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Hi Moguls, Lex Levinrad back again with my follow-up lesson about ARV, comps and talking with sellers.
In Part 1, we learned the formula to calculate how much to offer a seller for their property. I gave you the formula below and walked through it explaining each step:
After Repair Value (ARV) x 65% - Repair Estimate (RE) = Maximum Offer Price (MOP)
So, head back and check that out so you’re up to speed for today’s lesson, which is about questions to ask the seller, comps and the difference between cash sales and retail sales.
Yay Me, I Understand ARV, Now What?
When a homeowner in foreclosure calls you, thanks to one of your marketing campaigns, the first thing you are going to need to do is simply gather relevant information from them, like:
- Their name
- Phone number
- Email address
- Property address,
…
Lex Levinrad
Lex Levinrad has been a full time real estate investor since 2003. Lex has purchased and rehabbed, wholesaled, fixed, flipped and rented more than 500 houses. Lex is an active real estate investor and wholesales 10 to 20 houses every single month. Lex also fixes and flips properties as well as manages a portfolio of many rental properties in Florida. Lex is the founder and CEO of the Distressed Real Estate Institute™, which trains new real estate investors how to buy, wholesale, fix and flip properties. Lex specializes in buying foreclosures, short sales and bank owned properties (REO’s) and has trained thousands of students from all over the world how to make money in real estate by wholesaling, fixing and flipping properties through the Distressed Real Estate Institute Training and Coaching Programs™. The Distressed Real Estate Institute offers Private Real Estate Coaching Programs, Group Mentoring Coaching Programs, Distressed Real Estate Boot Camps, Distressed Real Estate Bus Trips, Fixing and Flipping Houses Boot Camps as well as Home Study Courses, Books, Audio CD’s and DVD’s for all levels of real estate investors. Lex is a nationally recognized speaker and has shared the stage with some of the country’s biggest real estate speakers including Russ Whitney, Dr. Albert Lowry, Ron LeGrand, Than Merrill, Robert Shemin, Frank McKinney, Cameron Dunlap, Kent Clothier, Reggie Brooks, Larry Goins, and many other well-known real estate and motivational speakers. Lex has authored 7 books about investing in real estate and has been featured on Fox News Radio, ABC, CBS, Sun Sentinel, Miami Herald, The Real Deal, Mortgage Daily News, Yahoo Real Estate, Real Estate Professional Magazine, Real Estate Wealth Magazine and many other online publications websites and blogs. Lex is the host of the Distressed Real Estate Radio Show and has also been featured as a guest speaker on many other real estate radio shows including the Real Estate Radio Guys, Fox News Radio and many other radio shows. Lex is also the founder of the Distressed Real Estate Investors Association which is one of the largest real estate investment clubs in South Florida. Lex is also a licensed realtor with Charles Rutenberg Realty. For more information about Lex Levinrad and the Distressed Real Estate Institute please visit http://www.lexlevinrad.com or visit our Real Estate Club site at http://www.distressedreia.com or call our office at 561-948-2127 or 800-617-2884.