I break that down into 3 steps to investing success
- Filter – or define your target market
- Offer – make offers to people you suspect want to sell their property
- Close – take title or assign your interest at closing, either way, you have to make sure the closing happens
Hi Paul,
First, I just want to say thank you for your awesome work. Your podcast is informative and inspiring and I look forward to it every week. I have a question about offers. I know you’ve discussed offers being a numbers game and I think your 3 option letter of intent is really cool. I am curious if when you make offers are you sending out a bunch of offers without prior contact with the owner and do you always use the 3 option letter?
Over the past ~5 months or so I been dedicating every spare minute to learning about real estate investing and I feel like I’m getting close to understanding what the market and strategy I’m interested in and am starting to understand what a good deal in my market looks like but when the time comes to make the first offer, or start putting offers out there, should I keep it simple and just send the 3 option letter of intent to a bunch of homeowners until something hits? Thanks in advance!
Mike
I make an offer using a 3 Option Letter of Intent at volume as a marketing strategy. When I talk to an individual seller who has indicated they are motivated I’ll tailor the offer to their circumstances. In short, yes put offers out there. I suspect you’re overthinking it. Everyone does at first. Don’t try and figure out your entire plan. Instead, find the next step. And that is to start making offers. Good luck!
You can watch my latest webinar at http://www.pauldavidthompson.com/webinar or subscribe to my email list and I’ll be announcing a new webinar to be held live Nov 26th.