I just whipped up a new Reader Mail video for your Friday night viewing pleasure!

In this installment I answer the following two questions from Mike about wholesaling REOs..

1) How do you know your buyer won’t go around you
2) How do you get your prospective buyers inside the property?

If you have any questions after viewing, or if you’d like to add any additional information- please do so in the comments below this post!

Enjoy….

P.S.
Sorry the video quality is kinda crappy- it was starting to get dark.  (37 days ’til Daylight Saving Time.  Yaaaay!)

P.P.S.
I always thought it was Daylight “Savings” Time, until two minutes ago when Lord Google told me otherwise). Huh.

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In this installment, you’ll hear from Charles Rilley….

….. a full time wholesaler and former Atlantic City black jack dealer who recently wholesaled 3 foreclosures (in an area he was unfamiliar with) and pocketed a whopping $35,909.69!

Check out the interview below and find out…

• *How Charles quickly found 15 cash buyers in an area he was unfamiliar with
• *The formula he uses when making offers on rental properties
• *How he structures his REO and HUD wholesale deals so he doesn’t have to come up with ANY OF HIS OWN CASH. (Not even an earnest money deposit!)

And Lots More….

The interview is a little over 20 minutes, and you can listen in by clicking here!

Enjoy the call, and have an AWESOME week!

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Hope you all had a fabulous holiday and your 2012 is off to a great start!

I’ve got a brand spanking new email for you guys to enjoy on this fine (but chilly) Friday evening. In this installment, I answer a question asked by one of my coaching students about how to protect your EMD (earnest money deposit) in the event that your end buyer backs out of the deal. Check it out…

If you have questions or comments, leave them below and I’ll do my best to answer!

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It’s been awhile since I last posted a new Reader Mail video, but I’ve finally got another one for you to watch!

In the video, I answer the following question that was posted on my Facebook wall…

And here’s my answer, delivered via video…

If you’d like to add your two cents or if you have additional questions, leave them below in the comments and I’ll do my best to answer!

Later Gators!

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I’ve got another awesome Flip This Success Story for you guys that I think you’re really going to enjoy! In this installment, you’ll hear from one of our students (Jamal Brown) in the Ask the Flip VIPs Coaching Program who just closed his first wholesale deal and made an 8k assignment fee!

Say Hello to Jamal, everybody!

Check out the interview below (it’s about 50 minutes) to find out how Jamal was able to put this deal together…..how he found the lead, how he found the buyer, and everything else in between!

Just click on the bag of loot below to listen in…

http://www.flipthiswholesaler.net/successstories/jamalb1.mp3

Resources Mentioned in the Call:

Ask The Flip VIPs Coaching Program

Flip2Freedom Podcast

Redfin.com

T. Harv Eker Millionaire Mind Intensive

ListSource.com

P.S.
If you’d like to connect with Jamal on Facebook- you can do so here.

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This time around you’ll hear from Vernon Vaughan who is  a wholesaler, rehabber, and landlord up in the D.C area.  He’s been kicking some serious butt lately, and in this video he gives some awesome tips about how he’s finding his deals, how he’s finding his buyers, and lots lots more!

If you’d like to connect with Vernon on Facebook, you can do so by clicking here.

Thanks again for putting this video together for us, Vern, and keep up the great work!

P.S.
If you liked what Vernon had to say in the video, make sure to show him some love by clicking the Facebook “Like” button below!

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In this installment you’ll be hearing from Tony Zamberlin- a wholesaler from Anderson South Carolina, who has closed 5 wholesale deals off of the MLS so far this year!

Say Hi to Tony, everybody…

During the call, Tony gives the details of his latest deal, which was a HUD property that he wholesaled to an investor for a 5k profit!  To listen in, just click on the sack o’ cash below…

http://www.flipthiswholesaler.net/successstories/tony2.mp3

If you have any questions about the call, leave them below in the comments, and we will do our best to answer them for you!

Later Gators!

P.S.
Congrats again on your success this year, Tony, and thanks for sharing your story with us!

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It’s for these reasons that we wanted to read and discuss an oldie but goodie on negotiation — Getting To Yes: Negotiating Agreement Without Giving In by Roger Fisher and Will Ury .

The authors advocate a technique called principled negotiation which focuses on understanding the other side’s underlying interests and finding mutually beneficial solutions.  You may be thinking “Well, isn’t that how most people negotiate?” but the answer is no.

There are two commonly used methods of negotiation — soft negotiation (you end up losing out on a satisfying outcome because you simply want to avoid confrontation and please the other party) and then hard negotiation (you end up in a battle of wills that is exhausting and might give you a reasonable outcome, but harms relationships)

I can’t cover all the points in the book, but thought I’d discuss the 4 steps of principled negotiation and how they can help us as real estate investors.

Separate the people from the problem

An easy to forget fact about negotiation is that you are dealing with human beings who have emotions, deeply held values, and different viewpoints (and egos!).  We tend to focus on our own viewpoints and perspectives without consideration for others and that is just asking for disastrous interactions rather than cooperative ones.   The authors recommend:

1. Understand the other persons point of view so that you can potentially reduce areas of conflict
2. Allow the other side to let off steam and don’t react to emotional outbursts
3. Listen actively. Acknowledge what is being said (repeat it back to the person).

Focus on interests, not positions

A key to principled negotiations is to explore the true interests underlying the positions of each side, rather than just focusing on superficial positions. I think this is where many people miss the boat when negotiating with private sellers.

For example, a seller may tell you “I won’t take less than $85,000 for my house” and you may be thinking “I won’t buy it for more than $60,000!”  Those are superficial positions.  What you really want to know from the seller is how he came up with that dollar amount and what he is seeking to accomplish.  By asking questions to explore interests and being wiling to talk about your own interests, you’ll be able to come up with possible solutions that will meet both of your objectives.

Invent options for mutual gain

Often times in a negotiation, there is little time (if any) spent on inventing creative options.  Rather, it’s more “my way or the highway”. The authors suggest that in order to invent creative options you will have to:

(1) avoid making any judgments when brainstorming on possible solutions,
(2) broaden your options rather than looking for just one single answer by breaking the issue down or even changing the scope of an agreement,
(3) search for mutual gains by identifying shared interests and preferences, and
(4) invent ways of making the other person’s decisions easy such as drafting a few possible agreements to help discussions

An Example From A 30-Year Real Estate Investing Veteran

Extraordinary success with private sellers often lies in our ability to find creative solutions.  A local veteran investor shared with me that there have been instances when the thing that closed a deal for him was the fact that he offered to take care of selling a bunch of the seller’s unwanted personal property in the house and split the profits from it.  If he didn’t take the time to understand underlying interests and break the issues down while brainstorming with the seller, he would’ve lost that contract and the nice profit he received from wholesaling it.

Insist on using objective criteria

Before making a final agreement, the authors suggest that there should be agreement on standards of objective criteria that should be applied to the decision making.  The reason this is powerful is because each standard that the other side proposes can then be used to persuade them.  If you present a solution that is presented in terms of their criteria, it makes it difficult for that person to ignore that criteria. For real estate investors that criteria might be something like fair market value and comparable sales in the area.

Getting To Yes has a chapter towards the end that answers questions like “But what if they are more powerful?”, “What if they won’t play?”, and “What if they use dirty tricks?”  There are really great insights in there which I won’t go into here.  If you haven’t read this book, I definitely recommend it.  It’s less than 200 pages and pretty easy to get through.

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Last week I had the pleasure of interviewing Scott Costello from StrugglingInvestor.com for my Flip This Success story series! Scott recently closed his first wholesale deal and was able to put a 4k check in his pocket when all was said and done…

(Scott and his lovely wife)

Check out the interview below (it’s just under 30 mins long), and find out how Scott was able to put this deal together- how he found the seller, how he found the buyer, and all of the details in between! Just click on the sack o’ cash below to listen to the call…

http://www.flipthiswholesaler.net/successstories/scott.mp3

Enjoy the call, and if you have any questions for Scott, leave them below in the comments!  Thanks again, Scott, for sharing your story with us, and congrats on getting your first deal knocked out!!!

P.S.
Here’s a link to the site that Scott gets his handwriting font from… http://www.yourfonts.com/

P.P.S.
Make sure to stop by Scott’s blog and check it out- he’s got lots of great info over there! Click here to check it out.

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Today I’ve got a new Rock Stars of Real Estate video for you guys featuring rock star wholesaler Sharon Vornholt from Louisville Kentucky!

For this video, I asked Sharon to shed some light on her successful wholesaling business by telling us what her most effective form of marketing is for finding deals as well as finding buyers. I also asked her to tell us a little bit about her latest deal, and then give some advice to any aspiring wholesalers who are watching…

Enjoy!

If you have any questions after watching the video, leave them below in the comments and we will do our best to get them answered!

Oh, and if you’d like to hear more from Sharon, make sure to check out her blog here: Louisville Gals Real Estate Blog.

Thanks again, Sharon for putting the video together for us- you rock!

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