Gavin is joining us from England… the Midlands where he grew up. This episode is a free coaching call. Some people submitted questions ahead of time and we’ll start with some of those. If you have a question, you can submit it during the show. And if you would like to have us work with you to jump-start your business, apply to attend one of our two-day implementation workshops.
The workshop sets you up with the systems you need to get moving. You get a VA to work with, leads, automated methods for communicating with and tracking leads. It gives you a great start.
These notes contain mostly questions… just a few answers. Watch or listen to the podcast to get the answers, plus dialogue between Gavin and me. Questions others ask are surely the same ones you have.
Watch our compilation of case studies and coaching calls listed below. These sessions have a ton of great information and examples of what others are doing to succeed in various types of markets.
Q: Why should I use REI Simple as opposed to any other CRM? I use Realeflow now and it’s effective and inexpensive.
A: If you’re already using another CRM, don’t change. Use what you’re comfortable with.
Q: I’ve seen a couple of your webinars about lease options. What are the differences among your various seminars on lease option?
Q: Please talk about responses if you’re asked why leasing property is better than selling it? This guy really needed to sell his property.
Q: I’ve known about lease options for a long time. People not in real estate shy away from them. I’ve heard many objections about them from both sellers and tenant buyers. How do I get around this?
Q: If the seller already has an exclusive listing with a realtor, how does the seller do a lease option deal with me? What paperwork do I use? Should we pass on sellers who are listing with realtors?
Q: What skip tracing company(ies) do you use?
A: Need to Skip and Batch Skip are the ones we set up students with at Implementation Workshop… I primarily use Need to Skip.
Q: What paperwork do I use for lease options?
Q: We use a service for scraping Zillow and Redfin and loading info into Podio. Can we do a similar upload with REI Simple?
Q: My main problem is setting up the back office to support sales and marketing. If I have $500 a month to spend on back office, should I get a VA or spend it on marketing?
Q: My biggest problem is making offers on MLS-listed properties without proof of funds. How do I work this out?
Q: I was thinking about approaching realtors and property managers to see if they know any tenants. Is that a good tactic?
Q: What do you think about using ringless voice mail?
A: Not a fan… people have been fined and/or sued for using it.
Q: Should I set up a DBA or should I set up an entity? I have not yet done a deal.
A: First, make a deal, make offers, talk to people, and meet other investors. Everything else is secondary.
Q: When selling one of my deals, how do I get proof of funds from potential buyers?
And there’s more. The answers to these questions definitely will be helpful to you. Joe and Gavin provide specific information about challenges investors like you are facing right now or next week.
Listen and Learn:
- “If you’re not making offers, everything else you’re doing is stupid.” (quote from a student)
- Have an investor-friendly attorney review your contracts.
- Remember your role in deals is marketing and selling, and let others perform their roles.
- Stay focused; don’t jump from one strategy to another.
Mentioned in this episode:
- Joe’s podcasts on iTunes: RealEstateInvestingMasteryPodcast
- Joe’s Lease Options book: WLObook.com
- CRM Joe uses: REI Simple (Send email to firstname.lastname@example.org to get it.)
- Smartphone messaging app: Voxer
- Compilation of case studies and training videos/podcasts: JoeMcCall.com/apply
- Online course on lease options: SLOclass.com
- Skip tracing company: Needtoskip.com
- Skip tracing company: BatchSkip.com
- One-off skip tracing: PeopleLooker.com
- Status of properties: PropStreamJoe.com
- Join Joe’s Facebook group: Facebook
- Please leave a review wherever you listen to the podcast
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