I’m letting you listen in with Gavin and me as we coach some real people via a coaching call. This is a chance for our students to submit questions or provide us with one of their deals to evaluate.
Gavin and I have done 58 deals so far this year, and 54 of them were made due to follow-up. That’s why you have to keep working with anyone you’ve spoken to lately that’s shown any level of motivation.
Our average time to close is 3 to 4 months. Some deals take as long as a year to close. Remember that sellers are always going to pretend they lack motivation. Keep calling and stoke the coals.
We don’t care about the house as much as we care about the seller’s motivation. We have numerous strategies to offer so we can generally come up with a solution to sellers’ problem(s).
If you have a hard time getting a seller off his asking price, offer them a lease option assignment and you can pay the asking price. Then you become a hero by finding a tenant buyer to occupy the house.
Make numbers that work for you… don’t worry about pleasing the seller. Ask the seller what happens if he can’t sell the house? Then move right into a lease option discussion.
What if I pay the asking price in a couple of years and rent it in the meantime? If they’re not interested in that, get off the phone. Don’t spend time with unmotivated people.
We do an exercise that gives our students 3 minutes to put together an offer on a property. We don’t give them a lot of info on the property so they have to go with what they’ve got.
Three minutes is enough time to spend computing offers. That’s what you need to work toward…. even if you make the wrong offer, you can get a do-over. It’s not a contract, just an offer. Learn from mistakes.
AND, remember you have terms to bargain with, too. Give the seller a higher price for a longer term on a lease option—that’s the beauty of lease options and owner financing deals.
Your speed to income is directly proportional to the number of offers you make. You must make offers and talk to potential sellers in order to make money. Get off the computer… it doesn’t generate deals.
A scorecard helps you do the math that tells you what method of marketing works, how many leads you’re talking to, how many deals you’re closing, etc. It also calculates “if I do this, I can earn that.”
Don’t spend a lot of time on any one property, no matter how attached you are to it. Spread out and talk to as many sellers and make as many offers as you can. That’s how you make income.
Listen and Learn:
- Again (and again and again)… “No” from a lead means not yet.
- Gavin and Joe coach people all the time; they help people get the systems set up and get their 1st leads.
- You can watch a case study to learn what Joe and Gavin are doing with students in Alabama.
- Watch Joe put a value on a couple of properties using comp sources and calculators.
Mentioned in this episode:
- Joe’s podcasts on iTunes: RealEstateInvestingMasteryPodcast
- Joe’s free book: WLObook.com
- For comps and leads: PropStreamJoe.com
- Work with Joe and Gavin: JoeMcCall.com/apply
- Realtor.com, Eppraisal.com,
- Learn about REI Simple: Email support@JoeMcCall.com
- To get calculators Joe uses: Text WLO to 313131
- Subscribe to Joe’s YouTube channel
- Join Joe’s Facebook group
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