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Tuesday, November 29, 2011

Consistent & Persistent Action!


A coach/mentor cannot force people to get a return on their investment. That is what the cost of entering a coaching program is, an investment. Most of them truly enjoying teaching others how to make money investing in real estate, but if they offered their expertise for free, they know nobody would ever use the information. They'd show up, be entertained, and go home and do just what they did yesterday; The actions that made them no money. By charging a reasonable amount, but enough so that it creates some pain, it should inspire the heck out of those students to get their money back plus a return.

In my program, we are telling everyone exactly what we do to get deals. We are not keeping any secrets. Mike is consistently buying houses month after month and so are Ryan and I from a variety of sources. I share with our students all my exact MLS searches. The same searches I look at every day. Not just once a day M~F. I looked at them multiple times every day, holidays included. I never stop looking for an opportunity. I even took a seller call on Thanksgiving day. 
We make offers on the properties that come up in those farms I share with my students. If my offers are getting accepted and other investors' are not, then they need to relook at their numbers and figure out why they are offering what they are. Maybe they are over budget on their rehab expenses. Maybe they under estimate ARV so their offer comes in lower? However, just looking and thinking about what one should offer won't put any deals in your pipeline. The deals are out there. Looking at the MLS doesn't get agents banging on your door begging you to sign an offer. Agents are notoriously lazy people. Some of the laziest I have ever met. I'm a licensed Broker and 99% of the agents out there make the rest of us look bad! They don't work until noon, then they immediately go to lunch. They don't ever answer their phones. As an investor, we need to be hounding them. We need to force them to look at and submit our offers.

The one thing every student should learn from a coaching/mentoring program is that this business is not easy. If you believe the late night info gurus who tell you it is while they are sitting next to the ocean front pool (that they rented for the infomercial shoot) with some other person's  yacht in the background, then maybe real estate is not for you. It is simple, but it isn't easy. It takes work. Lots and lots of work. That is why I have a constant reminder on my daily planner that says "Consistent and Persistent Action!" They are simple actions, but if I am not doing them, nobody else is going to care... Well, except maybe my wife! My mom doesn't care. My neighbor doesn't care. The people I run into at the local monthly meetings don't care. The agents certainly don't care. It will only be reflected in MY bank account. (I guarantee you I start making a lot more offers when my checking account starts falling below 6 figures!)

If you want another great motivational blog to read, I invite you to check out my friend Steve's blog. www.buildbankroll.com. I think I'm his biggest fan! Steve is buying houses in many of the same neighborhoods I do business in, yet we never cross paths. (There truly are a lot of fish in the sea.) He shops straight out of the MLS. If you go back to his earliest posts, he said it took him 4 months of writing offers to get his first contract accepted. Now, just 3 years later, he has done over 100 houses and has somewhere around 40 or 50 rental properties. Hard to keep up with him as he moves so fast! All these deals were acquired locally in just the last 3 years and the majority of them bank owned listed properties.

Get your nose into the MLS. Search Craigslist. Post ads. Send mail. Put up bandit signs. Try running an ad in the classifieds. Wear a t-shirt that says "I Buy Houses!" DO SOMETHING!!! Then, take the incoming calls, screen out the losers and dump them. Don't get hung up on a lead just because they called. If there isn't any equity, on to the next one. Find the winners and keep writing those offers. Those who grind it out will have measurable results and see a return on that investment.

Good luck to you and Happy Investing!

3 comments:

  1. The only way investors can succeed in this industry is by helping themselves. REI programs can only help you so much but by doing what it tells you that you should do. Not doing so and you are going to fail. Like what my friend, Matt Theriault say to people who wants to invest in real estate is to move at the speed of instruction. Great article, well done!

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  2. Fine way of telling, and pleasant article to obtain facts about my presentation focus, which i am going to present in institution of higher education.

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