#21 Getting Your Buyer Lined Up

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Summary:

This episode of The Most Dwanderful Real Estate Podcast Ever is all about getting your buyers lined up. Once you have signed the contract with the homeowner to purchase the property, the clock is ticking for you to find a buyer. Dwan explains the best strategies for interacting with these potential investors and instructions about how your homeowners should interact with them as well. The most crucial piece of information in this episode is “the speech”, so be sure to listen and make sure you give it to homeowners to avoid future headaches.

Time Stamped Show Notes:

  • 1:51 – If you have learned something from The Most Dwanderful Real Estate Podcast Ever, be sure to share the podcast with just one person or – even better – on social media! Also, please leave us a 5-star review on iTunes!
  • 4:44 – Dwan checks in on listeners’ progress and talks about the benefits of the workshop model of the podcast.
  • 7:09 – Put in the work needed to be successful. Dwan has certainly done that, and this podcast is her way of sharing her knowledge with you, so be sure you are passing along what you are learning to others as well.
  • 8:38 – Last week, Dwan talked about getting the initial contract signed, so now you are all ready to get your buyers lined up. If you haven’t, go back and listen to the episode from November about compiling a buyers’ list, because it will be crucial to this step of closing a deal.
  • 10:00 – Dwan gives listeners “the speech” that she gives her homeowners when they go under contract with her. You should listen to the speech in its entirety for the full effect, but it focuses on the fact that you are an ethical and honest real estate investor, but not all real estate investors are ethical and honest. Make sure your homeowner knows that you are giving them the best deal they can get, and if another investor tries to tell them things that are too good to be true, they probably are too good to be true.
  • 14:35 – Dwan encountered a particularly sleezy real estate investor in Florida who stole one of her deals, and that homeowner ended up getting no money when it was all said and done, just like Dwan warned her about.
  • 18:52 – If the homeowner is still living in the house and you feel like you can trust your investors, send all of the investors to see the house at the same time and instruct the homeowner to let them in for 20 minutes but not talk to them. If you don’t think the homeowner can handle this, ask them to not be there and you can show the investors the house. Dwan sets a certain time for this open house to take place and she pits the investors against each other, trying to drum up a solid buyer on site.
  • 21:23 – If you are just joining this podcast, be sure to go back and listen so you are up to date on Dwan’s process. You must build on the foundation of the basics of real estate investing and be committed to making it work.
  • 24:42 – You have your investor fill out the same contract as you filled out when you purchased the property from the homeowner and stipulate that they may have additional paperwork later on. Next season, Dwan will go over the details of the land trust or LLC that you will want to use.
  • 26:07 – If you haven’t already, go to Dwanderful.com to become a member and join Dwan’s Wednesday morning LIVE Coaching Call as well as gaining access to training videos and the document library.
  • 27:44 – When you flip the contract on a property, you are selling your “interest” in the property to the rehabber. Dwan always gets a $5,000 deposit from the rehabber and makes them agree that if they do not close with her, that $5,000 applies to the next property. You also need to make sure the contract states that they are buying the property “as is, where is” and they do not get an inspection period.
  • 31:58 – Your assignment is to become a member at Dwanderful.com and download the contract, then compare it to the contract in your state. Also, go back and listen to the episode about building a buyers’ list if you haven’t.

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