37) How Does an Offer Even Work? & Knowing Your Buy Box

Real Estate Investing with House Money

House Money Weekly

In this week’s House Money Weekly segment, Lauren and Alan get together with their special guest, Tom, the Savings Captain. They discuss blog 135, 3 goals all Real Estate Investors should set. What gets measured gets managed, so remember to track your progress. The first goal you should set is to identify your why. If you don’t know your “why,” it will be hard for you to be on track. Make sure your goals are time bounded too. Lauren also added that if you know your why, you know what property to pursue and those are the properties that will help you reach your goals. For Tom, if you don’t have a why clearly set, then you are missing conviction. This applies to all areas of investing. You will buy something then later regret it because you don’t have a clear conviction. Goal 2 is you must understand your buy box. Once you know your buy box, then you should put it on social media, drop it on every conversation, and just generally put it out there. Alan experience is that once he started telling people what his buy box is, they started to bring him deals. If you know your buy box, you’re not going to waste time on other offers. Tom points out that he can use the buy box method for buying a primary too. The last goal is to build a relationship with the lender. We know you want to be able to move on a property quickly and you want to know who your mortgage broker is so that when you find the property you want, you can easily ask them to send you a pre-approval letter quickly because terms change day to day. That’s why building a relationship with a lender should be part of your goal so when the time comes you can move quickly because the best deals go fast.

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Mortgage Minute: Jasmine answers the question: Why might I be denied for a mortgage?

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Real Estate Is Easy Interview

Lauren interviews Brandon Foote, the owner and operator of Advanced Roofing Construction. He has been in the construction industry for almost 20 years with the focus on the roofing industry for the last 10 years. For Brandon, the transition from construction into roofing kind of just happened. He was looking for a way to expand his income then he had a buddy approach him to try roofing and since he didn't really know anything about roofs at that time, he dove into it like a nerd. Lauren asks if there are any scams when it comes to roofing that we should be aware of. Brandon believes that there's scams in every industry and when it comes to roofers scamming people, we should do due diligence. If it doesn't make logical sense, you should be asking questions. If they're asking for too much money up front and have no online presence, you should ask yourself if it’s supposed to be like this. Lauren asks if Brandon often works with real estate investors and he does for the people he knows. Some of the things that you should be thinking about when looking for a roof in a property is knowing how old the roof is. Roofers can determine the life expectancy left on the roof. One thing you should also think of is ventilation because that's going to be one of the big ticket items that eliminates the rest of the life expectancy very fast. You need to look at decking issues also. In general, a roof on an average home would cost roughly around $12,000 to $15,000. Lauren asks how long a shingle roof would approximately last, and that’s 15-20 years (regardless of the shingle life). It depends on where your building is located and the weather conditions that happen year over year. He emphasizes getting inspections. Brandon makes real estate easy by building a software solution that allows instant estimates. You pop in an address and after 30 minutes to 1 hour, you’ll get a ballpark estimate. Lauren, Alan, and Tom then discuss Brandon’s answer.

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Vyzer Wealth Building Break: Litan answers the question: What do rich people invest in real estate?

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Guest Host's Segment

Guest Host Tom talks about his real-life experience in his recent primary home search. A house was listed at $600,000 and he made an offer for $585,000 and the seller countered at $595,000. The sellers also stated that competing offers were out there. Tom wonders if he has the first right of refusal or not. Lauren first asks Tom if the offer is written or not and according to Alan, nothing is final until both sides sign so if you submit an offer typically written that means you've signed your offer. Tom is self-aware when he notes that he probably beat out a younger buyer who was financing, rather than him paying cash. Alan also discusses what he’s seeing in the Atlanta market.

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