Today’s REI Classroom Lesson
Coach Collard breaks it down for us on what to do and what not to do, so that you can maximize your success! From not chasing every deal to focusing on a single niche with multiple lead generation strategies, the list he shares is valuable!
REI Classroom Summary
Listen in as Coach Collard explains what you should or shouldn’t be doing in your real estate investing business.
Listen to this REI Classroom Lesson
Real Estate Investing Classroom Show Transcripts:
Mike: Welcome back to the flipnerd.com REI Classroom, where experts from across the real estate of investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Coach: Hey, everybody, this is Coach Collard again. Thank you for being here. We’re at the FlipNerd’s REI Classroom and I appreciate you taking time today. I love this opportunity to be the host and share my ideas with you guys. And so my commitment today would be to crush you with value, I want you to always remember that. So as we get started, we’re going to talk about what not to do and what to do to basically maximize your results or your success.
Mike: This show was sponsored by PassiveRental.com.
Coach: So as simple as this, guys, some of the things not to do in real estate when you’re investing and especially looking for discounts. You don’t want to chase everything and everyone, okay? So let me give a little context to that. What I found out there with a lot of my coaching students is when they find us and I ask them to slow down a little bit and get perspective, they freak out because they’ve created some sort of scarcity in their mind and in their heart and they’re looking at real estate like it’s riding by on a train and it’s going to leave them behind.
And so they’re slapping offers at everything, but they’re brand new. They may not understand how to write a contract, they may not understand how to put a deal together. In fact, a lot of times I say this, they wouldn’t know a deal if it ran over them with an 18 wheeler, right? And it’s because I don’t really believe there are deals, I just believe there are opportunities. But what you don’t do is you don’t chase everything and everyone because you’ll get spread out and you’ll get watered down.
So what you also don’t want to do, and please don’t get this mixed up, I’m going to correct it in the to-do section, but I don’t want you to take random action. Random action is untargeted action and it’s going to create that environment where you’re chasing and you’re all over the place so it won’t serve you in building a business and being successful.
I don’t want you to make it about the money either. It’s not about the money, it’s about the process of you getting better, learning to communicate to sellers and finding your opportunities and being able to pull the trigger in the right time. If you commit to that long term and create a volume environment, the money will be there, I promise you that.
So I’m also going to encourage you, please don’t not have a database. It’s really important. Your database is your business and your business is your database. It’s important to have a database because let’s say the phone starts ringing or you’re making outgoing calls, you’re talking to a lot of people, you have a great conversation, you hang up, you forget their information or you set it to the side, your kids come in and throw the piece of paper away, suddenly you forget to follow-up. I have found that here in Las Vegas, literally 60%, 70% of our sellers work with people simply because we follow-up and nobody else will. So I want to make sure that you don’t not follow-up and that you use your database.
So here are some of the things to do, let’s shift. So I’m going to encourage you, please do these things. One, focus on something narrow, a niche, or a lane that you like and focus on three to five areas of lead generation. Specifically ,it might be, “Hey, I’m going to go drive vacant properties. I’m going to work the notice of default list and I’m going to send direct mail.” There are a whole lot of ways to do it, I could give you a list of 20 or 30 ways to find properties, but I want you to find three to five and focus on those.
And then, guys, this is the opposite of what I was talking about before, I said don’t take random action, but I do want you to take action and I call it being MIA. So I want you to be MIA, I want you to be massively indiscriminate in your action. I want you to take massive indiscriminate action, but directed and focused on the lead generation areas that I was just sharing with you before. I hope this makes sense for you guys.
And, guys, lastly, this is hugely important for those of us that have full-time jobs and we’re building a real estate business on the side. Now, I know not everybody is in that position but if you are, your time is at a premium. When you come home, family, life, kids, things hit you and you got to maximize your production. You do it by time blocking your schedule. You literally build out a schedule and you say, “Here’s Monday through Sunday. Here’s what my time looks, my availability, and here’s my dollar productive or my most focused activities that I need to be doing.”
You put those in your calendar and when that puppy pops up in your calendar and it’s time to take that action, the whole world stops. You focus on that. Even if it’s just phone calls for half an hour, it’s half an hour of dedicated focused activity that’s going to produce results. Ask me how I know that one because for years, I run around with no calendar and I wasn’t as productive as I wanted to be.
Guys, I think that’s it for now. I’m going to wrap it up, but if you guys ever have any questions, certainly reach out to me. You can find me at coachcollard.com and go ahead and click the links if you go there because I’m going to have a little FlipNerd section, it’s going to be a special offer for you guys. So thanks again for being here at the REI Classroom with FlipNerd. We’ll see you soon.
Mike: passiverental.com is your source for turnkey done-for-you rental properties. If you’d like to be an investor and not a landlord, please visit passiverental.com to learn how to purchase cash flowing, professionally managed rental properties in the hottest rental markets across the country. We can also help connect you with financing for your next property. Invest the easy way today and get started by visiting passiverental.com.
Please note, the views and the opinions expressed by the individuals in this program do not necessarily reflect those of flipnerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.
Are you a member yet of flipnerd.com, the hottest real estate investing social community online? If not, you can join for free in less than 30 seconds and get access to hundreds of off-market deals, vendors in your market to help you in your business, and you can start networking with thousands of other investors just like you. Get your free account now at flipnerd.com.
Please check out the FlipNerd family of real estate investing shows, where you can access hundreds of expert interviews, quick tips and lessons from leaders across the real estate investing industry. They’re available at flipnerd.com/shows or simple search for FlipNerd in the iTunes store.
Coach: Hey, everybody, this is Coach Collard again. Thank you for being here. We’re at the FlipNerd’s REI Classroom and I appreciate you taking time today. I love this opportunity to be the host and share my ideas with you guys. And so my commitment today would be to crush you with value, I want you to always remember that. So as we get started, we’re going to talk about what not to do and what to do to basically maximize your results or your success.
Mike: This show was sponsored by PassiveRental.com.
Coach: So as simple as this, guys, some of the things not to do in real estate when you’re investing and especially looking for discounts. You don’t want to chase everything and everyone, okay? So let me give a little context to that. What I found out there with a lot of my coaching students is when they find us and I ask them to slow down a little bit and get perspective, they freak out because they’ve created some sort of scarcity in their mind and in their heart and they’re looking at real estate like it’s riding by on a train and it’s going to leave them behind.
And so they’re slapping offers at everything, but they’re brand new. They may not understand how to write a contract, they may not understand how to put a deal together. In fact, a lot of times I say this, they wouldn’t know a deal if it ran over them with an 18 wheeler, right? And it’s because I don’t really believe there are deals, I just believe there are opportunities. But what you don’t do is you don’t chase everything and everyone because you’ll get spread out and you’ll get watered down.
So what you also don’t want to do, and please don’t get this mixed up, I’m going to correct it in the to-do section, but I don’t want you to take random action. Random action is untargeted action and it’s going to create that environment where you’re chasing and you’re all over the place so it won’t serve you in building a business and being successful.
I don’t want you to make it about the money either. It’s not about the money, it’s about the process of you getting better, learning to communicate to sellers and finding your opportunities and being able to pull the trigger in the right time. If you commit to that long term and create a volume environment, the money will be there, I promise you that.
So I’m also going to encourage you, please don’t not have a database. It’s really important. Your database is your business and your business is your database. It’s important to have a database because let’s say the phone starts ringing or you’re making outgoing calls, you’re talking to a lot of people, you have a great conversation, you hang up, you forget their information or you set it to the side, your kids come in and throw the piece of paper away, suddenly you forget to follow-up. I have found that here in Las Vegas, literally 60%, 70% of our sellers work with people simply because we follow-up and nobody else will. So I want to make sure that you don’t not follow-up and that you use your database.
So here are some of the things to do, let’s shift. So I’m going to encourage you, please do these things. One, focus on something narrow, a niche, or a lane that you like and focus on three to five areas of lead generation. Specifically ,it might be, “Hey, I’m going to go drive vacant properties. I’m going to work the notice of default list and I’m going to send direct mail.” There are a whole lot of ways to do it, I could give you a list of 20 or 30 ways to find properties, but I want you to find three to five and focus on those.
And then, guys, this is the opposite of what I was talking about before, I said don’t take random action, but I do want you to take action and I call it being MIA. So I want you to be MIA, I want you to be massively indiscriminate in your action. I want you to take massive indiscriminate action, but directed and focused on the lead generation areas that I was just sharing with you before. I hope this makes sense for you guys.
And, guys, lastly, this is hugely important for those of us that have full-time jobs and we’re building a real estate business on the side. Now, I know not everybody is in that position but if you are, your time is at a premium. When you come home, family, life, kids, things hit you and you got to maximize your production. You do it by time blocking your schedule. You literally build out a schedule and you say, “Here’s Monday through Sunday. Here’s what my time looks, my availability, and here’s my dollar productive or my most focused activities that I need to be doing.”
You put those in your calendar and when that puppy pops up in your calendar and it’s time to take that action, the whole world stops. You focus on that. Even if it’s just phone calls for half an hour, it’s half an hour of dedicated focused activity that’s going to produce results. Ask me how I know that one because for years, I run around with no calendar and I wasn’t as productive as I wanted to be.
Guys, I think that’s it for now. I’m going to wrap it up, but if you guys ever have any questions, certainly reach out to me. You can find me at coachcollard.com and go ahead and click the links if you go there because I’m going to have a little FlipNerd section, it’s going to be a special offer for you guys. So thanks again for being here at the REI Classroom with FlipNerd. We’ll see you soon.
Mike: passiverental.com is your source for turnkey done-for-you rental properties. If you’d like to be an investor and not a landlord, please visit passiverental.com to learn how to purchase cash flowing, professionally managed rental properties in the hottest rental markets across the country. We can also help connect you with financing for your next property. Invest the easy way today and get started by visiting passiverental.com.
Please note, the views and the opinions expressed by the individuals in this program do not necessarily reflect those of flipnerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.
Are you a member yet of flipnerd.com, the hottest real estate investing social community online? If not, you can join for free in less than 30 seconds and get access to hundreds of off-market deals, vendors in your market to help you in your business, and you can start networking with thousands of other investors just like you. Get your free account now at flipnerd.com.
Please check out the FlipNerd family of real estate investing shows, where you can access hundreds of expert interviews, quick tips and lessons from leaders across the real estate investing industry. They’re available at flipnerd.com/shows or simple search for FlipNerd in the iTunes store.
