Don’t Make Promises You Can’t Keep When Real Estate Investing!

May 21, 2020

In real estate investing, you must always strive to use a low-risk, high-reward business model. Don’t make promises you can’t keep and don’t commit yourself to writing checks. The more money you make in a month, the bigger the risk you can take.

In this episode, Blair and Jeff update us on what is going on with the real estate market and discuss different real estate investing and business topics.   Learn how to do business with motivated sellers who are selling lodging establishments while taking into account Covid-19. They cover how to market and find comps in isolated rural areas.

Hear firsthand about a client’s success closing deals and organizing buyer leads. Finally, learn about an interview process to recruit new team members.

Mentioned Resources:

• Propstream
• Thick Face Black Heart – book by Chin-Ning Chu on how to create an alligator skin
• Craigslist
• Indeed
• Mojo

In this episode we covered:

• 00:00 – Start-up
• 00:53 – Market update and insight on malicious comments on Facebook to investors during the crisis
• 09:04 – Clients concerns about what somebody in the RIA has said about the neighborhood where he has locked up a cash flow deal
• 12:14 – Where to find and what kind of photographers are needed to take pictures of houses
• 12:54 – Whether it is necessary to have a lawyer for transactions of a cash deal that has been locked up in Illinois
• 14:47 – How to do business with a motivated seller selling her B&B, formerly a  , paying $2k a month and taking into account Covid-19
• 23:43 – A closed deal in which client selling on a lease option for $199k, purchased for $168k and with $35k down, and about another wholesale deal under contract
• 28:00 – Interview process when recruiting new team members
• 30:00 – About a client’s thoughts on malicious comments to investors on Facebook
• 31:18 – How to market and find comps for isolated rural areas
• 37:40 – About a client that talked to a seller that had been in touch previously with another client
• 39:45 – A client’s successful way to organize buyer leads and how his team is working
• 42:53 – How to handle a subject-to deal with a seller needing $6k over the mortgage amount, a small spread, and tenants still in the property
• 50:44 – Wrap-up

About Blair:

Blair is the founder and creator of Dealbot, a motivated seller lead generation company. He has managed nearly $2mm in marketing spend and generated over 100,000 motivated seller leads. He also buys and sells houses himself in the Winston-Salem and Charlotte, NC markets. In the past year, he has acquired nearly $3mm in cash flowing rental properties with zero money out of his pocket.

Multimedia:

• Youtube
• Apple Podcasts
• Google Play
• Facebook

Thank you for listening!