OfflinePLEASE HELP! I know what the 25:1 is and how to do it somewhat but from what I have read and what I have watched I am still deeply confused on how it works. I will place question marks where I am semi-confused. Here is what I have (please correct me or further explain my mistakes or how to make it better):
1. With last 90 days cash buyer list you will easily determine the zip code you should be focusing on for this 25:1 strategy and the types of homes that are selling (residential 3bed/2bath).
2. Ask your Realtor to place 25 offers in zip code (12345) at 30% or 40% or 50% off based on the comps of the area.
3. The one deal you get accepted is owned by a private owner who is desperate to sell. Now go see the house before signing? (Also, should they know I am assigning?)
4. Find a cash buyer to assign it to. Walk away with paycheck.
5. Do this again a week later in the same area or a different zip code or do I need to wait more than a week?
I am driven, and will do whatever I have to do. Please help me out. Whoever helps me, I really hope I get to meet you some day to thank you in person.
-Marty
Hey Marty,
You almost got the 25/1 down pack expect for a few things you missed.
Here it goes, with the 90 days or more chash buyers list you would use that list to send out a letter to the cash buyers to offer them your service on finding them their next deal. And also you would be using that same list to find what area are the investors active. Your not gonna ask your realtor to place 25 offers at once, dont want to burn her out. Start by placing 5-7 offers a week, if the numbers are right on your comps by the 25 offer you should have one accepted. If not like Matt said your offering too low and you should bump you offers up by 2%-5% and re submitt them all. Then if you still dont get any accepted, bump them up some more until you start getting some play. The deal that gets accepted can be a REO(Banked Owned) or Private owner, whichever ones gets accepted you got your deal. Now if a REO property gets accepted you cant not assign the contract, you will have to do a double close. Banks do not let you assign the contract. Now if it's a private seller you can assign the contract. You don't have to let the seller know your assigning the contract nor your agent. You can just tell them your buisness partner would be closing on the property. I would keep using the same strategy with the same agent in the same area and keep finding more deals ASAP. Also start looking in other areas to invest in and get another agent for that area.
Hope that answers all your questions.
Good luck and keep pushing forward.
Reynold Orozco
I just sent you a suggestion on checking out Deans Fast Start Audio Ray26CT, It seems to me that you have it together. That is how I look at it as well. It sound good to me. You're a teacher already. Good job explaining.
Hang in there martinjglennon, we will all prosper with a little trial and error, that's how we learn. Again, good job Reynold.
Romaluv22
Signing Out,
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Reynold,
Thank you for your response! You answered my question exactly as I needed to hear it. I ultimately found this out another way, but you telling me was very well written and furthered my education. I wish you the best, and will keep everyone updated with my progress.
Respectfully,
Martin
Yea I agree it seems youve got it, i have made tons of offers learning trial n error before i srarted really following the system and have gotten a few props under contract n just did my 1st deal a bird dog deal for $1,350 and from what ive learned and see it's just putting in a bunch of offers 25 at least and low offers and getting them accepted and then assigning or double closing them to your buyers. I have a buyers list hope you do too.
1 way to get buyers is through ghost ads which have worked for me and i heard someone say probably not to say to your end buyer about assigning the deal or maybe saying, I probably wont close on this fyi, but my partner will (hey is a partner in the loose sense of the word right, the end buyer
doesnt that sound cool, anyone please correct me if Im wrong. haha thx & God bless.
Quitting is forever pain is temporary
I'm glad my post helped furthered your education.
Now go and get them deals!! lol
Best luck to you
Reynold Orozco