First 10 Steps for a New Real Estate Investor
First 10 Steps for a New Real Estate Investor
Welcome to another edition of the Seattle Investors Club Podcast!!
Whaaaa snowboarding? Jealous 🙂
Don’t tell em the secrets Julie! The snow is ok….go to CO…wayyy better 😉
Julie: Going back to the basics! This is about the fist 10 steps to take as a new real estate investor. This is here for filtering out the noise from the signal.
Buddy’s ready!
10 Steps –
1) You have nothing going on, unless you have leads!
How to get leads?
- MLS – In this market it’s not the best place.
- Off market leads – The best right now.
- Driving for dollars. Apps you can use – Property Radar, Podio possibly. Drive streets and identify properties that look like they need improvements. (Roof, overgrown yard, cars parked in yard, common sense stuff)
2.) Create a mailing list.
- Look online at the tax records and find the mailing address of the seller, and generate a mailing list.
- Use excel, and organize the list with the info that Joe mentioned. ( Pick the labels of the headers, and keep them the same so it’s easy for the mail house to organize and mail your list)
- Seperation is better. I.E. separating first and last name.
3.) Use a mail house.
- It is wayyy more efficient to use a mail house. It will save you time.
- Don’t look at nickel and dimming. Take action and move forward. (You can get naked letters for about 45 cents a pop)
- Ninja tip: If our a wholesaler, do you think you should send a post card that says “We buy houses”. Use “I would like to make you a fair cash offer“
- Whats up with the FU??? Follow Up!! So what the post card says isn’t as important as the follow up.
4.) Use the least inexpensive option the first round to begin filtering out the bad address’s.
5.) Mail consistently. consistency, consistency, consistency! This is where everyone fails.
- Mail the same list every month. It is better to repeatedly mail the same list.
- C – word. consistent & confident. 🙂
6) Get free leads…?? Use your Sphere of relationships!
- Open your mouth. Tell everyone you know you are in Real Estate & your looking for people who are looking to sell there home.
- Make it a goal to tell 5 people a day that your looking for property.
- Converse don’t convert!
7) Be prepared to talk to sellers!
- Have a little call sheet with top 5 questions. I.e. Why are you selling? Have you thought about where you moving yet? What’s your plan B?
- Podio for tracking leads.
8) Have a Deal analyzer.
- A simple excel that works like a calculator.
- Where do you get a deal analyzer? From the local real estate investing club! Get an analyzer from where your, since it will be tailored to that location.
9) What happens when someone says yes!? Have a hard money available to you.
- You will need money for Ernest money down.
- Always, always have hard money available to you.
- Contact Travis Wandell at Veristone! Get set up before you get the deal.
10) Join a local real estate investing club
- This is where you can find deals
- Partnerships***
- Hard money lenders
- The clubs are awesome. Find people who are like minded. Find a social circle. It’s a good time!
Thank you for Joining us!
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