Today I'm doing a coaching call with Brian Stanart, who is a one-on-one client from Oklahoma.
Brian’s been working with me and Gavin for 2 or 3 months. His goal is to make $10k a month, and his focus is wholesaling in Tulsa. On the form he filled out for the call, he said he wanted to work on his limiting self-beliefs and lack of a mentor.
Brian makes about 8 offers a week and his go-to marketing tactic is bandit signs. He also does some cold calling and driving for dollars. He says the signs aren’t producing like they used to.
Eight offers a week isn’t bad, but since the signs aren’t working well, he needs to build confidence for cold calling. We need to help him get into text messaging the same people he’s calling… mostly absentee owners.
Brian has a VA that follows up by phone after an offer is made. I think he needs to do more follow-up once a month using letters, texts or voice broadcast. The close is best done by phone.
When you send a contract, it’s a good idea to set up a call to go over it. Set a deadline for signing and returning every contract. Give the potential seller the option of saying no so you don’t waste time.
If a seller tries to alter the contract terms after you feel like you had agreed on a price, take the contract off the table. Don’t be put in a humble position like that. You’ll either lose the deal or they’ll come back.
It’s unusual, but Brian may be overusing VAs. After his initial cold call, he has VAs contact them and go through motivation testing. Wrong! He should be doing that himself so he will know their pain point.
We think Brian needs to partner with an outgoing individual… one he might meet at a REIA meeting. He needs to go back to the chapter of my training called Building a Team.
Brian could also benefit by thinking bigger. High-level networking will allow him to move in that direction. He needs to look for bigger contracts/payouts and get some momentum going.
He could also learn from listening to other podcasts. Listen to other investors who have experienced success. Sometimes you hear nuggets of encouragement that way.
Joe: Welcome. This is The Real Estate Investing Mastery Podcast.
Joe: Welcome everybody. This is The Real Estate Investing Mastery Podcast. Glad you're here. And we got a special guest on the show today, Brian Stanart. And Brian is one of our one on one coaching clients. We've been working with him for a little while now. He's out of Oklahoma. And we sent out the word, hey listen, we want to do some podcasts where we're working with somebody, coaching them a little bit, live on a half hour, 45 minute call. Brian raised his hand and he said, cool, let's do this. And so we haven't prepped him too much on this call. We just want to kind of dive right in. This was a coaching call and just ask Brian, what's going on? How you doing? How are things going? And he started working with us, he started working with us about two months ago, right?
Brian: Yeah, it's been two, maybe three.
Joe: Nice. Okay, cool. So I'm looking at the thing that you filled out here, you filled out the questionnaire. The one or two things you'd like to accomplish on this call is encouragement and help with determining what your roadblocks are. Is that right?
Brian: Yeah it's been a few weeks since I filled that out, but that sounds definitely like something I would say.
Joe: You're focusing on wholesaling. You do real estate full time. Your target market is Tulsa, Oklahoma. You make about $3,000 to $4,000 grand a month in with wholesaling your goals to make $10,000 grand a month. And can I read here some of what you said where some of the things holding you back?
Joe: Past experiences, comfort, limiting self beliefs, not surrounding yourself with other high level people would be beneficial to tag along with someone in their business and go on appointments with someone who is successful. You're currently spending about a thousand a month on marketing and you're making on average about eight offers a week. Is that right?
Brian: Eight offers a week, I would say that's pretty average.
Joe: Okay. Yeah. So talk about, I want to ask you, where were you two months ago when we first started working with you? What were you doing back then?
Brian: A little bit. I was, my main marketing source has always been bandit signs so. They work really good here in my market and so I've done, I have, you know, cold driving for dollars lists before and direct mail. But that's the one that has been what I've been consistent with, you know, week in and week out. I have people put them out for me, things like that. But that in the like last before I joined the program, the last one year, I have not got the same results as I have before in the past. So and so anyways, that's kind of where it was before.
Joe: Okay. I think we still hear that knocking Gavin. I'm not sure where that's coming from. Sounds like there's a little gremlin in the knocking on something. I'm going to put my laptop actually down here on my table. So, Brian talk about some of these roadblocks. You're making 8 offers a week, which isn't bad, right? It's better than nothing. Do you feel like you should be making more offers? Are you happy with that?
Brian: Yeah, I feel like I'm making enough offers. I think I'm used to, the thing I'm having trouble with, I think I'm used to the different leads, obviously with bandit signs is a completely differently than cold calling. So I have to become accustomed to get better at warming up leads follow up and, things like that. With bandit signs, you do get just lay down deals and I think I've just become accustomed to that and now that the police have slowed it up, now that I'm doing cold calling, it's a completely differently lead. And I've just been having trouble with that because a lot of times the very first contact is very, very cold and there seems to be zero motivation. So in my mind it's hard for me to see the potential in it, but you know, I trust you guys, so it's been putting them in the system and following up.
Joe: All right, well let's talk about the marketing we're doing now. Before you were doing just bandit signs, right? Okay. Have you, have you stopped doing the bandit signs?
Brian: I have stopped doing the bandit signs, yes.
Joe: Okay. Why is that?
Brian: I wasn't getting the same results as I was before.
Joe: Even the bandit signs slowed down a little bit.
Brian: Bandit signs slow down. I had zero marketing money to continue to buy, you know, put out thousands of advance, so.
Joe: Yeah. Okay. And then the marketing we're doing now with you is pretty much, we went and skip, traced a bunch of absentee owners with equity and we're cold calling them. And are we doing any text messaging to them?
Brian: No text messaging besides just with follow up in normal conversation, but no just cold calling.
Joe: One thing we should do, Gavin, is let's help Brian make sure we export out to people who have not, we've not reached yet and let's try as soon as broadcast campaign to them. All right, cool. So I can understand, you know when a seller sees a sign like one behind your head. What does that sign say behind you? I buy houses fast, easy cash, any condition. I love that, right.
Brian: It's simple.
Joe: So you're going to definitely get a more qualified seller who sees that and decides to call you, right. So when dealing with, one of the biggest advantages and benefits to doing cold calling or texting is you're more proactive with this, right? So instead of waiting for people to call you, you're out there calling them, you're making the phone ring. If you're being a little proactive, instead of being reactive, hoping that people call you, same with direct mail. You hope that people respond to your direct mail and call you. But there is this element of how these leads are going to be colder and you've got to follow up with them. You've got to make a lot of offers. One thing you should be encouraged about though, if you're been making eight offers a week, how long, how many weeks have you been doing that on average?
Brian: Probably 10.
Joe: So you have 80. Let's just say 80 leads that you've made offers on. That's fantastic. Because now you have 80 people to follow up with every month, right? That list starts growing and growing and you're going to find that 80% of your deals at least are going to come from the follow up from the sellers that said no at the beginning, they weren't interested, they weren't motivated because you follow up with them regularly there going to start turning around. So it's really, really important, Brian, that we make sure you're implementing the follow up. Can we talk about that real quick? Like what kind of follow up are you doing with these offers and leads that you've been talking to?
Brian: Well after I have another VA that handles REI Simple and following up and things like that. So after I make the offer they follow up by mail and email it. So typically like two days later maybe she'll follow up with them and ask if they received the email and they offer and kind of just see what they think about it. But she's doing my motivate and she's doing my follow up. And just depending on what the status is on the motivation it could be a couple of weeks follow up.
Joe: What kind of follow up?
Brian: Phone calls text messages and you know, if they prefer email, then we'll do email.
Joe: Are you sending them anything in the mail for follow up?
Brian: Not with follow up. I haven't done that. I've sent offers in the mail.
Joe: When you send your offers you're sending them by the mail?
Brian: I send an email and mail as long as I have it. If they, obviously they have an email but they don't have one I'll just mail.
Joe: Yeah. I would encourage you to do all the follow up you could, whether it's email, text, message, you know, Slydial, voice broadcast and direct mail especially that's going to be really critical and important. And your VA can do that all for you, right? You sent the offers in the mail. How did you send them in the mail?
Brian: Just using quick to mail.
Joe: Yeah. You can just create a real simple letter, right. And I might even send them another offer every single month or send a letters saying, hey, how you doing? Just following up to see if you still thinking about selling your house. But there's, you should write this down and make sure every lead inside of REI Simple has some kind of follow up task created. Now, it could be, you could be doing this by task or you could be doing this by status, you know, like once a month, download all your old leads and send them a letter. Or once a month, whatever that task comes up, you send them a text message, a personal text message. Maybe two weeks later you send them a Slydial, a personal Slydial. Hey Jim, how you doing? Just wondering if you sold your house yet. And once you get that set up, your VA's can do that. But that follow up is so critical. Gavin, will you talk about the follow up and what we're doing in Alabama?
Gavin: Yeah absolutely. We're in multiple markets. Brian, as you know the follow up is the key when it comes to cold calling, okay. We're not trying to, everyone's got their own way. People in this business that are doing huge volume. I was on a couple of sites yesterday and they were doing text messaging 2000 today, right. Some we're doing 6,000 text messages a day and that's good. But the problem is that you've got to make sure that you're not missing anything when you're doing bull texting like that, you've got to interact with people and this is either you or your VA's, okay? I'm all about quality of lead per day that we can get. I'm not interested in 60 leads a day that we don't have the bandwidth, like most don't handle that amount of leads and work efficiently, okay.
Gavin: When we say five a day, you can do, if you can do five sellers a day and make three offers a day, then you're following up with will come eventually through follow up, okay? And there's multiple ways, like Joe just said of doing that. Like your doing, text messaging, cold calling them back, sending them mail, whatever it is. But it becomes a point when the close needs to kick in, right? When it becomes now a lead, now we've got to get it closed. Do you feel that you've got any right now that are on the tip of potentially getting a contract?
Brian: I've got two, and they, you know, one is just I sent them an offer and we've agreed on the price and I've sent them the contract. It's just, he kind of went cold. I don't know what's going on. He still communicates a little bit here and there and but at the end of the day he's not signing the contract even though we've agreed on price so.
Gavin: Okay. Did you send, how did you send the contract?
Brian: Through electronic signature kind of thing.
Gavin: Did you give him a deadline on the contract to get it signed and back?
Joe: Okay. So next time on something like that Brian? Try to schedule a time when you can get them on the phone and walk them through how to sign it electronically.
Gavin: We have deadlines. Sorry Joe carry on.
Joe: I was going to say, you can do the digital signature in REIN Simple, right? Schedule the time to get them on the phone. All right do you see the email? Open it up, okay. Now what do you see? Do you see that? Click sign here. Go ahead and sign that. Just want to make sure you don't have any questions. Have them walk you through it, right? You can even do a little meeting, right? Set up a Zoom where you could walk them through or you could send a mobile notary to their house. So, hey, listen, I can get a mobile notary there in two hours. Go to 123 Notary123.com or 123Notary.com. Another one is assess notary, I believe. But anyway, Gavin has got the right point. Is that you want to make sure you are giving them a deadline, right?
Gavin: And as Joe Said you can use little techniques, I guess white lies if you want to say that. The system, oh, I don't know if it's going to send. I've had problems my email sending it. So we're just going to jump online why I send it. Come up with a reason of why you want them online. I just want to make sure as Joe said, if you've got any questions we can talk through it. Because you want to know if they're actually going to sign it or they just try and get you off the phone, right?
Gavin: And there's a difference. So because then you're chasing, right. And then it's not a good position to be in. And if you're chasing a contract because if your chasing the seller then there's some urgency that for you to get it, if that makes sense. And that's like saying, well why is it, is there more into it, could I get more money? And they start to think that.
Brian: Yeah, that's kind of how I feel right now. I don't want to feel like, I don't want to definitely chase them, but obviously I know that they're wanting to sell and I want the contract. And then I have another one that turned out to be a pretty nice sized deal. And you know, he's ready to, we've agreed on the price again and, but he came back and said, hey, I want to wait until I evict the tenant first so you don't have to worry about that. And then, you know, then he came back and said, well my contractor, my attorney to look at the contract. And I said, no problem. But I don't know if I should've worded that different or try to figure out what his objection was. Because most of the time they don't want to actually have their attorney look at it. That's an excuse.
Gavin: An excuse yeah. So you pull away, sounds like, you know, this isn't probably going to work. I mean, why, you know, why do you want to wait until the tenant? Does it not make sense if you want to sell that, we get it locked open and get things moving. Sounds like it's probably not going to work. I'm going to be honest, Brian, if it's not going to work, give them the option to say no, you've got to be going for no given the option to say no take it away. We just, you were on the call Joe started coaching, Paul and Pam and Jim. We had a call and I said take it off the table. They took it off the table and you were on that call. How much equity did they build? How much cashflow did they build? It was ridiculous. From $2,500 a month in rent to $2,100 and $500 a month in credit it back on the back end per month.
Gavin: So they went from $2,500 to $1,700 a month now. And that's without and they went from a purchase price of what? $345,000 to $320,000. And they went from $10,000 down to $5,000 down right through one pull away that came from them, right? I mean you heard it. We went over it on the, on a one to one call. They went, they are living it and you can see the power when he just said, no, that's not gong to work. That's what his text message said. And then the guy came crawling back and he was just giving it all away. So you got to know to do the same, take it off them, right. Deadline on that signature, hey I need it back by tomorrow. If they can't get on the call, give them a deadline to see how. Most alot of signatures we have to do that with or we'll send a mobile notary. Depends on ages as well. Not everyone can operate the, you know, the computer, depending on what age you that you're working with.
Joe: Deadlines are so important, we're talking about deadlines when a seller says, yeah, I'm interested or they agree to your price. You got to give them a deadline. Now I still send offers even if they're not interested, right. If they're cold or warm, I'm still going to send them an offer anyway with a letter. Maybe three different options depending on the scenario. I wanted to go back a little bit, Brian. Like how many sellers are you talking to a day on average?
Brian: That's the thing. I have my VA who running, who's handling the, my CRM and follow ups and things like that. I haven't been actually making the, after the cold call if it leads to a lead. I have them actually reaching out and testing motivation and things like that.
Joe: Oh stop. Timeout. Are you crazy? No. You got to do that yourself. That's so important Brian. I know you might think it's a waste of time, but it's not. We're talking about all the importance of follow up, right. Now you've got three different people talking to them, the initial VA, this follow up VA, and then maybe you and they're going, who's this guy? You've got to like that initial VA, they just do the initial prescreening. They're looking for someone to raise their hand, that say, yeah, I might be interested in maybe selling my house, right. That's all you got to get on that phone and talk to them. That's huge that's so important. And these calls, they don't have to be long, right? We're just talking three to five minutes, just three to five minutes to find out there if they have any motivation or not find out what they're trying to accomplish.
Joe: I mean, ideally best case, your VA who's doing that initial cold calling, maybe just transfers the call to your cell phone and you get them on, right. Best case, but like maybe you have to schedule a time, but you shouldn't be making that seller jump through other hoops. You should be talking to five sellers a day and sending offers to at least three of those five every day. I would send an offer to every single one if you could.
Brian: Yeah I typically do send an offer to every single one. That's understandable, I mean, unless a rare circumstance or something. But yeah, I'm sending an offer to every single one, but I guess I know what you're saying. I need to be doing that, but I don't like talking to sellers, honestly. Just being completely honest with you.
Joe: Oh, I don't either. No, I don't either. So what else could you do? What are your options?
Brian: Find a wholesaler to team up with.
Joe: That's really important because…
Brian: It's a problem and I don't know. I love talking to sellers, I was going to houses and driving around and doing all that stuff.
Joe: Yes. Okay. So that's a different subject, right? Like I've done that for years. We're doing that now with Melissa in Alabama. We wholesale deals virtually without ever talking to sellers. But how we do it is super simple, we have one person that does the cold calling or the texting and pre-screen, that initial prescreen and then it goes right directly to the wholesaler, right. So, now are you doing this in the same market that you're living in?
Brian: Yes, yes.
Joe: Do you network at all with the local real estate clubs?
Brian: Not as much as I should, but I do try to go occasionally.
Joe: That's one place to start. One of the things that you should look at is, I'm just going through this fast because the interest of time, I cover this a lot in the automated wholesaling course, which you have access to and there's a module in there called building your team. I would encourage you to go back through that and look at that because I give you a lot of good ways to find local wholesalers, but one of the first things you should do is network with your local real estate clubs and start finding, asking around who's doing deals. You're not looking for the company that's already spending tens of thousands of dollars a month on marketing and has plenty of leads. You're looking for the wholesaler that doesn't like doing the marketing. They don't like prescreening the leads.
Joe: They get buried in post it notes and they're scattered they're not organized. They just want to be in their truck driving around looking at houses, talking to sellers at the kitchen table, right? That's the kind of wholesaler you want. Well, they're out there. So first local REIA groups. Second, I would start networking with other investors in the big wholesaling Facebook groups. You've got Wholesaling Houses Fulltime, Wholesaling Inc, Wholesaling Houses Elite. Those are like the three big Facebook groups, right.
Joe: And just go in there and type in the search box of that group. Type in the word Tulsa and see who is doing deals in Tulsa and just start reaching out to them. Third, third or fourth thing is go to Google and Craigslist and see who is advertising on there either for buyers or we buy houses or what not and contact them. Start talking to them. The other thing is the final thing I want to tell you to go look at as well, Facebook Marketplace as well.
Joe: Go see who are the wholesalers who are advertising houses right now on Facebook Marketplace. Then go check out Bigger Pockets, go to Bigger Pockets type in the word Tulsa. You'll see who's been talking about Tulsa in the discussion threads. Who has companies that are based in Tulsa? You know, you may have to talk to a hundred wholesalers before you find one or two, but you're looking for that guy who doesn't like doing the marketing that you're doing is not organized and doesn't like to do the follow up and create the systems like you are good at doing. Doesn't like to do the follow up, you know, but you have the time and the money to invest into marketing. Find somebody that doesn't like to do that stuff. Who's good at talking to sellers, who understands the importance of a hot motivated lead who will drop everything they're doing to go meet with the seller, right.
Joe: Stay with that seller for two hours if you have to to get a contract. That's the kind of wholesaler that you want to find a partner with. There might be somebody listening to this right now or later who was like, yeah, let me know, Brian, come on I'd love to work with you. I've never met a wholesaler when I've explained what I do and what I want to do, who has said, no, I don't want your leads. Like yes, unless it's somebody and even then they still say yes, but like if, unless it's somebody that's already got a wholesaling operation with staff, they've already, they're doing a bunch of marketing. There's not really much you can add value to them, right.
Joe: But do you find that whole side of the and say, listen, I'll pay for the marketing. I'll prescreen the leads. I'll do all the follow up. I'll send the offers in the mail. I'll do the admin. I'll give you my VA that kind of stuff. All I want you to do is take these leads and make offers and sell them to your buyers, right. You can find that guy you're just going to have to work and get at it.
Brian: Got it.
Joe: Even when I was doing deals in Saint Louis and I live in Saint Louis, that's what I was doing. I was finding other people to do that for me. One other thing I'm going to recommend to you is a checkout a book. One of my students, good friend of mine, Brian Elwood, wrote a book called Fire Yourself.
Brian: Yeah, I've heard of it.
Joe: You can get it on Amazon or you can go to his website, FireYourself.net. That's a good, simple little book, a 100 120 pages, but it's all about how to find acquisition managers. And if I were you and you could not find a local wholesaler partner with, then I would go out and hire an acquisitions manager and you can pay them on commissions, right? So or can pay him like maybe minimum wage and then a bonus for every deal that they do. But that Brian does a really, really good job in that book, Fire Yourself to talk and teach about that. Does that make sense?
Brian: Yeah, that makes perfect sense. Yeah, I've heard a lot of good things about that book.
Joe: I'd recommend that. So as far as the roadblocks, you know, with the mental roadblocks, Gavin, do you want to talk about that? I'm not very good at, you've talked hear about some of the things holding you back, past experiences and comfort and limiting self beliefs. Not surrounding yourself with the right with higher level people. What do you think you can do, Brian, to fix that and help with that? What do you think the answer is?
Brian: You know, I don't know. I find myself right now it's just, I don't know, it's just really busy season. We have a newborn.
Brian: Thank you. Not a newborn anymore, but nine months.
Joe: That's still a newborn. The newborn until about like three.
Brian: Yeah three. So it's then it's been really busy and I'm still trying to focus just fully on this, you know, wholesaling and trying to juggle all of that. So it's been difficult, but I surround myself with other people and find time to do that has been proven to be difficult. I know I need to do it and network more, but I just haven't done it. So a lot of, I guess I do everything myself. I have a VA that helps me and got a cold caller VA myself, but most of the time I'm doing everything myself spending time in my office alone, things like that.
Joe: Oh, I get it. You know, one of the things I did about a two years ago is I started a local mastermind in Saint Louis, other local wholesalers and I made it a more premium group. I just said, listen, you've already got to be doing deals and we've got anywhere from 12 to 15 people that come every month. Now, I stopped doing it about six months ago, I get let somebody else do it. But you might think about starting something like that, Brian, if you don't have one already, start a local mastermind group, not your own, not a new REIA. I'm not talking about starting a new real estate investment club, but find other people that are just like you, do a couple of deals here and there.
Joe: They want to grow their business. Maybe they're already doing a couple deals a month, maybe more and start a local mastermind where you get everybody together over coffee or beer, whatever you prefer to drink and talk about business. You'll be shocked at how much, even though you're in the same market, people are willing to share and help each other. You may find somebody else that has a deal that you have buyers for. You know, you may have a deal that they have buyers for it and you can co-wholesale deals to each other. Our own money lend money to each other. That might be a good thing if there's not something already like that in Tulsa think about starting. Does make sense?
Brian: Yeah, that makes sense.
Gavin: The other thing is as well, like think big, you know a lot of people that we work with, a lot of people in the industry, you've got to think that there's bigger deals out there in smaller markets, right. You got it, you can't shorten and as you said, you're in your office, it's just you, right. And sometimes that can kind of feel like it's on top of you and you've got to get out there. Again, networking high level, think big, think that you're going to do big deals. There's no limit on deals, right? Why can't you do $30,000 deal in your market? It is possible.
Gavin: We just paid until a day over $5,000 that was it was a drug house, blah, blah in Augusta, Georgia, the $5,000 probably going to sell it for $30,000 in Augusta apparently no one can make any more than $4,000 thousand in Augusta. That's nonsense. No one in Alabama, oh everyone could make $7,000, no $20,000. Our average fee is $16,000 double what most people do over double what most people do in that area. Because you've just got to expand and think big and then create small wins, right. Because you're small wins, the small wins is what's going to give you, sorry guys, if you guys if your listening to the podcast, there's a puppy in the screen and it's really neat.
Joe: Meet Willow, everybody.
Joe: This is Willow, all right sorry for the distraction. She just came in.
Gavin: The small wins, right? Because that's what's going to build the momentum and give you the positivity to keep going, right? This business can hit you like a train sometimes when it's not good, but when you get them small wins and you start to build on that, it's momentum, right? That's what we're trying to create. If you do one good call, do another one, do another, don't stop, right. You've got that momentum and that energy into the next call. You will be more confident on that call than you even think that you will be. You will control it you will own it. You will control the situation and you're going to get a contract and that's what's going to happen. Does that make sense?
Brian: Make sense yeah.
Joe: That's good.
Gavin: Because then wins. I'm telling you, the small wins is what's going to bring that win the race.
Brian: Got it.
Joe: That's really good. Brian, are you coming to our mastermind I'm in a couple of weeks?
Brian: I am. I'll be there.
Joe: Cool. That'll be good for you. I think just hanging around other investors that are doing deals, getting encouraged. One of the thing that gets me encouraged when I'm feeling down is listening to other podcasts where they're interviewing people that are doing deals. Just like, holy smokes, like if that guy can do it, why can't I like, I'm not belittling them or making fun of them. I'm saying like, what's so special about this guy, right? Like if he can do it, then I can do it. And I get inspired by that. That kind of stuff fires me up. Does that make sense?
Brian: Yeah. No, that makes sense. I absolutely agree. Every time I listened to a podcast I get fired up. I just don't do it enough.
Joe: Well, you got to be careful with the shiny objects too, right? Like, because you might hear an interview with somebody doing land, somebody doing short sales and foreclosures but be careful with the shiny objects. Shiny objects will make you go blind. Focus will make you go rich. So if you want to be rich, be focused, but you know go out there and listen to some of the podcasts of where they're interviewing students that are doing deals or they're talking about the three, four or five deals or doing a month. I've got a ton of them at RealEstateInvestingMastery.com.
Joe: In fact, there was a podcast I interviewed, this is an old one, but it was some students of mine that were living in Beirut, Lebanon that were doing deals in Oklahoma City, Oklahoma, right. Now they did have some boots on the ground people there, but just you want to get encouraged. It's about four or five year old podcast, but you can, later on I can send you the link if you're interested. But look for those podcasts you can get some encouragement from that. Does that make sense?
Brian: Yeah. Makes very good sense.
Gavin: You only follow people doing deals, okay. Never take advice of someone that's not doing it or the can't do it. Because if one person in that market in your market's doing it, then you can do it. It's only the people that can't do it or are not putting the effort in that's going to shut it down. It doesn't work I can't do it costs too much or whenever it is, okay. So again, that goes back to surrounding yourself with the right people again. So only take advice off people and listen to people that are actually doing it that can show. That's why I can vouch for cold call and texting all day because we're doing it. If I don't do any deals from it I can't say to you, you know, you should be doing it. This is what you should be expecting, okay.
Gavin: And direct mail still works. I'm not knocking it in my opinion though. As Joe said at the start we have in the business now, we have to control and go after deals our self, not wait for them to come to us unless you've got deep pockets and you want to start spending some money and spend a lot of money to get fewer calls and do deals that way. It's about profit margin. That's what we're interested in.
Brian: Absolutely. Absolutely. I'm just trying to build, continue to just to work on the mindset but also just continuing to do the work and to build up the pipeline and being more consistent with doing deals so I'm close. I'm most excited about joining the program and get consistent with leads, which obviously is to help with the consistency on the deal. So, yeah.
Gavin: Yeah. Okay. Well, so what's one thing you're going to focus on that between now and the mastermind next week?
Brian: I guess getting on the phone and having more quality conversations with the sellers versus just waiting for the VA to tell me that they are close to my offer or have accepted my offer or something like that.
Gavin: Yeah, you should be. Because here's the thing, it should be, as soon as that lead comes in, that's qualified it should be tagged in REI Simple for you to call. Very clearly this is the person that you need to call, right. If they have showed an interest anything but a no get on the phone. Because your going to be able to take it into conversation and go a lot deeper than a VA can. Does that make sense? Now if you've got an acquisitions manager, then they will be passing it to them to get the contract.
Brian: Got It.
Gavin: You see the difference? Then you wouldn't need to do it. You would just make sure that you're listening to their calls and they're doing a good job and you're training them and helping them along.
Brian: So your not doing it. Somebody else is, but it's still being done. But you don't want it hopping through too many chains like we said early.
Brian: Got It. Got It, okay. So what conversations should, might a VA be doing? So if someone calls in off of one of my letters or something like that, can she take the direct call or following up can she make that follow up call?
Gavin: Well it depends on what you mean by the follow up call. I mean if you got a lot that you couldn't handle, a VA could do help do some follow up if it's like months old. But if it's a lead that's coming in if it's an incoming, you could, they'd have to be a better VA because a cold call lead, you've got all the information in front of you for the most part. You have the address, you have the name, you have the beds and baths if you need it, right. So that's how if the phone rings to them, you just need a good VA that can take that. But again, they're just gathering information. So if you've got direct mail that their going to answer, which we've done before, which works, but again, they're just gathering information, Oh tell me a little bit about your property.
Gavin: You know, why do you want to sell? Some simple questions for them. Have you done any remodeling in the last five years. It's just a random question to say, oh no, three years ago we did 10 years ago, we've not done anything. It's just a random question that's going to give you the answer that you need. When it comes to you, the VA's going to give you great notes and say, right, here's the notes. This is rented. It's vacant. It rents for this. There haven't been any major remodel. Whatever it is that their conversation and you can look at it and then you lead into that.
Brian: Got It.
Gavin: Does that make sense? There's two ways them setting the appointment for you to be on the phone or you call back and they or one that we use is that I will get an offer to you or Gavin or reach out to you today or minimum the next 24 hours. That's just kind of the handover. Then we'll call with our offer we don't care about that. We're back on the phone and then we will go deeper with them. I just need a bit more information, Mr. Seller about a few more questions is going to best help me structure the offer for you. Is that okay?
Brian: Got It.
Gavin: Yeah, no problem. And then you're back to go in deeper, going deeper on the why to see where they're at and if there's not deep, if there's no why there, they're not giving you the why. Rap it up, get off, make the offer follow back up. If they're giving you the why, then keep going at it, keep circling in it. When soon as you get a pain point, it sounds bad. Soon as you got a pain point and you just keep hitting that and poking it and recycling back around it throughout the conversation.
Gavin: Because that's where you're going to get them into an emotional state to make a decision, right. If you get the in a state or anyone listening to this, whether it's called one or called 10 as soon as they're in that state, that's when you need to fire to get the contract. Not Tomorrow. Not when they've slept on it. No when Uncle Sam’s come around and added his two cents and throws the deal off. Today, now the emotion is, now you've created it, right? That's when you fire you fire tomorrow, deal, now you're back chasing again because Tommy's come round or uncle Tom and said something and well we might do this now.
Joe: Yeah. Here's the main thing. Time kills all deals money loves speed. So you if want to deal is you got to be fast. You're in business to make money today now, right? If they don't want to do a deal today that's fine. But you follow up, right. And you follow up incessantly. That's going to be the key to this. Brian, we need to wrap this up. Brian, what have been some of your big takeaways on this call?
Brian: Big takeaways. You know, just get involved, start my own mastermind, local mastermind. Kind of like local…
Joe: Or join if there's already one, right?
Brian: Yeah, yeah, absolutely. So I can connect more network more and me get on the phone and start handling the calls with the sellers. Oh, that's big takeaways. And create a template. So I'm going to start following up as well as the letters as well.
Joe: Are you going to start looking for a local wholesaler? You want to go that route?
Brian: I'm thinking I want to go that route. Because they would be able to, I mean, at 50% they would be getting into contracts, they'd be doing the follow ups as well, some of the follow up. And then they would be also selling the property as well as an acquisition manager. There just acquiring it and then you still got sell it.
Joe: Well, it's huge. You know, even when Gavin and I met in Spain for the first time, I was doing a workshop with a friend in Spain and we were, you know, 50 people in the room or something, teaching people in England how to do deals in England from Spain, which was awesome. But what we did is we had everybody split into two groups on the left. We had people who had money, but weren't good at talking to sellers didn't want to talk to sellers on the right. We had people who didn't have money for marketing, but we're good at talking on the phone to sellers and we're willing to do it, at least willing to learn. And it was good 50/50 split.
Joe: And we said, all right, everybody network, start talking to each other, start talking to each other and of that group the next time we did the workshop, a year later we had at least three different groups that had come together and partnered together and we're actually doing deals together. It doesn't have to be like you're creating a new business. It can be on a deal by deal case basis, you know? And you don't have to form a new partnership or new LLC, but it's just finding somebody that's good at what you're not good at, right. And there's a lot of them out there.
Gavin: And if you can set an example in your marketplace, you can dominate and people it becomes much easier because people want to bring you deals. And when we talk about that Spain event, we probably had 50 investors. We were all at dinner, right and I'm working a US market. I closed a deal from Spain on the phone. I don't know if you remember that.
Joe: I didn't know that.
Gavin: Yeah. And I closed when we were at dinner, so I walked off and took a call from a direct mail, we closed on it, back when it was, you know, you could close on the phone at first time. And got the, got the contract. We spoke numbers, got the deal done and that's why people are like, I can't relate. Then it gets the, and that just inspires other people to say you're doing it from here. Like it's just mindset. I don't have to be there in person and I'm the first to admit and people think I'm crazy. Like you don't send back then you don't send me to a house because I have no idea what I'm doing, right. All I'm looking at is numbers and negotiating things.
Gavin: I don't know repairs and estimates and I need to know that. Does that make sense?
Brian: Yeah, that makes perfect sense. Yup.
Joe: Well Brian, I'm looking forward to seeing you in a couple of weeks here in Saint Louis.
Brian: Yeah, I'm excited about it.
Joe: It'll be good. If any of you watching this, we're getting some comments here. This is cool. People are saying here, great info. Nice. Caffery321 has a question here. I'll have to answer it later. Nice. In the comments guys, you should see those two notaries that we've talked about. If you are interested in hanging out with us in Saint Louis about once a month we do a two day implementation workshop and then we also have three times or four times a year, a little mastermind with our private clients where we mastermind on each other's businesses. Everybody has to share one thing that's working for them and share one challenge that they have and we all focus and help each other make our businesses better, which is awesome and exciting.
Joe: I'm looking forward to that. So if you're interested in working with me and Gavin, I want to give you a website here in just a second that you need to go to on this video, Gavin and I taught, it's like a 30 45 minute video on how we did over $150,000 in the last couple of months in a virtual market without doing any direct mail. These are real deals that we're doing. We talk about some of the deals that we did go to this website, VirtualCaseStudy.com VirtualCaseStudy.com it's a case study we did on how we did these deals, the lists that we marketed to, how we marketed to them, what we said to them and all of that.
Joe: You can go check that out at VirtualCaseStudy.com VirtualCaseStudy.com and if somebody can type that in the comments, I'd appreciate that just so we can make sure we can get it out. I'm not sure I can get it out right now myself. So thank you Brian for being on the phone.
Brian: Your welcome, thank you very much. Guys. I appreciate it.
Joe: Thank you Gavin.
Gavin: Thanks. Have a good one.
Joe: We'll see you guys later. Take care. Bye bye.