Today’s REI Classroom Lesson
Brian Meidam talks to us today about the importance of getting on the phone to talk with sellers and negotiate deals.
REI Classroom Summary
Today, Brian explain why it’s beneficial to concentrate on activities that will bring in a profit, even if it means breaking out of your comfort zone.
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 investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Brian: Hi, everyone. My name is Brian Meidam with Plan B Homebuyers, and today I’m your host in the REI Classroom. We’re going to be talking about setting yourself up to focusing on the income generating activities.
Mike: This REI Classroom real estate lesson is sponsored by UglyOpportunities.com.
Brian: All right. Well, a lot of new investors when they first start out, they’re doing everything but income generating activities. So they’re working on building their “power team,” but they have not yet done a deal. So they think they need to find their accountant and their attorney, and their title company and build this whole team out of people. But the reality is, go get yourself a deal and all those people will come into play very, very easy.
The other thing they do, they’re working on their marketing and they’ve got to pick a company name and they’re laboring over the company name. Then they’re working on their postcard and it’s like, “Well, do I need this capital W for ‘We’ here, and should ‘buy’ be in all capital letters? What color scheme do I need?” and all this other garbage. The reality is, it just doesn’t matter.
What you need to focus on is what things are you going to do today that’s going to put money in your pocket? I think the reason people focus on all this “busy work” is they’re just scared to jump in and do the things that’s going to make them money. What is the thing that’s going to make you the most money? That’s talking to sellers, and a lot of people are scared to talk to sellers.
So what you need to do is at the end of every day, put it up on your mirror or on the top of your computer screen that says, “What IGAs did I complete today?” Those are the income generating activities. I know when I first started out, I was guilty as a lot of people. I was super, super busy. But I was doing all this garbage that didn’t matter. I thought it mattered, because I convinced myself it needed to get done.
But it was really just an excuse to not do the things that I was maybe uncomfortable with. But those things that I was a bit uncomfortable with are what was really going to make me money. So you don’t need your power team. You don’t need to labor over your marketing or your postcards. Just send the stupid postcards out, send the letters out, get your phone ringing, and talk to sellers.
So the other thing that I do in my business is I used to do it all myself. But I realized I can’t, just as my business has grown. So I’ve invested back into my business, and that includes hiring a couple assistants. I use a CRM called Podio, and that allows me to . . . Basically, my job in the office is the income generating stuff, and that’s going on buy calls with sellers and that’s working on new marketing strategies.
So all the other stuff I’ve delegated out. Do I get involved from time to time? Yes, of course. But I want to focus on, really the things that make me money and that’s meeting with sellers, negotiating deals, and working on new marketing strategies. So those are the things that matter at the end of the day. So if your business is struggling, focus on the IGAs and just get it done. We’ll see you next time.
Mike: HomeVestors, the We Buy Ugly Houses folks, is a franchise system of hundreds of real estate investors that have purchased over 65,000 houses. If you’d like to learn more about the most powerful real estate investing system in existence, whether you’re a pro looking to take your business to the next level, or whether you have no experience at all but a burning passion to be successful in real estate investing, please visit FlipNerd.com/ugly to learn more.
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