Hey guys, how are you? It’s Rick Otton.
I’m putting together some paperwork for the PDP Group, the Profitable Deal Playbook, which is the online program.
One of the things that I put in there is all the paperwork that the students need to put the transactions together. As I was putting this together today, I was thinking about when I buy properties.
What makes it really easy is when you already have a set of paperwork, so the paperwork becomes the standard. The process becomes the standard. It doesn’t really matter about you, it becomes the standard.
So what happens is when you ask these questions, which are very powerful questions to get what you need to put the deal together, it becomes the standard, and no one gets upset because it’s on the form. And if it’s on the form, then everyone is happy with it.
I was looking at the questions I have on my forms that I’m giving to the students, like, “Are you going to carry back some financing on this thing?”, “What’s the price you want?”, “Who set the price?”, “Has the price adjusted?”, “And the price for today, what does it come with? Does it come with a carryback or are you going to finance me into it or make monthly payments on your equity?”
There’s a number of options in there which are really great at opening up peoples minds. Sometimes they might say, “What’s this?” And I’ll say, “It’s like 6. What’s 1 + 5?” And they’ll say, “6.” So I’ll say, “What’s 2 + 4?” And they’ll say, “6.” I’ll say, “3+3, so what you’re saying is as long as we get to 6 at the end of the day, there are lots of ways we can get there. Correct?” And people will say. “Yeah, that makes sense.” So I set it up that way.
Here’s the point, whenever we go and see people to buy and sell houses, set yourself up with a paperwork system, which gives you a format to follow. When we follow formats, it makes it really easy to put deals together, because once it’s on the form, it’s on the sheet, it’s the system, the process, the standard way it’s done.
Remember mums and dads only buy a house once every 7-8 years. So keep the paperwork system and the format and let the paperwork system do the heavy lifting for you. All you’re doing is being the servant to the people. You put the whole thing together but the forms and the questions that you ask are already on the form. So you’re not really asking anything that’s unusual or that people get funny about, they’re form questions because they’re already here on the paperwork.
Anyway, I just wanted to give that to you. Because everything you want to ask somebody, if you’ve already put it on the form, it becomes really, really easy to ask the question to get the information you need, which makes life more comfortable for you.
Usually if people haven’t done, or thought about doing creative transactions before, this is a really good way to introduce them to it via the paperwork system or the form set. So it’s not really from you, it’s the way it is, it’s just the process.
It’s a great idea and I always put it together for the PDP students so they can grab it and run and put the transactions together. So think about doing that with your buyers, sellers, bankers, mortgage brokers. Always create a form set and therefore nothing is ever coming from you, it’s coming from the form.