We want our Investors to be conditioned to do as much homework up front as possible before
They (or you) ever set foot in the car, burning up your gas and your time.
The worksheet on the next page is the exact plan I follow when I make all of my investments. It is the plan I use when teaching several hundred students, and it is the plan I follow when I teach real estate agents how to work with investors.
It is a good plan. Follow it.
- First we will have a telephone conversation to establish your investment goals. At this point you need to have available cash or credit to continue.
- Send your name, email address, and phone number to me at: email@example.com
- Set up your search criteria on the MLS system.
- Initially you will get an email with a link to the MLS system. The first property matching the
- search criteria will be shown with a drop-down box at bottom left allowing you to scan forward to other listings. You will receive the “FULL” listings. This first email will consist of several hundred listings.
Next, you will separate the good from the bad. Your objective is to narrow the list down to about 30 properties. Compare the list price to the market values for the area. The list price should be below the market value.
Look at the photograph(s) of the property, the lot size, room sizes, and other characteristics. This will take a few passes. As you narrow the list also use the county website for further research. This is a process that you will get better at with experience.
6.The resulting list of 30 or so properties is your drive-by list. Now you will drive by the properties to further narrow your search down to 10-15 properties.
7. At this point you will email me the remaining properties. Send the MLS numbers in a comma-separated list. I will review your homework, making notes, and help you narrow the list down further. This will typically result in 7 final properties.
- Now you will schedule an appointment to go see the properties.
- After viewing the properties you should have a list of 4 or more properties that you will fill out the MAO and Cost Sheets for. Sometimes you will do this for all the properties.
- I will review your list with you and help you decide which properties to make offers on.
- Fill out the “Offer to Purchase,” make a photocopy of your hand money check, and provide both with proof of funds to me.
- Now you make the offer(s)!
This is where your ability to turn a profit to make the most money, to make more money and not more work, is going to be dependent on this 12-step process. This is exactly what I use to actively invest myself, without any assistance.
Furthermore, it’s what I have taught my Investors, face-to-face. Now I teach them online. I do some live teaching, but quite frankly, I no longer need to travel as much as I used to. I live out on the water. I go out on the water every day, and thanks to technology, I’m loving life right now. If you follow my system, mark my words and write this down, I promise you will make more money and not more work. Your Investors will do the work as you guide them. First you will have a telephone conversation with your clients. Later I’ll show you how to get clients, don’t worry.
That’s Module Four. At this point, your clients need to have available cash and/or credit, no exceptions. If they can’t prove to you that they can qualify for a loan and they can’t prove to you that they have cash, don’t work with them. You’ll be wasting your time.
Do not violate that rule, period.
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