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PRIVATE MONEY NUGGET #3
2 Questions You Must Ask Every Seller
If you watched my last 2 videos, you've no doubt realized that I have a mentor helping me navigate today's interesting landscape. If you recall, he made it through the 2001 and 2007 recessions.
I am so excited about the stuff I’ve been learning and getting to share with you, and this is just the tip of the iceberg.
If you remember, I promised you two questions that you could ask your sellers at the closing table, which could make you unlimited profits, well here they are...
There are 2 questions that 99% of all investors forget to ask their high equity seller at the closing table, and as a result leave hundreds of thousands of dollars, if not more, on the table.
Question 1: What else do you have?
My mentor bought a 240 lot MHP in Texas a few years back for $750,000. He put $100,000 down with $650,000 in a second mortgage. No payments or interest on the $650,000 for one year.
He asked the seller Question 1. The seller's response was that this was his last MHP. He had five others that he had sold over a year ago and this was his last.
Imagine if my mentor had dealt with him one year earlier? He could have bought all six MHPs that way, and might have made seven figures from that one seller.
Question 2: What are you going to do with all that money?
Raising private money is not a little bit about credibility, it's all about credibility. Now, when you are sitting across the table from them, as they are receiving a check, having proven you are a man or woman of your word, you're a deal maker. And you obviously have great taste in houses. Heck you bought theirs. You will never have a higher position of credibility than you do at this minute. So when you ask Question 2, this is most likely how it will go:
You: "So, Mr house seller, what are you going to do with all that money now that you've sold the old house?"
Seller: "Well, I was planning on paying off some bills, doing something nice for the family, then putting the rest into a CD." (Hint: The answer is always the same!!)
You: "You know, most of those CD's don't offer more than 1-1/2% to 2%. What if I told you that you could make anywhere from 6% to 8% investing with me in solid real estate projects like the one we just did with you? Do you realize that the deal we just made was through a backer that was once a seller just like you? Now he's making 6% to 8% on his money and couldn't be happier."
Seller: "Really? Tell me more."
You may have to re-review the info I just gave you to make sure it sinks in. This tip alone could net you millions of dollars for your bottom line!!
So you remember in the last video we talked about the three types of individuals that make great private lenders? (If not, go back to that email and check it out.) Well, in the next video I’m going to show you where to find these people and how to use that information to raise as much capital as you’ll ever need.
Private Money Versus Hard Money
Who Do I Raise Private Money From?
2 Questions You Must Ask Every Seller
Where to Find the Best Private Money Lenders
How to Ask For Private Money Properly
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