
lead
highway
buyThis
signs
you
asexit
Thebut
abest
get
isthey
afrom
ramps.
great
locations
serve
theThese
place
sign
a are
good
locations
onapurpose
for their
signs.are
busy property.
intersection
These
and
excellent,
should
may bethat
bring
a bit
since
gets
youwhen
smaller
a lot
traffi
of
c is and cars have to wait on a traffic light or an intersection, the drivers h
heavy
time parking
ave
busy
stores. to Make
look surearoundtoespecially
lots, and
usenotice
a hardthose
your
plastic
sign.
of home
andAnother
improvement
be suregood
it is
place
stores
tightly
could
andsecured
be outside
grocery to the
highpollenough so every car can see it and itÕs difficult for someone to reach and pu
it off. Again, be aware of town ordinances and local utility regulations against
ll
telephone
putting uppolls signsandonfollow the rules explained earlier if you happen to run into
One problems.
important thing to remember about getting the most results out of your signs
themis toup.actually
This isput one type of marketing that you donÕt want to overanalyze and simp
ly take actionNever
implementing. in get lazy about putting them up as they are well worth the ha
ssle.they
that Remember can not be effective sitting in the back of your car or at the office.
Also, putting up of signs is a job that can be very easily outsourced for a low
labor cost,
excuse for not so getting
there isthemno up. However, as always I am a strong proponent of do
ing aitperiod
for yourself of time,
first so you can offer proper guidance for the person you hire t
o takemaking
When on thedecisions
project.on the design of your sign, the point is to make it simple
. People
your signsdriving
do notbyhave a lot of time to read a long message, so it should be sho
rt, and
Here
xFirst, areittofewshould
therules
point.
include
to follow:
a unique benefit, such as ÒCASH for your house!!!Ó or ÒSell Y
9ourdays!Ó
xNext,House
it should
toincapture
include
theira vanity
attention.
telephone number (800# which spell something on
keypad)
the phone or an easy to remember local phone number. Interestingly, weÕve found that
number
a localoften times works better than a vanity number, so itÕs something worth test
ingcall
your
Would
Learn
or
www.FBMasteryCoaching.com
out
market.
youmy
how inyoulike
office
can
to 888-807-9964
be coached
qualify by going
by me to:
and my team?
x
E-BOOK:
Make sureFlipping
to includeHouses yourManifesto
web site address. Since you donÕt want to crowd your sig
n withinformation,
much too the web site is a great place for a prospect to get additional
your
xFinally,
details
company
aboutand
keep a similar
your services.
theme with all your signs. From the small to the big, tr
y to usecolor
similar the schemes and a consistent message. You can use your logo, but be su
rewarning
Athe towords
makeabout
and theputting
phone up number
Bandit
theSigns:
centerAtofthis
attention.
point you are ready to go out a
nd postandthousands
signs light upofyour phone lines with leads, but first there is one more issu
e to research
consider. Thereandis a reason why these street signs are commonly known as Òbandit s
ignsÓ. In many they are not permitted by local code making them illegal. You mus
municipalities
t always
to check with
remember
your city or town officials before you post signs, since most plac
es course,
Of have signtheregulations.
regulations vary from one place to another, but in some instances
violations
One
DIRECTMAIL
theofpunishment
the most
can bepopular
fora stiffformsfineofinadvertising
addition toisthedirect
loss mail.
of yourAfter
signs.
street signs,
marketing
this is the thattype
mostofreal estate investors choose to implement first. With direct
select
mail youyourcantarget
closely groups of prospects and eliminate costs associated with the s
hotgun approach.
relatively inexpensive
It is in comparison to other marketing methods, and it is not d
ifficult to testProperly
effectiveness. its designed direct mail campaign provides new investors wit
h small the
budgets marketing
opportunity to compete with more advanced investors who are buying b
iggerasticket
such billboards,
items radio, and television. Negative is itÕs very time-consuming. M
any find it difficult
consistently get directtomail out on-time; this is why you need A SYSTEM. Direct
mailcall
the
We
Pre-Foreclosure
Eviction
Tax
Fire
Bankruptcy
Probate
Code
30-60-90
Mortgage
Realtor
Builder
Out
Vacant
Health
Investor
Quit
¥Divorce
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cornerstones
Lien
of
should
Damage
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how
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Code
Lists
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Lists
lists
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office
beOwner
Property
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Lists
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of888-807-9964
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beLists
qualify
ofLists
every
Listsby
coached
realgoing
byestate
me to:
andinvestors
my team? marketing plan.
I have designed
E-BOOK: Flippinghighly
Housescompelling
Manifesto campaigns that will improve your response rate
s dramatically.
Campaigns geared towards the exact list you are mailing to and can have someone
aelse
Youvery
need
payminimal
for,educate
to have
cost,yourself
or even on better
whereyettoare
getfree!
various lists in your area. You nee
d togetcreate
to your mailings
a scheduleout. Learn how to use Microsoft Mail Merge if you donÕt alrea
dy know. yourself
mailings Do the the first few times, time-out how long it takes you to get you
r letters IT!
OUTSOURCE done,YouTHEN
heard me right; hire a person to do this for you. Hire someone
work
for for
$8 ana specific
hour to time block two days a week. Craiglist.com is a great place t
o findThe
help. cheap,
pointhourly
is YOUR time should be worth more to you than $8 an hour. I want
precious
you spending
time evaluating
your deals, buying properties and closing deals, not address
ing and
envelopes.
Door
DOORKNOCKING/COLDCALLING
Knocking
licking
Youand
willCold
notCalling
build wealth
go in hand-and-hand.
by doing your ownThere
direct
are amail
variety
by hand.
of selle
rs youway,
this canbut
target
currently I focus solely on pre-foreclosure. Telemarketing general
ly generates
response because
a better
you can reach more people in a shorter period of time. Realisti
cally,100youtocan
from 150call
prospects a day; while you can only door-knock about 25. I also
want you
these aretoboth
note,
marketing techniques you should outsource after doing it yourself
When
a fewdoor-knocking,
times. a seller will only answer the door 10-15% of the time, so we
credibility
always leavepacket
a and a note when we canÕt personally speak with the seller. If y
ou areyou
door
When knocking,
uncomfortable
educateyouyourself
at leastonneed
the foreclosure
to start coldprocess
calling.
in your area, and get sales
under
experience
your belt,
you get
the amount sellers youÕll convert will increase. There are list s
ervicesthat
online you provide
can findpre-foreclosure lists. If you canÕt find a list provider onlin
e, contact
(Real Estateyour
Investors
local REIA
Association), which you should absolutely already be an a
ctivewhere
ask
Your biggest
member
youobstacle
of,
canandlocate
whensuch
colda calling
list. and door-knocking will be handling selle
r objections.
to know how toYou respond
have when they throw out an objection. IÕve created a Handling O
bjections
with
Sellerstheinbest
Manual
pre-foreclosure
response to everyare very
objection
sensitive
IÕveand
everusually
gotten.angry, especially beca
use they
you, yourare
calling
not calling
them Òunwanted.Ó You need to convey your message and build rapport
seconds.
in literally
Once youÕve
20 mastered door-knocking and cold calling and have converted a
few deals hire someone else to do it for you. You canÕt teach someone else how to
yourself,
get deals
when
Look
NEWSPAPERADVERTISING
you Newspapers
for donÕt
for youknow in
howyour
yourself.
area and price shop. Learn the demographics and circ
ulation of each
publication. Newspaper advertising can get quite costly, so itÕs a good strategy t
o beginnewspapers
thrift with localvs. andregional ones. One reason to stay local is because adverti
singcall
Would
Learn
or
www.FBMasteryCoaching.com
within
youmyyou
how like
office
local
can
to 888-807-9964
be coached
qualify by going
by me to:
and my team?
newspapers
E-BOOK: Flipping
will notHouses
onlyManifesto
prove to be cheaper, but also much more cost efficient
in reaching
target market.yourSecondly, the thrift papers and town papers usually tend to reach
potential
the demographic
home sellers
of that you are trying to aim for. Finally, in many instance
s, regional
far beyond the papers
areasreach
that you have the capacity to cover and do business in, so
you would
your advertising
be wasting
funds on reaching prospects that are not within your target aud
Newspapers combine local access with near universal impact. They also provide an
ience.
medium,
easy-to-test
which can guide you towards crafting a successful message. IÕve designed a
nd testedof different ads, tracked what works and what doesnÕt, and tweaked them u
hundreds
ntil IÕveads I know will generate a great response. These templates are invaluab
cemented
le. When
your ad templates,
designing make sure youÕve set up a vanity telephone number that easy for
remember.
UsefulTips
Create
Clearly
Include
Put
xDo readers
everything
a border
aphone
the
Communicate
toYour
strong
for
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around
number
in
responses
Newspaper
headline.
youryour
toand
power
thead.
will
Ads
offering
the
Take
reader/prospect
toThey
web
goget
time
uphelp
address
your
30%!small
to make
ad placed
this
ads act
the
in the
bestfront
like partones.
big of your of
section ad.the ne
wspaper
right-hand
Target
xAs withtheon ad
everything,
theat one
page, above
test
reader,
theseveral
fold.
not sized
a group.adsMake
and different
it personalpublications
and immediate.
until you
have thefor
results
xRepetition. right
the right price.
Repetition. Repetition. You will get tired of your ad long before th
e consumer
but
WHYYOUMUSTHAVE
The donÕt get
immutable will,
anxious
law
AFULLARSENALOFMARKETINGSTRATEGIES
of marketing
and changeisyour thatad.
there
Repetition
is a direct
and relationship
consistency isbetween
the key.
th
e number
you have and
of prospects
your income. Real estate is a business of lead generation. If you d
on't
Iin know
leads,
consistently
allyoutoodon't
welldraw
havecana be
it business.
very tedious to get your marketing out there. That
have
is why
a system.
you needMarketing
to systems are the foundation of a successful business. It
sense
makeswhen
perfect
you think about it. ÒSystemÓ is a word that means reliable, consistent, a
nd means
It predictable.
you figure something out, you get it working for you, and then it works
over
Imagine
overagain
andyourself
over
-reliably,
andand howpredictably,
easy it will consistently.
be if you have someone else who is doing t
he workyouforareyou,
while just cherry picking through the leads! ThatÕs what marketing systems
Would
Learn
or
www.FBMasteryCoaching.com
will
callhow
domyfor
you like
you
office
you.
can
to 888-807-9964
be coached
qualify by going
by me to:
and my team?
someprescreening
E-BOOK:
PRE-SCREENING
Now
leads
able
skill
marketing
differentiate
much
You
your
master
and
By that
need
one
toacoming
time
leads
initial
the
Flipping
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person
thing
youÕve
to
plan
trying
pre-screened
process
pre-screen
in,
estimates
aLEADS
only
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inimplemented
and
deal
your
Houses
youÕll
to
place
acquire
as
-The
accurately
make
from
leads
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of
Manifesto
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chicken
ausing
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evaluate
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ainwill
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lead
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estate
ton out
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value,
aleads
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tobeginning
deal
and
of
investor.
leads,
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doyouÕll
you-know-what.
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is
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sheet
ifprefer
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most
Even
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spending
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ofof
have
ato
too
greatessentials s
the
olidly
doing
One:
SAMPLE
the
motivation?
question,
interested
will
need
this sellerÕs
What
readily
this
question
any
in information
place
further
is
ÒMr.
inThis
the
reason
divulge
selling
will
orbefore
sellerÕs
is
evaluation.
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not
for
readily
this
atmake
typically
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selling
this
motivation
information,
obtainable
or But
time?Ó
ishave
break
histhere
what
property.
todeal
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ano are
by
and
asell?
motivation
will
asking
particular
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those
but,Thethe
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findaessentials?
who
first
isanswer
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most
to reason
question
hismotivated
sell.
essential
number
concise
whywhy
The
is aanswer
you
one
great
isarestarting
sellers
you to
point from
deals in separating
the duds.the If the seller responds by saying, ÒIÕm just trying to see if I
can getismyprobably
there price.Ólittle motivation to sell and it is unlikely to result in a wo
rkableifdeal.
hand, the seller
On the responds
other by saying, ÒThe property needs a lot of work and has
been vacant
while.Ó, youformayahave a lead that justifies spending more time and paying closer a
Two: What price are they asking for? The next important information you need fro
ttention.
m themuch
how seller
theyisare currently asking for the property. This is a question you shou
ld have phone
initial asked callin your via the lead interview sheet. This will give you a starting p
oint in theonnegotiations.
Depending how well you know the neighborhood you can sometimes determine the
likelihood
deal from the of answer
a to this question alone. Occasionally you will have a seller
just
who looking
openly says to get ÒI out
am of debt.Ó This response doesnÕt necessarily mean the deal is
ora she
slammay dunk,oweasmore he than the property is worth, however, a response of this type
with
always
somecorresponds
level of motivation. We will need more information to further classify
dud
Three:
thebut
leadWhat
seeing
asisa thedealdebt
such or aon the property?
motivating factors isThe a step
nextinimportant
the rightinformation
direction.about th
e property
general circumstance
and of the deal for us to determine, is the sellerÕs level of deb
t. Thisofistheanoverall
piece important equation and you should begin determining this in your init
ial phone
seller basedcallonwith the lead
the interview sheet. Be sure to determine the total debt ag
ainstcomposition
the the property of that
and debt whether it be a first mortgage amount, second mortg
age amount,
judgment lien amounts, IRS lien amounts, or some other form of debt. After you k
now the debtand how much the seller wants for the property you can infer how muc
information
h equity
Would
Learn
or
www.FBMasteryCoaching.com
callhow
youmythe
like
you
office
seller
can
to 888-807-9964
be coached
qualify by going
by me to:and my team?
thinks heFlipping
E-BOOK: has established.
Houses ManifestoAgain, this amount is just the sellerÕs perception of h
ow sarcasm),
initially
Four:Whatrepairs
conversation
repairs.
of
condition
ask
property
much
thathethan
Now,
will
willing
then
orthey
with
she
being
make
might
itdoes
isthe
to
the
always
actually
the
otherwise
sell
thepropertyneed?
seller,
seller
trustworthy
portray
the
is.come
house
try
divulge
There
their
totopeople
for
determine
are
aproperty
light.
Inbit
versus
ayour
that
few
more
Asking
how
initial
the
leading
all
asinformation
much
extent
being
sellers
the questions
isinofowed.
seller are
much
theif(mild
about required
better
you
the
thecan
hint
property n
eedsyou
get worknowhere.
will probably
However asking, ÒIf you were planning on staying in the property
forlong
two
might
electrical
replaced?Ó
abathrooms
needs.
wouldanalmost
to ask,
simple
additional
three
way
This were
ÒHow
systemÓ
and
toward
isinvariably
years
ask
É.are
aupdated
lesson
the
ÒWhen
helping
isthe
Éor,
seller
there
oranswer,
mechanicals,
ÒDo
Iwas
improved?Ó
you
learned
anything
you
the
if determine
their
know
last
ÒNoÓ.
firsthand.
you
the
time
These
house
Ofhowwould
boiler
last
course,
the
pointed
needed
much
When
time
kitchens
fix
orevery
work
Iquestions
any
orfirst
furnace
the replace?Ó
the
work
roofstarted
and
time property
the
and
Iwas
will
went
the
they
É out
ortoyou
go aI house to mee
t with
on a rainy
the day,
sellerI was surprised to notice the roof leaking in six different plac
es. that
let
FiveandSix:
information
The goalhappen
WhataretheÒAs-IsÓ
you
hereneed
toisyou.
to properly
not andÒAfter
classifyRepairÓvalues?The
the deal as worthwhile final two or not
piecesareoftheinitial
ÒA
s-IsÓ andvalues.
RepairÓ ÒAfterLike the repair figures, these values are only estimates until you
more
can detailed
actually on-site
perform evaluation.
a At this point being aware of market values and
properties
the sellinginprice the neighborhood
of in question becomes a very important piece of the
you
puzzle.
know theThe specific
better area, the more accurate your in-office As-IS and ARV estim
atespiece
One will of become.
advice is that anytime you pull comps, or have a realtor pull comps
neighborhoodÓ.
for you,, ÒKnowEven thatif the property you are evaluating is not a deal, closely exam
ine the
next timecomps
you evaluate
so the a deal in that area you will have a better knowledge of m
arket conditions.
Knowing an area well strengthens your ability to evaluate any deal.In addition t
o your
the specific
knowledge areaofand market in question, there are a few online tools that will
evaluate
Would
Learn
or
www.FBMasteryCoaching.com
help
callhow
youmythe
quickly
like
you
office
potential
can
to 888-807-9964
be coached
qualify valueby going
of me
by anyto:
and
property
my team?from your personal computer.
EVALUATINGDEALS
E-BOOK:
Honestly, Flipping
startingHouses
out inManifesto
the business, the element investors fear the most is t
heir ability
evaluate a deal
to and
accurately
make a profitable offer to the seller. This is where all the
sorisk
yourisfears
in thearebusiness,
justified. I can tell you that prior to creating methods to ea
sily and properties,
evaluate accurately I made my most costly mistakes right here at this very step
. What
our business
has exploded
and allowed us to quadruple our profits are the systems IÕve develope
d to completely
eliminate the guess-work of analyzing deals. No more fear, no more risk, problem
confident
By
In-OfficeDealEvaluationProcess
solved.
obtaining
The
youall
more
arethe
in necessary
this business,
information
the morementioned
successful
above
youand
willperforming
be. the in
itial in-office
evaluation, you will save yourself a lot of time, energy, and gas money. After t
he evaluation
complete, you will
process
haveisall the information in front of you to do one of two thi
ngs; to
back either
politely
call say
the you
seller
are not interested in the property, or confirm your app
ointment
to get thatandproperty
get readyunder contract! Below is an outline of your initial in-offi
ce evaluation
YouÕve
1.LeadInterviewSheet
alreadyprocess:
pre-screened the lead during your first conversation with the selle
r. Remember,
essential youÕve
its completely filled out every aspect of the Lead Interview Sheet so
evaluate
when youthego deal
to youÕve already obtained all the necessary information. If the Se
ller refuses
provide information
to to you, handle that objection. Bottom line, get what you nee
d before
the
Most
2.PropertyCard
phone.
property
you get
cards
offare available online and will give you detailed information
on the property.
Includes a picture of the property, square feet, beds, baths, what the property
value
Would
Learn
or
www.FBMasteryCoaching.com
callhow
ismyassessed
you like
you
office
can
to 888-807-9964
at,coached
be
qualify by going
by me to:
and my team?
what theFlipping
E-BOOK: propertyHouses
was last
Manifesto
transfer (sold) for. If youÕre unable to find the prope
rty tax
the cardassessor
online, at callthe town hall (where the property is located) and ask if the
available
property online.
card is If not, you must physically go to the town hall and get a copy
.3.ComparableProperties
There are websites available (withmap)to the public such as Zillow.com that you can use a
s a rudimentary
means to check a propertyÕs value. ZillowÕs (and other similar sites) estimated prop
erty far
very valueoff,is but
not donotlet that mislead you. This site is not to be used as a fi
nalARV
or determinant
but only for of As-Is
quick reference purposes to give a general indication and in
itial
We haveinsight.
access to comps (comparable properties) in our area because IÕm a Realtor.
Realtor
If youÕre younot
should
a either become one or build a great relationship with a local
realtor
you to usewhotheir
will MLS,
allowand will show you how to run comps. I would not rely on th
e Realtor
comps for you.
to pull Youthe
must have direct access to the MLS or have a realtor on your
side accurate
your the will compsget with an hour! Deals do not wait around, and neither can you.
Either way, using your local MLS search for properties similar to the subject pr
operty.
the compsRemember,
you are to withderive two figures Ð the as-is value, and the after-repair va
lue. HereyouÕll
factors are somewant to take into consideration when assessing comparable propertie
s and
Is
a.
Status
1.
Remember,
b. thevalue:
compsold
active,
comparables
sold, withdrawn
should beortypically
otherwise? used to determine the value of th
eproperty and the other statuses are typically better suited for determining mark
Howthe
a.
Condition
2.
conditions.
et
Is
b. doescomp
theancompaccurate
comparerepresentation
to the subjectofproperty
the As-Isstrictly
value, ARV,
basedoronneither
condition?
and i
s itIthis
good
Is
Neighborhood
3.
In
c.
Pride
Are
a.
How
b.
At
junk
the
4.
figures
You
meeting
the
some
much
the
many
next
need
aofcomparable
comp?
or
will areas
homes
point
not.
and
with
activity
Ownership
of
step
to
then
the
check
know
IfIwell
them.
neighborhoods
use
properties
have
youÕve
what
located
is
past
kept?
IRealquest.com
there
enough
will
you
decided
transfers
inhave
are
not
ininformation
can
awalk
the
going
similar
the
change
neglected
asneighborhood?
of property
away
a secondary
the
to neighborhood?
drastically
offer
tolandscaping
subject
from
decide
has
atheseller
potential
source
property.
seller
itfrom
this
ortobefore
without
street
other
property
continue
confirm
making
to debt
eyesores?
you street.
isan offer. H
to
go
ereÕs where
costly problemmy came
most in. When it came time to pencil in the numbers, let me tell
you my very
wasnÕt pencilaccurate.
work How did I overcome that problem? I created the Deal Analyzer
Would
Learn
or
www.FBMasteryCoaching.com
Spreadsheet.
callhow
youmyyou
like
office
can
to 888-807-9964
be coached
qualify by going
by me to:
and my team?
THE DEALFlipping
E-BOOK: ANANLYERHouses
IS YOURManifesto
GOLDEN TICKET TO MAKING HUGE PROFITS IN REAL ESTATE. Y
simply plug five key numbers into the Deal Analyzer: after-repair value, as-is,
ou
the debt,
seller is looking
what price forthe and the estimated repair cost. Once youÕve plugged in your f
igures, the is set up to automatically calculate the additional costs involved (
spreadsheet
conveyance tax,
commission, pointsrealtor
on your loan, etc) to derived your TRUE PROFIT. The accuracy
is incredible!
ItÕs important to evaluate properties to determine if the lead is a deal or a dud
by using and
computer yourwithout
personalleaving the comfort of your office chair. We use the same t
hese systems
evaluate overto200 leads a month with an expense of time limited to approximately
lead.
5 to If
20 you
minutes
incorporate
per these techniques as part of your overall business strat
egy,save
to youvaluable
too willtime be ableevaluating leads right from your office desktop. In the ne
xt chapter
discuss in detail
we willhow to further evaluate a lead once you have determined it is
definitely
and has thenot potential
a dud, of developing into a profitable deal! If itÕs profitable you
r ready property,
subject to drive bygetthea first hand look at the comps your pulled to confirm all
of your information,
finalize your deal evaluation and meet with the seller knowing exactly what youÕre
After
PRELIMINARYWALK-THROUGH
seller.
willing
youtohave
offer
evaluated
the the comparable properties you will next inspect the phy
sical condition
property. This section
of the will not cover your meeting with the seller that will be
discussedHere
manual. laterwe will
in thefocus on how to quickly and discretely evaluate the conditi
on of to
order thedetermine
property the in final As-Is and after repair values. The exterior of the
housethe
from should
streetbe and
viewedon your walk to the front door. This is not the time for you
check
to count
everywindows
squareorfoot of the exterior. You should take a quick mental note of
thenot
or roofitand
needswhether
repair, and the exterior siding. The windows are typically bette
r evaluated
interior inspection
from an of the property. As you first meet the seller have them show
just
you let
aroundthemtheknow
house,
you are trying to get a general idea of how much work the pro
perty ACT
DONÕT needsLIKE
if AN
any.INSPECTOR. Just casually walk around the interior of the propert
y and carry
casual conversation.
a This is a great time for you to develop rapport with the se
At this point you should primarily be looking for major items that need work and
ller.
eat
items
up athat
repair
willbudget.
quicklyCheck the kitchen, does it need a complete overhaul or j
ust a painting
appliances. Check
andthenewbathrooms, again can you get by with making some cosmetic
quick
will
Also,
damage.
any
first
outer
chimney
The
if
mechanicals
the
bathrooms
next
everything
repairs,
check
floor
boundary
property
The
asplace
aand
the
three
ceiling
result
(i.e.
orthe
where
tohave
ceiling
is most
look
onstructural
ifthe
beneath
oftoafor
typical
there
poor
get
throughout
slab
roof
extensive
replaced
the
flashing.
isties
check
sites
issues
a bathroom
bathroom),
inrepairs
thenew.
for
tomechanical
that
house
water
the
onis
second,
can
for
house
the
damage
arise
the
any
second
room.
the
and,
basement
visible
in
are,
ceiling
third,
aBetween
floor
basement,
first,
signs
or look
around
crawl
all
beneath
ofevaluation
atspace,
the
water
the
the o
f theyou
save basement
tens ofcanthousands in unexpected repair costs. Make a quick check of all
systems.
the mechanical
When quickly evaluating a furnace, boiler or air conditioning system it
astypically
good as itlooksworks.
aboutJust take a quick glance and make a mental note on the cond
ition
Would
Learn
or
www.FBMasteryCoaching.com
callhow
ofmythe
you like
you
office
systems.
can
to 888-807-9964
be coached
qualify by going
by me to:
and my team?
Take a quick
E-BOOK: Flipping
checkHouses
of theManifesto
electrical system. Again, if there is a nice clean box
ifandthey
allare theinwires
placelook
andasnot hanging loose al over the place then it is more tha
n likely
there arefine.
wiresHowever,
everywhereif and the cover is missing, more than likely some unlic
ensed
on thework
systemwasand doneit more than likely will not pass a home inspection without yo
u addressing
next point ofit. potential
The problems is the structural condition of the property. Br
ieflyagreement
and
Any make
check suretheyou
thefloor
foundation
sign joists
with theis seller
not crumbling.
should always contain an inspection conti
ngency
you another
that opportunity
will allow to inspect the property in more detail. The objective in
for
thisyouinitial
to getinspection
a general idea
is of how much work the property needs so you can acc
urately
your offer.
structure
Another important note about structuring offers is that if you are p
lanning
the property;
on wholesaling
make sure you keep in mind that any investor planning on purchasin
g thefirst
have
The
MEETINGANDNEGOTIATINGWITHSELLERS
their
property
step
own in willany deal
profit requirements.
is getting the property under contract at a price tha
t is well
value. Successfully
below the meeting
market and negotiating with sellers is not something to be
left to chance.
dedicate an entire I 5 day Intensive Bootcamp, to the finer points of conducting s
eller meetings
handling any andandall seller objections. In this guide IÕll focus on the basics and
Asfundamentals.
in any relationship effective communication is key. Handling sellers objectio
ns will
the dealmake EVERYorTIME.
breakYou will (or already have) found yourself in that same situ
ation.
the matter
The istruthevery
of seller and situation is unique. But what IÕve found from doing
that
overyou300manydealsofisthe objections youÕll get from sellers are common. I had to devis
e a way my
perfect to ability
not onlyto handle objections right every time, but to pass those tech
niques ontoandmyfuture employees BEFORE meeting with sellers and confronting the v
teammates
Iarious
Well
needI realized
aobjections.
system this
to insure
was aaproblem,
contractIinwashand.
determined to never have it happen aga
in. Successonwill
dependent how you
be communicate! As I mentioned earlier in the Cold Calling/Doo
section, IÕve created a manual of every single seller objection IÕd confronted over
r-Knocking
the outlined
and last fourthe years
best response to each objection in various situations. This has
Through
been INVALUABLE.
this manual, my team and my students skip the disastrous costly learning
and
curve
knowI exactly
confronted how the handle any seller objection prior to meeting with the s
Here is a baseline from which to begin thinking in a way that prepares you for e
InitialMeeting
eller.
veryyou
negotiation
Pull
1.
Pay
2.
As
3.
When
4. particular
eventuality
up
the are
toseller
the
walking
andattention
subject
client
greets
ofto theinteraction.
property.
you
tohouse
atyour
thecheck
initial
doorthe
have
thoughts
roof
a smile
andabout
the
andexterior
athebusiness
neighborhood.
of card
the house.
in hand.
Look
5. the seller in the eye and introduce yourself and use your company name if a
Ask the seller if he or she can show you around so you can get a better idea of
6.
pplicable.
thecall
Would
property.
Learn
or
www.FBMasteryCoaching.com
condition
youmyyou
how like
office
oftothe
can be coached
qualify
888-807-9964
by going
by me to:
and my team?
7. is the
E-BOOK:
This Flipping
pointHouses
where you Manifesto
have to get an idea of how much work the property ne
eds soact
formulate
DonÕt
8. youlike
your
can anoffer.
inspector, check the important items you need to check and use t
his timethis
evaluate
During
9. to inspection
the seller andand develop
rapporta comfortable
building stage,
rapport.
in some instances you are goi
ng toinitial
you want tonegotiations.
begin The most effective circumstance in which to do this is
with
whenaconfronted
property that requires significant repairs. In many cases you will want t
o subtlyofyou
seller
10.After inform
thehave
cost
thefinished
to repairinspecting
all the items
the interior
in the house.
of the property and evaluatin
g your
now
11.
There
MANAGINGTHECLOSINGPROCESS
begin
Getare
seller
that
theproperty
multiple
you will
final considerations
stage
underofcontract!
negotiation.
and challenges associated with every closing.
Personalities,
legalities, formalities,
details, and specific key components must be addressed during th
e course
any wholesale
of transacting
operation. Keeping track of all aspects of a deal can be a difficu
lt task and goodskills can begin with a simple checklist. The goal here is to kee
organizational
p a best
details
The
cracks.
IÕve
managing
HereÕs
process.
management
Communication
businessÉ
continue
general
close
done
anrule
and
thing
the
throughout
eye
in
example
checklists
not
mine
various
of
onyou
with
let
thumb,
the
isall
ofcan
anything
the
toweIparties
stages
one doclosing
develop
offorthe
use
speakofeveryday
slip
your
the
involved
with
checklists
closing
process.
through
business,
closing
myinattorney
should
our
As
the
for
aasthe
or closing agent at least once e
achcall
touch
Members
Title
Seller
Buyer
Attorneys
You
The
Appraisers
-Lenders
Would
SAMPLE
Learn
or
www.FBMasteryCoaching.com
dayhow
Insurance
with
Companies
youandyou
of
my like
the
office
stay
Brokers
can
buyer
closing
to in888-807-9964
be coached
qualify
andteam seller
bytogoing
bymanage:
at to:
me leastmy2team?
and times each week.
Remember,Flipping
E-BOOK: its allHouses
about systems.
ManifestoYour goal should to eliminate the need to think
. Followtoyour
systems manage the process, and use your brain to get properties under contra
MoreOnTheBenefits
WHOLESALING
ct.
Profits
One of the areImmediate
great things
OfWholesaling
about wholesaling properties is the deals can happen rel
atively quickly
contrast to otherinvalue added exit strategies like rehab projects and other larg
er developments.
Anytime you get involved in developing or redeveloping properties, the timelines
thearechecks
much longer,
can be farand and few between. Wholesaling, on the other hand, generally
within
producessixchecks
weeks or less depending on the transaction. The average time your who
lesale
from
aspect
until
because
will
does
out
Either
timelines
Real
MinimalRisk
investor
in
some any
ofof
start
have
not
estate
the
deals
of
in
way,
way
most
the
occur
is
the
time
ato
this
toother
you
week,
you
investing
to
will
of
make
finish
deal
you
over
short.
always
can.
theniches
will
take
arrangements
but
from
are
time
night.
Wholesaling,
isunderstand
not
these
always
cashed
about
the
theThere
find
of time
are
real
seller
involves
five
out.
any
tothe
you
have
those
on
estate.
move
other
weeks
The
will
exception
average,
put
been
some
reason
out,
risks
niche
tolevel
the
be
This
deals
complete.
living
which
property
and
is
itnot
rather
of
is takes
we
real
of
try
one
isinnearly
have
risk.
something
than
and
of
That
under
the
estate
even
the
been
minimize
property
the
Your
includes
as
contract
that
main
with
injob
norm.
risky
that
long
and
reasons
them
and
as
every
as is I encou
an
rage most to
investors newstart out wholesaling properties. As a wholesaler you can eliminate
risk
99% if
percent
you educate
of the yourself properly. In fact, if you know how to fill out a pu
rchase andcorrectly,
agreement sale you should be able to structure deals with virtually no ris
k at all. 90%
properties I putof under
the contract have a deposit of less than $500 dollars and an
inspection
would keepsclause
my deposit
whichsafe if I am not able to find a buyer for more than I hav
e agreed
these clauses
to pay. areOften
written in the form of an inspection or mortgage contingency.
IMany
signofwith
the sellers
contractsgive me an inspection period up until the day of the closing
. This is however
contract, a very one we as
sided
investors should never be afraid to protect ourselves in
Inevery
summary,
way possible.
for $500 dollars or less I can control a property worth hundreds of
thousands
for a certain of dollars
period of time. I will have the ability to sell the property for m
ore and
with virtually
collectnothing
the spreadon the line. Where else can you earn tens of thousands of
risk
MarketRisk
There
dollars
what-so-ever?
arewithnational
is Eliminated
littletrends
Nowhere
to nowhich
that affect
I am aware
all real
of. estate markets, however on the w
hole most
local and therefore
markets aremore susceptible to changes in local politics, zoning regula
tions, andfactors.
economic other On average local developments have a greater influence on the
health
Would
Learn
or
www.FBMasteryCoaching.com
callhow
you
ofmyyou
the
like
office
real
can
to 888-807-9964
be coached
qualify by going
by me to:and my team?
estate market
E-BOOK: Flipping thanHouses
national
Manifesto
trends. This makes investing in real estate highly u
nique totothe
choose do business
city you in. Wholesaling high priced single family homes in San Fra
ncisco,
be very different
CA is goingfrom to wholesaling low priced single family homes in Toledo, OH.
business
When youindohigher priced areas you will be dealing with sellers who are a littl
e less
you willnaive
haveandto alter
therefore
your wholesaling strategies slightly. These sellers may n
ot letofyou
some thegetthings
awayother
with sellers might. Smaller deposits, built in contingencies
, and other
clauses may not
contingency
be allowed. This means you will have some more risk working in h
igherthepriced
but rewardareas,
will also be greater. In higher priced areas there are also fewer
single
opportunities
family residential
in the market as there are not as many distressed sellers in
moreyouaffluent
If
neighborhoods
are working in an area of $500,000 homes you should not be trying to flip
assignment
deals for fees$5,000because you will be wasting your time. As the value of the prope
rty increases
becomes increasingly
it difficult to find comparable properties. Thus, you should a
lwayswholesale
10% look forfees at least
no matter what the price range of homes you are working with
is. are
you Thisworking
way evenwithif $100,000 homes then the minimum allowable profit you will b
e looking
be
Capital&
Having
at least
badCreditNotNecessary
for
credit
$10,000
willisaadeal.
limiting factor when it comes to getting into the buy and
estate
hold strategy
investing. of However,
real an unworthy credit score should by no means deter you
Asfrom
a wholesaler,
wholesaling.having a good credit history can help you, but is by no means a
have
necessity.
horribleIfcredit
you it may cost you a few deals during the course of a year by
limitingexit
viable thestrategies
number of you have. Don't let this discourage you as there are stil
l plenty
where credit
of deals
is notoutneeded.
there How many deals will you miss out on? I would estimat
e 10% of the
wholesale deals I have structured required someone to look at my credit because
I had to before
purchase financeIthe sold the property to another buyer. This means 90% of the deal
s I have
have beendonestructured
could by someone with a low credit score or no credit score what-
so-ever.will
seller A motivated
never ask to see your credit score and as long as you can find a buy
er before
close, youryoucredit
have will
to not be needed. Any bona fide wholesale specialist knows
theyreason
rely
The willtheonly
on you
credit
haveoftoneed
donÕt theircapital
potential
is because
purchaser,
mostnot
of the
theirtime
own.you will be using ot
her peoples
(OPM) to operate
moneyyour business. When you find a buyer before you have to close o
n the
be using
dealtheir
you money
will to fund the transaction. If you have to close on the proper
ty yourself
will rely onthen either
youthe sellers existing debt, hard money, or private money to f
und the deal.the more you understand about the creative side of transactions the
Furthermore,
use
IDollars
less
realize
your
youPer
own
will
many
Hour!
money.
haveyoutopresently reading this e-book may be severely hampered for
of
are
timeworking
becauseanother
you job. In fact, lack of time is one of the major obstacles hin
dering mostIfreal
investors. youestate
are working another job or own another business your time will
asbeavery
resultlimited
you need
and to be very realistic about how many hours you can commit on
The
a weekly
great thing
business.
about wholesaling is the small amount of time it requires to com
plete transactions.
average it should take On you less than 10 hours to purchase, process, and sell a w
holesale
Most of this
property.
time involves the processing of the paperwork, clearing title, coor
dination
other
Would
Learn
or
www.FBMasteryCoaching.com
callhow
logistical
youmyofyou
like
office
parties,
can
toinformation.
be coached
qualify
888-807-9964
and by going
by me to:
and my team?
Wholesaling
E-BOOK: Flipping
is oneHouses
of theManifesto
only niches24 where you can do volume on a part time bas
is. Other and
rehabbing nichesbeing
likea land lord can suck enormous amounts of time out of your li
fe. The deals
smaller, but the willamount
be of money you can make per hour committed can sometimes b
e astronomical.
THE
Stages
StageWHOLESALING
1:ofSpend
Wholesaling
time
PROCESS
marketing for properties in order to get your phone ringing.
Stage 2: Evaluate and weed out the initial leads to get to the best potential pr
Stage 3: Complete due diligence on the property and arrange a meeting with the s
ospects.
Stage 4: Negotiate to a price where you know you will be able to wholesale the p
eller.
Stage 5: Sign the contract with contingencies and give the seller a small deposi
roperty.
t.
Stage 6: Sign
7:
8: Marketathecontract
Show theproperty
property
totosell
toyour
your
theprospective
wholesaleatwholesale
property buyer
a higher
listbuyers.
you have
price withbuilt.
one of your
Stage
Determining
Choosing
buyers.9: the
10: Monitor
Getyour
correct
theExit
and
dealexit
process
Strategy
to strategy
close
theand
paperwork
for
cashtheyour
in check
properties
order toyou
getput
theunder
deal contract,
to close is
part
an extremely
of your real important
estate investment business. I have seen far too many new whole
salers get
because theyburned
didn't think to plan out their exit strategy beforehand. Many ill p
lannedwith
(Highlight
3/12/11
ended
blank) exit
1:39:32
acomment
strategies
dealAMfalling
agilityapart and an occasional lost deposit. Other wholesaler
s, the
on who property
actually before
closed planning their exit strategy, faired much worse. Any whol
esaler
plan
In fact,
their
whounderstanding
doesn't
exit properlyandischoosing
only asking
the property
for trouble.
exit strategy is the most impor
tant part business.
wholesale of your Often, the exit strategy you choose will determine if and wh
en you the
choose get wrong
paid. exit
If youstrategy, you will risk having the deal blow up in your fa
ce and all
effort, andyourmoneytime,
could be wasted. Contrary to what different guru's teach, whol
esaling
and getting
a property
cashed out is not as easy as some would lead you to believe. Knowing
ways
all you
of the candifferent
exit from a deal can increase your profitability significantly, bec
auseprofit
to you will on even
knowthehowmost marginal deals. Becoming a wholesale transaction engi
neerunderstand
to will require the details
you of traditional and non-traditional real estate financi
ng will
It and closing
also require
processes.
you to stay current on different lending laws, which are su
bjectimportant
and
Why
One update.
Youconstant
Need torulechange
KnowisYour
to always
Exit Strategy
know yourBefore
exit strategy
You Meet before
With Anyone
you close on a wh
olesaleyouproperty.
fact, should have In an idea of how you are going to exit out of a property bef
oreface
to you with
ever ameet seller.
face It is never wise to enter into negotiations with anyone u
nless
in mindyouofhavehow you
someplan
ideaon exiting from the property and making money in the pro
cess.this
for Theisreason
because it will be hard to negotiate to a position of strength if yo
u do not
going to doknowwithwhattheyouproperty
are once you purchase it. If you have no idea what the
worth,
property whatisitcurrently
will be worth after it is developed, or what the repair costs wil
l be, it will
formulate a viable
be hardexittostrategy. You will be wasting a lot of time if you do no
t think about
possible buyerwho willyour
be and how the deal will be structured. This is especially d
ifficult
Would
Learn
or
www.FBMasteryCoaching.com
callhow
youmyifyou
like
office
youcan
tohave
be coached
qualify
888-807-9964
a lotbyofgoing
by me to:
and my team?
competition
E-BOOK: Flipping
competing
HousesforManifesto
the deal.25If another investor has thought out a few po
ssible
and youexit
havestrategies
not, the chances of that deal being taken from you go up significan
tly. Going into
negotiation without
a an exit strategy in mind is the equivalent of playing poker
and anotcouple
see beingofableyourtocards. You can't be a dummy and low ball every seller becau
se youyour
what don'texitknow
strategy will be. This will result in a lot of missed opportuniti
The only circumstance where it is okay not to know your exit strategy before han
es.
d isbuy
can if the
you property
think youat 50% or less of the current market value. If this is the
case,you
once which
become
willahappen
master marketer, then you don't need to worry about not knowin
g your exit
strategy beforehand because you will have time to figure it out once you put the
WHOLESALING
contract.
What
Assignments
An
property
assignment
is anunder
assignment?
EXIT
of contract
STRATEGIESis the technical term wholesalerÕs use when they are sel
ling their
their existing
rightscontract.
to In laymen's terms this means you will be replacing your
with
namethein name
the contract
of your new buyer. The assignment fee is what is paid to you as co
nsideration
rights to dofor this.
theAs the wholesaler you are selling the rights to your contract
Your
as they
new buyer
currentlystandsstand.
in the place of you and must oblige to whatever is written
Are
contract.
Contrary
intoallthecontracts
toexisting
popularassignable?
belief, you do not have to write "and or assigns" after the
purchasertoname
contract makeinittheassignable. Any contract to purchase real estate is always a
ssignable unless
specifically stated in the contract that it is not. This is why it is very impor
tantcontract
the for you you to read
planthrough
on using to wholesale very thoroughly. For example, my loc
al board is
contract of not
realtor
assignable because one of the points specifically states the con
tract cantonotanybeother party. If you were to use this contract as a wholesaler th
assigned
en youout
cross wouldthathave
point
to and have the seller initial it and then you would have the
right
When
contract.
An assignment
istoanassign
assignment
canthebe paid
paid?at any time, however it is traditionally paid at closi
ng. aCustomarily,
get deposit fromweour willnew buyer up front and the remainder of the assignment fe
e attoclosing.
not say youThis can'tisget your whole wholesale fee up front, which we have done,
but this istoathe
exception rarerule. The reason most buyers will not give you your fee up fron
t is because
sometimes the closing will blow up for one reason or another and then the buyer
willdown
you havetotoget chase
their money back. When I buy wholesale properties I never give t
he wholesaler
fee up front! However,
his on occasion, especially if the assignment fee is small I
willupare
fee
What
There ask
are
front
for
the
twopositives
the
if
reasons
Iwhole
am selling.
you
of will
assigning
prefera to
contract?
assign most of your contracts. First, w
hen you assign
contract you will a not have additional transaction costs, unlike a double closing
. wherein
double closing,
the caseI take
of the
title and then sell the property. The assignment fee stat
ed call
Would
Learn
or
www.FBMasteryCoaching.com
on how
themyyou
you contract
like
office
can
to 888-807-9964
beiscoached
qualify by going
by me to:
and my team?
what I walk
E-BOOK: Flipping
away with
HousesatManifesto
closing. There26 are no extra fees associated with a doub
le closing
pay an attorney
unlessoryou title company to monitor the closing process or draw up the p
aperwork. Sofeeifofan$15,000 dollars is agreed upon then this is usually the amount
assignment
What
closing.
One
younegative
willthe
are realize
negatives
of assigning
at of aassigningcontractaiscontract?
that your profit is disclosed to both th
e buyer
law bothand parties
the seller.
have toByperform on their contracts as long as you filled out al
l of the paperwork
correctly. Unfortunately, because something is contractually correct does not me
an that won't
parties one ofget theupset and walk away from the closing once your profit is revea
led. Athave
would thistopoint
file ayoulawsuit and force the party that walked away to perform. As
entrepreneur
a real estatesuing another party for "specific performance" is very rarely worth
This
the istimewhyandI always
effort.double close whenever the profit is larger than $25,000 or
I think
or sellereither
is going
the tobuyer get upset. It is not worth risking a large profit just to
save if
What
dollars.
Whenever
a couple
ayou
seller
are
of assigning
thousand
gets upsetaabout
contract,
the assignment
the probability
fee? increases of the deal blo
wingwill
fee up because
show upyouron the closing statement or HUD-1. The seller will see the assi
gnment fee
realize youandaremaynot the party actually closing on the property. By law you do no
t have
the buyerto you
disclose
are assigning
to the contract, however the reality is that they will
mostthelikely
on closingseestatement.
the fee At this point the seller may get upset and threaten to
your
not fee.
closeThebecause
largerofyour assignment fee the greater the probability this may ha
ppen.isConsequently,
this something you must prepare yourself for and make a decision on how you a
re going
it. This is to also
handlewhy I choose to double close if the assignment fee is larger th
an $25,000
are
How
Whenever
a fewIIhandle
can ways
dollars.
meet towith
any
handle
Here
aobjections
seller
this Iobjection.
up front?
always disclose the fact that I often try to fin
d theproperty
the ultimatebefore
buyerIfor close on the property. As long as you reassure the seller
thatproperty
the you willevencloseifonyou can't find your end buyer they will usually be okay wit
h it. and
black Thiswhite
is notandalways
you have to do a good job reading your sellers personality.
At this point
question whether
theyyoumaywill close on the property if you can't find your ultimate
buyer andthem
reassure I always
that I will close on the property even if I can't find the buyer.
There
can
Why
Recently
assignments
rate
banks
the
pretty
transactions
strong
and
result
guidelines,
assigned.
Would
Learn
or
www.FBMasteryCoaching.com
call
phrase
will
fact
the
ofhow
are
have
you
hefty
correlations
many
foreclosures
probability
myassignments
banks
that
soft
This
like
you
this
tightened
office
across
traditional
are
losses.
which
they
can
ways
have
is
toand888-807-9964
nothurting
be
qualify
the
are
went
Iyou
been
between
of
funding
beusually
and
up
Lenders
coached
country
beginning
the
tougher
their
into
banks,
cracking
bank
investors
by
loan
contracts
any
have
default
by
going
make
fraud.
lending
due
which
intobeen
going
property
me down
itand
the
to
and
to:
experience
Unfortunately,
and
follow
part
the
policies
that
into
future?
on
looking
my
forcing
have
that
increasing
team?
ofFannie
are
default.
the
made
has
due
some
back
assigned
them
negotiation
been
toAs
Mae
attoa with the seller.
Thedouble
E-BOOK:
be
ADouble
is
sell
chain
What more
when
number
isofClosings
it.
are Flipping
acreative.
you
closing,
This
title
the
double
one
the
positives
means
whether
positive
purchaser
Houses
closing?
oryour
simultaneous
you
of
Manifesto
isname,
aactually
sell
that
double
oryour
theyour
close
take
closing?
property
profit
company
as itwill
title the
isname,
to sometimes
the
same
not property
will
be
daydisclosed
goreferred
or onbefore
30 thetotoo,
days you
later.
either part
y at thetwo
because timedifferent
of closing settlement statements will be created. This is no differen
t then transaction
estate any normal real when you hold a piece of property for an extended period of t
ime. The only
difference is the amount of time in which you held the property and how your pur
chase
be
When funded.
you
willbuymostfromlikely
one party and immediately resell the property, there are two s
statements created. The first settlement statement or HUD-1 is between you and t
ettlement
he sellerreflect
numbers where the original sale price which was negotiated. The second settlem
ent new
the statement
sale price
reflects
between you and your new buyer. 90% of the time I am funding
the original
purchase with my new buyers funding. There are rare occasions whereby I will use
private
my own lender's
funds or funds
a to purchase the property before I resell. I try and avoid
there
doingare this,somehowever
instances when the buyers funding will take some time and I am re
quired
my own funds.
to closeI willwith only do this if the deal is very profitable and I am not sc
ared you
wholesale
What
When of losing
are the
double
buyer
negatives
myclose
becauseonofIaaknow
property
double
I canclosing?
you
resell
willithave
to fees
someoneassociated
else immediately.
with taking ti
tle and selling
property to yourthe new buyer. Whenever you sell a piece of property you will have
to paytransfer
city a statetax andwhich is usually a percentage of the sale price. This fee can
range fromon.5%where
depending up toyou4%do business and is usually the largest fee you will have
to pay.and
states In towns
fact, have
some such a hefty transfer tax that it can eat up the majority,
ififyou
notare all,notofcareful.
your profitLikewise, when you double close you will also have to pa
y for titlefees,
recording insurance,
courier/wire fees, and a title company fee or an attorney fee de
pending onthewhoclosing. These fees can add up very quickly and eat away at your pr
performs
ofit.
to assign
Second,a contract
I preferover double closing because my company name will not end up
title.
in theFor chain
example,
of if the property you sold had an environmental problem you wo
uld not
off be muchbeingbetter
in the chain of title. Whenever, there is a problem of this nature
environmental
it is common agencies
for or the buyer themselves to sue down the chain of title. I
f you areand
investor Mr.theWealthy
only one who has any assets then who do you think the lawyers w
ill come
These areafter?
obviously very rare cases and the probability of something like this h
appening
however
Are
Some there
title ifare
any
itvery
companies
wereslim,
other tonegatives?
oroccur
attorneys
I wouldwillprefer
not be
to familiar
not be inwiththe double
chain ofclosings
title. and
or think In
illegal. theyfact,
are some title companies are now choosing not to work with investo
arsdouble
who want closing
to perform
because of the increasing amount of loan fraud cases being trie
d. Inwill
you anyhavehot investors
market who enter and want to make a quick buck. Many times they
Would
Learn
or
www.FBMasteryCoaching.com
will
callhow
enter
you myyou
like
office
thecan
to 888-807-9964
be coached
qualify by going
by me to:and my team?
marketplace
E-BOOK: Flipping
and lookHousesforManifesto
ways to cut 28 corners and exploit others. They look for i
nefficiencies
market place and in always
the seem to end up in the grey area. Unfortunately, this hur
ts other
who play by investors
the rules. Real estate flipping now has a negative connotation becau
se ofproblems
where
What
Double recent
investors
closingscases
will
haveyou
are easy
defrauded
encounter
if thenaive
buyer
withhomeowners.
doing
is planning
a doubleon funding
closing?the deal with cash
or through
lender. However,
a private if your wholesale buyer is planning on using a traditional bank
, youinto
run willa seasoning
most likelyissue. Seasoning is a term for how long the title has been
vested inname.
personÕs one particular
The majority of traditional banks will not fund buyers unless the t
itleremained
has to the property
in one persons name for at least three months. A lot of banks are n
ow requiring
seller to havetheowned the property for six months before they will fund the deal.
were
Theseputtypesintoofeffect
rulesto protect homeowners from unscrupulous investors who could
them.
take Now advantage
not allofinvestors are unscrupulous, however there are a few out there
andany
reason
Does
In
minimize
said
close
deal
longer
ownership
purchase
this
Ithe
isonyou
why
real
can
tight,
istime
risk
the
andbanks
tell
personally
part
estate
amount
property
sell
goto
your
you
ofthe
have
upatransaction
theproperty
whenever
of
that
risk
minimum,
these
before
own
risk
inthecertain
will rules.
you
you
usually
increase
property.
there
all
face.
double
resell
insituations
are
30
However,
the
the
close?
it
You
days
things
same
towill
tighter
oryour
with
you
day,
you
less.
want
will
new
the
canItodeal
that
otherwise
buyer.
dokeep
be
prefer
being
toisthe
required
Ifto
andthe
risk
the
to increases
something
and the chanceshappening of between the time you purchase the property. Anytime you put
a seller'sunder contract and then assign the contract there is a good probability
property
Naturally,
the sellernot willevery
findseller
out. is going to be ecstatic about you making a profit on
noa physical
property value you added to. You will have to be prepared to handle the sellerÕs objectio
ns atseasoned
What
Any ifthis
thepoint.
seller
real estate
gets upset
investor
aboutknows
the there
deal atwillclosing?
be times when fires will have
sometimes
to be putIout. thinkInthe fact,
only reason a lot of investors are successful is because t
hey are good and know how to handle people well. Anytime a seller or a buyer ge
communicators
ts upsetthey
numbers withsee theon a closing statement you must be prepared to handle the situa
tion.oneI seller
had have only who was upset with the amount of money I was making on the deal a
nd literally
from the tablegottoupwalk away. I had a very long conversation with the seller. Unf
ortunately
enough and Ithis
hadwas to make
not a $5,000 concession in order to get him to close. Of co
urse I wasn'thappy about having to give up $5,000, however it was a lot better th
necessarily
an my was
which alternative
going to court. I still walked away with a $15,000 profit at the end o
f short
10
Short
AWhat
the
hours
are
daysale
Sales
ofoffwork.
short isofsales?
when
abouta property owner is behind on their mortgage payments and p
resently
to the bank owesthanmorethe property is worth on the open market. A short sale is when
the bank
take lessagrees
than whatto is owed as payment in full for the entire debt against the p
roperty.when
begins A short
you, thesaleinvestor, meet with the homeowner and get them to sign an a
uthorization
Would
Learn
or
www.FBMasteryCoaching.com
callhow
youmyyou
like
office
tocan
to 888-807-9964
be coached
qualify by going
by me to:
and my team?
release information
E-BOOK: Flipping Houses and aManifesto
purchase and sale agreement contingent upon the bank's
amount
approvalyouofaretheoffering. The bank will then send you a short sale packet whereby
certain
they willdocuments
requireto be gathered and turned into the bank before they will make
their finalThe process can sometimes take as little as a few days and other times
decision.
, it can
Short
months. sales
takearea afewgreat way to create deals out of thin air. The reason I say th
is is the
where because
debtanyis greater
deal than the value or the property is not a deal until you
manner.
negotiateTheitseller
in some may be extremely motivated, but until you deal with the exist
ing encumbrance
there is not much you can do with the property. The good news is that with a lit
tle organization,
and knowledge, time, you can get the debt down to a level whereby you can wholesale
Inthefact,
property.
if you are not familiar with short sales I can tell you that you will b
e missing
best ways tooutbuy
on property
one of thewith little to no competition. This is because a lot o
f investors
waste their time
don'twithwantshort
to sales because they can be very time consuming. Likew
ise, a lotdon't
investors of know how to perform short sales so they let them fall through th
e short
AIs cracks.
ashortsaleanexitstrategy?
sale is not an exit strategy. It is a way of purchasing the property. An
dispose
exit strategy
of the property,
is a plan once
to purchased. A short sale is really a buying strateg
y used byitinvestors.
consider to be a profit
I enhancer for foreclosure deals. Sometimes a seller wh
o is behind
mortgage willoncall
theiryou with a property you can wholesale at the existing debt an
d make
you knowa there
profit,isbut a good chance you can discount the 1st or 2nd mortgage a small
increase
amount toyour profit margin. This is especially true if the property needs a sig
Anificant
great example
amount of this work.is a property I bought a little while ago in West Haven,
meCT.looking
The seller
to getcalled
out from underneath her debt of $164,000 on the home she was l
iving months
three in. Shebehind
was on both her 1st and 2nd mortgages. The total payoff for the
1st mortgage
$140,000 and the
was total payoff for the 2nd mortgage was $24,000 for a total debt
of $164,000.
property neededTheabout $40,000 dollars in rehab and the After Repair Value of the
$320,000.
property Iwasknew I could wholesale the property for about $20,000 dollars profit
anything
without todoing
it at all. However, I also knew because the property was so ugly tha
t the 2nd
holder might
mortgage
be willing to take a small discount. With a few phone calls and a v
isit by theI was
appraiser banksable to get the 2nd mortgage holder to take $3,000 as payment in
balance
full forofthetheentire
mortgage. Within just a few hours time I increased the profitabil
ity of the
$21,000 dollars.
deal byNow that is why I call short sales profit enhancers! In the end
seller
I endedanupextra
giving$7,000
the dollars in a bill of sale, for items I had purchased from
Whatis
Your
here.only
yourpossible
exitstrategyfor
exit strategy
adoubleclosing?
whenever you perform a short sale is to double
closenot
will because
allowaanbank assignment fee to be paid to you as the investor on the HUD-1
or closing
The reason isstatement.
simply because the bank is not going to take a discount on money r
ightfully
them if youowed
(thetoinvestor) are walking away with money. In fact, the bank who ho
lds the even
doesn't 1st mortgage
like to see inferior lien holders (2nd, 3rd mortgage holders) get a
ny money,
they goingsotohowfeelareabout you, Mr. Local investor, who isn't even a bona fide lie
n holder. Unfortunately,
millions? making banks are not that friendly, and care more about themse
lves and theirthan they do about you, the local investor. Too bad huh? Well, the
stockholders,
structure
only way theto deal so you can make money is to purchase the property and then do
ubletake
you close.
title
Whento the property, whether it is for 1 minute or 10 years, you have
the
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or
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every
call
property
you
how
legal
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sellbythan
money by meyouto:
going andpaid,
my team?
without ever notifying the bank.
I usuallyFlipping
E-BOOK:
Shouldyougofor only get
thedeedonashortsale?
Houses
a purchase
Manifesto
and sale agreement signed whenever I perform a sho
rt sale
for the deed.
and don'tThe reason
go is because I have found that some people will be turned
for offthe
by deed
you asking
without giving them any sort of guarantees. Not everyone will be th
is motivated
there are someandshort sales you will miss out on by going for the deed. I will us
uallyonly
deed
The
xCompetition
ifonly
one
reasons
goin
offor
these
your
tothearea
goconditions
foristhe
verydeed
below
fierce
areexists.
these:
and you feel that if you don't get the d
eed think
wasting
xYou thenyour
you
theremayisbea good chance for one reason or another you may never see or
time.
hearthink
seller
xYou from
evertheagain
seller is unscrupulous and would go behind your back and start wor
kingiswith
someone
xIt a larger
else commercial transaction whereby you will have to spend a lot more
time
negotiate
Whatis
APre-habs
pre-hab
trying
apre-hab?
with
is toa cross-breed
the mortgagebetweenholdersa rehab and a wholesale deal. A pre-hab is te
chnically
rehab, however
a smallyou are only doing minimal work to the property before selling it
Generally,
to the rehabber.
it involves cleaning out or gutting the property. Sometimes you may c
hooseortotwo
step takefurther
it a and remove walls and make some framing layout changes. The p
remise
the rehabbers
is to makelife easier while at the same time increasing your profit margin b
y taking
the work.onEvena portion
though you of are going to sell your pre-habs to rehabbers it is sti
ll difficult
best rehabbersfortoeven imagine
the what a property will look like when it is done. It is
only natural
rehabber to offer
for aless if he has to maneuver around piles of trash when he is tr
ying to inspect
property. It is your
the job to take this problem out of the equation for the rehabb
er and therefore
increase
Gutting and
yourcleaning
profit amargin.
property is one of the easiest and least expensive ways t
o improve
that property.
the value
It does of not require highly skilled tradesmen to perform the work
so youan
very
From inexpensively.
can
investment
get it done standpoint I have found that for every dollar you spend clean
ing will
you out aseeproperty,
three dollars in return. This means that if it cost you $3,000 doll
ars to clean
partially gutouta property,
and then the value of the property should increase by abou
t $9,000
some of thedollars.
best money
This you
is can invest when it comes to improving the value of a
property.
any investment
In fact,
in another part of the house will not bring you this kind of retu
rn.call
not
Whattypes
Anytime
full
strategies.
doing
exit
fire
great
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www.FBMasteryCoaching.com
Not
in
ofhow
strategy.
damaged
some
examples
you
the
inyou
you
trash
my ofproperties
like
the
bath,
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office
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Ifproperties,
you
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of
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aandproperty
should
clean
properties
be
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888-807-9964
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fittheprofile?
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consider
with
by
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by
going
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notmight
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or
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to:
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increase
tomy
tenants
the
damaged
abeteam?
fitpre-hab
mechanicals.
gutted
this
then
the
who
properties
description.
asormay
value
it
recently
one
isofbe
completely
of
are
the
moved
ayour
viable
some
property
exit by
out,
The best
E-BOOK:
When should
Flipping
types
I useofHouses
a pre-hab
properties
Manifesto
astoanpre-hab
31 strategy?
exit are properties requiring a significant a
mount of needs
property work. more
If a than $50,000 in work it will naturally eliminate a certain p
ercentage
who are afraid
of buyers
of larger projects. The reason I am fond of doing some minimal fi
x up workbefore
property on a wholesaling it is because it makes larger jobs seem more managea
ble. damaged
fire If a property
I loveisto gut out and open up the walls of the property so the reha
bber canofsee
amount worktheahead of him. Fire damaged properties often don't look as bad whe
n pre-hab
sheetrock
AHow thelong
fireshould
isdamaged
should
removed.
atake
pre-hab
no longer
take? than a week. If it does you might as well rehab
the increase
and property your
yourself profit margin on the deal. Most of the pre-habs we take on are
clean
What
When
1-3 you
days
sort
outdecide
worth
and
of risks
trash
of pre-hab
to doremoval.
I takea property
when I pre-hab?
you will inevitably have a little more ris
k then the
assign if youcontract
were toand never take ownership. This is because you will have to f
inancemanner
some the deal
beforein you sell the property. Having some skin in the game is never
a terrible
however if you
thing,trying to wholesale a marginal deal then this is not a viable exi
t strategyyou
Likewise, forwill
you.have to carry the property until it sells and there is no roo
m for
you
Of course
didn't
erroryou
put
especially
could
the property
riskifdoing
under
somecontract
of the work
at a before
low enough
you close,
price. however I WOUL
D NEVER DOING THIS for a variety of reasons. Once the work commences I can tel
RECOMMEND
l you the
seller can still walk away from the deal and then you would have to sue for spec
ific mean
will performance.
your money Thiswill be tied up for quite some time and that is a situation
What
Outside:
worthsort
avoiding.
Iofwill
workalways
shouldremove
I do?any trash or other clutter sitting around the prop
aerty.
seller
It to
is leave
commonafor pile of trash outside a property when they move out. If I ch
oose toI will
house pre-hab
makethesure any rubbish is removed. I will also have my clean out cre
w or demolition
remove any brushcrew that may be surrounding a property, especially if it is hard to
the
seeroad.
the property
I have found from that most buyers prefer parts of their house to be visibl
e from remove
always
Inside: the
Anyroad
sort
anysoofbushes
Itrash
willorleft
overgrown
inside the
brush.
property will be removed and hauled aw
ay inproperty
the a dumpster.
has sheetrock
If or plaster that is falling down from the walls or cei
ling thenIthis
removed. usually
willgut be walls and ceilings on a case by case basis. I won't go th
roughsheetrock
the and remove if some
all ofwalls can be salvaged because that would create more work
forgoal
My the is
rehabber.
for the rehabber to walk into the property and know exactly what wall
s have and
rocked to bewhich
sheet- ones don't. I take the guess work out of the job. Now in large
fire damage
usually walkjobs
the building
I will inspector through and see which walls he wants gutted
and which
okay to leave.
ones Theare reason is because anytime there is a fire inside a property t
he integritysystem
electrical of themay be in question and this means portions of walls will have
to be parts
snake
Other removed
out theofold
tothewiring.
house I work on are subject to the expertise and pricing of m
y contractors.
example, I haveFor a really good roofer who is very reliable, quick, and inexpensiv
e. call
Would
Learn
or
www.FBMasteryCoaching.com
He how
ismycurrently
you like
you
office
can
to 888-807-9964
bedoing
qualify
coached
by going
by me to:
and my team?
roofs forFlipping
E-BOOK: me for 50% Housesof the
Manifesto
cost of most other local contractor due to my rehab
Isystem.
knew that
Consequently
no other rehabber would be able to get that kind of pricing so we ha
ve ahadfewhimproperties
on put roofswe pre-habbed. I knew by choosing to do the roof it would ra
ise the
property
Your
Building
wholesaling;
take
become Buyers
this
efficient
value
and
aYour
part
buyers
List
IBuyers
however,
ofof
didn't
the
at
list
the pre-screening
List
have
in
process
isorder
the
to an
worry
foundation
toimportant
beabout
and aevaluating
true
tothis
step
successful
dealslowing
further.
maker,down
prospective
you
Youwill
the
haveprocess.
wholesale
need
to tobuyers. I
t can'tthat
enough be emphasized
in the real estate game, time is your most valuable asset and your t
opponent. You have to maximize the way time is spent by putting effective time m
oughest
anagement
in place, eliminating
systems guess work and doing away with inconsistencies in the way
you qualify
business withandyour
do investor buyers. You can accomplish all this by collecting as
about
much each
information
investor you discover and entering that data into your database. This
to,
way,youwhen
canyou quickly
need identify a prospective buyer on the other end of any deal an
d make lightning
decisions as to whether
fast you want to put a given property under contract or pass
on that
Make
deal.
This Sureparticular
step YouranBuyers
is essentialare building
Serious block to keeping transactions together and ma
king sure during
surprises there are thenoclosing process. After all, your reputation and deposit mon
ey istieonupthea property
you line whenand make promises to close on a deal in a specified period
many
of time.
"Newbie"Thereinvestors
are out there that have just enough knowledge and courage to
on"pull
a purchase,
the trigger" but that do not have a full understanding of how to close on a tr
ansactionYou
fashion. in need
a timelyto know who you are dealing with from the very start, so you c
an, a.) b.)
jokers; Eliminate
Educatetheyour buyer to the closing process; and c.) Assist in bringin
g a transaction
timely close. Your to database
a of buyers with detailed profiles puts you in a highl
y advantageous
when working onposition
a wholesale deal. Once again, information is a KEY element of a
Wholesale Business.
successful
Pre-Screening Buyers
is the first step toward collecting this information and is an imp
ortant part
process of evaluating
of the any prospective buyer. It is during this initial pre-scree
ning meeting that
conversation or you want to gather as much information about the investor as p
ossible.
that you don't
This assures
waste your valuable time on buyers who are not absolutely serious
sufficient
or who don't meanshaveto close on a transaction when the opportunity is in front of t
hem. Your
rehab property
product andisthese
the buyers are your customers, so your goal is to learn as
much astheir
about you means
can and needs in as much detail as possible. For time efficiencyÕs s
ake, over
done this thestepphone.
is bestIn order to maximize your list youÕll want to meet as many pr
ospective
as possibleinvestors
and collect their business cards or contact information and set up a
can
follow-up
collectcall,more detailed
so you information about your prospect and enter it into your
Once
database.
at the office, youÕll want to call your prospect to begin the pre-screening p
rocess.inDuring
step, addition thisto basic contact information, you will want to learn personal
information
buyer
Would
Learn
or
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callhow
tomyhelp
you like
you
office
about
you
can
to 888-807-9964
thecoached
establish
be
qualify byrapport
by me to:
going and
andmydevelop
team? a working relationship.
More importantly,
E-BOOK: Flipping Houses
you willManifesto
also want to answer questions about their sources of
financing;they
projects typesareoflooking for; the timelines that they can close on and most imp
ortantly,
experience
Learn
Learning theDetails
all
their
level
theseanddetails
established
about your
trackprospects
record ofallows
buyingyou
realtoestate.
cultivate a new ma
rket of some
convert buyersofand
the "NewbieÕs" or non-investors into prospective buyers. By unders
tanding
and by helping
their fears
answer questions that may stand in the way of making an investmen
t decision,andyoudeveloping
profiling are an emerging customer base. From that customer base will
Interviewing
business.
come future and sorting through prospective investors could be a very time cons
umingapproached
not process whencorrectly. When I began in this business I would meet with every
prospective
and spend much Buyer
of my valuable time talking about would-be deals to would-be inve
astors.
wasteItofwas
time,often
to say the very least. This is not the most time efficient way
of doing
order to make
business.
the process
In efficient you must create a systemized way of pre-scre
ening by
Start yourusing
buyers.
a scripted set of questions and a short, probing, goal oriented p
hone conversation
prescreen the prospectÕs
to knowledge and experience level, and to ascertain his or h
er opportunity
an ability to act to close
on a deal. With a script in place, you can involve your ent
ire team andmachine
prospecting create within
a your business. Remember the power of wholesaling is i
n thenext
width
The
Pre-qualifyingBuyers
depth
of youranddatabase.
major step in establishing a Wholesale System is pre-qualifying of pote
ntial buyers.
before I beginHowever
work and commit time to pre-qualifying an investor I always make
certain
she is interested
that he orin doing business and ready to act upon a worthwhile opportuni
ty. it
and I call
is during
this ÒStep
Step AAÓthat you will clearly be able to separate the ÒAction Inve
storsÓ
are commonly
from those
referred
who to as the ÒTire KickersÓ or ÒJokersÓ. Indecisive Tire Kickers are
thosemake
not whoacan
decision or commit to a project. But the Actions Investors are the on
es the
find
In weand
are
competitive
then
seeking
taketoenvironment
immediate action.
of realThey
estate
are investing,
our target good
client.
deals come and go
at aanlightning
and investorspeed
who is not able to evaluate and make a decision quickly enough t
o grasp
will always
the miss
momentthat opportunity. You begin your sorting by looking into your d
atabase
the dealandat hand
matching
to the wants of a prospective investor. Once you are able to pr
ofileprospects,
key and identifyyou next
your focus your energy on those individuals and offer them th
e dealcontract.
under that you Remember,
have the key here is efficiency and if youÕve done your pre-s
creeningbecorrectly,
youÕll able to identify a prospective buyer without spending much time, effort,
marketing
or money theon deal. The investors with a proven track record and a proven abilit
y toofclose
top my list
are and
at the
ALWAYS the first ones to receive a call about my current lead
. If theandproperty
vacant I have unrestricted
is access to the property, I will send a prospect to
his
do or
theherevaluation
own first, on to see if they are genuinely interested and want the deal
enough
We
happen.
always
to pre-qualify
make it & verify financing before signing a contract. It is at thi
s timemore
spend thattime
you verifying
should the information given by the Buyer in order to make ce
rtainarethat
you working
the person
with has the ability to close on a deal once the opportunity is
nailed
Would
Learn
or
www.FBMasteryCoaching.com
callhow
you
down.
myyou
like
office
can
to 888-807-9964
be coached
qualify by going
by me to:
and my team?
The first
E-BOOK:
Always GetaLargeDeposit
Flipping
step inHousespre-qualifying
Manifestoa buyer is getting a strong deposit at the time
contract.
you sign Generally,
the I require a $5,000-$10,000 deposit. This demonstrates a str
ong level offrom the Buyer. This deposit is always non-refundable. The only time
commitment
I allow forcontingency
financing a is if I have the full control over financing of the deal a
nd themybuyer
with pre-established
is working financing source. In that scenario, I first pre-qualify
the investor
lender by getting
with directly
the involved and obtaining answers to all of my questions
. Even with deposit,
substantial a you always want to make sure that you verify the informatio
n about by
funding sources
speakingof with the lender and by getting copies of recent bank stateme
nts from
supporting
While closing
thehisbuyer
deals
ability withtoinvestors
close in who
cash.have the appropriate funding in place, I
alsodowork
who notwith
havebuyers
financing thus building a new marketplace for my deals. I do thi
s by money
hard referringlenders
themthatto I've established relationships with from prior transacti
ons and
them forpre-qualifying
future deals. This is an excellent way to convert some of the Òwould beÓ bu
yers into and
customers viable as a result of such positioning, drastically expand the pool of in
vestors
can
KeepinginContactwith
Pre-qualifying
market
to your
whomyouryou buyers
deals. your WholesaleBuyers
and building relationships with them in the process i
s important,
the end thesehowever
steps alone
in do not assure that your close transactions and generat
e revenue.
and criticalThestep finalin the wholesaling process is making sure that the buyer stays
onintime.
contract
You accomplish
and closes this by closely managing all aspects of the closing proc
ess.main
the Thisreasons
is alsoyou onealways
of want to steer your buyers toward using the preferred
(attorneys,
service vendors
lenders etc.) all of whom are familiar with the way you structure wh
olesale
way
The you to
key deals
tend ultimate
toandmake
thesuccess
a deal is
flow.
maintaining constant communication with all the p
arties involved
closing the transaction.
in This includes constant follow up with the buyer, attorn
eys, title companies,
appraisers, lenders, insurance brokers, and any other parties that can affect th
e outcomeDoofnot
closing. theexpect your attorneys to do this work for you and always verify
all thedirectly
speak informationwith each
and party involved to make sure that the process is moving
forward This
manner. in a also
timelymeans working closely with the buyer to assist in the closing
and the
for any project.
preparations Some of the things you'll be involved in are: getting all the p
aperworkfinancing,
secure together handling
to questions and objections from lender, assisting in pr
eparing
of work statement,
a formal scope helping with finding contractors for the job, referring an in
surance
You willbroker..
want to be present at all key meetings at the property such as meeting
with the lender
financing the project.
who is This is important so you can handle any objections that m
ay you
so comecan
up beandpresent
also to support your estimated numbers for the rehab cost and t
he call
security
Would
Learn
or
www.FBMasteryCoaching.com
value
youmyin
how and
like
you
office
thecan
toproject.
be coached
qualify
888-807-9964
by going
by me to:
and my team?
from aeasier
E-BOOK:
Choosing
Cash
much
different
offers.
influence
times isIbuyer
Flipping
King
king
Likewise,
have
Between
offers
what
towho
inoffer
chosen
close.
the
Houses
Multiple
on
wanted
contingencies,
awholesale
to
you
Ingoto
property,
Manifesto
fact,
decide
Offers
with
usebusiness
awhenever
traditional
Ilower
to
closing
always
go with.
because
cash
Idates,
put
amfinancing.
Iachoosing
offer
can't
itandover
lot makes
oftell
deposits
between
Iweight
awant
deals
you to
higher
onsoknow
should
how cash
offer
manymy wholesal
e transactions
going to get closed
are and that I won't have to help push a buyers financing throug
h. Time
the realisestate
moneyinvestment
in world and if I have to spend a whole week trying to p
ush a deal
because of the
through
buyers financing, then I will be losing a lot of money in other a
reasmeofgive
Investment
Let theCase
business.
you Study
an example of a smaller deal which will help illustrate my point
. A few months
motivated selleragocalled
a me with a 3 unit building she was interested in selling
in New Haven,
building had been
CT. ravaged
The by a serious fire and the entire 3rd floor and roof ne
eded had
fire to beripped
rebuilt.
through The most of the roof and support beams. The seller's insuran
ce paid offmortgage
underlying the and the seller received the balance of the insurance check w
hich amounted
$19,000. However,
to the seller had no interest in rebuilding the property and want
ed toseller
The sell called
it quickly.
me and was looking for $40,000.00 to sell the property. I was
familiar
and I knewwiththattheasarea,
long as the building was standing and did not need to be knoc
ked adown,
was steal.thatI immediately
this rushed out to the property and met the seller and sig
ned a contract
$40,000.00 because
for I knew that I could turn around and sell the property within
two weeks between
somewhere for $95,000 and $105,000 depending on how long I had to close. I a
lso knew this
particular property was going to be worth around $330,000 after it was rebuilt.
Consequently,
point I negotiated
the onlywith the seller on was the closing date. She wanted to close
in one three
wanted week, so butIIcould sell the property to someone else and not have to use my
purchase
own cashthe to property. I gave the seller her price and she gave me the close dat
e I desired.
This is a great example of making your money on the way in! I knew there was bet
ween $55,000
$65,000 in equity
and I could pick up just by putting the property under contract. I
called
turnedmyaround
5 bestandwholesale buyers and I had an offer the same next day for $100,
000. Thisofisbuying
example a greata property and having multiple exit strategies. Had I chose to
and
rehab
invest
the another
property$110,000 into the property I could have made a lot more money
athen
$60,000
selling
dollar
it wholesale
for profit. Assuming carrying costs and transaction fees
of 15%
the final
($49,500)
sale priceof I would have made somewhere in the range of $130,500 dollar
s. Not too
however I would
shabby,have to commit a lot of my time and my partner Paul's time in or
der toThe
done. getpoint
this is that I had several options and multiple exit strategies which
want
What
Now
is let
aif
toposition
position
the
me paint
dealyouawas
yourself
always
different
structured
in.picture
differently?
for you. What if the seller had called me a
nd wantedtotomesell
property forthe $115,000 dollars. Is this still a good deal? Well, letÕs examin
e it from perspectives.
different a couple of Assuming I purchased the property for $115,000 and spent
rehab
$110,000
I would
on the
have been into the property for $225,000. Now assuming the carryin
g costs and
transfer fees were still 15% ($49,500) of the final sale price I would walk away
$55,500
with a dollars.
profit ofNot too bad, right? Wrong! The deal is not bad from a profit st
andpoint should
everything go according to your plan, but what if the construction isn't really
$110,000?
Would
Learn
or
www.FBMasteryCoaching.com
callhow
youmyyou
What
like
office
can
if 888-807-9964
to yourcoached
be
qualify by going
by me to:
and my team?
carryingFlipping
E-BOOK: costs andHouses
transaction
Manifesto fee are more than 15%? That $55,500 dollars can d
iminish
and thenvery
you will
quickly
find yourself working for free on a project that takes six to
nine months
time. This isofcalled
your investing without options because you only have one exit st
rategythe
rehab andproperty.
that is toAnd I can tell you from experience that $110,000 dollar reha
b is make
only a lot$55,000.
of work There
to is an opportunity cost to your time and money. I would
let wouldn't
and this dealthinkgo twice about it and so should you when faced with a similar de
Commonbeginning
al.
Does
Many Wholesaling
Wholesalinginvestors
Work
Questions
in have
Everydoubts
Marketplace?
about the viability of wholesaling in their
think
marketplace.
wholesalingManywill not work in their area for one reason or another. I can t
ell around
all you I havethe country
studentswho are using my techniques to find great wholesale deals
have
everystudents
single in day.Anchorage,
I AL and students in Miami, FL who are all using my wh
olesale
with thesystems
same success. It doesn't matter if you are wholesaling $3,000,000 condo
s in Manhattan
$10,000 mobile homes
or in New Mexico the strategies are still the same. It all sta
rts with leadthen you have to tie the property up at a low price and give yoursel
generation,
f enough
buyer at atime
higher
to find
pricea so you can turn around and sell the property for a profi
t. Iflearning
time you havethe spent
business,
the can follow simple systems, and can consistently take
not
action
matterthenwhere
it does
you live because you will be successful. Any well educated inve
stor money
make
Different
Buying knows
abandoned
Markets
he any
in canwarehouses
city Different
Have in anyandmarket.
converting
Niches them to condos may be a very viable i
nvestmentILinand a very bad decision in Detroit, MI. You need to understand your
Chicago,
market opportunities
unique and find the within it. I always recommend starting in your own backyard
local
and learning
landscapethebefore you venture into other areas. DonÕt pick a market that is f
urther away
because it isjust
hot. I have found the further away an investment property the risk
ier it up
giving gets.
control
I donÕt
especially
like when I have to get on a plane in order to visit the
Ifproperty.
you are going to concentrate on wholesaling the market will have less of an e
ffect onorwhether
succeed not. Youyouwill be flipping properties in such a short time frame it wi
ll be affected
to virtuallybyimpossible
swings in the market. You may find fewer buyers and more selle
rs, butnot
should appreciation
come into play in any of your wholesaling decisions. As a wholesaler
whetherupthe
going or down
markethasisnothing to do with how we make money. We make money finding
properties
undervaluedand selling them at a higher price within a very short time period. W
e aremarket,
the not trying
we aretonot timebanking on appreciation, what we are looking for is a sur
e bet. Weofare
traders thethe
realdayestate market, getting in and out of the market in a very sh
ortowners
Can
The
can
as
wholesalers
should
market
80%
investing
reason
timeis
You
market
still
of beWholesale
value
their
period.
make
dropping
are
able
this
because
you
and
and
value.
forced
are
serious
to
may
rehabbers
wholesale
Inbe
pick
inbuying
more
In2008
aone
to Down
money
up
fact,
buying
sell.
inthem
who
properties
of
over
Market?
can
wholesaling
if
the
This
are
7opportunities
quickly
you
behighly
best
trillion
presents
depreciating
are
atmarkets
50%
to
brand
properties.
liquid.
dollars
other
awill
to great
new
to
60%start
10%
In
investors
present
to
inofdown
opportunity
atheir
In
real
adjustable
year
out
fact,
markets
themselves
estate
atcurrent
in.
and75%
when
The
you
for
rate
you
tothemortgages w
illcall
Would
Learn
or
www.FBMasteryCoaching.com
behow
you
correcting.
myyou
like
office
can
to 888-807-9964
beThecoached
qualify by going
by me to:and my team?
banks created
E-BOOK: FlippingARMHouses
mortgages
Manifesto
so they could get more money out into the marketplac
e andthemake
for lowupinterest rates with more volume. Financially it may be disastrous as
foreclose
banks willonhavea record
to number of homes when these homeownerÕs payments adjust. Over
ly aggressive
lenders who pushed borrowers into homes they probably shouldn't have been buying
the
willheat.
be feeling
Distressed homeownerÕs will have to refinance, sell, or be foreclosed up
on. The
that manyproblem
homeownerÕs
is paid inflated prices for their homes and now that the market
will
is adjusting
be in overthey their heads. Many homeowners will not be able to sell as the cur
rent market
their home mayvaluebe below
of their total debt. People everywhere will be losing their
and
homes
as atowholesaler
foreclosureit will be vital for you to understand the short sale proces
s have
with
ISmallSigns
andbanks.
how
already
toinMyMarketplace
This
negotiate
started
will betoasee
hugesmall
opportunity
signs offor
thisa in
lotmyofmarketplace
the savvy wholesalers.
as foreclosu
re over
by rates30%
haveinincreased
the past year. On a micro scale I am already seeing this take pla
ce. TheI have
calls numberreceived
of in the past few months from people who are over leveraged
is staggering.
from working onI5went short sale deals at a time to over 20 short sale deals and I t
ruly believe
months from now6 toI will
9 have 3 to 4 people in my office dedicated solely to proce
ssing shortissales.
situation only exacerbated
The by how many properties are on the market. In my ar
ea thehas
homes number
doubled
of which means the number of days on market for the average home
has gone up
significantly. It is definitely a buyers market as they have plenty of houses to
whenever
choose from
the market
and slows sellers become more creative. I believe over the next
couple years
sellers will bea lot
forced
of to drop the price of their homes, be more creative, or of
fer other
order to get
incentives
their properties
in sold. I have also found it easier to negotiate wit
h homeowners
market as manyinarea soft
scared if they don't sell now then their house may be worth l
essisinimportant,
It
REHABBINGa few months. when you include rehabbing in your business, that you spend tim
e educating
first. Learning
yourself
prices of labor and materials as well as finding, prescreening,h
iring, andgrown
Òmature, managing
up, adultÓ contractors in your area are the foundation of a successfu
l rehab
Many newcomers
business. to the rehab game fail because they simply can't manage contracto
rs. Knowing
correct pricing,
the terminology, & required tools will allow you to better communic
ate and
respect
When youof
gain
become
allthecontractors.
experienced at rehabbing you will have the confidence to take ad
vantagecenters
profit of all in theReal Estate Investing. This separates you from the other inves
tors and creates
opportunities formore
you in any real estate market. To truly be considered an all a
round
must
Bigger
An annual
have
investor,
Checks!
experience
six-figure
you income
in rehabbing
is a realistic
properties.
goal when rehabbing properties! Even
in todayÕs
marketÓ I continue
Òdown to make an average profit of $30,000 per property. Simple math
says four
just rehabbing
properties per year equates to earning around $120,000. Rehab five pro
perties
up to $150,000,
and youÕre add a few wholesale deals in the mix and man your talking about
financial
Your
Would
Learn
or
www.FBMasteryCoaching.com
call
return
youmyyou
how freedom!
like
office
oncaninvestment
to be coached
qualify
888-807-9964
cangoing
by byliterally
me to:
and mydouble,
team? triple, & quadruple overnight.
In orderFlipping
E-BOOK: to be effective
Houses Manifesto
at Wholesaling one must know the Rehab process inside &
effectively
Being
MakingaDifference
out soableyoutowholesale
canadd valueanytodeal
properties
for hugethrough
profits.
renovations is a not only very pro
fitable, butYoualso
rewarding. arevery
providing a great service, not only to the city in which you
do business,
the end buyerbut of the
alsonewly
to remodeled home. Turning blight into delight! ItÕs incre
dibly
be approached
rewardingbytoneighbors of the property and hear Òthank you so much for fixing
this an
been property.
eye-soarItÕsin our neighborhood for quite some time, and I know the value o
f my home
increase
WhatÕs even
aswill
a result
more rewarding
of thisishouse
seeingbeing
the excitement
improved. Thank
and pride
you.Óthe buyer exudes whe
n theyIpicture-perfect
their
MoveintoLarger
What purchase
love about
Developments?
starting
home in
youÕve
Residential
just builtRedevelopment
for them. or single family rehabbi
ng is into
entry itÕs larger
the easiest
development & commercial projects. The fundamentals of analyzi
ng the deal,repairs, gathering quotes bids & negotiating contracts is the same fo
estimating
r aitsingle
as is forfamily
a commercial
rehab development. There is no better entry into the world o
f commercial
development
When
WholesaleMoreEffectively
you wholesale
then byastarting
propertywith
to another
a rehabinvestor
project.who is going to do the rehab,
you future
the are deferring
risk ontoallthat wholesale buyer. From the wholesale buyersÕ point of vie
w, very
be they wary
are going
trusting
to your word that this property will make them the profit you
tosaycombat
it will.thatThe
is to
waybuild trust with your wholesale buyers. You build that trus
t by givingaccurate
extremely them information about the property, the amount of work it needs,
and itÕsvalue.
repair true ÒBuyer
after beware,Ó the wholesale buyer will always (well should always) d
o their owninspect
diligence, due the property and run their own numbers. Let me tell you, if y
ouÕre workingrehabber,
experienced with an you better be 100% confident the info youÕve given them and
have it
back theup.proof
If they
to discover you were off (whether it was intentional on your pa
rt or not),
complete credibility
you will and
losethat buyer will not work with you on any future project
s. Your reputation
wholesaler is everything.
as a With rehab experience under your belt youÕll have the fi
rstbehand
to confident
knowledgein your information and know how to clearly communicate it to wi
th call
Would
buyers.
Learn
or
www.FBMasteryCoaching.com
yourhow
youmy
wholesale
like
you
office
can
to 888-807-9964
be coached
qualify by going
by me to:
and my team?
REHABSTAGEOVERVIEW
E-BOOK:
The mostFlipping
importantHouses
actionManifesto
in growing your rehab business is breaking the entire
rehabstages.
into processThisdownseparation has allowed us to explode our real estate business,
multi
CT Homesmillion
LLC dollar
into a development company. Instead of guessing at the rehab we sy
stemized
process
WeÕve already
sotheitwhole
can be stamped
discussed the preliminary
out in any walk-through
town across the
earlier
US oninanythehouse.
wholesaling se
ction youÕve
After of thiscompleted
e-book. your in-office deal evaluations the preliminary walk-throug
h allowstheyouas-is
assess to value, the repair costs, and the ARV (After Repair Value). Once
the
youÕve
office returned
with your
to Property Inspection Form, Òrun the numbersÓ through the Deal An
Spreadsheet to calculate the profit potential. Our strict rule-of-thumb is a 30%
alyzer
consider
profit marginrehabbing
to even
the property. In some instances youÕll find that your profit ma
rgin60%canwhich
of be upward
makes rehabbing an irresistible exit strategy. Keep in mind though;
other
therefactors
are manyto take into consideration (other than meeting the 30% profit marg
in minimum)
choosing
Because there
which
when
isproperty
an increased
to rehab.
risk associated with rehabbing properties you must
skills,
have thesystems,
knowledge,and training under your belt to gain the confidence of a succes
sful and profitable
rehabber. Investors just beginning in the rehabbing business, should ALWAYS star
t out with
needing minimal
projects
work to get your feet wet. Your first rehab should NEVER be a fu
ll gut! Although
full-gut propertyais alluring because the profits can be HUGE, itÕs very unwise to
headÉyou
LetÕs
get inthinkover
canthrough
your your
lose it,shirt,
here isoranworse
example
get situation.
your shirt Say
ripped
youÕve
off implemented
your back. your ma
campaigns as weÕve discussed, youÕre generating a great stream of leads, and youÕve wh
rketing
olesaled
deal or two.a You feel like your real estate business is really taking off so youÕv
e decided
take
Would
Learn
or
www.FBMasteryCoaching.com
call
onhow
youmy
your
itÕs
like
you
office
first
can
time888-807-9964
to berehab.
qualify
tocoached
by going
by me to:
and my team?
You haveFlipping
E-BOOK: two hot properties
Houses Manifesto
leads in your hand. ItÕs time to evaluate each propert
y and
of theselect
two youÕll
whichrehab. Property A is a full gut, youÕve analyzed the deal and youÕre
oflooking
$60,000.at Property
a profit B is a minor cosmetic rehab, with a profit potential of $30
,000.obvious
seem The choiceto you
maybecause youÕre thinking Òno one would choose to make $30,000 ins
tead ofwhyÉIfone,
$60,000.Ó
HereÕs you as
areana inexperienced
novice rehabber,
investor
with noyour
experienceÉ.WRONG
risk when doingANSWER!
a full gut has in
creaseda.k.a.
Which ten fold.
means youÕll make costly mistakes that will dramatically decrease you
r profit
give you a(aspermanent
well as migraine, keep you up all night and you may see your hairli
ne starting
recede). Two,toin the time it would take you as a novice rehabber to completely r
ehab ahave
could fullrehabbed
gut, youtwo or three properties needing minor work (making $60,000).
byThis
completing
means that two or three Òcosmetic rehabsÓ you can make the same or greater profit
doing
then that
you would
one full-gut, in the same amount of time, with ten times less risk an
d stress.
Okay,
However,great
ifMake
letÕs
youÕre
sense?
move
a very
on.experienced rehabber with a team of professionals, using
systems
proven (such
rehabbing
as the ones weÕve designed), youÕll have the resources and abilities t
o take on Property A and Property B at the same time! This is the level of inves
rehabbing
ting youÕllyourself,
educating get to byutilizing systems, and gaining experience through training a
nd education.
Moving on, to a breakdown of the rehab stage overview. This process begins at th
e point
have
Would
Learn
or
www.FBMasteryCoaching.com
call
made
youmy
howwhere
the
like
you
office
you
decision
can
to 888-807-9964
be coached
qualify
to by
rehab
by me
going
theto:
and
property.
my team?
ThisInitial
E-BOOK:
The is where
Flipping
Walk-Through
youHouses
will doManifesto
the majority of leg-work for the rehab. There are a fe
w things
bring
-Property
-The
-Advertising
-A
Taking
Camera
Digital
Lockbox
Flashlight
property
with
before-pictures
you
Inspection
youMaterials
Camera
need
keys
on your
to Form
walk-through
allows
& Graph
you toPaper
ofreference
the property:
the property when creating your S
cope of Workbelow). The photos are also necessary down-the-line if you sell the p
(discussed
ropertywhotoisa using
buyer retailbank/conventional financing. Most likely the lender will have
hefty
a problem
profitwithbeing
themade in the short time-frame. If you bought a property at $10
0,000 youÕre
later and sixselling
months it for $200,000, the bank wants to know what is up with the h
ugeautomatic
an price jumpÉitÕs
red flag. The way to address this is to send the lender your docume
ntedScope
and before-photos
of Work (without prices listed). These tools are solid evidence provin
g toprice
the the lender
jump isthat
due to the amount of repair and value added to the property to
state
Property
This
bringisand
itwhere
Inspection
to its
value.
youcurrent
areForm
going
& Graph
to spend
Paperthe bulk of time during the initial walk-th
rough.a preliminary
done If youÕve already
walk-through youÕve presumably already done a Property Inspecti
on Form.
bring it,IfyouÕll
so want to be extremely thorough since youÕve decided to take on the r
isk of rehabbing
property. As a result,
the you have to be concerned not just with buying the home ri
ght,concerned
be you alsowith havethe
to final product being able to SELL FAST. When going through
your Property
Inspection Form youÕll detail the improvements that ÒneedÓ to be done, youÕll also want
to look forextra improvements or enhancement, Òsizzle featuresÓ that can be done to i
potential
ncrease
salability
Use the graph
theof paper
the hometo sketch
when youa layout
go to sellto refer
it totoa during
retail the
buyer.
Scope of Work. You
changing
may havethe plans
layout,
on you may decide to rip down walls, open up rooms, redesign k
itchens or or maybe add a picture window to maximize space (which greatly increa
bathrooms,
sescall
Putting
Lockbox
initial
employees
efficiently.
throughout
Advertising
Would
Learn
or
www.FBMasteryCoaching.com
salability).
youmy
howa you
walkthrough
lockbox
to
like
the
office
Material
access
This
can
rehab.
to onit
simple
be
qualify
888-807-9964
will
the
coached
Time
asdetail
property,
save
needed,
by
isgoing
byyour
youme
saves
time
so
with
most
and
to: everyone
you
and
my
theteam?
valuable
hundreds
allow
house
canresource.
your
keys,
work
of hours
contractors
much
during
moretheand
Bring advertising
E-BOOK: Flipping Houses materials
Manifesto
to leave at the property and promote your business!
We put aon4Õoutside
banners x 8Õ foot of house. You can at minimum put signs on the front lawn prom
oting
buying
It
Flashlight
is always
your
business.
house-
a good Takeidea
advantage
to carryofwith
thisyou
ÒfreeÓ
a flashlight
advertising
in case
opportunity!
power has not be
en turned
not work. You
on ordodoes not want to waste a trip and not be able to properly complete y
our Scope
The
ScopeofWork
walkthrough.
of Work has transformed our rehabbing business. It itemizes exactly wh
at has to bethedone
throughout entire rehab process. It is the actual black and white paper pres
entation
you want done
of everything
to the house. When someone has completed reading the scope of work
have
theyashould
clear visual of what your finished house will look like. Once youÕve comple
ted the walk-though,
initial steps of the now youÕll come back to your desk and start reviewing the pho
tos,theinspection
form,
In and
beginning
sketches. of your rehab career, detailing what you need in the Scope of W
ork will
quite a bit
takeofyou time (however, the smart investor will just print and use our Sco
pe of WorkYou
project). forwill theirreference the Scope of Work during every step of the rehab. Y
our Scope
list all ofoftheworkEXACT
willmaterials to be used -trim, carpet, paint, etc. All materi
als costs.
and are listed
Interior,
with specs
exterior, room by room, everything is covered. With your Sc
ope only
not of WorksaveyouÕll
an incredible amount of time, it will also eliminate discrepancies
. Essentially
enables you towhat do isthis
ÒMcDonaldizeÓ the system for contractors and for future rehabs.
The Scope of Work is really the foundation for the rehab project because it stan
dardizesuse,
youÕll thesaves
materials
you time, and holds contractors accountable. If youÕd like to dupl
icate of
Scope ourWork
exactTemplate check out Paul Esajian and The FortuneBuildersÕ RehabbingFo
r Huge HomeStudyCourse. To find out more about our home study courses and life
Profits
changing
seminars
Contractors
When itÕsgo
live
time
&to:JobBidding
towww.FBTrainingHUB.com
start getting contractoror call
bids,
888-807-9964.
youÕre going to want to bring in mu
ltipleatcontractors.
Make least 10 copies of your Scope of Work (and make sure youÕve made a finishe
d version
looks professional).
that YouÕll also include the Standardized Quote Itemization Form;
leavejob
your thesite
copies andatyou can begin to send contractors to the house. Contractors fi
ll out
and labor
there
charges
materialfor every component of the job for every section of the house
and you
Now sendcanbackcompare
to you.apples to apples. YouÕll want to receive back AT LEAST three b
ids on every
component of the house to evaluate quotes properly before your choose a contract
or. WithyouÕre
sheets thesegoingbid to gain so much pricing knowledge simply by reading over multi
ple contractorsÕ
Plus,
sheets. you know exactly bid what the contractors are charging you for every single co
mponent
not justofgiving
the job, you a flat price for the entire job. If youÕre getting a significa
ntly betterofprice
components the job
on certain
(i.e. the roof) you can plug another contractor into that
specific
rehab andelement
therefore of SAVE
the MONEY. Potential contractors and re-peat contractors se
e they
competitively
Would
Learn
or
www.FBMasteryCoaching.com
callhow
you
must
myyou
like
office
price
ontoevery
can be coached
qualify
888-807-9964
element
by going
byofmethe
andjob
to: my team?
to be awarded their bid.
Hiring and
E-BOOK: Flipping
ManagingHouses
Contractors
Manifestois BY FAR the most pivotal element of a successf
ul rehab.
have a complete
I literally
manual covering just this topic included in the Rehabbing For Hu
ge Profits
Study
After
decided
the
and
Now
ContractSigning
RehabberÕs
sold
you
Course.
retiring
tohishis
have Home
latest
bids
fromback
next
Bootcamp
thein,
challenge
rehab.
NavyyouÕve
earlier
after
wasthis
real
evaluated
23and
years
estate.
haseach
ofjust
service,
Mike
bid,
completed
attended
made
Mikeyour decision and itÕs ti
me to sign.ofThe
liability getting your actual documentation signed and in order, is something
adhere
EVERYONEto.needs
DO NOTtodo rehabs without filling out all the paperwork with all your ÒiÕs
Sit
crossedÓ.
dotted
downandwithyour
thetÕs
contractor whom youÕve Òawarded the bidÓ (given the job to). Now you
motivate
have to the contractor, by explaining the opportunity for repeat and consistent
company
future using
work witha point
yourby point ÒIntroductory Contractor Meeting OutlineÓ. Discuss th
e standardized
materials (scope of work); make clear you will not be standing over their should
er. Explain your
expectations and lay out your parameters of which they are to work in. It is imp
ortantattohand.
task clarify
Also,theyou have to dictate who Òwears the pants.Ó You are the boss. Oft
en a come
will contractor
in and want you to sign their paperwork. ThatÕs not the way we do busine
ss, we find
contracts
YouÕll useandour
that
ouracontracts
quality contractor
ONLY. will be excited because they are working wit
h aclear
is professional,
communication
thereand they have the Scope of Work so they can go ahead take
horns
the bull
and get
by thethe job done. A professional contractor realizes the quicker they
do the work
quicker the job
the is done, the quicker they get paid and can get onto their next j
ob,call
more
Would
Learn
or
www.FBMasteryCoaching.com
and
money
youmy
howfinally
like
you
through
office
can
tomake
bethecoached
qualify
888-807-9964
course
by going
byofmetheto:
andyear.
my team?
This
6E-BOOK:
Independent
Essential
agreement
Flipping
Documents
Contractor
isHouses
the Òmeat
Agreement
Manifesto
and potatoesÓ, itÕs so incredibly vital. It outlines condu
ct and timelines,
rules, behavior warranties, penalties, the specific insurance they must have a
nd who will
permits. Go over
be pulling
everything to get it etched in stone. ItÕs the first and most imp
ortant binding
agreement, if a contractor doesnÕt sign it, we donÕt do business with them. This is
handsimportant
most down the document in our whole business. We have literally saved hundreds
of thousands
dollars a yearofby establishing the rules & protecting our liability with our Ind
ependent
Scope
Agreement.
LeadingofupWork
Contractor
to the point where youÕre signing with the contractor, you will perhaps
after
have contractor
a few changes suggestions, a second walk-though, etc. However, when you sit d
own to signyou
agreements theneed your finalized Scope of Work which the contractor will be wo
rkingPayment
Payment
The offSchedule
of.Schedule outlines each payment the contractor will get, with benchma
rks and milestones
specified before each check is received. For instance the schedule is broken out
under
into each
5 payments;
payment will be the correlating benchmark or milestone of the job tha
t needs tobefore
completed be that payment is made. Without this clarification you WILL run i
nto contractor
the
Contractor
This problems
form clearly
Insurance
with
wanting
states
Indemnification
more
themoney
insurance
thenForm
they arerequirements,
minimum owed. and assigns the res
ponsibilitytoofthe contractor who must have and keep current the required level of
insurance
holds
insurance.
them liable.
The formWhen introducing this form to a contractor, I require that ou
r company
(as an additionally
gets addedinsured); that the insurance document specifically identifie
s the property
covered, and thebeing
insurance binder is faxed back to me. ItÕs important not only now
, butdocument
this you may touseprotect yourself from paying that contractors tax liability, th
is may tax
during be anseason
issuesif you can not prove, with documentation, that the contractor
is call
independent
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or
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in how
fact
youmyyou
like
and
office
contractor
can
to 888-807-9964
be coached
qualify
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byanmeemployee
and my team?
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W9TaxForm
AE-BOOK:
W9 is filled
FlippingoutHouses
and signed
Manifesto
by the contractor at the time I first use their se
rvices.
with us they
Afteraretheir
goodfirst
to gojob(they donÕt need to sign a new W9 for each job they do
need
for this
us & signed
we onlyonce a year). Remember, youÕll be working with a lot of contracto
rs justyouONCE.
Maybe like the job, maybe you wonÕt or maybe they didnÕt complete the work and j
ustthe
At tookendoff.
of the year, you MUST have all the necessary documentation to 1099 al
l of theused
youÕve contractors
so that you are not responsible for their tax liability. If you donÕt ha
ve the W9 information
necessary with the and you canÕt track them down, you canÕt defer the taxes to th
em (bad
you
This
FinalandUnconditionalWaiverofLien
because
waiver
newsis
iffornot
you signed
canÕt 1099
up front,
them, but
youritÕs
responsible
imperative
foryou
thethoroughly
associatedreview
taxes).it w
ith thethis
during contractor
initial meeting. HereÕs how you explain it to your contractor, ÒOnce the
finished,
whole jobthe is punch list is completed and the work is okayed by me, you WILL sig
n this
before
By introducing
Ifinal
givewaiver
you
thistheform
final
before
payment.
the job starts I handle the objection and IÕm met
withend
the lessofhesitation
the job becauseat they know they are going to be held accountable & res
ponsible
this document
for signing
if they want their final payment. The waiver of lien protects you
against
that ariseanyfrom
disputes
bogus or fraudulent mechanics liens that might come in the futur
Every single document must be signed, organized and filed with the purpose of be
e.
ing future
the easily (not
foundjustin while youÕre working on the project). Even with the smallest
job of
all youthese
NEED documents
to get signed. You have to do it right from the beginning and yo
uÕll(trust
off
Now,
RehabProcess
be are
we so me
much
actually
I learned
bettergetting
the hard
intoway
thethrough
rehab itself.
many costly
Remember,
mistakes).
a key component to
isa to
successful
prepare and rehabdo your due diligence prior to starting the actual work, which
much
is why
effort
we pour
intosothe steps leading up to this. Once the first three steps are co
mpletetoandstart
ready we are the rehab process, itÕs time to pull permits and get inspections co
Would
ordinated.
Learn
or
www.FBMasteryCoaching.com
callhow
youmyyou
like
office
can
to 888-807-9964
be coached
qualify by going
by me to:
and my team?
I will have
E-BOOK: Flipping
a oneHouses
last meeting
Manifesto
on the job site right before we start the work wi
th the
and allHead
the Tradesmens
Carpenter and Contractors. IÕll go over the project and introduce the
GCHead
whoCarpenter
will be the or one they refer to for any construction questions (I shouldnÕt b
e called
needs to be
whenmoved
a stud
or a subcontractor is sick). There are five major milestones f
or theprocess
rehab permitsinandgeneral. Now if youÕre doing a minor cosmetic rehab youÕll obviousl
y not be doing
frame-out, but we
a are going to teach all the steps for a full-gut so when the jo
b callsthem.
apply
Gutting
Clean-out forcleaning
or it you can out the rooms to be demo-ed, any special layout changes, wal
ls being
etc
The
Frame-out
will be
Carpenter
taken
done
crew
out,
nowframes-out
(this is all
the of
grunt
thework).
rooms first. Once the frame out is done
, weÕll
mark up (with
go in spray
and can or thick black market) every aspect of the layoutÉtub, sin
k, toilet,
phones so thestove,
plumbers and electricians know exactly where to Órough inÓ. Once the f
carpenter has framed out and weÕve marked the place up, now the various tradesman
raming
and contractors
come
Electrician
Rough-out
in. comes through to hardwire -new wiring, smoke detectors, cable, phone
s, etc.through
comes Plumberdoes plumbing in kitchen baths, etc. Heating specialist (HVAC) rou
ghs-out your
heating/cooling system -duct work, baseboard heating, etc. Now we are at the fir
st round of The order of operations is important here. First, all of the subcon
inspections.
tractors
Rough Inspections
must get done
theirand okayed (plumbing, heating, and electric in no particu
lar order).
your head carpenter
Then will call in for the final rough inspection by the Framing a
nd Building
After
Insulation
Final Rough
Inspector.
Inspection is complete, then all your insulation is put in and
inspection
Once
Finishing
you that
have insulation
one
justmore
for theinspection
insulation.
is passed, you can now sheetrock, tape, sand, an
d get ready
trimming outforthe property. The carpenter will trim out doorways, windows, trim a
nd call
Would
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or
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baseboards.
youmyyou
how like
office
can
to 888-807-9964
be coached
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by me to:
and my team?
Once trimFlipping
E-BOOK: is done,HousesitÕs time
Manifesto
to paint! After the interiors painted the plumber, el
ectrician,
back in forHVACa second
come time to trim out or drop fixtures. Last but not least is th
e flooring;
carpet
Now youismust
always
flooring
get your
the LAST
and
Finalthing
Certificate
to go in!Of Occupancy (COÕs). Your last round of in
spections
your CO follows
to obtainthe same order as the initial rough out inspections -first all o
f theget
must subcontractors
their final inspections okayed before your final building inspector com
es injobtoisgive
The
ContractCloseoutcomplete
a CO. and now we are ready to do a walkthrough with a final punch-
list. WILL
there Listenbeup;things that the contractors have missed or must be touched-up or r
e-addressed.
notes on the punch
Make list of everything that needs to be finished up before they r
eceive their
payment. Oncefinal
theyÕve completed the final punch list, and the final product is oka
yed bytheme,Unconditional
sign they Waiver Of Lien and they receive their final payment. Gett
ing the alien
signed, copywaiver
of the final Certificate of Occupancy, and completing the punch l
ist isA CONTRACTOR
GIVE crucial. DOTHEIR NOT FINAL PAYMENT BEFORE THE FINAL PUNCHLIST IS COMPLETED TO
SATISFACTION
We
FinalTouches
aThe
dirty
house.
(especially
and
Second
YOUR
cleaning
are
first
if
will
astep
now
Women
she
buyer
not
order
critiquing
person,
isÐthe
AND
tend
commit
will
not
stage
ofTHEY
kitchen
tohave
pleased
operation
not
tohave
theHAVE
the
yourself
buying
a with
and
house!
house
hard
the
SIGNED
baths)
Ðthe
final
get
time
the
The
Ðashouse.
THE
time
ifsay
the
cleanliness
sheÕll
house
imagining
UNCONDITIONAL
wehouse
is
when
are
is
money).
be vacant,
athemselves
cleaned
purchasing
turned
potential
of Ifwhat
theWAIVER
off
(preferably
the
home
ayou
immediately
buyer.
house
in
home
OFthe
want
LIEN!
isbyto do is stage i
t to visually
optimize the space and highlight each room. You want the buyer to walk into the
kitchen andatseehome. Adding hand towels with a matching mat, a tea pot, and some
themselves
aflowers
tremendous
will difference.
make Fresh potpourri, a soap dish, candles, and a shower cur
tainserene
and set a feeling
soothingin the room. Often, when I get an offer on one of my rehabbed
buyer
properties,
will actually
the write into the contract Òall staging items to stay in home.Ó Tha
t means those
definitely influenced
items their decision to put in an offer! Staging a home should n
ot cost
$500 if you havemore the
thanproper shopping list and know where to purchase your materi
als. Theyour
staging costhouse
of will easily pay for itself by getting that investment back te
n fold,thesoproperty
underestimate
After donÕtthe power
is cleaned
of setting
and staged
the stage!
go back with your camera and take after
-pictures. copy
documented ItÕs fora your files and moreover youÕre building your portfolio, these
photosinstant
build
Finally, will
we change
help
credibility
the lockbox
for future
code! This
jobs.will prevent against theft. You also w
ant to have
control and knowledge
complete of anyone going in and out of the property and when! ItÕs a
verycall
final
Would
Learn
or
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important
step.
you
how
myyou
like
office
can
to 888-807-9964
be coached
qualify by going
by me to:
and my team?
The valueFlipping
E-BOOK: that weHouses
have gotten
Manifesto
from breaking the rehab into seven stages, itemizi
ng checklists,
being able to MANAGEand THE PROCESS through a series of systems and checklist with
our RehabManual, allows us to remove ourselves and focus on generating more busin
Systems
ess. These
systems also empower the people we are working with to take on more responsibili
ty whilethe
through theysystem,
work and thatÕs the key. The value of our contractors quadruples! A
ll offocused
are our systems
on saving TIME, being more EFFICENT, decreasing RISK, and guaranteei
ng PROFITS.
THE
Ok,
The END,may
you
answer orisbe
THENOTHINGÉ
thinking,
NEW BEGINNING?
Everything
great ebookÉ,
will remain
now what?
absolutely the same if this is where
donÕt
you stop
takeandthe next step of transforming your tomorrow. Allow me to share with you
than
a brief
can help
insightyou make a decision on committing to your goals 100%... I donÕt defi
anereal
my life
estate
as investor.
being I use real estate investing as a tool to create an amazi
ng lifestyle
dream of. Thethat reasonmostI started
only on this journey in the first place was because I
didnÕt What
living
about.
adventurous
wantaverage
an Itowanted
lifesettle
Ilife.
felt
was
forGREAT
Nor
an exciting,
didabout
I want
everyday!
spectacular,
a life I wanted
felt OKto create an extraordinar
y life,
real estate
and hasthatÕsallowed
what me to do. Is this something you are seeking in your life
? If your
ÒYES!Ó thenanswer
take the
is next steps that will help you achieve this amazing transformati
onÉotherwise,
down this ebookputor turn off your computer and go back to the same familiar routi
ne. Either
understand
IÕve packedyour
way,
as much
choices
information
and liveaswith
humanly
no regretsÉ
possible into this Flipping Houses Star
t-Up Guide,
reality is whatbut IÕve
the shared with you here is just a tip of the iceberg of informat
ion money-making
the and application techniques
of and systems we have to offer. Whether youÕre a beginne
r or a seasoned
investor, if you want to make this business everything it can be, you can NOT af
fordtake
So to the
stopnexthere!step and visit us on the web at http://www.FBTrainingHUB.com or
and
pickcall
up mytheoffice
phone at 888-807-9964 to learn more about our courses, upcoming liv
e events
Take
Would
Learn
or
www.FBMasteryCoaching.com
call
control
youmyand
how like
you
office
trainings.
of
can
toyour
be coached
qualify
888-807-9964
futurebytoday
by meand
going andbegin
to: my team?
your journey of transformation now!
ÒThan,
E-BOOK:
For
FortuneBuilders
or
http://www.FBTrainingHUB.com
WHAT
888-807-9964
call
latest
PEOPLE
thanks
Flipping
news,
AREforSAYING
events,
Houses
blogs,
everything
ABOUT
Manifesto
trainings
visit:
USÉ have
you and taught
live over the past year. Using your market
ing systems
found a singleI family home that was in foreclosure right here in the bay area. I
Would
Learn
or
www.FBMasteryCoaching.com
bought
callhow
youmy
theyou
like
office
property
can
to 888-807-9964
be coached
qualify by going
by me to:
and my team?
subject to
E-BOOK: Flipping
just like
HousesyouManifesto
taught me, rehabbed it, and sold it for a profit of ove
r $200,000
great
-Steve
ÒAttending start
ElcanThe
dollars.
and
Ð FortuneBuildersÕ
Fremont,
I amThislooking
CAis forBootcamp
an apartment
was abuilding
pivotal moment
next.Ó for us and our busines
s. We the
about learned
systems that have made CTHomes as successful as it is. The bootcamp wa
s interactive,
hands on, full of energy, and very motivational. It was during that bootcamp tha
t we decided
needed to hitwethe ground running and jump right into real estate investor. There
anything
simply wasnÕt
more to wait for. We approached the CTHomes crew and they could not hav
e been more
helpful or supportive. We were actually shocked as to how approachable these ind
ividualstook
really were.
theThey
time to listen to our questions and address our concerns. They w
ere so helpful
interested in OUR
andsuccess that within 30 days, we had purchased our first rehab
property!
the BootcampWithout
and the ongoing support and advice from Than, Paul, JD, and the res
t of the
crew, it would
CTHomeshave been extremely difficult for us to have taken this big step
in our attending
careers.
-Christopher
ÒAfter newThank
investment
Musial
youyour
toandseminar
theAdam
CTHomes
Kosiorek,
I wentandback
Fortune
OpenandDoors
Builders
put LLC, Southington,
everything
family.Ó
into effect
CT and last
3year million
I acquired
dollarsoverworth of real estate using the techniques you taught me. Also,
that
I want
I amyoubuilding
to knowmy parents a house using the profit from one of my latest dea
ls. IIAlena,
done
-Liz
When itcouldnÕt
first
without
Groton,
heard
have
yourThan
CThelpspeak,
Than Iandrealized
I canÕtright
thankaway
you that
enough.Ó
this guy Ð and this comp
any Ðtohadnotwhat
took onlyitbe successful, but to help me be successful, too. I signed up f
Iorheard
a 2-daybothcourse
Paul and
whereThan speak. From those 2 days I realized that I had finall
y found
that understood
a companythat it takes more than just hard work and desire in order to be
Ireally
longterm.
finallysuccessful
found some people to help me learn the systems to get from point A to
B. I hada sizeable
wasted already amount of money taking another course, but I realized I needed
course
to learnmaterial,
not justbutthethe systems they were giving, in order to build my business
. I bought
courses on wholesaling,
all their marketing, and rehabbing and plunged in. I devoured the
CDÕs and
began to implement
the books,the marketing and the systems, and finally began to see my bu
siness take
attended twooff.
moreIof their full Bootcamps and learned a whole lot more. I made e
nough
my first
money
2 deals
off that I just hired my first full-time assistant. I fully expect
6mytimes
business
overtothis
growyear
at because
least of what I learned and because of all the help the
y have looking
youÕre been to forme. aIfcourse that is definitely worth your money, this is one you r
eally canÕt
-Barton
miss.
"Than, IWallace,
canÕt
afford
thank
President,
toyou enough Barton
forProperty
helping myGroup,
business
Hingham,
partner
MA and I get started
in this
have wholesaled
business.seven
We properties using your systems and have made over $80,000 d
ollars
the pastinsix
profit
months. However, I canÕt thank you enough for helping us avoid what c
ouldjust
fatal
-Mark
"I have
mistake
C, wanted
Las
beenVegas,
onto
a one
thank
NVof you
our for
mosthelping
recent us
deals."
get started in this business! My busi
ness grown
have partnerourAlexbusiness
and I so quickly due to your systems for buying and selling pr
operties.
we bought and
Lastsold
year27 properties. In fact, last week we just sold a property for
profit!
a $33,000 We would
dollarnot have been able to do any of these deals without your help.
Thanks
Would
Learn
or
www.FBMasteryCoaching.com
callhow
you
Again
myyou
like
office
Than!
can
to 888-807-9964
be coached
qualify by going
by me to:
and my team?
"I attended
E-BOOK:
When
-Gregg you're
Cohen,
Flipping
inProgress
ThanÕs
Jacksonville
Houses
seminar
Home
Manifesto
where
we oweheyou
Buyers, Jacksonville,
gave
a me
beer!"
the recipe
FL. for success and how to make
real
moneyestate
in thebusiness. Not too long ago I finished my first rehab which I bought,
inrehabbed,
a 2 monthsandtime
soldframe
it and made over $49,000! Than, from the very bottom of my
You!
-Tom
"IheartÉThank
attended
It has ThanÕs
Volarat,already
Modernseminar
made
Homesa after
positive
LLC, East
doing
impact
Hartford
8 real
in estate
my lifedeals
CT as a and
whole!"
I learned technique
s thatmeIdoing
have know 25
willdeals in no time. Than truly covers every single topic that you
business
will encounter
that will in make
this you successful. When you leave you will be armed with th
e tools
-John
"The great
Delserone,
forthing
success!"
Cleveland,
about the FortuneBuilders
OH team is that they are real (actually
working
and reputable.
the business)
The systems they teach, they use. I know they actually care and a
re concerned
those who trulyforwant
all to have and build this type of business. Thanks for being R
-Jim Kreisher,
EAL!"
"ThanÕs seminarWyomissing,
was the mostPAcomplete training program I have been involved with.
Using the I learned from Than I have completed 8 wholesale deals with total pro
techniques
fits year
this of $87,000
I haveso2 more
far deals scheduled to close this month. I now have a steady
coming
streaminofevery
leadsday and, most importantly, I have a SYSTEM for turning those lea
ds into
-Dave
pocket."
"As a top
Durrell,
cash
producing
inChampion
my realtor
Properties
AND a closing
of FL, agent
LLC, Clearwater,
in the stateFLof Florida, I thoug
ht I acame
with goodtoknowledge
this course base, however, I cannot begin to tell you how much quality
knowledge
informationThanandMerrill passed on to me. The seminar was fun, exciting and packed
complete
-Judy
Would
Learn
or
www.FBMasteryCoaching.com
with
callhow
useful
Scotland,
you
myinformation."
like
you
office
&can
toFoster-Healey
be coached
qualify
888-807-9964
by going
byReal
me to:
Estate
and my team?
Inc, Ocala, FL