Real Estate Investing Mastery Podcast

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Latest Episodes:

How to Buy Your Own House as a Lease Option » REI In Your Car » Episode 1039 Aug 06, 2021

Show notes

Sometimes, as real estate investors, we can have a hard time securing a mortgage from the bank. I’ve run into that situation myself in the past.

Fortunately, you can use the simple lease option as a way to buy a bigger, better house for you and your family. In my case, the first time I did this, all we had to do was put down one month’s rent as an option deposit. At the end of the three-year lease, we decided we didn’t want to buy the house, and we were able to just walk away since we hadn’t just purchased the property outright.

Sometimes, you’ll find these properties over the course of your regular marketing. And it turns out that you’re more likely to find owners who are willing to do owner-financed or creative finance deals. That’s because they often own another house, and don’t want to be a landlord. Take advantage of that, and work the lease option for a year or two.

In these cases, you’ll want to be able to put down a large down payment. You’re much more likely to get a seller to agree to a creative option if you can put down 10 or 20 percent up front.

For more information on how to do lease options, go check out my webinar at http://SLOclass.com.

What's Inside:

—How to use simple lease options to buy a home for you and your family.

—How to find sellers willing to do creative deals.

—What kind of down payment to make.

—Tips for securing and protecting the title while you’re leasing.

Let's Evaluate A Lease Option Deal - REI Secrets Series Aug 04, 2021

Show notes

I’m all about showing you guys the best ways to automate and delegate your business. If you’ve listened to the show before, you’ve heard me talk about these things in great detail.

But today, we’re going to go back to the basics. Sometimes, we tend to overcomplicate things when it comes to our real estate investing. I’m guilty of it too. It’s easy to think that we need to have all the fancy software, and all the latest and greatest tools, and then we forget about the fundamentals. Overcomplicating things muddies up the waters and makes things worse, not better.

That’s why I’m going to show you how to evaluate a lease option deal the old-fashioned way: with a pen and paper. I used to run my entire business this way. Manila folders and sticky notes ruled the day! And when I was only doing a few deals here and there, this worked out just fine. It was once my business really started to scale up that I learned the value of good software to help keep things organized.

But the CRM software only helps automate what you were already doing, and that’s why it’s so important to really understand where the numbers are coming from. That’s why I’ve broken out the pen and paper, and I’ll show you exactly how to evaluate a lease option, come up with rent numbers, and calculate your profit.

For more information on how to do lease options, go check out my webinar at SLOclass.com.

What's Inside:

—The fundamentals are key to investing.

—How to calculate rent, ARV, and sale price by hand.

—How to estimate repair costs based on the condition of the property.

—“...Can we do business today?”

6 Months Ago We Told This Seller No - How We Saved the Deal and Made 48k in the Process with Gavin Timms » Episode 1038 Aug 02, 2021

Show notes

Gavin is on his way back from Birmingham, Alabama, where he just closed on a huge deal. It took about 12 weeks, and he had a lot of problems with the property along the way, but he closed the deal, and he should be looking at about 48-52k in profits. And what’s better, he did the whole thing without ever seeing the property himself.

How did he do it? Well, he had a great team on the ground, but even more important than that: he bought the property at a discount, so he had plenty of spread to cover anything that might come up when fixing the house up. Once you have control of a property, you are in control of the outcome. As long as you can market the house correctly, you can flip it, wholesale it, lease it, whatever works out the best.

It’s all about consistently chasing your leads. Gavin is a huge proponent of cold calling, but he also recommends texting and direct mail too. So how do you get those leads?

He’s been using BatchLeads.io to pull huge lists of properties. Even better, though, BatchLeads lets you organize those lists according to all sorts of criteria. You can sort by equity, length of residence, current value - whatever it is you want to focus on. BatchLeads even has their own dialer and texting system that you can use, too.

Get your VAs busy cold-calling from those lists, and start building relationships. Help them solve their problems, and they’ll want to sell to you, and you alone. The better your networking, and the better the relationships that you can build, the easier it will be to do deals.

What's Inside:

—Buy properties at a discount so you have adequate spread to cover costs.

—How Gavin made 48k off a 2-year lead with contractor problems.

—Why you should use batch lists to generate leads.

—At the end of the day, it's all about networking and relationships.

How to Wholesale a Lease Option » REI In Your Car »Episode 1037 Jul 30, 2021

Show notes

I get asked all the time about wholesaling lease options. These are also known as cooperative assignments or arbitrage lease options. Simply put, this is when you get a lease option agreement and then sign that agreement over to somebody else.

Lease options are best for sellers who don’t have enough equity. Maybe they owe too much on the property, or they don’t have the money to fix it up to sell. I used to throw those leads away, but one day I thought, what if I did a lease option on these properties?

I stumbled my way through the process at first and did too much work for not enough money. Then I discovered a forum on naked-investor.com where people were using lease options to flip houses remotely. One guy was living in India and wholesaling lease options in Chicago and making good money doing it. That was when I learned the right way to go about this whole process.

Find a motivated seller who is willing to do a lease option. Then, find a tenant-buyer, someone in what I like to call the “penalty box:” they are maybe six months to a year away from qualifying for a mortgage. Their credit isn’t perfect, but they have a good reason for the bad credit. Set the deal up so that you get the deposit as your fee, and everyone wins. You get paid, the seller gets rent money while the house is still on the market, and the tenants get to lease a home with the option to buy it at the end of the agreement.

There’s more to it than that, obviously, but I’ll go over it all in detail. And to learn more, get my free book over on WLObook.com.

What's Inside:

—Everything you need to know about lease option agreements.

—What properties should you do a lease option on?

—How to get a better commission from lease options.

—Present the deal to the seller as a partnership.

—“Penalty box” tenants.

No Lead Left Behind with Gavin Timms & Dustin Kircher » Episode 1036 Jul 28, 2021

Show notes

Today, I’m extremely excited to have Gavin Timms and Dustin Kircher onto the show to talk about a new program, REI Deal Closers.

Gavin and Dustin have been working on this program for six or seven weeks now, and they’re really excited to reveal it to you all today. Dustin has been doing real estate since he was in college, when he started working with student parent investors.

This is a great strategy to use near college campuses. The pitch is simple: “Instead of having your kid live in the dorms, buy a house. Your kid lives there for free, and you make money renting out the other two or three rooms.” Using this strategy, Dustin was able to make a lot of deals while still taking classes. After that, he got into rehabbing and flipping. He made his first solo deal when he was twenty, and he’s been hooked ever since.

Dustin has also had a lot of success with trustee sales. But he also learned the hard way that it’s important to have boots on the ground to check out a property before bidding. One time, he and a partner bought a property at an auction that seemed too good to be true. Turns out it was: there was no house on the lot! It had burned down in a fire. Soon after that, he got into the virtual markets, which brings us to the new program REIdealclosers.com.

Join Gavin and Dusting there, and they’ll partner with you and help you turn leads into cash. They want to take the leads that you consider lost or dead and do the work to bring them to close. When you join REIdealclosers.com, you’ll fill out a simple form, and then they’ll reach out to you and start working your leads ourselves. Partner with them and make some money together!

What's Inside:

—Strategies for working with student-parent investors.

—Trustee sales and auctions.

—Focus on one thing at a time, not the big shiny object deals.

—The importance of networking and accountability partners.

Offer Challenge Live! Jul 28, 2021

Show notes

What's the #1 rule in real estate? It's not "Location, Location, Location". It's "Make Offers, Make Offers, Make Offers!"

This is what this offer is about, and our students have gotten a lot of success from this program. Many of them have made more offers in this challenge than they ever did in a year. They overcome their fear of talking to people and learn what to say to sellers and how to make offers. It takes 21 days to create a new habit. And this challenge will help you create a habit of making offers because if you're not making offers, you're not making any money.

So, we're bringing back our 30-day offer challenge for anyone who wants to propel their real estate income. In this program, we will train you on everything you would need to market and talk to sellers. Then comes the good part. We will challenge you to make 3 offers a day, 15 offers a week, and a total of 60 offers by the end of the challenge. Sounds intimidating? It's not because there will be massive accountability, we will provide you weekly coaching calls and assist you in analyzing your scorecards, so you know where your strengths and areas of improvement are.

The program costs $500, but we give that back to you in full if you complete the challenge of making 60 offers. On top of that, we can partner with you on a deal or deals if you want! And guys, listen... this is BY FAR the lowest price I have EVER put on something that actually includes personal coaching from me. So, if you want to grow your business and propel your speed to income, sign up for our new "Offer Challenge"!

This will happen next week and doors close on August 2nd, Monday! Slots will fill up fast, and you wouldn't want to miss out on this.

Go to http://OfferChallenge.net now!

How To Buy Your Own Personal Residence As A Lease Option - REI Secrets Series Jul 26, 2021

Show notes

Sometimes, as real estate investors, we can have a hard time securing a mortgage from the bank. Thanks to some personal trouble with the IRS, I’ve run into that situation myself in the past.

In these cases, you’ll want to be able to put down a large down payment. You’re much more likely to get a seller to agree to a creative option if you can put down 10 or 20 percent upfront.

For more information on how to do lease options, go check out my webinar at SLOclass.com.

What's Inside:

—How to use simple lease options to buy a home for you and your family.

—How to find sellers willing to do creative deals.

—What kind of down payment to make.

—Tips for reaching out and communicating with sellers.

I've Never Done a Deal...By Myself » REI In Your Car » Episode 1035 Jul 23, 2021

Show notes

I’m coming at you from my car today, because I had something on my mind that I couldn’t wait to share with you.

I’ve never done a deal by myself. I always partner with someone, or hire someone to do stuff for me.

It all started when I realized two important things: first, marketing is super important for real estate investing. Second, I don’t like marketing! It finally dawned on me that I couldn’t just rely on myself to get the marketing done. I needed to hire someone else to make sure that the marketing happened, whether I did it myself or not. So, I hired a Virtual Assistant, and she started doing my marketing for me.

Soon after that, I was so busy that I had to hire a realtor and take on a partner. By partnering with other people, I was able to go from one deal a month to quitting my job and getting into real estate investing full-time. The trick is to view wholesalers and realtors as potential partners and collaborators, instead of just thinking of them as your competition.

The key is to figure out what things you are good at, and outsource the things that you aren’t good at or don’t like doing. And don’t forget; real estate is not a passive business. You’re still going to have to put in the work to manage the people that are working with and for you.

If you want to partner with me on deals, check out my new program at Partnerwithjoe.net. In there, I’ll teach you how to get your first check in the simplest, fastest way possible.

What's Inside:

—Don’t do it alone.

—Why I hire Virtual Assistants.

—Other wholesalers as potential collaborators and not competition.

—Communication skills are key to managing your business.

Let's Look At Some Real Deals - Joe's Deal Evaluation Secrets Jul 21, 2021

Show notes

I’d say that 90% of the deals that I see in our partnership program don’t really deal yet, but they’re so close. So in this episode, I’m going to be taking a close look at three deals that were submitted to me in advance and showing you how I would do them differently.

The first step, of course, is making those offers. You’ve got to do the marketing, make the offers, and follow up with the sellers. Talk to at least 5 sellers a day, and make an offer to every seller you talk to. Even if they don’t take you up on those offers yet, you’re planting the seeds of a relationship.

Using the offer calculators on PartnerWithJoe.net, we take a close look at three deals sent to me by my students and analyze them in-depth. I’ll show you how to come up with good offers for these specific properties, and also how you can apply these tips to all your leads.

Plus, I answer live questions from students about calculating rehab costs, when and how to get out of a bad deal, information about lease options, and more.

To join the program and partner with me, go to PartnerWithJoe.net.

What's Inside:

—How to go from making offers to closing deals.

—Talk to 5 sellers a day, and make an offer to every seller you talk to.

—In-depth analysis of 3 real-life deals, submitted by my students.

—Live question and answer session.

The Best Data Software For Real Estate Investors - Propstream Tutorial » Episode 1034 Jul 19, 2021

Show notes

There are a lot of investment software suites out there, but in my experience, the best one you can use is Propstream. So today we’re going to be talking with Burton Alicando about exactly how Propstream can help you, When Propstream first came out, I was a bit skeptical about it. But then I tried it and realized there was nothing else like it on the market. The sheer amount of data it gives you access to is incredible. I can confidently say that after using it for a while now, I’m a huge fan.

Besides the sheer amount of data, Propstream has a lot of features to organize and utilize that data. Burton and I give a detailed tutorial on features like the List Automator. Plus, we show you how to import data from Zillow and Redfin directly into Propstream, and what to do with it from there.

We go in-depth on how to use Propstream to identify leads, so you can get lists, research properties, and market to your leads. There’s a lot to go over, so follow along on your computer or take some notes!

Go to Propstreamjoe.com to sign up or use their 7-day free trial.

What's Inside:

—A basic overview of Propstream.

—How to import data directly from Zillow and Redfin.

—Special features like the List Automator.

—Use Propstream to identify leads, research properties, and market for you.