Manage episode 278036196 series 123306
Don’t overcomplicate finding the ARV. In fact, don’t over complicate or over think anything about real estate. In the last episode of my Virtual Profits Workshop, Gavin Timms and I are going to teach you the most uncomplicated strategies you need to get started and scale up in real estate.
At this point in my real estate career, I can just glance at pictures of a house and know exactly the kind of repairs it will need to be put back on the market. You don’t need to waste your time by driving out to a property and inspecting it. I’m going to teach you my super simple equation for estimating the after repair value that will put you within 5-10% of the actual price.
There are three ways to make cash offers. And since I want you to make a minimum of five offers a day, you should get really comfortable with these three methods because they’ll make your life a lot easier:
—Use the MAO formula.
—Calculate the average of the lowest 4 solds times 80%.
—Ask your local investors what they’d pay for it and then subtract ten grand.
Unlike the cash deal where you can only negotiate the price, in a lease option price you have 5 or 6 different levers you can pull to change the price. You can even negotiate that you won’t pay the rent for a year. The choices are only limited by your imagination and the motivation of the seller. I’m going to walk you through some different scenarios, including not paying rent for a year, that you could propose to your seller.
One of my most valuable tools is my team of VAs. Investors are spending too much time behind the computer. You should be in front of sellers making them offers, and I’m going to show you how to build a team around VAs so that you can get the most use out of your time.
—The two main types of lease option deals.
—The formula for figuring out a sandwich lease option offer.
—Here are the three things your VA should be doing.
—How to scale up in your real estate business.