In this episode of Discount Property Investor, You ask, we Answer, What are the Steps to Acquire a Successful Deal? David Dodge and Michael Slane will tackle the 5 simple steps in order to have a successful deal First Market to motivated sellers, Second Run Appointments, Third Make Offers to a lot of people, Fourth Follow up till you get into Contract and Fifth sell or Market it to other investors
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David: You asked, we answered.
Mike: What are the steps to acquire a successful deal?
David: That's the question?
Mike: That's the question is what are the steps to acquiring a successful deal Dave?
David: I'd say that there are five steps, three pillars. Can't count over here.
Mike: Well yeah.
David: Five steps.
Mike: Eight things Dave, that's way too much.
David: But the three pillars are part of the five steps, so we're going to talk about the pillars later. Talking about the five simple steps to marketing to motivated sellers or I'm sorry, the question was to acquiring a successful deal, so getting a deal. Well one, we're going to- we're going to find out where we want to buy a deal and we're gonna start marketing. Number one, market to those motivated sellers, right? Number two, we're going to run appointments. When they answer the phone or respond to a postcard or text message or whatever it is, we're going to get them on the phone, we're going to make a friend and we're going to set up a time to go view the property so we can see what we're buying and what they're selling, but also Mike to figure out what their problem is and how we can help them. That's really the goal, that's number two, set appointments. What's number 3?
Mike: I wasn't paying attention haha.
David: Make offers, very simple. Don't worry, I got this. Make offers, that's gonna be number three. You got to make a lot of offers to get a deal, alright? So, make an offer on every property lead that comes in, even if it's a tire kicker and they just want to see what you're going to offer, offer fifty, sixty cents on the dollar of what the ARV is or another way to look at that is what's the zestimate, offer half, see if they're motivated. So, make a lot of offers. So, number one was market to the motivated sellers in the area that you want. Number two is set as many appointments as you possibly can. Number three is make offers to every single person that you come in contact with. We've made 6 today, it's 1 o'clock, right? That's three, number four, we're gonna follow up with these people until we can get it under contract. If we get it under contract immediately, you don't even need this step, right? But typically 80 to 90% of our deals require follow-up, we're going to keep following up and keep sending offers and keep negotiating and keep trying to make our friendship better until they want to work with us, right? and then next would be to take that deal and sell it and market it to another investor. We're not talking about the whole deal, we're talking about acquiring in here on this one right? So, acquiring it would just be the follow-up and then the last which would just be get the thing signed. So to recap, market to the motivated sellers in the area you want to buy, go on appointments, do a virtual one, set him up for somebody else, just get out there and view it, get pictures. Make offers, arguably the most important step. Make offers, follow-up, right? Number four and then number five, just do what it takes to get them to sign because you don't have control without a signature and you can't sell something you don't have control of. You got to have inventory and that's it guys. You asked, we answered.
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