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Hunting Tips We will not go hunting without verification of funds and a check book.
No exceptions. I don't care if you are the Dali Lama with a Black American Express card. Your hunting trip will be cancelled if you don't show up with ammunition. 2 of the properties we visit while hunting will be gone by the time you have dinner. We will be putting in offers that evening.
Wrap your mind around these numbers...
80% of the investors I meet spend 3 weekends in Las Vegas and walk away empty handed. 20% of the investors who actually close a property saw at least 50 properties and put in 10 offers above list price. 80% of the investors who walk away empty handed didn't read my web site OR didn't believe what I had to say. Since you just read this, your chances went up dramatically. Congratulations!
Bring your digital camera.
I will be taking photos as well but it just can't hurt to take your own. By the time you have killed a property, you will have forgotten everything about it. When I call you 3 weeks later after seeing 40 properties with "Good news, the bank accepted our offer on XYZ property, your first response will be, which one was that again?" I take pictures but it can't hurt to have duplicates as it will save you in the long run.
Take pictures of the repairs to be done.
This will remind you what repairs will need to be made and will remind us all which issues we need to focus on when we go into escrow. Your first picture of each property should be the street number so you have another reference point.
Rate each property and make notes.
I will give you more tips on rating properties when we go out in the field. At the end of the day, you will be shooting at the top 5 properties and you will bid on them according to the property rating. When you are exhausted at 3pm, you will discover why we did this.
We will modify the ratings as we go along.
It is not unusual for me to say "this is a C neighborhood, not a D as I thought it would be" or I may say "adjust the rent up $100" from what I have shown. The next day you will receive a trip report that has adjusted ratings & photographs.
We will start early in the summer - no exceptions.
Most people go into a coma by 3pm. The heat and the intensity of hunting wipe most people out. I hunt nearly every day so I'm used to it. I haven't met an investor who can keep up with me yet. Hunting in the evening is useless as 90% of the properties don't have electricity.
Do not fall in love with a property.
You will bid on at least 5 properties because the chances of you getting the one you are in love with is less than 5%. If you fell in love with a property, this means 20 other people also fell in love with it. There will be 20 other people stepping all over themselves to get it. Unless you pay 50% over list, you will not be guaranteed to get the property.
Exceptions for local hunters.
If you live locally you may drive by "surveyed" properties and/or meet me between hunting and scouting expeditions. Most of my local hunters have discovered this takes 4 times longer to get a property. If your schedule isn't flexible, this won't work. You will either need to schedule a whole day like everyone else or fit between existing appointments. My schedule is booked at least a week out and I won't be dropping all my clients to show you just one property.
Bring your check book.
Every month, some investor can't make offers because they left their checkbook at home. I suspect they were not really serious to begin with... who knows.
There are 3 very simple ways to make your offer stronger without spending more money.
1) Even if you plan on financing, your offer move up to the top if you have proof of cash equal to or greater than your offer price. 2) You come with a blank notarized NRS 113. Download this and have it notarized. 3) Come with a $5000 cashier's check made out to "TITLE".
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