Real Estate Investing Mastery Podcast Volume 1

I really get a little fed up when I hear the so-called financial gurus talking about how much a person has to save up for their retirement. They set it at several million — just so you can live a certain quality of life in your golden years.

I disagree not only with their numbers, but also their investing strategies. In this episode, I go into great detail of why I disagree.

First of all, their idea of investing to prepare for retirement, is usually a stock portfolio. And my reply to that is: How much control do you have over the stock market? Or bonds? Or index funds? The answer is, none at all. I call it a “glorified gambling system.”

Investing in real estate is totally different and provides a much better plan for saving to retire.

From time to time, I come back to the subject of why I like being a Realtor and having my license. In this episode, I explain in detail why I think you have more leeway and more credibility when doing wholesale deals as a Realtor.

One of the benefits is the fact that you will definitely make more money. But other than that, you have less opportunity to get in the crosshairs of your state Real Estate Commission. The more you can stay under the radar, the better.

Getting your license doesn’t have to be a long, drawn-out deal. I’m going to explain how you can get licensed in just a couple of weeks. You can do this.

Ever have someone quote Yoda to you? Yes, I’m talking about Yoda from Star Wars.

I’ve had someone throw some Yoda words at me. It was from a boss who was over me at a construction site back in the day. (Back when I had bosses.)

While this guy was not my favorite boss of all time, I learned an extremely important lesson from him. A lesson that has stuck with me, and one that I share with you in this episode.

No excuses are allowed. You’re not trying to do this business; you are in for the long haul. You do whatever it takes. Period.

That’s the key to success.

Are you using the “spray and pray” strategy for your marketing? That’s how I used to do it. I thought it was a strategy, but in actuality, it was a guessing game. (And I wasted a lot of time and money.)

Since then, I’ve come to understand how powerful focus can be.

In this episode I’m answering a question about direct mail, but I take the question a bit further… I talk about an investor I know who markets in a small zip code and makes a killing. He epitomizes the saying: “An inch wide and a mile deep.”

When this marketing strategy is used, it changes the way you work with your direct mail campaigns. It even changes the way you perceive the numbers and the results.

I’m getting a lot of good questions coming in on the Podcast Hotline. In this episode, I answer a question from an investor who wonders how to compile comps without access to the MLS.

This may come as a bit of a surprise, but I explain why I think the MLS is not the best source for comps. Even though I’m also a licensed Realtor, I explain how secretive the whole system can be. Much of the information that you really need is totally inaccessible.

So where are the best places to get your comps? And why?

It’s all here.

I recorded this episode as I was driving to go look at a potential office location. That led me to chat about whether an investor does or does not need a local office. And a local assistant for that matter.

I’ve always loved the idea of operating a business from any point in the world with a phone and a laptop. However, there’s still something to be said for having a physical location in which to network with other investors, hold workshops, Mastermind sessions and other events.

If this is an idea that you’ve been thinking about, you’ll appreciate the pros and cons that I present here.

This episode packs a punch – I’m fielding 3 questions here, since each of the 3 could be answered quickly and simply.

The first question has to do with my constant admonition of making 5 offers a day. The person who asked about this wasn’t sure if I meant 5 calls, 5 emails, 5 letters, etc. So, you’ll hear me explain exactly how this works.

The second question has to do with the delicate matter of mailing to the specialty list of tax-delinquent homeowners. I explain how I handle these types of lists in my own business.

The third question refers to the episode that I did with Haim Mamane Palman in my Real Estate Investing Mastery Podcast. Haim gave insight on how to find deals on the MLS and this caller needed clarification on that process.

A question came in on my Podcast Hotline asking how contracts work when you’re working with wholesaling partners. This listener wondered if a formal contract was necessary between you and your wholesaling partner.

At first, this may seem a little confusing, but it’s actually very simple, and I clarify every detail in this episode.

I explain that it’s important for you to keep in mind that you are handing your partners exactly what they need – quality leads that have a high probability of turning into deals. This creates a true team atmosphere with trust on both sides.

The trust and the relationship are key in a successful wholesaling partnership.

This episode is actually “REI at the airport” as I’m waiting to get a flight home. I’ve been in Oregon attending a mastermind session. In fact, what I’m discussing here stems from some of the conversations that took place during these sessions.

The discussion turned to the immensity of the universe and how small we are in comparison. In that context, I began to think about what really matters during our short lifetime. I came up with the concept that in our lives we are either consumers (always taking), or producers (always giving). The results lie in the choices we make on a daily basis.

I guess you could say this is my philosophical episode. And it’s good.

On the podcast hotline, a question came in from Lauren. She wanted to know about how big her direct mailing campaigns should be in order to result in closing 5 deals a month.

While I admit there are a lot of variables in the answer to such a question, in this episode I hit it from several angles…

One important point is that for those who are just starting out in this business, the marketing must be big, intense and consistent. Later, half of all deals will come from follow-up, so mailings are not quite as large.

Lots of facts, figures and examples included here. Get to it.