Archive for Pete Fortunato

What to do at the Seller’s Door?

Posted on April 10, 2011 by

What to do at the Seller’s Door?My last two real estate investing columns (“The Key is Finding MOTIVATED Sellers” & “Where to Find Motivated Sellers”) were about why and how to find motivated sellers.  Last week, I said that the most effective thing I do is to simply knock on sellers’ doors.  This week, let’s talk about what to do when you knock on a seller’s door.

When I’m working my area and see a “For Sale” or “For Rent” sign in the yard (NOTE: We’ve bought a lot of properties from don’t-want-to-be landlords), I stop.  It doesn’t matter whether the sign is a FSBO (For Sale by Owner) or a realtor’s sign.

One thing: We don’t cut the legs out from under realtors.  If we find a deal because of the realtor’s sign, the realtor deserves to get paid!

At the door, I ring and/or knock and then back out into the yard about 20 feet.  I back away because I don’t want to crowd the door. Read More→

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Pete Fortunato (PeterFortunato.com) has been one of my main real estate investing teachers for many years.  The guy is phenomenal! (Not to be confused with pneumonia…I’m dyslexic – what happened to “spell it like it sounds?”)  Pete is one of the best and most creative deal structurers on the planet!

Pete has a great saying: “Use what you have, to create what you need, to get what you want.”

Until recently, I’ve never fully understood what he meant.  But finally, the light turned on!

As real estate investors, we’re often asked by prospective tenants or buyers, “Will you work with me on the deposit?”  The usual answer is, “No.  Are you nuts?”  Ok, perhaps we only think the “Are you nuts?” part.

Point is, we’ve always required the cash up front in order to make the deal work.

Similarly, when we’re buying a property, all too often, the homeowner also wants all the cash up front.  Since I’m always light of having the amount of cash the seller needs, the deal is lost.

Now, let’s think like Pete.  It’s not the cash that the seller wants, is it?  Isn’t it what the cash will buy or do that’s the key? Read More→

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