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Hi Everyone,

Thought I’d give an update on what we’ve been up to lately. 

Buying a Rental Property – The past week or so, we’ve been looking at a ton of properties on-line and even saw a couple with a local realtor.  Last weekend, we saw a duplex and a triplex in our area.  The duplex is newer and in really great condition. One half is rented for $1400/month from good, long-term tenants who want to stay.  The other half is occupied by the owners who need to move out of state.  It’s a short sale and has been on the market over a year…and it’s still overpriced.  We wouldn’t consider making an offer anything close to asking price, but we’re still crunching numbers.  The triplex was a much older home that needs a complete rehab.  It would qualify for Homepath financing, but I think it’s more rehab we want to do for a rental.  If we could get it cheap enough, maybe we could flip to a local landlord.

Wholesaling/Buyers List – I’ve also been calling bandit signs and classified ads looking for wholesale buyers.  I am figuring we can target more buyers and what they’re looking for so we can find wholesale deals just for them.  Many of the other cash buyers on our list we obtained either from our Craigslist ads or our website, which is fine, but we also want to shop for deals specifically for our local buyers.

We Need Money – Lastly, we are looking for money for deals.  I am considering purchasing the Private Money Blueprint course.  I also have seen some “cheaper” courses on the same topic.  If anyone has feedback on obtaining private money or courses to take, that’d be great.  I also have been contacting local commercial/portfolio lenders looking to see if they could fund rentals for us. I talked to a great guy yesterday at a local, small credit union.  He gave me a complete rundown of their rates and terms and really walked me through their process, so I’m gonna keep him in mind to see if that will work for us.  The only sticking point with that option is if we buy more than one rental, we may not (initially) have all the downpayment money needed, that’s why I’m thinking we need private money, too.

Happy Investing and Happy 4th!

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You’re trying to rent or sell your property and now you have to show it to prospects. The first thing you have to do is make sure the property looks good. First impressions are everything. A renter or buyer will quickly walk away if the property is not how they saw online, or isn’t how you described it.

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No matter what type of property you have, apartment, house, or condo, every aspect of your property should be poured over so that anyone who comes to look at it will instantly fall in love with it. Once your property is how you want it, it’s time to prepare for your prospects.

Warm and Inviting

If you’re renting or selling a home, or even an apartment, you want to appeal to all five senses when it comes to your potential residents or buyers. The moment the prospects walk inside, you should ensure they are met with pleasant smells. Don’t go too heavy with the air freshener but a hint of cinnamon or vanilla can make the place instantly seem like a place to call home. You should make sure everything is clean and able to be touched. Have soft music playing so that your prospects are very comfortable and don’t feel rushed. For their sense of taste, offer them refreshments such as cookies or fruit if you’re health conscious. Finally, for their sense of sight, make sure the place looks as pristine as you can get it.

Staging

Staging your home to sell will allow prospects to see how the rooms function and how their own furniture can be arranged in the rooms. If your property is clean and everything’s prepared, you’ve done all the hard work. Now you have to sell it. But as any good salesperson will tell you, selling anything is really selling yourself. Meet your prospects with a smile, a warm greeting and a solid handshake. Make sure you look them in the eye, as well. Ask why they’re moving. Really try to connect with them. Find out what their needs are, and when they’re looking to make a decision. This will allow you to highlight the things about your property that coincide with what they’re looking for, and also allow you to shadow the things that don’t appeal to them.

Closing

Selling is easy, it’s closing that’s the hard part. You must close your prospect if you hope to get that lease, or make that sale. You have to make the prospect believe that time is of the essence. There are others interested so they should strike now. Have the necessary paperwork handy, as well as a good pen, so that you leave them little choice but to sign on the bottom line. However, the best advice anyone can give you about closing is not to talk too much. After you’ve said what you’ve had to say, and you’ve presented them with the pen to sign the paperwork, don’t say anything. Too many salespeople lose their leases or sales because they say too much and end up giving the prospect an out. When you’re silent, you put the ball in the prospect’s court and they’re forced to make a decision. Hopefully, if you’ve done your job right, their decision should be an easy one.

View the Original article from the awesome REIBrain.com site.

Happy Investing!

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