The show is brought to you by my book, Wholesaling Lease Options. My guest is Phil Marsh; Phil lives in Springfield, Illinois, and has been investing since spring of 2016.
Phil did about 20 deals the first and second years while he still had a full-time job. He kept a few (maybe 3) for rentals each year. But distraction hit in 2018 and he veered off to work in land sales.
Phil uses the BRRRR method, which is “buy deeply discounted properties, renovate, rent, refinance, repeat”. The method works and it’s been talked about on numerous podcasts of mine.
He turns over houses to a property manager to handle the headaches. The property manager helps him determine if a house is a good one to rent based on its location. If not, he wholesales.
Phil positions himself to sellers by telling them he will not make the highest and best offer. He sometimes recommends they use a realtor—people appreciate that honesty.
Phil has learned from experience that it’s okay to walk away from a deal. He tells all potential sellers that the sale is pending inspection. And he doesn’t wear himself out talking to unmotivated sellers.
Phil uses direct mail for marketing, but only to niche lists. He’s using Lead Sherpa for text marketing.
Phil’s mantra is “I am the problem.” His VA organizes his day for him and keeps him off the computer, which means that he doesn’t get in his own way. His VA manages Podio and tells him when to follow up.
The VA’s excellent work lets Phil do what he’s supposed to be doing, which is talking to potential sellers.
Listen and Learn:
- Phil found his property manager by hiring two and comparing them.
- Joe’s direction of “massive action” has definitely stayed with Phil.
- Realize that you’re the problem and get out of your own way.
- He credits his successes this year with becoming focused.
Mentioned in this episode:
- Joe’s podcasts on iTunes: RealEstateInvestingMasteryPodcast
- Joe’s Lease Options book: WLObook
- Joe’s Coaching Program: CoachJoe.net
- Text marketing: LeadSherpa
- CRM: Podio
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