How to Snap up Deals in Today's Market

When you are out looking for deals today, you are going to find TONs of motivated sellers. If you don’t have more deals than you can go out and look at then you simply aren’t doing it right. In this fast paced market you need to have automated systems in place to collect, sort thru, and qualify all of your leads before you go out and meet with someone. I prefer to have sellers come to me.


The reason I do this is because it’s a quick way of taking all of the leads that have been filtered by my system and giving the seller one more reason to opt out. If the seller isn’t motivated enough to drive across town to meet with you then why would you want to spend any time with them? Especially in this market. The first thing you’re going to look for is the seller who’s in trouble because of something other than their payments have gone sky high. You know, job loss, relationship problems, medical issues, that type of thing. If the payments are less than what you can get from your end buyer (by selling on a rent to own or by selling with owner carry financing) then sign it up right now baby as a “subject to” deal.

What about the other sellers? It’s probably no surprise that they are in trouble. Sub prime loans, easy credit, people buying houses that were too big for their budget on ARM loans means that you will have plenty of properties that can’t pay for themselves. You see, properties are like your kids when they get to be adults. They should be able to pay for themselves.

So if a property can’t pay for itself – meaning it is going to have a positive cash flow – then you shouldn’t buy it. So what do you do with all of these properties where the seller is super motivated? They even drove across town to meet you. But the payments are way higher than what you might be able to sell the house for on terms or on a rent to own basis. In this case you’ll probably end up buying the house using a short sale.

I prefer to go after a short sale when the house meets these three criteria:

1) the seller is behind in payments, at least 2 or more
2) There is a big 2nd mortgage
3) The house doesn’t show well or even better, needs plenty of work

Getting a seller to agree to a short sale is relatively easy. Trying to connect with the lender and get them to approve your short sale has caused many investors to give up in frustration and give up. They’ve chosen to walk away from the tens of thousands of dollars in profits that my new system allows you to get without hardly any effort. You see, I found with my own short sale deals that it just wasn’t worth my time to be dealing with the loss mitigation department at the bank. So I took my own advice.

When you ask me “Peter, what is the fastest way for me to get ahead?” the answer is always the same. Find someone who is already doing it way better than you and do what ever it takes to connect/model/mimic what they are doing. In some areas like my Residential Mentoring Program it’s already all done for you. All you have to do is fill out the application.

In this case it wasn’t so easy. I tested and tried a number of relationships and methods over the last 3 years and failed way more than I succeeded. I won’t tell you how much this quest has cost me because at this point it really doesn’t matter. It’s not how many times you fail that counts, it’s how many times you get back up and keep going after what you want in life. I finally discovered how to do just the easy part – getting the seller to agree to a short sale – and I’ve created a system that takes care of almost everything else for you. Stay tuned as I'll post it here as soon as it is ready for release

To Your Success

Peter