S01:E06 – The Importance of Getting Paid
Welcome to the Get Traction Podcast, a show aimed at educating aspiring real estate entrepreneurs. In this episode, host Tom Zeeb discusses the final stage of any real estate deal: Getting Paid. Tom starts by speaking to the value of contracts and, specifically, having a bulletproof contracts advantage. There is no transaction unless there's a legally binding contract as Tom highlights in this episode.
Tom shares two very different examples of how proper contracts were vital to the success of his business dealings. In the first, Tom chronicles a motivated out of state absentee owner who was looking to sell his property and tried to back out of a binding agreement. Through Tom’s savvy, yet simple contract language, he was able to hold this owner to the initial agreement. In the second example, Tom tells the story of a buyer who had a tragic experience during the final stages of their deal.
Always one to do the right thing, Tom was able to release the buyer from his contractual obligations and focus on what mattered most, his family. There are many more examples of real estate deals; some are simple and some are complex. What they all have in common, however, is the need for sound contracts in order for you to get paid.
What We Covered:
- 01:05 – Introducing today’s topic: Getting Paid
- 02:29 – The importance of contracts
- 03:43 – Tom’s bulletproof contracts advantage
- 04:30 – Why Tom utilizes simple contract language
- 08:13 – Equitable interest
- 09:29 – Marketing for an interested buyer
- 10:29 – Tom discusses the implications of not finding a buyer
- 12:12 – The importance of doing research
- 13:07 – Tom provides an example of how a bulletproof contract helped him through a snag with an out of state absentee owner
- 19:45 – An example of how Tom was able to release a buyer from an assignment contract to help the buyer out
- 23:44 – A happy ending
- 26:40 – The importance of doing business the right way
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