S01:E08 – Finding Your Bread and Butter Properties
Welcome to the Get Traction Podcast, a show aimed at educating aspiring real estate entrepreneurs. In this episode, Tom Zeeb becomes the interviewee as his podcast producer Harry Duran poses questions on the various aspects of prospecting and closing a wholesale deal. Tom breaks down the entire process, from marketing and building a buyers list, to figuring out compensation and negotiating. Tom’s model has proven to be successful and profitable not only for him, but for many of his students as well.
What We Covered:
- 00:51 – Tom introduces today’s guest, Harry Duran
- 02:30 – Harry shares his nomadic situation
- 03:50 – Start your marketing
- 05:29 – Tom shares prep work that Harry can do prior to starting his marketing
- 08:17 – Defining ‘Bread and Butter Homes’
- 11:17 – How the market dictates the price range of bread and butter homes
- 13:07 – Google “drive-by” research
- 14:57 – The importance of building a buyers list
- 16:35 – Tom’s framework for how to handle calls
- 17:25 – Resources and methods available to establish leads
- 22:47 – Conquering fears, apprehensions and doubts about the lead gathering process
- 25:10 – Figuring out the price
- 27:40 – The process of figuring out your comps
- 29:49 – Comp first, call later
- 31:32 – Tom talks about the value of using an 800 number
- 32:56 – Maximum Allowable Offers explained
- 36:50 – Other fees that need to be accounted for
- 38:04 – Presenting the contract
- 40:32 – Why Tom always requests to use a notary when his clients sign a contract
- 42:42 – The process of marketing to your buyers
- 45:22 – How Tom protects his deals from potential undercuts
- 47:51 – Utilizing the assignment contract
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