In this episode of Grab the Map, John Crutchfield talks about how you can get your deals closed. He shares tips and secrets on how you can close your deals with huge profits and what are the ways to close a deal.
[2:11] You get deals closed by getting them closed. John meets people all the time who are not sure whether or not they really want to do this. He says that you get deals closed by not taking no for an answer.
[2:53] John tells people that he's going to get the property closed. The most important thing becomes getting the deal done. There is no option where he cannot get a deal done.
[3:31] John wants you to prepare before you make offers. That does not mean that you have to have everything in order before you make an offer on a property. If you think you have to have everything in order completely, you're gonna miss out on those great deals.
[3:59] Before you make these offers, bankers should know who you are. The people you're going to need to get the money from the need to know who you are.
[4:45] You're making preparation so that when that opportunity comes, you're prepared, and you're not thinking that there's no way you can make an offer on this.
[6:20] Know who your bankers are. Know how you're going to find your contractors. Know how you're going to get the paperwork handled and where your earnest money will come from. Know how your credit score looks and what all of that will get prepared. That's going to help you a lot with getting deals close.
[7:14] Make sure deals get closed. John wants you to remember that this is a relationship business.
[7:56] When some kind of hiccup happens where you need to push closing a deal back, the relationship that you have with those involved helps.
[8:18] Everybody's willing to work with you if you've built relationships with them.
[8:33] If you've got relationships with multiple bankers, multiple individuals, multiple lenders, you're more prepared to get things closed.
[9:01] Relationships are a foundation for getting deals closed. Don't just go out there making offers, being ugly to people and not really taking the time to know what their wants and needs are because when you do it the right way, and something comes in the process of getting things closed, they will work with you if they like you. They will work with you if they know you if they trust you. Relationships are important, and getting deals closed.
[9:33] Extensions are okay. If you've done a good job of building relationships, make sure that in that contract, you get the time that you need to get everything in line to purchase that property.
[10:28] If you need an extension, try to get it in the contract up front. If you realize that you're going to need additional time to get the bank cart ready to get your part ready to get due diligence done, let your seller know that as soon as possible.
[11:42] Another way that you can really get things closed is to make sure that you're actually buying a deal.
[12:02] Nobody wants to do business with somebody who's just buying properties at retail or over retail. You need to have a deal upfront.
[12:32] Make sure you got a deal that when you're shopping it around to try to get it closed, you're not going to have a problem getting it closed. John says that that will really help you in getting deals closed. No matter what you're buying, you need to be buying cash flow.
[12:56] Everything you buy needs to have the potential to bring in more income than it's going to cost you every month in expenses.
[13:45] You want to make sure that you're solving a problem for your buyer. If you are the whole seller, you want to make sure that you're solving problems for your seller, right. If you solve a problem for them, they're going to be more inclined to really get the deal closed.
[14:09] Whatever their thing that they need, that you're solving the problem for becomes way more important if you're actually solving the problem. When you're structuring that deal, you really don't want to offer them something that doesn't solve a problem for them.
[16:36] Remember too that your job in getting these things closed is finding the money.
[17:00] Your job as a real estate investor is to go get it. And to be able to go get it, you got to know where it is.
[17:58] Remember that things have to be creative. To get scale and be able to grow fast, you have to be outside of the box.
[18:21] You're going to get some things that happen that change everything, and you're going to have to make adjustments. You got to remember that everything in structuring these deals to get them closed is totally up to you and your seller.
[18:54] Think outside the box. You can get it closed if you don't take no for an answer.
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