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The telephone screening script was developed to provide a consistent way to build this rapport, in a nonoffensive manner, to obtain the information needed to make our buying decisions. The phone screening is intended to be very conversational and informal.
The conversation includes questions about the following topics: May I ask your name? Could you please tell me about your home? What is size, square footage, lot size, garage? How many rooms, what configuration, bathroom layouts? What special features or amenities, appliances? What is existing financing, mortgage type, terms, interest, payments, assumability?
Are you current on all payments to banks, contractors, taxes liens? Are you willing to assist in the financing?
How much cash is needed at close? Can the down payment be spread out? What is the asking price? How long on the market? How long have you been there? Why are you selling? Are there any renters in the neighborhood and what are they paying for rent? It is anticipated that in order to find a home that meets our investment criterion, we will have to call on approximately 25 advertised listings.
Of these, only approximately 5 will justify a property visit, yielding 2 or 3 offers, and 1 purchase. Performing Appraisals A database is currently under construction to capture and report the sale price of all homes in our targeted neighborhoods for the past 12 months.
The data for this appraisal tool is available from 3 sources and is being used to build a profile of potential market value and budget for renovation investments. The data sources include: This listing is created monthly and is only available to licensed real estate professionals or people they choose to share it with.
The listing from each Sunday paper is downloaded and scanned into our computer into the appropriate city section of our database. Financial Analysis Each property to be purchased will go through an extensive financial analysis in a spreadsheet that has been created for this purpose.
This analysis will provide the decisionmaking data to determine the appraisal value, appropriate purchase price, detailed estimates of potential renovation, acquisition costs, and potential sale price as well as anticipated profitability.
Creative Financing Techniques One of the most difficult and critical components of our purchase strategy is the elimination or minimizing of the down payment required to obtain the property. Quite often, the down payment represents a significant portion of the out-of-pocket investment, which is used to calculate the overall rate of return of the transaction.
That is, the less money invested to turn the property, the higher the rate of return on the purchase. Several strategies will be employed to take advantage of money that is available from traditional, as well as slightly more obscure sources of funding.
The following sources represent opportunities to purchase property with lower initial costs: The seller—quite often a seller will finance some portion if not all of the purchase transactions, especially if the interest rate is attractive and the term is short Equity in other homes or vacant land can be used as down payments or collateral for future payments Land contracts or private mortgages on other properties can be discounted and sold for cash; Wolfe Partners professional skills and services could be used as "sweat equity" Real estate brokers will sometimes take their commissions on a note or as an account receivable Investors could be used when larger amounts or quick cash is needed Tenants of rental properties could be enticed to convert their lease to a lease with option and apply some money down at the time of lease creation Existing loans on the property can sometimes be cashed out or leveraged Conventional institutional lenders Banks and savings and loan institutions will typically be considered as a last resort.
This is due to their high closing costs and long delays in processing mortgages. When a seller is not in a hurry to close, and the property will carry the added costs, conventional mortgages might be an option, especially in the current low interest market.
Renovation Process The investment strategy for Wolfe Partners includes a renovation for every property purchased. Obviously, homes that can be purchased well below market value with very little repair required are optimum investments, but difficult to find.
It is anticipated that every home will require at least cosmetic improvements to bring the home up to maximum value and allow it to be sold quickly. To perform these renovations, Wolfe Partners will enlist the help of building trade contractors to perform each of the tasks needed.
Wolfe Partners will act as the general contractor and manage each rehab according to rigorous project management and timeline processes. Once we reach our goal of two houses per month, the volume of work should keep a consistent crew of quality contractors busy nearly full-time.
Each project is expected to be completed over a week period, depending on the complexity of the renovation. During the last several years, extensive research into home resale value and consumer buying habits has yielded six specific cosmetic home improvements that significantly increase the desirability of a home.
These tasks can become more difficult and costly in homes of severe disrepair, but the costs are usually more than accounted for in a lower purchase price.
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