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During the Coaching Call with Prentiss Yates last week, we talked about all the opportunities coming soon.
It’s very likely that there will be a lot of foreclosures. You may be able to buy some of those houses at deep discounts. Or, if the owners really want to stay, you may be able to stop the foreclosure by buying an Option for just enough to catch up the back payments, then get most or all of the equity later. Or, you may be able to get an option with very little (if any) cash) then do a highest bidder sale to find a buyer… ideally selling with seller financing so their down payment is enough to catch up the back payments and still provide a profit for you.
A lot of landlords will also want to get rid of houses that they have not been able to collect rent on. You may be able to get a master lease at a really good price but you’ll need to be super selective about the tenant you put in to the property. Or you may be able to buy the house with seller financing, or subject to the mortgage or just get an Option then do a highest bidder sale.
The THREE things you need to do now to get ready for these opportunities are:
1. Get educated! Start learning you can about options, master leasing, highest bidder sales and creative deal structuring (we have that training here at cashflowdepot). Don’t get stuck in one technique — there are a lot of different ways to solve any real estate problem.
2. Develop allies! If the deal required $20,000 cash and you don’t have the cash or don’t want to drop it all in to one transaction, do you know who to call? Instead of a loan, do you know how to structure the deal so they get a piece of the pie and you do too?
3. Get your marketing ready. If you don’t have a website, buy a domain name then get someone to build a website for you. I know a guy in the Philippines who can build your website for under $100. I buy domain names at Godaddy. The domain name needs to be keyword rich (what words would someone search if they were looking for a foreclosure solution?) If you can’t find a new domain name that you like, start searching the domain name auctions to see what’s available – I use https://auctions.godaddy.com/ or sedo.com Also get business cards made, set up a facebook page for your business and write ads to drive traffic to your facebook page or your website.
What else are you doing right NOW to get ready for the HUGE opportunities that are right around the corner??
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