North Carolina Real Estate Investment Training
Finding Deals for the Dentist
I met Jack Brinkley at his dental practice in Taylorsville, NC (which turned out to be a block down from the bed and breakfast where I was staying at) and we spent a few minutes visiting with his staff. We discussed our Real Estate Investment Training with him and his staff and we decided that the best place for us to work would be at his home so we headed out to his home.
While driving, Jack outlined some of the goals that he had planned for himself along with what he was hoping to accomplish in with real estate. We also discussed the itinerary for the week and what I had planned for us. I had spent some time scouting for deals on Craigslist the previous day while I was spending the day with a previous 1:1 student, Jamie Harrington. Fortunately, I had found a wholesaler on line who had listed several potential deals at $45,000, $25,000, and $22,000 in the Charlotte area. I mentioned to Jack that we would be giving this contact a call later that day to potentially look at and sign contracts on them. Jack was extremely excited about that and was ready to get started.
Once we arrived at Jack's home, I laid out the day at hand. We spent the first couple hours going through real estate investing 101. I spent some time quizzing Jack on his knowledge of investment deals and spent time going through each specific type of deal and how he could decipher deals between sub to's, short sales, wholesale, rehabs, wraps, lease options, and others. We also spent a large amount of time having Jack understand the five different exit strategies (conventional sale, owner financing, lease options, renting, and wholesaling) that he would be utilizing with his deals. He liked the idea of going with the fastest exit strategy and moving on to the next deal!
After spending some time making sure Jack was comfortable with our plan of action, I had him jump online and we started marketing. I had him post several Craigslist ads to find buyers, sellers, and other investors. I also had him create a Twitter account and he immediately started to follow people by logging on and checking out who was following me. I assigned him the task of following people at night after we wrapped up the day along with him creating a Facebook and MySpace account. Jack was extremely excited to see that within an hour people were already following him after we set up his FeedMyTwitter account.
After setting up his account and posting a few ads, I showed Jack how to scan through the real estate for sale postings on Craigslist. We identified another couple postings that we emailed to and they both turned out to be with the same investor that I had contacted previously. Jennifer Felgott, emailed us immediately back and I followed up with a phone call to her. She had several deals, including a duplex in Charlotte, that were all ready for contracts to go on as the majority of them were REO's that she had already negotiated down along with some short sales that were near completion. We immediately asked Jennifer to fax over a sales contract on the duplex along with setting up an appointment to meet with her the following day. Jennifer promised to send over a list of properties and have some for us to review the following day.
Jack and I spent some time discussing how he could find more time during his work day to focus on what he was looking to do. Jack had already committed to changing his work schedule to allow him 1-2 afternoons free to work on things. I also went through and made a list of things that he did on the weekends or during the week that made more sense for him to delegate where his time was worth much more than mowing his lawn or working on choors. Jack understood what I was mentioning and agreed to work on finding more time in his schedule to delegate tasks to his staff and contacts.
Jack mentioned that he was also interested in looking for a large piece of land (100+ acres) to eventually place a Tyson Chicken Farm on. He explained what he was looking to do along with the program that Tyson offered, and I agreed that it could be another source for future income. We immediately called Jennifer back and gave her the chore to find some acreage.
I had Jack check his emails and we found that Jennifer had faxed over a contract for the duplex. We needed a proof of funds letter, so I called Kari Banse at the home office and had her fax a POF letter for $500K over to us for Jack to have on file. After we received that, I had Jack copy a earnest money check, along with signing the one page contract that Jennifer had sent over and I showed Jack several websites that he could use to identify rent rates along with property values. Rent-O-Meter and Zillow.com are two websites that shold only be used as a guide source for determining value and rents. I told Jack that Jennifer would need to provide MLS comps to us to have a better idea as far as value was concerned. Jack agreed with me on both fronts.
We spent the rest of the day working on exit strategies on several of the potential deals. I worked with him on the numbers regarding, structuring, cash flow, holding costs, and exit strategies to show him what kind of profits that he could expect with each strategy. Jack caught on quickly to each strategy and was able to run the numbers for himself.
About the same time, Jamie Harrington emailed us with the names of a couple realtors that she had worked with in the past along with a potential short sale deal that one of her clients had called in with. We agreed to take a look at the property on Wednesday or Thursday.
We spent the last part of the day identifying several local real estate investment clubs on REIclub.com along with identifying several others on MeetUp.com. These clubs were meeting the 2nd and 3rd week of the month, so we wouldn't be able to attend them this week, but Jack promised to attend them the following week along with wanting to work with Jamie Harrington to create a club in the Taylorsville area as well.
We wrapped up Day One with us reviewing the day at hand, planning out Day Two (Wednesday) and having Jack work on his Facebook, Twitter, and Craigslist accounts to find more deals and investors. Jack was prepared to comment on his actions for the day on the weekly Conference Call With The Coaches that We Close Notes had on a weekly basis.
This weeks call contained a special guest. We were excited to interview the head of loss mitigation for a large lender and servicer out of Florida. Rachel spent over an hour with us discussing the changes and updates to the negotiation process along with tips and hints that we as investors needed to know. You can find a recording of that call by logging onto www.WeCloseNotes.com.
Jack Brinkley 1:1 Day 1 Wrap Up
Jack Brinkley Bio
Jamie Harrington's United Carolina Mortgage Group
Jack's Twitter Profile
North Carolina Real Estate Investment Training Part Two
- North Carolina Real Estate Investment Training
I met Jack Brinkley at his dental practice in Taylorsville, NC (which turned out to be a block down from the bed and breakfast where I was staying at) and we spent a few minutes visiting with his staff. We...
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- North Carolina Real Estate Investment Training-Part Two
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