Today I am joined by my mentor Dr. Marijo Wilson to discuss real estate investing. We will be sharing some hot tips and tricks for finding deals and building irresistible offers.

Click the video below to watch now.

I’m Chimene Van Gundy, bestselling author and Mobile Home Millionaire. Joining me today is my mentor Dr Marijo Wilson, a real estate mentor and trainer with over 15 years of experience. Today we’re discussing how to create passive income through a step by step process: finding the deal, making an offer, getting it under contract, and finally closing the deal.

1. Finding the Deal

We are so fortunate to live in an information age, as this serves as a true asset for our business. We find several deals for real estate using social media apps like Facebook marketplace, Offer Up, Five Miles, and Let Go. There are great places to start. We also find deals on Craigslist (using keywords like fixer-upper or rehab). Smart tip: If living in a big city, I recommend finding another city that might be a little bit smaller that to do deals.

Most people looking to find their first deal go to a realtor, however there’s a lot more creative ways to do it. Remember: when it’s on the MLS (the multiple listing service) we typically do not get nearly as good a deal as if working directly with the seller.

2. Making the Offer

In making an offer, it is critical to have a strong understanding of the MAO (maximum allowable offer). However, we never begin negotiations at the MAO. Here’s my rule of thumb: if the offer is not offensive, then we’re doing something wrong. We want to make sure that we’re making a low offer, so that we can negotiate the price up.

There is so much more to putting together a really good offer that is not just about the price.  The other key is to give them other options: to ask for all the furniture or for the seller to carry the financing. In making the offer, we want to make sure that we have an LOI (Letter of Intent) in our documents. We send this LOI to the perspective buyer.

3. Due diligence period

Once the sellers agreed to our terms we have a certain timeframe called our due diligence period. During that timeframe, we could get a termite inspection or an appraisal, and most importantly, we can do the numbers. Many worry too early about working the numbers, and consequently they lose the deal to someone else who jumps in. Here’s the secret: we’re always going to have a timeframe to do numbers after getting the asset under contract. If we have it under contract then we’re in control: we have a time period to decide if this is really the right deal for us.

4. Close the Deal

Finally, we reach the best part: closing the deal. We have four exit strategies that we need to use (check out our whole section on exit strategies!).

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