July 7, 2018
In today's show, Larry and Kandas talked about the different technology and resources that are useful in real estate investing. They grouped them into 4 main categories: finding deals, funding deals, keeping track/organization, and connecting with other investors.
Find out how you can use these technology and resources to make your process more seamless and convenient!
- First category: finding deals
- Types of properties
- Resources for listed properties
- Resources for off-market
- Apps that will help you find who the owner is and will help market to the owner for you
- Second category: funding deals
- Hard money lending vs private money lending
- Peer-to-peer lending sites
- Third category: organization/keeping track
- Different ways to store documents
- Real estate CRMs
- Podio-based CRMs
- Setting up follow-up sequences
- Apps you can use to hire people online
- Keeping track of your marketing
- Fourth category: connecting with other investors
- Networking with other individuals
- Having your own Facebook
- “One of the biggest way you can use technology in real estate is to have a great CRM.”
- “It's a suspect until you turn it into a prospect.”
- "The fortune is in the follow-up.”
June 30, 2018
Many people would want to get into real estate. However, most of them are new or already working full-time jobs.
In today's show, Larry and Kandas discussed the 4 biggest obstacles that prevent from getting into real estate.
- First obstacle: Money
- More careful and cautious on your deals when you have no money
- The model determines the money
- Wholesaling or real estate day trading
- Assignment of contract
- Second obstacle: Time
- Other people's money and other people's efforts
- 3 types of time commitments:
3. Spare time
- The model determines the time/effort
- Wholesaling has the shortest amount of time needed
- Hiring virtual assistants
- Third obstacle: Getting deals
- Having deal flows
- Having leads
- Marketing vs prospecting
- Unadvertised properties
- Joining real estate groups on Facebook
- Networking at your REIA group
- Fourth obstacle: Staying motivated
- Getting a good deal
- Joining Facebook groups or meetup groups
- Finding a mentor
- “The model determines the money.”
- “To be a successful real estate investor, it requires time.”
- “Don't quit your full-time job until your real estate income surpasses your day job income.”
June 23, 2018
The first thing you need to do when you get into real estate is you've got to generate some leads and be able to find some properties that you can buy at a deep discount.
In today's show, Larry and Kandas talked about the things you need to know when generating leads. They also shared different ways and techniques on how to do marketing and prospecting. Stay tuned!
- Generating leads and finding properties
- Going deep vs going wide
- Ways to find deals:
- Looking for motivated sellers
- What a bandit sign is
- Vehicle signs
- Direct mails
- Different list sources:
- Absentee owners
- Section 8 landlords
- Out-of-state owners
- Code enforcement
- Landlords who are going through eviction with a tenant
- Ads in Craigslist
- Finding off-market properties
- Having a website
- Letters vs postcards
- Having different phone numbers for each source
- Facebook marketing
- Setting up custom audience in Facebook
- Hiring bird dogs
- What prospecting is
- "When you are a real estate investor, you are looking for steals not deals."
- "I would rather have 10 ways to find 1 deal than 1 way to find 10 deals."
- "With leads, the older they get the colder they get."
- "You can't steal in slow motion."
June 16, 2018
In today's show, Larry and Kandas talked about self-directed individual retirement accounts. They also discussed the things you can and cannot do with your self-directed IRAs. In addition, they also touched on the things you should be aware of when dealing with your retirement account.
- What self-directed retirement account is
- Traditional investments vs non-traditional investments / alternative investments
- Law not permitting IRA funds to be invested in life insurance or collectibles
- Examples of collectibles
- Having a self-directed custodian
- Things you can invest in
- Things you can do with real estate using your retirement account
- Being careful not to be charged with Unrelated Business Income Tax (UBIT)
- Borrowing money for real estate
- Loaning money through your IRA
- Being a passive investor and owning a business using your retirement account
- Buying and holding real estate in your self-directed IRA
- Contribution limits
- Investing in cryptocurrency
- “The IRS doesn't like you operating a business inside your retirement account.”
- “You've got to keep everything separate from being co-mingled.”
June 9, 2018
In today's show, Larry and Kandas tackled in detail the different things you can discuss with the seller. They also gave an overview of the right way to talk to the seller on the phone, what needs to be asked over phone conversations, and how to get sellers to give you a call back.
In addition, they also talked about building rapport with prospects and taking a tour and figuring out how much to pay for the property.
- Strategy when getting contact information
- Building rapport
- Making the phone ring
- Tracking your marketing
- Getting the address of a property that is for sale
- Looking up the properties
- Questions to ask the seller
- The reason you need to know how they acquired the house
- Knowing why they are selling
- Rule of 72
- Going in the house
"If I can make my phone ring where they call me, I'm in control."
"You want the seller to be selling to you."
June 2, 2018
In today's show, Larry and Kandas talked about the ideal kind of sellers to look for. They also discussed buying houses direct from sellers and the questions that should be asked. Moreover, they also shared tips on how to do marketing the right way.
- What they've been up to
- 2 ways to find deals:
- on market properties
- off market properties
- How the pool of properties is shrinking
- Looking for motivated sellers
- What a motivated seller means
- What their motivations are
- Doing direct mail or pay-per-click advertising
- Looking for deal killers
- Different deal killers
- Asking about back taxes
- Building rapport
- Generating seller leads
- Answering calls through voicemail or live answer
- Negotiating with sellers
May 26, 2018
In today's show, Larry and Kandas dived deeper into HUD houses. They also discussed some of the strategies and techniques they used in buying HUD houses in deep discounts. Don't miss this episode!
- What they've been up to
- Some specific strategies in buying HUD houses:
- 1. Look for inconsistent number of bedrooms and bathrooms
- 2. Look for inconsistent square footage
- 3. More days on the market equals bigger discount
- Typically, an HUD house is only available to owner occupant buyer
- Exclusive vs extended listing period
- Buyer types
- 4. Look for mispriced properties
- 5. Look for problems that can be fixed
- What flag lot means
- Problems that cannot be fixed
- 6. Look outside of major MSAs (Metropolitan Statistical Area)
- 7. Uninsured properties equals a bigger discount
- Building sweat equity
- 8. Bid on every house every day
- 9. Look for price reductions and back on the market
- 10. Less competition on uninsured properties
"The longer that it (property) sits there, the more willing and ready they want to get rid of it."
"You can't fix a neighborhood."
May 19, 2018
In today's show, Larry and Kandas discussed HUD (Housing and Urban Development) houses. Larry shared why he likes HUD houses and talked about the advantages and benefits of buying HUD houses.
- Their HUD deals
- Difference from HUD Section 8
- Why Larry likes HUD houses
- Advantages of HUD houses
- Benefits of HUD houses
- Their HUD bids
- HUD provides PCR (Property Condition Report)
- What the field service representatives do for HUD houses
- What PCR is
- Things they check
- HUD houses being cleaned out
- No deed restrictions
- Availability of data
“If you don't give when you have a little, you won't give when you have a lot.”
“HUD does not make loans, they insure loans.”
“There's bucks in the yucks.”
May 12, 2018
In today's show, Larry and Kandas discussed questions one needs to ask when looking for a good agent. They also talked about different activities they are doing that’s related to generosity.
- Things they are doing to be generous
- Key questions to ask an agent before working with them
- How long have you been in the business?
- Do you work with investors?
- Do you invest?
- - to know if they understand investors
- - to know if they'll be your competition
- - to know what type of investing they are doing
- How many deals are you closing a month?
- Do you work solo or are you a part of a team?
- Do you work with buyers or sellers?
- What type of properties do you typically work with?
- How do you like to communicate best?
- Questions to ask if you are going to list a property with an agent
- - What is your marketing plan for my house?
- - Tell me a few things that separate you from your competition
- - Tell me some ways that I can increase my bottomline and sell my house faster
- "Make sure you get the education, the information, and knowledge so you can actually implement."
- "You want an agent that is very fast."
- "A good agent is a good salesperson."
May 5, 2018
What type of investor are you? In today's show, Larry and Kandas discussed how you can determine the type of investor that you are. Larry also shared the story on how he lost a huge amount of money and the lessons he learned from that experience.
- What to do to get started in real estate
- How Larry lost $75, 000
- Larry's learning experience
- Different types of investing
- Knowing the type of investing you could/should do based on your own situation
- How to do deals if you have no money
- What deals to do if you have money
- Deals to do if you don't have money but you have good credit
- What to do if you have no money and no credit
- Marketing properties
- Fix and flip investing
- Doing lease option or seller financing
- “Make sure your first deal is a home run.”
- “Wholesaling is not just a way to get started. It is a business.”