With the diamond package we purchased back in April 2014, we were authorized a one-on-one training to help us in areas we were having trouble with and answer any questions we had. At the Buying Summit in July 2014, the company offered us a group one-on-one instead, and they would fly us back out to Las Vegas in September 2014 a few days before that month’s Buying Summit for free. All we would have to pay is the hotel costs.
Everyone who accepted the group one-on-one arrived on Tuesday morning. That afternoon, my husband and I met the other investors who were attending the session and also the trainers who would give the training. Everyone was broken up into 5 different groups of about 20 people. The trainer’s purpose was to troubleshoot problem areas and resolve difficulties through refining buyer lists and consistently making written offers.
The evening’s training asked the following troubleshooting questions:
· How many cash investors are on your buyers list?
· How many property listings have you gone through?
· How many ‘A’ properties have you walked through?
· How many properties have you run numbers on?
· How many offers have you written?
· How many offers have you had accepted?
The trainer then gave us the solutions of having a buyers list, having a realtor, grade the property listings A, B, or C, running the wholesale numbers, and making offers.
Next, we reviewed different wholesale techniques – Bird Dog, For Sale by Owner (FSBO), Assignment of Contract, and Double Close. From here, the trainer discussed the importance of having a buyers list and the different types of purchases we could make. The different types include fix and flips, buy-and-hold, and passive (rental). We also talked about the different techniques for finding buyers to add to our buyers list.
These techniques include Craigslist searches, bandit signs, real estate investment clubs, and foreclosure auctions. With Craigslist, you select your location, then under “housing” tab search “we buy houses”. When it pulls a list up of local buyers, write down their contact information and then contact them to see if they would be on your buyers list. Bandit signs are the #1 technique to find buyers. One normally places the signs at busy intersections, freeway entrances and exits, and shopping areas during the weekend, but they should be picked up before they can interfere with regular business.
Real estate investment clubs are another good way to meet other investors and make great contacts. With foreclosure auctions, when you first go, you want to look around at the people bidding on property. Once the auction is over, go up to them and ask them questions about what they do with the property. After a bit, ask them if you can run the numbers by them in the case you find a good property.
The last topic of the night was about having a power team of realtors and closing agents to help you find and close on property. When you call a realtor, tell them you are looking to buy, fix, & sell houses within your price range, where you can make a respectable profit after rehab. Then let the realtor know what kind of property you are looking for and your search criteria. Search criteria can be REO/vacant, needs work, price reduction, or excess days on market.
The next day, we started out learning how to read and grade a MLS listing. There are three types of property, A, B, and C. You want to purchase ‘A’ properties. To determine what type of property the listing is, you need to look three variables: if it is vacant, the condition of the property, and the motivation of the seller. A ‘C’ property only has one variable, a ‘B’ property has two variables, and an ‘A’ property has all three variables.
Finally, everyone got on buses, and we took a tour of 5 different properties in the Las Vegas area. For each property, we had fact sheets that told us how much the property was purchased for. We were able to see different stages of rehab at each property and what the intention for each was.
Everyone who accepted the group one-on-one arrived on Tuesday morning. That afternoon, my husband and I met the other investors who were attending the session and also the trainers who would give the training. Everyone was broken up into 5 different groups of about 20 people. The trainer’s purpose was to troubleshoot problem areas and resolve difficulties through refining buyer lists and consistently making written offers.
The evening’s training asked the following troubleshooting questions:
· How many cash investors are on your buyers list?
· How many property listings have you gone through?
· How many ‘A’ properties have you walked through?
· How many properties have you run numbers on?
· How many offers have you written?
· How many offers have you had accepted?
The trainer then gave us the solutions of having a buyers list, having a realtor, grade the property listings A, B, or C, running the wholesale numbers, and making offers.
Next, we reviewed different wholesale techniques – Bird Dog, For Sale by Owner (FSBO), Assignment of Contract, and Double Close. From here, the trainer discussed the importance of having a buyers list and the different types of purchases we could make. The different types include fix and flips, buy-and-hold, and passive (rental). We also talked about the different techniques for finding buyers to add to our buyers list.
These techniques include Craigslist searches, bandit signs, real estate investment clubs, and foreclosure auctions. With Craigslist, you select your location, then under “housing” tab search “we buy houses”. When it pulls a list up of local buyers, write down their contact information and then contact them to see if they would be on your buyers list. Bandit signs are the #1 technique to find buyers. One normally places the signs at busy intersections, freeway entrances and exits, and shopping areas during the weekend, but they should be picked up before they can interfere with regular business.
Real estate investment clubs are another good way to meet other investors and make great contacts. With foreclosure auctions, when you first go, you want to look around at the people bidding on property. Once the auction is over, go up to them and ask them questions about what they do with the property. After a bit, ask them if you can run the numbers by them in the case you find a good property.
The last topic of the night was about having a power team of realtors and closing agents to help you find and close on property. When you call a realtor, tell them you are looking to buy, fix, & sell houses within your price range, where you can make a respectable profit after rehab. Then let the realtor know what kind of property you are looking for and your search criteria. Search criteria can be REO/vacant, needs work, price reduction, or excess days on market.
The next day, we started out learning how to read and grade a MLS listing. There are three types of property, A, B, and C. You want to purchase ‘A’ properties. To determine what type of property the listing is, you need to look three variables: if it is vacant, the condition of the property, and the motivation of the seller. A ‘C’ property only has one variable, a ‘B’ property has two variables, and an ‘A’ property has all three variables.
Finally, everyone got on buses, and we took a tour of 5 different properties in the Las Vegas area. For each property, we had fact sheets that told us how much the property was purchased for. We were able to see different stages of rehab at each property and what the intention for each was.