Real Estate Mogul Podcast - Learn How To Leverage Investing Strategies in Your Real Estate Business

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Deal Flow, Decisions & Virtual Investment: Real Estate Investing Strategies w/Larry Goins

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In real estate investing, every decision costs money. How do you avoid making the mistakes that can derail your business? How can you make sure you’re maximizing your expenses? How do you build a business that runs 90% on autopilot? On this episode, real estate investor Larry Goins shares his top real estate investing strategies.

In real estate, the difference between making the right decision and the wrong decision is tens of thousands of dollars. -Tom Cafarella

Takeaways

  • If you spend on direct mail, you have to have a strong nurture follow up campaign.
  • If you want to succeed in real estate investing learn how to analyze a deal, line up your money and then start making offers.
  • The biggest problem people have right now is deal flow.

At the start of the episode, Larry shared how he got started and what makes a good investor. “Real investors know a deal when they see one.” Next, we talked about virtual investing and some of the biggest misconceptions people have about investment deals. We also talked about how much a deal could cost you, and towards the end of the show we talked about the importance of knowing someone in the business.

Larry also shared insights on:

  • Great leads vs. instant income
  • The problem with deal flow
  • The importance of analyzing a deal
  • How to qualify leads

To become successful in real estate, you have to have the right expectations. Some of the best deals you’ll have will come from sellers you’ve never met before, and if you want to spend on direct marketing, make sure you have a strong follow up strategy.

Guest Bio
Larry has been investing in real estate for over 20 years. Previously, Larry served as president of the Metrolina Real Estate Investors Association in Charlotte NC, a not-for-profit organization that has over 350 members and is the local chapter of the National Real Estate Investors Association. Larry is an active real estate investor and travels throughout the United States speaking and training audiences at conventions, expos, and Real Estate Investment Associations on his strategies for buying and selling houses. Larry has also written several books on real estate investing that are available wherever books are sold. Go to freehudbook.com for more info and to download the ebook.

Resources

Join our free Live Training: https://register.gotowebinar.com/register/181906883837141506

Partner with us: http://www.tomcafarella.com/p/partner-with-us.html 

 

Flipping & Wholesaling Strategy w/Donna Odgers

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Without high equity, it’s hard to get a shot at buying wholesale properties. What are the best marketing strategies to make your chances of acquiring great deals much higher? How do you keep the cost of seller leads in check? What’s the most profitable strategy for fix and flips? Get all the details in this special strategy session with Realtor and investor, Donna Odgers.

It's important to maximize on your deals so you can spend more on marketing. -Tom Cafarella

Takeaways + Tactics

  • The minimum you should make on a wholesale deal is $5,000—and that’s on a bad deal.
  • Bandit signs have two negatives:  they get taken down, and people aren’t really looking at them.
  • When you don’t negotiate face-to-face, you’re allowing that person to shop your offer around.

At the start of the strategy session we discussed the Kansas City market and the challenges of outdoor media. Next we discussed the current state of the market when it comes to short sales, and how to cut costs on bulk mailers. Towards the end of the show, we talked about why you need to avoid gut renovations when you’re starting out.

We also discussed:

  • How to use Google search to find deals
  • How to determine what to offer on wholesale deals
  • Why wholesale is harder than fix-and-flip

Three things work really well for investors: mailers, cold calling, and internet marketing. Mailers are the highest cost per lead, but it is possible to find a way to control the costs. Remember, the more appointments you go on, the more likely you are to get a deal. Winning with wholesale deals is all about connecting with many people, instead of presenting a deal to just one person. The most important thing is getting your system right before you start spending any more money.

Resources

Join our free Live Training: https://register.gotowebinar.com/register/181906883837141506

Partner with us: http://www.tomcafarella.com/p/partner-with-us.html

Driving for Dollars: How Mitch Stephen Generated 1,500 Investment Deals

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Most people looking for income properties start out on a shoestring budget. What is the best method for finding motivated seller leads? How do you talk to people and put yourself out there to get business? What’s the secret to recruiting and training a VA? On this episode, we are joined by Mitch Stephen who shares how he was able to generate well over 1,500 deals, and how he trains and coaches talent.

Everyone is associated with a house somehow, and everyone they know is associated with a house. -Mitch Stephen

Takeaways + Tactics

  • If you don’t have a lot of money, add more criteria to your filter so you get better targets.
  • These days, people aren’t really looking at branding signs, they are looking at their phones.
  • If no one cussing you out, you’re not sending out enough messages.

At the start of the show, we talked about how Mitch got to 1500 deals, and why driving for dollars is the easiest way to get income properties when you’re on a small budget. We also discussed how to filter leads down when you have less money, and how to use that to your advantage. We went onto talk about why it’s necessary to stay top of mind and how to do it. Towards the end of the show, Mitch shared on the joy he feels when he helps other people.

Mitch also spoke about:

  • Why you need to talk to the people living around the house you’re targeting
  • Why training is the hardest part of hiring help
  • Success and why it isn’t a straight line
  • His training and coaching program

There’s so much competition, it’s really all about consistency and speed these days. Success comes down to talking to people. The more people you talk to, the more chances you have to buy a house. As an investor it’s your job to stay top of mind with real estate agents. They come across problem houses about twice a year and by that time, they might have forgotten about you. Remember: success is not a straight line.

Guest Bio

Mitch is a self-taught real estate entrepreneur. Self-employed since 1996, he has purchased well over 1000 houses in and about his hometown of San Antonio, TX. He is a high school graduate who never stopped learning. Books, CDs, seminars and webinars were his classroom. Today he specializes in owner financing properties to individuals left behind by traditional lending institutions and giving new life to properties that scar the neighborhoods. Go to 1000houses.com for more information.

How to Buy Your First Investment Property w/Diego Corzo

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For millennials living in this day and age, it seems as if climbing up the corporate ladder is the ultimate goal. Is there a way out of it? How can you get started in property investment? And can renting a property out actually cover all your living expenses, and even a bit extra? These and many more questions will be answered by property investment guru Diego Corzo, who will prove that his inspiring success with real estate investment is something anyone can aspire to.

I realized that no matter how long I worked, pay was going to be the same, so I decided to focus on getting a job where your time and your effort determines your success.  - Diego Corzo

Takeaways + Tactics

- Getting started on schemes like House Hacking as early as possible can help you generate enough income to quit your job and still have your expenses covered.

- There are three key aspects to increasing cash flow when renting by the room: regular house cleaning service, professional property management and renting to young professionals.

- To break out of corporate America, you have to be prepared to make lifestyle sacrifices.

To start off the episode, Diego talked about his background and his life as part of the corporate world and his journey to self-sufficiency. He also explained why he buys properties in Jacksonville rather than Texasm and we discussed how different the two markets are. We also did some number crunching, talking about Diego's income from his properties and where he's planning to take them. Diego also talked about his goals for the future and gave good advice to anyone, planning to quit their corporate job and investing in real estate

We also discussed:

  • The path to a first investment property through House Hack
  • Diego's motivations for becoming a real estate agent
  • Good mentorship and how that helps
  • Advice on leaving the corporate life behind
  • The importance of doing a job you love

The one place where you spend the most time during your whole life is at work - so if you hate your job, this has a chance of making your life miserable. Once you escape the constraints of a 9-5 job, the wide world of real estate investment can help you live a comfortable, fulfilling life with some extra income to spare. Starting any new venture requires sacrifice, so if you're determined to get a head start in investment, you may have to consider some lifestyle changes. However, these will only be temporary; as soon as you start building a portfolio of properties and you get the cash flow going, then you will see your income grow steadily. All your efforts will be rewarded with the sustainable income that property investment can bring you - you just need the courage to get started and the determination to succeed.

Guest Bio  

Diego Corzo is a real estate investor and agent based in Austin, TX. A graduate from Florida State University, Diego's graduate job was as a software developer for an IT company. Soon enough, Diego felt that climbing up the corporate ladder wasn't the future he envisioned for himself, so he became interested in real estate. He bought his first property when he was 23 and only three years later, he owns eight properties and generates passive income from them every month. Diego's goal is to achieve financial freedom by the time he's 27. Additionally, DIego also works as a realtor in the Austin area. Follow DIego's journey to financial freedom on http://freeby26.com

Motivated Sellers: What a Listing Consultation Looks Like with a Cash Offer Option

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 A lot of agents go into appointments with the “sell, sell, sell!” mentality, and as a result, they miss out on a lot of opportunities. How do you identify opportunities and handle the consultation so that you stand out? How can you gain more credibility? On this episode, we talk about listing consultations with motivated sellers and their benefits.

When you approach people with an investor offer, you’re going to get more one on one meetings. -Tom Cafarella

Takeaways + Tactics

  • When you approach people with an investor offer, your conversion to getting appointments will be higher.
  • A lot of agents don’t go into appointments with the intention of figuring out if they’re a good fit or not.
  • The market is so hot that if you have a retail deal that makes sense the odds are pretty good that you will find someone.

At the start of the show, we talked about the benefits of approaching the seller with a cash offer, and why it helps you stand out. Next we talked about what agents get wrong with their mindset and approach to sellers. We also discussed how to spot opportunities, and the importance of knowing if the seller is a good fit. Towards the end of the show, we talked about why it’s easier to find retail deals when the market is hot.

We also spoke about:

  • The prequalifying questions you should ask
  • The importance of a consultative approach
  • Why options provide differentiation 

If you go in with the sell, sell, sell approach you might leave the seller with many questions in their minds, which means you won’t get that listing. The key to this approach is generating leads with cash offers, doing very question-based consultations and qualifying them quickly. The benefit is you’re going to get more face to face time with sellers and your conversion is going to be higher. Ultimately, you’ll get more credibility going in and you will stand out.

Structuring, Tools & Strategies To Add to Your Investing w/Beau Eckstein

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The real estate investing space can be daunting for a rookie. How do you find capital when you’re starting out, and what strategies can you put in place to build your profile? On this episode, Beau Eckstein shares his investing expertise and gives insight into using YouTube, Google, as well as networking.

If you have a really good deal, in this market today, the money’s out there. -Tom Cafarella

Takeaways + Tactics

  1. The first step to financial freedom is getting the income from rental properties to cover your monthly expenses.
  2. YouTube is the second biggest search engine, get good at using it.
  3. Self-directed IRAs are one way someone can get started with real estate investing.

At the start of the show, Beau shared how he got started and the models people can use to start buying cheap and using other people’s money to grow their investing portfolio. Next, we talked about why putting money into rental properties in Boston isn’t worth it. Beau also discussed the value of building your network and how to play the market shifts. Towards the end of the show, we discussed meetup groups.

Beau also spoke about

  • The advantages of self-directed IRAs
  • How to become a really good deal finder
  • How to achieve financial freedom

The beginner investor has to start by educating themselves and preparing themselves to find the best deals. In the beginning when you don’t have enough money, get exposure by using YouTube videos, and then level up by using Google ads. The market is ripe with money for deals, and if you can set yourself up the right way by building your network everyday, you can get financial freedom.

Guest Bio

Construction Lending | Business Loans | Hard Money | Commercial Lending | Real Estate Broker. Managing Director of SFR Ventures, serving all of California, with a concentration in the thriving San Francisco Bay Area real estate market. For more information, go to BeauEckstein.com.

Why Real Estate Agents Make Great Investors

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Most sellers don’t know what the process of selling to an investor looks like. Why are real estate agents the perfect people to take sellers through this process? What is the biggest challenge people face when they’re transitioning from agent to investor? On the first episode of the Real Estate Mogul, we answer these questions, and give you a look into the day-to-day of life as an investor.

What people say to you on the phone or on an online form, doesn’t necessarily correlate to what happens in reality. - Tom Cafarella

Takeaways

  1. The biggest misstep agents make is pushing for a listing on something that could be sold to an investor.
  2. You always want to get face to face with a seller, so you can qualify them a lot better.
  3. You’ll get the business if you do what’s in the best interest of the client.

At the start of the show, we discussed what the average day looks like for a real estate investor, why most sellers don’t know the process of working with investors. We also discussed the skills agents have that serve them in the investing space. Towards the end of the show we talked about coaching people to become investors.

We also spoke about;

  • How to weed out the wrong people
  • The importance of jumping on leads quickly
  • Scenarios where it’s better to sell to an investor and not take the residential route
  • How to define motivated seller leads

A hammer will always look for a nail, and this is very true in real estate. There are many scenarios where a property should be targeted to investors and not residential listings. This requires a toolbox of skills to know when this scenario arises, and that’s why agents are great because they already have the required skill set in place. Agents know how to build rapport, get people to know, like and trust them, and they know about the market. With these skills in their back pockets, agents are naturally primed to succeed in the investing space.