Hi Awesomely family, Patrick Riddle here…
If you’re like me, you probably see a lot of courses, a lot of seminars, a lot of gurus. It’s just mind-boggling all the material that’s out there. You’ll probably like, “Do these techniques really work? Do they really do what they say they can do?”
Whelp, lemme tell you something that happened in our office recently… yes, certain techniques most definitely do work.
Here’s an interesting example of some creative REI…
So, we did a deal with a seller and just finished the renovation. We have it under contract, and we’re about to sell it. One of the terms that I got the seller to agree to when we bought the property was for them to take back the seller-held mortgage for about $14,000.
Not a terrible amount of money, but sufficient enough to create an opportunity to produce another deal within the deal.
So, we have the closing lined up, and I called them to see what would work for them. We had nothing to lose… if we have to pay it off in full, that’s fine. It’s still a great deal, and we’d still do very well on it.
But, the deal within the deal means we call them and renegotiate the terms of the payoff.
So, I called:
“Mrs. Smith, this is Patrick Riddle… I bought your house a few months ago, I’m just calling to see how everything’s going in the house…
So, we’re still working on this property. We’re trying to get through this renovation. We’re a little tight on the budget, but we are trying to get things wrapped up.
The reason I’m calling you is because I’m actually going to be in your area this weekend and wanted to know if we could get together and work out something on the payoff of this note.”
She said, “Sure, what do you have in mind?”
So I continued…
“Well, like I said, we’re pretty tight with the budget on the house, but I think we’d be able to scrape together $6,000, maybe even $7,000 to go ahead and get it paid for early… this weekend. Would that work for you?”
And then I just shut up.
There was silence there for a second and she said she needed to think about it.
So…
“Sure, go ahead and think about it for the next 3 hours, and I’ll call you back around 5pm and see what you want to do.
You’re probably not even interested, but I’ll follow up later today and see where it goes.”
But… she actually called me back first and said she had decided to go with our $7,000 offer.
I told her we’d meet up that weekend and get it taken care of.
And that was it. It took about 5 minutes of planning for the phone call. It took about 5 minutes on the phone…
And created $7,000 in about 10 minutes.
Pretty sweet ROI, wouldn’t you say?
My point is… be creative with real estate deals. Always be negotiating. It can pay off big time.