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Lessons Learned on Bridle Lane
T his month, I would like to share with you a story about a deal I closed just four days before writing this article. Keep in mind that this is an example of my average deal. I close around three deals a month, with about $60,000 of profit each — double the national average. But this particular deal, which took place on Bridle Lane, is an excellent example of how I make successful transactions possible through negotiation, maintaining a strong team, and pursuing the right deals in the first place. I do a lot of marketing to local sellers. For example, I use direct mail, my foreclosure system, and Facebook marketing. But I’ve found the best leads come frommotivated sellers who find us organically through an internet search. What’s really nice about organic searches is that this method brings me better-qualified leads. When someone sees my ad on Facebook, they probably aren’t looking to sell their house right that second. But with my website and Google AdWords, my message goes directly to people who are looking for it online. In this Bridle Lane deal, the seller typed the address of their property into the Google search bar, along with the keywords “buy my house fast.” Because the property’s address is in my target market, my website popped up as the first result. As a side note, I use two different websites — one for buyers and one for sellers. These are two completely different markets and they need two completely different messages. I always recommend avoiding combining buying and selling websites into one website. You can check out the website I use to locate motivated sellers like the one on Bridle Lane at www.JayBuysHousesFast.com . Organic Marketing
• The house was only halfway rehabbed, and the owners didn’t want to come up with the money to finish the project.
• The owners would not list the house with a Realtor in its current condition. The house was uninhabitable, which meant a traditional bank or mortgage company wasn’t going to lend money for this house. All these factors meant this seller could not go through traditional ways of selling their house. They needed a more efficient opportunity for their situation. Fortunately, with private money, I could offer this seller the solution they were looking for: a fast, clean closing.
Simple Step-by-Step Process
From locating to closing the deal:
1. After finding my website, the seller fills out the property information, including their email, phone number, and the address of the house they want to sell. When they click submit, this information is emailed to me and my acquisitionist. 2. My acquisitionist is the first person the sellers talk to. She fills out a property lead sheet with the details I need to determine whether this is a deal worth pursuing, including whether or not the house is vacant, whether there’s a mortgage on the house, and what kind of repairs are needed. She also negotiates price with the seller, bringing me the lowest price they are willing to close on. 3. After my acquisitionist and I discuss the prospective deal, my Realtor calculates the comparative market analysis (CMA), while my contractor prepares a budget sheet for what all the repairs on the property will cost. 4. If the “Spread” — the difference between the after repaired value (ARV) and the purchase —makes sense, then my acquisitionist sends my contractor to the property to estimate repairs.
What Makes a Motivated Seller?
This seller had four motivating factors that encouraged them to sell — and sell quickly.
• They were out-of-state owners living in Ohio.
Continued on page 3 ...
• The house was vacant, meaning it was a non-performing asset.
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Do You Make These Common English Mistakes?
We have a very serious problem these days. The problem is that most people just flat-out suck at communicating, especially when it comes to writing. It doesn’t matter who they’re communicating with — a coworker, a boss, clients or prospects, their kids, or even spouses and significant others. When it comes to communication, most people’s spelling, grammar, and ability to write a simple sentence often leave a lot to be desired. And you know what bad communication leads to? Problems — misunderstandings, lost sales, hurt feelings, lowered status, misperceptions, and much more. Although many problems come from a lack of communication (which will have to be the subject of another article), today we’re going to focus on a few common errors that are used in writing. Here’s a quick and fun challenge for you: Go on your favorite social media site, like Facebook, Twitter, YouTube, etc., and just read what people post and comment on there. Is it easy to read and understand? Do things make sense? Are you able to “pick up what they put down”? And how is their spelling? spell correctly or communicate in a way that people can understand, you’re going to have a hard time being understood. Your status will be lowered, and people are going to perceive you as unintelligent, especially if you frequently spell things incorrectly. If you can’t get your thoughts and ideas across clearly and concisely, you’re going to confuse the crap out of people. And do you know what a confused mind says? “NO!” As in, “No, I’m not going to accept your offer or buy your product because I’m confused!” But fear not — I’m here to help! Now I’d like to share with you ... My Personal List of Common Mistakes That Most People Make When They Write 1. Loose vs. Lose A knot can be too loose . You can lose something, like a game, your sanity, or your virginity. Listen, it doesn’t matter how smart you are. If you don’t
Example: “I don’t want to lose the opportunity to impress her because my tie is too loose .”
2. Dinner vs. Diner Dinner is what you eat. A diner is where you eat it. Example: “Let’s go grab dinner at Silver Diner .”
3. Their vs. There vs. They’re (My favorite!) There is a place or direction. Their indicates possession of something. They’re is a contraction of the words “They are.” Please don’t mix these up! Example: “ They’re crazy if they think their house is over there .” 4. Alot vs. A Lot or Allot A lot means many. Allot means “to divide or distribute by share or portion.” Alot isn’t even a word. Example: “ A lot of smart people know that they’ll stay healthy if they allot part of their day to exercise.” 5. It’s vs. Its It’s is either a contraction of “it is” or “it has.” Its is the possessive form of “it.” Example: “ It’s about time that house had its own driveway.” 6. Use of the Apostrophe (’) Let’s get this straight. An apostrophe (’) is used when you are joining words together and omitting letters (a contraction) or are indicating possession of something. An example of a contraction is when you take the words “they are” and put them together to make “they’re.” An example of an apostrophe used to indicate possession is “The video’s features are compelling.” One of the most common errors that people make when using the apostrophe is when they try to use it to pluralize something, like this: “Those are great video’s .” The correct way to write that would be without the apostrophe: “Those are great videos. ” 7. Let’s vs. Lets Let’s is a contraction (there’s that word again!) of “let” and “us.” Lets means “to allow or permit.” Example: “ Let’s see how much Dad lets us get away with!” 8. Special Tip to Reduce or Eliminate Confusion A lot (See? Two words!) of confusion happens when people write too much. They go on and on without separating or stating their ideas properly, being clear with what they say, or even making a point. With that in mind, here’s a great tip for you:
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5. Once I have all the numbers frommy team, I look them over and determine my offer. ... Cover article continued
The Big Lesson
When people hear the word “automation,” they sometimes think technology. But for real estate investors like us, it’s important to automate your team too. Choose the right team and train themwell. Your acquisitionist can gather the information you need to determine whether a deal is worth pursuing; having a good relationship with your real estate agent and contractor means you get quick CMAs and repair estimates; and working with an attorney you trust can keep you from having to drive all over town just to sign papers.
6. My acquisitionist makes and justifies the offer.
7. My real estate attorney has the authority to sign paperwork on my behalf because I have given them power of attorney, which greatly expedites closing deals.
The Numbers on Bridle Lane
Automating your team helps you fulfill your promise to sellers that you can buy their house fast. And of course, remember this was all possible thanks to the private money I already had lined up, ready to close quickly!
Before you start writing, ask yourself this question: “How can I say what I want to say in the fewest words possible and still get my point across clearly?” Keep that in mind when you write, and you’ll be golden! If you’ve read up to this point, you should hopefully be feeling smarter and better already. Now let me reward you with a few reasons this stuff is so important in our business, as well as a few instances when it will serve you well. Whether you’re writing contracts, making offers, or just communicating with a prospect, these simple spelling tips will serve you very well and go a long way in giving you credibility with your communication. Mess these simple things up, and the prospects with whom you intend to do business (sellers, buyers, private lenders, etc.) may subconsciously think that if you don’t take care of these simple details, you might not take care of other important things either. That might just cost you the deal and lose you money. And we can’t have that! So, learn and practice these simple spelling and writing tips if you don’t already know them, and you’ll show people how smart you really are — and maybe save a few deals in the process. When my acquisitionist first spoke with this seller, their asking price was $100,000. By the time she got off the phone, she’d gotten him to drop the number to $80,000. Later, my Realtor reported that the ARV of the house would be $160,000, and my contractor estimated the house needed $20,000 worth of repairs. Once the repairs were done, I knew I could put the house on the market for $169,900 because of the way we renovate. The amount of time between the seller finding my website through their Google search and the closing of the deal was just six days. During those six days, I spent just an hour and a half of my time on the deal. That is the real value of automation.
internet marketer, voiceover artist, and real estate investor. He’s also a Politically-Incorrect Insomniac with ADHD who specializes in adding massive value to people’s lives by helping them overcome limiting beliefs, have more fun, and make more money while improving lifestyles through investing in real estate!
Go sign up for his FREE newsletter at TonyPearl.com.
Have You Heard the Good News ... As It Relates to "Learning Lessons"? Proverbs 18:15 The mind of the prudent acquires knowledge, And the ear of the wise seeks knowledge. Philippians 4:9 The things you have learned and received and heard and seen in me, practice these things, and the God of peace will be with you. Matthew 11:29 Take My yoke upon you and learn fromMe, for I am gentle and humble in heart, and you will find rest for your souls. Psalm 32:8 I will instruct you and teach you in the way which you should go; I will counsel you with My eye upon you.
Until next time, Tony Pearl Copyright 2018 Tony Pearl | All Rights Reserved
BIO: Tony Pearl is a writer, speaker, copywriter, mentor, marketer, coach, musician, poet, ballroom dance instructor, world traveler, father, fiancé,
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INSIDE THIS ISSUE
Automation Isn’t Just for Robots page 1 Do YouMakeThese Common English Mistakes? page 2 Don't Miss Jay's Live Event! page 4
Register Now at www.JaysLiveEvent.com or call (252) 808-2927 - Meet Jay’s private lenders - Get private money - FREE Rehab Bus Tour (see Jay’s rehabbed homes!) - Meet Jay’s “Dream Team” (his interior designer, contractors, Realtors, real estate attorney, and buying and selling assistants) - VIP reception - Learn Jay’s automation techniques Event Dates: October 10th-12th
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