Real Estate Investing Mastery Podcast

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Latest Episodes:

Deals Gone Bad #1: Too Many Deals, Not Enough Cash Flow with Mark Dolfini » Episode 929 Nov 04, 2020

Show notes

Someone once told me that “Smart people learn from their own mistakes and wise people learn from the mistakes of others”. If you’re following what you think is a smart strategy and you find yourself spread too thin, then it’s time to look for someone who’s wise and has already risen from the ashes of a monumental real estate crash-and-burn. You might know Mark Dolfini from Landlord Coach, but you may not realize that at one point he was $100,000 in credit card debt and just steps away from bankruptcy. Beginning in the late nineties, Mark was able to start investing in using the best strategy ever: OPM, or other people’s money. But just because you can purchase a property and cash flow a little, that doesn’t mean that it’s a good deal. Mark is open about some of his biggest mistakes, including how he didn’t give himself enough room for expenses and what being over-leveraged on time looks like. Today, he’s a lot more careful about how he figures out CapEx on his properties, and he walks me through some of the factors that he ignored when he first began investing. I hope you’ll love this series and learn from these tales of caution. If you’d like to see my notes of all of the different ways you can have a bad deal, text the work BAD to 313131, and you’ll be able to access my mind map for this series. And don’t worry, I’ll keep adding to this interactive mind map as I interview people, so keep checking back on it as I add new ways people can wreck a deal and almost blow up their real estate career. What’s Inside: —How Mark figures out the future expenditures for his properties. —Why it took years for banks to extend mortgages to Mark again. —What being over-leveraged on both time and money looks like.

Boron Capital and the World’s First Trillionaire » Episode 928 Oct 30, 2020

Show notes

Boron Capital Investment has been in business for 14 years with over 300 transactions and $100 million dollars under management. But Blake Templeton follows a unique investing strategy; it’s one based on King Solomon’s wisdom, and it informs nearly every decision that Blake makes. What does good stewardship look like to you? Blake was flying high in 2006 with flips, renos, and crews working under him. He was making money that he’d only dreamed of, but when the bank decided to foreclose on eight properties all at once because they needed to call in their notes, he realized that he needed to listen to a higher power. Growing with wisdom as you build your real estate kingdom might be a different way of looking at capitalism, but Blake was sincere about letting God into his life. That’s why he dove into the study of King Solomon, the world’s first trillionaire, to see what ancient wisdom looked like. With multiple streams of income on every property, King Solomon taught us that creating a system or a product that everyone has to use only increases his only stature. For Blake, that translated into investing in wedding venues. He shares how he used the lessons he learned from Solomon in his real estate portfolio. If everyone else doesn’t know what to do, but you’re listening to God’s wisdom, you’ll see the right way open up in front of you. And if you’d like a copy of Blake’s book The Solomon Way, you can text SOLOMON to 31996 to get some of that wisdom for yourself. What’s Inside: —The moment that changed Blake’s real estate business from a money-centered approach to a God-centered approach. —How to get Blake’s book The Solomon Way. —What vertical integration can look like in real estate. —Blake’s prediction for the next 6-24 months.

The Money Is Sitting in Your CRM…Do You Agree? With Gavin Timms » Episode 927 Oct 28, 2020

Show notes

From our own experience, over 90% of our deals come from the follow-up, and not from the initial first contact with a lead. Gavin estimates that he has over a million dollars sitting in his CRM, and he’s found a way to tap into that network and make his marketing dollars work for him. When you’re talking to a seller and you hear “No”, remember that no really means “Not now”. There’s only one kind of dead lead, and that’s when the house is sold to someone else, or they’re threatening you with a lawsuit for contacting them again. Gavin’s going to get your ideas flowing as he talks about: —How often to follow up —How to keep track of your leads —The kind of questions to ask to find a seller’s motivation —Following up on other wholesalers’ leads too. Gavin estimates that there are millions of dollars sitting in your CRM, but if you’re not following up with your leads and keeping them warm, you’re flushing that money away. If you want to see his case study about how to pry money out of your CRM, sign up for his emails so that you don’t miss it. What’s Inside: —Gavin’s methods for digging down and finding a seller’s true motivation. —How often should you follow up, and how long will it take to close on a lead? —Using your CRM to keep track of your leads is going to put you ahead of the game.

How a Coaching Client Smart Flips His First Deal With Gavin Timms & Brian Blanders » Episode 926 Oct 26, 2020

Show notes

You don’t have to be limited to your own market. That’s the beauty of virtual wholesaling! Gavin Timms sits down with our coaching client Brian Blanders about how he chose his virtual market, and how flexibility has helped him close a deal with a motivated seller. Identifying which of the four main motivations every motivated seller has helped Brian realize that he had to change his offer to make the deal work. Everyone you’re going to talk to has a different reason for wanting to sell their house, and that creative financing offers we teach you will let you meet them on their terms without sacrificing your own profit. Balancing a full-time job and his new real estate investment side hustle has required Brian to get smart about his systems. He literally doesn’t have time to do it all and he can’t drive out to the property on a whim, so he has to delegate out tasks and trust partners and contractors. Listen to some of what he’s learned about choosing contractors for this out of state fix and flip. Brian’s wholesaling plan changed big time when he realized he couldn’t slap some paint on the property and put it back on the market. You can really see how having a growth mindset allowed him to pivot and smart flip his first virtual deal. We work with coaching clients every day to give them the tools they need to knock their deals out of the ballpark. What’s Inside: —What’s the difference between wholesaling and fix and flips? —How to find a great crew in your virtual market. —Why Brian went looking for a private money lender.

Randy Hughes on The Importance of Trusts » Episode 925 Oct 23, 2020

Show notes

95% of lawyers don’t understand trusts because they don’t teach this in law school. So you may get push back on whether a trust is allowed in your state or if you can form your own trust. Since 1968, Randy Hughes has been a landlord and real estate investor in central Illinois, and he teaches real estate investors how to protect their assets and their privacy by placing them in trusts. If Randy could shout this from the rooftop, he would. “You do not want to buy in your name!” he insists. You absolutely must buy in a trust to protect your real estate portfolio. In addition to the legal protections given to trusts, privacy of ownership is becoming increasingly important. Can you imagine having a tenant knock on your door and talk to your children because you’re not there? Now, because many lawyers don’t understand trusts, Randy wants you to be aware that every state doesn’t treat them the same. There are no federal land trust laws, so that means you can form land trusts in whatever state you prefer. And some states simply have friendlier land trust laws. One of the main reasons to set up a trust is not to escape your responsibilities, but to protect your assets. Because when you’re threatened with a frivolous lawsuit, what kind of recourse do you have? After 50 years in real estate, Randy’s seen all kinds of lawsuits. He knows that having a hard asset like real estate makes him a target. It doesn’t cost anything to set up your own trusts, but you do need to know how to do it. If you need help, you can contact Randy through his website and then rest easy at night that your heirs won’t have to struggle through probate when you pass. What’s Inside: —Why Randy’s ultimate tax strategy is death. —What’s the difference between an LLC and a trust? —When you go on a deed with someone, you put all of your own assets at risk for their liabilities. —When you should create a trust in a different state, and what your options are.

Working With Discount Brokers As Investors with Ben Mizes » Episode 924 Oct 21, 2020

Show notes

Whether or not you’re a Realtor, you can use the strategies we’re going to talk about today. And listen, how people are finding real estate is changing, so you need to be ready to change with it. Ben Mizes wanted to test his theory out about the different strategies buyers are using, but he wanted to do it in a pro-broker way. That’s why he came up with his platform List With Clever that connects brokers and sellers. When someone’s selling a house, Ben has a lot of questions for them so he can send them the perfect broker for their situation. He wants to know, “What’s important to you when you’re looking for a Realtor?”. Usually, a seller is looking for one of these four criteria: — They want to sell quickly. — They want the highest offer. — They want an experienced Realtor. — They want to save money on commission When Ben brings on Realtors to his platform, he screens them by looking for those who are faster at turning over properties or who specialize in a property or area. His site is free for agents, and will normally yield 3-8 referrals a month in an average, normal Midwestern market. Ben has some really amazing tools on his website, including a rental property calculator that takes into account nearly every possible scenario. No more guessing on whether a property will cash flow or forgetting to take into account the long term capital improvements. What’s Inside: —How local banks can help you with finding properties and property managers. —Become a referred agent with Ben’s website no matter where you’re at in the country. —Ben walks me through his very detailed rental property calculator. —The advantages for wholesalers and brokers for using a platform like Clever.

The 80-20 For Investors. What Should You Be Focusing On? » Episode 923 Oct 19, 2020

Show notes

Now that you’re an entrepreneur, it’s easy to fall into the trap of putting out fires every day without ever really getting anything done. But if you apply the 80/20 principle to your business, you’ll be able to sharpen your skills on the activities that yield the most money, and pass on the ones that waste your time. For me, the 80/20 principle means that I’ve been focused on my podcast for the last 9 years, and it’s been good to me. I’m not scattering my attention across different channels and picking up or dropping random marketing tactics. I know what works for me. If you’re ready to explore what will work for your business, great! But I’d suggest you focus on just: —One customer, —One problem, —One traffic source, —One conversion tool, —For one year. I have a friend here in St. Louis who is hyper-focused on 2 bedroom brick houses. That’s it! That’s all he likes to buy. And the truth is, this strategy has paid off for him. So let’s brainstorm some ways today that you can focus in on the 20% that will improve your business. What’s Inside: —How to maximize the time you spend on your business. —Why applying the 80/20 principle to your business will help you earn more money. —What the 80/20 principle looks like in my business.

Buying and Flipping Grandma’s House » Episode 922 Oct 16, 2020

Show notes

Real estate and senior living can be like peanut butter and chocolate if you do it right. But it can be a terrible disaster where you come off looking like a jerk if you mess it up. That’s why the approach you have when you talk to buyers and senior living professionals must be completely different than the normal real estate investor approach. For 22 years, Phillip Vincent has been a fix and flipper in St. Louis, and for the last 9 years, he’s focused solely on the senior living niche. From the moment a family finds out that mom has to move into a senior living facility, that family moves into crisis mode to take care of her. And as they figure out which home to place her in, they realize that they can’t afford to do it unless they sell all of her stuff and her house. That’s the point when Phillip steps in. He buys grandma’s house as-is and flips it. Every time you see a crane go up to build a 280-bed senior living facility, you should also be seeing the hundreds of homes those seniors need to sell so that they can move in. And while a family might want to sell their mom’s house on their own, it can be incredibly hard for them to juggle cleaning out a home, finding a contractor to rehab it, funding the gap between grandma’s pension and the senior living facility she’s living in, and doing all of this from out of town while still managing their regular life. Phillip has carefully cultivated relationships with a variety of stakeholders across this industry, but he wants to warn you to be careful in this real estate niche. Family dynamics, guilt, and trust are delicate issues you have to work around when you make offers on senior homes, but when folks realize that you can unlock the equity in grandma’s house, then you’re a godsend in their world. What’s Inside: —How to get referrals from inside the senior living community world. —The secret to getting your mom into a community that takes Medicaid. —The approach Philip takes to networking with attorneys and senior living facilitators. —The difference between pre-probate and probate leads.

Why Rant About People Who Don’t Want to Work? » Episode 921 Oct 14, 2020

Show notes

In my podcasts, in my books, on my webinars, and in my coaching business, I teach people how to start a real estate business. I’m not teaching you anything I haven’t already tried, succeeded with, or failed at. I’m the real deal here, and I want you to succeed too. In fact, I guarantee my courses because I figure that if you’re not making money, then I shouldn’t be making money. All I ask is that you finish the course you purchased. But I would guess that about 5% of people who buy real estate investing courses actually do anything with them. 5%! Real estate is not a hobby and it doesn’t have some magic button that will make it easier. You do actually have to put in the work to reap the rewards. Many years ago, I was a course junkie too, so I know how easy it is to always purchase a course and never act on anything the course teaches you. Listen up to how I broke free from that cycle and started changing the course of my life. Our coaching client success rate is between 65-75%, and there’s a specific reason for their success. Our coaching clients have a key quality that makes them far more inclined to take action on our course, and that’s why we love working with them. No matter what everyone else around you is doing, if you keep pushing ahead by making offers and following up, you’re going to succeed. What’s Inside: —Why our coaching client success rate is so good. —When it’s time to stop buying courses and go back to investing in the stock market. —The number one personality trait all of our coaching clients have.

Cashing Out $60,000 on a 4-Year Lease Option with Gavin Timms & Shaun Young » Episode 920 Oct 12, 2020

Show notes

When you approach every potential deal as a problem to be solved, then you make yourself a valuable tool for every buyer and seller. That’s the approach Shaun Young from Adventures in Wholesaling made when he picked up the phone and started cold calling leads. By his ninth and last phone call, Shaun had found a beautiful house in a gated community in Atlanta that was perfect for a sandwich lease option deal. Shaun had found some scripts online that helped him know what to say to the seller, but he didn’t know how to replicate his success. One of the first things Gavin’s done for him is help him build a system that makes it easier to see this same success over and over again. This is the beauty of coaching; we help you figure out how to repeat your successes so it becomes easier. Shaun’s first tenant buyer backed out of the deal, but the beauty of the sandwich lease option is that it has three profit centers. There’s always a way to make money in this kind of deal. When Shaun was laid off from his job, it turned out to be a blessing because he could spend more time focusing on his wholesaling business. He even found the time to write his book Adventures in Wholesaling. A huge part of Shaun’s success is his attitude, and you can hear his enthusiasm and excitement all over this interview. He loves what he does because he’s helping people solve their real estate problems. What’s Inside: —The three profit centers in a sandwich lease option explained. —Why the seller’s motivation can make or break your deal. —Gavin’s number one takeaway from this conversation for you.

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