Shvoong Home
>
Business & Economy
>
Real Estate
>
How to make profits in real estate-revealed Summary
.
>
How to make profits in real estate-revealed
Summary rating: 5 stars
(3 Ratings)
Visits : 61
Comments : 1
words : 600
Article Summary by:
kunal007
Author :
Scott rister
Published: July 19, 2007
Scott rister recently advised a friend on a deal that brought back a point to me that needs reiterating to make your
real
estate
business very profitable:
Keep In
Contact
With Your Potential Leads!
Your ability to do this will more than double your profits in real estate and that is the gospel truth! For example let me use this recent situation with a
seller
.
Mrs. Seller has a property with a first mortgage and a second mortgage over-financed at 110% LTV. The seller committed to keep the second
current
until the loan could be retired from tenant/buyer, however this is risky from an
investor
''s standpoint if the seller defaults on keeping current. Then all of a sudden you the investor has an over-financed house with negative cashflow! Not good.
Even though the seller was not willing to deed the property at this time and hope that we could get the second discounted and deficiency judgment waived ......
TIME CAN CHANGE EVERYTHING!
Sure the deal doesn''t make financial sense for an investor, but taking into consideration the second is two months behind and first current with a little "seasoning" makes this a great short-sale opportunity.
That right there is the crux of what I''m trying to stress to you. It is absolutely imperative that you keep in contact with sellers in a timely and cost efficient way because what doesn''t work for someone right now can down the road and for you as an investor to.....these are called win-win situations.
Another quick example I want to give you to drive in this concept is that I use to write up offer on everything I looked at from sellers. I still do but I am much better at pre-screening sellers than previously. Back to the situation here is that I had this thick file of written offers as well as notes on verbal offers made.
After about a 5-6 month period time I had a thick folder now and many leads and
deals
that almost came to closing but not quite. Now being from the real estate school of "hard knocks" I stuck by my guns and didn''t change my investing criteria so there were a number of deals that were close but no closing took place.
I then sat down and implemented a system with these contacts of mailing and calling. After I had my system in place I implemented it and a funny thing happened ....I had to put my current marketing biz on hold because of all the deals I was getting flooded with from just working on my previous contacts list!!
I hope by now that you can see the importance of being able to culture and grow your deals from leads. Marketing is an investment in your business so make the most of your investment.
I don''t know if it will triple your real estate business by implementing a follow up contact system...but I
DO
know that it is definitely worth your time in profits and that is what this business is all about isn''t it?
Think creatively and "out-of-the-box" for your real estate business and lastly…..good hunting as luck has absolutely nothing to do with it!!
Write your abstract here.
Bibliography
How to make profits in real estate-revealed
by
Scott rister
2007
Please Rate this abstract :
1
2
3
4
5
More summaries about How to make profits in real estate-revealed
Please Rate this abstract :
1
2
3
4
5
Thank you for your rating
>
Tags
Real
Estate
Current
Deals
Seller
Contact
Investor
Business
Second
Time
Tag this abstract
Comments & Reviews about How to make profits in real estate-revealed
Showing 1 out of 1
Add your comment
0
Ratings
Thursday, July 19, 2007
1
suresh
thanks scott
Add your comment
More summaries by kunal007
Kane and Abel
Engineering Drawing
Civic Sense for younger generations
Fiat 500
Pie
More
------
Translate
Write
Print
Send
Link
Recent Shvoongers
More in Real Estate
Small House Blues
What Is the Tragedy in Real Estate Industry ?
Mortgage Stress and Its Impact
Fcr: All Systems Are Go at Atlantic Yards
Homes for sale and the one for you.
Buying Property in Turkey/Turkish Blog Usa
Most Popular
.
.
Sign up
About
Sign In
Email
Password
Sign In
Summaries and Short Reviews
«
»
home
Books
Internet & Technology
Movies
Science
Arts & Humanities
Business & Economy
Law & Politics
Social Sciences
Medicine & Health
Newspapers
Write and Get Paid
Popular Subjects:
Small Business & Entrepreneurship
Human Resources
International Business
Management & Leadership
Marketing & Sales
More »
Real Estate
IT
Accounting
Health Care
Accounting
.
Forum
Top Writers
Languages |
▼
English
Español
Português
polski
عربي
Български
简体中文
čeština
Dansk
Nederlands
English
فارسي
suomi
Français
ქართული
Deutsch
Ελληνικά
עברית
हिंदी
Magyar
Indonesia
Italiano
日本語
한국어
Melayu
Norsk
polski
Português
Română
русский
Српски
Español
Svenska
ภาษาไทย
繁體中文
Türkçe
Узбек тили
Tiếng Việt
Summarizer
Write
Blog (New!)
Forum
Contact us
Tags
Advertise with us
Link to us
User agreement
Contact us
Site map
Affiliates
About
Blog (New!)