{"id":57,"date":"2018-04-04T15:19:30","date_gmt":"2018-04-04T15:19:30","guid":{"rendered":"http:\/\/flippinghousesforrookies.com\/blog\/?p=57"},"modified":"2018-04-11T14:54:51","modified_gmt":"2018-04-11T14:54:51","slug":"the-art-of-finding-the-best-real-estate-deals-possible-by-weeding-out-suspects","status":"publish","type":"post","link":"http:\/\/flippinghousesforrookies.com\/blog\/the-art-of-finding-the-best-real-estate-deals-possible-by-weeding-out-suspects\/","title":{"rendered":"The Art Of Finding The Best Real Estate Deals Possible By Weeding Out Suspects"},"content":{"rendered":"

WARNING<\/em><\/strong> … do not read this short article unless you are frustrated as hell with finding real estate deals that don\u2019t need funding or large deposits to buy!<\/p>\n

After making several thousands of offers on real estate I found the biggest setback has always been the ability to spot who is really motivated and who is not?<\/p>\n

And if I had to start over again, the best piece of advice I would give myself would be this …. figure out who wants to sell me their house and how much urgency they have to sell to me with little obstacles and as soon as possible.<\/p>\n

Doing it this way is the only way to be successful. I say this because I have wasted way to many hours, days, and weeks fiddling around with deals that never happened. And I never once got anything from it worth any beans.<\/p>\n

Now don\u2019t get me wrong, you have to spend some time figuring out whether or not it\u2019s a deal. But why not work with someone who is flexible and willing to hear more than a full asking price cash offer, right?<\/p>\n

Here\u2019s the story . . . <\/em><\/p>\n

When I first started I had a partner who had some money (not always enough, but some). Well I was out hunting for deals as I did most of my waking hours back then.<\/p>\n

I would scour the MLS. Bang on Realtors doors. Go to REIA meetings. Hunt, hunt, and hunt. Always tracking the prey and chasing it like I was deer hunting in mid November whilst in the cold frigged weather – not comfortable.<\/p>\n

After leaving deer scent with my Realtors and everyone I talked to, sooner or later something would show up (maybe months later). Sound familiar?<\/p>\n

So one day I was in Waterbury Connecticut with a Realtor looking at a house that was bank owned. I liked the house and decided to make the offer.<\/p>\n

By now the Realtor whipped out his PSA (Purchase Sales Agreement) and started writing up the offer. During the process he asked me for my proof of funds letter so he could submit the offer to the bank.<\/p>\n

I tell him, well, my partner is a little nervous giving his bank statement to anyone and having it floating around. Which I understood!<\/p>\n

So I told the Realtor I wasn\u2019t going to use a proof of funds letter. What I wanted to do was write him a check for the house. It was like $64K or something like this.<\/p>\n

Of course the Realtor never had this happen before, so he was taken back. But decided to proceed anyway. I told him the bank could negotiate the check and put the money in escrow with their lawyer and we can close when they were ready.<\/p>\n

I left the Realtor to only get a phone call a few hours later telling me the bank would not accept my offer because I did not have a proof of funds? I asked: \u201cdid you give them my check?\u201d He said yes, but the bank doesn\u2019t consider that a proof of funds!<\/p>\n

Could you imagine?<\/p>\n

It Became As Plain As The Nose On My Face<\/h2>\n

The very powerful lesson I need to learn so my real estate investing career would sore was this simple datum:<\/p>\n

YOU MUST DISQUALIFY PEOPLE WHO DON\u2019T FIT !!<\/em><\/strong><\/p>\n

I needed to find people selling real estate who needed money, or who had urgency, and possibly saw that my solution fit.<\/mark><\/p>\n

These sellers wanted to talk to me. And they did not have all the concerns and barriers most did. I started to notice when dealing with these \u201cmotivated sellers\u201d things just went a lot smoother.<\/p>\n

However, when I began this journey of finding motivated sellers I had no idea of the amount of gold at the end of this rainbow!<\/p>\n

The Joke Is On Us And They Are Laughing Like Hyenas<\/h2>\n

What it took me years, and years to learn was this . . .<\/p>\n

How a real estate deal works:<\/p>\n