Real Estate Investing Mastery Podcast

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Latest Episodes:

How to Stay Focused Using Time Management with Gavin Timms & Harry King » Episode 947 Dec 01, 2020

Show notes

Even though Harry King wasn’t a newbie to real estate investing, he realized that having a coach would help him break through some barriers. Harry had been buying short sales, and he didn’t have a marketing plan in place to provide a steady amount of leads for his company. Combining our marketing plan with his massive action-taking-self has really exploded his growth.

Calling up cold leads, nurturing them to warm leads, and keeping track of hot leads all take time. And Harry often finds himself juggling 60+ leads trying to keep them fresh. He and Gavin talk about how he manages his time to maximize the work he needs to put into his leads.

Listen to some of Harry’s biggest takeaways from working with us, including:

—Improved accountability

—Contracts and support

—Implementing a marketing plan

—Better time management

You can literally hear Harry’s phone voice keep the conversation that he and Gavin are having on an even keel. Harry credits that smooth voice for helping him control conversations with sellers. As he explores his new real estate niche, Harry’s able to use the systems we’re teaching him to give himself a better work/life balance.

What's Inside:

—How Harry uses time blocking to actually free up more time.

—Harry’s best piece of advice for changing your real estate niche.

—How Harry prioritizes his leads, and what he’s learned about marketing from Gavin.

Deals Gone Bad #10 - A Subject-To / Rent To Own Deal, Turned Drug House with Rick Ginn » Episode 946 Nov 30, 2020

Show notes

The deal’s numbers seemed solid to Rick Ginn from Flip with Rick from the start. The house’s PITI was $960, and the rents in the area were between $1400-$1500. It had great cash flow and the seller didn’t want to make another mortgage payment. Because she didn’t have enough equity, Rick did a subject-to on the house.

Rick does not love being a landlord. He has a hard time saying no to tenants, and he’s inclined to believe their stories. So he turned to someone else to help him get his new property rented out. And when a buyer offered to pay a year’s rent upfront, Rick was just thrilled.

The first inkling he had that something was going down at the house was when he saw his company’s name and a picture of the house on the front page of his town’s newspaper. The next clue was when the FBI called him up to talk about his role in their newest drug bust.

It’s hard to decide which was more stressful for Rick: the potential damage to his reputation or the real damage he had to repair on the property. With six HVAC systems and a massive gun safe to get rid of, Rick spent months and months trying to get the property back into a liveable condition. And of course, reconnecting the electricity to the power grid was incredibly hard when the power company was ticked off at him.

This deal took a lot of confidence out of Rick, and he generously shares how he changed his real estate strategies to make up for the weaknesses this whole experience exposed in his business. Pull up a chair and listen closely so that you can avoid the litigation nightmare that proceeds a drug bust.

What's Inside:

—As the self-proclaimed, “worst landlord in America”, listen to Rick’s advice about how to avoid wrecking your properties by outsourcing your weakness.

—Great cash flow can potentially blind you to other problems in a subject-to.

—How Rick vets tenants and property management companies today to protect himself from himself.

Deals Gone Bad #9 - Trying To Wholesale A House With Tons Of Unexpected Repairs with Jazmine Gittens » Episode 945 Nov 27, 2020

Show notes

A two-for-one package deal seemed like a dream come true for Jazmine Gittens. There’s already some difficulty finding properties in Newark, New Jersey, so Jazmine was thrilled when the landlord assured her that both properties, which were located near each other, were also in similar condition.

In fact, Jazmine was so confident about the houses that she scheduled both open houses within thirty minutes of each without ever having stepped foot in the second house. But the minute she walked into the second house, the smell just knocked everyone back and her buyers turned around and walked out.

Even though she was a newer real estate wholesaler, Jazmine had some amazing protections in place. She used every tool at her disposal, and you’re going to learn why you should:

—Do your own due diligence.

—Collect earnest money deposits.

—Continue marketing in case deals fall through.

—Assume that every house needs a full gut rehab.

Deals can go bad, but when you put in some guardrails like Jazmine did, deals can also be redeemed. Even if you’re a virtual wholesaler like Jazmine, you need an inspection contingency to protect you in case a seller lies to you.

What's Inside:

—Having an ironclad contract protected Jazmine more than once when the deal kept heading south after unexpected contingencies kept popping up.

—As a hardcore cold caller, Jazmine also makes sure that everything single seller gets an offer so she has something to follow up on.

—Why you need to assume that every house needs a full gut rehab.

Deals Gone Bad #8 - How A Wholesale Deal Turned Into A Crime Scene Investigation with Nick Perry » Episode 944 Nov 26, 2020

Show notes

How do you sell a property when you know someone died there? Even better, how can you even conceal it when the real estate investors are on the property when the body is discovered?

Any deal can be rescued when there’s enough meat on the bone to account for extenuating circumstances. That’s what Nick Perry says about the $75,000 spread he was expecting from a motivated seller in Louisiana, but that turned into something else entirely when someone disappeared on the wooded property.

There’s always some risk when you’re wholesaling in your own city, but virtual wholesaling can get even more exciting when you don’t know the history of an area or a house. Nick talks about the lessons he and his team learned when they had to manage a rocky deal long distance.

Going forward, he’s put in some additional steps to protect himself for the next time a body might turn up on one of his properties. I hope you’re loving all of these stories because the advice coming out of them is absolutely golden. For a copy of all of the Deals Gone Bad, text the word BAD to 313131 for access to my mind map, and all of the best highlights from this series.

What's Inside:

—No matter how bad the situation is, remember that the numbers don’t lie.

—Why Nick pivoted out of Austin, TX and into virtual wholesaling.

—Nick’s strategies for buying and selling in small towns.

Deals Gone Bad #7: How Being a One-Man Show Led To A Stupid Tenant Lawsuit w/ Todd Toback » Episode 943 Nov 25, 2020

Show notes

When a Realtor contacted Todd Toback about a deal that was falling through to see if he wanted it, he couldn’t see any downsides. The California house was built next to a landfill, sure, but it was worth $550,000 and they were selling it for $180,000. Even if he just rented it out forever, he’d always be in cash flow heaven.

But when it came time to rent out the home, Todd didn’t want to pay a property management company the first month’s rent. So he listed it himself on Craigslist. Todd wants you to know one of the biggest lessons that he learned is that landlords should never be dealing with tenants. From the beginning, his tenants had his personal phone number and access to information that put him on a path to a crazy lawsuit.

When you’re a one man show, then you’re in a sea of information and you can’t figure out where you’re at. You have to be good at marketing, at rehabbing, at being a landlord, at contracts, and everything else. Instead, Todd says you should figure out which of the four areas of real estate you’re good at: acquisition, disposition, marketing, and accounting. For the other three areas, partner with someone else or hire it out.

Narrowly avoiding $68,000 in legal fees, Todd now puts a lot more layers in between his investments and his tenants. As a real estate investor, you need to do what you do best. For Todd, that’s locking up deals and empowering other people. Leave property management to the experts and save yourself time and money by hiring that out.

What's Inside:

—If a deal is too good to be true, then maybe there’s a toxic waste dump next door.

—How you can figure out what you’re best at and focus in on that.

—Don’t be scared to invest in other people.

—For more epic Deals Gone Bad, text the word BAD to 313131.

Deals Gone Bad #6 - Losing Money On Flips & Getting Sued Twice On Old Deals with Beau Hollis » Episode 942 Nov 24, 2020

Show notes

Coming out of Louisville, Kentucky, Beau Hollis has not one, but three bad deals for you to feast on today. There are so many lessons you can learn from Beau’s generous sharing of some of his biggest mistakes, so I hope you’re taking down notes so that you can avoid the litigation nightmare he’s been through.

One of my favorite sayings is “A lack of humility leads to humiliation.” Beau’s very good at finding deeply discounted properties, getting them under contract, and having a proven exit strategy. Rather than wholesaling or even wholetaling a hoarder’s home in a great neighborhood, he decided to rehab the entire property. But he didn’t get the scope of the work to be done in writing beforehand, and every mistake led to a more costly mistake.

If you need private money to refinance and get out of a project, you need those relationships already in place before a refinance becomes your only choice. That’s why networking and talking with people on the phone should be one of your biggest priorities. When Beau realized he was overextended, he could turn to those networks he’d already built.

Beau’s two lawsuits could have been easily preventable with a simple addition to every contract. He talks about the two clauses he puts into every contract that he makes sure are signed and notarized.

If you’re interested in the mind map for the Deals Gone Bad series, text the word BAD to 313131. There you’ll see all of the episodes, plus tools and checklists that previous investors have shared so that you can avoid their mistakes.

What's Inside:

—How to find a real investor friendly attorney.

—Why you need better contracts in place, and a few tips for where you can find some.

—The dangers of borrowing hard money for a poorly planned and poorly executed rehab job.

—Be careful about what you think you’re good at.

Deals Gone Bad #5 - Serious Septic Problems & Rehab Lessons Learned with Shane Garza » Episode 941 Nov 23, 2020

Show notes

To protect himself against a worst case scenario, Shane Garza from Shane the House Buyer had built in a $10,000 contingency plan to replace an aging septic system. But replacing the septic system in a 1962 house is actually not the worst scenario you can find yourself in when you skip the due diligence. Imagine having no septic at all, including no tanks, no way to hook up to a city sewer, and soil tests that prohibit you from putting in a septic system.

After concluding that the only way to fix the problem was to purchase the house next door for $200,000, Shane received a little mercy from another investor. Shane talks about the lessons learned from this septic debacle, including why local networks and local hard money lenders can help you avoid these pitfalls.

He recommends that newer investors get in the back seat and go along for the ride until they feel comfortable. Use those local relationships to find mentors who will steer you away from expensive mistakes. And whatever you do, don’t skip the seller’s disclosure statement from the original seller.

Shane experienced what we like to call “deal bias”. That’s when you’re so sold on a deal that you can’t see the warning signs flashing in front of your face. Today, he’s written up a list of questions that he and his partners have to answer to prevent their emotions from crowding out common sense. If you want a copy of his questions, you can text the word BAD to 313131 for a copy of my mind map for this whole series.

What's Inside:

—With the voice of experience, Shane shares questions every wholesaler should ask before signing on the dotted line.

—The big, huge expenses that will sink a house’s profit, including Shane’s own expensive lesson.

—How deal bias will cloud your judgement and what you can do to overcome it.

Gavin Timms and an Interview with His VAs » Episode 940 Nov 20, 2020

Show notes

One of the reasons that Gavin is able to travel around the US is because he’s set himself up as a virtual wholesaler. His team is all over the world supporting his business and sending him warm leads that are ready for offers. He interviews two of his VAs today to talk about their training and strategies for having natural conversations with sellers.

Gavin really believes that the money is in the follow up, which is why he invests so much time and training in touching base with sellers who aren’t quite ready, but might be soon. Tools like my CRM REI Simple and Podio help his VAs keep good notes to refer to when they call a seller back. It’s going to be rare that a seller is ready to commit to an offer on your first contact, so if you don’t have a system to track your conversations with them, it’ll be harder to build that rapport that you need.

LJ and Ralph give their best tips for nurturing conversations with sellers, and working with a virtual team. Gavin’s going to try an experiment where he goes back to a CRM that he hasn’t touched in two years. He’s going to see how many deals he missed out on because he stopped following up, and he’s going to see how many deals he can close on leads that are two years old. Sign up for his emails to follow along for further proof that the money is in the follow up.

What's Inside:

—Gavin’s VAs talk about what the difference is between cold calling and nurturing a warm lead.

—The scripts that the VAs use when they call a phone number attached to an LLC.

—How the VAs train and support each other.

Virtual Profits Workshop Part 6 - Uncomplicated Strategies Scale Up Your Real Estate Business » Episode 939 Nov 19, 2020

Show notes

Don’t overcomplicate finding the ARV. In fact, don’t over complicate or over think anything about real estate. In the last episode of my Virtual Profits Workshop, Gavin Timms and I are going to teach you the most uncomplicated strategies you need to get started and scale up in real estate.

At this point in my real estate career, I can just glance at pictures of a house and know exactly the kind of repairs it will need to be put back on the market. You don’t need to waste your time by driving out to a property and inspecting it. I’m going to teach you my super simple equation for estimating the after repair value that will put you within 5-10% of the actual price.

There are three ways to make cash offers. And since I want you to make a minimum of five offers a day, you should get really comfortable with these three methods because they’ll make your life a lot easier:

—Use the MAO formula.

—Calculate the average of the lowest 4 solds times 80%.

—Ask your local investors what they’d pay for it and then subtract ten grand.

Unlike the cash deal where you can only negotiate the price, in a lease option price you have 5 or 6 different levers you can pull to change the price. You can even negotiate that you won’t pay the rent for a year. The choices are only limited by your imagination and the motivation of the seller. I’m going to walk you through some different scenarios, including not paying rent for a year, that you could propose to your seller.

One of my most valuable tools is my team of VAs. Investors are spending too much time behind the computer. You should be in front of sellers making them offers, and I’m going to show you how to build a team around VAs so that you can get the most use out of your time.

What's Inside:

—The two main types of lease option deals.

—The formula for figuring out a sandwich lease option offer.

—Here are the three things your VA should be doing.

—How to scale up in your real estate business.

Virtual Profits Workshop Part 5 - Student Interviews (GiGi and Steve) » Episode 938 Nov 18, 2020

Show notes

Our students Gigi and Steve are both proof that there is no certain mold you have to fit to be a real estate investor. As new wholesalers, Gigi and Steve both came from very different backgrounds. An ER doctor, Gigi picked wholesaling because it was a completely new field that challenged her. And Steve had to learn to embrace technology, or at least find some ways to work around his technophobia.

Both Gigi and Steve have built teams that play off their specific strengths. Steve loves talking to sellers, so we’ve created a team for him that just feeds him homeowners ready to sell. A master at building relationships and rapport, listen to how Steve is able to find a new buyer in only a half hour, and still manages to close a property on time.

Gigi is willing to try anything once, and that’s how she found herself with her first double close that let her make $24,000 without bringing a dime of her own funds to the table. We built a team around her that helps her improve her follow up system and stay on top of the offers she’s made.

Real estate investing really will work for anyone who takes the time to build a team and a system. Our job as coaches is to help you plug in the holes in your business, just like we’ve done for Gigi and Steve. If you’d like to see if we’d be a good fit for your business, send us an email and we’d love to see if we’re a good fit for each other.

What's Inside:

—Offers hinge on a seller’s motivation, not on your actual offer.

—See how Gigi and Steve build teams around their personal strengths.

—How Steve was able to find a buyer for a deal that fell through in only a half hour.

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