CRA #1: Never Call Sellers who have property for sale. Do things so they call you.
CRA #2: Never Look at Property Before You Make a Written Offer.
CRA #3: Always, Always, ALWAYS Make a Written Offer (either by mail or in person) on EVERY Conversation You Have.
CRA #4: Use the Buy/Sell Agreement To Reduce all "Conversations" To Writing.
CRA #5: For All Cash Offers Follow the 30/50/60 Formula.
For Houses With Lots of BAD HOUSE Problems...Offer = 30% x FMV.
For Houses With 1, 2 or maybe 3 BAD HOUSE Problems...
Offer = 50% x FMV.
For Houses With No BAD HOUSE Problems: Offer = 60% x FMV
CRA #6: For Full Price Offers = Equity Divided By 100
CRA #7: Who cares least wins. Be ready to walk from ANY deal. Don't even look back. Be chillingly cool and watch what happens.
CRA #8: Record All Your Calls, Then Listen To Your Tapes.
CRA #9: There Is NO Bad Real Estate...only uncomfortable circumstances around which the ownership revolves. In the beginning, consider everything and anything as a potential
"good deal." Sign it up, then let the marketplace determine the outcome.
CRA #10: Follow the E.L.F. Principal. Everything you do in business should be Easy, Lucrative and Fun. (You should be having lots of phone conversations, recording your calls; learning your art and having fun on a DAILY basis.)
CRA #11: Stick to Bad HOUSES because house are easy to buy, easy to sell, easy to management, easy to maintain, easy to finance.
CRA #12: Buy only BAD SFH HOUSES from MOTIVATED sellers. BAD SFH HOUSES are (but are NOT limited to) single family houses where the owner is truly motivated and has a REASON to sell. Reasons/Motivation includes: Their house is Vacant, Vandalized, Need Work, Is Hard To Sell, Can't Sell, Been on the Market a Long
Time. They are Houses Where the Owner Is Truly Motivated Because of a Divorce, a Death in the Family, Relocation. They are Houses That Have Liens, Judgments, Back, Taxes, or Bad Tenants and/or the Owner Is Tired of Landlording. They are houses where the owner needs money, is in foreclosure, bankruptcy or is behind on payments.
CRA #13: DO NOT Consider Houses that Are NOT BAD SFH HOUSES (and be advised that BAD HOUSES are NOT limited to PHYSICALLY Distressed or "Cheapo" Houses.) BAD HOUSES are NOT apartment buildings, NOT raw land, NOT hotels, NOT commercial buildings and NOT offices buildings. BAD HOUSES are NOT condos and NOT timeshares and they certainly are NOT Vacation Properties.
CRA #14: Always ask yourself, what did I learn? Failure Is Not the Opposite of Success...it is part of the process. There is no failure with us...only learning.
CRA #15: Do What You Fear Most and You Will Cease to Fear It.
CRA #16: DO NOT BORROW from banks, institutions or the government. They ARE NOT the solution. They are part of the problem.
CRA #17: ACCEPT NOTHING FROM ANY GOVERMENT. "I do not choose to be a common man. It is my right to be uncommon, if I can. I choose freedom, not security..."
--From the Entrepreneurs Credo.
CRA #18: Listen Twice as much as you talk.
CRA #19: If you want to learn a thing, do it.
CRA #20: Have a Copy of, and read all documents relative to the transaction.
CRA #21: Make a lot of money on a lot of little deals.
CRA #22: When Collecting Payments: More is better than less; sooner is better than later and more sooner is best.
CRA #23: When Making Payments: Less is better than more; later is better than sooner and less later is best.
CRA #24: Always ask for a discount.
CRA #25: lAlways go the extra mile.
CRA #26: Always do more than you are paid to do.
CRA #27: Always do more than what is expected of you.
CRA #28: Always under promise and over deliver.
CRA #29: Empty the coins from your purse into your mind, and your mind will fill your purse with coins.
CRA #30: Start…you don’t have to be good to start; but you do have to start to be good.
© MMI By Ray Como. All Rights Reserved
Ray Como has created, produced, copyrighted and self-published 15 audio cassette programs and lots of other forms and tools for business, real estate, corporations, selling, marketing, finance, management and Entrepreneurship.
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