My Pure Option Journal

[happyardy 0]

Thank you one and all

 

$20K Canadian buys a lot of blubber for the little lady in your life.

...not to mention electrolysis.

 

Congratulations Doug!! Well... with all the trouble with sellers in the last bit, what was different this time?? Do tell!

I approached them as a private lender and investor with qualified buyers, and all I need from them is to show their house to my buyers.

 

 

Congrats, Doug !

- Ardy

[Doug Pretorius (ON) 9]

I think my head is going to explode! 3 more options and a possible 4th. Now I have to get some of these things closed and get PAID!

[Doug Pretorius (ON) 9]

Another cool development... the 3rd property I just posted on my site is listed with an agent, and the agent and I are working together to get it sold!

[MichaelC 160]

Another cool development... the 3rd property I just posted on my site is listed with an agent, and the agent and I are working together to get it sold!

What the??!! This is bigger news than the Arabs and the Israelis agreeing to a cease fire!

[Gordon Holtner 0]

Doug

 

I am just having such a hard time believeing what I am hearing, Doug Pretorious working with an agent?

Wow it looks like you found a long term niche that will alllow you to keep getting deals. I am very happy for you

 

Gord

[Doug Pretorius (ON) 9]

Dare I hope upon hope that I've finally found a way to get deals consistantly that works for me? I guess time will tell.

 

I think I love the pitch I'm using now because NO ONE has asked anything about how I get paid or why I'm not buying the place myself. They're all like: "Great! I really appreciate your help!"

[Jason (AL) 1]

What kinda pitch is that?

[Doug Pretorius (ON) 9]

Jason, that I'm a real estate consultant for a private lender and investment company. This pitch seems to be working with FSBOs, agents, and mortgage brokers.

[Jason (AL) 1]

Glad to see that you've found your "sweet spot" and angle with sellers and the like.

 

Things seem to go smoother and fall into place when using this angle, eh?

...as opposed to the price-gouging investor.

 

Also, I took a peek at your "updated" (updated since I last visited) website.

I like what you've done.

Much more simple & to the point. Seems house seller-friendly.

 

Hope you're cashin' checks soon.

Keep us updated, yo.

[Gordon Holtner 0]

Hi Doug

 

After seeing your website I have a little trouble grasping your strategy. The part I do understand is that you

say to realtors, and sellers that you are a real estate consultant for a private lending and investment company.

The part that I don't understand is the Cashback or that you don't have prices posted on your page. Also

What kind of offers are you giving them? All full price? 10% off FMV? I am really interested especiall after your last post on Troy's page.

 

Gord

[Doug Pretorius (ON) 9]

Just flying by the seat of my pants, Gord, searching for a way to make this thing work.

 

Full price all the way, I'll renegotiate later if need be.

[Gordon Holtner 0]

Doug

 

So what is the cashback thing all about? I am still wondering how you make your profit and give the buyer cashback with a 100% FMV offer. Also I am wondering how you are offering no downpayment on these homes without a spread?Are you qualifying your buyers through a mortgage broker with lenders who offer 100% financing?

 

I am really confused

 

Gord

[Doug Pretorius (ON) 9]

Gord, one small distinction should alleviate your confusion. 100% of asking price and 100% of FMV are two different things.

 

Yes, now that I'm not doing RTO I have no choice but to run all potential buyers by a mortgage broker.

 

The cash back thing is just an incentive I'm using to try to differentiate my houses from the competition. It's a small amount (about 1% of the price) so it can easily be added on to or taken away from the sale price without anyone caring too much.

 

If these deals turn into straight flips then I won't make more than a few thousand bucks. But that's not bad considering I haven't spent any money on marketing, and I don't have to show them either.

[Doug Pretorius (ON) 9]

Another update...

 

I'm getting a tremendous response from my craigslist ads. My site just topped 500 hits a day for the first time. Unfortunately everyone who has contacted me about the properties I'm offering, so far is interested ONLY in RTO, they don't want to go the 2nd mortgage route or even have their credit pulled

 

I'm also getting zero interest from the mortgage brokers I contacted about taking back a 2nd to help their buyers qualify.

 

I'm starting to think I'm going to end up with a camp of RTO buyers and a camp of cash sellers, and no way to bring them together!

[Gordon Holtner 0]

Doug

 

I think that distinction really made the difference for me in my understanding. Ok so you are looking for

underpriced properties and are making offers to sellers. Now I get it. It all makes sense now.

 

 

I was looking at your page again and I just wanted to say that because you have no selling price listed and you just have the estimated monthly payment for a mortgage it causes alot of confusion in the minds of buyers.

What I think would be a good idea is to sell the buyers on the fact that as a real estate consultant for a private investing company you and the mortgage brokers that you work with have access to lenders that could help them get into the homes that want even if the thought that they couldn't qualify.