We were definitely due for a correction anyway, but this COVID thing has just accelerated it. A downturn is inevitable, so we’re going to help you prepare for that downshift in the economy.
Currently, the housing market seems strong, but it’s only strong because inventory is low. You need to get ready so that you’re ready for the coming wave of foreclosures, and you absolutely need to be able to offer more than just a cash offer.
My newest book Recession Proof Real Estate Investing has everything you need to make multiple offers to a variety of sellers, including:
I want you to succeed as you pivot in real estate. So skip the mess at the post office and download my pdf book for $7 directly from my website REIProof.com. If you love this book (and I hope you do!), don’t keep it a secret! Please like and share this website with them.
Hey, good morning, this is Joe, real Estate Investing Mastery podcast. And in this episode, I'm going to talk about the importance of making multiple offers. But, man, it's a beautiful morning. It is sixth I'm sorry, 71 degrees. It was 60 some degrees.
My watch says 64. But anyway, I'm driving to play golf. And I got a new car in case you're wondering, in case you care, even if you don't care, I'm going to tell you that anyway. I've been driving a little 2011 Nissan Maxima for a long time. A couple of years and I just bought a 2015 GMC Yukon Denali Excel, the bigger one. I'm not into spending a ton of money on cars. I'd rather just pay cash, drive them for a few years. And so this is a car that's nice.
I mean, you know, whenever we go on big, long family trips or something, I'll just usually rent a suburban or something like that. Well, I'll only just buy one. And it's a good car. Man, it's really nice. I should buy nicer cars more often.
I'm thinking about, I'm not you know, like I just said, I'm not into new cars and stuff, but it is nice driving new cars. And this isn't even that new. How much nicer would a new, new, new car be? Anyway, I'm driving to play golf.
And I've been playing a lot of golf lately, and I wanted to tell you a couple of things in this podcast. Number one. Like I mentioned at the beginning, the importance of making multiple offers. I'm going to get to that. But this kind of relates because I've had a lot of time to think lately. And, you know, it's easy when you're an entrepreneur working for yourself, your own business or whatever to be kind of stuck in the doldrums in the day to day.
You know, just all of a sudden you look up and you just spent 10 hours behind the computer working, you know? And for me personally, man, I'm not getting enough exercise. I'm not getting outside enough. Even though we live on three acres and a private property back to a state park, you know, or in nature, kind of like I'm just hardly ever outside.
And so it's frustrating to me. And my wife is actually encouraged me to go get a golf membership. Like, all right, twist my arm. I like playing golf, but I need the exercise. I need to get outside, start playing golf some more. So I joined this really, really nice country club and I play golf about four or five days a week. It's crazy. I'm playing I just walked nine holes. But the cool thing is I you know, I don't turn my phone off, but I don't put it on me and I put it in my bag and I get a car, you know, I push a cart, pull cart or whatever it is, and I just walk nine holes.
It's such good exercise and you get to be outside and sometimes you don't even put my Apple Watch on. I just leave my Apple Watch in the car or something like that. And I've had such good time thinking, you know, clearing my mind. It's not like I'm doing some fancy Eastern meditation or anything like that.
I'm just thinking about the day praying, praying to God, but thinking about, you know, like, all right, what should I do today? I'm not wasting, but I'm you know, I'm losing two or three hours of my day here playing golf. And which means when I'm back to my office, my home office, I need to be more productive. Right. I don't want to be working too late at night. So what are the one or two or three things that I've got to do when I get back? And so it's forcing me to figure out what's most important and get that stuff done, which is awesome.
So I'm getting the benefit of playing some golf, getting outside, getting some good exercise, getting some fresh air, getting some sunrays, getting a tan. I guess. I guess that's a benefit. I don't know. I used to be more important to me than it is now, but I'm getting better at my golf game because it's cool. Now I can play with some really cool people that wouldn't probably want to play with me if I wasn't good at golf or some. But then, you know, I'm also it's giving me time to recharge, to think and to be more productive. So even though I'm working less right now, I'm actually more productive than I ever been.
Which is why and how I wrote this new book that I just came out with called Risk Real Estate. What is it called? Recession Proof Real Estate Investing. Recession Proof Real Estate Investing. And you can get it right now for just seven bucks if you go to REIProof.com, REIProof.com. I've been thinking a lot about what's going on in the economy.
Oh, let me say this, too, by the way, in case any of you are thinking about playing golf. The golf courses right now are hungry for members. And so I got a smokin’ hot deal. I won't tell you how much I had to pay, but it was a lot less than what you normally have to pay. So if you're thinking about plans for golf and you want to join kind of an exclusive membership club or something like that, you can negotiate some pretty sweet discounts right now. And I did. I saved quite a bit of money. And it's one of like that's in the top one or two or three golf clubs, country clubs in the state of Missouri, which is pretty nice.
And some of you may be like, oh, it doesn't say anything, but yeah, it's really cool. It's a beautiful. It's in the mountains. And the road I'm driving now is very winding, secluded and beautiful. I just love driving. This is only fifteen minutes from my house. All right. Anyway, so I wrote this book, Recession Proof Real Estate Investing. And I was thinking about, like, you know, with every crisis comes an equal amount of opportunity and wealth just doesn't disappear. Wealth transfers. These are things I think about on the golf course. And I listen to podcasts sometimes while I'm playing.
And I'm thinking, well, what did the what did the companies do that survived in the last Great Depression, in the thirties? And I started looking at them, right? I started finding some articles on on Google about it and started reading about these companies and a lot of them had several things in common. Number one, they did not cut back on their marketing budget. They did cut back on expenses. They started saving some cash, but they dove deeper into marketing and they did actually more marketing. They also started coming up with new offers, new products, new offers. And one of the things they did that was interesting is they started creating products for that were cheaper that more people could afford were maybe before the masses couldn't afford. That makes sense. So then, yeah, that's cool. Right.
And then there's a bunch of other things and I talk about it in my book. So I started thinking about where the new opportunities in this economy that we're in right now. You know, I believe that housing is a lagging indicator. The economy is already in a recession, officially. It's been in a recession for three or four months now and maybe even more than that. And unemployment is still really, really high. We have a huge mortgage foreclosure crisis on our hands. It's a tsunami is coming with a ton of foreclosures. People are getting behind on their payments. And so, you know, as soon as the government stops propping up the economy, when they can't do that forever, things are going to come back down to earth.
You know, we were due for a correction anyway, and this whole COVID thing just kind of accelerated it. So where are the new opportunities? Where are they going to be? And, you know, I see a lot of wholesalers doing a lot less deals than they used to do, some of them going out of business, a lot of rehabbers on the verge of going out of business. You know, right now, the housing market seems like it's strong, but it's only strong because the inventory is so low. And so how do you find those sellers that can sell?
And if prices start going down, how do you find the sellers that, holy smokes, this is a narrow road and anytime there's two cars come and you've got to pull over on the curb. So where are the new opportunities and how can we do more deals? How can why should we do more marketing and do and how can we do more deals when the housing market is going to go down and we one when we're in the middle of a recession.
And let's say the housing market doesn't go down. If I'm totally wrong. This stuff still applies. And I talked about it in the book. So one of the things that you have to do is make multiple offers. See, I told you I'd tie all of this in and you were just wondering, where's Joe going?
He's just going on all these rabbit trails. Get to the point, Joe. Get to the point. Well, here, I'm just tying it all in right now. One of the things you have to do to be successful in this market is know how to make multiple offers. And what I mean by that is like if you're just a one trick wholesaling pony, where all you know how to do is offer cash, just a cash deal. You're gonna be struggling. You're gonna get in trouble because you're gonna get a lot of sellers that are going to say no to your offers. And I'm excited about this coming market because, not so that we can take advantage of customers or people or sellers. Not so that we can take advantage of other people and take advantage of their misfortune. You know what I'm saying.
But it's so that we can feed our family. Put food on our table. Pay our employees, contribute back into the economy, help people in exchange for speed and convenience, offer them either price or terms. So if all you have is a cash offer and that's all you can negotiate, you're going to be struggling in this business to survive because you need to know how to give sellers other things besides just price. For example, when you offer lease option or owner financing, there's like four or five things you can negotiate.
You can negotiate terms like down payment, the length of the lease option, or the owner financing, the monthly payment or the rent, the down payment, maybe even some monthly credits. I just did a creative financing lab with Matt Therriault, friend of mine from EPIC Real Estate podcast. And one of the things he likes to negotiate, you know, he says, all right, well, you know, once they kind of try to get as close to the price that they can be in the terms that Matt needs to be at, he says well, I might be able to do that.
I can get you that if you give me a six month moratorium on payments. So in other words, I'm not going to pay you anything for six months or even a year. What does that mean? All right. I can get this seller the price they want, but I'm not going to make I'm going to make any payments for the first twelve months. How cool is that? That's one hundred percent cash flow for that first year. And so, like, if your payments are going to be five hundred a month or whatever, let's just say that's six thousand dollars, that extra profit you just made in that first year because you negotiated something else besides the cash price.
So you need to learn how to make multiple offers. And I talk about that in the book, Recession Proof Real Estate Investing that you can get for just seven bucks if you go to REIProof.com, REIproof.com. The cool thing about this book is I give you a mind map in it. So that's a PDF books. You don't wait to get it shipped, which the whole Postal Service right now is such a cluster because of politicized what's going on in the ballots. And I ordered a book almost a month ago and it's sitting at the post office right now, not getting delivered because of what's going on right now. It's frustrating.
So you don't have to wait. You can get the PDF right now, but when you get the PDF, you're going to get the mind map and the videos that this book came from. And in there, I give you the calculators. There's spreadsheets or fancy spreadsheets. I love spreadsheets, a nerd. But these spreadsheets will help you come up with owner financing offers and lease option offers and cash offers. And I show you how to use them. And you can get them included in the mind map and they will show you how to make multiple different offers to sellers. And you can get that for just seven bucks. I give you a bunch of other cool things with the book that you're going to find. I think pretty cool. Some of the marketing pieces that I use, because there's three other things you need.
There are three things you need to focus on in this market as we're going forward. Number one, make multiple offers. Number two, you need to focus on finding buyers. That's more important than ever. And number three, you need to focus on following up. And I'll talk more about those in future episodes here, podcasts. You can just get the book and talk all about it. I think if you want to be successful in this in this recession, in this economy is going forward. And again, even if it doesn't get bad.
Right. These are things that you need to be focusing on to do a lot of deals. You're going to do really, really well. So the other cool thing is in this mind map, I give you a course that we created called wholesaling 101. And it's an entire course on how to wholesale deals from A to B, A to Z. All the nuts and bolts, all the good stuff is in there. And you're going to get a lot. It's an incredible course. This is, of course, that people would sell for a thousand dollars. You're going to get it for free. It's included in the PDF. So go to REIProof.com, REIProof.com.
There's one more thing I want to tell you. One of the things that we're gonna sell you a couple other little extra things after you buy the book. You can say no. Right. But, you know, when you buy things online, you know, it says, hey, here's a special offer or check this thing out. You're not your orders not done yet. So I apologize in advance. We're doing that on this. But I'm going to give you a couple, three things, two or three things after that that you're going to love. You're going to absolutely love. You're going to go crazy over it, because I'm offering some things that I've never sold before separate by itself at this kind of a price. This kind of a discount.
And so make sure you check those out and pay attention when I do a little video or read through the text below the video, because there are some incredible things that I'm going to give to you at insane values like 90 percent off stuff. So anyway, check that out, REIProof.com. I'm gonna be doing more podcasts about all this stuff. I am here at the golf course. I tee off in 10 minutes, so I need to hustle. We'll see you guys take care. Go get the book. REIProof.com. You're going to love it.