Ken Williams' success tips

Controlling The Deal Is Most Challenging

Control is the most important part of any deal.

I realize for the new investor it seems like finding motivated sellers is the most challenging part of the business.

You will soon discover that staying in control of the deal will be most challenging of all

Any successful investor will tell you that finding the deals will become easier as you establish yourself in the market.

Control should begin the moment you make contact with a seller, either by phone or in person.

Your objective is to determine if you are able to help the person on the other end as quickly as possible.

Ideally within the first 3 to 5 minutes of a conversation you will get an idea of the possibilities. There is no time to waste barking up the wrong tree.

The quicker you are able to process leads the sooner you will get to the deals which produce CASH!

I have witnessed many new investors trying to get cute with their solutions to a sellers problems. Cute is not the same as creative.

As a wholesaler, the name of your game is Speed Propelled by Cash. It is okay if you cannot solve everyone???s problem.

Not until you have a number of deals lined up for settlement should you spend your time on those difficult and time consuming deals.

It is like a multiple choice question test answer the easy questions first. Remember that advice from school?

Not long ago, I completed a wholesale deal which took me 18 months from start to finish.

However, I would never have given my attention to such a challenge if it were my only deal.

You better believe that during those 18 months, I had other transactions of all kinds going on each and every month.

It is about your opportunity costs. Spend your time wisely. Do not get bogged down early in the game. You may find yourself discouraged and as a result, you may quit.

Be Forewarned! Prior to vesting your valuable time with anyone by phone claiming to be the legal owner or the owners representative, you should verify as much as possible.

To do this, simply search the property records. Another way is to ask them directly if they are the legal owner.

Still suspicious? Send them a simple affidavit to sign by notary - that'll flush out any weasels.

If there are other owners on the title, ask the person on the phone if they expect the others will be cooperative? Dealing with multiple owners can be tricky.

TRUE STORY

I dealt with a seller once who by all accounts was the legal owner of the property she called to discuss.

I verified the tax records for owner information, which listed her name.

However, as time went on, I realized her memory was slipping.

During each successive phone call I had to re-introduce myself and refresh her memory as to the details from when we last spoke.

I knew she was an elderly lady and I also suspected some sort of memory loss.

It was not until I returned to one of her properties for an inspection that I saw the real estate agent sign in the window.

When I called to inquire the agent kindly explained how she was hired by an attorney who was the custodian of the sellers legal and financial affairs. Wow!

The owner had been found mentally incompetent to handle her own affairs.

I had spent nearly two months going through what I thought was follow-up with the legal owner. Instead, I had been only going through the motions.

This was a rare occasion. As a matter of fact, it has been the only one of its kind in all my years of dealing with sellers.

There was no way of my knowing any different about the ownership situation. Do the best you can to ensure that you are talking to the person who can legally sell you a property.

If you found this tip valuable I suggest you share it with a friend.

Take Action!

Ken Williams
www.thewholesalewizard.com