How
to Find and Close Your Next Deal in 72 Hours or Less
By David Finkel
Back
in December of 1997, my partner Peter Conti and I followed through
on a
dramatic press challenge. We had challenged the press, Send
us to any city with a group of three beginning real estate investors,
and in three days time each of those investors will either own
or control a minimum of $250,000 worth of real estate using none
of their own money. The challenge was accepted and on December
8-10, 1997 we went to San Diego, California to make good on our
challenge.
During this 72 hour period, Peter and I and these three beginning
investors picked up over $1.5 million dollars worth of real estate
with only $37 down. Thats right, we picked up ten separate
properties ranging in value from $90,000 to $500,000 and the most
we put down to control any of the properties was $10. (The best
part is that these ten properties are now worth well over $2.5
million!)
Since then, Ive been asked many times how we did it, and
how someone else could do the same thing. Taking what we learned
on the original San Diego Challenge, I want to share with you
how I would find and close a deal in any city in 72 hours or less
and how you can too!
Step
One: Getting your leads togetherFast!
My
first step would be to visit the local library and collect all
the area newspapers real estate for sale and
for rent ads for the past 2-3 months. While reviewing
the for sale ads, I would create a phone number list
of those that satisfied two conditions. First, they must be for
sale by owner ads (you dont want to be talking through
agents if you need to close a nothing down deal fast.) Second,
they would need to be at least 1-3 months old. Next, I would list
the phone numbers of all the for rent ads between
2-3 weeks old that look like the properties are NOT controlled
by a property management company.
Step
Two: Sorting through the leads
Step
two would be to find a phone and start making calls. The biggest
benefit of listing the numbers on a separate sheet of paper rather
than calling out of the classified ad section itself is that the
newspaper will only slow you down. All the information about the
house doesnt matter until you find the right sellera
motivated seller. Then you spend time checking out the details
of the house.
Since
you have aged the classified ads you are calling, time will have
screened out many of the NON-motivated sellers for you, leaving
you with a more concentrated pool of motivated sellers to talk
with.
How
long would I spend on the phone calling property owners? Until
I set up 4-6 quality appointments to meet with sellers. Your goal
from your phone call is to find a seller with both a situation
you can help solve and the motivation to sell. Once you find a
seller like this, set up a time to see the property and talk things
over.
One
of the biggest mistakes many investors make is to try to explain
their offer over the phone. Dont do it! Instead, if the
seller presses you for an offer tell him, Look Mr. Seller,
I dont know if we have a fit here or not. It might very
well turn out not to be a fit. Before I know what I can offer
you, or even if I can offer you anything, I need to know a lot
more about the house and your situation. The next step is for
you to invite me out to see the house and for us to sit down and
talk things through. Notice how you are being a reluctant
buyer here. The other benefit you get from this approach is that
you never have to try to explain your offer over the phone before
youve met with the seller (which is always an uphill road
to climb).
Step
Three: Meeting with the owners face to face
The
final step to get a deal closed in 72 hours would be for me to
go out and meet with these 4-6 sellers. I would build rapport,
listen and draw out their real needs, then find a win-win solution
to meet their needs and make a profit for me, as the investor.
From these 4-6 appointments, you would close the deal.
There
you have the specific game plan to find and close your next deal
in 72 hours or less. Still seem impossible? Well we repeated
that San Diego Challenge two months later. And with three different
beginning students, we picked up three more houses, worth approximately
$750,000, with nothing down. These steps work. The only question
is, will you?
Best
selling author and self-made millionaire, Peter Conti (David's
partner), is a scheduled speaker at the annual Real Estate Success
conference in Los Angeles, CA the weekend of October 23-24 2004.
To learn more ways to find a deal in 72 hours or less, dont
miss this highly anticipated event! Call 310-739-7069 to register
now or log onto:
http://generalclub.c.topica.com/maacIqpabaxrUcfmiqBbafpNDX/ .
____________________________________________________________
NEED HELP?
Learn for a small fee so that you will not make costly mistakes.
If you think that the only way to make money is to buy cheap,
think again!!! I will train you, hand hold, and refund your money
if you bring me a deal. One of my students got $16,000 as a finders
fee from me. Sound good? Small group forming October 30th. For
more info cut and paste this link into your browser:
http://generalclub.c.topica.com/maacIqpabaxrtcfmiqBbafpNDX/
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