1. real estate

1
Module
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting
Your Business in Just 6 Days!
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
Table of Contents
Introduction ............................................................................. 3
Day 1: Establishing Your Prospecting Lines ........................ 4
Day 2: Organization for Tracking Prospects ........................ 8
Day 3: Establishing Lines for Obtaining Property Profiles.... 12
Day 4: Start an Advertising Campaign ................................ 16
Day 5: How to Do Cold Calling ............................................. 21
Day 6: Making a Purchase Presentation ............................. 28
Disclaimer
The information in the Course is meant as a guide for improving one’s success and it
should not be construed as legal advice in any way. Real estate investing may have statespecific laws for operating such a business. It is highly recommended that you seek
professional legal advice before applying any of the information offered in this work.
Anyone involved in the creation and distribution of this work shall not be held
accountable in any way for any adverse effects that may stem from the application or
misapplication of this work’s philosophies, procedures and/or concepts and ideas. Anyone
who applies any information from this work, whether having read it by oneself or received
such information from another person or other means, agrees to hold harmless those
involved with the creation and/or distribution of this work.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 2
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
Introduction
NOTE: This Course consists of a series of very detailed modules outlining the steps necessary to
buy and sell a house every month and how to effectively manage a successful real estate investing
business. This module, How to Buy and Sell a House Every Month: Secrets of Real Estate Investing for JumpStarting Your Business in Just 6 Days! is an essential overview that supplies the foundation necessary for
setting up processes and systems to help get you started in establishing a powerfully successful REI
business.
Buying and selling houses in quantity requires a higher level of efficiency and knowledge
than that needed for the regular activities of real estate investing. This module is designed to
show you how to boost your efforts to be able to effectively purchase one house per month,
or 12 houses per year.
These are simply average figures; you may choose to buy and sell more houses than the
average. In 2005 alone, I contracted on more than 200 houses. The information in this module
will move you in the right direction for producing these kinds of results.
Included in this module are activities that are tailored to successful real estate investing.
The systems and procedures in this guide will significantly influence your rate of success in real
estate investing. The more you stray from these proven guidelines, the further you will move
away from reaching great success with your business.
Let’s Get Started!
The following pages reveal how I deal with numerous key aspects of my real estate
investing (REI) business. By instituting these activities, you will jump start your business
overnight!
© 2006 by Michael Quarles. All Rights Reserved.
Page | 3
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
Day 1
Establishing Your Prospecting Lines
STEP 0 – BEFORE YOU DO ANYTHING
Before any other activity is undertaken, there is a fundamental step you must take that is
a prerequisite to any kind of success. This overlooked aspect of creating a successful REI
business is that you must plan to succeed. In other words, firmly decide that you are going
to buy and sell 12 houses in 12 months. Once you have made this decision, the rest of the
steps to success will simply entail the process of implementing your decision in the real world.
Remember, things are created by decision so plan to succeed, and succeed you shall.
SET UP A CELL PHONE LINE FOR YOUR REI BUSINESS
Your ability to speak to others, and for them to reach you, is vital. It is the foundation on
which all of your other efforts will be based. Establishing a reliable, professional
communication line that is solely dedicated to your business is the first thing you must do.
You may already have a cell phone, but you need one that is strictly for your REI business.
It is not for your spouse, friends, family, or kids… just the inbound calls from your advertising
efforts. A dedicated home line won’t be adequate because your objective is to always answer
the telephone when it rings. This is your MONEY line. And you must be willing to answer
calls starting as early as 8:00 am to as late as 9:00 pm.
Make sure that the cell phone service you purchase offers voicemail for taking messages when
you’re unable to answer calls.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 4
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
RECORD YOUR VOICEMAIL MESSAGE
On your dedicated cell phone, a recorded message should be to-the-point and request
the necessary information to get back to your callers promptly. Record the following:
“Thank you for calling. This is <Your Name> and I buy houses. I’m sorry that I could not
take your call, but your call is very important to me so please leave a message. Leave me your
name and number along with the address of the property and I will call you back shortly.
Thank you again. I look forward to speaking with you about buying or selling you a house”.
This should be recorded in your professional voice; don’t make the mistake of trying to
sound like “a regular guy” or even worse, funny. What not to do: “Hey! This is Bob. You
know what to do,” BEEP! Don’t start out with music either - nothing but professionalism.
Also, don’t say that you have a 3 bedroom, 2 bath home for x dollars for sale either.
SET UP A VANITY NUMBER
A "vanity” number is a toll-free telephone number – beginning with either 800, 866, 877
or 888 – that spells out a relevant name (like 1-866-REI-UNIVERSE) or acronym for the
purpose of making the number easy to remember. Toll-free numbers allow potential
customers out of your area the freedom to call you without having to pay long-distance
charges. The cost is placed on you instead.
This handles the consideration of cost for callers, and you will receive more business with
one of these types of services. It is worth obtaining an easy-to-read and remember vanity
number as an important step to your success. (As most, if not all, of the “good names” have
been taken for the REI industry, we have excellent vanity numbers available that you can
utilize.)
It is important that when you order your vanity number, you tell the telephone company to
have it ring to your dedicated cell number.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 5
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
It is crucial that people associate and remember you with everything you use to advertise.
Name recognition is what is known as “branding,” and vanity numbers are a valid part of
accomplishing this. If you’re concentrating on foreclosures, our 1-888-EZ-AVOID is excellent.
If you’re all around investing, our 1-877-877-1010 is perfect. If your advertising message is fast
cash, our 1-888-290-FAST is perfect! I have taken the steps necessary for you to succeed by
securing numerous vanity numbers to suit all aspects of the real estate industry. This is simply
part of what I have developed with my membership Web site for helping REI’s.
WHO YOUR CUSTOMER IS
Once you have your communication lines established, it’s time to figure out who your
customer is. In sales, potential customers are commonly called “prospects.” The word,
“potential” is important here because it requires the realistic possibility of people becoming
interested in what you have to offer. Teenagers would not be your prospects because their
“potential” or likelihood of selling or buying a house is zero.
Determining who your audience is – the type of people who will be interested is your
services – is key for preserving time, energy and expense. Thus, you want to attract as many
real prospects as possible without wasting time, energy and money on the rest of the masses.
Under normal circumstances, you would have to do a great deal of research and trial &
error to find out who the prospects are of any business – in this case, the REI business. But
this guide reveals the most valuable and profitable prospects on a silver platter.
There are essentially seven types of prospects who will be interested in buying and/or
selling a home. These customers can be labeled by the type of house to which they are
connected:
© 2006 by Michael Quarles. All Rights Reserved.
Page | 6
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
FSBO
For Sale by Owner people are interested in saving money while making the most profit
from the sale of their houses. Most are actually just interviewing agents for the job of selling
their home. If you decide to buy their house, make sure you buy it before they list it in the
Multiple Listing Service (MLS).MLS
Expired Listings
Expired listings are people who previously hired a real estate agent to sell their
house within a specific duration of time. A typical listing period is 90-180 days, after which
time the listing runs out, or Expires. Once the listing has expired, the home is no longer on
the Realtors MLS and a majority of the time the sellers are very anxious to sell. Expired
Listings are prime prospects.
NOD/TS
People in Notice of Default or Trustee Sale are a desperate situation. They have
defaulted on their mortgages by not making payments for a minimum of 3 to 6 months. As a
result, they must come up with the balance in full in order to keep their homes. They are
typically given 90 days to come up with the money or the house will be foreclosed on and put
up for auction. The time frame may be different, depending on your state.
Their interest is to sell their home quickly in order to pay off the mortgage before
foreclosure. Keep in mind that most people in pre-foreclosure are in denial. So it will be up to
you to get them to realize the reality of the situation.
Absentee Owners
People who rent out their houses have different problems such as bad tenants, tenants
who fall behind on their rent, etc. It is very common for an Absentee Owner to consider
selling when a tenant decides to move out.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 7
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
For Rent
If a For Rent prospect’s house is not being rented to tenants, they are losing money
each time they make a mortgage payment that would normally be offset by the income
received from tenants. There are a number of angles you can explore in meeting this type of
owner’s needs: the owner is undoubtedly familiar with the financial hardships they may incur if
they are unable to rent their home or to keep it rented for a period of time.
Probate
This is the most difficult type of prospect to deal with due to the legal red tape involved
in the probate process, while potentially having the second highest profit potential. These
sellers (probate prospects) are usually the children of the house’s owner and they are more
interested in getting money quickly than in dragging out the process. Take some time and find
a good, reasonably-priced probate attorney to whom you can refer prospects for selling the
house, and sometimes even hire on their behalf. The key in dealing with this prospect is to
make the process of selling the house as easy as possible. These people will likely not know
anything about the probate process and the more you know, the better your chance of buying
the house because they begin to trust and rely on you. So, spend some time with the attorney
to learn the time process of a probate-related house sale. Become an expert in your
prospects’ eyes and you’ll close more deals.
Never lie to your prospect if you do not know the answer to any of their
questions. Say the following: “That is an excellent question, and I will call my probate attorney
and ask her for you.” When they feel like you are there to help them, they will follow you like
ducklings follow their mother duck.
Farm
Farm prospects refer to a geographical/demographic area to which you direct mail. Let’s
say you want to market to people with 2-year-old mortgages or houses that were purchased
© 2006 by Michael Quarles. All Rights Reserved.
Page | 8
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
5 years ago; they would make up your Farm prospects. Knowing what Farmed prospects want
can be difficult, depending from where you’re cultivating your list. If you’re not sure, you can
always go with the most common interests, such as “sell our house fast!”
Keep in mind that you cannot start off advertising to everyone. You simply do not have
the resources, and I’m not just referring to money. Resources include capital, labor,
knowledge and experience. FSBOs may be better left to investors who want to do lease
options (L/O); although I have bought my fair share of FSBOs outright, meaning - it can be
done.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 9
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
Notes:
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
© 2006 by Michael Quarles. All Rights Reserved.
Page | 10
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
Day 2
Organization for Tracking Prospects
Organization is a key element to becoming more successful and avoiding stress. Can you
imagine a doctor operating on a patient and not being able to find the right instrument at a
crucial point during an operation? Everyone needs a system for staying in control of their
surroundings. You, as a real estate investor, need a system to keep track of everyone you
send information to about your business.
I have created both a manual system for tracking your prospects and a computerized
state of the art A-Z business system for investors. The creation of the computerized system
took my staff and me 18 months of hard and diligent work to complete. Our goal was to give
investors every tool they would need to succeed in their REI careers.
The Computerized System-RealtyDataPro™
Building wealth through real estate has historically involved a great deal of knowledge
and a huge time commitment, excluding would-be investors without the time to devote to
full-time real estate education and investment management. For many people, successful real
estate investing is merely a pipe dream and something seemingly reserved for those investors
“in the know” with plenty of time to manage all of the details. Fortunately, all of that has
changed with the introduction of RealtyDataPro™
RealtyDataPro™ is unlike anything available in the marketplace, and they will help all real
estate investors—from first-timers to seasoned pros—build wealth quickly and efficiently
through real estate. It’s a complete, web-based A-Z management system that provides
everything you need to find, evaluate, purchase, sell, and track real estate. It consists of more
than 89 million national property profiles and foreclosure and pre-foreclosure data, updated
© 2006 by Michael Quarles. All Rights Reserved.
Page | 11
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
daily, and a comprehensive, patent-pending tracking and management system,
RealtyDataPro™, which covers every aspect of real estate: property types, transactions,
contacts, inspections, repairs, escrow, tenants, loans, insurance, marketing, financial reports,
and more.
RealtyDataPro™ brings real-time property information directly to you whenever you
need it—there’s no need to waste valuable time gathering real estate data and profile
information from multiple sources in order to make intelligent investment decisions. Plus, the
RealtyDataPro™ application functions like a full-time staff—it alerts you and assists you in
taking care of all of the details and follow-up required during the various phases of real estate
investing—prospecting and marketing, acquisition, tracking and management, accounting and
record keeping, and development of exit strategies.
What’s more, RealtyDataPro™ does the prospecting and marketing legwork for you—
the document management section of the system contains an entire library of direct mail
pieces, questionnaires, letters, contracts, signage, telephone scripts to communicate effectively
with sellers and buyers, and much more.
And, if you need help understanding a real estate concept, want to ask for advice from
professionals, or feel like sharing your experiences with other investors, RealtyDataPro™
provides a Learning Center and a Community Forum to ensure that you have the information
you need at your fingertips.
The bottom line is simply this: if you want to be a successful real estate investor, and
you’re tired of people telling you what you should do instead of providing a fool-proof system
that enables you to get tangible results quickly, then RealtyDataPro™ is the perfect real estate
investing partner for you.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 12
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
As you read the “The Binder System” you’ll get a very good indication of the complexity
of the automated system now available.
The Binder System
For investors who don’t use computers to track their every move, I have retained the
binder process as part of my course. I used binders to track my prospects. I call these my
“Money Binders.” You should set up the same system for yourself, and here’s how:
A. Purchase 5 regular-size binders that are 3-inches deep; ones that have clear plastic
sleeves on their covers and allow you to slip a full sheet of paper (8½ x 11) under
the clear plastic. This will allow you to give titles to your Money Binders for
knowing what’s inside of each one.
B. Get 5 sheets of 8½ x 11 paper. Take one of them and write “NOD” in large
letters near the center of the paper. Then do the same with the next sheet, writing
“FBSO”. Continue labeling the sheets of paper with “Expired,” “For Rent,”
“Probate”, etc. – one title per sheet only.
Also cut a piece of paper narrow enough to slide into the end aspect of the
binders that say “FSBO,” “EXPIRED,” etc., in vertical print so when the binders are
on the a shelf you will be able to see which one is which.
C. Insert the sheets of paper into the binders – one sheet per binder – so you end up
with 5 binders with their respective titles:
1. FSBO
2. NODs
3. Expired
4. For Rent
5. Probate
© 2006 by Michael Quarles. All Rights Reserved.
Page | 13
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
D. If the binders don’t come with alphabetical dividers with tabs that run A thru Z,
buy 5 sets of this kind of divider and put one set in each of the Money Binders. You
will not have binders for “Absentee Owners” or “Farms” because there will be too
many prospects in these categories. (Programs on how to organize Farm and
Absentee Owners will be discussed in a separate e-book. For now we will be
concentrating on the aforementioned 5 categories for this quick-start guide.
E. Prospect information is alphabetized by the street name. For example: “1406
Flower St.” would be under the “F” tab in alphabetical order.
F. There are three pieces of information that you store in these binders for each
prospect, as indicated below:
•
NOD and TS
1. Copy of Property profile front page
2. Copy of Public Record notice
3. Record Sheet of information sent
•
FSBO
1. Copy of property profile
2. Copy of advertisement
3. Record Sheet of information sent
•
Probate
1. Copy of property profile
2. Copy of Probate Notice
3. Record Sheet of information sent
© 2006 by Michael Quarles. All Rights Reserved.
Page | 14
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
•
For Rent
1. Copy of property profile
2. Copy of advertisement
3. Record Sheet of information sent
•
Expired
1. Copy of property profile
2. Copy of Realtor listing printout
3. Record Sheet of information sent
For many reasons, it is imperative to have an impeccable tracking system of your
promotional activities to each of these prospects. For one thing, as you will be mailing to
them on numerous occasions, you cannot afford to send the same letter, postcard, etc., twice
to the same prospects. Secondly, if someone requests to be taken off of your mailing list, a
great deal of unnecessary turmoil can arise from accidentally continuing to promote to these
people.
You can mock up your own tracking system or obtain a tried and true tracking sheet that
goes into your binders for each of your prospects at RealtyDataPro™. Having this type of
information is extremely valuable, as it will keep you on task for prospecting these potential
sellers.
Although some investors prefer a manual tracking system, using an automated system will
increase your efficiency tremendously and will provide you with the opportunity to do two
things: first, spend less time in the business and secondly, make more money by being more
productive. Both are win-win situations.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 15
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
Notes:
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
© 2006 by Michael Quarles. All Rights Reserved.
Page | 16
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
Day 3
Establishing Lines for Obtaining Property Profiles
Having a system to retrieve property profiles is crucial to your success in real estate
investing. All of the larger title companies have online services that they will give you access to
and show you how to use. It is important that you set up a relationship with a Title
Representative from the start. Again, having the ability to search and obtain property profiles
is paramount. (I discuss later in this e-book how to set that relationship up for you.)
Note: You will also be tracking the FSBO and For Rent prospects by telephone
number. (That system will follow.)
RETRIEVE INFORMATION ON POTENTIAL CUSTOMERS
If you’re utilizing RealtyDataPro™, the following steps are greatly reduced or eliminated in the
system; if you are not, the following applies:
Now that you have your binders set up, it is necessary to find prospects and begin
promoting. The following illustrates how to go about retrieving this information.
A. FSBO and For Rent - FSBO and For Rent are fairly easy, as you will search your
“on-line” newspaper daily (Monday through Sunday).
B. NOD and TS – Obtaining information on NODs and Trustee Sales can be
accomplished two ways:
I.
One way is to get the NOD list from a title company on a weekly basis. It is
a free service they provide real estate agents, and they will supply it to you
© 2006 by Michael Quarles. All Rights Reserved.
Page | 17
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
as an REI as well. Just call your Title Rep. and ask to be put on the list and
ask for it to be couriered over to you.
If you have not yet established a working relationship with a Title Rep,
locate one in your area by calling a local title company. Tell them you are a
real estate investor and that you would like to speak to their manager. Say
that you would like to be assigned a Title Rep. They will usually assign a
newer Rep. for you that will have the time to call on you and help you with
your requests. This relationship is key to your success and you must treat it
with the same respect you would your Accountant or Attorney.
Here’s some of the services in which your Title Rep can help:
•
setting up an online property profile system
•
referring you to a real estate agent who you can work with for MLS
comps and the resale of property
•
introduce you to their customer service department where you will
receive your Farm and Absentee Owners lists and mailing labels
from
•
setting up for you to receive your weekly NOD and TS list
•
setting up for you to receive you weekly Probate list
•
assigning you to an Escrow Officer.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 18
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
When you speak to your Title Rep about what you do, make sure they
understand that you “buy and sell houses creatively” and you will want an
Escrow Officer who understands buying “subject to” and seller financing.
There’s a great way to make a Title Rep happy to help you; just promise to
reward him/her with escrows on the properties that you buy and sell.
II. The second method, which I like better as it gives you the information
faster, is to set up a subscription with your legal newspaper in town. Most
are online and let you view all of the public records. This will be valuable
information to you.
To locate this type of service, call your County Recorders office and ask
the names of the local legal newspapers/periodicals. Occasionally they will
tell you that they can’t give that information out because it may appear that
they are promoting one over another. If that is the case, call the county
Fictitious Business License Department and ask them for the list of legal
newspapers/periodicals available to advertise your fictitious business name.
A fictitious business license is a license for a business name other than a
corporation or a sir name of a business owner. For example, I would not
need a fictitious business license for “Quarles’ Bakery” or “Bakery
Incorporated” but would for “Blueberry Bakery.”
Pay for a foreclosure service if you can’t retrieve this information by the two
methods above.
DO NOT go to your County Recorder’s office and search this information
yourself, as this is not the best use of your time.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 19
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
C. Expired - “Expired” information will require a relationship with a Realtor who
would like to earn a commission on your business.
To find the “right” real estate agent to help you, contact your Title Rep; he or she
will probably know who would like to help you. It may cost you lunch or more, but
it’s worth every cent. It doesn’t require an agent to do any more than fax to you
the daily expired listings printout. Having this information will be crucial, so spend
some time developing this Realtor relationship.
D. Probate - Probate information will require the subscription of your local legal
newspaper or a very good relationship with your Title Rep. This type of customer is
the least sought after by real estate agents, and because of that, the resources
available to you to obtain this information are limited. But if you put a system in
place to obtain this resource, you will reap great rewards.
E. Absentee Owners and Farm - For information on “Absentee Owners” and
“Farm” clients, you can buy mail lists from a list company or title company.
However, most of the time and after you have established a working relationship
with a Title Company they will supply the information for free.
Ask him/her for a list consisting of:
•
name
•
mailing address
•
long bar code (62 bars)
•
property information (i.e. address, size, age, # of bedrooms and bathrooms,
etc.)
© 2006 by Michael Quarles. All Rights Reserved.
Page | 20
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
•
telephone number (It is important you ask them to include a telephone
number so you will be able to contact the prospective client.)
Ask for two lists; one sorted by last name and the other by street name.
When you receive these two lists put them in your binders labeled “Absentee
Owners and Farm.” Your lists can become so long that when someone calls in and
says “I am John Doe of 123 Any Street” you will be able to look up either way. A
binder may grow to more than one. If so, use an A-L, M-Z system.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 21
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
Notes:
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
© 2006 by Michael Quarles. All Rights Reserved.
Page | 22
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
Day 4
Start an Advertising Campaign
Again, if you’re utilizing RealtyDataPro™, this step has been completely automated and is
extremely easy to administer. If you’re using a manual system. do the following:
Once you’re set up with your binders for tracking the information on potential customers
who are interested in selling their house, the next step is to determine how you’re going to
advertise to them.
We’ll focus on MAILING to the four main seller types: FSBO, NODs, For Rent and
Expired. (We will also talk about “cold calling” these prospects later.)
A. FSBO and Expired - It is important to understand who your competitor is and
that it is NOT your fellow investor. FSBO and Expired sellers are inundated by
real estate agents trying to sell their services. Your true competitor is the real
estate agent. With that understanding, you will want to take the same step
Realtors take to become successful, which includes mailing and cold calling these
prospects.
You must mail to these two prospects (FSBO and Expired) every three days until
they sell or list their houses.
You’re going to mail four types of information:
© 2006 by Michael Quarles. All Rights Reserved.
Page | 23
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
•
postcards that say,” before you list your house, I want to buy it”
•
a set of letters explaining the advantage of selling to you
•
a set of “Mary Letters” (see the “Finding Prospects
Who Want to Sell Their Houses” Module for a description of a “Mary Letter”.
•
a group of self-promotional items, i.e. key chains, calendar magnets, pencils, etc.
There is an entire mailing system for sending these items that will ensure
your success.
Note: Your message is going to be different with each type of mailing, as different people
respond to different messages. Using a variety of methods will increase the likelihood that the
prospect will call you.
B. NOD – NOD prospects require a mailing every three days for the first 30 days
and then every six days until they list, sell or stop foreclosure. It is important to
put a system in place to track the stage of the foreclosure, as you do not want to
waste resources. Your legal newspaper will list the cancelled NODs.
Mail the following type of advertising to this prospect:
ƒ
A set of seven professionally-produced letters telling the prospect
about you and why they must call you.
ƒ
A set of four “Mary letters”, and if you’re in a Spanish-dominant market,
you will need to mail your letters translated in Spanish as well. (I can
recommend reputable translators, such as
http://www.globetranslations.com.)
© 2006 by Michael Quarles. All Rights Reserved.
Page | 24
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
ƒ
A series of postcards that state “I buy houses and help people in
your situation.” Never put the word “foreclosure” on a postcard.
ƒ
A foreclosure booklet that helps them understand the process. This
book is vital for separating yourself from the vultures these house
owners are inundated with. Available for your use is an easy-to-read
“How To” foreclosure booklet, which you will be able to order at
www.MichaelQuarles.com
ƒ
A group of self-promotional items (key chains, calendar magnets,
pencils). There is an entire mailing system for sending these
items that will ensure your success.
C. For Rent - Mailing to the For Rent prospects will have the least amount of return
compared with the previous three prospect types, but they are still worth
prospecting. They may be sellers and/or buyers. This type of prospect is either
tired of being a landlord or is motivated and always looking for a good deal. You
will find them to be a great source of capital.
Send to these prospects every three weeks. Why three weeks? Because they
usually have more than one rental, and you want to catch them as the notice to
vacate has just been given to them by their tenant.
Mail them two types of information:
1. A series of postcards that says, “I Buy Problem Rentals Vacant or
Occupied”, and “I will not bother tenants.”
© 2006 by Michael Quarles. All Rights Reserved.
Page | 25
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
2. A letter outlining the advantages of L/O and advising them what you do and
how you may be able to work together.
So, now you know what you are going to mail and to whom. Now let’s talk about making
it a priority.
Although mailing is very important, it is time consuming. This system will take 2-4 hours
a day unless you’re utilizing RealtyDataPro™, which will cut this time down considerably. If
you’re using a manual system for your mail, ideally it should be handled by someone else on a
part time basis or by you after your normal hours of operation (8:00 am to 5:00 pm) or
between phone calls IF YOU ARE NOT TAKING YOURSELF AWAY FROM YOUR
PRODUCTIVITY. In the beginning, since you have nothing else to do, you will take
the task, and later you will teach the task.
Let me again state that using the RealtyDataPro™ system will greatly decrease the
amount of time you will need to succeed in real estate investing.
WHAT TO DO WHEN THE PHONE STARTS TO RING
As your cell phone starts ringing, and it will, there are going to be two types of people
who will respond to your mail:
•
people who hate you and ask to be taken off the list
Actually, they won’t ask you, they will tell you, so you will need some thick skin
when dealing with them.
•
people who will want you to come buy their house
For the first group, honor their request; remove them from your list and discontinue any
further mailings to them.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 26
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
For the second group, become very excited because you have begun to find prospects
who are very interested in you and your services.
When you receive calls, be prepared by having your Money Binders handy. Find the
prospect in the appropriate binder and review the information as you speak with the person.
A big advantage of the automated system is that we have built into RealtyDataPro™ the
inbound scripts for both buyers and sellers, enabling you to take advantage of the years of
experience that have gone into creating them.
When speaking to sellers, make an appointment to meet them and see their property.
When making appointments you must understand the urgency of your opportunity. If you
don’t respond quickly enough, someone else will and you’ll miss out on the deal. It is essential
that you make your REI career a priority if you want to succeed. These prospects are calling
for dollars, and they will stop calling when they have what they feel is a fish on their hook. So
if you’re quick to respond with an appointment, and you make that appointment within the
next 24 hours, preferably within 12, you will increase the odds of locking in the deal for
yourself.
You will also be calling these prospects. (We’ll discuss cold calling later.)
NEWSPAPER CLASSIFIED ADS
There are two types of classified advertisements: those that work and those that don’t.
A good classified ad should speak to the audience to whom you’re trying to
communicate. Knowing what interests them with regard to their house and offering a
solution to those interests is the ticket to an unlimited flow of phone calls from excited
prospects.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 27
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
Run classified ads daily. It ends up costing less when you commit to monthly runs, and the
longer you run an ad, the lower its cost. Also, the ads’ consistency helps to create more calls
than running ads sporadically.
Most newspapers will suggest putting these types of classifieds in the “Homes Wanted”
section, but don’t put them there. Instead, place them in the “House for Sale” section
because when someone wants to sell their house, they often check the newspaper to
determine what their home is worth. If you have an ad that stands out, sellers will notice it.
I have included three styles (below) that I have found to be the most effective. All three
will make it easier for the reader to keep viewing your number as they dial, which is a great
reason why you should have an easy-to-remember vanity number.
AVOID FORECLOSURE
Call today for your FREE Special
Foreclosure Report on how to save your
home, credit or both. You must call
before it’s too late. Call Now! 1-888-EZAVOID
“As Is”
No Repairs
•
•
•
•
Foreclosure
Divorce
Tenant Problems
Major Repairs
Let me again stress how important it is to answer your dedicated REI phone number
when it rings. You spend a lot of time, energy and money to create a phone call. Don’t throw
© 2006 by Michael Quarles. All Rights Reserved.
Page | 28
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
any away when they come in. You lose your chance with those prospects that you ignored to
someone else.
The majority of ads in the paper go to recorded messages. Personally answering your
calls puts you a cut above the competition and will pay you handsomely for your efforts. Have
you ever ordered pizza from a recorded message? Of course not. So treat your business the
same way. Many people are turned off by getting a voicemail message. If you absolutely cannot
take a call, you must call them back as soon as possible, ideally no more than 15 to 30 minutes
later. Separate yourself from your competition by answering the telephone.
House owners in distress don’t want to leave messages, and they will not call all of the
people on their lists once they reach someone with whom they feel comfortable and
confident. That’s you – if you answer the call!
© 2006 by Michael Quarles. All Rights Reserved.
Page | 29
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
Notes:
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
© 2006 by Michael Quarles. All Rights Reserved.
Page | 30
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
Day 5
How to Cold Call
Okay, now let’s talk cold calling… Yuck! Don’t be so hasty here. It’s an acquired taste
that you begin to enjoy more and more, especially once you begin to see the money you can
make from it.
I know I am sounding redundant, but if you use the RealtyDataPro™ System, the cold calling
feature is built-in. If you’re doing it manually, follow these instructions:
Before you can cold call you have to set your system up. It is very similar to the mailing
system in some ways and different in others. Again, you’re going to need binders (I always use
white colored binders) that are 2 inches this time; not 3 inches like in the mail system.
And instead of dividers with alphabetical (A – Z) tabs, you use dividers with numeric (1-9)
tabs in all of the binders except for the “Hot Leads,” “NOD” and “Expired” binders. For the
Expired, NOD and Hot Leads, keep them in chronological order therefore not needing
dividers.
As your first step with cold calling, you are going to print out the classified ads for FSBO
and For Rent prospects and put them in the cold calling binders by prefix and in numerical
order. For example, if you had two telephone numbers: “321-1234” and “321-1235,” you
would place them both within the “3” tab with first one (321-1234) in front of number “3211235.” So they are filed by their first number (“3” in this case) and their sequential order.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 31
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
Print out Monday thru Sunday’s ads and cross-reference them against the numbers
already in the binder, if you have any. You will be calling new numbers first.
The telephone book is your main source for finding the telephone numbers of NOD and
Expired prospects. And if needed, 411-directory assistance will give you up to 3 numbers at a
time. Just be sure to tell the DA (directory assistant) person that you need 3 numbers or you
may get transferred to an automated system for the first number and lose your chance at the
other 2 numbers.
To determine the property owner’s name, you search public records by address. You will
not cross-reference with these two types of prospects so just put them in the binders in
numerical order by prefix.
Print out the NOD and Expired daily and call all HOT leads first.
Cold Calling Information
That Goes Into Your Binders
The data that you store in these cold calling binders are as follows:
A. NOD and TS
•
Copy of Property profile front page.
•
Copy of Public Record notice
•
Record Sheet of conversation log.
B. FSBO
•
Copy of property profile
•
Copy of advertisement
© 2006 by Michael Quarles. All Rights Reserved.
Page | 32
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
•
Record Sheet of conversation log.
C. For Rent
•
Copy of property profile
•
Copy of advertisement
•
Record Sheet of conversation log.
D. Expired
•
Copy of property profile
•
Copy of Realtor listing printout
•
Record Sheet of conversation log.
This simple, yet effective, system will keep you on track.
Cold calling is an outstanding resource, especially for those with a limited advertising
budget. It allows you to do three things:
•
First, it puts you in front of prospects on a daily basis. Without prospects, you
have no one to sell your services to.
•
Secondly, it will tell you if prospects have sold, listed, or, in the case of
foreclosure, stopped the process so you can remove them from your mailing
campaign.
•
Thirdly, it will give you more confidence than you can imagine. This type of
confidence is important, as you will be negotiating to buy properties at $50,000
less than value.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 33
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
Cold calling is the most important task you can do to create wealth as you begin your
career. Therefore, it’s important to treat it as your most important promotional activity when
scheduling your day. There are two optimum windows of opportunity for cold calling: from
9:00 am to 11:00 am and 4:00 pm to 6:00 pm Monday through Friday.
Two hours a day is sufficient for cold calling when you’re doing everything yourself in
your business. So, you could set a religious schedule that looks something like this:
Monday -
9:00 am – 11:00 am
Tuesday -
4:00 pm – 6:00 pm
Wednesday -
9:00 am – 11:00 am
Thursday -
4:00 pm – 6:00 pm
Friday -
9:00 am – 11:00 am
The reason you mix your days up is to reach those people who may not be home in the
morning but will be home in the evening, and visa versa.
On a side note, I understand that you may have a full time job and that cold calling during
these times may interfere with your work schedule. If this is the case, the two days a week
that you are not working at your full time job should be the two days you will call between
9:00 am and 11:00 am and use the early evening of three other days in place of the afternoon
schedule. The most important thing is to put in the time necessary to meet your prospective
goals.
As you cold call, call prospects in the following prospect-type order:
1. Hot Leads
2. Expired
© 2006 by Michael Quarles. All Rights Reserved.
Page | 34
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
3. NOD
4. FSBO
5. For Rent
Probate, Farm, and Absentee Owners are not prospects for cold calling.
Use the following schedule for calling these prospects:
•
Hot Leads – 3 days in a row, then put them back into their binders
•
Expired – daily until they list, sell or decide not to sell
•
NOD – daily until they list, sell or stop foreclosure
•
FSBO – daily until they list, sell or decide not to sell
•
For Rent – day 1 and day 5, then monthly
Scripts will be available from www.MichaelQuarles.com for all of these prospects. Always
have a script in front of you when you do your calling. These scripts also contain the five most
common objections you hear from prospects, and the most effective responses that handle
(fix, make go away) these objections.
Rehearse your script aloud before you begin calling each and every time. Do the same for
the objection responses. The goal is to become comfortable with what you are saying and to
make it your own, meaning that you should sound natural, not like you’re reading from a
script. The scripts should serve as a guide for remembering what to say and not leaving out
something important; a guideline to follow while you speak with passion from your heart.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 35
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
This brings up a very important point that can make the difference between success and
failure. You have to really believe in what you’re doing. The way someone feels about
something is revealed in their voice. If you truly believe that you have something of value,
something that your prospects need - whether it’s finding them a financially qualified buyer,
helping them out of a foreclosure, and so on – it will come across the telephone. And you will
close a lot more sales this way.
It is important that you only let the telephone ring three times before hanging up. Letting
it ring more than three times will frustrate the receiver of the call—they may be running to
get the telephone just to learn that a telemarketer is calling. And yes, you are now a
telemarketer. Letting it ring more than three times will also slow the process for you.
In addition, stand up when making your calls. Standing up will give you much more energy,
which will be conveyed through your voice over the telephone. Get a tall desk to work from
and use a quality headset.
Track the outcome of your calls next to your prospect’s name/phone number. Record
the time and date you called. If no one answers, write, “no answer;” if you speak to someone,
briefly note what was said/happened; and so forth.
You may obtain tracking sheets from www.MichaelQuarles.com that contain all of the
necessary information in a logical format.
A secret to cold calling that improves results is to learn to “mirror” (mimic) the person
you’re speaking to on the other end of the line. If they speak softly, you should too. If they
speak quickly, adjust your speech pattern accordingly. If they have an accent, develop a similar
one. You will be more successful if you use this technique. You want people to feel like they
know you, and a surprisingly simple way to accomplish this goal, in just a few seconds, is to
mirror their speech patterns.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 36
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
Never speak in a passive voice, such as: “If you were to choose me to buy your house,”
and “I would…” or “I could…”). This sets a negative tone and allows the prospect to be in
control of your destiny. You must speak in a commanding, “This is mine” sort of voice. This
has nothing to do with speaking forcefully and everything to do with setting the right tone and
influencing the prospect. Use statements like "When I buy your house" or “When you sell me
your house," and “Then I’m going to…” and so on. These types of statements are called
embedded commands. They’re statements that cause the seller to believe in an outcome –
your outcome. Use them to much success.
Understand what "NO" means. Realize that being hung up on or told “no,” is a good
thing. Every “no,” “not interested” and “no thanks” brings you that much closer to a qualified
lead and qualified appointment and a definitive “YES!”
Do not stop calling before your calling schedule time has expired, even to go on an
appointment. Pre-set your appointment time around your telemarketing; never deviate from
your promotional schedule.
Don’t ever consider giving up on cold calling. This is, by far, the least expensive form of
advertising and you should take advantage of it.
What to Do Before You Go on Your Appointments
You have made appointments. Now what?
Before you go on the appointment, pull your “comps” and drive the neighborhood.
Comps (comparables) are listings of houses recently sold (up to six months earlier) that are
used to compare the value of the property for sale. These comparative houses must have
these criteria:
•
within ½ mile of the property for sale
© 2006 by Michael Quarles. All Rights Reserved.
Page | 37
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
•
within five years of age of the property for sale
•
no more than 200 square feet (larger or smaller) than the property for sale.
•
sold within the last six months
You will want to pull comps by calling the title company or using the online property
profile system they set you up with and search the MLS. If you call the title company for the
comps, give them the address of the house(s) as well as the square footage (living space), how
many cars the garage holds (1, 2, 3-car, etc.) if there is a garage, the year the house was built,
the number of bedrooms, and any major amenities such as a pool, fireplace, sunroom, etc.
Your contact at the title company will create a list of similar properties that have sold so you
can compare value to the one’s you’re interested in buying. You can usually have them e-mail
or fax the list to you.
Comparing value is a key component in your success. A module within this course details
how to compare and determine property values. The relationship you have secured with a
real estate agent will be paramount for determining comps. Remember, it is a violation for the
real estate agent to allow you access to the MLS. This listing service is not available to nonmembers, and unless you’re a broker or real estate licensee, you cannot become a member.
Using the MLS is crucial, as it will provide up-to-date active listings, pending listings, and
listings that have sold. This information is vital if you’re in a highly appreciable market or a
depreciating market.
Doing your homework before the initial meeting with the seller will allow you to
determine what your initial price offering is, with the exception of repairs as you haven’t
inspected the house yet. And you’ll be educated enough about the house to dispel anything
the seller states at the purchase presentation.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 38
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
You will make your offer to the seller at the initial meeting. In preparation, create a folder
for your presentation. I have found that the more professionally you present yourself, the
more comfortable your prospects will feel and the more likely it is that they will trust you.
Keep in mind that most investors go to the property unprepared and fumble their way
through a presentation and wonder why they can’t buy the house. Your presentation folder
should contain the following:
•
title comps –show selling prices for similar houses
•
MLS comps – list of active,, pending and sold houses
•
map to property – available at mapquest.com
•
Ugly, Uglier, and Ugliest Repair Sheet – use this when inspecting the house for damage
•
contract (two copies) – You may obtain California contracts from
www.MichaelQuarles.com. Investors in other states may contact their
attorney and have them review the California contract for your state-specific
requirements
•
two business cards - See our Module on business cards.
Make sure you are dressed professionally and that your vehicle is washed.
If you have the opportunity to buy the house, the seller will walk you to your vehicle, so
make sure the inside is clean and orderly. Remember the expression about first impressions!
Now for the purchase presentation.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 39
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
Notes:
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
© 2006 by Michael Quarles. All Rights Reserved.
Page | 40
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
Day 6
Making a Purchase Presentation
Keep in mind that your prospects assume you are a professional and have more
knowledge than they do about the process of buying and selling real estate. You’re there to
buy their house, not to make a fool of yourself, so do not talk of subjects about which you are
uninformed. If they ask a question you don’t have an answer to, tell them, “Great question—I
will find out and get back with you on that.” Then find the answer to their question in case
they ask you again the next time they see you.
There is an entire presentation built around successfully buying houses for less than
market value. This complete presentation will be available in an e-book, but to start you off on
the right track I have included the first few steps.
There are precise steps you must purposely take to be successful. Remember that people
who want to sell their houses must convince you to buy their house, so you have the upper
hand. With that perspective, do the following:
1.
Park on the street, never in the seller’s driveway.
2.
NEVER use the doorbell or doorknocker; always knock with your fist.
3.
After knocking, step back away from the door about 5-6 feet and turn and look up the
street, not at the peep hole in the door.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 41
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
4.
When the seller answers the door, step up confidently, say hello, and introduce
yourself; if it is a female, wait for her to extend her hand; if it’s a male, extend yours
first.
5.
Ask if your parking location is all right.
6.
Ask to see the home and if you can walk freely around.
7.
Always have the seller with you as you look at the house.
8.
Never say “It’s a beautiful home,” or anything similar. We buy “houses”, not homes.
Home is perceived as having an extra, subtle value.
9.
As you look around during your inspection, point out all of the negative repair items of
the house and write them down on the Ugly, Uglier, Ugliest Repair Form. Say these
words: “I will have to fix this” and “that will need to be repaired,” etc. This is your one
chance to find everything that’s wrong with the house and you don’t want to be hasty
with your inspection.
If it is the ugliest place you have ever seen, say so. If it’s a wreck, say so. They already
know it is.
10. After your entire inspection, ask to sit at the kitchen table, if there is one, or on the
couch if not. You are there to make a deal now.
Setting up this six-day system has given you the basis for fully establishing an REI business
that will allow you to buy and sell one house a month or better. From here, you should make
every attempt to increase your knowledge of the REI business in all of its aspects.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 42
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
RealtyDataPro™ has been established for that very purpose – to offer the best, most practical
and easy-to-apply information for the greatest personal success in this industry.
Whether you choose to further your knowledge and improve your REI business abilities
with www.MichaelQuarles.com or not, I wish you the greatest of success in your endeavors!
Sincerely,
Michael Quarles
For more information on real estate investing, go to www.MichaelQuarles.com and find
out where successful real estate investors are gaining an advantage in the house sales industry.
© 2006 by Michael Quarles. All Rights Reserved.
Page | 43
HOW TO BUY AND SELL A HOUSE EVERY MONTH
Secrets of Real Estate Investing for Jump-Starting Your Business in Just 6 Days!
Notes:
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
© 2006 by Michael Quarles. All Rights Reserved.
Page | 44