Quick Start Day 3 - Moving the seller forward
Small Daily Actions = Big results
At this point you have found a seller, got the additional data you need to evaluate the deal.
Now what?
You need to evaluate it to see what type of offer you can make and what is the profit potential.
Inside the SLP program we go even deeper on this topic and to determine other deal types that can be created with this data.
But for now, let's start simple. Basic deal evaluation.
This is the first stage to determine if you need to go farther.
The deal evaluator has all the criteria you need to determine potential for the opportunity.
The first few times it will take you a little while to do this process, but just like anything else, the more times you do it the quicker you will be!
Action Items
- Data: Before doing a deal evaluation you will need to have all the data on the deal evaluator sheet.
- Research: Some of the information will require a small amount of research, but is easily accessable.
- Be Up Front: If the property does not fit your needs, just let the owner know that you are not a good for for this property. It values your time, and theirs!
- Get Photos: Detailed photos of the property are essential in evaluation, get the right photos using our guide. If they are not willing to provide documentation, that is a big red flag! For those who can see on site, take these same photos yourself.
Research FAQ
- ARV (After Repair Value): This is an estimate of what the property will be worth after repairs compared to similar properties in the area.
- Insurance: Call a local insurance broker, or check online insurance agencies. Once you do a few you can do a rough estimate in the future.
- Taxes: These can be found with the city or county offices and research online. Taxes are public records for each property.
- Rent: Can be compared by looking at sites like Zillow, this will give a rough estimate on similar properties. Make sure to ask the seller if they currently have tenants, what is the rent, and what is included.