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Step 3 | The Numbers That Count | Learn Real Estate Investing

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Published on Mar 14, 2017

Hey, this is Charles Blair, the Mad Scientist, and in this video I'm going to give you, what I like to call, My Top 10 Steps to Closing Your First Deal In 30 Days or Less.

Step number three, the Numbers That Count. Now I know what you're probably saying, "Charles, what the heck is the numbers that count?"

http://realdealmeetup.com

Think in terms of your business and real estate investment as two main segments. You have what's called the Process and the Deal, when you look at the deal there's two main components: There's the motivation of the seller, and there's the actual numbers in the deal.




When you're talking about the motivation of the seller you're talking about what is the main thing that's keeping that seller up at night, that makes that seller want to sell you that property. You have to drill down to the level of what exactly is the issue, and when you do that then you can create the biggest deals, the biggest profits, and the biggest threats. Not to mention you can truly create a win-win situation, because now you're solving a problem that the seller's going to thank you for, that's the motivation side of the puzzle.

Now let's take it to another level, let's talk about the numbers.

There's five different numbers that comes into play when we talk about the Numbers That Count.

Number, one is the after-repair value, or the COMP [SP]. You have to have that number in order to analyze that deal.

Number two, you want to have the actual mortgage balance. How much does the seller owe on the property?

Number three, you want to have the mortgage payment. How much is the seller making on mortgage payments each month on the property?

Number four, you want to know exactly how much the seller needs to sell the property. Having this number will get you to the finish line when it comes to exactly why that seller wants to negotiate.

Number five, the repairs, you want to know exactly how much the owner has on the property when it comes to repairs. Does the kitchen need to rehabbed? Does the bathroom need to be rehabbed?

Not only do you want to get an estimate of the repairs, but you need to drill down when it comes to the question of the repairs.




Think in terms of, instead of asking," When was the last time the kitchen was updated?" You ask, "When was the last time the kitchen was updated when you moved in X amount of years ago? Has the plumbing been updated? Has the electric been updated? What about the actual roof? Is there central air in the property? Is there replacement windows, or wood windows? All these questions are relevant to the Numbers That Count, and my friend, that's what I'm talking about when I say the two main components to the Numbers That Count. You're talking about the motivation, and you're talking about the numbers.

For more FREE content, without the BULL, or BS, you get from all those so called GURU's, check out a true real estate DURU,

What's a duru you may ask?

A DURU is someone who is actually doing real estate investing and not just selling.

That someone is Charles Blair "The Mad Scientist"

http://www.realdealmeetup.com

Learn real estate investing Baltimore

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