Real Estate Investing Mastery Podcast Volume 2

When I first started out as an investor, I was probably the most paranoid person around. Instead of taking action, I kept taking another course. My thought was, I still don’t know enough to actually go out and do this stuff…. I’ve got to know more, to learn more, to study more. So I did. For 3 longs years.

Does that sound familiar? Has that been true with you?

In this episode, I explain exactly what it took for me to finally go out and close a deal. (Which netted me $13k by the way.) You’ll laugh when I tell how scared I was to even call the seller back. (A seller so motivated, she called me 3 times.)

All during those 3 years, I was the one who was bellyaching that this stuff doesn’t work. I guess that’s why I have such a heart for newbies. And why I create so many teaching podcasts.

Isn’t it interesting how sometimes the most seemingly mundane things can be so effective? I know that many investors these days think bandit signs are “old school” and are too bothersome. Or they back off from possible hassles with the “sign police” (a.k.a. code enforcement).

Well, just so you know, I’m still using bandit signs. And they work! In this episode, I tell you how I use bandit signs in my business, and how I avoid problems.

It does amaze me, however, that it’s illegal to remove a political sign that’s been posted. But for us as investors, it’s illegal to put them out. It doesn’t make much sense, but it is what it is.

Use wisdom, be respectful, but don’t stop using bandit signs. They do work.

As most of you know, I love to teach about lease options. Whenever I talk to a group on the subject, I’ve noted the most misunderstood facet of the process is the “non-refundable option deposit.” (Also known as the “option consideration.”)

True to form, I just received a question on my Podcast Hotline on the subject. This question more specifically is: How do you get that deposit money if you decide to step out of the equation? And how does the tenant buyer then use it for a purchase credit?

Just in case that’s been a puzzler for you as well… I explain this issue in great detail.

I know that many of you have been told this whole thing isn’t even legal. Don’t listen to those lies. I’ve been doing lease options — with the option deposits — for years and have never had a bit of legal problem.

Most of you know what a fan I am of lease options. It becomes quite obvious as you listen to the many episodes of my podcast. So what could be more enjoyable for me than to interview a couple with similar passion for lease options?

My lengthy, and highly informative interview with Jonathan and Aricka Brazer covers just about every advantage you could possibly think of when it comes to lease options. They share how they got started and why they wound up focusing mainly in this area of real estate investing.

I met this couple only a short time ago and was immediately impressed with the success of their business. They’ve been steadily building their portfolio right here in my hometown of St. Louis. At this time, they hold nearly 30 houses occupied by tenant-buyers. You’ll hear them clearly explain the 3 areas of potential income available with lease options.

Jonathan and Aricka have established strong guidelines and operating procedures that allow their business to thrive. This includes carefully selected neighborhoods, a strict screening process and minimum dollar amount for monthly cash flow for each deal.

I guarantee this episode will supply you with ideas for techniques and strategies for easily entering into this investing arena. It will definitely move you to take action.

I’m recording this episode as I drive home from my most recent Mastermind meeting. This one was held in Boise, Idaho, and was not about real estate investing.

So why would I — someone who’s a full-time investor — attend a Mastermind that’s not about real estate investing? It’s because I’ve learned that nearly all entrepreneurs have many things in common… especially when it comes to building a successful business.

I encourage you to network with those who are in other types of businesses. You’ll be surprised at how many ideas and strategies you can glean from such sessions. It will help your business in ways that might surprise you.

The other thing that’s been on my mind is an email that came to me from someone who appeared to be concerned about the fact that I teach about lease options so much. His fear is that, due to my teaching, there’ll be so many investors out there doing lease options that it’ll flood the market and there won’t be enough business to go around.

You’ll love the way I answer this and address his concerns. If you, too, are concerned about competition, there’s no need to be. I’ll share with you how you should look at any and all competition.

What a powerful interview with my long-time friend and colleague, Christina Krause. Christina holds nothing back as she describes in detail about working with probate leads and deals.

Even though she’s done nearly every type of deal in real estate investing — and has been doing so since 1999 — at this time, she markets only for probates.

When a family member passes away and the estate goes to probate court, oftentimes it will include a house. It could be a very nice property, but the heirs are not interested in keeping it. They need help in knowing the best way to divest themselves of this asset.

This is where investors enter the picture. But where can these leads be found? And once they are found, how are they handled?

That’s all covered by Christina in this packed interview. See, probates are quite different than any other lead, which means they are handled differently…

You’ll see why Christina is so enthusiastic about this facet of investing. So enthusiastic, in fact, that she now has her own company set up to help other investors from all over the country get access to probate leads. Wait till you hear what all her company offers to investors. You’ll be amazed at that and all the valuable information she’s sharing about probates.

A few months ago, I recorded an Investing Mastery episode with Haim, and it went wild. We had such a massive response, it’s actually caused Haim and me to take massive action!

What’s all the uproar?

It’s about Haim’s strategy for gleaning the MLS for leads. His is a proven system that is working. Not only is he closing deals (and doing it virtually), but he’s building relationships with Realtors in multiple markets.

Recently, Haim and his family were on a trip to Japan, and while he was there, he was closing deals. This works.

It’s time for investors to stop viewing Realtors as the competition. They have what we need – sellers and buyers. We have what they need – deals where they make both sides of the commission.

The best part of Haim’s system is that much of the work can be outsourced by hiring VAs to comb through the MLS for leads.

His system has been so successful that he and I have decided to put together a plug-and-play program that is now available. But only for a short time, because these are strategies that should be shared with only a few.

This episode is quite literally history-in-the-making…

Alex and I are meeting for the first time face-to-face, in person. And then, to top it off, it’s our first time recording an episode together in the same place. Quite an event.

Alex and I are chatting about the Extreme Freedom event and a little bit about the content of our workshops. Among the background noise and our casual chatting, we pass off a few great tips for you as well.

And, we’ve already started thinking about putting on future events ourselves. Stay tuned for that…!

I broke one of my own rules.

You’ve probably heard me say before that “you are in business to make money today.”

By that I mean if a seller is not motivated, not ready to do business, you don’t waste time on that person. They may be ready later, but you must move on to the next potential seller. Because you’re in business to make money today. (I got this saying from Claude Diamond.)

So, I was in a rare situation, but I was given the impression that this particular seller was motivated and ready to sell. And in this episode, I explain exactly what happened.

Instead of making sure all that information was correct with one quick phone call, I drove to the house. As you listen, you’ll learn the rest of this interesting story…

Look, once you begin to ask yourself this question: Is this going to make money for me today? — it will help you prioritize your tasks for the day. It will also help you move through phone calls quickly. You should be able to tell within a few minutes if the seller is or is not ready to do business with you today.

I cover a couple of different subjects in this episode…

The first stems from an email from one of my clients who was upset because she unexpectedly wound up paying $2,600 in closing costs. So, I’m explaining how that mix-up could have been prevented from the outset. This may help you if you find yourself in a similar situation in the future.

Another student was asking my advice about how he could advance his business since he worked nights and slept in the daytime. In his mind, there was no available time to work on his business. You can probably guess my response…

My first response, of course, is: “How bad do you want it?”

No matter what it is, if you want it bad enough, you can always find a way.

So, I’m reviewing a few examples of ways to get creative and think outside the box. The tasks that you’re unable to do or don’t have time to do – you contract out.

I’m also sharing some of the steps I had to take when I first started out in this business.

Look, if you want it bad enough, you do whatever it takes.