Mobile Home Wealth by Velvel Zalman

Author:Velvel, Zalman [Velvel, Zalman]
Language: eng
Format: epub
Publisher: Square One Publishers
Published: 2013-05-01T16:00:00+00:00

$59,000

–

$2,500

–

$1,000

=

$55,500

If that happens, you will be anticipating $9,500 in flipping profit instead of $10,000. It’s still better than what one of my partners refers to as a “kick in the head with a wet boot.”

SUMMARY

By now you should be comfortable with the process of making an offer. You will take your best deals, do a light inspection, figure out what price and terms you want to offer after doing your own appraisal, and then run the property through your formulas for success. You will use the pre-printed contract the realtors use in your area and fill in the blanks. If there is anything special in your offer, you will include an addendum. You will offer somewhat less than the price the formula for success points to so that you will have some negotiating room. Once you have an accepted offer, you will proceed. You also have an idea of how much of a deposit to put down on the contract and of how much time a typical transaction takes to complete.

If your first offer is not accepted—as many times it won’t be—you know how to negotiate. You know the Three Be s of negotiating—Be Nice, Be Asking, and Be Patient. You should feel more comfortable about the negotiating process, but you should also realize that the only way to become truly comfortable as a negotiator is to get a sufficient number of offers under your belt that it becomes almost second nature to create a give-and-take with sellers who appear motivated to give you a good deal.

HOMEWORK

First, get the pre-printed forms for real property contracts from your local realtor contacts or from your local Board of Realtors. For mobile homes on leased land, use the contract in the back of the book, which you can make copies of easily.

Next, I want you to write contracts for the best properties you have seen so far. Write two on mobile homes that are real estate and two on mobile homes on leased land. As this point, these contracts are still going to be only for practice and not for real, so don’t submit them to the sellers. Type 3s, after you complete Chapters 8 and 9, I promise that you can go out and make offers. But in the meantime, I want you to fill out these contracts and staple copies of them to a page in your notebook for future reference.

I also want you to find someone to hold your escrow deposits—a title company, your attorney, or a realtor. Try to find someone with an escrow account insured against fraud and theft.

I also want you to start using the Three Be s of negotiating in any situation where a negotiation can take place—wherever there is flexibility in your purchasing or selling power because there is no fixed price or fixed term of sale. I also want you to try using the Three Be s in your personal life, whenever you face a situation that you want to change because it is not entirely to your liking.

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