Just Start Real Estate Archive 2

Bill Allen joins me on this episode. Bill is a former Navy pilot. He is a smart investor that had some of the most meteoric rises in real estate investing that I have ever seen. He is a busy person, running his own business, but he takes some time to talk with me, and I appreciate that.

In this conversation, you will hear Bill and I discuss some of the common questions we face in real estate investing coaching. This discussion is centered on the topic of private money.  We talk about some of the different places you can acquire private money, how to start that conversation, and who to look for when it comes to investors.  You will also learn important information about what types of questions to ask potential investors.  Bill shares a lot of great information in this conversation and you will walk away with actionable items to grow your business.

Connect with Bill Allen:

Website - www.blackjackre.com

You’ll Learn:

• [04:26] - Private money is where you want to end up.  How to line up private money is a very common question we face.  Bill and I have both raised private money and share some thoughts on acquiring it.  
• [09:25] - Bill explains why he is in a soft-sell mindset in private money discussions.
• [10:25] - Bill shares details on the initial conversation he had with a person interested in investing in his company.
• [12:08] - Bill lists the options that investors have.
• [15:39] - Bill describes some of the sales techniques he uses in this discussion.
• [17:24] - Bill shares the danger in offering an interest rate that is “too good.”
• [20:11] - Bill explains why he prefers unsophisticated or average investors.
• [22:33] - “Where is this money coming from?” is a question Bill asks potential investors.
• [24:51] - Bill shares where he starts the process of finding private money. He explains the role that social media has played in securing investors. He gives you some tips on getting organized with your networks.
• [30:08] - Bill provides us with an example of an elevator pitch to potential investors.
• [32:35] - I explain why you should not wait to tell people what you’re doing until you’re successful.  We talk about how water cooler chit-chat can help spread the word about your opportunities.
• [36:46] - Bill talks about dealing with investors that smaller amounts of money to invest.
• [40:10] - Bill shares some advice for people starting out in investing and trying to find leads.
• [46:53] - I explain why I kept my day job until I felt it was the right time to start investing in real estate full-time.
• [50:08] - I share that raising money and driving leads IS your business.
• [51:42] - Bill says there are several places to go for private money.

Resources:

If you’re interested in learning more about our coaching, email me - [email protected].  We’d love to help you meet your goals.

If investing and real estate is your dream, there is only one way you can make it a reality...JUST START!

This Week’s Episode:

Beka Shea joins me on this episode.  Beka is an investor that I think highly of, as well as a personal friend. Beka went to school for mechanical engineering. After graduating, she became a US Naval Officer, serving on an aircraft carrier. After serving, she worked as an engineer in the energy arena, helping to build a power plant to support aircraft carriers stationed in Japan. In an effort to spend more time at home with her daughter, Beka got into real estate investing. She has built a team to support her business of flipping houses, wholesaling, and rentals.

In this conversation, you will hear Beka’s story.  You will learn why Beka got into real estate investing and how her first deal came together and became the foundation for her real estate career.  Since she comes from an engineering background, Beka is extremely strategic, and she explains why she does things certain ways.  Beka also describes moving markets and adjusting to real estate in different areas of the country.  Beka is very open and transparent in this conversation, and you will get great insights into her pricing, team-building, and much more.

You’ll Learn: 

• [06:41] - Beka talks about her life before real estate investing.
• [09:05] - Beka explains why she decided to get into real estate.
• [09:43] - Beka shares that she was very nervous about her first meeting.
• [10:39] - After attending a meeting, she asked her friend about a loan, but the friend instead wanted to become a partner.
• [11:49] - Beka talks about evaluating properties.
• [13:43] - She shares the results of her first investment.
• [14:35] - Beka describes her partnership and explains why they split.
• [15:49] - Beka lists the next few deals and explains why two similar deals ended with very different results.
• [19:13] - Two years ago, Beka relocated to Pennsylvania. She talks about how some expenses vary from location to location.
• [22:14] - Beka explains why she decided to go through a coaching class and shares advice on deciding whether or not you should pay for coaching.
• [28:13] - Beka shares how coaching changed her mindset and business.
• [33:56] - We talk about adjusting to the changing market.
• [35:38] - Beka talks about her policy on showings and pricing.
• [36:55] - Beka shares how things are currently going with her business.
• [37:50] - Beka describes her team.
• [43:26] - Beka shares her goals, including a unique goal for revenue.
• [47:54] - Beka explains what she would do if she needed to start her business from scratch in a new area.
• [50:11] - Beka says that you will never estimate your repairs correctly.
• [52:02] - Beka addresses her goal setting strategies and what she wants for the future.
• [53:01] - We discuss the need for coaching, even for people starting out.

Resources:

The 12-Week Year: Get More Done in 12 Weeks Than Others Do in 12 Months - Brian P. Moran and Michael Lennington

If you’re interested in learning more about our coaching, email me - [email protected].  We’d love to help you meet your goals. If investing and real estate is your dream, there is only one way you can make it a reality...JUST START!

Mike Cowper joins me again on the podcast.  Mike is my business partner, and I enjoy bringing him on the podcast to discuss our business and the strategies that we have used to grow our business to what it is today.  

In this conversation, you will hear Mike, and I discuss some of the common seller objections.  You will encounter seller objection, and we share some of our techniques of overcoming this objection.  These objections are usually legitimate questions and concerns and handling these concerns and addressing them in a productive and respectful way can help move the sale to the next step.

Connect with Mike Cowper:

Mike Cowper on LinkedIn

You’ll Learn:

• [06:09] - Going through a realtor is more conventional. Buying from a wholesaler is new to a lot of people.
• [06:50] - We discuss how to respond when the seller says they would like to collect other quotes.
• [10:22] - We share some tips for new people on how to sell you and your business when competing against more established businesses.
• [13:30] - Sometimes people are just not sure if they’re ready to sell.  We explain how to handle this scenario.
• [16:19] - Mike and I discuss how to handle a situation where the seller believes the price you offer is too low.  
• [20:14] - We talk about renovations and why you should not be afraid to inflate renovations numbers to the seller.
• [23:10] - We talk about a seller stating their neighbor’s house sold for a certain amount. The response involves using comps to show this is not a like-kind sale.
• [25:28] - The seller says another realtor told them they could get more for the house. We share how we handle this situation.  
• [31:40] - Mike explains that the goal isn’t to hoodwink anybody, but rather to be honest with sellers.

If you’re interested in learning more about our coaching, email me - [email protected].  We’d love to help you meet your goals in 2017.

If investing and real estate is your dream, there is only one way you can make it a reality...JUST START!

This Week’s Episode:

Mike Cowper joins me again on the podcast. Mike is my business partner and I enjoy bringing him on the podcast to discuss our business and the strategies that we have used to grow our business to what it is today. In this conversation, you will hear Mike and I share the tools that we use with our business.

We are frequently asked about the technology and apps that we use help our business run smoothly. If you are looking to streamline your business and get yourself and your team operating in an organized manner, this episode will be extremely valuable for you.

Connect with Mike Cowper

Mike Cowper on LinkedIn

You’ll Learn:

• [05:45] - Mike explains that there are an infinite number of tools out there.  Knowing what you need is the first step in finding the app to help solve your problem.

• [06:12] - Many people are app junkies.  I explain why it’s sometimes best just to ask people what they use and stick with it.
• [07:05] - The #1 app that we use with our business is WhatsApp.  We describe the app, explain why we prefer it over other messaging options, and share how we use this messaging app.
• [10:37] - The second biggest piece of technology we use is Google and its services like Docs, Drive, etc.
• [13:42] - Google Voice is a great way to have a 2nd phone line dedicated for business.  I encourage you to use this as a buffer and changing out your private line.
• [14:55] - I also use Sideline for additional phone lines.  This is a free app that provides you with a local telephone number.  
• [15:44] - Trello is a to-do app that helps you organize tasks and projects.  
• [17:08] - Podio is the CRM service that we use to organize and manage leads. Podio is the brain of our company.
• [19:18] - I recently downloaded Boomerang for Gmail.  This service allows you to track emails and it gives you reminders.
• [20:40] - FollowUp.cc is a similar service that Mike uses.  This service also has a Chrome plugin.
• [21:40] - For faxing, I use MetroFax.  There are lots of fax services out there, but this has been fast and reliable for me.
• [21:23] - I use TurboScan to scan documents and email them to people.
• [23:07] - With our business, we use DocuSign.  If I need to sign something and I don’t have access to a printer, I use SignEasy.  
• [24:12] - Mike uses Evernote to collect his documents, and he explains that it could even be used as a CRM.
• [25:24] - We use Zoom with our business.  It’s a video-conferencing software that we prefer over Skype and other alternatives. Mike shares some of the features we really like about this service.
• [27:20] - Mike talks about Jing, which is a free screen-capture application.  We use this for our training manuals and videos.
• [28:30] - Mike uses IFTT to share receipts and notes with our bookkeepers.  He also sends himself notes to his email.  
• [29:27] - Our team uses Calendly for group-wide scheduling.  
• [30:18] - If you need to leave a message, but don’t have time for a conversation, you can use slydial or slybroadcast to bypass a phone call and go straight to voicemail.

Resources:

WhatsAppGoogle DriveGoogle VoiceSidelineTrelloPodioBoomerangFollowUp.ccMetroFaxTurboScanSignEasyEvernoteZoomJingIFTTCalendlySlydialslybroadcast

If you’re interested in learning more about our coaching, email me - [email protected]. We’d love to help you meet your goals in 2017.

If investing and real estate is your dream, there is only one way you can make it a reality...JUST START!

This Week’s Episode:

Joni and Kirk Yates take care of the books for my company.  Joni has an extensive career in administration, working with Fortune 500 and small companies.  Kirk has worked for Fortune 500 companies and has expertise in sales, management, the automotive aftermarket, mortgages, and banking.  Both Joni and Kirk work extensively in QuickBooks. Joni and Kirk are my favorite hires.

If you are trying to scale your business, if you don’t keep accurate books, you can’t out-earn the problems that bad bookkeeping creates.  I’m guessing you don’t want the stress of books.  You didn’t start your real estate business to do bookkeeping.  We have a special offer we’d like to share with you.  For just $350 Joni and Kirk will set up your books, get you caught up for 2017 and get you headed in the right direction.  You have until April 4th to take advantage of this opportunity.  Regardless of the size of your business, it is $350 to get your books caught up.  Learn more at REIBooksOnline.com.

Connect with Joni and Kirk Yates:

Website: REIBooksOnline.com

You’ll Learn:

• [07:10] - I tell the background story of how I met Joni and Kirk.  

• [10:41] - Joni explains what it was like to come on board with our company and help us get headed in the right direction with our books.  
• [11:50] - Joni and Kirk explain how bookkeeping for real estate is quite different than other businesses.  
• [16:09] - Because this is such a specialized bookkeeping situation, it’s important to make sure you get the right person that knows or can learn.
• [18:25] - As Joni and Kirk have grown, they can use their experiences to help with the process with other clients.  
• [20:24] - I ask Joni and Kirk to share what habits Mike and I have with our business that impact them the most.  
• [21:28] - I share some of the benefits of having someone keeping your books.  This gives you a lot more data and information to run your business better.
• [22:41] - Joni shares that she is in her client’s books on a daily basis to stay up on everything and make sure that everything is in order. I explain why this helps you with your business.  
• [28:04] - We have a special offer for you to have Joni and Kirk help you get your books under control.
• [33:48] - Kirk explains what can happen to a business if your books are not in order.

Resources:

REIBooksOnline.com

If you’re interested in learning more about our coaching, email me - [email protected].  We’d love to help you meet your goals in 2017.

If investing and real estate is your dream, there is only one way you can make it a reality...JUST START!

This Week’s Episode:

Brad Smotherman joins me on this episode of Just Start Real Estate.  Brad is a wholesaler, rehabber and land developer in the state of Tennessee.  He has been in real estate since the age of 18. In 2010, Brad retired his real estate license and began doing investments full-time.  He is now working toward tract-land development.  

Brad shares a lot of information in this discussion, and I think you’re going to appreciate what he brings.  You’re going to hear him let us peek into his business by sharing details on his tools for lead generation and the results that come from those strategies. He also talks about the team that he has formed around him and his business and the roles that they play.

Tract-land development is not something I know a lot about and Brad explains why this type of opportunity appeals to him.  He explains how the negotiations for these deals work, how to locate land for this type of development, and how to price the land and lots.  Again, Brad shares a lot of insight and good, actionable advice.  

Connect with Mike Cowper:

Website: http://bradsmotherman.brandyourself.com/

You’ll Learn:

•  [08:52] - Brad started in real estate at the age of 18.  He talks about his background and what attracted him to real estate at such a young age.  Brad was able to learn the lessons of the market crash through observation.

• [12:00] - After retiring his license, Brad decided to be an investor.  It took him nine months to make his first deal, and that was his best.
• [13:53] - Brad talks about the tools he uses for lead generation.  He is now doing direct mail and believes he’s the biggest mailer in Nashville.  
• [15:10] - Brad shares that with 55,000 mailers, the results are typically 8-14 deals.   
• [15:48] - Brad explains his views on wholesaling and why he is getting more into that practice and leaving rehabs.  
• [19:35] - Brad shares some details on the team he has built for his business.  
• [21:06] - The Dallas-Fort Worth market is very competitive, and Brad is moving into that market.  He explains how this is an opportunity to test things in a competitive area.
• [22:11] - Since he has a team working for him, he shares how he splits up the responsibilities and which tasks he takes care of himself.
• [24:20] - Brad shares what a Sub2 Wrap is.  
• [26:23] - Brad is now working toward tract-land development. He discusses why he is drawn to these opportunities.
• [30:00] - Brad explains how to locate land for tract development and how to price these properties.  
• [32:10] - With these tract developments, Brad describes when he steps out of the deal.  He also explains how these deals go down and how the lots are sold off.
• [34:42] - Brad gives an idea of what these negotiations are like when buying the land. The cost to develop is factored in.  
• [36:42] - Knowing what he knows through experience, Brad shares some insight on what he would tell people starting off in real estate now. Brad says, “Start where you are.”
• [39:36] - Brad shares the vision for his future.  He hopes to move into 10-12 markets, stay local for land developments, and look into hotels.

If you’re interested in learning more about our coaching, email me - [email protected]. We’d love to help you meet your goals in 2017.

If investing and real estate is your dream, there is only one way you can make it a reality... JUST START!

This Week’s Episode:

Mike Cowper joins me again on the podcast.  We came together to share more about our company.  We’d like to do a “State of the Company” and share with you some things that we are currently doing to facilitate growth with our company.

In our last conversation on the podcast, we talked about some employee turnover that we recently experienced. We shared how we handle hiring with the business.   In this episode we talk more about the massive turnover and talk about how these changes were necessary and have helped us maneuver a culture shift.

The big news, and the main part of our discussion in this episode, is the idea of having an office space for the company.  Yes, there are pros and cons to having a physical location, and we share some of our thoughts on this topic.  We feel that a physical location really can help us with things like building a company culture and hiring.

Connect with Mike Cowper:

Mike Cowper on LinkedIn

You’ll Learn:

• [06:51] – We experienced a lot of turnover with our company this year.  We explain why those changes needed to be made.  We share some of the things we could have done better in the initial hiring process. We also talk about how we learned from these mistakes.
• [10:42] – We talk about how things have improved with the entire team with some of the changes we’ve recently made.  Mike explains how we are doing a better job of setting expectations and being supportive.
• [14:30] – We are currently looking at the idea of having an office space.  We each share our perspectives and explain why we are considering this idea.
• [17:38] – Having an office space would help us with trainings.  Group trainings with everyone in one room are helpful. It will also help us develop a culture.
• [20:02] – In the past, we’ve done our hiring in a restaurant.  Having an official place to interview potential employees would help us.
• [21:49] – Mike talks about how building a culture through an office space can help employees take part in growth.
• [23:32] – Pro Tip: You should always be hiring.
• [24:07] – There’s not always a single reason you have a lot of turnover.  I explain the various reasons we experienced this turnover.
• [25:11] – Even with the two of us working full time, there’s still a large list of things that would like to implement, but don’t have time.
• [27:38] – The debate between us is always when and how many people we should hire.
• [28:28] – We talk about how large our overhead costs are. We also talk about some of the other problems we face, like HR.

If you’re interested in learning more about our coaching, email me - [email protected]. We’d love to help you meet your goals in 2017.

If investing and real estate is your dream, there is only one way you can make it a reality... JUST START!

This Week’s Episode:

I am joined by Dustin Bowling on this episode of Just Start Real Estate.  Dustin is flipping about 10 houses a year in the Covington, Indiana area. Dustin is an aggressive growing investor that I think will be a superstar in the next few years.

In this conversation, you will hear about the incredible things that Dustin is accomplishing in his area.  What’s fascinating is that he’s doing these things without systems.  Just imagine what he’ll be able to do when he implements systems.  

Dustin has a background in law enforcement and is now doing real estate full time.  Being in a small-town, he shares how real estate in these types of communities varies from real estate in more populated areas.  He explains the value of character and integrity in areas like this.  

You’ll Learn:

• [08:14] - Dustin shares his background. He’s always been an entrepreneur.  Even from an early age, he had an interest in real estate.
• [11:36] - Dustin explains why he moved into flipping houses. He also talks about doing these projects in a small town.
• [14:26] - Dustin has been doing this for about 10 years. For a long time he did his own work and now he’s built up a crew. He has 7 employees
• [18:30] - Dustin currently has 8 projects going and does not feel like he’s got good systems in place. I give Dustin some advice on this situation. I explain why it’s difficult to scale without these systems.
• [26:58] - I talk with Dustin about hiring a project manager vs. hiring a GC.
• [28:10] - Dustin describes how his business is structured.
• [30:00] - Dustin lists his current projects, which includes a church.
• [31:46] - Dustin talks about challenges he’s faced. He explains how character and integrity are important in real estate, especially in a small town. 

Resources

Traction: Get a Grip on Your Business - Gino Wickman

If you’re interested in learning more about our coaching, email me - [email protected].  We’d love to help you meet your goals in 2017.

If investing and real estate is your dream, there is only one way you can make it a reality...JUST START!

This Week’s Episode:

This week, I’m joined by my business partner, Mike Cowper. These episodes with Mike are great because we share what’s going on with our business and we provide you with actionable items for your business.

In this conversation, you will hear Mike and I talk about a recent incident. We had one of our employees leave and we needed to rebound and recover from this situation. While we weren’t completely satisfied with this person, we weren’t exactly ready for them to leave.  This person leaving put us in a bit of a bind and we explain how we dealt with that situation.

This leads us into a discussion on goals.  Because we have goals and track our company’s numbers, we were able to identify that this individual was not producing up to our expectations.  We talk about our goals and Mike briefly touches on 30-60-90 goals. We also explain why education is important in accomplishing goals.

If you’re interested in learning more about our coaching, email me - [email protected].  We’d love to help you meet your goals in 2017.

If investing and real estate is your dream, there is only one way you can make it reality...JUST START! 

Connect with Mike Cowper:

Mike Cowper on LinkedIn - https://www.linkedin.com/in/michael-cowper-762398a

You’ll Learn:

• [05:36] - Mike talks about a recent situation where we had one of our employees leave and the crunch that it put us in.
• [07:29] - Handling a situation like this is tougher for smaller businesses. I explain what our knee-jerk reaction was to this person leaving. Through the day, we worked our way through the situation and came up with some short-term solutions.
• [08:30] - The biggest issue for our business was that we have a big marketing push coming up and we were concerned about our ability to handle incoming leads.
• [09:57] - We share what our game-plan is for working through this situation and why we believe this situation will work out.
• [13:13] - I share why it’s important to track numbers with your team.
• [14:26] - This leads to a discussion on our goals. We share our growth from 2015 to 2016 and how our goals kept us on track to achieve the success we anticipated.
• [16:35] - We recently worked on putting together our 2017 goals, which we share.
• [17:42] - Regardless of the size of your company is, you should trying to build a business. I explain how I define “a business”. We share our thoughts on why you should strive for this.
• [23:53] - If you haven’t set your goals, now is the time.
• [24:52] - Mike talks about setting 30-60-90 goals.
• [28:05] - It’s important to have a system. We just finished reading Traction.  This is a great book to read if you’d like to set your business up for success.
• [28:43] - Education is vital for success. We talk about the importance and the benefits of coaching. Goals are the roadmap to where you want to be, but the coach can be your guide to get you to those goals faster.

This Week’s Episode:

This week, I’m joined Danny Pitcher. Danny started his real estate company on a bike. He sent out his first marketing piece in 2015 and got his first deal four or five months later. He then left his job and invested everything into his company.

In this conversation, you will hear Danny share interesting details about his business. He explains why he decided to get into real estate. He actually started by listening to podcasts, including this one! Danny describes how his business is set up and he shares a lot of details about his marketing. He says, “With mailings, it doesn’t matter what you do, as long as it’s different.” He also says “Finding the deal is the foundation of your business” and he shares how he does that.

Connect with Danny Pitcher:

Daniel Pitcher on LinkedIn: https://www.linkedin.com/in/daniel-pitcher-9b8a5429

You’ll Learn:

[07:19] - Out of college, Danny was a bike taxi driver. He describes this experience.

[09:04] - Danny began listening to podcasts, even this one! That helped him nurture his entrepreneurial spirit.

[11:06] - Danny explains how he started his career in real estate, which began with wholesaling.

[13:38] - While Danny started with wholesaling, he is working on his first flip. He explains how is business is currently set up.

[15:05] - Danny describes his marketing strategy when it comes to mailings.

[16:30] - Danny talks numbers and shares the number of deals he has completed.

[18:47] - Danny details what type of mailings he is doing. He also describes what he does to help his mailings stand out.

[20:52] - Danny describes how he handles leads when they come in via the phone.

[22:05] - When it comes to locking down the contract, Danny explains his personal strategy.

[23:34] - Danny explains how he uses a closing attorney and works with buyers.

[28:10] - Danny does not attend closings and he shares his reasoning behind that.

[29:23] - Danny shares his goals for his company in 2017.

[32:24] - We all know hindsight is 20/20. Danny talks about what he would differently if he was able to start from scratch again.

If you’re interested in learning more about our coaching, email me - [email protected]. We’d love to help you meet your goals in 2017.

If investing and real estate is your dream, there is only one way you can make it reality...JUST START!