How to Get a $49,739 Check in 7 Days
Recently, my wife, Carol Joy, and I walked into our real estate attorney’s office and picked up a check for $49,739 after closing a deal. Just seven days before we met the seller of the house for the very first time, the negotiation began! When I tell people we’re able to get big checks and close deals within a week, they’re amazed.
How do you do it, Jay?
The secret is in relationships. Being able to develop great relationships is the key behind any successful business, especially when it comes to real estate investing.
This particular deal came to us through Facebook. We run two kinds of ads: one directed at buyers, and one directed at motivated sellers. This seller responded to my Facebook ad—they wanted to do business with us because we offered to close the deal in seven days. We’re able to fulfill that promise because this deal was funded with private money. We brought no money to the closing table and picked up a $49,739 check!
But Jay, I know I’m a people person! I just don’t know how to find private lenders.
Well, that’s probably because you don’t know what a private lender really looks like.
Many people envision a specific type of person when thinking of someone who “has money.” They picture someone who always wears expensive clothes or lives a highfalutin lifestyle. The thing is: most people with money are smart. They don’t advertise their money to everyone on the street. They’ve been wise and saved or they have their money in an IRA. In fact, a good majority of the private lenders we do business with fall into that category.
As we tell our students at our live events, you can’t judge somebody just by looking at them. Sam Walton drove a beat-up pickup truck even after he owned Walmart for years. When asked why he drove the truck, he said, “What am I supposed to haul my dogs around in, a Rolls Royce?”
Now, before you run out and start focusing on becoming best friends with private lenders, you should know that’s only part of the formula. There are a lot of other relationships you need to consider when closing a deal.
How’s your relationship with your real estate attorney?
I’ve been working with my attorney for over 10 years and we've built a strong relationship. Thanks to this relationship, I was able to close this $49,739 deal in one week. It is nearly impossible to close a deal within seven days of meeting the seller if you don’t get the title search done—and you’re not going to accomplish that if you don’t have a good relationship with a real estate attorney.
Of course, this is just the tip of the iceberg. In the past, I’ve talked a great deal about how quickly we’re able to close deals thanks to the team and automation I have in place. Everything runs smoothly because I have good relationships with my team—from my acquisitionist to my contractor. It’s also important to know how to develop relationships with the buyer or seller.
To learn more about finding, funding, flipping, and enjoying freedom in your real estate business, reserve your seat for the upcoming live event at www.jaysliveevent.com.
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