She made 200K in 7 days doing what? 😲
Hello, Income Flipper!
Hey Income Flippers,
Today I'm going to break down how my friend Isabel made 200K on her first investment deal in 7 days.
But before I do that I just want to remind you that you are awesome!!
Anything you WANT to build is possible, you just have to believe.
Today in 10 minutes or less you will learn:
The Income Flip Framework: How to be resourceful and take action.
✔️ How Isabel put together a 200K payday in 7 days from start to finish
✔️ 3 ways to find a deal
✔️ A fast way to build rapport
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Where do you go to connect with local real estate investors to learn, grow and find deals?
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GRID Knoxville leaders, Cory King and Justin Myers with special guest, Christian Swann, during their August networking event focused on Commercial 101.
(Check out www.gridinvestor.com to find an investment community near you or join our free GRID Facebook Community to start collaborating with investors all over the country).
Be a Doer.
It doesn't matter how much content you consume on a topic, if you want something to change you need to take massive action. Massive action means just that, doing everything in your power to create an impact in the direction of your dreams and goals.
Over the last 20 years, I have built pattern recognition on what a "doer" looks like and what a "talker" looks like.
"Doers" show up, consistently, even when they don't feel like it. They keep pressing forward in the face of adversity and find ways around challenges but most importantly, they take action.
Talkers show up at first but over time fade away. They can't be consistent on any one thing and as soon as things get hard they fold.
All the juice in life is given to the doer, it's why you find so much imbalance in the world but that is a topic for another discussion. Earlier this month my friend Isabel displayed what it looks like to be a "Doer".
Isabel called me over the weekend and said, "My contractor just told me about a house that has mold in it and it's going into foreclosure in 15 days, the comps appear to be 1.8 mil and it sounds like they would take 950k, what do I do?"
Well, I don't know about you, but to me, this has all the elements of a deal.
+ Motivation
+ Tight timeline
+ Margin (at first glance)
+ Not listed in the MLS (Multiple listing service)
I advised her that the first thing she needs to do is verify the condition—asap. Her contractor quoted 250k to do the renovation.
If that were true a 1mil acquisition, 250k reno, and 1.8mil, the exit would leave a huge profit margin!
It sounded a little too good to be true, but what I've learned through the years is that speed and confidence is the key to securing properties and you should never ignore something that looks like a deal.
To make a long story short, she went to the property and assessed the condition and then called me and said, "It's not that bad, it's just dated and the mold is minimal."
I told her to "lock it up" at which point she jumped off the phone and proceeded to negotiate a contract for $1,050,000.
Ok, let me back up for a second because there are some important elements to this story.
1) Up to this point she had never done an investment deal.
2) The price of the property was way above her mental comfort zone.
3) She didn't know where she was going to get the money to buy it and fix it.
4) She has never done a major reno in her life.
5) She was unclear on the paperwork required.
I say all this because she had plenty of mental hurdles that would cause most people to get cold feet and find a reason why they shouldn't do the deal.
Not her.
Instead, she did exactly what a "doer" does. She asked questions, asked for advice on writing the contract, talked the deal through with several people, and then took action.
The sum total taken before she pulled the trigger was hours, not days.
Once she had it under contract, she was in control.
Rule number #1—control great inventory.
New investors often think the most important part of finding a deal is finding the money, but it's not.
It's finding the deal. 1 day later she wholesaled the contract and made 200k in the process. Christmas came early. I am very proud of her.
3 Ways to Find a Deal
So how do you find deals like the one Isabel found? Here are 3 simple and effective ways to find your next deal:
1) Driving for dollars.
Look for properties that need work on the outside and then proceed to get in touch with the owners by any means necessary.
The message is simple, "I am looking to buy properties in this area and I'm a cash buyer, if you are interested in selling I'm interested in buying!"
Lesson: Spread the message far and wide.
2) Attend your local real estate investment club and let everyone know you are an active buyer.
The best way to do this is to pick a particular area in your town or city and let everyone know " I buy properties in X area for cash."
Lesson: Be specific about what you want from life.
3) Send letters to absentee owners in your target area with the message I outlined above.
Lesson: Pick your target prospect and be consistent and omnipresent with your message.
A Fast Way to Build Rapport
Last night I helped host our local GRID Community, and I met a new attendee by the name of Jacob.
Jacob is one of those guys you can't help but like and during our conversation, he said something to me that I feel is pure gold and I wanted to share with you.
We were on the topic of sales and we were discussing why some people are good and others are bad when suddenly he said the following:
"Great salespeople listen with their heart."
Woah! I couldn't agree more. I had never heard it this way before and it hit me differently.
People can feel it when you genuinely care, they can sense it.
As I reflected on his words it occurred to me that the key to establishing rapport quickly is to "listen with your heart."
So next time you are at an appointment I want you to set the attention to listening with your heart, it will make all the difference.
Keep Moving Forward,
Rob
P.S. Breaking news! Are you an agent who currently works with investors? This week I launched the Agent-Investor Referral Network (Powered by GRID) on Facebook. I invite you to join me and thousands of agent-investors across the country.
