Or, become an Inner Circle Member and get much more...
Yesterday on The James Orr Show for real estate entrepreneurs James covered the following topics:
- New recording up for The James Orr Show recorded live on Thursday, June 3, 2010 on the post Marketing To Find Deals, Money Concerns About Lease Options and Subject To.
- If you are a new listener or subscriber, these live calls supplement the free training and resources that we already provide to you. Video, articles and audio downloads and more to get your started can all be found on the Real Estate Investing Resources page.
- Submit your questions, deal analysis, biggest challenge for me now via Twitter.
- “Getting The Money Bootcamp” with Patrick, Trevor and Susan over the weekend was amazing. Learned about legally raising private money for your real estate business (actually any business). Learned about how to correctly go about finding private lenders and learned from an SEC attorney the laws and rules regarding marketing for finding money for your deals. Also, learned about doing syndications and group investing. Learned about using government funding from Sean Carpenter (and will probably have him on talk about that with you guys in a future call). If you want to get more information about our Private Money Mastermind group.
- James takes another live question and discusses how and when to talk to sellers about your wholesale deal.
- Daily Checklist (from Real Estate Investing Systems book)
- Review the Goals Checklist and from my mentor, Richard Roop, James talked about an affirmation: “I consistently take action even when faced with fear and uncertainty”.
- James discussed a new short video on site that he added last week called “No Money Down Strategies For Real Estate Entrepreneurs”. It is really misnamed… should have been “Strategies For Acquiring or Controlling Properties Without New Bank Financing”. We discussed each strategy: Wholesaling, Partner, Option, Subject To, Lease Option, Assume Seller’s Loan, Buy On Contract, Owner Financing
- James then goes on to discuss some strategies for how to improve response rate in all your marketing.
- Before wrapping up the call, James discusses the importance of driving by comparable sales.
- Bob Diamond will be joining us on Wednesday night to talk about creative no money down and no credit required buying strategies starting at 7 PM MST.
- Don’t forget to follow James on twitter.
This show is now available as a digital download: The James Orr Show – Episode 12 or get access to all future live episodes, consulting during the calls and many of the previously recorded episodes as an Inner Circle Member.
Inner Circle Membership - Daily, Live Training for Bird Dogs, Wholesalers, Real Estate Investors and Real Estate Entrepreneurs with Q&A and consulting and more.
Or, become an Inner Circle Member and get much more...
Last Thursday, before the Memorial Day weekend, on The James Orr Show we discussed deal analysis and deal structuring when considering doing “subject to” and lease options real estate deals. It was a follow up to the previous day’s podcast where James talked about what “subject to” and lease options deals are, the differences and similarities between them and the pros and cons of doing them.
In this live recording with Q&A of the show, you can hear how James would structure a typical “subject to” deal, how to determine the most he would be willing to pay when buying it with no money down and just making payments with very attractive terms, how he would deal with any needs for cash on the deal and much more.
This show is now available as a digital download: The James Orr Show – Episode 8 or get access to all future live episodes, consulting during the calls and many of the previously recorded episodes as an Inner Circle Member.
Inner Circle Membership - Daily, Live Training for Bird Dogs, Wholesalers, Real Estate Investors and Real Estate Entrepreneurs with Q&A and consulting and more.
Or, become an Inner Circle Member and get much more...
In yesterday’s episode of The James Orr Show we started out going over the basics again: working from your daily checklist.
However, James quickly covers the importance of setting goals and keeping your motivation up by referencing the Sowing and Reaping video by Jim Rohn and “The Dickens Process” by Tony Robbins.
For the remainder of the show, James covered buying properties with little or no money down using existing financing on the property. The two strategies he discussed were buying properties “subject to” the existing financing and leasing a property with an option to buy it. James talked about what buying “subject to” means and what controlling a property with a lease and option means from an investor’s perspective. He also compared and contrasted the two showing some benefits and downsides to each one.
On today’s show, he plans to go over some deal analysis strategies for buying properties “subject to” and using a lease with an option as well as start on the checklist for setting up your real estate business.
This show is now available as a digital download: The James Orr Show – Episode 7 or get access to all future live episodes, consulting during the calls and many of the previously recorded episodes as an Inner Circle Member.
Inner Circle Membership - Daily, Live Training for Bird Dogs, Wholesalers, Real Estate Investors and Real Estate Entrepreneurs with Q&A and consulting and more.
Or, become an Inner Circle Member and get much more...
If a seller is working through a real estate agent, the process of transforming the seller into a motivated seller becomes a bit more difficult; however, it can be done using creativity and persistence. Real estate agents and brokers typically list houses and want to be paid a commission once the house sells. Getting a seller to deed you their house is hard when working through a real estate agent because of the following:
- Most agents want to be paid cash for their commission. And most of the time when you buy a house “subject to”, it is because they owe too much on the house for a cash offer, and real estate agents may think, often incorrectly, that there is not enough cash to pay a real estate agent their commission in cash.
- Most agents do not understand the concept of buying a house “subject to” or on a lease option and many will discourage the seller from considering such offers.
- Agents have told the seller they can sell their house for cash, and the seller is expecting to bring them a cash buyer.
Do not be discouraged in these situations. If you strongly believe the seller will benefit from working with you and is properly motivated to sell their property, be creative and persistent. Here is one way you can work with the real estate agent to attain the end result that will benefit all parties involved.
Real estate agents may be more inclined to work with you if they cannot get a particular house sold and if the seller’s situation is conducive to your solution of buying the house subject to the existing financing. In this case, you can offer to pay the real estate agent their commission on the amount with which you buy the house; however, you will only
pay this commission once you close on the house with a buyer. This can be a year, two or three later. This situation typically works well for the real estate agent, the seller and yourself in situations where the property is unlikely to sell traditionally and the agent will not be paid at all.
Until my next post,
James
P.S. Did you want access to over 124 real estate courses including several full day seminars? Check out our Real Estate Investor Bronze Membership.
Inner Circle Membership - Daily, Live Training for Bird Dogs, Wholesalers, Real Estate Investors and Real Estate Entrepreneurs with Q&A and consulting and more.
