Make Thousands With One Sentence
by Scott Rister
Sometimes you can't see the forest for the trees and so maybe your approach in
real estate needs some "outside the box" thinking.
Have You Ever:
- Not made an offer because you didn't know the total repairs needed on the
property.
- Just didn't feel comfortable with your know- ledge of property values to make an
offer.
- Didn't know 100% for sure if you could close on the deal if your offer is
accepted.
What this all means is TRULY we're only limited by our imagination in creative
real estate. So, if you fit any of the above listed items take a more open
approach with OPTIONS!
Now, Options are not anything new creative real estate but they may be on the
way you should be using them. One thing I have learned and that was impounded in
my head through the school of hard knocks is now my one motto:
"Am I Prepared Legally and Financially to Handle the Absolutely Worst-Case
Scenario
on This Deal if My Offer is Accepted?"
If the answer to the above posed question is "no" then I either don't do the
deal or change my offer. I only want deals that are no-brainer and can't lose.
In fact I would rather do one great deal, versus ten marginal deals if my
"worst-case" scenario would have a possibility of happening.
So, here we are and to my entire point and teaching that is absolutely necessary
for you I feel to become a truly successful creative real estate investor. You
definitely MUST use Options when they are needed to minimize your risk and those
dreaded "worst- case" scenarios that eventually happen to us all.
There is one sentence you can use in your contract that can turn in ordinary
"Offer To Purchase" into a straight option minimizing your risk:
"Seller grants buyer exclusive 30 day (60,90) option to purchase property at
said price and terms."
If I feel a deal is marginal at best but still think there may be a possible
opportunity then I will use my Option clause on any offer I make. For example I
may be concerned about the length of time it will take me to find a qualified
tenant/buyer or if there is enough equity in the property to wholesale it. In
fact for all those wholesaling properties I feel this is an absolute must clause
that you must utilize.
If I can take another section in here that in whole- saling using total Options
is critical. Many of those wholesaling properties simply are cash strapped which
means you really have to utilize Options just like I have outlined here for you
since you aren't in a strong financial position to buy/hold properties.
I'm simply NOT going to get stuck with a deal that doesn't lead me to profits
and cashflow…..and neither should you! If the deal doesn't make total financial
sense minimizing your risks, then put a total limit on your risk with a straight
Option on your offer.
Now, don't let your fear and even lack of knowledge limit your ability to make
significant wealth in real estate. Good hunting as luck has absolutely nothing
to do with it!
Bio:
Scott Rister is a successful full-time investor living in Dallas, TX. Closing 72
deals in one 9 month period, Scott's property acquisition company, One-Stop
Realty, LLC maintains current holdings in four states.
After building a sizable portfolio of keeper properties that was not getting him
where he wanted to go, he discovered the art of wholesaling. Since that time
he's done hundreds of deals and focuses exclusively on motivated sellers using
technology and a targeted marketing approach.
Scott Rister's approach is based on the belief that the successful real estate
investor will leverage the best use of his/her time by implementing systems that
can run on auto-pilot with minimal maintenance.