The Creative Real Estate Experts Blog

Brian Kondas here with Larry Harbolt the expert on Seller Financing and Negotiations. You will be amazed by Larry’s insider secrets:

Financial Freedom –what’s in it for you? Where would you be if you had all the money you want? Go ahead and write down your answer.

Seller Financing:

1. Marketing is the key to finding deals.
2. Analyzing the deal: creating great deals where no deal seemed to exist. Do you know how? I will show you an example.
   1. Buy High and Sell Low – seem like no deal, but wait you can make a profit doing just this… Buy at $150K and 6% interest, Sell at $140K and 8% interest. How much is your profit? $250/month positive cash flow. And you thought it was impossible, right?
3. How do you approach a seller? Your attitude is very important. Larry says to talk to them “like a family member” and “pretend in your mind they are your family member.” Now I hope you treat your family members kindly and with respect.
4. Structure the deal for maximum profit. Let me give you an example.
   1. You inherit $100K and there’s a house for sale for $100K. What should you do? You could buy one house, but would you be maximizing your profit? No. How could you maximize $100K? Larry suggests you purchase 10 houses with $10K down on each. Now this is called leverage. Didn’t you just multiply your profit ten times? How’s that for maximizing your profit.
5. Keep the house or flip the house. Larry says, “You are the secret to your success.” Do you know which houses to hold it and which to sell?

Negotiation Secrets:

• You must “get either price or terms.” There are 19,000 listed properties on MLS (Multiple Listing Service). Larry says, “Don’t waste time on non-deals.”
• Write your offer on yellow sheet of paper. Have the seller and buyer sign it.
• When the seller thinks they are lending you money, tell the sellers, “You’re not lending me money. I’m buying your equity in monthly installments.”
• Does the seller have an existing mortgage payment? Here’s a great question to ask the seller, “Would you rather get a check each month or write a check?”
• Always leave on good terms. You may come back later to buy when they’re ready.

Where are the best seller financing deals?

• Hardmoney Lenders have become owners of houses. You can send letters to these individuals.
• Free & Clear Houses – 40% of nation have free and clear houses. You can get this list and send postcards.
• You create the deals as Larry says, “You are the secret to your success.”

Larry Harbolt hosts Monday night Real Estate meetings at 7pm at Piccadilly Restaurant (1900 34th Street North in St. Petersburg). For more information visit Larry’s website at http://www.larryharboltrei.com or email LarryHarbolt@gmail.com or call Larry at (727) 420-4810. Larry provides training through seminars and courses.

Brian Kondas