Combat these REI dream stealers..
Hey Team,
Let me share a story…
I coach youth wrestling for kids ages 4 up to high school. One of the biggest issues I face is the parents saying very negative things to their kids. I hear all of the names they call them, the threats, yelling, the mean looks. I have kids on the team that have amazing natural talent. Heres the story.. I have an 8th grader that is athletic, aggressive loves wrestling and has crazy talent. Our first freestyle wrestling tournament comes, and his first match is a high school kid who just took 5th in the state wrestling championships. Did I tell my wrestler who he is wrestling? Nope. I encouraged him and told him he can beat this guy!! And guess what, he believed me!! He went out there and was winning the match until….his dad came by and started yelling at him while video taping the match. The dad started yelling out how stupid he is, and to do what he says. I can tell if someone is going to win or lose just by the look in their eyes. And what I saw almost immediately was a defeated look. I went over to the dad, turned off his camera and told him to be quiet:) My wrestler lost that match to a good kid. But he lost because he beat himself and let someone else steal his passion. After the match I told him how proud I was that he wrestled so well. Then I had some “words” with the dad. This is a very common occurence, and the crazy part is these lashings come from parents that have never wrestled before. Imagine that!!! Could it be that they have absolutely no clue what they are saying??
If you are new to the REI world, you might be getting an earful from many sources, including family, friends, acquaintances, co-workers, you name it.
Let me be the one today that says you can do this!! You are closer to achieving your goals than you think!
Bottom line is if you have a burning desire to succeed, then none of these people and the things they say matters one bit. You need to get fired up about your future. Stay educated, fired up and watch out for these situations:
“Whatever you can conceive and believe, you can achieve” ~Norman Vincent Peale
Silent Dream Stealer’s
- Family and Friends: They could be parents, in laws, close friends. They mean well, but have no clue what they are talking about. (love them from a distance)
- Media: Television, radio, articles. Many of them have a negative dramatic tone that people are drawn to. Don’t get sucked up in this. This kind of material is poison to the mind.
- Cyber-Bullies: They lurk the forums and constantly attack new investors basically telling them that they have to have all and every duck in a row before they can even have the audacity to start in REI.
- Guru Webinars: They all tout to have the answer to the latest and greatest system and strategy.(and some of them are really good) One moment you are a wholesaler, and then all of a sudden you are looking into developing undervalued land into a mall? Just pick a strategy and pour your focus in that.
- Realtors: As in any profession there are good ones and bad ones. Watch out for the ultra negative realtor’s that can recite all the laws that tell you that you can’t do something.
- You! Your own thoughts and unbelief can hold you back.
- Greener Pastures: Someone trying to recruit you into their business promising more money on autopilot. You ever get those emails from internet marketers that have the key to wealth? And again, oddly enough there are many ways to make a million dollars but if you spread your energy and focus on multiple strategies nothing will happen.
If you have not seen this video, I find it very motivating. From the movie “Facing the Giants” (great for family movie night:)
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For real estate wholesaling education, marketing info, please visit our newly revised Trusted Partners page
Thanks team,
-Matt
Virtual Wholesaling 7 day countdown *Final Results*
Final Results!
Today is 7/8/2010 so let me share with you the final results to my 7 day wholesaling countdown. This challenge deadline is today Friday 7/9/2010. Can you hear the Rocky theme song? I can, its ringing in my ears. So to quote from one of my all time favorite movies….
“Get up you son of a bitch! Cuz Mickey loves ya!” ~Mickey Goldall (the movie Rocky)
My initial goal on 6/30/2010 was to complete a wholesale deal within 7 days or less in a state and market I have never stepped foot in. Another caveat was that this would be done using social media and use my contacts from there to get this accomplished.
Just a note… This post is simply me giving people hope that from scratch you can put together a deal from anywhere in the country. This is to give hope to someone who really hates having a J.O.B and wants a way out! Please do not over complicate things, its much simpler than you think.
Well lets cut to the chase…
DEAL IS DONE!!
From Hawaii to Memphis, we put together a virtual wholesale deal from scratch. And when I say “we” I mean a team. More specifically my partnership with Greg Harris from TheWholesaleKnockoutKing.
Here are the nuts and bolts of this deal. (basic version)
- Set a goal to achieve this
in 7 days - Wrote my goal down via this blog
- Created a plan (blog)
- Created my buyers list by spending many late hours consolidating my contacts I have made through Twitter, Biggerpockets, Linkedin, Plaxo, and all the groups associated with these sites.
- Made a list of all the hard money and private money people I know in the Memphis area
- Got a call from Greg Harris who wanted to collaborate our resources and vision for Memphis
- We found a landlord with a large portfolio that needed to liquidate
- Placed one of the properties under contract
- Sent an email, tweeted, posted it on Linkedin, made some calls, and sent everyone to the Sellpoint page that Greg setup
- Within minutes had over 60 views to the property
- Had an offer made and accepted on the 6th day!! Earnest money being deposited right now!!!! For a “tad” more than we asked for.
You might be saying..
“Oh thats great and all, but he probably was sandbagging this deal” Answer: NOPE
“Yeah, they already had well established connections ready to go” Answer: NOPE
“Yeah, but….NOPE Zip it!
Things I learned and could of done better:
- I created an investor buyer list of 180+ in a few days. Actually I had them lingering in all my social networks, I just never
consolidated all of them and looked at the value of what I had. Having a list of people that know, like and trust you is much more effective than having just a list. Finding out exactly what your buyers want, and delivering it. - Learned that you can buy a house in Memphis for less than what I paid for my car
- my opinion Linkedin and Biggerpockets are the BEST sites where you can connect with solid investor buyers. You just need to be saavy about the approach and use all the proper social media engagement rules. And not be spamming idiot. Linkedin groups has a ton of available resources.
- Visit the investor’s blogs that you find on social networks. Many of them will blog about the types of properties they are looking for and that are currently in the works.
- Partnering with the right wholesaler with the same vision can be very fruitful if your partnered up with the right people. Greg Harris from TheWholesaleKnockoutKing and I have collaborated our goals and resources. I am very thankful for Greg, and highly recommend connecting with him if you are serious. I can honestly say if you are looking for a real estate mentor Greg is the man for that. There is a huge difference in getting mentorship from a seminar gur
- FOCUS on the task at hand. And not get tied up in social media, webinars, opting in to everything, or just anything that has nothing to do with the task at hand.
- Of course, progress into direct mail, bandit signs, advertisements, birddogs and a clear website presence.
- Some sites that you might like that I found useful. GoSection8, Zilpy.com, Rentometer, SpotCrime.Com
Thanks again for all my awesome team members!!
P.S I have some huge FREEBIES coming down the line for you. All you gotta do is opt in for the newsletter. Top right…yeah I know you see it! Plus..you want to make $$ don’t you? Sign up, and get updates on properties that can make your pockets burst with cash.
Virtual Wholesaling *7 Day Countdown*
Today is 6/30/2010, and I am laying out my plan to go from zero to an assigned contract with money in the bank within 7 days.
Begin with the end goal in mind: A wholesale real estate deal done and $$ earned in 7 days or less doing it all virtual across the Pacific Ocean. I will only use the contacts and resources I have made through social media such as Biggerpockets, Twitter, Linkedin, Youtube, Craigslist, etc.. I am a big believer in using all marketing efforts like direct mail, bandit signs, bird dogs, internet marketing, but for this were keeping it 4th grade simple.
“Expect the best. Prepare for the worst. Capitalize on what comes.” ~Zig Ziglar
Lets get going…
Core Checklist:
- Targeted area(s): —>Memphis, TN, Las Vegas, NV
- Buyers list: Extracted entirely from social media. Biggerpockets, Twitter, Youtube, Linkedin, Craigslist.
- Sellers list: Deals that I expect to get from my network of investors, hml’s, craigslist, social media.
- Local Real Estate Agreements:…still working on those. Shouldn’t be a problem by simply asking another investor or realtor.
- Investor friendly Title company: Ask other investors who they use
- Contacts: Partners on the ground ready and able to verify property condition, value, and costs for improvements with pictures or Google Maps with video.
- Buyer website: (for pictures, video and property details) And/or use SellPoint.Com which I am pretty excited to see how it works. A great list of resources to market properties on is @ TheWholesaleKnockoutKing.com check out Greg’s expansive list.
Days 1 and 2
- Day 1: Build and Organize my list: For as long as it takes today, I will scrub and comb through every investor that has come across my computer screen. That includes all inbox leads, BiggerPockets contacts, Linkedin, Twitter, etc.. Copy and paste onto an excel spreadsheet with name, email, number location, and criteria. This list will consist of hard money lenders, wholesalers, and cash investors. Also, going into these markets I need to have contractors, subcontractors, real estate attorneys, title agent, realtor, hard money lenders. Will I need all these people to close my deal? Not necessarily. But having these resources makes you more valuable especially when your cash buyer needs private money to close the deal. This project is bigger than getting a deal in 7 days. This is the start to building a great reputation in that market and developing long term relationships.
Question you might be asking: How can someone who lives in Hawaii have so many contacts in Memphis? I am not about to say that I am more connected that most investors in Memphis. Heck, I’ve never even been to Memphis!? Here is the beauty of networking, and social networking. I have made solid contacts with important people in Memphis. That means that when they introduce me to their network, I am now connected to those people! And the best part is because they don’t know anything about me except for what was told to them, they don’t know all the stupid things I’ve done. Isn’t that good news!! I might know only 10 people in that area, but those 10 know much more. The science of social networking is a thing of beauty. Think about it for yourself. I am in Honolulu, and have tons of contacts that I would love to introduce to you. That means that with one decision, you can setup a virtual shop in Hawaii and be connected to so many that will can help you.
Day 2: Find a good investment deal. Make contact with hard money lenders, wholesalers, landlords, rehabbers, baby mama drama’s or anyone who may hint to having a motivation to sell. Build the connection needed and find out what I can do to help them. Identify a number of excellent investment properties that fit the criteria of my cash investors.
Tapping into hard money lenders and wholesalers
Lets look at 2 types of people with different lenses. A hard money lender will often have a property that is defaulting which makes them a motivated seller. A wholesaler may tons of buyers, but no deals. Or they have a deal, with no buyers or even a clue how to market the deal. By providing either the deal or buyers this positions myself for a profit split with other wholesalers.
Day 3-7 is coming. Not there yet!! But hold your horses and stay tuned for the outcome. I guarantee days 3-7 will be filled a great roller coaster ride that we can all learn from.
I expect success in this project, but worst case scenario is that I have just set myself up for success right around the corner. Biggest benefit is that I proved to the most brand new newbie that it can be done!
**To learn more about real estate investing check out one of the best investors in the game! And I’ve got his free training right here for you**
On another note
Also, I am excited to be a part of Pitbull Seminars national hard money conference! And would love to see you there! Next event is Oct. 14th in Las Vegas at the Monte Carlo Hotel and Casino. For a sneak peak, check out what our Florida contacts had to say. And visit PitbullMortgageSchool.Com for more info.
Nothing whatsoever related to this post. Check out my little brother Isaac showing off his grappling moves with Clark Gracie. Isaac is a 2x Gracie Jiu Jitsu world champion.
**And also, if you have not yet registered for FREE monthly REI and social media tidbits and newsletter, please do so at the top right. I passionately hate spam as much as you do, so no worries about sending you a bunch of nonsense or selling your contact info.
**And a big Mahalo (thank you) to Josh Dorkin founder of BiggerPockets for giving me the honorable mention for the Top 20 real estate blogs. I am humbled by that and thank all those that have helped me. And I fully understand that I am the newbie blogger to the scene, so thank you all.
P.S You might be saying “Yeah, but we all know you have national conferences on hard money, and very well connected” True..however…
Please note…This deal will be done with people that I have met strictly from social media. That way, I have eliminated all excuses from your mind as a reason not to do this yourself
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