The 2 Questions Every Real Estate Investor Must Ask to Close More Deals | Keep It Simple
#ComplexFinancing #CreativeFinancingSimplified #SellerFinancing
Casey and Ryan - Casey Dehle, Ryan Harper, Guest: Dan Diaz
Dan Diaz gives some tips and tricks that he uses to compel sellers to sell their property.
For these tips to be effective, you must do your research and know as much as you can about the property. Know the liens, know the history, know the mortgage, know everyone who needs to sign the contract. Know all the strategies available for this specific property. Cash, Wrap, Sub2, etc.
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QUIZ
1.What are the two options you offer every lead?
2.What is the first question you should ask at a lead appointment?
3.What is a powerful tool you can use at a lead appointment?
4.As an investor why is it important to understand your state promulgated real estate purchase agreement?
5.What question should every investor start employing?
6.What 3 books were recommended on this show?
When you show up to the appointment:
Introduce yourself then ask “Who am I writing the check out to today? Bring the big check book (The Triple), write a $1,000 to that person. Tell them, If we can broker the deal today, you can take this check to the bank today.
Tell every lead that you will offer them at least 2 options: cash or more money over time.
Option 1: Lump sum of Cash, Quick close in next couple of weeks. You will have to give up a portion of the equity in that case. Using the term Lump Sum of Cash is important as it is the same term used in the lottery.
Option 2. The opportunity for you to get more money over time. Keep the options clear, simple statements. They will likely ask for more detail on option 2.
If they want more detail on more money over time: Use an example with easy numbers. For example, a home worth $100,000, it needs no repairs and the seller wanted $100,000. You can pay the full $100,000 if the seller will accept 180 equal payments over 15 years.
If after 20 minutes of discussing the deal and there is no decision:
Tell them, I’m going to need that check back. The psychological impact of taking the check back is removing money from their hands. Because the check was handed to them at the beginning of the appointment, they have been looking at it, holding it.
Give the seller as much information as they want.
If it is an emotional seller, they just want to know they are secure. If it is an analytical seller, they many want to know what legal documents and the process. Such as the Deed of trust, 1st lien position, promissory note, close at a title company.
Playing dumb allows you to gauge what the seller truly wants.
For example, if the seller asks you, “How much are you putting down?” You should ask, what do you mean by that? Then let them explain what they mean, this will allow you to gauge what they are thinking, they may have a completely different idea. If they say, “I was wanting 5 down.” Again, playing dumb, you ask “5 what?” They may say $500, 5%, $5,000, don’t assume you know their though process.
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