Today’s REI Classroom Lesson
Alex Pardo explains how after you’ve obtained the education you need, the next step is to take action! Committing to consistently contacting 20 sellers a day and sending 5 offers a day can help your business grow.
REI Classroom Summary
Alex shared a few places to find sellers that are outside of the box. Make sure to think big picture.
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.
Alex: Hey, guys, Alex Pardo from flipempire.com and I’m back hosting another REI Classroom. And today’s topic is really going to be about putting education to the side, taking action by making sure that you’re speaking to at least 20 sellers a day and sending at least a minimum of five offers a day.
Mike: This show was sponsored by passiverental.com.
Alex: Okay. The reason I wanted to talk about this topic is because I just took on a new coaching client. And this is somebody who has spent over $30,000, $40,000 in education, which I think is important. I’m somebody that I’m constantly investing in myself and every successful person I know is attending networking events, seminars, they’re reading books. And I think that’s very important. But what I found throughout the years is that people use that as an excuse to not take action.
So this coaching client, I tweaked the way that I’m working with people now is, in the past, I provided them with a lot of educational material and resources. And I’ve been there to answer their questions and hold their hand and walk them through the process of marketing, doing a deal, closing, getting paid. And what I’ve realized is that the students I’ve worked with that have achieved more success, it’s been more focused on just focusing on steps one and two versus trying to understand the big picture. And I think that’s a mistake that a lot of people make is that, right now, don’t worry about steps 7, 8, 9 and 10. Just focus on steps one and two. And what that is, is marketing, right?
So the first step is you always want to focus on lead generation. If you don’t have leads, you don’t have a business. And that’s not only in real estate, but that’s in any business, really. So if you’re not sure of what to do, and I find that a lot of people are just . . . they’re just all over the place. They’re not organized. The first thing you have to ask yourself is, do you constantly have leads coming into your funnel? And there are numerous ways to talk about leads. Maybe I can cover that on another REI Classroom, but just focus on generating leads. And if you don’t have a budget, one way to do it is just go to Zillow and start calling the landlords or the people marketing properties for rent. Just start, pick up the phone and make it a goal to contact at least 20 sellers a day.
One of the other things that we’ve had success with is going to gosection8.com. So it’s gosection8.com. And those are landlords that are looking to sell their properties. Contact those people, let them know what you do and if you make it a goal to speak to 20 sellers a day, and send a minimum of five offers a day, you’re going to see success in this business and you’re going to start doing deals. Now, I’ll never make you any guarantees because so much of this is dependent on your effort, how you speak to the sellers, your market, there are a lot of different factors at play, but put down the book you’re reading. Don’t necessarily invest in the next course. You probably have all the knowledge and all the education that you need. It’s just a matter of taking action.
So when I have somebody and they come to me and they say they’re struggling or they’re having challenges in their business, one of the first things I always ask them is, number one, “How many leads do you have coming in on a daily and weekly basis?” Number two, “How many offers are you making?” And nine out of 10 times, the answer is a handful of leads, or slightly more and they’re not making any offers. Or maybe they’ve sent a couple of offers in the last month.
Realize that this is a numbers game. If you don’t send offers, there’s no way that you’re going to do deals. So that’s what I really want to challenge you with is, try not to get bogged down in other minutiae, in all of the details, how do I send the offer? Don’t be paralyzed by fear. Realize that your offer is going to have an inspection period, a minimum of seven to 10 days. And within that time it’s your opportunity to market the contract, see if you can find a buyer, inspect the property, and that’s your opportunity and your window to wholesale the deal.
So just realize that probably the way I teach students is you’re putting up a $100 deposit, maybe slightly more if that’s what it’s going to take to get the deal done. And as long as you’re within your inspection period, there’s really no risk to you so just get offers out there. I would recommend not signing the offers. Send out just an offer without a signature and if you do, if you set up a goal to speak to 20 sellers a day, send a minimum of five offers a day, you’re putting yourself in a much better position to succeed versus not sending any offers. If you don’t send any offers, chances are you’re not doing any deals.
So I look forward to catching you on the next REI Classroom. Just take action, remember one thing that separates you from everyone else is that you’re going to act on this, right? Speed of implementation, that’s really what separates people that are successful from people that have challenges in this business. Catch you on the next show.
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.
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