eCourse for Flipping Short Sales Module 1 Building Your Team
Seven Streams Flipping Short Sales MethodTM Lesson #7 Building Your Profit Making Team By Richard Geller Calworth Glenford, LLC dba www.sevenstreamsflipping.org
Disclaimer – this limits our liability – Read it! In plain English, I did my best to make this the best eCourse I could make it, for someone dealing with other that are facing foreclosure, credit problems, and financial difficulties. But I am sure that I left stuff out, forgot some important stuff, and made some mistakes. Plus, I can’t know the laws of your state, and the facts in your particular situation. And I’m not a lawyer nor do I play one on television. Some of this stuff MAY NOT WORK. Or it may be ILLEGAL. Who knows. So… You have to take responsibility for whatever you do or don’t do after going through my home study eCourse. Don’t blame me!! I am not responsible for what you do!! If I were you, I’d find a good attorney to advise me. And I’d check out whatever it is that anyone tells you to do – me, the attorney, your mother-in-law, whoever. Then I’d take my chances. Life is full of risks. You could do great following my advice. Or you could fall on your face. Who knows, maybe some of the stuff I suggest is illegal in your state. I don’t know. But regardless, you can’t go after me for telling you to do something or not do it – because I am right now disclaiming any liability. You are on your own!! And with that out of the way, read on… While the publisher and author have used their best efforts in preparing this eCourse, they make no representations or warranties with respect to the accuracy or completeness of the contents of this eCourse and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential or other damages.
And another important note – this one about ethics The techniques I outline in this eCourse – some of them anyway – may strike you as pretty outrageous. Unethical perhaps. You may find a few techniques that you can swear are illegal. I don’t advocate anything illegal. And I don’t want you to do anything unethical. These techniques exist. People do them all the time. I don’t want you do be at a disadvantage by not knowing them. So I tell you about them, no holds barred. I think it’s too easy to judge others when you haven’t been in their shoes. Some people are in frightful situations and they are frankly quite desperate. They need answers. I hope if this is your circumstance, you find answers, some of them here. That doesn’t mean I think you ought to do things that are unethical, or that things you choose to do are right for everyone. That is for you to decide. Okay? And a final important note – this one about plagiarism! You DO NOT have permission to resell this information. You DO NOT have permission to give it away to someone else. This information is sold under a license that lets you read it, use it FOR YOUR OWN USE, but not give it away, make copies, sell it or resell it. For another copy, contact me at: www.sevenstreamsflipping.org Thank you!
Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team
IT IS STRONGLY RECOMMENDED THAT YOU PRINT THIS OUT PRIOR TO READING Introduction: What is the Seven Streams of Flipping Short Sales MethodTM? First of all, it’s a phenomenal method of buying distressed houses at wholesale prices and then flipping them without investing any of your money by selling them far enough below market value that you will have multiple offers and a signed buyer before you close on the property. And it goes much further. When you started flipping and stopped FIXING, it will start your career in real estate the RIGHT way to: Make money on most/all deals brought to you that pencil out. Work it while you have something else full time. Don't fix things up, no painting, no fixup. Don't put in any more than a dollar of your own money. THIS IS A ZERO CASH TYPE OF FLIPPING SYSTEM. You will help distressed homeowners avoid bankruptcy and foreclosure – you are doing good things for many people. You will help others in the real estate industry make money in these economically depressed times. Just as important, you will make a financial killing by learning the seven income streams that can be derived from these real estate transactions. At closing you won’t just receive one check, you’ll receive several checks.
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team
Start by Building a Strong Motivated Team Hello, this is Richard Geller – I’d like to welcome you to the first lesson of the Seven Streams of Flipping Short Sales MethodTM eCourse. During the next several weeks, you’re going to learn step-by-step how to bring short sale lenders, distressed property owners, and buyers to the closing table in a remarkably short time compared to others that try short sales. I know that’s exciting to think about! It’s going to take some work on your part and I’ll be here to guide you through the entire process. I’m privileged to be able to take this short and profitable journey with you, and I’m looking forward to seeing this take form in your own business. If you familiar with the industry these facts won’t be a surprise to you but here is an update on how bad it has gotten in for the American homeowner in 2009. 1 out of every 200 homes will be foreclosed upon. For a city like Washington, D.C., that translates to 3,000 Washingtonians losing their homes to foreclosure each year. Every three months, 250,000 new families enter into foreclosure. One child in every classroom in America is at risk of losing his/her home because their parents are unable to pay their mortgage. A slower real estate market can translate into falling prices and home values. As a result, homeowners who opted for adjustable rate mortgages may now find that as their mortgage rate adjusts higher, their home value is lower and therefore refinancing is no longer an option. In 2008, homes lost $2.4 Trillion in equity.
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team 20% of all homeowners are upside down. 55% in Nevaada 32% in Arizona 30% in California Six in 10 homeowners wish they understood the terms and details of their mortgage better. More than 6 in 10 homeowners delinquent in their mortgage payments are not aware of services that can be offered to individuals having trouble with their mortgage. This week we’re going to talk about: how to put together a team of commission based team members that are highly motivated to make you and your business successful. As the key principle in the short sale, you will be directing the operations. You will both choose and lead the team. They won’t be your employees but you will be calling the shots. This week, we’ll be making critical decisions about who needs to be on that team and some of the important skills they need to provide.
Notice that I said “we’ll” be making some critical decisions. I’m going to personally help you – one on one – as we make our way through this initial lesson. By the end of this week your eClass will spring to life. Specifically, you’ll have the following things in place… An understanding of how big the market is for short sale flipping. The three different business models and why you want to use this one. The five key members of your team, the specific skills they need and how to find them. © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team Your role on the team and what that means. Six ways you can generate deal flow. In a few short weeks, you are going to know the ins and outs of running your own successful short sale flipping business. As we all know, there are millions of opportunities out there for you to help people that find themselves in a dire financial situation and at the same time you will be able to make yourself a very very comfortable living running your own business. Good for you, unfortunate for all the others that are facing the frightful prospect of losing their jobs in this terrible economy. You on the other hand will thrive in this withering economy! The unfortunate truth is the economy shows no signs of turning around and millions upon millions of people are going to be facing foreclosures and house payments they simply cannot afford for years to come. People will need to move on with their lives. Your ability to conduct short sales will be an invaluable service to them. Now let’s get started….. In today’s severely depressed economy people find their house is worth much less than what they paid for them. In some parts of the country, house prices are falling at 2% each month. That’s 24% a year. Even when the economy finally hits bottom, it will be many years before house prices come anywhere close to what these people paid for them. And many of these people are trapped in predatory loans. It’s so bad that the Federal Government has step in to try to fix a portion of the problem with loan modifications. People are trying to get loan mods. More are being granted The result is usually a payment they can barely afford on a
house they don’t really own. They think, “why not rent and save the aggravation of owing © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team more than their home is worth?” The economic situation is not improving. Wages are at all time lows. People are carrying more debt than ever before. It has taken years to get in this mess and will take years to get
out. Unemployment continues to rise. There is no recovery in sight. Housing prices are continuing to drop. Record numbers of homes are upside down. Lenders already ready have record setting numbers of REO on
their books and much more foreclosure inventory is in the pipeline. All of this means many many people have a vested interested in short sales. And short sales can be some of the easiest sales to make: Sellers don’t really care how much they sell the house for
because they’ll never receive a penny. Takes away the seller’s emotion in the sale. Takes away the seller’s desire to get the highest possible price. Lenders don’t want more houses back. Also, lenders are being PAID to do short sales in many cases
under the Obama plan. Most agents and brokers think short sales are very difficult –
maybe if they don’t have a process like the Seven Streams Flipping Short Sales MethodTM. They would rather give short sales to you so long as they still
get their commission.
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team
Introducing the Seven Streams Flipping Short Sales MethodTM This system works: Even if you never leave your office or house. Start part time or full time. If you are an agent, broker, loan officer, or lawyer, etc. Works if you are none of the above. Does require more than literally a few dollars but not much
more. There are millions of deals to be had, plenty for you and
everyone else. The name Seven Streams Flipping Short Sale MethodTM gets it’s name from the fact that there are potentially seven separate income streams, which is phenomenal. You won’t necessarily enjoy all seven but you will benefit from many. What you’ll learn from this eCourse: The three different short sale business models. How to build the perfect short sale team that brings deals to
you and does most of the work. How to submit a unique short sale package, contract, and offer
using ethical secrets and tricks that get the short sale offer accepted by the skeptical lender. How to create as many as seven streams of income when the
money is distributed at closing. There is always a market for flipping real estate whether the market is hot or cold for sales. There is always is always a market for investing and holding real estate © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team whether the market is hot or cold. It comes down to the individual deal, not the market. Finding the right deal is one of the important things you will learn in this eCourse. Lenders don’t care if you are flipping a short sale. All the major lenders care about is if they are receiving an acceptable figure for the short sale – period. All that matters is what the lender is receiving on the bottom line (net) on the HUD 1. The Three Business Models for a Short Sale 1. Traditional – an agent for a broker making a commission on a short sale. 2. Negotiator – negotiating short sales on behalf of a real estate office or individual homeowners, or law firms. Actually doing the leg work to build the short sale packages and following through with the lenders. 3. Flipping – working as a principle Don’t bypass the agent or broker – these people will make you money. Team mentality. Make sure everyone on your team is well compensated. Many in the real estate flipping field try to sell the house “For Sale By Owner” instead of using an agent. On average, they sell for 15% less to save 6% commission. They walk away with 9% less while doing all the work. Pay the 6% commission, do much less work, and earn more using the Seven Streams Flipping Short Sales MethodTM. You direct the operations. Your team does most of the work. Everyone is well compensated for the each deal.
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team Your “Assignment” for Stage #1 Write a list of pros and cons concerning flipping short sale as a principle using the team approach. Keep the list handy as you work through the entire eCourse. If at the end of the course any cons out way the pros, I want to hear what they are. There may still be answers. Send any questions or comments about the material to me by logging into the Lesson page at http://www.sevenstreamsflipping.org/e-classes2
The Perfect Short Sale Team As the principle and team leader it’s important that you have a clear understanding what each team member’s responsibility is. You should know every step in those responsibilities. You should be able to step in for any team member at any time. A View of the Team As the principle, you buy the property through a purchase agreement and option agreement. Then you relist it with the same agent that brought you the deal to start with. This let’s them have both the original listing commission and the listing commission on the flip – a round trip. Brokers Bring You Deal Flow You only want to work with top producers. That’s how you create deal flow. Many are already working on REO and new construction if there is still any occurring in your region. This is where you look for the top producers. When you find one, here is your sales pitch to bring them onto your team“Here’s the deal, I know you’re a top producer. I know your time is © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team valuable. I know you want to focus on what you’re good at rather than negotiating short sales. You need to be out on the street selling houses, meeting people, and making contacts. That’s what you do for a living. What I do is negotiate short sales. I have the rest of the team together to do the balance of the work. All I need you to do is have the listings, take some really good photos, meet the lenders agent for the BPO, and resell the house for a second commission.” This is what they do anyway. Meet house sellers, meet home buyers, take good photos for Realtor.com, meet inspectors, and meet appraisers. It’s already part of their job. If you don’t have short sale statistics to show them, you can show them your other team members and the training you have completed. Show them how your method works. Demonstrate the knowledge you are gaining from this eCourse. It will convince them you have a better method than others out there. Big Dollar Numbers for the Broker Your first objective is to have three top agents working in different neighborhoods each bring you one deal. Guarantee them a 3% commission by buying the property upfront. Then offer to list it for sale with them that assures them another 3% when it sells. If they sell it, they get the full 6% from the sale. The agent stands to make a full 9% on the deal. By bringing their own listing and selling it to you, and you turning around and relisting it with them and they sell it, they can make that 9%. Any top producer is going to want to try that formula at least once. When it works for them they will become believers in your short sale process. In their worse case scenario, they bring you the deal and you buy it paying their original 3% listing commission. You relist it with them and © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team they collect another 3% listing commission when it sells. Even if another agent brings in the buyer and collects the 3% buyers commission, the worse your agent can do is 6%. How many deals like that are they offered? None. The worse case deal you offer is their best case scenario in their business model. They will bring you deals. By dealing with you, they get a 100% pay raise for each deal. And they don’t have to market the property for the first sale to you. They bring it to you as soon as the seller’s signature ink is dry on the listing contract. You buy immediately if the deals right – without them having to market it. This works best if the listing agent already has the property under contract as a short sale. Say, listed at $300,000 with a mortgage owed of $327,000. You look at it and point out over looked factors that make it only worth $250,000. The owner doesn’t care, they’re already underwater. The owner agrees to sell an option to you at $250,000. One good way to find the top producing is agents is to drive around the neighborhoods looking at the reality signs in yards. Find the agents that have the most property under contract. They have four sign on the street while everyone else only has one. Another way is to have a good real estate attorney refer you to the top producers. They know who they are. We’ll get into this later but the first person you’re going to contact when you’re ready to put together your first deal will be a good real estate attorney. Team Member – Short Sale Negotiator The short sale negotiator can be anyone one the team. It can be you, it can be a broker, it can be an attorney, or you can hire someone to do it. It’s probably a good role for you to take on unless you know someone else would be better at. © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team A key aspect of the negotiators role is to get a very accurate valuation of the property. That’s where the most money is made from the Seven Streams Flipping Short Sales MethodTM. And you’re the one taking the training to make this happens. Therefore, you’re probably the right one to take on this important role. Team Member – Real Estate Attorney This is another critical team member. Find a good real estate attorney – not your family attorney that you hired to settle a dispute with your neighbor. A good specialized real estate attorney. Show them the blueprint of what you want to do (what you’re learning here). Ask them if they can set up the exact paperwork you’ll use to get it done. And if they can review each of your early transactions. It needs to be an attorney that will take your calls and questions real time. Not someone that wants you to schedule an appointment a week from tomorrow. Your attorney is there for consultations when you need them. You will compensate them well and they will go to work for you. You want an attorney that will find a way for you to get things done legally. They’ll find a way to structure tough deals. Not one that takes the easy way out by saying it can’t be done. Here’s a really good reason to use an attorney. They all carry liability insurance in case something goes wrong – if they give bad advice. Indirectly that insurance transfers to every deal you make based on his/her advice and using the paperwork they create for you. Team Member – Lender Negotiator Also known as a loss mitigator, their job is to present information to the decision maker. To help the decision maker come to wise business decisions. They are a team member, although not one you get to select to be on your team. Your job, as the short sale negotiator, is to get them to © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team view the property the same way you do. Always show respect to them. Never yell at them. Never tell them that their view is wrong. Show them the evidence that will change their incorrect perception. Never be adversarial towards them. They are brokering the deal between you and the final decision maker. They are also a gatekeeper. The loss mitigator must make sure all the accurate and necessary information is available to the decision maker. Photos are key here. To convince them, make sure they have absolutely everything they ask for. We’ll go into this in great detail. Team Member – Title Company and Loan Officer This is whoever handles escrow or closing. It may change depending on the particular deal. You need to provide full disclosure upfront that you are flipping the house. There are specific attorneys or title companies in your area that the bulk of the deals will go through. The busiest. Get them familiar with what you are doing and your paperwork. The escrow agent or closing office will be dictated by the final buyer but you can influence who it will be. Those are the primary team members. These people will change with each deal. You’ll have several brokers bringing you deals and will work with some more than others. Your attorney will be the same on almost every deal unless you run into something peculiar and he refers you to another attorney. The lenders loss mitigation agent will change every time. The escrow agent will change often and listing agents will come and go. A personal assistant can be a team member. They are optional and make more sense after you are established. They need to be capable of doing what you are doing. They are often a student in training. © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team Someone learning your processes. They will change over time also. You need to create a new team on each transaction quickly. There will be other team members that come in on specific types of deals. We’ll discuss them as they come up during the eCourse. Your “Assignment” for Stage #2 Write a list of skills, qualities, and characteristics you want to see in each team member you can choose to influence. Definitely your attorney, and the brokers. Also the closing agents. Send any questions or comments about the material to me by logging into the Lesson page at http://www.sevenstreamsflipping.org/e-classes2
Finding Deal Flow While a good broker will be your best source for finding profitable short sales, it doesn’t have to be your only source. Bankruptcy Attorneys Bankruptcy lawyers are another good source. There are several different ways you can convince bankruptcy attorneys to refer short sales to you. The first way is a free way. You simply agree to do mutual referrals. There will be times when a homeowner comes to you asking you to buy there house with a short sale when won’t be a doable deal. Maybe it involves a lender that won’t allow you enough of a spread for an acceptable profit. Or some other reason you just can’t make the deal work. The homeowner still needs a solution to their financial problem and at times that means having to file bankruptcy. You refer them to the © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team bankruptcy attorney. Of course, you need to make sure you are working with a top-notch attorney. You don’t want to refer people to an incompetent attorney – it will damage your reputation in the industry. And your reputation needs to be rock solid in the short sale flipping business. People need to be able to trust that you will complete the deal when you tell them you will flip their house in a short sale. That means being able to trust your word about everything in the business. Another way is to pay out a commission for the referral. You can either pay a small commission for every referral sent your way or pay a larger referral commission only for those that turn into completed deals. Although you have the option, its better to go with the larger commission for completed deals. The reason being that the bankruptcy lawyer isn’t going to be nearly as familiar with what constitutes a good deal for you. Quite possibly, they will make referrals that you can’t qualify. And there’s a difference between choosing the mutual referral method or the commission method. The mutual referral method limits you to the number of bankruptcy attorneys that you can work with. Unless you are referring a lot of people to bankruptcy (hopefully not) you will have a limited number of referrals and will need to limit mutual referrals to a single lawyer. On the other hand, if you offer a commission you can accept referrals from several attorneys. Easy Tip: Be sure to check the laws in our area to be sure that paying commissions to attorneys or other is not against the law or goes against a realtor association rules or the legal bar rules.
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team Mortgage Brokers You can make similar arrangements with most anyone in the industry. Mortgage brokers are a good source for short sale referrals. They are contacted by people looking to refinance their home only to learn that’s not possible because the amount they need to finance is up side down compared to the value of the home. Mortgage brokers can be a great source for finding short sales in these tough economic times. Like wise, you can refer business to the mortgage broker through your end buyers on the flip. The same things apply here as with the bankruptcy lawyer. You can either use mutual referrals or offer a commission for deals that go through. Other Marketing Tips Do ongoing print ad campaigns. Invest in top quality, professional looking business cards, fliers, brochures, printed post card mailers, billboards - whatever works. Keep your name in front of the public nonstop. Eventually you'll become a known brand name as the go-to person for anyone facing foreclosure and needing to do a short sale. Bandit signs are truly your friend. They come in a variety of sizes: 6"x24", 12"x18", 15"x19", 18"x24" and 24"x30". They are very inexpensive. You can have them professionally printed for about a dollar a piece. All you need to do is push the metal stakes into the ground near busy intersections and people will start calling you. Believe me, bandit signs saying that you buy houses work. People will call. However, many think you buy houses at market value. You will need to screen all of the calls that you get down to those that are serious about a short sale or selling wholesale. Create a series of questions to screen out those that don’t qualify. You can have a staff member or commercial service screen the calls for you – that’s how many you will get. Then they can either pass on a list to you of qualified candidates once © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team a day. Or you can have them hot transferred to you through out the day. Direct mailing is another good way to go. Send a postcard to everyone in your area that goes into pre-foreclosure. Stay on top of Court Records and Public Announcements. Keep tabs on all public records regarding pre-foreclosures. Even if it means paying finder fees to people to scout the papers and bulletin boards for you. Knowledge is power and you want to be the first to know when a homeowner misses payments so you can be the first to offer them short sale solutions. By following these guidelines, random hits and misses will be replaced with a consistent and professional approach to ferreting out short sale properties. The result will be more a much more organized and efficient work schedule with enhanced time management, a self-sustaining and selfperpetuating system of lead generation, and a wider choice of short sale opportunities. Those will ultimately lead to a higher success rate, a greater frequency of closed transactions, and higher profits in a shorter amount of time. Your “Assignment” for Stage #3 Create a list of possible bankruptcy attorneys in your area that you want to consider for referrals. Do the same for a few mortgage brokers. Just make a list, don’t contact them until you have finished the course and can knowledgably discuss short sale flipping with them. Begin drafting marketing materials. Send any questions or comments about the material to me by logging into the Lesson page at http://www.sevenstreamsflipping.org/e-classes2 I’ve included five additional files this week. The first is a checklist of sorts. It’s a condensed version of the lesson that you can quickly refer © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team to for the highlights we’ve covered this week. The second is a handy form that you can use to keep important information about each individual deal. Next week we’ll be working on the overall package that you’ll be submitting to the lender’s loss mitigation department. But this form let’s you keep the critical information in one simple to use document. Then there are three more files that will be useful when you talk to sellers. As you already know, flipping short sales is an ethically driven business. You owe it the sellers to show options that can affect them. The other three files provide you with need information to share with the sellers about credit consolers, debt collectors, and deficiency judgments. Please take the time to study these.
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team Now, let’s take what you’ve learned so far and begin to actually put it to use. It’s homework time! Feels just like you’re back in high school, doesn’t it?
Go ahead and complete these steps so that you have the foundation in place for next week’s lesson. Next time you’ll discover one of the most important secrets of this eCourse. We will be covering the package that you will submit to the lender to convince them to short sell the property for 65% of the market price. Keep your eye on your inbox, because you won’t want to miss the eyeThis Week’s Assignments Write a list of pros and cons concerning flipping short sale as a
principle using the team approach. Keep the list handy as you work through the entire eCourse. If at the end of the course any cons out way the pros, I want to hear what they are. There may still be answers. Write a list of skills, qualities, and characteristics you want to see in each team member you can choose to influence. Definitely your attorney, and the brokers. Also the closing agents. Create a list of possible bankruptcy attorneys in your area that you want to consider for referrals. Do the same for a few mortgage brokers. Just make a list, don’t contact them until you have finished the course and can knowledgably discuss short sale flipping with them. Begin drafting marketing materials.
IMPORTANT NOTE: I am ready willing, and able to help you with EVERY PART of this week’s homework assignment! If you need any assistance at all in working through or understanding the assignments, login to the Lesson page at: http://www.sevenstreamsflipping.org/e-classes2 and let me offer suggestions, give feedback, etc. for each of these assignments. If you need help, I’m here! (or if you have any questions about the lesson at all!)
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team opening tips, tricks and secrets that are coming your way soon!
Richard Geller Publisher, Seven Streams Flipping Short Sales MethodTM
P.S. Be sure to review all of the materials that are included with this week’s curriculum package. You should have received five other pdf files: 1. eCourse for Flipping Short Sales Module 7 – Checklist 2. eCourse for Flipping Short Sales Module 7 – Information Checklist 3. eCourse for Flipping Short Sales Module 7 - Counseling Sellers About Credit Counselors 4. eCourse for Flipping Short Sales Module 7 - Counseling Sellers About Debt Collectors
5. eCourse for Flipping Short Sales Module 7 - Counseling Sellers About Deficiency Judgments
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Disclaimer – this limits our liability – Read it! In plain English, I did my best to make this the best eCourse I could make it, for someone dealing with other that are facing foreclosure, credit problems, and financial difficulties. But I am sure that I left stuff out, forgot some important stuff, and made some mistakes. Plus, I can’t know the laws of your state, and the facts in your particular situation. And I’m not a lawyer nor do I play one on television. Some of this stuff MAY NOT WORK. Or it may be ILLEGAL. Who knows. So… You have to take responsibility for whatever you do or don’t do after going through my home study eCourse. Don’t blame me!! I am not responsible for what you do!! If I were you, I’d find a good attorney to advise me. And I’d check out whatever it is that anyone tells you to do – me, the attorney, your mother-in-law, whoever. Then I’d take my chances. Life is full of risks. You could do great following my advice. Or you could fall on your face. Who knows, maybe some of the stuff I suggest is illegal in your state. I don’t know. But regardless, you can’t go after me for telling you to do something or not do it – because I am right now disclaiming any liability. You are on your own!! And with that out of the way, read on… While the publisher and author have used their best efforts in preparing this eCourse, they make no representations or warranties with respect to the accuracy or completeness of the contents of this eCourse and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential or other damages.
And another important note – this one about ethics The techniques I outline in this eCourse – some of them anyway – may strike you as pretty outrageous. Unethical perhaps. You may find a few techniques that you can swear are illegal. I don’t advocate anything illegal. And I don’t want you to do anything unethical. These techniques exist. People do them all the time. I don’t want you do be at a disadvantage by not knowing them. So I tell you about them, no holds barred. I think it’s too easy to judge others when you haven’t been in their shoes. Some people are in frightful situations and they are frankly quite desperate. They need answers. I hope if this is your circumstance, you find answers, some of them here. That doesn’t mean I think you ought to do things that are unethical, or that things you choose to do are right for everyone. That is for you to decide. Okay? And a final important note – this one about plagiarism! You DO NOT have permission to resell this information. You DO NOT have permission to give it away to someone else. This information is sold under a license that lets you read it, use it FOR YOUR OWN USE, but not give it away, make copies, sell it or resell it. For another copy, contact me at: www.sevenstreamsflipping.org Thank you!
Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team
IT IS STRONGLY RECOMMENDED THAT YOU PRINT THIS OUT PRIOR TO READING Introduction: What is the Seven Streams of Flipping Short Sales MethodTM? First of all, it’s a phenomenal method of buying distressed houses at wholesale prices and then flipping them without investing any of your money by selling them far enough below market value that you will have multiple offers and a signed buyer before you close on the property. And it goes much further. When you started flipping and stopped FIXING, it will start your career in real estate the RIGHT way to: Make money on most/all deals brought to you that pencil out. Work it while you have something else full time. Don't fix things up, no painting, no fixup. Don't put in any more than a dollar of your own money. THIS IS A ZERO CASH TYPE OF FLIPPING SYSTEM. You will help distressed homeowners avoid bankruptcy and foreclosure – you are doing good things for many people. You will help others in the real estate industry make money in these economically depressed times. Just as important, you will make a financial killing by learning the seven income streams that can be derived from these real estate transactions. At closing you won’t just receive one check, you’ll receive several checks.
© 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team
Start by Building a Strong Motivated Team Hello, this is Richard Geller – I’d like to welcome you to the first lesson of the Seven Streams of Flipping Short Sales MethodTM eCourse. During the next several weeks, you’re going to learn step-by-step how to bring short sale lenders, distressed property owners, and buyers to the closing table in a remarkably short time compared to others that try short sales. I know that’s exciting to think about! It’s going to take some work on your part and I’ll be here to guide you through the entire process. I’m privileged to be able to take this short and profitable journey with you, and I’m looking forward to seeing this take form in your own business. If you familiar with the industry these facts won’t be a surprise to you but here is an update on how bad it has gotten in for the American homeowner in 2009. 1 out of every 200 homes will be foreclosed upon. For a city like Washington, D.C., that translates to 3,000 Washingtonians losing their homes to foreclosure each year. Every three months, 250,000 new families enter into foreclosure. One child in every classroom in America is at risk of losing his/her home because their parents are unable to pay their mortgage. A slower real estate market can translate into falling prices and home values. As a result, homeowners who opted for adjustable rate mortgages may now find that as their mortgage rate adjusts higher, their home value is lower and therefore refinancing is no longer an option. In 2008, homes lost $2.4 Trillion in equity.
© 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team 20% of all homeowners are upside down. 55% in Nevaada 32% in Arizona 30% in California Six in 10 homeowners wish they understood the terms and details of their mortgage better. More than 6 in 10 homeowners delinquent in their mortgage payments are not aware of services that can be offered to individuals having trouble with their mortgage. This week we’re going to talk about: how to put together a team of commission based team members that are highly motivated to make you and your business successful. As the key principle in the short sale, you will be directing the operations. You will both choose and lead the team. They won’t be your employees but you will be calling the shots. This week, we’ll be making critical decisions about who needs to be on that team and some of the important skills they need to provide.
Notice that I said “we’ll” be making some critical decisions. I’m going to personally help you – one on one – as we make our way through this initial lesson. By the end of this week your eClass will spring to life. Specifically, you’ll have the following things in place… An understanding of how big the market is for short sale flipping. The three different business models and why you want to use this one. The five key members of your team, the specific skills they need and how to find them. © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team Your role on the team and what that means. Six ways you can generate deal flow. In a few short weeks, you are going to know the ins and outs of running your own successful short sale flipping business. As we all know, there are millions of opportunities out there for you to help people that find themselves in a dire financial situation and at the same time you will be able to make yourself a very very comfortable living running your own business. Good for you, unfortunate for all the others that are facing the frightful prospect of losing their jobs in this terrible economy. You on the other hand will thrive in this withering economy! The unfortunate truth is the economy shows no signs of turning around and millions upon millions of people are going to be facing foreclosures and house payments they simply cannot afford for years to come. People will need to move on with their lives. Your ability to conduct short sales will be an invaluable service to them. Now let’s get started….. In today’s severely depressed economy people find their house is worth much less than what they paid for them. In some parts of the country, house prices are falling at 2% each month. That’s 24% a year. Even when the economy finally hits bottom, it will be many years before house prices come anywhere close to what these people paid for them. And many of these people are trapped in predatory loans. It’s so bad that the Federal Government has step in to try to fix a portion of the problem with loan modifications. People are trying to get loan mods. More are being granted The result is usually a payment they can barely afford on a
house they don’t really own. They think, “why not rent and save the aggravation of owing © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team more than their home is worth?” The economic situation is not improving. Wages are at all time lows. People are carrying more debt than ever before. It has taken years to get in this mess and will take years to get
out. Unemployment continues to rise. There is no recovery in sight. Housing prices are continuing to drop. Record numbers of homes are upside down. Lenders already ready have record setting numbers of REO on
their books and much more foreclosure inventory is in the pipeline. All of this means many many people have a vested interested in short sales. And short sales can be some of the easiest sales to make: Sellers don’t really care how much they sell the house for
because they’ll never receive a penny. Takes away the seller’s emotion in the sale. Takes away the seller’s desire to get the highest possible price. Lenders don’t want more houses back. Also, lenders are being PAID to do short sales in many cases
under the Obama plan. Most agents and brokers think short sales are very difficult –
maybe if they don’t have a process like the Seven Streams Flipping Short Sales MethodTM. They would rather give short sales to you so long as they still
get their commission.
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team
Introducing the Seven Streams Flipping Short Sales MethodTM This system works: Even if you never leave your office or house. Start part time or full time. If you are an agent, broker, loan officer, or lawyer, etc. Works if you are none of the above. Does require more than literally a few dollars but not much
more. There are millions of deals to be had, plenty for you and
everyone else. The name Seven Streams Flipping Short Sale MethodTM gets it’s name from the fact that there are potentially seven separate income streams, which is phenomenal. You won’t necessarily enjoy all seven but you will benefit from many. What you’ll learn from this eCourse: The three different short sale business models. How to build the perfect short sale team that brings deals to
you and does most of the work. How to submit a unique short sale package, contract, and offer
using ethical secrets and tricks that get the short sale offer accepted by the skeptical lender. How to create as many as seven streams of income when the
money is distributed at closing. There is always a market for flipping real estate whether the market is hot or cold for sales. There is always is always a market for investing and holding real estate © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team whether the market is hot or cold. It comes down to the individual deal, not the market. Finding the right deal is one of the important things you will learn in this eCourse. Lenders don’t care if you are flipping a short sale. All the major lenders care about is if they are receiving an acceptable figure for the short sale – period. All that matters is what the lender is receiving on the bottom line (net) on the HUD 1. The Three Business Models for a Short Sale 1. Traditional – an agent for a broker making a commission on a short sale. 2. Negotiator – negotiating short sales on behalf of a real estate office or individual homeowners, or law firms. Actually doing the leg work to build the short sale packages and following through with the lenders. 3. Flipping – working as a principle Don’t bypass the agent or broker – these people will make you money. Team mentality. Make sure everyone on your team is well compensated. Many in the real estate flipping field try to sell the house “For Sale By Owner” instead of using an agent. On average, they sell for 15% less to save 6% commission. They walk away with 9% less while doing all the work. Pay the 6% commission, do much less work, and earn more using the Seven Streams Flipping Short Sales MethodTM. You direct the operations. Your team does most of the work. Everyone is well compensated for the each deal.
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team Your “Assignment” for Stage #1 Write a list of pros and cons concerning flipping short sale as a principle using the team approach. Keep the list handy as you work through the entire eCourse. If at the end of the course any cons out way the pros, I want to hear what they are. There may still be answers. Send any questions or comments about the material to me by logging into the Lesson page at http://www.sevenstreamsflipping.org/e-classes2
The Perfect Short Sale Team As the principle and team leader it’s important that you have a clear understanding what each team member’s responsibility is. You should know every step in those responsibilities. You should be able to step in for any team member at any time. A View of the Team As the principle, you buy the property through a purchase agreement and option agreement. Then you relist it with the same agent that brought you the deal to start with. This let’s them have both the original listing commission and the listing commission on the flip – a round trip. Brokers Bring You Deal Flow You only want to work with top producers. That’s how you create deal flow. Many are already working on REO and new construction if there is still any occurring in your region. This is where you look for the top producers. When you find one, here is your sales pitch to bring them onto your team“Here’s the deal, I know you’re a top producer. I know your time is © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team valuable. I know you want to focus on what you’re good at rather than negotiating short sales. You need to be out on the street selling houses, meeting people, and making contacts. That’s what you do for a living. What I do is negotiate short sales. I have the rest of the team together to do the balance of the work. All I need you to do is have the listings, take some really good photos, meet the lenders agent for the BPO, and resell the house for a second commission.” This is what they do anyway. Meet house sellers, meet home buyers, take good photos for Realtor.com, meet inspectors, and meet appraisers. It’s already part of their job. If you don’t have short sale statistics to show them, you can show them your other team members and the training you have completed. Show them how your method works. Demonstrate the knowledge you are gaining from this eCourse. It will convince them you have a better method than others out there. Big Dollar Numbers for the Broker Your first objective is to have three top agents working in different neighborhoods each bring you one deal. Guarantee them a 3% commission by buying the property upfront. Then offer to list it for sale with them that assures them another 3% when it sells. If they sell it, they get the full 6% from the sale. The agent stands to make a full 9% on the deal. By bringing their own listing and selling it to you, and you turning around and relisting it with them and they sell it, they can make that 9%. Any top producer is going to want to try that formula at least once. When it works for them they will become believers in your short sale process. In their worse case scenario, they bring you the deal and you buy it paying their original 3% listing commission. You relist it with them and © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team they collect another 3% listing commission when it sells. Even if another agent brings in the buyer and collects the 3% buyers commission, the worse your agent can do is 6%. How many deals like that are they offered? None. The worse case deal you offer is their best case scenario in their business model. They will bring you deals. By dealing with you, they get a 100% pay raise for each deal. And they don’t have to market the property for the first sale to you. They bring it to you as soon as the seller’s signature ink is dry on the listing contract. You buy immediately if the deals right – without them having to market it. This works best if the listing agent already has the property under contract as a short sale. Say, listed at $300,000 with a mortgage owed of $327,000. You look at it and point out over looked factors that make it only worth $250,000. The owner doesn’t care, they’re already underwater. The owner agrees to sell an option to you at $250,000. One good way to find the top producing is agents is to drive around the neighborhoods looking at the reality signs in yards. Find the agents that have the most property under contract. They have four sign on the street while everyone else only has one. Another way is to have a good real estate attorney refer you to the top producers. They know who they are. We’ll get into this later but the first person you’re going to contact when you’re ready to put together your first deal will be a good real estate attorney. Team Member – Short Sale Negotiator The short sale negotiator can be anyone one the team. It can be you, it can be a broker, it can be an attorney, or you can hire someone to do it. It’s probably a good role for you to take on unless you know someone else would be better at. © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team A key aspect of the negotiators role is to get a very accurate valuation of the property. That’s where the most money is made from the Seven Streams Flipping Short Sales MethodTM. And you’re the one taking the training to make this happens. Therefore, you’re probably the right one to take on this important role. Team Member – Real Estate Attorney This is another critical team member. Find a good real estate attorney – not your family attorney that you hired to settle a dispute with your neighbor. A good specialized real estate attorney. Show them the blueprint of what you want to do (what you’re learning here). Ask them if they can set up the exact paperwork you’ll use to get it done. And if they can review each of your early transactions. It needs to be an attorney that will take your calls and questions real time. Not someone that wants you to schedule an appointment a week from tomorrow. Your attorney is there for consultations when you need them. You will compensate them well and they will go to work for you. You want an attorney that will find a way for you to get things done legally. They’ll find a way to structure tough deals. Not one that takes the easy way out by saying it can’t be done. Here’s a really good reason to use an attorney. They all carry liability insurance in case something goes wrong – if they give bad advice. Indirectly that insurance transfers to every deal you make based on his/her advice and using the paperwork they create for you. Team Member – Lender Negotiator Also known as a loss mitigator, their job is to present information to the decision maker. To help the decision maker come to wise business decisions. They are a team member, although not one you get to select to be on your team. Your job, as the short sale negotiator, is to get them to © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team view the property the same way you do. Always show respect to them. Never yell at them. Never tell them that their view is wrong. Show them the evidence that will change their incorrect perception. Never be adversarial towards them. They are brokering the deal between you and the final decision maker. They are also a gatekeeper. The loss mitigator must make sure all the accurate and necessary information is available to the decision maker. Photos are key here. To convince them, make sure they have absolutely everything they ask for. We’ll go into this in great detail. Team Member – Title Company and Loan Officer This is whoever handles escrow or closing. It may change depending on the particular deal. You need to provide full disclosure upfront that you are flipping the house. There are specific attorneys or title companies in your area that the bulk of the deals will go through. The busiest. Get them familiar with what you are doing and your paperwork. The escrow agent or closing office will be dictated by the final buyer but you can influence who it will be. Those are the primary team members. These people will change with each deal. You’ll have several brokers bringing you deals and will work with some more than others. Your attorney will be the same on almost every deal unless you run into something peculiar and he refers you to another attorney. The lenders loss mitigation agent will change every time. The escrow agent will change often and listing agents will come and go. A personal assistant can be a team member. They are optional and make more sense after you are established. They need to be capable of doing what you are doing. They are often a student in training. © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team Someone learning your processes. They will change over time also. You need to create a new team on each transaction quickly. There will be other team members that come in on specific types of deals. We’ll discuss them as they come up during the eCourse. Your “Assignment” for Stage #2 Write a list of skills, qualities, and characteristics you want to see in each team member you can choose to influence. Definitely your attorney, and the brokers. Also the closing agents. Send any questions or comments about the material to me by logging into the Lesson page at http://www.sevenstreamsflipping.org/e-classes2
Finding Deal Flow While a good broker will be your best source for finding profitable short sales, it doesn’t have to be your only source. Bankruptcy Attorneys Bankruptcy lawyers are another good source. There are several different ways you can convince bankruptcy attorneys to refer short sales to you. The first way is a free way. You simply agree to do mutual referrals. There will be times when a homeowner comes to you asking you to buy there house with a short sale when won’t be a doable deal. Maybe it involves a lender that won’t allow you enough of a spread for an acceptable profit. Or some other reason you just can’t make the deal work. The homeowner still needs a solution to their financial problem and at times that means having to file bankruptcy. You refer them to the © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team bankruptcy attorney. Of course, you need to make sure you are working with a top-notch attorney. You don’t want to refer people to an incompetent attorney – it will damage your reputation in the industry. And your reputation needs to be rock solid in the short sale flipping business. People need to be able to trust that you will complete the deal when you tell them you will flip their house in a short sale. That means being able to trust your word about everything in the business. Another way is to pay out a commission for the referral. You can either pay a small commission for every referral sent your way or pay a larger referral commission only for those that turn into completed deals. Although you have the option, its better to go with the larger commission for completed deals. The reason being that the bankruptcy lawyer isn’t going to be nearly as familiar with what constitutes a good deal for you. Quite possibly, they will make referrals that you can’t qualify. And there’s a difference between choosing the mutual referral method or the commission method. The mutual referral method limits you to the number of bankruptcy attorneys that you can work with. Unless you are referring a lot of people to bankruptcy (hopefully not) you will have a limited number of referrals and will need to limit mutual referrals to a single lawyer. On the other hand, if you offer a commission you can accept referrals from several attorneys. Easy Tip: Be sure to check the laws in our area to be sure that paying commissions to attorneys or other is not against the law or goes against a realtor association rules or the legal bar rules.
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team Mortgage Brokers You can make similar arrangements with most anyone in the industry. Mortgage brokers are a good source for short sale referrals. They are contacted by people looking to refinance their home only to learn that’s not possible because the amount they need to finance is up side down compared to the value of the home. Mortgage brokers can be a great source for finding short sales in these tough economic times. Like wise, you can refer business to the mortgage broker through your end buyers on the flip. The same things apply here as with the bankruptcy lawyer. You can either use mutual referrals or offer a commission for deals that go through. Other Marketing Tips Do ongoing print ad campaigns. Invest in top quality, professional looking business cards, fliers, brochures, printed post card mailers, billboards - whatever works. Keep your name in front of the public nonstop. Eventually you'll become a known brand name as the go-to person for anyone facing foreclosure and needing to do a short sale. Bandit signs are truly your friend. They come in a variety of sizes: 6"x24", 12"x18", 15"x19", 18"x24" and 24"x30". They are very inexpensive. You can have them professionally printed for about a dollar a piece. All you need to do is push the metal stakes into the ground near busy intersections and people will start calling you. Believe me, bandit signs saying that you buy houses work. People will call. However, many think you buy houses at market value. You will need to screen all of the calls that you get down to those that are serious about a short sale or selling wholesale. Create a series of questions to screen out those that don’t qualify. You can have a staff member or commercial service screen the calls for you – that’s how many you will get. Then they can either pass on a list to you of qualified candidates once © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team a day. Or you can have them hot transferred to you through out the day. Direct mailing is another good way to go. Send a postcard to everyone in your area that goes into pre-foreclosure. Stay on top of Court Records and Public Announcements. Keep tabs on all public records regarding pre-foreclosures. Even if it means paying finder fees to people to scout the papers and bulletin boards for you. Knowledge is power and you want to be the first to know when a homeowner misses payments so you can be the first to offer them short sale solutions. By following these guidelines, random hits and misses will be replaced with a consistent and professional approach to ferreting out short sale properties. The result will be more a much more organized and efficient work schedule with enhanced time management, a self-sustaining and selfperpetuating system of lead generation, and a wider choice of short sale opportunities. Those will ultimately lead to a higher success rate, a greater frequency of closed transactions, and higher profits in a shorter amount of time. Your “Assignment” for Stage #3 Create a list of possible bankruptcy attorneys in your area that you want to consider for referrals. Do the same for a few mortgage brokers. Just make a list, don’t contact them until you have finished the course and can knowledgably discuss short sale flipping with them. Begin drafting marketing materials. Send any questions or comments about the material to me by logging into the Lesson page at http://www.sevenstreamsflipping.org/e-classes2 I’ve included five additional files this week. The first is a checklist of sorts. It’s a condensed version of the lesson that you can quickly refer © 2009 Sevenstreamsflipping.org. All rights reserved. www.sevenstreamsflipping.org
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team to for the highlights we’ve covered this week. The second is a handy form that you can use to keep important information about each individual deal. Next week we’ll be working on the overall package that you’ll be submitting to the lender’s loss mitigation department. But this form let’s you keep the critical information in one simple to use document. Then there are three more files that will be useful when you talk to sellers. As you already know, flipping short sales is an ethically driven business. You owe it the sellers to show options that can affect them. The other three files provide you with need information to share with the sellers about credit consolers, debt collectors, and deficiency judgments. Please take the time to study these.
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team Now, let’s take what you’ve learned so far and begin to actually put it to use. It’s homework time! Feels just like you’re back in high school, doesn’t it?
Go ahead and complete these steps so that you have the foundation in place for next week’s lesson. Next time you’ll discover one of the most important secrets of this eCourse. We will be covering the package that you will submit to the lender to convince them to short sell the property for 65% of the market price. Keep your eye on your inbox, because you won’t want to miss the eyeThis Week’s Assignments Write a list of pros and cons concerning flipping short sale as a
principle using the team approach. Keep the list handy as you work through the entire eCourse. If at the end of the course any cons out way the pros, I want to hear what they are. There may still be answers. Write a list of skills, qualities, and characteristics you want to see in each team member you can choose to influence. Definitely your attorney, and the brokers. Also the closing agents. Create a list of possible bankruptcy attorneys in your area that you want to consider for referrals. Do the same for a few mortgage brokers. Just make a list, don’t contact them until you have finished the course and can knowledgably discuss short sale flipping with them. Begin drafting marketing materials.
IMPORTANT NOTE: I am ready willing, and able to help you with EVERY PART of this week’s homework assignment! If you need any assistance at all in working through or understanding the assignments, login to the Lesson page at: http://www.sevenstreamsflipping.org/e-classes2 and let me offer suggestions, give feedback, etc. for each of these assignments. If you need help, I’m here! (or if you have any questions about the lesson at all!)
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Seven Streams Flipping Short Sales MethodTM Lesson #7: Building Your Profit Making Team opening tips, tricks and secrets that are coming your way soon!
Richard Geller Publisher, Seven Streams Flipping Short Sales MethodTM
P.S. Be sure to review all of the materials that are included with this week’s curriculum package. You should have received five other pdf files: 1. eCourse for Flipping Short Sales Module 7 – Checklist 2. eCourse for Flipping Short Sales Module 7 – Information Checklist 3. eCourse for Flipping Short Sales Module 7 - Counseling Sellers About Credit Counselors 4. eCourse for Flipping Short Sales Module 7 - Counseling Sellers About Debt Collectors
5. eCourse for Flipping Short Sales Module 7 - Counseling Sellers About Deficiency Judgments
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