2015 Mark Whitten DEJ Enterprises, LLC 1

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1 Here's an example of double closings. I know we talked about it and I want to show you exactly how it works. This is how it works. Let me turn on my screen. Wait, I've almost got it. Just know this, look at the left of your screen to your right; A has an arrow that says, "Motivated Seller", B says, "Wholesaler" and C right there says, "End Buyer". I'm going to try and keep it like this. That way you can see everything if that makes sense. If you don't see the M in Motivated Seller but know that says Motivated Seller. Here's the steps on a double closing; step 1 - remember what I told you 10 o'clock, 11 o'clock, all of that. This is exactly how a double closing would work. I've got a house under contract, let's say... I'm going to use these terms. I've got a house under contract and I'm going to do a double closing. This is how it's going to work. Let's go off of the numbers in this example. Step number one; the first thing that's going to happen is that the End Buyer is going to bring $54, to the closing table meaning that $54, wait, hold on. I've got to go backwards. Let me go back. Look between A and B. I'm going backwards. Here it is. Look between A and B it says, "Contract price $25, plus 2K closing costs." Basically I am the wholesaler, B and the Motivated Seller is my seller. Seller A is going to sell me the house, who is B for $25, Remember this, all these closing costs; $25, plus $2, is going to be $27, This is what I've got the house under contract for. Let's say after I get the house for $25, plus the 2K closing costs, I turned around and I found a buyer for $50, but they've got to pay closing costs too. I've got two contracts. I've got a contract for $25, with the seller and I've got a contract for $50, with the buyer. All they know is this, all the Seller knows is that they're selling me a house for $25, All the buyer knows is that they're paying $50, to buy a house from me. Remember, double closing, nobody knows what you're making. This is how it works. Step one; look all the way to the right now between B and C at the bottom it says, "Step one." First thing that's going to happen is End Buyer is going to bring $54, to closing or $54, they're going to put in escrow. The title companies escrow... an escrow account is basically just somebody who holds your money. Let's give an example. Let's say me and you bet on the Floyd Mayweather fight that's about to happen in a couple of weeks, but it's a lot of money, like $100, I ain't going to let you hold it, you don't want me to hold the money. We don't trust anybody to hold it. We are going to put it in a title companies escrow account. It's real business 1

2 now because we signed a contract and everything. Basically if I win then the title company is going to cut me a check for $100. Basically it's a neutral party if that makes sense. They bring the $54,000.00, they put it in escrow with the title company who's closing the bid. Remember, the contract price is $50, Basically they had to bring $54, because they've got to pay $4, in closing costs. You've got $54, setting in escrow right now just waiting for this deal to happen. I'm going to say this real fast, I'm going to explain it and I'll just tell you now. There's two ways you're going to do a double closing; you're going to either use the End Buyer's money and you're not going to have to use any money or you're going to have to do basically borrow the money from a lender. Transactional funding is what it's called. You're going to have to do some transactional funding. Those are the two ways. Either the buyer is going to pay for everything or you're going to use transactional funding. This is what I want you all to do. Write this down. When you're calling your title companies to see if they're going to be a good fit for you or if they work with investors and all that kind of stuff, the first thing you want to ask them is... write this down, it's very important. Say, "Hey, do you do double closings?" They'll say, "Yes." Most of them will say yes. If they don't say, "Yes" it's because they just don't know how. There's nothing illegal about it. The first thing you want to know is (write this down), "Will you allow the End Buyer's funds to finance the entire transaction?" That'd be great. Remember, we're trying to save money. Just remember that. If they let the End Buyer's money do the whole transaction, then that's just what it is. If you have to use what's called transactional funding... this is what transactional funding is. Let's say Ryan is a transactional funding person. That's the guy who was hosting the webinar for me. He might say, "All right Mark look..." remember we're doing this with no cash or credit so remember that. We're doing this with no cash or credit, how in the world do we have $25, to pay the seller just so we can own this house? We don't have that kind of money. You use the End Buyer's money. If the title company doesn't do that, then you have to do transactional funding. I come to Brian and say, "Hey Ryan, listen man I've got this deal. I can make $23, on this deal", say $23 profit. "I can make $23, on this deal Brian but I need to borrow $25, from you for an hour, that's it." He can be like, "All right, I'll let you borrow the $27, actually (there's $2, closing costs) but I'm going to charge 2

3 you some points or I'm going to charge you some interest or something so I can make money." Basically say Ryan charged me $5, to lend me $25, Instead of me making $23,000.00, I'm only going to make $18, because I've got to pay Ryan $5, for letting me borrow the money. Think about it though. Is that still worth it? You always want to know if the End Buyer's funds will finance it first because then you ain't losing any money. Remember you're thinking like an investor. Let me get back to it. Remember we're just doing this without transactional fund. The End Buyer is going to finance the entire transaction right. Step one; the End Buyer is going to put $54, in escrow or bring it to the closing table, whatever. The contract price is $50, plus $4, in closing costs. You've got $54, sitting right there in escrow. This happens before anything happens. At 10 o'clock in the morning I meet the seller at the title company. I've got a contract for $25, Step two; this is what's going to happen at the first closing. Out of the $54, that the End Buyer brings to the closing I just told you about, $27, of that is going to go to the Motivated Seller and you, the Wholesaler, is going to own the property for an hour until you resell it. You're going to be on title and everything like you really just bought a house but you're using the End Buyer's money. The title company is just going to take the $27, out of the $54, to pay that seller off and then you're going to own a house with that contract right. The Motivated Seller is gone, they're happy. They just got $27, Step three; 11 o'clock comes. Now you meet the End Buyer at the title company. We have $27, left and the Motivated Seller is taken care of. The End Buyer then pays us $4, closing costs on the $50K which is going to leave you with $23, Now the seller's taken care of right and there's $27, left in escrow because $27, just went to the... let me say this; $54, in, $27, went to the seller. They're out of the picture. It's just you and the End Buyer now. There's $27, left. Out of the $27, left, that's going to go to you and the End Buyer is going to walk away owning a house that you're going to sell to him. Basically what I'm trying to tell you is that he was only paying $54, for the house and at the end of the day he got the house for the $54, It just so happened that instead of you getting the $54,000.00, you only got $23, because the End Buyer had to get their money out of the deal. That's how you walk away on a double closing. That's exactly how it's structured. 3

4 You make sure that you call the title company first and you ask them this very important question. "Do you do double closings?" Then they say, "Yeah" or "No". Let's say they say, "Yeah" which most of them will. "Will you allow the End Buyer's funds to finance the entire transaction?" If they tell you no, then you already know that you're going to have to do what's called transactional funded right. Just keep that in mind. Just for time's sake, "Mark, how do I get transactional funding?" Just Google it; transactional funding. All types of companies will pop up. I'm moving on now. Now what we're going to do is... now that we know about closing deals. We know all about closing deals. Remember we talked about finding sellers, finding buyers and how to close deals, knowing everything in the middle. Now we're going to get into a deal. I'm going to walk you guys through an actual deal, how you flip a house with no cash and no credit. We're going to do it now. Hey Mark, quick question. Before you get into the next step, Antoine wants to know, "How would you know what the closing costs will be?" In the next couple of slides, I'm going to break down a HUD-1. On that HUD-1 I told you about, that's what... let me see, how can I put it? The HUD-1 breaks down the entire transaction and includes closing costs and all that. Once I get to that, I'm basically going to answer your question. Just hold tight, I got you. Basically this is a quick review. We found out what real estate is, we know who the key players are, we know what agents and investors do. We know we need an agent. We know how to find one. We know what to say to them. We know how to basically convince them to work with us. We know all about three ways of closing deals and why should we close them. When to do it. We walked through a double closing. What else did we do? We talked about LLCs and from the questions I can tell... I'm glad from the questions that I heard because I can tell people were really picking up some stuff. I would think even by now, this is worth what it costs. Let's move on. This is an example of one of my postcards that works real well for me. A lot of people will use letters. I always say this, all we're doing now is getting to a deal from start to finish. What's the first thing we've got to do? Find a deal. That's where we're starting. The reason why this looks like that, write this down, this is important... this piece of paper, if you see the message it's on there four times because what I do is, I'll go to Staples and I'll get what's called card stock. You can get 100 sheets for $15.00 or something. If you put four on there it's 1000 or something. My math is bad. Anyway you 4

5 get 1000 postcards I believe for $ Of course you've got to print them and stuff. It won't be that much, it's definitely worth it. The reason why I use postcards is because the postage is cheaper. It's cheaper for a postcard stamp than it is a letter. Also, not only that I feel like, in my opinion and what works for me, a seller, if you're working your list or whatever, you're mailing out, once it gets to somebody's mailbox then they can pick it up and read it as opposed to opening up a letter or something like that. I'm not saying letter's don't work, it just costs more. I feel like this is more effective. Let's just say I've decided to... I got on... right now it's tax sale time. Let's say I got on a tax sale list. I'm going to get into all that at the end of the webinar because like I said, basically I just showed you everything in the middle. At the end of the webinar, I'm going to talk about how to find sales and how to find buyers. Then I'm going to show you how to get houses and rent them out with no cash and no credit. After that too, I'm going to tell you all of this again but my and Ryan were talking earlier and one thing I've decided to do for everybody, if you're interested... this is so vital I feel like if you're serious about this, this is something I've never offered before and I'm going to tell you more at the end of webinar but basically I'm going to be offering three months' of unlimited coaching for only $ People who have bought my course... I just got an today and a guy who sent me the , I bet he's on the webinar right now, he was telling me... when I first started selling, flippiung houses like your hair's on fire, it was $ and he was like, "It was way worth more than $ " I'm just saying, if you can pay it and you think about it. I'm going to coach you unlimited for three months for the same... it's just a deal you can't beat. I'll tell you all more about that later if you're interested. Let me continue on. I'm going to show you right now how to flip a house from start to finish. Without anymore delay. Let's say I'm on a list for people who on a tax sale and I'm going to tell you what a tax sale is and why it's important that you need to be trying to reach out to people who are in tax sale; basically they are motivated sellers. People who will be willing to take less for their house because they're in a bad situation basically. We're going to talk about that later. Let's just say I sent 300 postcards out. People say, "Mark, how many postcards should I send out a day?" I'm saying send out as many as you can, as many as you can afford because that's what it's all about. It's all a hustle. It's all a grind. If somebody's outgrinding you, they're going to make more money than you. When anyone asks me that, 5

6 that's the answer. Do as much as you can. I don't care if you set there or you've got a virtual assistant or whoever, do as much as you can, do as much as you can afford. Let me keep going. You send out all these postcards to these people that are in a tax sale. This is how your postcard wants to look. Remember, every time you're reading a script or you're sending out marketing, its always going to play on the person you're trying to get. Just think about commercials for a minute that come on TV. If you really set back and you watch a commercial, I challenge everybody to do this. If you watch TV and I probably can't even think of any, I don't watch TV because all it is a way to get your money. Think about it. How do you think these TV stations stay in business? Here's how it works. Love and Hip Hop for example, VH1. They'll pay these actors, that's what they are, actors, all this money so they can come on here and act a fool and all that. Why are they doing that? Because entertainment for people like us. Not me, because I don't watch TV but think about it. People will even pay for cable to be entertained. Think about it, you watch Love and Hip Hop and you're all setting there entertained and all that. What comes on in the middle, commercials. Why is that? Because a big business is going to say... they've got this down to a science. They're going to be like, "All right, these are the type of people who are watching Love and Hip Hop. I need to promote my product during this program because this product right here is going to be more geared toward the people watching Love and Hip Hop." That's how stations make their money. I'm only saying that if you really set back and watch a commercial, just think about it. Next time you're watching one of your favorite shows, if you really watch and notice, every commercial that comes on is going to relate to you in some type of way. It's down to a science. I'm only saying it to say that when you're marketing in this business, it's the same thing. You want to play on the person who you're marketing too. Imagine this, let's say I'm in tax sale and you send me a postcard and it says... I pick it up, I'm reading it. I'm a motivated seller. "I've been desperately trying to reach you for a few months now in reference to your property located at 123 Main Street." The first thing I'm thinking is, "You've been desperately trying to reach me for a few months? Why is this person desperately trying to reach me?" Now I'm interested. I want to keep reading. Then it says, "I've tried just about everything I could to get in contact with you but nothing has worked so I'm sending you this postcard." My partner and I buy five or six houses a month. Now I'm thinking, "Damn, they buy five or six houses a month? They're going to buy my house." Then it says, "We are very interested in buying your property ASAP." "Oh my God, they want my house right now. I've got to call them." 6

7 Then it says, "We are cash buyers." Cash is king baby. They're thinking, "Oh my goodness, they're going to give me cash." You'd be surprised. Some people think they're really going to get cash at the settlement, but it's always a check. "We're cash buyers and we can settle in two weeks." "Oh man, I'm going to get the money in two weeks?" Then it says, "We have a team of general contractors who are ready to begin the work as soon as possible." If the property needs work, that won't be a problem. Most of these people probably are in situations the house probably isn't fixed up. They're like, "Okay, that's not even a problem." "I'm hopeful that you will call me back as soon as you receive this postcard so that we can buy your property immediately." Now they're ready to call me back. Think about it. You did all this marketing. You sent out this postcard and there it is. What's the next step? The next step is... let me say this too real quick. The next thing I've got on here are sites to use to locate owners and people. Let me say this real quick. Before you sent out that postcard, let's say for example you went to this tax sale website and you found these people. LEt's just say for whatever reason, don't let this throw you off. I'm just saying for whatever reason you couldn't find them and you had to locate them because you sent them a postcard, you had to call them or something like that. This is how you could do it. You can use one of all of these websites. Also another good website, write this down, it's called Privatei.com. On privatei.com you can find just about anybody. If I'm looking for you and I can't find you, I can find your mother, your brother, your sister, your cousin. You'd be shocked. For real, do a free trial on privatei.com and put your own name in. You'll see all your family members and all the numbers they ever had in their life. You could really track somebody down that way. Just remember most of the time when you're on these lists, you'll get the address from people. I'm going to show you that later, but if not, then you can use one of these websites to call them yourself. There are only going to be two things you're going to do. You're either going to do direct mail or you're going to do cold calling. How many people have worked in a telemarketing center before. Think about what you're doing. You might say... a telemarketer... think about it, telemarketing. It's all marketing, same thing you're doing except you're on the telephone, telemarketing. You're cold calling. For anybody who has ever done that before, just think about this for a minute. Imagine if you spent eight hours in a call center making your little commission. Imagine if you did that in real estate, all day long, all you did was call people who were trying to sell their houses. You think you'd make a whole lot of money? Absolutely. Remember, either you're going to be doing direct mail or you're going to be doing cold calling when you're looking for sellers and buyers. Just remember that all right guys. We'll move on. 7

8 Let's say you sent those postcards out. You got somebody to call you back. Moving on... you are now at your motivated sellers script. Here's what I want to do. I want to get somebody to interact with me on this script. Is there any way you could pick somebody that could read this script along with me? I'm going to pick my brother, Host James. What's up? Hey what's up bro? What's going on? Listen man, I want to read this script along with me. I'll be the Buyer and you'll be the Seller. Okay. Basically everybody, "Look now that you've sent out your postcards to your Motivated Sellers, brace yourself. Your phone's about to ring off the hook. If you grind hard, trust me it will. A Seller calls you in response to your postcard so follow this script." Remember, you sent out all these cards and remember I'm going to show you guys all the sites you've got to use and I'm going to show you how to get these sales. Don't even worry about that right now. All I'm doing is showing you everything in the middle. Remember, it's finding sellers, it's finding buyers, it's everything in the middle. You ready Host? The phone rings. (Ring - ring) Hello, may I speak to Mark Witten? Yeah, this is Mark speaking. You sent me a postcard regarding my property at 123 Main Street, Baltimore, Maryland, Yes. May partner and I are looking to buy property in that neighborhood. We're very interested in yours. We're cash buyers and we can close very quickly, usually in about two weeks. I was wanting to touch base with you to see if you would be interested in selling the house at this time. 8

9 No. Now listen, if he says no, remember this. Ask him if he has any other houses he might want to sell. It says right there, "Do you have any other properties you may be interested in selling?" You want to say that because a lot of times you're coming across old investors or investors who are in trouble. Investors are motivated sellers too. They might get into a bad deal and just want to get out. You want to know if they've got any other houses. That might not be the one but maybe they've got another one or maybe the know somebody else who's got one. Now we know that. This time, just say, "Yes." I wanted to touch base with you and see if you'd be interested in selling at this time? Yes. Now guys, everybody write this down. This is important. This is how you start to scope your deal out to see if it's going to work and all that kind of stuff, basically how you get down to the bottom of your deal so you can get this money. Is the property vacant? No. Okay. It's not vacant. You have a tenant... [crosstalk 00:22:27] I'm trying to say no at the same time. Check it out. I'm going to ask you questions so people can know because that can possibly happen. Then we're going to stick to the script. He just said the property wasn't vacant. The first thing you want to know is this. You want to know is there a tenant in the property or somebody who's renting the property. You want to know if they are renting the property. That's going to make a difference. If there's a tenant in the property, you want to know when is their lease up? There's a thing called right of first refusal meaning that it could be complicated. Without getting into it, a tenant can hold things up with this right of first refusal thing. Keep that in mind. Also, you want to know how much are they paying in rent? Think about it. You're trying to really get this house and flip it. If there's a tenant in there and there's cash flowing 9

10 and making sense, then you can use that to your advantage to be able to sell that to an End Buyer if that makes sense. Let's just say he said the property was vacant now. Is the property vacant? Yes. How long has it been vacant? About three months. All right, remember guys when you're asking these questions you're writing this down and taking notes. How many beds? Three beds. How many bathrooms? Two. How many levels is it? Is it a two-story with a basement? It's a two story. Two story, no basement? No basement. Is it a rural home, is it detached, is it a duplex, what kind of house is it? It's a rural home. What needs to be done as far as repairs are concerned? The cabinets are kind of squeaky. There's a leaky roof. There's holes in the floor, holes in the wall, stuff like that. 10

11 Okay. Do you own the property free and clear of liens? Do you have any water bills or tax liens or any issues? No, free and clear. Free and clear, cool. How fast do you need to sell this property? I need to sell it like yesterday. Okay. Everybody that's on, I'm asking him that because I'm trying to gauge his motivation. I want to see how motivated this guy is. How much do you need for the property? I always just want to see where their head is at. It doesn't matter to me. I'm going to offer him what I'm going to offer him anyway. I still just want to see where their head is at. How much do you need for the property? I need about $15, Okay, do you have a mortgage on the property? If you do, what's the principle balance? No mortgage. Okay, no mortgage. If he would have told me yes, I would have asked him is he current on the payments and how many months past due. If he did have a mortgage on it, then I want to know if he's up to date. If he's not up to date, then I can still do this deal but I would have to do a short sell. That's a whole, long, drawn out webinar that I may do later on, but I'm not even getting into that. We'll be on this webinar all night literally. After he tells me that I say, I make my offers contingent upon the condition of this property. When can we meet at the property? Before he answers, whatever he says... if he tells me that the house is boarded up... I should have put that in parentheses, that ends the question. This is a mental note. Make this a mental note, if he tells you the house is boarded up, ask him if you and your partner can go in with your contractor and replace the board when you leave? Just to make it seem like, "It's no problem. I can go with my contractor." Even if you don't have a contractor, you want to say it because you look more like you're serious. A real buyer has a contractor. It looks more real. 11

12 I make my offers contingent upon the condition of the property. Some people might not know what contingent means on the call or on the webinar. That just means it's based upon something. Basically what I'm saying is, "Look, I'm making my offer but it's going to be based on the condition of this property." After that I'm going to close them right away. I'm not going to say, "Can we meet at the property." I'm going to say, "When can we meet at the property?" Just A, B, C. Always be closing. A, B C, always be closing. You always want to close them at all times. When can we meet at the property Host? Whenever you have time, today if possible. All right, then I'm there. One thing I want to tell you guys. If you set up an appointment, you make sure you go. Don't be bluffing or messing around and say, "I don't feel like it today. I'll go tomorrow." No, guess what, somebody else probably will come there and take your deal. You want to make sure you move real fast. Now you've got all this information on the house before you even start. You know if it's vacant. You know how many beds. You know how many baths. You know many levels. You know that the property is a rural home. All of that. The reason why you want to know this before you go out to the house is because you want to find out the after repair value of the house before you get there. The reason why you want to do that is because we want to talk about the formula in a minute. If you know the after repair value of a house, then once you get there to the house to meet the seller, then you can make an offer on the spot and put that house under contract and you want to do that because you've got to be quick in this business. Somebody else could come along and take your deal. Remember that. You asked all those questions and I'm going to break it down in a minute. You asked all those questions because you want to know how much this house is worth after it's fixed up. Host said he wanted $10, for the house. I want to know how much is that house worth once it's all fixed up. Remember, I'm selling this to an End Buyer. An End Buyer or another investor who is going to buy it and rent it out; remember our three options. I'm wholesaling it. They're either going to buy it and rent it out or they're going to buy it and resell it. They're going to want to know how much it's worth. You've got to know that. You don't want to look dumb or crazy like you don't understand business. If you try to sell a buyer a bad deal, and you keep bringing them bad deals, you think they're going to want to do business with you? You've got to know 12

13 how to think like an investor because even though you're choosing the option of wholesaling, you've still got to know how to break a deal down period as an investor. Think about it, we might hit the lottery and say it makes more sense for me to just rehab it. I'll make more money. It makes more sense for me to buy and hold it, I'll make more money. You don't think that these people are going to make more money than you? Think about it. If you wholesale a deal to somebody and they buy it from you, they're going to make more money than you believe that. Think about it, if they're going to buy it and resell it, there's got to be enough equity in the house for it to even be worth it. That's number one. If somebody buys it and they rent it out, they're going to be getting money forever or however long they keep it. You might make a quick $10, but they might make $17, a year off that house and just keep on making that. You see what I'm saying? Keep that in mind. It says, "How to find the after repair value." We want to find the after repair value of this house before we even get there. The first thing we've got to do is we've got to find the comps or the comparable sales of these houses. I'm going to show you in a second. Once I go into the MLS, I'm going to show you exactly how to find comps. I'm not going to do it until I go in and we start talking about buyers. Remember this is how you do it, but I'm going to show you how to do it in a second. Know the basic concept of it because this is what's important. The first thing you've got to do is you've got to find three or four of the highest sold properties or houses that have sold from the last six months within 6 months or a half a mile from your subject property. Once you do that, you've got to add the sole prices up and divide it by that number of the properties that you found. Let's just say you found four houses that are very... when I say comparable sales that are compared or similar to the house you're trying to flip. That's why you asked how many beds, how many baths. Is it a detached house because you're going to go online and you're going to find other houses just like that so you can compare it. You're going to find the highest sold properties. Why are you going to find the highest sold properties? You're going to find the highest sold properties because those are the houses that are going to determine the market value or the after repair value because those are the fixed up houses that these homeowners are buying. Let's just say the four houses you found, one of them sold for $130, One sold for $131, One sold for $135, and one sold for $127, Remember you 13

14 add it up and divide it by that number. Once you add it up, you get $523, You divide it by four then you get an after repair value of $130, Now that you know that, for those that didn't know, you should easily now, once I show you online how to do it, you should easily know now how you can determine the value of any house. You might ride down the street in any neighborhood and see a vacant house and you might not know what it's worth. You might be like, "I don't know what that's worth." Now you do. You know now you've got to find four houses, the highest sold houses that have sold within the last six months or six blocks of that house. Then you'll find out how much that house will be worth once you flip it and a buyer fixes it up. Remember this, we're talking about putting this house on a contract. Remember what I said, if you know the after repair value before you get to the house, then you can determine your offer and put it in the contract on the spot. That's important because you've got competition out there. Here's how you do it. It says, "How to determine the offer." Basically you take 65% of the ARV and you minus the repairs. That's how much an investor will pay for the house. We're all investors. As a wholesaler of course you've got to get it lower but just remember if you were exercising your other two options, either buying and holding or buying and rehabbing, then you need to know what's the most you can pay for this house. That is 65% of the after repair value minus the repairs. So look, hold on. Wait a second. All right, I'm sorry. Hold on. I want to give you an example. All right. In this deal, I'll get into it more but in this deal, the after repair value is $130,000, but my math is bad so I'm going to use $100,000 for easy math to keep this webinar going. I don't got to pull my calculator out. Let s just say this was $100,000 not $130,000. Write that. It's a $100,000 now look at it like that. 65% of $100,000 is $65,000, now that you know that all you got to do is be able to minus the repairs. Before you get to the house you already know that so far you've got to offer this seller $65,000. You don't know exactly how much you can offer until you find out what the repairs are. Let me tell you this real fast... All right Mark, how do you know the repairs then? What I'm saying is, once you get to the house and you look at it and you determine the repairs, you can make an offer. Look 65% after repairs value minus the repairs is how much an investor will pay. Let's just say the house needed... I'm going to tell you how to find repairs in one second. Let's just work through this formula. Let's say the house needed 20,000 in repairs. 65% of $100,000 is $65 minus the repairs, which is $20,000 that leaves you with $45,000. Now you know, "Okay the most an investor will pay me for this house is 14

15 $45,000 so I have to get it for $30. Then that way I can make a $15,000 profit. You see what I'm saying? Now, if you was actually going to buy it and rehab it or buy it and hold it, your other 2 options then you could try to get it lower than that of course, but just remember that if you can get it for $45, you're good. All right, so everybody got that. Now, let's just go through a quick little example real quick. Remember what I told how to find the at repair value, right, what it is, 6 blocks, and similar, and all that kind of stuff. Look at this for a minute. Let's just say your property that you're trying to flip is 123 Main Street, Baltimore, Maryland This property's got 3 bedrooms, 2 baths, it s a detached house, right? Oh just another thing, square footage is also important because you don't want to compare a 1,200 square feet to a 2,000 square feet. It's two different types of houses, so try to stay close. I always try to stay within like 3 to 400 feet, anything over that, I don't mess with it. If I'm actually buying it myself, then I pay even more attention to detail. If I'm flipping it, I just do maybe 400 because everybody got to do their own research. It might work for them, it might not work for you, but it might work for them. Let's look at it. I want you all to look at this for a minute. Now, 1611 Harbin Road... Of course, we're not interacting in class, but just think about this on your own. Take 2 minutes, I'll give you just a little minute to think about it Harbin Road is sold for $125 on 3/ , it s 3 bedrooms. Oh wait a minute, these dates is like from 13, so this is kind of old. All I'm trying to tell you is this, I should have updated this. But anyway listen, what I'm saying is you've got to pay attention to these dates. You've got to pay attention to these beds, these baths, for these prices. The reason why I'm saying that is this because remember you want to find houses 3 to 4 of the highest sold. Look at this, this one sold for $135, that sold for $135, and this sold one for $131. Initially you're going to start looking at those highest sold houses because those are the houses that sold the highest and that s what you're looking for. But then you've got to find out whether or not, if it s sold within the last 6 months or not, because if it didn't, then you can't use it. You see what I'm saying? It s the same with the square feet, like this for example. This is a 1,900 square foot house, but this is a 1,200 square foot house. You can't use it. Even though it sold for $130, it don t matter. You just can't use it. You might have to do this one that sold for $127 for a 1,300 square feet because it s closer in square feet. 15

16 Now the reason why I'm saying is this, see the best way to pull these comps is on the MLS or the Multiple Listing Service. The Multiple Listing Service is what the agents use to find houses. So for example, let s say I'm an agent and you're an agent. Let s just say somebody comes to say, You know what? I just graduated from college. I want to buy a house. I'm going to log into the MLS or the Multiple Listing Service so I can find out what other agents got properties available from people their representing. I'll be representing the buyer as a buyer agent and the other agent is representing whoever s selling the house. Basically look at it like this, the MLS is nothing but a Facebook or some website basically that got all these houses listed that all the agents are in. The MLS is the best way to pull these comparable sales. Since I'm an agent and I can go on the MLS myself, and you don t have to be an agent to get access to the MLS, that relationship you built with that agent, you can somehow work it out with they can give you access if you send them business or you can just get the comps from them. Even though you can tell an agent sometimes, Look I only need 4 of the highest, they might just get lazy and send you a bunch of comps. Then you have to know how to sift through them. That's why I got a bunch of houses on it, because if it s 8 houses you've got to really look through all these and be like, All right which one should I pick? instead of just narrowing it right down to the ones you're going to use, that makes sense. I hope everybody got that. I'm going to move on. Basically that s how the formula works though. There it is right here. You find out the comps, you work your formula. You know exactly how much to offer the seller. You make them an offer right there on the spot. Now I'm about to get I know I've been talking a lot but I need to show you all this. All right, so now I'm at the house. I'm ready to make an offer on this property. I use this personally every day. This is my real estate sale contract. I mean I close deals with this contract all the time. This is how this works. I'm at the house, I know how much I'm going to offer the seller and I've got my contract with me because I want them to sign my contract. So, I'm just going to run through this real quick so you kind of get an idea of how this works. Let s just say today is the 16th. Basically how this work is this. I'm going to use my main LLC remember, because I sent out postcards, I'm not dealing with a realtor. Now this agreement made the 16th day of April 2014 bind between let s say the seller is say Ryan and Brian right. This agreement made the 16th day of April 2014 binding between Ryan and Brian, Seller and Elite Properties LLC, that s my name LLC, Buyer. This contract is 16

17 Oh listen there's something I missed on here. I want you all to know, this is very important. Now I put Buyer on here because I know already that I can assign this contract because of other things, other wording in this contract. For example, if you look down at the bottom All right let me just say this first. Really, after it says Buyer you want to put a forward slash and then put assigns so it s like you're the buyer and the assigner, like you're going to assign this contract. But see, I've been doing it for a while so I get kind of slick. If I'm dealing like an investor or something, or just anybody that think they know something. They see the assigns they may be like, You're trying to assign this contract, Nothing wrong with it, but like I told you, People are funny. I take it out of mine, so they don t even think that. But then, if you look at the bottom, right here, all the way to the last paragraph, last sentence last paragraph. It says, The parties, who s the seller and the buyer basically, Hereto bind themselves, their heirs personal representatives and successors for the faithful performance of this contract. Basically all I'm saying is I can still assign this contract, do you see what I mean? The contract is basically still assignable. Now back to what I was saying. I want you guys to put a forward slash on here and put assigned. All right. This contract made the 16th day of April 2014, binding between Ryan and Brian, Seller and Elite Properties LLC, Buyer. This contract is valid for, I usually 30 business days but I want you guys to put 45 business days, it just gives you a longer amount of time to be able to flip the house. Basically all I'm saying is, if the contract is valid for 45 days then you've got 45 days to sell it. Now pay attention to this, this is important. It says, Buyer will have immediate right of entry and right of possession for obtaining estimates from private lenders, remember I was talking about how you can borrow the money to buy a house from a lender? general contractors, and general informational and inspection purposes. Basically all you're doing is trying to gain access to the house so you can show your buyers, Buyer will have immediate right of entry, that means you can get into the house whenever you want, it s in the contract. The property is being sold is as is condition. Seller does hereby sell and convey onto Buyer, and Buyer does hereby purchase from Seller the real property known as say 123 Main Street. I'm about to get into this no cash, no credit thing so this is important, pay attention. Including all improvements of purchases, rights and privileges, easements. Everything basically saying that everything is going to come along with the house. 17

18 Then it says, There's a space for a [fee simple 09:36] leasehold condominium, I usually just leave that blank, it really don t matter, but fee simple basically just means that you own the property outright. Leasehold estate basically means that you can own the house but not the land, and that's real popular in Baltimore City. Most people probably have never even heard of it but anyway, and a condominium, a condom, a condo. Look, it says, let s say we're paying $10,000 for the house. It says, Buyer will pay $10,000, right then you want to write out $10,000 right there and then here you're going to write it numerically $10,000 of which blank, held as a deposit has been paid in cash at the signing held, to be held by blank. That s going to be the title company. Let me just say it out and then I'll explain it to you. Buyer will pay $10,000 of which say $1 held as a deposit has been paid in cash at the signing held, to be held by Elite Escrow Company, or Elite Title. Till closing what the balance of the purchase price will be paid at settlement. Now this is how you flip a house with no cash, no credit. First let me tell you this. In order for a contract to be binding, it has to be some type of consideration or something that the seller will consider valuable. Basically that could be a $1, a $100, it could be a baseball card. It could be anything. That s why pretty much it s no cash, no credit, because you don t have to use cash and most people do want cash but it doesn t matter because you're not using your cash. You're using the end-buyer s cash. So, you're not using none of your own cash, or none of your own credit, you re going to use the endbuyer s money to put the deposit down on the house. Now that's important and I want you to know that. At settlement, as above, this is a long paragraph, but this is just all real estate that s really not, I'm not going to say it s not important but just for time sake I'm not going to break all this down but this is the most important part. It says, this line right here, We're going to pay closing costs. Let s say when you're doing these deals, you always want to put buyer in this line, Buyer will pay all closing costs. The reason why you're putting that in there because remember this, really your closing costs don t be that much. I'm going to break it down in a second but if you're dealing with a motivated seller, you can use that as leverage in your deal, by basically saying, Hey listen I'm going to pay all the closing costs, because then you're like, Damn I only got to pay the closing costs. That s going to help you get the price down a little, so you might use that and get the price down lowered $10,000, but the closing costs might be more like $2,000 so you're still making up like crazy, if that makes sense. 18

19 Now here's why I was telling you why these contracts are bulletproof and you will never get sued. Listen to this, If the Buyer defaults under the terms of this contract, Seller may If the Buyer defaults, that s not you that s the Seller. No I'm sorry, that is you. It says, If the Buyer, wait a minute hold on. If the buyer defaults on the terms of this contract, Seller may pursue Wait this is the wrong contract. This is the contract for a double closing actually. I got it in the wrong order. This is supposed to say, If the Seller default. Just do me a favor, don t think this is the buyer. I got this in a different position. This is supposed to be the contract for a double closing on ATC for the endbuyer but I'll explain this is a minute so don t let me confuse you. Basically imagine if this says Seller and this said Buyer right. Basically if the Seller default on the terms of this contract, Buyer may pursue all remedies available at law or at equity including collection of monetary damages and specific performance. Basically that means that if the seller was to back out of this contract, then you would be able to pursue them for money or for specific performance. Specific performance means that you're going to make them go through with the deal basically. Then it says, If the Seller, but say if it says Buyer. If the Buyer defaults, then the Seller may have the right [inaudible 13:41] property. I don't know how this typo got in here, but this is supposed to say, If the Buyer If the buyer defaults then the seller can just [move on 13:52] property, basically if we default on the deal, then the seller can just [inaudible 13:55] property. Listen for those of you who on the webinar, remember one of the gifts was that I'm going to send you all my contracts. So, you're going to get these contracts anyway, but they'll be corrected so don t worry about it. I'm even going to write, what I'll do for you, is on every contract I'll tell you what this is used for. So, if this is for a double closing, I'll put, Contract used for double closing, like that or whatever. Somebody asked me about closing costs earlier. I think his name was Antoine, so let me just tell you how you will figure that out. It s going to be on your second line, of your [inaudible 14:33]. Here it is. There's 2 types of closing costs. You've got the closing costs that the title company s going to charge for their legwork, and you've got the closing costs that the state s going to charge you for their legwork. Look here on line 1101, it says Title Charges. You see how it's all going to this title company right here? These are all of their charges that they charge you. This is pretty much average, so if you look at this you can kind of tell what they're going to charge you on the deal. Now the next set of closing costs, what the state s going to charge you is called a Transfer and Recordation cost. That's the cost to transfer the deed from the seller to the 19

20 buyer and the tax for them to transfer it. It s just another way to get your money or whatever that the state use. Basically it s just 3% of the purchase price and that s what it will end up being, so that s to answer your question. That's how you calculate closing costs. Typically, I would say a title company would charge about, let me see, I think my title company might charge me like $900, or like $800 to do all the work, but they get paid out title insurance so they're going to make their money anyway. Let me see, oh and then that's what the state going to charge me. Now I don't know about every state, but that s just the state of Maryland. Before you continue, Michael Martin wants to ask, When meeting with the seller for the first time, does the deposit need to be listed on the contract? Yes I'm sorry. You put the deposit on the contract. The deposit is going to be at the title company. You will never give a seller no deposit. That s even in the contract, it says that it s going to be held in escrow at the title company. I should go up and show you real quick see? It says right here, right here it says, Buyer will pay $10,000 of which a $100, let s say a $1, Buyer will pay $100,000 of which a $100 held as a deposit has been paid in cash to the signer held, to be held by, what that blank is, is for the title company. So, it s going to be held at the title company anyway. Ayesha is asking a question. I think you kind of answered it right there. She says, How do we use the end-buyer s money for the deposit if we don t have it, but obviously you'll have it if you re doing the close right? Right yeah, pretty much. Remember you're flipping a house right? You're not going to be using your All right how can I put it? For example, I'm actually getting to that now Ayesha. If you see here, you're going to be collecting a deposit from your end-buyer. Basically your deposit that you collect, that s going into escrow, is going to cover the deposit of the house period. That s the seller, the buyer, whatever. Yeah you're collecting a deposit from the end-buyer, is basically what I'm saying. Even if you didn't do that, just to stay on the no cash no credit thing, it don t have to be money. Like I promise you it don t. These are motivated sellers man like half the time they don t even care about a deposit. Like you could probably put 5 cents, or a penny or something, even if you did just a dollar. I'm not saying that's no cash no credit, because it is money but that s only a dollar. I will guarantee you if you could get 10 houses on the contract, is that worth $10? I look at it like that, but you don t have to use no money. It s just to answer that question. 20

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