We had a great training call in our weekly Mastermind group. This is the small group of clients that get personal access to me for an hour each week to talk about deals.
One of our regulars named Lee told us a great story about finding a deal. Lee works with a realtor that targets bank REO’s that are released onto the MLS. This realtor uses software that quickly notifies him of any specific new listings that meet their guidelines.
The got a lead on a property in a HOT zip code and Lee rushed over and made an offer of $100 over the banks asking price. This offer was accepted immediately by the bank that badly wants to get it’s money out of this repossession.
So the moral of the story is -
Have a system to find deals.
Act immediately when you find one.
Understand the sellers motivation when you are making an offer.
Lee has had 28 realtor’s show the house since he made his offer. He is buying a great property in a high demand area that will need about $20,000 worth of work.
He expects to turn a $50,000 profit!