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Specializing in seller financing, Dawn is a visionary real estate professional who gets families into (or out of) homes and investments in a way that empowers and enriches them, as well as the communities in which they live… with or without banks and regardless of market conditions. Dawn is the antidote to America’s addiction to Wall Street’s financial opium. She makes the powerful, non-bank, strategies usually reserved for sophisticated investors accessible to everyday people, making or saving them thousands and instilling hope as she illuminates hidden opportunities. As a seasoned note investor intimate with seller financing and the secondary market for private mortgage notes, she provides mission-critical expertise that is extremely rare in today’s marketplace. Sellers: know what your note will be worth before you create it. "Landlord Liberation", "Buyers: The Seller is Your Bank" and "Note Investing for Newbies" are key gateway books for those wishing to engage with The Realm. Visit www.NoteQueen.com.
And let's list it below market, $51,000 below what you say you wanna net out of this thing. And we're gonna say, owner will carry, and we had oh my gosh. We were inundated. I couldn't even we had to run it auction style where Right. We got so many things in.
Dawn Rickabaugh:It's like, hey. We're submit your highest and best. We're gonna do one multiple counter, and that's it. And it was, like, less than a week. We're gonna make a decision by Friday, and you know and he got a 550,000 cash offer just like
Tim Street:Come on.
Dawn Rickabaugh:Oh my gosh. Like, in a week. Yes. I love that.
Dawn Rickabaugh:Well, welcome everybody to Owner Financing and Note Investing podcast. This is Dawn Rickabaugh, your host and the owner of notequeen.com. And today, I've got a special surprise for you, Tim Street. He has come on, come on the scene fast and hard, although he has a really rich, background, and I think you're gonna like him. I like him.
Dawn Rickabaugh:He's the type of guy I, would have on my show, in fact. So, anyway, Tim, before, I waste too much time flapping my jaw, let's just let you introduce yourself and, you know, the background, what you've been, where you are, where you're going, and how you wanna help in the market.
Tim Street:Miss Dawn Rickabaugh, such a pleasure to to finally get on here with you. I I really appreciate you, giving me the time here, and I appreciate your audience putting up with me. I'm, I'm the founder of a company called Foolproof Fizbo, and, I exist today primarily as an educator in the real estate space. And my mission is to let individual homeowners know that they actually can sell on their own without a real estate agent and potentially save 100% of that equity and put it toward their next project. And, you know, this speaks really deeply to me because I'm also a real estate investor.
Tim Street:I'm a real estate agent. And so a lot of people might think, you know, real estate agents hate me for coming out with this message and nothing could be further from the truth because I'm providing people a really nice, soft place to land. So even in the event they're unsuccessful selling, I'm going to still be able to direct them in the right way. And, as an investor, as you know, every dollar we save throughout the transaction is leveraged into something even greater in the future. So that's why I'm so excited to carry this out to the investor community.
Dawn Rickabaugh:Oh, well, fantastic. So just for the people that don't know, what's FSBO?
Tim Street:So FSBO is an acronym for for sale by owner. And, so the biggest difference here is in the past, you know, the default action has always been, gosh, I need to sell my house. I'm going to call up a real estate agent. And, you know, that made sense when I was growing up because the real estate agents, they had the access to all the information. There was no Zillow.
Tim Street:When I was growing, we still use travel agents when I was growing up. We still had the Avon lady. You know? So, it was a much different world. But what today, you know, when my mom and dad can log on to Zillow and actually have access to a whole network of buyers, the real estate agent really is valuable in certain niche situations, and and those are things where there's maybe some legal encumbrances with the property.
Tim Street:Maybe the property is subject to a divorce or a bankruptcy, perhaps a estate sale, probate. You know, anytime the law's involved, I say, send it to an agent, write that check to them, and laugh all the way to the bank because they're going to go through legal hell trying to get that thing sold for you. But when you have, you know, a a a couple, a stay at home mom and and they have, you know, a lot of equity in that home and they need as much of that to get into the next step, maybe it's a college fund for their kids, maybe it's retirement, gosh, this is an this is an option that people should really be taking a hard look at.
Dawn Rickabaugh:Yeah. A lot of people that that extra four, five, 6% Mhmm. Would really solve a lot of problems. Or some some people just don't have it. Right?
Dawn Rickabaugh:They don't have the commission, so they're I don't know. From my perspective, like, I've well, I have my real estate. I had my real estate license back in, when I lived in LA twenty plus years ago or so, and then I let it go. And then I got it again just because it makes sense to have the race to go. But I've always sold my own properties because I'm comfortable with real estate.
Dawn Rickabaugh:Right? Or, actually, I will say there's times when I do hire a real estate agent, and they're worth their weight in gold. Right? So it's not just a one size fits all. But for what happens when people are trying to save them money, they don't know what they don't know, and they could certainly benefit from an agent who can show them, here's how you sell for sale by owner without needing me, and and you probably I think you have some sort of, I don't know, form intake or a quiz that says, this is for you if but if not, you know, you might wanna do these other did I remember correctly?
Tim Street:You sure did. Yeah. It's it's the, it's the quiz. It's if you go to my website, which is foolproof FSBO. Again, that's foolproof because I tried to make it as foolproof as possible, and then FSBO's acronym.
Tim Street:So foolprooffsbo.com/quiz. I put together, it'll take you two minutes, a seven question quiz, and it really kind of cuts to the crux of, are you the type of person who has the lifestyle and the temperament and the asset condition in order to sell by owner? Because you might not. For example, if I'm dealing with my friend who's a cardiologist, and he makes $30,000 a day at work, I'm not going to tell him to take seven days off of work to come save $30,000 in commissions by selling his own home. That's ridiculous.
Tim Street:So, obviously, there are certain instances where it just does make sense to outsource. My message is really toward people who, again, I think of my parents, I think of myself actually, when I was younger and when we really needed to net every penny out of that house sale that we could, You know, I absolutely am a big believer in sweat equity. Even in my investment properties, I go over there, and I'll do some of the work. And I know a lot of my investor friends are like that. You I'll see I'll see my investor friends skipping going fishing on the weekends or going golfing because they're putting in tile in a bathroom.
Tim Street:To me, when I think about, well, if they're going to save, if they're going to spend a whole weekend to save maybe $5.00 on a tile job, why shouldn't they at least explore this and and save tens of thousands of dollars by doing this and also, it's not DIY. And that's the other thing, Don, that I like to get across. All I'm doing is I'm teaching you to use the same people that I use as a real estate agent. So I don't go and do my own title searches and get titles. I work with a title company.
Tim Street:I don't write up my own contracts. I use pre fill I use contracts that have been pre filled, and they're reviewed by a legal professional. I I don't go take my own photos. I don't do my own inspections. And this is the point here.
Tim Street:So much of what used to happen when you're real estate, you had to do a lot of things. It's now become a great deal product management in the right scenario. If if it's not a complex sale and I know some of my sales that I took as a as a agent were easy, and then others, I wouldn't want to do again for 10 times the commission. So on the easy ones, it was a project management job. So that quiz is going to kind of tell you, hey, Don, yep, you are well suited to go this route or no.
Tim Street:Actually, you probably should stick with an agent. But in that case, talk to Tim anyway, because I have a whole network of agents across this country that have agreed to work with my people for reduced commissions. So you're still gonna save tens of thousands of dollars.
Dawn Rickabaugh:Yeah. Well, that's a great value proposition. Yeah. Like I said, I've I've since I know how to do everything related to it, I usually do.
Tim Street:Yeah.
Dawn Rickabaugh:Because I use an agent. And then sometimes, you know and if you know well enough, there's you know? I don't know. Do you flat fee MLS? Do you suggest that?
Dawn Rickabaugh:Because I Absolutely. Yeah. I mean, I for $3,400 flat, you can just access the MLS and get all of that juice. So, you know, there's all sorts of ways to do it. And one of the ideas that I was excited talking to you about is is engaging in your audience.
Dawn Rickabaugh:Also, there's we we were talking saying, a lot of people don't know about seller financing, and they don't know when it would be appropriate and why how it can be so powerful. When you talk about stacking, what could you do with the money, and what else are you gonna do money if you sell for cash? This is particularly rental land landlord owners. Mhmm. You know?
Dawn Rickabaugh:What are you gonna do with the cash? You're gonna stick it in the bank at 2%, 3%? Why not make four, five, six, seven, 8%, you know, carrying carrying? And there's just so many people don't know about it. Agents don't know about it.
Dawn Rickabaugh:And so, likewise, I'm building a a network of agents that know a little bit about seller financing or at least they're open to learning and coordinating with someone like me who often does consulting in these situations. But, of course, they have to be with a brokerage that doesn't flat out say, no. You can't do owner financing. You know?
Tim Street:Yeah. And and yeah. That's the tough part, but, like, I love where you're going with this because how how wonderful would it be? And I don't actively sell homes anymore, but my wife sure does, some of my best friends do. And how nice is it for them to walk in to a listing appointment and say, hey.
Tim Street:You know what? A a lot of these guys are all a dime a dozen, and and I'm probably not terribly different than anybody else out there. I put my leg, your pants on one leg at a time, but what if I was able to expand your buyer pool dramatically? What if I was able to, even in these massively insane interest rates and crazy underwriting processes, What if I could make the the purchase process for your buyers so dead simple? Oh my gosh.
Tim Street:What a great story to tell. And and that's owner financing. And a a lot of people don't they are sleeping on owner financing, and I've always said it's one of the craziest things. When I was an agent, people would call and ask me about it, and they would be shocked when I would talk to the home seller about it because most agents just say, no. No.
Tim Street:They wouldn't be interested in that because they don't know enough about it. They don't know anything about it.
Dawn Rickabaugh:No. No. I've come across that so much. They won't even submit the offer. Yeah.
Dawn Rickabaugh:Right? You know? But, you know, it's it's kinda being like the the exchangers in real estate are probably the smartest, most flexible, creative thinking people I've ever met. You know? I'll trade you the two dogs for the one boat, and and we'll get swap the equity and no cash actually even changes.
Tim Street:You gotta love that. Yes.
Dawn Rickabaugh:Yeah. Yeah. Well, fantastic. I think let's let's just dig a little bit into, like, who you are before you were in real estate. You know, where you're a marine.
Dawn Rickabaugh:Are are you not? Are you Yeah.
Tim Street:True. True.
Dawn Rickabaugh:Yep. Yeah. Let's let's see. Who's Tim?
Tim Street:I I grew up in Detroit, Michigan. I went right into the Marine Corps out out of high school. We we certainly didn't have the money, and and I honestly didn't have the desire for any more school. I kinda felt like school was a prison, so I couldn't wait to get out. So the Marines were like my ticket out of Detroit, Michigan.
Tim Street:It was the greatest thing ever. And I'm just so thrilled that I did it. It was the toughest thing I ever did at the time, but looking back on it, I mean, wow, I couldn't imagine my life being any better had I chosen a different direction in the first place. So I'm thrilled to have done it, so honored, lost friends along the way and met amazing people along the way. And it just, it really, you know, for a 19, 20 year old kid, it really does make you world weary, of in a good way.
Tim Street:I guess you have to choose what the world's going to do, right? I mean, I chose to take those experiences and grow from them, have it make me tougher, I don't know if tougher is the right word. I learned to not have expectations from life that I didn't deserve. How about we put it that way? I learned that I had to really work for everything I had, and I had to really, nothing was ever going to be given.
Tim Street:But the bright side is, is I also learned when you work hard, you, a lot of times, get the opportunity to earn it. And so it just set me down a great path. I ended up befriending some startup entrepreneurs from my old hometown, and they brought me on board to sell because although I didn't have a technical bone in my body, I was very good at talking to people and I could convey very complex scenarios and concepts, right? And so I naturally became a salesman and we grew with those guys, had several very successful exits in the corporate space, and I finally got tired of living out of the suitcase. So that's ultimately what found me getting into real estate is I thought, well, I would like something a little bit more calm.
Tim Street:So I very stupidly chose real estate investing because there's nothing calm about that. And and so I ended up getting my real estate license just to be a better investor because every time I bring a really great opportunity to a real estate agent, you know, they they couldn't negotiate their way out of a paper bag, so they bugger in the deal for me. I got my own license, the rest was kind of history.
Dawn Rickabaugh:Yeah. Well, fantastic. And then you've been married for a while?
Tim Street:Yes. Yeah. So my first marriage, I've been married twice. Some people call me a slow learner. So I guess they say you do it right the second time around, and I certainly feel I have.
Tim Street:I've married the best human being I've ever known in my life. But for my first marriage, I've got two beautiful girls. Liz and I have two beautiful girls, and we're just you know, being a dad of of four little girls is is just crazy. I mean, even the dog has a girl. I'm so outnumbered in this house.
Tim Street:There's just no hope for me. That's why I stay here. Like, this is my office. I lock the door. I put a no girl sign allowed on the door.
Dawn Rickabaugh:Oh, that's funny.
Dawn Rickabaugh:Oh, man. I don't know. I have a feeling that those are some very lucky little girls, and you know how to take care of yourself, I think. I do. I do.
Dawn Rickabaugh:Although I don't I don't know that the marines did did the marines prepare you for being the father for a little girl? I don't know.
Tim Street:Nothing. Nothing could prepare me for that. It is the most amazing it's like a a part of my mom said it so well, and she's my mom's always been one of the most poetic and and beautifully spoken people I've ever met in my life. And she said to me, having kids wakes up a part of your soul that you didn't even know existed. And I didn't I kinda thought it was balderdash until I I held that little guy.
Tim Street:I was like, I get it. I and I never would have gotten it. It's amazing.
Dawn Rickabaugh:Nope. It it just there's nothing like that to, like you said, bring out resources that you didn't know you had. And I remember my mom saying, oh, my grandmother told my mom because she was like, oh, I'm not sure if I'm gonna could I love another baby as much as I love the first one? What if I don't love it as much? And she just said, don't worry.
Dawn Rickabaugh:They bring they bring their own love with them, so you don't have to worry.
Tim Street:So true.
Dawn Rickabaugh:But, yeah, your whole life is around, okay. Wow. These beings. And and then at this point, I'm older than you are, but, you know, legacy. I'm in that last 30 of my life.
Dawn Rickabaugh:What legacy I'm gonna leave for these beautiful creatures and their kids, which I think are gonna start coming here in the next couple of years.
Tim Street:Oh, good.
Dawn Rickabaugh:Anyway, thanks for that little personal diversion I really love. Close. Yeah. Yeah. Let's give us a typical client.
Dawn Rickabaugh:Like one of your perfect people that just you've had so much fun working with or the feedback that you've got and what you saved them. Just, like, run people through. What's it like to, like, buy your course? I think you have a standalone do it yourself course, and then you also have supportive resources available for those people should they need it. So what does that what does it look like for someone?
Tim Street:Yeah. My my favorite my favorite guy was a guy named Wes. I gotta change the names to protect the, the innocent here. But I live in so I live in Merritt Island, Florida, which is on the Space Coast right near Kennedy Space Center. So that's where SpaceX is and NASA and Blue Origin.
Tim Street:You got all these literally surrounded with rocket scientists around here. It's it's wild. And the so I I had an I was had an airplane up at the municipal airport here that I was tinkering with. And my friend, Wes, was the one of the head electrical engineers in the space shuttle program. I mean, just an IQ that would that would, like, boil water.
Tim Street:I mean, it was it was unbelievable. So we, we we get to talk, and he tells me he was thinking about selling his house, and and he was wondering if, you know, I knew any good real estate agents. And and that's how it always happens too, by the way. It's so funny. I guess people just forget that I'm a real estate agent.
Dawn Rickabaugh:So they're like, hey.
Tim Street:Do you know any good ones?
Dawn Rickabaugh:You're not one, but do you know any good ones?
Tim Street:Yeah, yeah. I mean, should I be offended? I mean, do you are you just saying because you automatically default aren't using me or? But it was funny because here is this guy who built the electrical systems on the space shuttle and he's asking for help to sell a house. And so I kind of took him by the head.
Tim Street:I said, Wes, can are are you capable of of using a spreadsheet? Are are you capable of answering the phone? Are you capable of what what a lot of people don't realize and and, you know, my industry, and I'm guilty of this as well because I've contributed to this industry by so we've spent billions and billions of dollars convincing, homeowners and investors that selling a real estate asset is going to put you in legal jeopardy. It's scary, you're going to leave money on the table. You're just going to fail and look really dumb in front of all your friends and family.
Tim Street:So why not just give it to an agent because we're going to do it better for you. And I think that's a harmful message for a couple of reasons. Number one, I don't necessarily think it's entirely true. But number two, it it leaves out a giant fact. You are the subject matter expert on that piece of real estate because you've woken up in it.
Tim Street:You've gone to sleep in it. You've had coffee in the morning. You've watched fourth of July fireworks from the backyard, you know which stair creaks when you're trying to sneak in late at night and not wake everybody up. You know more about the house and myself, my history in sales, the more familiar I was with the product I was selling, the more intimate knowledge I had of it, the better I was as a sales guy. I don't think there's any reason out there why we should ever assume that I should be able to do any better at selling your home than you do after touring your house for thirty minutes on a random Tuesday at a listing appointment.
Tim Street:Where the real talent comes into this is how do we present the asset? Do we have the wherewithal to know what photo should come first? How do we describe the home? Is it beautiful? We live in a day and age where people make a decision whether to press the button on your home or not when they're scrolling through Zillow.
Tim Street:They have about point seven seconds to hook people, and that is that attention span is gonna be
Dawn Rickabaugh:shorter every day. Seconds. Oh, wow. Seven.
Tim Street:Yeah. So if if you don't have a gorgeous photo, and please, again, do not start posting your home with these crime scene photos with a laundry hamper in the corner, or the frame is crooked, and there's it just looks like there's a ghost in the corner. You're just I mean, don't bother. Hire a real estate photographer. They're worth their weight in gold.
Tim Street:The ROI great real estate photos give you is, it's practically incalculable. I would never go to market without that. And, you know, how do we do things like open houses? How do we handle, how do we spike scarcity and urgency at an open house? Well, the first thing you do, in my opinion, is you strategically underprice.
Tim Street:You find out all your competition out there. And if you hit the market and you're either at or above them, well, let's let's use our brains here. If that was the going rate, then why are those houses still for sale? So we can decide, are we going to help them sell their house, or are we gonna use them to help us sell? And and I prefer to be in the latter bucket.
Tim Street:Yeah. So, yeah, strategic underpricing, short periods of time for open houses where you have lots of people crowding in, crowding out, and that's how you get multiple offers.
Dawn Rickabaugh:Yeah. I love that you said that. And for years, ever since I quit my nursing job in 2004, I've been, you know, banging around as an entrepreneur in one way or another, but I have always, always just hit these people over the head that they they wanna they they wanna overprice their property thinking, well, we can always come down.
Dawn Rickabaugh:And I said, no.
Dawn Rickabaugh:No. No. You you know, we can live from always at least 5% below market. And and that will get you I back in my early, early days, one guy that I was working with, you know, I I was an agent then. I thought I had a 5% listing or whatever.
Dawn Rickabaugh:And he was like, here's what I gotta get. I gotta get five I gotta get five fifty for this thing. And I said, okay. Well, let's list it at, $4.99. He goes, no.
Dawn Rickabaugh:None. Anyway so finally so I said, and plus, we're gonna list it owner will carry. Even though I know you don't want to, but what we want is people and that has to be, like, front and center. Owner will care. You got that has to be the main point of the advertising.
Dawn Rickabaugh:Right? So I love your idea of the great photos. I 100% agree. But then let's list it below market, fifty fifty one thousand below what you say you wanna net out of this thing. And we're gonna say, owner will carry, and we had oh my gosh.
Dawn Rickabaugh:We were inundated. I couldn't even we had to run it auction style where Right. We got so many things in. It's like, hey. We're submit your highest and best.
Dawn Rickabaugh:We're gonna do one multiple counter, and that's it. And it was, like, less than a week. We're gonna make a decision by Friday, and you know and he got a 550,000 cash offer just like
Tim Street:Come on.
Dawn Rickabaugh:Oh, yes. Like, in a week. Yes. I love that.
Dawn Rickabaugh:Right? So I I that is the biggest mistake I see people doing is the pricing and how People ought
Tim Street:to treat it like marketing.
Dawn Rickabaugh:Yep. Yep. Yep. Yep. And the other thing is just not knowing if seller financing is right for them.
Dawn Rickabaugh:That's that's a big piece. Because even if you don't think you wanna do it, it just gets more eyeballs. It opens up. There's 20% more buyers that they're not bad buyers. It doesn't mean they can't afford the property or don't have any money.
Dawn Rickabaugh:It just means they don't can't get or don't want to get traditional financing. And for me, I haven't had I haven't asked a bank for a loan in twenty six years. So Yeah. I drew a line in the sand. I don't do it.
Dawn Rickabaugh:Don't ask a bank for a loan.
Tim Street:No. I I don't I don't want to either. I mean, I I how how else you know, if if you're looking to scale your your investment portfolio, you you can't be just way down with all this debt to income question. You need to actually acquire property quick and efficiently, and and owner financing is, the greatest way in my opinion to do that.
Dawn Rickabaugh:Yeah. And and when the sellers understand that, it's actually gonna get them not what they wanted, but even more in certain circumstances, it's really worth, like, just asking the question and see if it's see if it's right. What other, big mistakes, like, mistakes do you see people besides you know, I wanna ask you about this because I I'm pretty sure you're you're gonna be covering this in your course, is if you have 10 offers let's say you did it right, and you have 10 offers coming in evaluating which one is the best, and it's not always the highest.
Tim Street:That's right.
Dawn Rickabaugh:Okay. What do you teach people about this? How do you help them prioritize?
Tim Street:Well, there's there's a number of things. So the the what we would need to look at is what actually has the highest percentage chance that it's actually going to close. An offer of a million dollars on a 500,000 property is worthless if it never closes. So and that that is kind of a hard thing for people to understand. Pricing is such a weird thing when you're when you're trying to teach homeowners because there's so much emotion that goes into this.
Tim Street:Like like your past guys saying, I need to get $5.50. You know, guess what, man? The the market doesn't care what you need. The market doesn't care what you want. They don't care you know, your house, you don't get to decide what the value of your house is.
Tim Street:Neither does your real estate agent. Neither does your cousin Larry, who was a broker back in the seventies, looking like Ron Burgundy. The only entity out there that gets to decide the value of your home is the buyer, the guy who's writing the check and handing it to you. And guess what? Voila.
Tim Street:That is the value of your house. So looking and when when the offers come in hot and heavy, it's always great to see a big top line number, but then we got to start looking at the other things. Are there contingencies and what are they? If there's contingent upon another home sale, we, you know, if somebody says, well, yeah, I'll pay full price for this house, but I got to sell my house out in Alabama first. Okay.
Tim Street:I guess. Good luck with that. We're still going to take other offers but go ahead and submit your offer. If one says, hey, I I need a thirty day inspection window because my favorite inspector is on vacation in Hawaii. Sorry.
Tim Street:No. We have a seven day inspection window. That's all there is to it. And here's one thing. Here's a sleeper item that a lot of people miss.
Tim Street:And it it it's if you take an offer and let's just let's say prevailing rates on this house is $500,000. It'll comp out at that all day. There's nothing special about your house. And you find a bigger fool out there who's going to offer you 600,000, but he needs financing. Well, you don't need to just convince that fool.
Tim Street:You need to make sure that that appraiser that comes out from the lender is also a fool. And they're usually not. They're usually smart at what they do. So if you're in a scenario where you're tempted to do that, you have to you know, all people are focused on is that top line. I want you to imagine what happens, not if, but when that property fails to appraise.
Tim Street:Because if you don't have any kind of an appraisal gap guarantee from the buyer, if you don't have anything that's insuring against that, then you're going to get forty five days into this process, you're going to be off the market, you're going be shown in a pending situation, everybody's going kind of written you off by now, And then that thing's gonna fall through, and you're gonna have to go back on the market. You've lost all your leverage. Now what does that tell the market? The market has no idea if the buyer fell through, if your lender went bankrupt, if there was a definite they have no idea, but they're going to blame the house. They're going to say, I wonder what the buyer found during due diligence that caused them to walk away.
Tim Street:And now you're going back on the market, and you're not even gonna get remotely what the original offers were for because now everybody thinks your house is tainted with with some sort of hidden defect, and and that's a big problem.
Dawn Rickabaugh:You you don't get a second chance to make a first impression. If you don't hit it just right and manage it just right and and, honestly, you're almost making the case for hiring a realtor unless you're really capable of
Tim Street:Absolutely.
Dawn Rickabaugh:Freeing it because it's those things that if if you if you don't learn from someone who really knows these things, and you're not willing or it sounds scary or it's like, oh, I don't wanna set boundaries. I don't wanna be, know, be tough on people if it's just not in your emotional thing. That's why sometimes a realtor is worth their weight in gold. You
Tim Street:know? Absolutely done.
Dawn Rickabaugh:Just to just to a point what do I I finally closed the beginning of this year. They had a delayed anyway, rehab that I did last year. And, yeah, it I had it priced just fine. It was fine. What I was asking was fine for what I you know, all of that.
Dawn Rickabaugh:I got an offer within twenty four hours. Boom. Off the market. I hate it. If I'm if I'm on the MLS more than forty eight hours, I haven't done my job right.
Tim Street:Amen. No. You're you're so right. You're so right.
Dawn Rickabaugh:Seriously. You just take it. You run. You go. And and but the appraisal still came in $8,000 less, and I'm just like, do I just take it?
Dawn Rickabaugh:Or do I go, no way. Go back on the market, and then I'll probably get that much less or more anyway because, you know, just the just the optics of how it looks in the market. And I just like, you know what? All things considered, I'll just take the $8,000 discount on it and just be done and not deal with this you know? It just it doesn't look right.
Tim Street:You probably did the right thing.
Dawn Rickabaugh:Yeah. I mean You lost your advantage. You know? Yeah. And, but, anyway, I I don't I I didn't wanna fight the appraisal and all that.
Dawn Rickabaugh:But, hey, we're kind of wrapping up here. So this has been really fantastic. Is there anything I haven't asked you or you haven't said yet that you that you wanna say before we wrap this up and say how do we get ahold of Tim?
Tim Street:Yes. Absolutely. So, I I actually put together an investor, power pack on my website. That's for anybody in your audience that wants to learn a little bit how this might work out well for investors also, like myself. So it's a foolproof fsbo.com forward slash investor.
Dawn Rickabaugh:And Fantastic. Yeah. Love that.
Tim Street:Yep. And inside that kit, actually, it's funny because you talked about we were just talking about appraisals. One of the things I talk about in there is this is a great hack to make sure that you don't have an appraisal gap. And that is you go through your home, write down every single improvement that you've made in each room of your house, especially the ones you can't see with the naked eye that the appraiser's going to miss. It's basically a love letter to your home.
Tim Street:You're going to go to the outside. You're going to write down all the improvements you made on the outside. Then, you're going to take the comps that helped you justify your market price, staple that together in one package, and when the appraiser gets there, during that day, you say, mister appraiser, I know you're busy as heck and and I'm sure you get beat up all the time with all kinds of people telling you don't know how you're doing your job. I'm not doing that to you. I just want you to know there's some upgrades we made in this house that aren't quite obvious.
Tim Street:So I took the liberty of putting them together here to make your job easier, and I included the five comps that we use to justify the sale of this sale price of this house. I hope this helps you and I'm telling you, appraisers eat that up because they're just like you and me. They want to do the least amount of work to get their job done. So, if they can have an opinion of value that's backed up by evidence like that, that helps almost I've never had an appraisal gap happen in my life when my clients have done that.
Dawn Rickabaugh:Fan you know, people, if that's at least a $10,000 idea right here, if not much more. So, that's a very proactive, powerful way to position yourself. So for tips like these I mean, I think on a free podcast, if you get stuff like this, just imagine what you can get if you interact with Tim. And I feel like he's a really solid guy. Otherwise, you know, I ask the personal questions because I it really matters.
Dawn Rickabaugh:What kind of a person? I don't care. Oh, we have this deal that we've worked out. We have a little affiliate relationship. It doesn't matter.
Dawn Rickabaugh:You know? I can't be bought. I doubt Tim can be bought either. Either
Tim Street:Not anymore.
Dawn Rickabaugh:It feels good or it doesn't. So Right. Wait. It's full foolproof, and I'm gonna put the link in that in the show description. Foolprooffsbo,.com.
Dawn Rickabaugh:And then if you're an investor, forward slash investors or investor. Both.
Tim Street:I actually did both because I know there are guys like me listening who are deaf. So.
Dawn Rickabaugh:Okay. Well, thank you. Appreciate you setting that up, and I look forward to talking with how we can offer some more owner financing options within what you're doing because I think this is gonna I think you're gonna do really well. I'd be surprised if you just don't blow up with all this stuff. Yeah.
Dawn Rickabaugh:And, the more information I just my frustration is I the investors, we're in rooms where we hear about these things, but Main Street, mom and pops, they don't hear about this stuff. They don't hear it from their agent, their attorney, their title company, their CPA, their financial adviser. Right? Either because they don't know or they have a conflicting interest.
Tim Street:It is. And it's baddening because I I've had scenarios where we had, I had a guy who was taking for, it was very similar situation to what you had, where he says, I need to get this amount of money. And usually I would walk away from those. I just don't work with those people because they're unreasonable, but this was a family friend. I found myself personally involved, which again, lesson learned, never do that again.
Tim Street:But he was sitting on the market for months. It was embarrassing to me as well because my reputation is usually I'm off the market in the first weekend. And and we had a we had somebody approach us, offer him above his asking price if he would care the financing for five years. And this guy wouldn't do it. I was like, are you nuts?
Tim Street:I mean and I I there couldn't have been a better advocate for him to take this deal than me because I'm such a believer in in private financing and in staying out of the big banks. And, oh my gosh, it there's just and and I really could've used there. I I needed a little Don Rickbaugh on my shoulder, my good angel, to sit there and talk to this guy and say, listen, guys. You need to you need to check this out because there was no sway in him. And and he ended up he ended up selling for, like, 25,000 under what he what he could've got with these other guys.
Tim Street:And
Dawn Rickabaugh:And and then and and then how many months of carrying costs he washed Amen.
Tim Street:And and opportunity costs. He he was making dual payments.
Dawn Rickabaugh:Oh, man. So so, yeah, he shot himself in the in the foot there. That that's for sure. But, well, Tim, thank you so much for being on the show. We'll probably swing back around, later on this year maybe.
Tim Street:I would love that.
Dawn Rickabaugh:How things are going. So alright, guys. Go over to foolprooffoolprooffisbo.com. Check Tim out, and, and you can also come over to noqueen.com. If you don't know anything about owner financing, I've got a do it yourself owner financing course for sellers, particularly angled towards landlords who they want they need the income for retirement.
Dawn Rickabaugh:They wanna sell quickly and easily for the best possible price. They wanna defer capital gains, and they wanna leave a great inheritance for their kids. So I've got that over at notequeen.com, and, and I also do a monthly free actually, I'm doing twice a month free Zooms. So if you just wanna check out this conversation, you've never heard of it before. Of course, if you're on my channel, you've probably heard of it before.
Dawn Rickabaugh:But just in case you're new, Property and Paper Live, we do it on the first and the third Tuesdays of every month. So I'd love to have you engage with our citizens of the realm community over at notequeen.com. Alright, Tim. You have a great day, and we'll be following up. Appreciate
Tim Street:it. Dawn. Thanks, folks.
Dawn Rickabaugh:Thank you.
Tim Street:Thank you.
Dawn Rickabaugh:Bye bye.