How To Do Your First Deal in 60 Days

Mike: Welcome back to the flipnerd.com REI Classroom where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Andrey: Hi, I’m Andrey Sokurec with Homestead Road and I’m hosting REI Classroom today. And today, I’m going to talk about how you can do your first deal in 60 days or less.
Mike: This REI Classroom real estate lesson is sponsored by theinvestormachine.com, FlipNerd’s private investor coaching program and your blueprint to investing success.
Andrey: I see a lot of investors or people who want to invest and ask, “Hey, how can I do my first deal in 60 days or less?” Well, there is a process. First step is you actually have to decide where exactly you want to be. It’s like when I came to this country, I didn’t have any money. I didn’t have any credit. I actually could not speak English, but it didn’t stop me from building my real estate company. And now, looking back after 600 homes that I’ve done, this is my recipe for you, new investor, how you can start and do your first deal in 60 days.
So first is you have to decide, make a decision where exactly you want to be because a lot of people, they live on a “Someday Island,” they call it. They say, “Someday, I’m going to do my first deal. Someday, I’m going to be rich.” But what you need to do is you need to take it seriously and think where exactly you want to be 3 years from now, 5 years, 10 years, 20 years. And you have to make a decision and to be determined. So when you make a decision, write it down. If you want to build your real estate empire, write it down, how much by then. For example, if you want to build rental portfolio, write down how many properties you want to own, what cash flow you want to have.
For example, if you want to create $10,000 a month cash flow, you probably need to have about 10 properties free and clear, and then you can break it down this process, 1 year, 1 property, and 10 years, you probably will have 10 properties. So first, you have to decide because your mind is like a GPS. If you don’t put a destination in your GPS, you probably will never going to be there. So what I want you to do right now is to pause it or just really think about where exactly you want to be five years from now, a year from now. And it’s important to write it down.
If you’ve never done a deal, so what I want you to do is to write a check to yourself because next step is you actually have to believe that it’s possible. Because if it was possible for me, for other investors, it should be possible for you. And a lot of people don’t believe, actually, that they can do a real estate deal. I believe that anyone can do a real estate deal. I don’t care how old you are, you’re young, how much money you have, if you had bankruptcy, if you had a foreclosure. It doesn’t really matter because what matters is your belief. So what you need to is to write down . . . to write a check to yourself.
I remember my first check was $12,000 and like I put a date, I wrote on a check “Bank of the Universe,” and then in 60 days, I’ve done my first deal. So what I want you to do, and it worked with a lot of students with their goal, so write down the check average profit between $5,000 to $20,000 on the first transaction. So write down the check, decide when exactly you want to complete your deal, write the date, write the amount, and I want you to post the check everywhere where you can see it.
Also, we want to have some accountability so take a picture of the check and send to the three people that you most admire and you respect and let them know that that’s your full intention, commitment to do your first deal in 60 days. Because lots of people want to be investors but there’s a big difference between “I want to be an investor” and commitment. When you’re committed, you do whatever it takes to get it done. So decide what you want, write a check to yourself. And the most important is you need to take action because you can desire to become a real estate investor but without actions, you’re not going to be there.
So action number one will be ask for help. Find a mentor. Go online. Or go to your local REA and talk to top guys because lots of people who are successful, they’re willing to help other people. So my recipe will be, don’t be afraid to invest in your education because right now, looking back, I spend probably maybe $300,000 or $400,000 on education just paying different mentors and coaches. And because of them, now I’m where I am right now. I have 18 people on my staff. We buy about 100 flips every day. And only it was possible because somebody else showed me how to do it faster, easier and gotten myself under their wing.
So that will be my four steps, how you can do your first deal in 60 days. Number one is you have to decide where you want to be. Write it down. Write a check to yourself because you have to believe that it’s possible. Number three, ask for help. Reach out to mentors. And number four, take action.
Mike: Are you looking to change your life through real estate investing? If you’re interested in either getting started or taking your business to the next level, please check out FlipNerd’s private program at theinvestormachine.com. This is the most robust real estate investor coaching, networking, and mastermind on the planet and designed for your success.
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