Episodi
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All things take time. But we live in a hurry-up society. If you want ripe bananas and theyāre green when you buy them, youāll have to wait. Green bananas arenāt very tasty.
Building a solid real estate business takes time. It doesnāt explode overnight. That first mailing might not bring a single response. (What a depressing thought. This is where many throw in the towel.)
So, Iām using this episode to point out that this is a momentum businessā¦
It starts slow, then builds, and builds, and builds. I also explain not only the importance of follow-up, but I give several ideas of types of follow-up that work well.
So, donāt get in a hurry. Let those sellers ripen.
Listen and Enjoy:
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Iām sounding a little weary in this episodeā¦
Weary and excited all at the same time. Itās about 2 a.m. and Iām driving home from the airport after having attended Sean Terryās Extreme Freedom Live event in Arizona.
I have so many emotions and thoughts after being around all that excitement and energy. I enjoyed meeting new people and hearing their stories.
And especially meeting my buddy, fellow investor and REIM podcast co-host, Alex Joungblood, in person for the first time. I know, right?!
Events like these are both humbling and fulfilling.
The most important point here is that these events can be totally life-changing. Just one idea, one concept, one new system can change your business and take you up to the next level. Plus, you have the possibility of meeting your potential future partners.
Itās worth all the time, effort and expense it takes to get there.
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Episodi mancanti?
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I love talking with my coaching students and keeping up with how theyāre doing. One of my students, Gavin, reminded me of what he did when he first got started ā when he had time but no money. At least, no money for bigtime marketing. His strategy triggered my thoughts for this episode.
Iāve mentioned in previous episodes about how lease option deals are prime for using other investorās throw-away leads. Well, Gavin approached other investors at his local REIA meeting about giving him their old leads. Because he had time to call them but no money for marketing, and these investors had money for marketing but no time to call the leads. He offered to call the leads and split the profits of deals that came through.
What a great plan for a newbie just starting out! Especially a newbie with a low budget.
Which brings up yet another subject and that is about competition. Time to stop looking at other investors as competition. They can be your partners! And Iām explaining the process.
I also share a little about the fact that we are testing a brand-new auto-dialer system. But more on that later.
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Dig the well before youāre thirsty. Whatās that supposed to mean?
If youāre scratching your head at the title of this episode, itās yet another concept that I took away from the recent Mastermind group I attended. (The group is called Collective Genius.)
The reason this admonition resonated with me is because I was guilty of this early on in my investing business. I was guilty of starting out rightā¦ but was not finishing well.
I did well in ramping up my marketing, then I got a few deals, got busy with those deals, felt comfortable with the incoming cash, got lazy ā and slacked off on my marketing.
All of a sudden I woke up and my well was dry. And I needed money. Get the picture?
I was thirsty, but now I was forced to re-dig the wells. Not a good situation. Learn to dig the right way in todayās episode.
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Iām always pumped when I come back from a Mastermind group meeting. The one I just attended was in Florida called Collective Genius. Innovative ideas are always plentiful at Masterminds, and I come home energized and excited.
The title of this episode was something that was said at this Mastermind meeting. The point being that while learning is important, itās in the doing that things get done. Oftentimes, investors get stuck in education mode, where they think that one more course, or one more webinar, is going to enable them to get more deals.
Not soā¦
Think about the 80/20 rule.
Assess what your most effective 20% is producing. Whether itās in your marketing, making offers, negotiating or closing dealsā¦ this is what can be and should be implemented.
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Alex and I have a great time in this episode, interviewing a young, 24-year-old Raphael Vargas. Itās a little tricky for Alex and me to get our heads around how young this entrepreneur is, especially in light of what a strong wholesaling business heās built up in the Washington, DC area. (Which, in itself, is a tough market.)
Early on, Raphael made a wise decision to work with a coach. However, he made a very unwise decision in choosing who to trust. This so-called coach made off with Raphaelās money ($3k) ā which was all the young college student had to his name at that time ā and was never heard from again.
This alone would have stalled out any other personā¦
Raphael isnāt just any other person. His solution was to go online and ferret out all the free information and instruction he could find, which ultimately led him to my Real Estate Investing Mastery Podcasts.
Eventually, Raphael started closing deals ā the first one netted him a cool $30k. Today, Raphaelās business consists of several strong team members, doing deals that average around $67k net profit.
The business model Raphael and his team use is to go into zoned areas to purchase single-family units, where multi-family units can now be built. Or they purchase multi-family units, clear them out, then flip to developers.
Really interesting and inspiring info on this episode. Get to it.
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You may remember that a while back I announced the beginning of what I called Deal Coaching. I set up this program to accept 12 investors, and it was designed solely for the purpose of providing encouragement and accountability.
Good newsā¦
Weāre a week in and amazing reports are already coming in from the participants.
Most are amazed at the success that happens when they apply the simple principles I outline. This is not for the sake of more teaching, but rather for holding their feet to the fire and making each one accountable for their actions.
In this episode, I review the simple principles and reveal the feedback. I especially hammer home exactly how momentum works, and how it affects your business. Youāre the one responsible for getting the momentum going ā and for keeping it going.
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Ever get caught up in a really bad deal?
It can be a hassle. And once youāre in the middle of the mess, do you look back and wish youād stepped away and passed it over?
I have ā for sure. And I find that, occasionally, Iām still doing that as I enter into this new area of land acquisitions. So I know whereof I speak. Been there ā done that.
In spite of my flubs, or maybe because of them, I am using this episode to warn you away from bad deals. What is it that might cause an investor to wrangle around and try to make a deal out of a bad deal?
Itās usually due to a lack of leads. Thereās a scarcity mindset, so youāre pressured into grabbing at whatever comes alongā¦
Whatās the remedy?
Leads, leads and more leads. The flood of leads comes from ramped-up marketing. When you have plenty of leads, you can take your pick. Itās so much easier to then pass over the bad deals and keep moving forward.
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Hey everyone ā yet another real estate continuing education class is now under my belt. And this one really got me excited. If I werenāt so busy with so many other aspects of my business, I would definitely do thisā¦
It has to do with all those people who have money sitting around in their IRA accounts. Most are totally unaware that they could move their account to a self-directed IRA and use it to invest in real estate.
There are RE investors out there, who are conducting free workshops that explain this process. Through this strategy, they connect with potential buyers who have money to invest. It can be very lucrative.
So in this episode, I explain several powerful benefits of using this as part of your business model.
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Once again, Iām driving home from having attended another continuing education classā¦
As most of you know, to maintain your Realtorās license, you are required to attend a certain number of hours of classes. This particular class had to do with agencies and real estate contracts. I know that sounds boring, but actually the class was quite interesting.
Trust me, Iām not going to use this episode to bore you with all that information, but it does get me thinking about the benefits of investors getting their real estate license.
Those of you who are my regular listeners, know that from time to time, I touch on this subject. Today Iām going into even more detail about why I feel the benefits of holding your license far outweigh those of not having your license.
Thereās always been potential problems brewing around the question of:
āAre investors guilty of buying and selling real estate without a license?ā
While you might have the best argument in the world, you donāt want to have to take that argument before your stateās Real Estate Commission. Thatās not usually friendly territory.
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In this episode, Alex and I conduct a fascinating interview with Craig Ballantyne. Craig is an author, fitness trainer, self-improvement coach and editor of the personal development newsletter, Early To Rise.
The level of inspiration and motivational ideas in this episode is amazing, much of which can be found in Craigās book, The Perfect Day Formula. He covers areas of business, health, weight loss, family and personal motivation.
And youāll hear him tell how he broke free from what he calls, ācrippling anxiety.ā
Craig encourages you to create a life that your business fits around, rather than a business that your life must fit around. He talks about how to let your vision be at the center. He also shares ā looking back ā about what he feels was his biggest mistake.
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As an investor, youāre looking for motivated sellers ā but you never want to be the motivated buyer. You should always be the reluctant buyer.
In this episode, I explain how you might become that motivated buyer ā the one who is so desperate for a deal that you find yourself chasing the seller. The harder you chase, the harder they run. You find yourself so desperate that you end up trying to turn a non-deal into a deal.
This happens where thereās a shortage of leads. A shortage of leads happens only when marketing has slowed down.
Your attitude should be: āI am here with the solution to your problem.ā
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This episode came about after I attended a class on home staging. Because Iām also a licensed Realtor, Iām required to take a certain number of hours of continuing education classes to maintain my license.
I came out of the staging class pleasantly surprised.
While I, personally, may never need this service, I was reminded of the necessity of staging a home and having it done professionally.
Plenty of numbers and statistics presented throughout the class prove that staged properties not only sell for higher prices, but also sell quicker than those not staged. This can also work for rental properties, since staging can attract a higher quality of tenant.
More people shop online now, which means you need professional photos for your website. Photos are more effective when a house is staged.
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Realtors. Friend or foe?
Some investors arenāt sure. And actually, Realtors can be both.
But if you know what youāre doing, you can make friends of the foes, and make close allies of the ones who are already friendly. It all boils down to knowing how to design your business to integrate the services of an agent.
In this episode, I outline several strategies for working with agents. Itās important to keep in mind that 80% of all people who are either buying or selling a property, contact a Realtor first thing. (Read: They are not calling an investor.)
So, this should tell you where the buyers and sellers are. This is where the goldmine is located.
The problem comes when investors overthink (and overcomplicate) the process. All you need to be concerned with is making the offer. Thatās it!
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Iām back from Spain, and with international travel so fresh on my mind, Iām giving out some great tips on how to survive traveling internationally. Just in case you might need them someday.
But the main point of this episode is to answer a question from one of my podcast listenersā¦
The question has to do with how incoming calls should be answered in your business. You hear me talk a lot about having seller calls answered live, and I go into detail as to why this is so important.
Finding a competent and reliable VA to answer calls is also a goal to strive for. But that wonāt happen overnight. Your VA might be from the Philippines (as mine is), or might be local, which works great as well. And youāll have to train them. Until that time, you can use a live call center.
The key is to do what your competition is not doing ā answering calls with a live person.
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Again, Iām still in Spain enjoying the workshops, the relationships and the location by the ocean. At one of the workshops, I heard a comment that I really likeā¦
This guy said, āItās not a matter of win or lose, but rather win or learn.ā What a great perspective.
The point is that you never ālose,ā you simply learn from mistakes. Itās about making progress as opposed to reaching for perfection. So donāt be afraid of the seeming āfailures.ā Just determine to āfail forward faster.ā
In other words, the key is to always be taking action. Donāt let fear of making mistakes paralyze you.
This is why itās so important to have a coach. A coach can prevent you from making really serious mistakes. Theyāve been there and know what to avoid.
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This episode is recorded from Spain where Iām attending a workshop ā and Iām looking out over the ocean as Iām recording. Just getting to be here ā taking time off from my business and interacting with other investors ā brings me to the subject that I want to talk aboutā¦
Thereās been a pendulum swing lately from the whole premise of the āFour-Hour Workweekā (made popular by Tim Ferriss), over to working long days with no days off to launch your business into success. I call it, The Hustle.
So which is better? Does it have to be either/or? Could there be a balance?
Those of you who know me at all, know that I love systems. More to the point, I love systems that work, so I donāt have to.
I feel sorry for people who are so busy building a business, they forget to build a life.
Do you agree?
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As I recorded this episode, I was driving to the airport to leave for Spain. Whenever I get ready to leave town for a few days, Iām amazed at how much I can get done in a short amount of time.
Why is that?
Itās because I have an immovable deadline. I have no choice. Iām leaving on a specific date, which cannot be changed. So my various projects must be completed before I leave.
So, in this episode, Iām giving several examples of how I set deadlines for myself, my partners and my coaching clients.
The act of setting ā and keeping ā deadlines is absolutely crucial for running a successful business.
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In this episode, I share the story of a student of mine who blows me away with his spunk and ability to hustle.
This is a young college student, attending school full time, working part time ā and because of his lack of cash, he simply marketed on Craigslist. Recently, he flipped his first investing deal for around $16k.
Want to know how he knew what to do?
He watched teaching videos on YouTube. When it was time to create a contract, he went to Office Depot and bought one of those pre-printed $3-form contracts.
(This all happened before he and I connected.)
Hereās a young man who did not use his lack of knowledge, lack of experience or lack of money as an excuse.
Whatās your excuse?
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When I started out in real estate investing, my very first coach was Shaun McCloskey. I appreciated his coaching because he had a heart and a passion for helping others. Such passion, in fact, that for a long time he simply did it all for free.
Years have passed, and now Shaun and I both have successful coaching businesses, and we both have that passion for helping others.
In this episode, I give Shaun the floor for him to talk about how his coaching business evolved from a freebie situation to charging for his services. His insight presents a great backdrop for the new workshop that we are developing.
Shaun has had experience not only in coaching, but also in teaching and training others to coach. He can point to a long list of successful coaches he trained.
Shaun and I both are often asked how others can get started in the coaching business ā so much so that weāve decided to answer that ā and weāre setting up a workshop for those interested and the details are all here.
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