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The Michael Quarles Real Estate Show

Michael Quarles is here to help you succeed in real estate investing. Whether you want to learn passive or massive investing, we will cover topics like Lease Options, Subject To, Seller Financing, Negotiation, Rehabbing, Marketing, Presentation, Shortsales, Rent to Own, and Owning Rentals. This show will offer solid information from seasoned investors that you need to succeed. It doesn’t matter if you are brand new to the real estate investment business or are a seasoned investor our podcasts will help you gain the information to be successful. Full show notes for all episodes are available at MichaelQuarles.com
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Now displaying: January, 2016
Jan 29, 2016

Michael Quarles covers how to hold yourself accountable, and how to find motivated sellers in your market.

  • What is the best way to start the habit of staying focused and accountable tomy tasks each day?

  • What’s the best stamp to use for mailers? The traditional American flag or aspecialty/seasonal one?

  • What do you do with return undeliverable mail from your marketingcampaigns?

  • If I bought my list from you, do you remove corporate entities?

  • How can I find more motivated sellers? I’m in Austin and it feels impossible.

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  1. Click this link – The Michael Quarles Real Estate Show
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’

Resources

  • Please send questions you would like Michael Quarles to answer tosupport@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!
  • Yellow Letters – www.YellowLetters.com
  • Want to be held Accountable to your GOALS? – Text the word WEALTH to the number 313131
  • Want to Learn from Michael Quarles? – Text the word INVESTOR to the number 313131
Jan 29, 2016

Today, Michael Quarles has a fascinating guest, Slavica Bogdanov, who is a serial entrepreneur and just beyond amazing! She has such an awesome energy about her, and behind it we will hear a lot of truth on how to improve our life. This interview is all about goal setting, life setting, and how to achieve those things that we may think are impossible.

01:33 - Slavica tells us a bit about herself.
02:16 - How did she manage to write 25 books?
03:48 - Which book is Slavica most proud of?
04:47 - Slavica shares on the law of attraction.
06:01 - Does Slavica believe a person can have everything they want?
08:07 - People don’t ask properly what they want. Reframing matters!
11:11 - Two things the brain does not compute or understand.
13:32 - Is there a difference between a personal and a business goal?
18:33 - What is an outrageous goal? Slavica shares examples.
24:49 - Writing out everything and emptying your brain completely.
26:48 - Writing out all the ways and action steps towards reaching your goals.
31:26 - How much time does Slavica dedicate each day to goal planning?
34:38 - Because stress blocks the brain from functioning, create goals that are stress-free.
41:44 - What happened when Slavica reached out to a woman who wrote her a suicide note?
45:10 - You need to have the proper mental and emotional set as you are ‘doing’.
47:18 - How can you find Slavica and the link for a 15 min free session with her?
48:39 - What do most people ask Slavica that Michael didn’t ask her?
53:07 - Michael's thoughts on his interview with Slavica.

FULL SHOW NOTES: http://michaelquarles.com/int003

Jan 28, 2016

Michael Quarles explains his 3 Page Purchase Agreement.

  • After discussing the terms with a seller, I made a subject to offer using the 3 page contract with the addendum. Following up over the phone the nextday, he stated that I was acting as a broker without a license. I think he did not like the assignment clause. How should I respond to that objection?

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  1. Click this link – The Michael Quarles Real Estate Show
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’

Resources

  • Please send questions you would like Michael Quarles to answer tosupport@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!
  • Yellow Letters – www.YellowLetters.com
  • Want to be held Accountable to your GOALS? – Text the word WEALTH to the number 313131
  • Want to Learn from Michael Quarles? – Text the word INVESTOR to the number 313131
Jan 27, 2016

Michael Quarles covers the first step you need to take to dominate your market.

  • Michael, do you still make the seller calls?

  • Can you tell us what you pay the people who you have calling the sellers?

  • How do you keep a vacant property in a bad neighborhood safe from being stripped while waiting to close?

  • I noticed a lot of calls in the Daily Deal Podcast are coming in from people who have Googled “I Buy Houses.” Are you doing a lot ppc?

  • What is the first step needed to take in order to dominate my market?

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Did you enjoy the show? We would love it if you subscribed today and left us a 5-star review!

  1. Click this link – The Michael Quarles Real Estate Show
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’

Resources

  • Please send questions you would like Michael Quarles to answer tosupport@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!
  • Yellow Letters – www.YellowLetters.com
  • Want to be held Accountable to your GOALS? – Text the word WEALTH to the number 313131
  • Want to Learn from Michael Quarles? – Text the word INVESTOR to the number 313131
Jan 27, 2016

Today's show is pretty cool. Michael Quarles has Ace Chapman on the show. Ace is a former real estate investor. He was a HomeVestor franchisee who turned his real estate flipping business into a ‘business flipping’ business, which is just fantastic. Let's welcome him to the show!

FULL SHOW NOTES: http://michaelquarles.com/int002

Jan 27, 2016

Michael Quarles covers how to set up a subject to deal.

  • Can you please go over Subject To Purchases? Can you also touch on some Subject To Objection Handlers as well?

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Did you enjoy the show? We would love it if you subscribed today and left us a 5-star review!

  1. Click this link – The Michael Quarles Real Estate Show
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’

Resources

  • Please send questions you would like Michael Quarles to answer tosupport@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!
  • Yellow Letters – www.YellowLetters.com
  • Want to be held Accountable to your GOALS? – Text the word WEALTH to the number 313131
  • Want to Learn from Michael Quarles? – Text the word INVESTOR to the number 313131
Jan 26, 2016

Michael Quarles covers how to fill out a purchase agreement.

  • I am so lost and confused when it comes to setting a plan and goals for my real estate business. Any advice you can offer on this subject would be greatly appreciated.

  • Should I register my company before I get my first deal done?

  • I get very nervous about actually filling out a purchase agreement. How do I make sure I do it right?

  • How much should I set aside for my marketing? Is $500 to low?

  • I haven’t heard you mention land trusts. For the properties you do buy and hold, do you put them in an LLC or a land trust and why?

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Did you enjoy the show? We would love it if you subscribed today and left us a 5-star review!

  1. Click this link – The Michael Quarles Real Estate Show
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’

Resources

  • Please send questions you would like Michael Quarles to answer tosupport@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!
  • Yellow Letters – www.YellowLetters.com
  • Want to be held Accountable to your GOALS? – Text the word WEALTH to the number 313131
  • Want to Learn from Michael Quarles? – Text the word INVESTOR to the number 313131
Jan 26, 2016

Listen to a Live Call

Learn exactly what we say when we answer the telephone and put our home sellers under contract.

In Daily Deals Episode 080 you will hear exactly what Michael Quarles’ team says when negotiating their contracts.

“We record all of our phone calls and upload them for everyone to listen to!”

Increase your volume of homes purchased by listening to our Daily Deals! Check Out Episode 080 Now!

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Share the Show

Did you enjoy the show? We would love it if you subscribed today and left us a 5-star review!

  1. Click this link – The Michael Quarles Real Estate Show
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’

Resources

Do you have a real estate investing question? If so ask Michael Quarles by emailing him at Support@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!

Jan 25, 2016

Michael Quarles covers should you help the seller by buying their house.

  • I am in a situation where I have a contract with a seller who is encountering major family issues due to this woman selling her house, which happens to be abandoned. The mother has no way to pay back taxes and other liens on the property. She also cannot pay for the much-needed improvements to make the house livable.

  • Her daughter is preventing the sale through emotional manipulation for her own selfish reasons. I want to be reasonable with the owner. We both also know that if she doesn’t sell, the family will end up with nothing as the city will eventually condemn or sell the house in a tax auction.

  • I feel that I should just walk away at this point, but ask this question: If I can help this woman out more by buying and selling the house myself, should I do my best to insist that she follow-through with the contract?With my solution, she will get some money in the end, but would this approach be ethical?

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Did you enjoy the show? We would love it if you subscribed today and left us a 5-star review!

  1. Click this link – The Michael Quarles Real Estate Show
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’

Resources

  • Please send questions you would like Michael Quarles to answer tosupport@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!
  • Yellow Letters – www.YellowLetters.com
  • Want to be held Accountable to your GOALS? – Text the word WEALTH to the number 313131
  • Want to Learn from Michael Quarles? – Text the word INVESTOR to the number 313131
Jan 25, 2016

Listen to a Live Call

Learn exactly what we say when we answer the telephone and put our home sellers under contract.

In Daily Deals Episode 079 you will hear exactly what Michael Quarles’ team says when negotiating their contracts.

“We record all of our phone calls and upload them for everyone to listen to!”

Increase your volume of homes purchased by listening to our Daily Deals! Check Out Episode 079 Now!

Tweetable

 

Share the Show

Did you enjoy the show? We would love it if you subscribed today and left us a 5-star review!

  1. Click this link – The Michael Quarles Real Estate Show
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’

Resources

Do you have a real estate investing question? If so ask Michael Quarles by emailing him at Support@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!

Jan 25, 2016

Ty Crandall is a business credit expert and the author of two best-selling books on credit. In this interview, Michael and Ty discuss a range of topics including the EIN number, obtaining and maintaining business credit, vendor accounts, and much more. Whether you are a brand new business owner or not, this discussion will clarify and inform on many topics relating to credit, so take notes and re-listen if you have to. Here we go!

FULL SHOW NOTES: http://michaelquarles.com/int001

Share the Show

Did you enjoy the show? We would love it if you subscribed today and left us a 5-star review!

  1. Click this link – The Michael Quarles Real Estate Show
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’

Resources

Please send questions you would like Michael Quarles to answer to support@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!

  • Yellow Letters – www.YellowLetters.com
  • Want to be held Accountable to your GOALS? – Text the work WEALTH to the number 313131
 
Jan 22, 2016

Michael Quarles covers how to Set Price without Comparables.

  • What should I do when there are very few comps in the area that are comparable to the property that I’m looking at?

  • How do you deal with houses that are functionally obsolescent?

  • If a house currently has tenants, how do you resell the house? Do you wholetail it?  It seems it would be difficult to show the house while there are tenants.

  • What should I do if it’s a knockdown new build situation?

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Did you enjoy the show? We would love it if you subscribed today and left us a 5-star review!

  1. Click this link – The Michael Quarles Real Estate Show
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’

Resources

  • Please send questions you would like Michael Quarles to answer tosupport@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!
  • Yellow Letters – www.YellowLetters.com
  • Want to be held Accountable to your GOALS? – Text the word WEALTH to the number 313131
  • Want to Learn from Michael Quarles? – Text the word INVESTOR to the number 313131
Jan 21, 2016

Michael Quarles covers how to list properties that are not even yours.

  • Some of the houses are in neighborhoods that are rundown, should I stayclear of these houses?

  • Do you get any kickback from sellers once they find out that you are going toturn around and put the house on the market?

  • In my state, if you complete a simultaneous close you have to pay closingcosts (3%) twice.  Are wholetail transactions usually completed using asimultaneous close?  If so, I would have to discount the property a largeramount to cover the additional 3%. How do you handle this situation?

  • Before completing a wholetail deal, should I check with an attorney to makesure it’s legal to list the property if I don’t technically have ownership?

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Share the Show

Did you enjoy the show? We would love it if you subscribed today and left us a 5-star review!

  1. Click this link – The Michael Quarles Real Estate Show
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’

Resources

Please send questions you would like Michael Quarles to answer tosupport@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!

  • Yellow Letters – www.YellowLetters.com
  • Want to be held Accountable to your GOALS? – Text the word WEALTH to the number 313131
  • Want to Learn from Michael Quarles? – Text the word INVESTOR to the number 313131
Jan 21, 2016

Michael Quarles covers how much is too much for a rehab deal and entering into a new market.

  • I live in Southern California but have a portfolio of rental properties in the Midwest. I now want to move into some fix and flips here in the southern California market where the price points are exponentially higher, especially in and around the Los Angeles area where I live. I feel I have the knowledge to move forward in acquiring some fixers in the 400-600k range (which would be considered high-end retail level properties where I own my rentals)rehabbing, and turning around for a decent profit.
  • However, I’m somewhat fearful of jumping into rehabs at such a high price point given the assumption that the mistakes made could be just as exponential as the increased price point required to buy relative to other markets. Again, I feel confident in my knowledge moving forward, with the exception of construction knowledge relating to the rehab, but just plan on hopefully working my way through that as I go. I’m sure with you being close in proximity to LA you know that these 1500 sf single level would be starter homes fetch a hefty price, even with major work needed.
  • Would you recommend someone like me, who is trying to do their first solo fix and flip, getting their feet wet by moving to surrounding areas on the outskirts of LA with lower entry points? Or would you feel confident moving forward in the higher end markets I mentioned?

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Did you enjoy the show? We would love it if you subscribed today and left us a 5-star review!

  1. Click this link – The Michael Quarles Real Estate Show
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’

Resources

Please send questions you would like Michael Quarles to answer tosupport@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!

  • Yellow Letters – www.YellowLetters.com
  • Want to be held Accountable to your GOALS? – Text the word WEALTH to the number 313131
  • Want to Learn from Michael Quarles? – Text the word INVESTOR to the number 313131
Jan 20, 2016

Michael Quarles covers how to structure a seller finance deal and answers listener submitted questions.

  • How do you structure a seller finance deal? For example in a 100k deal, whatis a basic model to follow as far as how much to pay monthly to the seller? Iunderstand it’s whatever the seller/buyer agrees on, but what’s an exampleof a good basic seller finance deal and why?

  • Do you believe it’s worth it to use a local phone number instead of a Googlevoice when Sellers call? I have had some feedback from Sellers that they arenot happy with calling a Google voice number?

  • How do I search for properties that I want to buy as rentals that will be paidfor in 2 years?

  • How do I handle everything when I am in the middle stages ofgrowth/learning? Meaning I do not have enough calls coming in to hiresomeone to answer the phone, but I have so many that I am consistentlyvery busy.

  • What are the top books in real estate that you suggest to brand newinvestors?

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Did you enjoy the show? We would love it if you subscribed today and left us a 5-star review!

  1. Click this link – The Michael Quarles Real Estate Show
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’

Resources

Please send questions you would like Michael Quarles to answer tosupport@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!

  • Yellow Letters – www.YellowLetters.com
  • Want to be held Accountable to your GOALS? – Text the work WEALTH to the number 313131
Jan 20, 2016

Michael Quarles covers which type of leads you should be marketing to.

  • I have been investing and renovating homes for many years, flip a minimumof 3 per year, and now I am looking for ways to increase my volume throughdifferent marketing campaigns.

  • I am looking for automated ways to drivetraffic to websites and/or call centers that can sift and sort and allow me tofollow up on those that float to the top to see if they meet my buy criteriaand overcome objections.  

  • I was thinking on focusing on the following types of leads and would beinterested in your advice as to which to focus on: Landlords, Inherited Homes, Probate, Vacant Properties, Free & Clear properties, Health Code Violations

  • I am hopeful that you can steer me to companies that provide lists and thesetypes of mail out services.

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Did you enjoy the show? We would love it if you subscribed today and left us a 5-star review!

  1. Click this link – The Michael Quarles Real Estate Show
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’

Resources

Please send questions you would like Michael Quarles to answer tosupport@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!

  • Yellow Letters – www.YellowLetters.com
  • Want to be held Accountable to your GOALS? – Text the work WEALTH to the number 313131
Jan 20, 2016

Michael Quarles covers how to Determine the “As Is” Value.

 

  1. How much marketing do you send out to get at least 20 calls per day?

  2. When I begin the power presentation, what number do I start from? I believe I understand the valuation process, but how do I go about handling the objection “my price is already as-is, I shouldn’t have to take into account repairs because my price already reflects that.”

  3. Tracking a boarded up house where the owners have died. The city has a code enforcement lien and they are trying to foreclose on that lien. The property does not have a mortgage and the heirs don’t seem to be concerned about it. What would you do about this situation?

  4. I need help staying positive with a job that I hate but need, while trying to break out of the need for this job and struggling to make deals happen.

  5. In your formula to calculate “as is” from ARV do you 1) Add $10k/month for rehab time only and 2) Add an additional $10k/month for time that the house will be on market and in escrow?

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Did you enjoy the show? We would love it if you subscribed today and left us a 5-star review!

  1. Click this link – The Michael Quarles Real Estate Show
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’

Resources

Please send questions you would like Michael Quarles to answer tosupport@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!

  • Yellow Letters – www.YellowLetters.com
  • Want to be held Accountable to your GOALS? – Text the work WEALTH to the number 313131
Jan 20, 2016

Michael Quarles covers how to Cancel a Listing in today’s episode.

  1. One of my better zip codes extends into a part of town that I am not interested in purchasing houses in. Does YellowLetters.com have the capabilities of running a list in a specified area on a map? As in draw an outline of the area you’d like? I know, we can’t cast judgements, but I am in this situation.

  2. How do you cancel a listing agreement (what reason should you give) when you find that the property under contract that has an irreconcilable issue with title? The mortgage company in the ’90’s never release their interest in the property and the title company at the time is now defunct, and the mortgage company is no longer around either. I’m still working on it but it may go south. I have realtors bringing offers, which I may not be able to close on.

  3. What should we reply to the sellers when they say, “actually I am the one who’s really paying for those fees since you’re deducting it from your offer price”?

  4. When we have a contract that includes the right to list the property on the MLS, should we list the property immediately or should we wait until we have a clear title? My presumption is to wait until we know that the title is clear and to learn if there are any liens or taxes on the property that the owner did not know about. Also, based on my most recent experiences, some properties can take months to clear title.

  5. The title company that I have been using is under investigation and may be shut-down before too long. I was advised by my Escrow Officer that it was in my best interest to take all of my information that she has provided to me and take my deal to another title company. I see this as a fairly simple solution, to simply move-on. However, I worry that I could be missing something here. Are there any concerns that I should have in switching horses mid-stream like this? When the first company is under investigation and effectively shutting-down their business?

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  1. Click this link – The Michael Quarles Real Estate Show
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’

Resources

Please send questions you would like Michael Quarles to answer tosupport@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!

  • Yellow Letters – www.YellowLetters.com
  • Want to be held Accountable to your GOALS? – Text the work WEALTH to the number 313131
Jan 20, 2016

Michael Quarles covers the “Distance” question in today’s episode.

Due to the high median prices in my local market, I started researching zip codes that are farther away from me, 3.5 hours driving distance at the most. I’m not terribly excited about driving 2 to 3.5 hours one way.

Besides the time spent driving, are there any additional pros or cons to marketing to an area 2 to 3.5 hours away? Could it be more trouble than it’s worth?

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Share the Show

Did you enjoy the show? We would love it if you subscribed today and left us a 5-star review!

  1. Click this link – The Michael Quarles Real Estate Show
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’

Resources

Please send questions you would like Michael Quarles to answer tosupport@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!

  • Yellow Letters – www.YellowLetters.com
  • Want to be held Accountable to your GOALS? – Text the work WEALTH to the number 313131
Jan 20, 2016

Michael Quarles covers the “Low Marketing Budget” question in today’s episode.

I live in LA and most of the zip codes near me have high median prices,

$500,000 – $1 million plus.

My top ten zip codes to market to include these high median priced areas. There are about 4 zip codes in my top ten that are under $300,000 median price.

  • 1) Should I only market to the lower priced zip codes to start?
  • 2) Should I include any of the higher priced zip codes?

What is your recommendation for these zip codes? Keep in mind my marketing budget is no more than $500 per month to start.

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Did you enjoy the show? We would love it if you subscribed today and left us a 5-star review!

  1. Click this link – The Michael Quarles Real Estate Show
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’

Resources

Please send questions you would like Michael Quarles to answer tosupport@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!

  • Yellow Letters – www.YellowLetters.com
  • Want to be held Accountable to your GOALS? – Text the work WEALTH to the number 313131
Jan 20, 2016

Michael Quarles explains how to pay a Bird Dog fee to a Realtor.

Michael Quarles addresses 5 questions from Investors.

  1. If I have a realtor out door knocking and bringing me deals, what would your compensation plan be for this agent? Specifically if our wholetail fee will be $15,000 after expenses.

  2. I noticed in a recent podcast you mentioned that if someone brings you a deal you would pay them a third of the profit. Do you have a formula you use for referral realtor deals?

  3. When pulling a mailing list from ListSource, is it better to use an equity percentage or use an equity dollar amount? Also, do you ever set a minimum property value?

  4. Can you explain how you find BPO agents in new markets you are working in?

  5. What are some of the most common objections you hear from sellers when negotiating a sub to purchase for wholetailing?

Tweetable

Did you enjoy the show? We would love it if you subscribed today and left us a 5-star review!

  1. Click this link – The Michael Quarles Real Estate Show
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’

Resources

Please send questions you would like Michael Quarles to answer to Support@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!

  • Yellow Letters – www.YellowLetters.com
  • Want to be held Accountable to your GOALS? – Text the work WEALTH to the number 313131
Jan 20, 2016

Summary

Michael covers one question today in-depth:

I have a lead on a property with excellent potential, but the property is built as a two bedroom single-family home along with two one bedroom apartments. The property is in an excellent neighborhood near a college, and would be a very attractive rental property for a long term investor. My question is in getting a CMA on such a property when there is nothing quite like it in the neighborhood. It was suggested to me to get a professional appraisal, which makes sense, but I've not even made an offer on it yet, and I'm worried of paying for one without a contract. The owner states that a previous investor offered her three hundred thousand dollars that she turned down. I believe this is overvalued due to some needed repairs to the home. I also believe that I can present a better case to come down on her price than the previous investor. However, the added value of the income generating apartments might make the three hundred thousand a reasonable price. I frankly do not know. The person providing the CMA estimated the value to be about two hundred and twenty-five to two hundred and forty thousand dollars as is value prior to learning about the rental units. I know that it need leveling, new kitchen and baths, new windows at a minimum to bring this up to the neighborhood standards. I'm curious how I should come up with a realistic offer before paying for an appraisal. Any suggestions?

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Jan 20, 2016

Summary

Michael kicks off the first episode of the year and talks about the importance of new year's resolutions. He addresses 5 questions from callers.

  1. What is the average of sellers you're able to convert from a cash purchase to a seller financing sub-2?
  2. Is there a possibility to listen to the negotiation or follow-up with sellers who are prospects for seller financing or subject to alternatives?
  3. Can you explain in detail what financing options we have with a seller who only wants cash?
  4. In many podcasts I've listened to, Ryan's calculating some numbers on the side, when negotiating a final offer with the seller, then saying this number may or may not work if taken to the board. Is this a negotiating technique?
  5. After listening to all of the Daily Deals podcast, I have the concept scripts, functions of Alex and Ryan well understood, but who the heck is Angel and what does he/she do?

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"You always have to mitigate the cash."

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  1. Click this link – The Michael Quarles Real Estate Show
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Jan 20, 2016

In today’s podcast we will be going over a situation that another investor has recently found himself in.

As I read through this scenario, I will answer any questions they have and I will explain what I would do/have done in this type of situation.


Show Notes

In This Scenario, We Cover:

  • I am in a situation where my deal can close at any moment but my private lender is getting cold feet and wants to order an appraisal which can take 5-10 days to get.I have assured him that a BPO is just as valid of an opinion unless we are seeking a standard loan.There are now two additional brokers who have concurred with the price of my BPO.His primary concern is that, as this is a vacant land property, there could be unknown/unforeseen issues that a residential property broker would not see.What can I say or do to convince him that we have a very solid opinion and move on?

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Resources

Please send questions you would like Michael Quarles to answer to support@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!

Yellow Letters – www.YellowLetters.com

Jan 20, 2016

In today’s podcast we will continue with some daily questions.

As we continue our 5 Daily Questions Series, you will hear more valuable questions from other Real Estate Investors and some of my own students.


Show Notes

In This Show, We Cover:

  • How do you close a wholetail deal? Do you need a title company to close a subject-to and then sell it to your cash buyer?

  • When pulling info from ListSource, why should I get a list of people with 30% equity when I need them to have more like 45% because of repairs and fees?

  • How do I approach people with 30% equity? I can’t wholesale their deal right?

  • What advice or documentation do you have for a private lender loan agreement?

  • How do I avoid closing fees on a wholetail transaction? Here in NC we cannot do same day closing so I would have to purchase the home first, then sell a day or two later. I would pay double fees it seems to me.

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  1. Click this link – The Michael Quarles Real Estate Show
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’

Resources

Please send questions you would like Michael Quarles to answer to support@MichaelQuarles.com and he will answer them on one of his upcoming podcasts!

Yellow Letters – www.YellowLetters.com

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