Learn how to invest in real estate, flip real estate, wholesale, tax liens, foreclosures, probate, abandoned property, short sales, hard money, owner finance financing, no money down and much more!
Hello and welcome everybody, to another edition of extremerealestateinvestors.com. This is the podcast for all of your real estate investing needs, questions, strategies, and techniques. I am super excited to be here today. I’ve gotten a tremendous amount of e-mails over the past week asking a ton of different questions ranging from what to do with a specific deal that some people are working on, to the new investors that are just trying to get started into the business; they’re here for the very first time.
I want to welcome you to the podcast. Thank you so much for taking the time to listen to me and what I have to say about the world of real estate investing as I know it.
I want to make sure that everybody out there has a great and clear understanding about how to invest and real estate, what to look for, and how to structure deals. What qualifies as a deal, and what to do with it once you’ve got it.
I’ve been in real estate for about 13 years now. I started off as a real estate agent just selling houses for commissions, and has evolved into a full-time real estate investor who now owns a real estate brokerage with nearly 40 employees and independent contractors working for me. I’m 35 years old and I’ve done over 700 transactions totaling over $700 million. Doing all of this has helped me realize my dream life, my dream lifestyle. I want to help you achieve your dream lifestyle through investing in real estate today.
With the techniques that I teach you in this free podcast alone, you can get out there and consistently make anywhere between $5000 per deal and $15 000 per deal just wholesaling properties. The process is so simple that it’s a no-brainer once you understand some fundamental basics about real estate wholesaling. If you want to do this part-time and just make an extra $5000, I can show you exactly the steps you need to take to achieve a fairly consistent $5000 per month additional income. If you wanted to do this full-time, quit your job and get into real estate investing full time, the earning potential is limitless.
Currently, I’m averaging a very high five-figure and low six-figure monthly income. You did hear me right, I said five to six figures consistently on a monthly basis from my real estate investing. I can honestly say that I’m definitely not the sharpest tool in the shed. I never even graduated from high school. I must have had well over 50 jobs from the time I was 16 years old until I started making money in real estate. In fact, my first two and a half years in the real estate business, I was still working another full-time job just to make ends meet.
If you’re anything like I was, struggling to pay bills, buy the things he wants, take vacations, pay for college for your kids or anything else that you desire but cannot seem to get a grip on, then you’ve definitely come to the right place. I can help anybody who is serious about making money in real estate just like I am helping my current coaching clients and investors make money, too. If you’ve been sitting on the sidelines, wondering what you should do; you’ve across my podcast or seen some of my videos on YouTube, you’ve seen them and listened to them for a reason. Now is the time for you to take action and do something. Listen to my podcast. Go to YouTube and search my name, Michael Kevorkian, that’s Michael, common spelling, and K-E-V like Victor, O-R-K-I-N like November. Hopefully, you’ll get the motivation to make a change in your life for the better.
What I teach in real estate investing is a simple 12-step process that walks you through the beginning stages of real estate investing all the way through being a professional passive real estate investor. I’ve taken all things into consideration and I assume that anybody listening right now is starting where I did when I first got into investing in real estate, which is full of motivation and desire for a change, but absolutely no money. That being said, I’m going to take today’s podcast and introduce to you the step #1 of my 12-step real estate investing process, which is wholesaling, also known as bird dogging real estate deals and walk you through every single step of the process so you can literally make a check in the next 30 days if you apply why tips, tricks, and techniques. I’m going to give you all numbers, strategy, and general guidelines that I use, formulas for buying property, what you should expect to wholesale or resell a property for to an investor buyer.
We’re about to get started here talking about step #1, which is wholesaling. Before I do, I want to go ahead and give you all the information about my 12-step real estate investing process. I’ve gotten countless e-mails asking me what the 12 steps are. I’m going to list them here for you. Hopefully, you’ll write them down. Pay attention to the podcast and YouTube videos, go to my website and get some free information. We will be launching the extremerealestateinvestors.com website as expected, by the end of January 2013. It will have a ton of information for you to use in your real estate investing career.
Let’s get to the Extreme Real Estate Investors 12-Step Real Estate Investing System. Again, please try to keep in mind that these 12 steps are listed in order, which I believe makes the most sense starting from a beginner real estate investor and eventually graduating into a much more sophisticated armchair passive income real estate investor. Here they are in order of level and experience, and typically money needed to accomplish these types of transactions. Are you ready? Here we go.
The first of the 12 steps is wholesaling. Again, also known as bird dogging. This is what we’re going to talk about in detail today, so please stay tuned and listen closely.
Step #2 is REO and [inaudible 00:06:08] bank-owned foreclosures, which are an absolute flipping gold mine.
Step #3 is pre-foreclosures. I am not talking about short sales here. This is one secret strategy I know the other so-called gurus aren’t sharing.
Number 4 is what I call the reverse short sale. It is a very powerful technique. I have not heard anybody even mention this technique ever. I mean it. Nobody has even talked about this that I know of. I’ve talked to thousands of people in my brokerage, investing career, my real estate investing coaching students. Still, nobody has claimed to have ever heard of this technique from anyone other than myself. It is something that I’m sure other people are doing, but nobody’s talking about it. Do you know what that means? If nobody’s talking about it, simple. It means no competition, because nobody else is really out there doing it.
Step #5 is ugly and abandoned properties. What happens when you’re ugly? You tend to get abandoned, right? This is probably one of the biggest moneymakers I’ve ever seen when it comes to beginner stages of real estate investing.
Step #6 is the not-so-hostile takeover strategy. This is one technique alone that will put you in a category all by yourself. If you were to do this properly and consistently do it, you could literally buy houses with no more than 1000 or $2000 out of your pocket, period.
All right. We’re halfway there. I know you’re super excited to hear the rest of the 12-step real estate investing process, so here it is. Step #7, lease options. I’ll teach you techniques and strategies on how to buy and sell properties in today’s market using lease options and positioning yourself like I have to get a 400% return on investment on every property you buy and sell through our lease options strategy. It’s a huge, huge return.
The next step here of the 12-step real estate investing process that you may find will require a little bit more capital to accomplish. I’m not saying that you will definitely, every single time need more capital for these deals. However, it has been my experience that more money is needed for the last five strategies than for the seven previously mentioned.
Okay, #8 is our owner-financing strategy that works like a charm and helps you build either short-term investment inventory to rehab and flip, or longer-term holds that you can rent out.
Number 9 is joint ventures. This is one super powerful strategy that, again, I have yet to hear anybody talk about or teach anywhere else. This is a way for you to be able to work with people that will never accept your wholesale price to purchase their property and don’t want to get into any other types of transactions such as owner-finance or lease options. Remember, the deal is never dead. You just have to be able to think and offer solutions here.
All right, #10 is rehabbing for huge profits. This strategy is for the seasoned investor without a doubt. If you think you’ve got what it takes to be a rehabber, I salute you for your brass. At any given time, I typically have two to three rehab projects going simultaneously. It is usually profitable, but definitely not something that I would advise a beginner real estate investor to try to get into right off the bat. You could get steamrolled if you really don’t know how to do things right. Believe me when I tell you, I’ve done rehabs that didn’t pan out like I thought they would. For example, I had a deal that I sold for $80 000 under what I expected for the property. Guess what? Because I have a tried and true system, I still made a profit of nearly $70 000 when I did sell it. So, was it a good day or a bad day? I expected to make about 150 000 in profit and only made $70 000 in profit. I’ll let you think about that one for a while.
Step #11. That is land lording for cash flow. This is where you’re buying properties and renting them out to tenants to collect the passive income. On the surface, it sounds like a pretty simple idea, but you can get your clock cleaned out if you’re not careful. I have a fail-proof system to make sure that every property you buy, how you buy it, how much you spend to buy it, how much you put into it for rehab, and how much you get for rent always gives you high double-digit and sometimes triple-digit cash on cash returns. As an example, I just picked up a rental for next to nothing. Seriously, I bought it for $27 500. I’m getting $1300 a month. The taxes and insurance are only about $2000 per year. What’s my return? Nearly 50% per year. Rent goes up every year, and so does the value of the property. This works if you know how to buy using my strategies and buying techniques.
Finally, can I get a drumroll please. Number 12 in my 12-step real estate investing system is hard money lending. Obviously, you have to check with your state laws and guidelines about becoming a hard moneylender. Let me tell you, the returns are amazing. The process is fool-proof if you follow my step-by-step process for lending money.
Okay, let’s get to step #1 in my 12-step real estate investing process. Step #1 is wholesaling real estate for huge profits. I’ll give you wholesaling in a nutshell, so you can better understand the basic idea behind the process. In order to wholesale effectively, you have to be able to do a few things. One is to find a motivated seller that has the property they want to get rid of. You have to get the property under contract and find a cash buyer, ideally an investor who can take it in its as-is condition and purchase the property from you so you can collect your fee.
Ultimately, you’re going to want to keep in mind that you have to remember two very important factors, especially when you’re dealing with investors who are buying from you from the very first time. In a nutshell, you’re going to want to do is if your profit here is $10 000 or less, your profit, your potential profit on this deal is $10 000 or less, you can sell the property on assignment to your investor or cash buyer, who’s usually going to be the same thing. You definitely want to be able to generate a list of what we call cash buyers. If your profit is over $10 000, and this is your first transaction with that person, you’re really not going to want them to know how much you’ve got the property under contract for. You’re going to actually do a double closing, or what is also known as a simultaneous closing. The reason you want to do this is that they’ll really not know how much you paid for the property until after it’s all said and done and the property is closed.
A lot of people out there simply don’t feel comfortable paying more than $10 000 of a premium for property, no matter what the scenario is. That’s been my experience, anyway. The best way to avoid having somebody come back and renegotiate with you is to just close on the property and sell it to them. You will wind up paying some additional closing costs and possibly attorney fees in the process, but if you’re making 15 000 or 25 000 or more, a couple of thousand dollars that you’re paying in fees really shouldn’t matter to you.
I’ll never forget the day- I’m going to give you an example here. I took an investor out, who I actually have done several deals with in the past, to go see a couple of properties that I had under contract. I walked him through the properties, went to all the comparables with him, showed him how he, in his worst case scenario, was going to make $100 000 on any one of these properties, and in his best case scenario on one specific property, he’d make about $175 000. This is all profit to the investor. Almost all of the properties I took him to had a profit of $100 000 or more once they were remodeled. When I told him the prices, he was fine with it, didn’t have a problem.
We went to coffee, we got to talking for a little bit. After all of our years working together and a handful of deals he’s made a very handsome profit on; he never had a problem, never had a complaint in the world about me or any of the deals we’ve done. In conversation, he asked me how much I had the properties under contract for. I made the idiotic mistake of telling him. In two out of the three properties, I was making $25 000 each. That was my markup. I was making $15 000 on another one. I thought he was going to fall out of his chair by the reaction. I almost fell out of my chair by what he said, which was, “I don’t want to pay that kind of a markup for these properties.” I said, “I understand that, but you have to understand that these deals just don’t exist out there on the market. You wouldn’t even know about them if it wasn’t for me.” He understood and agreed with that completely, but still didn’t want me to make as much money as I was making on these deals. For some reason, what I made on the transaction became the focal point instead of what he is actually going to make. I really couldn’t believe it.
At the end of it all, he decided that since I wasn’t going to negotiate my fee, he wasn’t going to buy any of them. We went our separate ways. Guess what happened? I sold all of the properties to other investors within seven days of that meeting at my prices, making my profit. Not a single investor complained.
You have to understand something as a wholesaler. It’s very important that you bring moneymaking opportunities to your buyers so that they come back for more deals. If you don’t do that, then what do you think is going to happen? If you keep all the profit for yourself and leave nothing for your investor/buyer, do you think they’re really going to come back and buy something else from you again in the future? I’m never concerned with what my investor is going to make when it comes to how much profit they will earn on the deal in comparison to me. What that means is if they make five or 10 times what I am making, I’m fine with it. I want them to make money.
That is the attitude you’ve got to have here. I want them to make money. If I see there’s an opportunity for a rehabber to buy one of my wholesale deals and make a very surefire mid-five figure to even six-figure profit, then my job as a wholesaler is done. All I need to do is go and collect my fee for putting my buyer together with the right seller that I managed to find.
I said this in my last podcast, and I’m going to say it again here now. If there was a man standing on the corner that [inaudible 00:16:55] for every $1000 you give me, I’m going to give you $3000 back. I would stand on the corner and hand that person $1000 and take my $3000 time and time again, because it’s all profit to me, and plenty of it. It doesn’t matter that I’m giving him $1000 to make $3000. I should be happy with it, and so should these investor buyers of yours.
My advice to you is definitely negotiate as hard as you can when you’re dealing with a seller, so that your fee in comparison to your investor buyer’s eventual profit is effectively such a low number that they would never even consider it being an issue. As I said, when it comes to wholesaling, you can always count on making about 5000 to $15 000 on your average deal, and sometimes much, much more when you find deals that are really, really hot.
You have to remember what the three main points here are: that is to find a motivated seller that you can negotiate a low purchase price with. Advertise your property to your investor, buyers, or other cash buyers that you have in your database, and make sure the transaction goes to closing so you can get paid your fee.
The next question is, how do I find motivated sellers? Everybody always asks me that. How do I find a motivated seller? Now, if you don’t really know what you’re looking for, then obviously, it’s going to be a hell of a lot harder to find motivated sellers and get them under contract, right? I’m going to tell you what I do and what I share with my coaching students when it comes to finding motivated sellers. My number one lead source is direct mail. There’s no question about it. It is absolutely my highest form of response rate for my lead generation out there today. My second highest lead source is bandit signs, and my third is internet marketing with a “We buy houses” type of website.
To talk a little bit about mail and the way that I do it, what I use and my mailing frequency, you have to know and understand what a yellow letter is. I am talking about the yellow letter. The yellow letter is simply a note that you write to a seller on a piece of yellow notebook paper. You write in red felt tip pen on the sales letter, as well as on the envelope. I always customize my letters. I’ve noticed that the more specific my letter, the higher my response rates. Let’s say I get a list of properties that I want to mail.
Obviously, I have the person’s name and the property address that I’m interested in buying. I’ll also have the mailing address of the owner, and those are not always necessarily the same. For example, let’s say I’m an owner who lives here in Chicago, but I own a couple of rental properties in Laguna Beach, California. My mailing address would be in Chicago. The properties that you as the investor would be referencing in the letter would be in Laguna Beach, California in this example.
My letter is going to be very specific on purpose. Again, the more specific, the better response rate. This is exactly what I would put in my letter, so grab a pen and paper. I would write in the top left like I’m writing a letter, “Hi,” and you put the seller’s name there. “Hi, Rob. My name is Michael Kevorkian with New Market Realty. I’m interested in purchasing your property at 123 Main St. in Laguna Beach. If you’re interested in selling the property, please give me a call.” I then put my phone number on the next line under that. Under that, I write, “Thank you,” and my first name, Michael. That is absolutely it. Again, you want to be as specific as possible about who you’re sending the letter to, and what property it’s pertaining to. Here it is again:
Hi, Rob. My name is Michael Kevorkian with New Market Realty. I am interested in purchasing your property at 123 Main St. in Laguna Beach. If you’re interested in selling, please give me a call.
Put my phone number on the next line, and I write thank you, and my first name only, Michael.
There are two ways that you can get these letters done. Your first option, and this is the one I’m going to recommend for those of you that are on a limited budget, and that is to go to an office supply store and buy yellow notebook paper, the kind that attorneys use, the ones with the yellow lines. Yellow paper with the blue lines on it that you tear off at the top. No spiral notebooks here, guys. Some red felt tip pens, and some invitation-sized envelopes, ivory invitation-sized envelopes.
You should go home, sit down, and make it a point to write out at least 20 letters per day, and have a minimum of 100 letters per week going out to your targeted list. Another important part of yellow letter mailing is the type of envelope you use and how you use it. Again, you’re going to want to get ivory-colored invitation-sized envelopes. You’re going to fold your yellow letter in half, and then in half again. That way, it will fit perfectly in an invitation-sized envelope. You are not going to seal the back flap. You are actually going to tuck it into the envelope. Use a return label and put it on the back top flap of the envelope, the part you just tucked in. Do not use your name or your company name, just your address for your return label. If your house or your office where you’re getting mail is, let’s say, 123 Main St. Chicago, Illinois 60614, then that is exactly what you’re going to put on your return label. You do not put your name on it. You are not going to put your company name on it, ever, under any circumstances. Take my advice, listen to what I’m saying. There’s a reason for this.
The next thing you’re going to want to do is send these letters first class mail, only commemorative stamps. The reason you want to do this is when they get that letter in the mail and it is addressed in red ink to them personally, hand-written, not to homeowner, not to resident at, but to that person’s name, it’s handwritten, there’s a commemorative stamp, not a regular stamp or bulk mail stamp, and the flap isn’t even closed in the back. The likelihood of them opening and reading your letter’s almost 100%. Think about it. If you got that letter in the mail, would you or would you not open it and see who wrote you something and what it said? Of course, you would. It’s curiosity that we as humans can’t seem to get away from. We’re just drawn to it. Get something like that, “Oh, what is this? Who is this? There’s no name.” If there’s a name or a company name, guess what? “It’s probably junk mail. I’ll throw it away.” They have to open it, and they have to read it. It’s so short they can’t help but read the whole thing.
Then comes the next part of the psychological game of this marketing tactic, which is the yellow letter itself that is also handwritten inside of the envelope. It’s short, it’s very much to the point. It is engaging because you used their name. You should also date the letter the day that you’re actually going to drop it in the mail. If you’re taking my advice here and you’re going to do 20 letters per day consistently for five days, then you’re going to want to date everything on Saturday. If you start on Monday, you’re going to do 20 a day until Friday, you go drop everything in the mail on Saturday. That way, when you drop it off in the mail on Saturday, the people that receive it one to three days later, the date is going to correspond with that letter being mailed in the appropriate time frame.
You got it? You with me? Yellow notebook paper, ref felt pens, ivory-colored, invitation-sized envelopes, commemorative stamps that are the same price as regular stamps from the post office when you go. Just ask them for commemorative stamps and pick something you like. You tuck the flap of the envelope in. Never have your name or company name on the return address label, just your address. Just to be clear, clear the air on the return address labels, you can print those on your printer. You don’t have to handwrite those, by any means. I use clear labels, not white ones, because the white contrasts a lot against the ivory envelopes.
Okay, there you have it. That’s option #1, writing out the letters yourself.
Option #2 is hiring a mail fulfillment company to do it for you. This is a service that my company offers in addition to all the training and coaching. We’re also experts in what I call guerrilla marketing tactics. This is definitely one of the most effective direct mail processes I have ever used in my entire career. To get it done for you is really not all that expensive. Again, it depends on the volume. I would say the average cost of a complete letter- the handwritten letter, handwritten envelope, addressed to your list of property owners with postage, would run about $1.75 each piece.
If you need a mailing list as well, that would be extra. We can definitely help you with that. Depending on what type of mailing list you wanted, it could range from anywhere from 25 cents per address to up to $1 per address, again depending on the type of mailing list that you’re trying to get. This is something that we would discuss over the phone to make sure that it’s a good fit for you, so we know what you’re trying to accomplish. Obviously, the consultation is free to you. If you’re interested, feel free to send an e-mail.
If you’re going to do a mass mailing, then you really need to get this automated for you. In my opinion, let me tell you that these prices, we’re really not making a whole lot of money. I’m not going to sit here and tell you that I’m not making any profit. I absolutely am, but it’s not a whole lot of money in comparison to the money I make investing in real estate. Excuse me. I offer it because I want to offer a one-stop shop for everybody. I have the staff and equipment to do everything needed for this business. There’s no point for me to really give you great ideas and tell you, “Good luck finding someone to fulfill them.” It’s really not going to help you, right?
I also have a really hard time referring anybody out, simply because I feel that I can control the quality of the products and lists that are going out of my office, but I can’t really do that in somebody else’s business.
To give you an idea, I typically send out a minimum of 5000 pieces of mail per month. We average about 7500 pieces of mail per month over the past year with a tremendous response rate. This is a bare minimum of 5000 pieces per month or 60 000 per year, to what I refer to as new leads of property owners every year. I’m not even counting the second and third and fourth mailing to the same list of people that have not responded yet. We track all of our mailings; every one. We got two people in the office, that’s all they do is track the inbound calls, get people off our list, put the ones that haven’t responded yet into the queue for the next mailing. It’s super organized.
You get the idea. You can see the level of marketing leads and deals a person can get with those kinds of numbers. In a nutshell, we’ve got the marketing down now.
The next things is qualifying the leads over the phone. You want to make sure that you’re dealing with a motivated seller, and not just somebody looking for a dummy to come by and overpay for the property. The way I do this, is I have a custom-made questionnaire that I use during my calls to ask all of the right questions, get all of the necessary information I need to process the information they give me, and come up with a purchase price.
If you’re interested in getting a free copy of my custom motivated seller questionnaire, just go ahead and send me an e-mail to firstname.lastname@example.org; email@example.com. Let me know that you want me to send you the motivated seller questionnaire and I’ll be happy to go ahead and get it out to you right away. Again, just shoot me off an e-mail at firstname.lastname@example.org and let me know you want my custom motivated seller questionnaire so I can get it out to you right away.
I’ll go ahead and go through the questionnaire with the seller on the phone; get all of the information about the seller, their situation and so on. I’m going to evaluate this. I’m going to do comparables on the property before I ever leave my office to get a great idea of where they are price-wise. Are they even close to being reasonable?
I met a lady last week that owns a condo in a very prestigious building downtown Chicago. She was asking $3.2 million for the property. Looking at the comparables, the absolute highest, and I do mean the absolute highest retail price on that unit would have been $2 million. If I were to buy it, I would need to be around 1.2, and no more than $1.3 million to make it work. You see, knowing that she threw a number out at me over the phone of $3.2 million made me very well aware ahead of time, without even having to go to see the property, that she was really not motivated. She got a letter and, “Okay, if this turkey’s going to pay this kind of money, then yeah, I’ll sell.” Just looking for some idiot to basically come along and hoping she would luck out and sell a property that’s way overpriced to some unsuspecting clown that happens to have that kind of money to spare.
Once I do my evaluation and I come up with a number, in this example, I’m going to say $100 000 is the ARV, which stands for after repair value, I am then going to use my formula, 70% of the ARV – repair cost. Obviously, at this point, I don’t know what the repair costs are because I’m still in my office, right? I haven’t seen the property. Not yet, anyway. Before I even step foot in the house, I know that the most I’m going to be able to pay for this property, if it is in absolutely pristine condition, is $70 000.
Let’s say I get to the house and it’s a 1000 square foot home, and it needs interior remodeling only. I will use my multiplier of $25 a square foot, which is what I use to determine interior remodeling cost. I’m going to take that $25 a square foot, and I’m going to multiply it times 1000 square ft. I come up with a rehab or remodeling cost of $25 000. That’s $25, 25, times 1000, which is 1000 square feet.
I’m going to take that $25 000 and subtract it from my $70 000 starting price. What do I come up with? I come up with my maximum purchase price of $45 000 in this scenario. If my phone conversation with the seller went anything like most of the motivated sellers I talk to and they said, “Hey, give me $60 000 and you can have it,” then I know for certain I can get them to take 45 000. We’re already that close without me even seeing the house. It is not hard to negotiate a little bit. Honestly, it’s even easier to do when you’re sitting there in front of somebody with comparables than you’ve seen the condition of the property and it needs a ton of work. Don’t be scared.
If they say to me over the phone that they want 150 000 and I see the counts are coming in at 100, then I know I really don’t have a motivated seller. I’m going to try to see if they would take my 70 000 starting price over the phone. I need to see if they would even entertain it. If not, then I explain that I’m an investor and I can’t buy at or above retail, I thank them for their time, and I hang up. That’s it. You’re going to have to weed them out.
You’re going to see that the majority of the callers who call are not going to express motivation in price or circumstance. You have to understand, it’s just part of the process. The ones that do are the ones you’re going to make money on. The rest are just junk leads right now that you can put on your quarterly mailing campaign. You never know. Circumstances, situations might change down the road.
Now, let’s say you’ve got a motivated seller. You’ve run your numbers. You’ve met with him at the property and signed a contract with all of your appropriate out clauses. You take a bunch of pictures and you mark up the property. In this case, we’re going to say it’s $5000. You put it out to your buyer’s list. One of your investor buyers comes along, says, “Okay. I want the property.” He’s going to be willing to pay you your $50 000 asking price. They will pay $50 000 for the property. They’re going to spend $25 000 or less in remodeling the property and sell it for 100 000. Your investor is going to have made a nice $25 000 profit, and you will have made a wonderful $5000 profit just for putting the deal together.
If you want to think about this in terms of real estate agents, for example in my office, we are charging anywhere between 4% and 6% commissions when we sell a property on behalf of a client. Pardon me. In this case, you’re making over 10%, which is absolutely huge.
Now, your investor/buyer is making five times the amount of money you are, which, again, I say, you should be okay with it. You’ve got to look at your position here. Your buyer, your investor needs to make that kind of money. You’re putting a deal together. You’re in and out fast. They need to make more money. They’re going to be into this project for three, four months. You’re into it for days or weeks.
The next question comes to mind. That is, how many of these deals do you want to do in a month? If all you did was one deal a month and made your minimum of $5000 per deal, you’d make an extra $60 000 per year. You with me? It’s that easy. It’s so doable with the tactics and systems I’m sharing with you. Of course, if you really want to jumpstart your business, you can contact me through my website at extremerealestateinvestors.com, and we can talk about our home study products or coaching program.
What if you did deals where you made $10 000 each, or $15 000 each? I’m telling you, the money is insane. You need to get started if you haven’t already. Remember, you’re doing all of this with very little money out of pocket. You should never have to close a transaction or get funding for a wholesale deal unless the profits are really big, like I said, anything over 10 grand.
For my coaching students, we offer transactional funding for deals that we partner on with you, so there’s really no reason not to get into this business right away.
All right. I want to hear about your success. I want to do a phone interview podcast with you when you close your first deal. Get out there and make it happen. You can do this. Believe me when I tell you, it is not hard or complicated when you have the right tools. You can do this, okay. You’ve got the tools. You’ve got the systems. You’ve got the support in place. I want you to be successful; make more money. Help people and change a lot of lives for the better in the process.
I can’t explain what real estate investing has done for me. It has totally changed my life for the better, and there isn’t a thing on this earth I would rather be doing than real estate investing and helping other people realize their dreams by teaching you what I know and what I’ve learned along the way.
Now, here’s a small favor I want to ask of you. If you go ahead and go to iTunes, download my podcast, leave me some feedback. I always appreciate the five star reviews. I’d be happy to announce your name and reviews on my next recording of the Extreme Real Estate Investors podcast here. As I said, I definitely want to share your success stories with the rest of the listeners out there. Take a little time, go to iTunes, leave a review.
I hope you found this podcast informative, inspirational, and it motivates you to get out there and make a difference in your life and the life of other people by helping them get rid of properties they no longer want or need.
If you have any questions, again, you can e-mail me directly at email@example.com, that’s firstname.lastname@example.org, or just go to the website extremerealestateinvestors.com and contact me through my website. While you’re there, you can also download my e-book, 16 Ways You can Turn Unleveraged Assets into Income for free. It’s a free e-book. All you have to do is just fill out the form on the main page there. You can’t miss it. It’ll get e-mailed over to you right away.
All right, I’m super excited to launch the beta version of the website. It is up right now, so go check it out. Tell me what you think. It’s not perfect, so feel free to criticize, but don’t judge, all right? We’re not quite done with it just yet. We’re going to have a ton of great, free information, podcasts, videos, and a whole lot more to share in the days and weeks to come.
I also want to go ahead and have you send me an e-mail or contact me through the website at extremerealestateinvestors.com if you have any subject matter that you specifically want me to cover in the next episode. I’d be happy to help and do everything I can to help you in your real estate investing business.
All right. Thank you again for listening. I really appreciate you letting me beat your ear for so long. I know it’s been a little bit of a longer podcast this time, but definitely want to give you as much information as I possibly can. I’ve had a lot of fun and hope you learned a thing or two here today. Remember to always pay it forward.
Until next time, happy investing. Remember to go big, or go home.