Why You Should Learn How To Write A Letter Of Intent | Creative Real Estate Investing - Video 12
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- เผยแพร่เมื่อ 1 ต.ค. 2024
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When you know how to write a letter of intent with three options, you can find creative solutions to real estate investing that would normally stop you from making a purchase. The reason why a three-option letter of intent is such a useful tool is because it essentially allows for three separate offers on one piece of paper.
And it's great for establishing streams of cash, which is exactly what you want. When crafting your letter, it's a good idea to choose three options that you'll be happy with. That way, you win no matter what.
Once you learn how to write a letter of intent, you need to choose how you're going to use it in your real estate investing. You can send it out as direct mail, use it as a negotiation piece, or use it as a follow-up marketing piece.
The beauty of the three-option letter of intent is that it allows you to substitute terms for money when making an offer. What do I mean? Well let's say there's a house on the market that's listed at 100K dollars. The seller wants 95K for it but you as the buyer only want to offer 65K. Normally, this situation would be an impasse; however, with creative terms, you can come up with solutions that satisfy both parties.
Some useful terms that you can put in your letter include equity sharing, option to purchase, or a lease option. The thing about terms is it's really up to you and what you think would best allow you to meet the seller's demands.
By bridging any money gaps with creative terms, your real estate investing will greatly improve. By learning how to write a letter of intent, you can purchase more properties for less cash.
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Hi 👋🏿
it doesnt work
@@Christian-yk8gk What doesn't work?
Can I utilize this method with commercial real estate?
When making multiple Letters of Intent, I would run a spreadsheet to be sure that the offers are mathematically the same to me.
#1 The all-cash offer must have have a private money cost of funds equal to the other two offers, according to the offered price and what my private financiers are charging me.
#2 and #3 should have the same monthly payment according to the interest rate for the interest-only #2 and the amortization term for the principal-only for #3.
Offer #2 also has a future balloon that must be considered at the maturity due date with an associated cost of funds, while #3 is fully amortizing.
I use a spreadsheet to convert between front-loaded and back-loaded interest to calculate the equivalent financing with and without interest payments.
Then my multiple offers are truly mathematically equivalent.
Matt this is pure gold here. Thanks to you and your program a few years back I was able to secure my first real estate deal. I am very grateful for all your content.
You're welcome Jason.Tthank you for putting what you've learned to work :-)
Some great advice here Matt, going to use this myself in my real estate dealings. Cheers
Ive been doing this in the body of my email. Do you send this as an attachment?
I love the way you break this down.
Amazing tips! Thank you so much for sharing this and breaking it down so easily!
This was a very good overview of the three option letter that was very insightful and full of useful valuable nuggets.
Already heard this although needed to hear it again Thanks, I'll take the hot wings....
You got great delivery with solid information on RE investment.
These are wonderful tips Matt and real great looking letter! Thanks for sharing this!
Great advice! Hoping to get into real estate fairly soon myself!
Matt great video. Which sellers would be the best group to send the letter of intent to as a direct marketing piece? Fsbo? Landlords? Absentee owners? Probate? Thanks
Great question! I think vacant absentees of free n' clear properties when it comes to direct mail marketing. But, if you're going to use it as a negotiating piece when meeting the seller face-to-face... I've found these peeps to be the most receptive: th-cam.com/video/JExP0AqkkVw/w-d-xo.html
@@EpicRealEstate thanks again matt
Great stuff!! i love the simplicity of the offer form AND the power of 2 or 3 Options utilized as negotiations! Brilliant and powerful.
Love your knowledge and was going to order from you but you don't offer Paypal=(
Thanks for the nice words Angela :-)
The lack of Paypal being an issue has never been brought to my attention. I'll look into it.
Thanks again.
❤
I’ve watched a ton of real estate videos and this is truly unique. Love it.
Thank you, and thanks for watching.
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Hi, can I use LOI for single family investment.
Great information,thank you for sharing.
Yes, absolutely
I bought your 3 offer letter I can't remember your site on my Robo form. Was there a cover letter with the 3 offer letter? Thank you,
Hey Rich, yes there was. EpicBreakthrough.com
maybe I had tech issues but is there a way to make the LOI spreadsheet auto populate the LOI letter?
I suppose there may be a way to do that with a mailmerge type feature or something, but that's why I built an automated calculator inside my training platform that spits out a completed letter.
How can I get a copy of the LOI template?
EpicLOI.com
Thanks unfortunately I haven’t received it
Thanks
welcome. thanks for watching.
Good video
Glad you enjoyed it. Thanks for watching.
@@EpicRealEstate thanks for delivering an "Epic" video on LOI. Peace and prosperity to you!