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Selling on eBay!

SHOW SUMMARY:

In this episode, Larry shared his experience using eBay recently. He talked about how the response he received blew him away. He also discussed how one can use eBay to buy and to sell.

SHOW HIGHLIGHTS:

  • Updates on their deals
  • Getting on Larry's buyers list
  • Partners Program
  • Using eBay to buy and sell
  • Using eBay to get deals
  • - Search the keyword "no reserve"
  • - Sort by price from low to high
  • - Search for keyword "quit claim" and "back taxes"
  • Make sure you have a regular closing
  • Selling properties on eBay
  • - Cash or with owner financing
  • - Have specific terms with your properties
  • - Start your bid very low
  • Run Craigslist and Facebook ads
  • Do eBay auction for 10 days and end it on Sunday night
  • Important things to write on your eBay listing

QUOTES:

  • "eBay is a great place to acquire properties but you just have to be careful."
  • "If you're having trouble selling a property, eBay is a great source."

RESOURCES AND LINKS FROM THIS SHOW:

SHOW TRANSCRIPT:

Larry: Hello, hello, hello. Welcome to the BRAG show. This is Larry Goins. Thank you very very much for watching. I appreciate you being here. If you’re watching for the first time or you’re just scrolling through and you see this, maybe somebody shared it, make sure you follow up to get notifications of our weekly trainings. Kandas and I do a weekly training every week, the Brag Show, Be Rich And Generous. All about real estate investing and then encourage you to go out and be rich and generous and help others in need. Unfortunately, Kandas is not with us today. Kandas is actually out looking at a house, taking pictures with Valerie, who is one of our acquisition managers. So they’re Hickory looking at a house that we’re buying for 10,000 dollars and it is a brick ranch house with available garage on an acre of land and I was just talking to him a few minutes ago before I started the show. We’re probably going to have to renegotiate this deal because it needs a lot of work, maybe 30 or 40,000. It might even be best valued as a lot because there’s like 300,000, 400,000 dollar houses around on this.

Look, we got Gary in the house, Ben’s in the house. What’s up? How are you guys doing? Jerry, I should say. Sheila, what’s happening. Give me a shoutout. Let me know you’re in. Let me know what’s going on. How are you guys doing? Thanks so much for being on. I appreciate you. Make sure you follow us go you get weekly updates. Also, if you’d like to get a copy of the real estate day trading jumpstart, you can share this video and then send an email to customerservice@LarryGoins.com, and Kandas will mail it out to you. It is not digital. She will mail it to you. We sell those on our website for 297,000. No, 297 dollars and so she will send that out to you, along with proof that you shared it, okay? So make sure you do that. Let’s see. What else do we have?

Oh, one thing I wanted to mention was if you would like to get on our buyer’s list, if you’re like to get on our buyer’s list, just go to InvestorsRehab.com. Investors Rehab dot com and click on properties and you can get on our buyer’s list or you can do it right there from the homepage as well, right? So, that’s good.

If you would like to work with us, one of our partners like Jimmy. Jimmy just left the office a couple of weeks ago. Ben is on of our partners as well. Jimmy just left the office a couple of weeks ago, and welcome on here. Jimmy, how are you doing? How’s Brenda? Jimmy’s got three or four deals going on right now. He just left the office a couple of weeks ago.

I want to share some things with you guys about eBay, alright? I used to use eBay a ton, alright? I used to use it a lot, but I haven’t used it near as much as I used to, but I used it recently and it just blew me away at some of the responses and how I was able to sell a property very very quick. Right? I mean, I had a property listed that I had over 400 beds on this property, 400 beds on this property. Right? There was probably, I don’t know, 10 or 12 people betting on the property. I did sell it. So, you can use eBay to buy and to sell.

Yes, Ron, Jimmy is the man. Him and Brenda. They got it going on.

First of all, let’s talk about using eBay to get deals. Alright? Let’s talk about using eBay to get deals. Here’s what you want to do. You want to go to realestate.ebay.com, real estate dot eBay dot com, and that’s where eBay’s Real Estate section is. It’s going to forward you probably to another URL, but you just type in your browser, realestate.ebay.com, okay? Then, you’re going to do a search. You’re going to do a search of the keyword “no reserve.” Okay? The keyword “no reserve.” Very important. See, I don’t really care where the property is. I don’t really care what the condition is. I don’t care if it’s a lot, if it’s land, if it’s a house, if it’s commercial, residential, if it’s a cabin. It doesn’t really matter, but what I’m going to do is I’m going to look for the auctions in real estate that have no reserve. And then here’s another key important thing, okay? Here’s another important thing. What you want to do is you are to sort them by price, low to high. Okay? Sort them by current bet or price, low to high. Here’s what’s going to happen. You’re going to find the auctions that have real estate that start for one dollar, or ten dollars, or one hundred dollars, right? So, you’re going to be able to find auctions that have real estate with no reserve and that they start very very low. Those are the ones that you want to flag. What I mean by flag is watch. You want to watch those items. Okay? You want to watch those items and then you’ll see what’s going on.

Now, do your analysis. Okay? ARV, manual repairs, if it needs repairs, you can ask the seller questions. You’re going to go through it and you’re going to Google the property address. You’re going to look on Zillow. You’re going to look for sold comps, not the Zestimate. Forget the Zestimate. Okay? You’re going to look at rent comps, all of that, okay? You’re going to also look for keywords in your auction. You can do a search in your browser. Browsers let you do searches for keywords. You’re going to search “quit claim” and you’re going to search “back taxes”, those keywords. You don’t want to buy a property when you get a quit claim and they say there’s back taxes. Okay? Most of those are like bulk property sales and I always want to get either a special warranty or limited warranty or a general warranty deed. I don’t like to buy a property with back taxes or liens or judgements for code violations, okay? Very, very important. All of this is on the buy side. Okay? When you’re trying to acquire properties. Alright? So, eBay is a great place to acquire properties, but you just have to be careful. Okay? You just have to be careful and make sure that you’re not buying a property that has back taxes, liens, judgements, code violations. Alright? So, do your analysis and then you can bet on the property if you want to.

Also, make sure that you have a regular closing. You want to talk to the seller about, hey, can we do a regular closing with an attorney or title company? Because a lot of them will just send you a deed and you send them the money and they’ll send you the deed. They may charge a little bit extra for that and some of them even have it in their listings that, you know, hey it’s 125 dollars for deed prep but if you want to do a real estate closing, it will be 800 dollars or whatever. Right? So it’s entirely up to you however it is that you want to do this. Okay? So, just make sure that if you’re betting on a property, you do your analysis upfront because the last thing in the world you want to do is win a bet and then you don’t want to pay it because you’ll get negative feedback.

Now, I will tell you this. EBay’s terms of use says, if you win a bet on a property, it’s not a commitment to buy. Okay? It’s a commitment to go to contract. Alright? But, I will tell you this. A lot of eBay sellers will have in their listing, it will say something along the lines of, regardless of eBay’s terms of use, if you don’t follow through, if you don’t send us the money and you don’t close on the property, we will give you negative feedback. It says that in their listing. So just watch and pay attention and be aware of that. Okay? Just make sure you are aware of that. Okay?

Let’s see. Let’s talk about selling your properties on eBay. Okay? Now, there’s a couple of different ways you could properties on eBay. I’ve probably sold more properties on eBay offering seller financing that I have for cash. The property I recently sold for cash was a building lot, right? It was building lot. I had hardly anything in it but I only sold it for like 800 bucks, okay? But I didn’t have hardly anything in it. But, I’d cap it a while and I just want to move it on, be done with it. So, eBay is a great place to sell properties that you’re having trouble selling in other areas as well. Alright? If you’re having trouble selling a property, eBay is a great source. Especially if you already own the property and it’s a cheap property to begin with, right?

You can sell your properties for either cash or with owner financing. When you’re selling them with owner financing, guys, what you want to do is, you want to have in your listing, and those of you who have my Filthy Riches course, you already know about this, okay? If you want to watch a webinar all about this, you can do that. You can do that at FilthyRiches.com. I will put that link up here. Here let’s see. www.FilthyRiches and it is all about selling properties with owner financing. Okay? It’s all about selling properties with owner financing, dirt cheap properties, 5, 10, 20 thousand dollar properties and then you turn it around and resell them for 30, 40, 50 thousand dollar properties, right? With owner financing.

So, you sell it basically at three to six times what you paid for. So you can watch that webinar if you’re like. But, there are certain key things that you need to be aware of when you’re selling on eBay. You want to have specific terms about your properties, okay? You want to have specific terms with your properties that you’re selling. You also want to start your bid very low. A dollar. Ten dollars. A hundred dollars. Okay? That will help you get a lot more bids because just like I said a minute ago when I researched looking for properties, I am filtering them or sorting them by current price, low to high, right?

Tammy is in the house. How are you doing, Tammy? Awesome. I’m glad you made it. David also. Thanks for being on David. Look, we got 30 people online right now. Live. that’s awesome.

Anyway, you want to start your bidding low. Another thing you want to do is you want to make your listing, no reserve. Now, what this means is… Now, most of you already know what no reserve means, but in case you don’t, what no reserve means, if I started my auction at one dollar, if only one person bid and they big one dollar, they would buy my property for one dollar. Unless, I was selling it with owner financing and they were bidding on the down payment, then they were buying my property for a dollar down. But don’t worry about that. If you listened to what I teach and show you, and you create interest in urgency and scarcity in your properties and in your listings, then you won’t have to worry about that. Right? You don’t have to worry about that.

Also, with the owner financing, we have clauses as it talks about in the Filthy Riches course. We have clauses that talk about the downpayment is subject to qualification, right? Or the winning bid is subject to qualification because we’re going to seller finance the property to you. So, make sure your bids start very, very low. That’s very important. Okay?

One of the things that we do is we also run Craigslist ads on our properties. We run Craigslist ads on our properties and Facebook ads on our properties and put them everywhere but you put the link back to eBay. Okay? You put the link back to eBay so guess what, people are bidding against each other. They’re bidding against each other and bidding your property up, right? They don’t even think about that but that’s exactly what they’re doing. They’re bidding the property up on eBay. So Jimmy says, start at the dollar for a property I want to sell for 85,000 with terms I have, right of approval to accept. That is correct on seller financing. If it’s a cash sell, it’s a little different Jimmy. You can’t tell somebody if you’re the winning bidder, I’ve got to approve you. You can’t do that on a cash sell but if you’re selling it with owner financing, yes, absolutely. If you’re doing the Filthy Riches Model, Jimmy, yes you can.

Also, here’s another key thing. Like, if you want to sell the property for 85,000, you need to put something like a 199 buy it now, 199, 1299, but it now. If you wanted to sell for 85. Maybe even 1599, buy it now. Right? So that way, they know that the value is way up here and they’re bidding up to this, you know, so you’ll actually get what you want for the property, okay?

So in your eBay auction listing as well, there’s a bunch of stuff you need to put in it. I like to do my eBay auctions for 10 days, 10 days. Here’s why. Let me tell you this. You want your auction to end on Sunday night, Sunday night. Why do you want your auction to end on Sunday night? That’s because Sunday night is the busiest night or day of the week for eBay, for the internet as far as that goes, right? So you want more eyes on your auction Sunday night probably 9 PM Eastern, right? Than any other day or time. Now, why do I do my auctions for ten days? Why not just do them for seven days? Well, I could start Sunday night and then it would end the following Sunday night, right? Or Monday night and it would end the following Sunday night. So here’s the thing, if I’d do it on Thursday, okay? If I start my auction on Thursday, I’ve got Friday, Saturday, Sunday. One Sunday, remember, the busiest day of the week, and then I got Monday, Tuesday, Wednesday, Thursday, Friday, Saturday, Sunday. I’ve got two Sundays and it ends on a Sunday so if you’re bidding, or not bidding, but if you’re listing a property, start your auction on Thursday and then make sure it ends Sunday night.

Let’s see. Sheila has a comment. Can you set up a reserve price for the listing? For example, if you want to sell it for a certain amount and the bids haven’t met the price, can you deny that bid? Well, Sheila, what that’s called is, that’s called an auction with a reserve. Right? Just like if you’ve ever watched any of the car auctions or if you’ve watched any auctions on TV. so they’ll say it hasn’t met the reserve yet. Maybe you start your bidding here, you start your bidding here, but your reserve is here. Okay? So, all the bids that go up to this, if they don’t meet this, they don’t meet your reserve, right? So it’s not a matter of just saying you deny them, it will say reserve not met in your listing. Okay? It will say, reserve not met in your listing. It’s very very important, guys. Very important. You have good stuff right there Sheila. Thank you for mentioning that. That’s good. But I will tell you this, Sheila, if you put a reserve, you will not get near as many bids as a no reserve auction. So the key is, you got to make sure you give enough details, enough information about your listing so nobody has a question as to whether or not they want to bid, right? You got to put a ton of pictures. You’ve got to put the streetview, you got to put links to Zillow, links to the map, you got to put links to the streetview, links to the county recorder’s office, how much the taxes are. You know, you want to give a person every single tool they need to make a decision and bid right there without leaving eBay, right? Very, very important, guys.

So here’s some of the things that you want in your listing. Okay? First of all, you want to go to headline. Remember, in eBay, you only have so many characters for the headline, you want it to capture the attention like if I’m seller financing a property, I will say something like downpayment, you know, bid of the down payment. No reserve. I will put No Reserve in the keywords, very important. No down payment. Payments less than rent. Live in or rent out. You know, some of that stuff like that. Cash flowing property. You don’t want to put stuff like, the address. You don’t need that in the headline because you’re taking up characters for no reason at all. Right? So you want to put like that if the property is sold for a higher amount. You know, “last sold for 52,000,” “opening bid 10 dollars,” right? Something like that. So make sure you put any and everything. Make sure you put in the very first section, things like “bidding starts at a dollar” or “a hundred dollars.” “Great opportunity to own for less than rent” if you’re owner financing it. “Great investment property.” “Fix and flip or rental.” “This is a no reserve auction.” Put that in the description in all caps. Okay? Put in the very first section, “there’s no liens or back taxes. Free and clear title.” Right? Make sure you do that because some people, they’re scrolling the auctions and they’re thinking, “oh, yes, there’s back taxes, liens, judgements,” all that good stuff, right?

So, also you want to put your terms. If you’re seller financing the property, make sure you put your terms in. you are bidding on the down payment, right? The purchase price is X. also, make sure you put in the terms of how you’re going to deliver the deed. What kind of deed they’re going to get. Are you going to give them a quit claim deed, you’re going to give them a general warranty deed, a special warranty deed, or limited warranty or general as I mentioned. So, make sure you put all those details. Make sure you put the keywords like “buy with confidence.”

Another thing I put in at the very top of my listing is “please read entire listing before bidding.” Right? “please read entire listing before bidding.” Okay. I want to make sure that they do that and then I’m going to put all the property information. Another thing you want to put it in addition to the property is the neighborhood or the city information, right? You know, like if I’m selling a property in Birmingham, Alabama, then I’m going to put in information about Birmingham, right? Birmingham ranks 13th among the largest southeastern metropolitan statistical area. Things like that, right? I’m going to put things like that in my listing. I want to make sure that everybody has every bit of information about this property. Right? I’m going to talk about the employment. I’m going to talk about education. I’m going to talk about government. I’m going to talk about restaurants and churches. All stuff like that about the city where the property is located, because let me tell you something. The majority of your people bidding on the house, they are out of state. They are out of state. So, make sure you give them every bit of information that you can. You know, but you are going to have some detailed home description, description of the home, the amount of repairs, the after repaired value, the rent comps, you know with links to that stuff, that’s very important as well. You want to talk about interior features, exterior features. You know, like I said, links to the valuation. Links to rent comps. Links to the county. The county assessor’s office. Right?

Then you want to have a section that says, closing process. Closing process. It will say something like the very first thing you’re saying in all caps is something like, “winning bidder must contact seller within 24 hours of the end of auction.” right? And then it will just give them an idea. You know, you go through and list exactly how the closing process is going to work. You know, I must receive the money within so many days. I do not accept credit cards. I do not accept money orders. Bank wire transfer only or something like that, right?

Walter’s got a question. Do you have ad on eBay we could look up as a sample? No, Walter. Unfortunately, I don’t. I mentioned earlier that I don’t buy and sell near as many on eBay as I used to, but I did just sell one on eBay just recently and it is sold very quickly and I made a little bit of money. I didn’t make much on it. It was just a lot, but it reminded me how important eBay is and I know I’ve had a lot of people that have asked me questions about eBay so I want to share this content with you. So, you want to make sure that you give them all the information and all the details. You can even put your phone number in the eBay listing if you want to. Right? If you have any questions, call me or text me direct, here’s my contact information. You know, you can look up my company information. Here’s who we are. Here’s what we do. So, that’s a lot of stuff right there that you need to put in your eBay auction to make sure that you boost and get as much as bang for your buck and get as many hot bids as you can.

So make sure you also have plenty of keywords. “Handyman special.” “Fixer upper.” “Cheap.” “Cash.” all that stuff. “Rental property.” “Foreclosure.” “Bank owned.” “REO.” all those different keywords that you look for, right? You want to have those in your listing. Okay? “Corporate owned.” “Short term rental.” “Landlord property.” Just all different keywords throughout the entire listing and make sure that those keywords are in there and that will really help boost it. Also, make sure that you mark it, your eBay listing on Facebook, and Craigslist and Connected Investors, and Bigger Pockets, and your own website with the link going back to eBay and that forces people to bid against each other and bid up the property. Right?

So, guys that’s a really good overview. The Filthy Riches course has a lot more detail about it and some sample eBay listings in there as well. I hope you guys got a lot out of this. I hope it was really good info for you and if you’d like to hear more about partnering with us. Partnering by, what we do is we bring you in our office for a few days and we sit down and get your marketing going, we get your systems and processes and procedures up and running, and then you go back home, your phone starts ringing, and then we work with you, help you close your deals, okay? So, if you want to partner with us, go to LarryGoins.com/apply.

Thank you guys so much for watching. I really really appreciate it. Make sure you follow us. Make sure you share it. Kandas will be back next week. With that, thanks a lot, guys. I really appreciate you watching. Talk to you later.