Real Estate Investor Training in Arlington, Texas Day 1
4 Day On-Site 1:1
I’m a real estate investor working my own business and a coach for Bob Leonetti and Jayme Kahla through the SMI Funding and the Real Estate Profit Coach. I travel the country helping Bob and Jayme with their educational seminars. I also work with our students on-site and assist them in building their real estate business.
I recently completed a four day 1:1 with one of our students, Rosalind Winn and her team in Arlington, Texas. Rosalind wants to provide a living for herself and her team, which include her Mom Frances and her Aunt Lucille, and dig her way out of seminar debt. Bob Leonetti introduced me as a “mail box money” coach, which intrigued Rosalind. Check out my mail box money blog for more information. She also wants a portable business that can replicated in another major metropolitan area as the families contacts are widespread, which ties in well with the mail box money scenario.
Rosalind’s a seminar junkie, a student of numerous real estate training events which lead her to spend money on multiple products, most of which she is not using and does not have a plan to use. You can get easily overwhelmed by all the different techniques to make money in real estate. My goal is to get her to focus on 1 or 2 ways and implement them immediately. Progress will never be made until procrastination is replaced with action.
Rosalind has been burnt a couple of times in real estate transactions and has some trust issues. I’m going to have a challenging few days. Not to mention Momma and Auntie watching me like a hawk!
So how do we get started? The first nut to tackle was documenting goals and refining her business plan. Bob Leonetti and Jayme Kahla have a great Profit Mapping 90 Day Action Plan that I used to get us started. Profit Mapping is an important exercise that I have all my students either complete or review, depending on where they are in their investment business. To meet her financial goals for the next six months, we determined that Rosalind needed a total of 10 deals. This may seem like an overwhelming number, so let’s break that down:
· 100 offers total
· 10 deals total
· 4 offers per week
· 20 talking with sellers per week
Now Rosalind has a weekly activity plan to keep her motivated and moving forward. What will she focus on? We began reviewing and finalizing Rosalind’s business plan. First, defined buying criteria:
· Want 3/2 single family homes to wholesale
· Want ARV $50 – 120k
· Light repairs up to $15k
· Need to purchase at 65% of ARV less repairs
· Target buying areas:
- Arlington - Primary
- DFW metro – secondary
With the “what” and the “where” defined, it was time to focus on the “who.” Rosalind determined the following would be her target segments:
- Wholesaling w/ double close
- Assignment of contract
· Work with pre-foreclosures
- Sub2 reinstatement
- Short Sales
· Absentee Owners
· Out of State Owners
With the “what”, “where” and “who”, we turned to the “how.” Just how would Rosalind reach her target segment? Through marketing and lead generation.
Through Realtor.com we found REO real estate agents and contacted them with our REO buying criteria. Check out my blog on finding real estate agents through Realtor.com. An agent responded to our inquiry and we set an appointment to meet with her tomorrow.
We reviewed Rosalind’s target audience and defined the best marketing tool for each target segments. Distressed homeowners respond better to a personal campaign. We refined her current marketing methods and lead capturing systems to better meet the needs of this group. The question left here is where to find distressed homeowners?
Part of any good plan is a “dream team”. She needs a group of professionals to help her reach her goals. This is particularly important for a novice investor. We already had an appointment with an REO real estate agent. We called on some area title companies Rosalind was familiar with, and managed to set an appointment with a title sales manager to discuss business opportunities.
A potentially huge part of Rosalind’s lead generation could come from Mom and Auntie. They have an impressive sphere of influence and have great credibility. Several prospects have already approached them, one being a free and clear property in Forest Hill, just south of Arlington. We need to create a marketing message for them and some branding around Rosalind. Imaging how powerful they could be with a little bit of ammo! I’m excited!
We spent some time on analyzing and deal structuring on the Forest Hill free and clear home. As I am a licensed real estate agent in Texas and work in the DFW metroplex, I was able to run comps and give Rosalind and her team a refresher on the financial calculator (HP10BII). We ended up with 2 purchase offers to present to the homeowner, and a third alternative of optioning the property to find a buyer.
On our way back from lunch we spotted a FSBO directional sign. We decided to follow the sign and check out the property. An important part of your business should be working FSBO, garage sale and estate sale opportunities! The investor doesn’t need to do this work – a bird dog on your team can easily be trained to handle this. Rosalind grabbed a flyer at the home and will follow up with the FSBO homeowner to see if there is any opportunity.
We participated in the weekly coaching call with Scott Carson. Each week, we discuss current topics we believe our students should be concerned with, and answer specific questions submitted by students. Our calls are recorded and can be played back from the RealEstateProfitCoach.com web site if a student misses a night.
We ended our day by reviewing our accomplishments and setting a schedule for the next day. I left Rosalind and team with several homework assignments to complete that night. A great start to our four days, three more to go!
Day 1 Wrap
Real Estate Investor Training
- Real Estate Investor Training How To Invest Real Estate Private Money
Real Estate Investor Training and Coaching step-by-step take action find deals, private money and get paid.