Today’s REI Classroom Lesson
Jon Iannotti explains the importance of having someone on the ground where you’re investing in today’s REI Classroom.
REI Classroom Summary
From putting signs up to walking your through a property while you’re on skype, there are various small tasks that can be helpful if you have someone who has the time to help out on the ground.
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.
Jon: Hey everybody, Jon Iannotti here from buyreactnow.com, and today I want to talk about an on the ground person.
Mike: This REI Classroom real estate lesson is sponsored by theinvestormachine.com, FlipNerd’s private investor coaching program and your blueprint to investing success.
Jon: I said person because it could be a guy. It could be a gal. What I’ve found is we use a lot of virtual assistants in our business. A virtual assistant is virtual. They’re not on the ground. There are some things you’re going to have to have somebody on the ground do for you that a virtual assistant can’t do such as put a sign up, put a lockbox on the property.
Another thing an on the ground person can do is they could be a courier for your agreements when you take them out to the seller to get them signed or possibly maybe a tenant buyer is moving into one of your properties or a tenant. They can take the paperwork to them, get it signed and notarized if they happen to be a notary, which is really a benefit if your on the ground person is a notary as well, because some of these documents we do have to get notarized.
The best way to find them I’ve found is to look for someone who’s retired because I’ve gone the young guy, the college guy, that kind of route before. Sometimes they have a hard time getting out of bed, and sometimes they have a hard time just realizing if they can meet the scheduled appointment or not. What you want to do is you want to hire a retired person, because a retired person they have a work ethic. They worked all their life, so they know how to get out of bed in the morning, how to make that appointment timely.
What we did was we just looked around at some friends and family and stuff and found one gentleman probably I’ll bet at least 12 years ago who retired and was just looking to make a couple of bucks now and then, get out of the house, that kind of stuff, and he just wanted to still be useful. What we did was we brought him on.
Does it matter what kind of money they want to do the chores you’re going to give them? If it takes let’s say two hours to go travel and meet a seller to get an agreement signed that’s going to generate possibly tens of thousands of dollars of profit for you, does it matter if you’re paying them $10, $15 an hour? It doesn’t matter. It’s a cost of doing business, putting up those signs, putting up the For Sale sign or Rent to Own sign on the property, the lockbox, anything that a virtual assistant can’t do.
I’ll tell you something else I have my on the ground guy do. If I think I’m going to possibly keep the property or I’m going to stay in the middle and sandwich lease option it out, what I’ll do is I will have him go to the property and we both get on Skype. He can show me the furnace, the electrical panel, the foundation. Look, here’s a crack here, there’s water coming in here, that kind of stuff. I can see it without being there. I’m in sunny southwest Florida and he’s up in western Pennsylvania where it’s blowing snow right now and freezing. I don’t have to be there to go see that house, but I can see it via Skype. My on the ground guy is my eyes as far as taking the camera, his phone, and showing me everything about the property.
That’s what they can do. You can even have him at a closing and he can even Skype you in that way as well so you can see the closing if you’re interested in seeing the closing. Personally, I just want to see the check coming into my bank account, but that’s okay. If you want to go to closings, you don’t have to actually be there anymore. You can do it electronically.
On the ground guy is very vital to our business, and I’m sure it will be vital to yours as well. I recommend looking for that retired person looking to get out of the house every now and then, make a few dollars and he’ll be your eyes and ears and feet and hands on the ground for you. Once again, Jon Iannotti here and that’s buyreactnow.com. Thanks. Take care. See you on the next class.
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.
If you’re ready to roll up your sleeves, ready to take personal responsibility for your own success and ready to dive into a world class instructional coaching program that provides you step-by-step instruction to help you achieve financial freedom then you should apply today. Spaces are limited and candidates are only considered after an application and interview process. Our 12-month investor program is unparalleled. Think you might be a fit? Learn more today at theinvestormachine.com.
Please note, the views and 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 simply search for FlipNerd in the iTunes store.