REI Network with Gavin Timms

What is it that you want your life to look like? What’s your ultimate outcome? When you have this vision fixed in your mind, it’ll help you push through the mental barriers you and maybe even the people around you will try to throw up constantly. Deciding on your ultimate “why” is also going to help you fix on a strategy that moves you toward your goals.

Some real estate investors want that huge team all set up in a swanky office, and others want to stay lean and mean throughout their whole careers. What you decide on is totally fine, but it’s going to influence your real estate investing strategy. Teams build different portfolios than a one-man crew.

Do you want to be a buy and hold investor? Maybe a fix and flipper? Or some other flavor of real estate investor? No matter what you decide, there are two questions that every real estate investor needs to ask and answer for themselves:

1. What is your “why”?
2. What is your exit strategy?

In the beginning, you’ll need to decide if you have more time or money. Because whatever you have more of is going to help you determine your strategy too. When we get down deep in the trenches of real estate, we have to have a solid hold on our “why” so that we can make decisions that help us build the kind of life we want.

What's Inside:

• How to match up your marketing with your real estate investing strategy.
• If you have more time than money, you’ll have to adjust your marketing.
• Having a solid “why” is going to keep you going when things are tough.

No stranger to real estate, Harry King hooked up with us when he realized that we had the missing piece in his knowledge. As a purchaser of short sales, he’d never had to do his own marketing before, but with our marketing plan, he was able to jump in headfirst with us.

This commitment to taking action has really propelled Harry’s early success in wholesaling. He has an unbelievable 60 offers to follow up on, so we talk through the strategies that have yielded the best success for him. He wants to keep those leads fresh, but he also can’t possibly get through 60 conversations in one day while balancing all of his other marketing.

Listen to some of Harry’s biggest takeaways from working with us, including:

• Improved accountability
• Contracts and support
• Implementing a marketing plan
• Better time management

When you’re talking to sellers, you might come across some irate homeowners who are insulted by your offers. Harry says the best course of action if to stay calm because if you can’t “then you can no longer have a conversation”. Even though Harry has been in real estate for a while, he’s learning a whole new niche. The systems he’s putting into place will help him balance his work and personal life.

What's Inside:

• The idea of laying out a schedule can help you focus on the most important task.
• How Harry uses the tone of his to control the conversation.
• Why Harry says you don’t need to know everything to get started.

As I drive across Arizona, I want to show you exactly how I make a virtual wholesaling business work even when I’m on the road. So today, I’m talking with my VAs LJ and Ralph about the marketing work they do for me. Using different tools, including Podio, REI Simple, text messaging, and Mojo, my virtual assistants work their way through lists looking for sellers.

I really believe that everything is in the follow up, and that’s why we put a lot of effort in tracking our calls and keeping good notes. As expert cold callers, LJ and Ralph have some tips for how to have casual and natural conversations with potential sellers that open them up for a follow up call. You can really see how they support each other as a team and work together to train and perfect their cold calling techniques.

Because I want you to see the magic that can happen with cold calling and CRMs, I’m going to revisit an old CRM in a market I haven’t visited in two years. LJ and Ralph are going to go through my list and find out how many houses have already sold for cash, how many deals I would’ve had if I’d continued working that market, and if there are still deals sitting there waiting to be sold. It might be a painful lesson to work through, but I really want you to see the possibility in your lists, no matter how old they are.

You don’t want to miss this case study, so make sure you’re on my email list so that you can get actionable tips on how to be a better cold caller, and smash those goals with your follow up.

What's Inside:

• How to overcome the negative callers and fix your mindset.
• The difference between cold calling and warm calling.
• My VAs share their scripts and conversation starters.
• How do you talk with a phone number that’s listed as an LLC?

In theory, you need to spend more time on follow up than on leads. In reality, a lot of wholesalers have a one-and-done approach. They make that first initial contact with a lead, and then never circle around to build a relationship and stay on the radar of a seller. I want you to tap into that money by making following up a bigger part of your marketing.

In 2018, I did a study that examined how many of my sales came from follow-ups. 54 out of 58 deals in that year were because I called a seller more than once. Who wants to walk away from 54 deals?! I’m going to teach you how to build rapport with your leads, and why you should offer to take other wholesalers’ “dead” leads off of them. Because there really is no such thing as a dead lead.

We recently closed a deal in Maui, and the seller took 4 months of contact and rapport-building before they were ready to sell to us. This kind of nurturing is necessary when a seller’s motivations are there but aren’t urgent. Listen carefully to the kinds of questions you need to ask to figure out a seller’s motivation so that you can know what kind of creative financing to offer them.

I’ve got a case study coming up where I’m going to work on a CRM that I haven’t touched in two years. We’re going to document how many deals we lost and how many we can close on. If you want in, make sure you’re on my email list so that you can see how I revive this CRM and make money off of incredibly old leads.

What's Inside:

• Why you need to take good notes in your CRM.
• How to dig down and get to the reason why sellers want to sell.
• How to improve your KPI and make your marketing dollars go farther.

My coaching client Brian Blanders hopped on a call to talk to me about his new virtual market. After realizing that his own market in Utah was just too high to make any sense, he turned to his hometown market in Tulsa, Oklahoma, and had to create a partnership with local folks to make his wholesaling business viable.

Your goal is to find motivated sellers, but your seller’s particular motivations are going to affect the kind of deal they agree to. Listen to how one of the four pillars of a seller’s motivations dramatically affected the negotiations for Brian’s latest property, and how he changes his approach to make the deal happen. In terms of negotiations, you follow down a path that makes sense, until it doesn’t. And figuring out your seller’s motivation is key in finding the right path.

When is it worth doing a flip versus doing a wholetail deal? Brian had to ask himself that question when he realized that he couldn’t simply paint the house he’d just purchased. As you know, I’m a huge fan of virtual wholesaling, but deals aren’t the only thing that can be managed remotely. When Brian had to change his plans, he had to learn how to manage his team and their fix and flip from several states away.

Flexibility, creative financing, and a huge growth mindset really helped Brian navigate his first deal. We’re going to work more closely together to put better systems in place so that no matter where his next deal is, he’ll be able to provide at least one option that a seller can’t resist.

What's Inside:

• What to look for in your boots-on-the-ground person.
• What’s the difference between flipping and wholesaling?
• How Brian chose his virtual wholesaling market, and why he didn’t stay local.

Creating your best life begins with designing your real estate business around your lifestyle, but you can’t build out a broken system. So today I’m going to share some of the strategies I’ve used to create a virtual wholesaling business that lets me travel and live my best life while still making money.

One of the most amazing benefits about virtual wholesaling is that you never need to visit the properties that you’re purchasing. In fact, I’ve visited less than five properties in my entire wholesaling career. I couldn’t tell you how much a roof costs or how many repairs need to be done to a house to get it ready to resell, but that’s not a problem because that’s what I have crews for.

Your four concerns with every property should be the motivation of the seller, the timeline, the situation the seller is in, and the condition of the property. Once you figure out those four elements, deal flow will come from that.

Automation and delegation. We throw these terms around all of the time. I’m going to lay out how automation and delegation make it easy to turn this business into a virtual one that you can work on no matter where you’re at in the United States or even the world.

What does financial freedom look like to you? Not only do I take time off to travel, I also schedule my work around golf outings and family trips and spending time with friends. Working backwards from where you want to be can help you establish a lifestyle business that meets your needs.

What's Inside:

• One of the biggest mind shifts is realizing that you aren’t going to the property.
• How big you want to build a virtual office is going to affect how you set up your business.
• In the process I teach my students, there’s one thing we never try to do.
• Stop thinking about deals, and start thinking about profit margins.

Who is going to hold you accountable when you don’t have a built-in accountability system as you did at your 9-5? Making that jump into the entrepreneurial life is awesome and amazing, but without a boss standing over your shoulder, many entrepreneurs just struggle to accomplish anything.

We’ve set up a few systems for our coaching students to help them stay on track: time blocking and scorecards. Just having someone standing behind them, calling them up, and reminding them to take action helps them move forward toward their goals.

Since when has anyone, on any training ever, said that making one offer a week is going to get you ten thousand dollars? When we work with our coaching clients, we teach them the kind of effort they need to put in to get massive results.

Listen, you can set up all of your marketing and your VAs to do a large part of your business for you. But you, and the effort you put in, are the engine that makes everything run. I’m going to give you a few tips on how to hold yourself accountable for all of the work and money you’re pouring into your business.

What's Inside:

• If you don’t know your numbers, then you don’t have a business.
• If you don’t have someone keeping you accountable, then how will you stay disciplined?
• If you don’t have someone keeping you accountable, then how will you stay disciplined?

When you talk to sellers, you have to remember the number one rule about wholesaling: we’re solutions-oriented people. We’re trying to help people find solutions to their real estate problems. Orienting your thinking about finding solutions is really going to help you approach conversations with sellers in a positive way.

Before I’d even met Shaun Young, he’d managed to snag himself a fantastic sandwich lease option on a beautiful house in a gated community in Atlanta. But he didn’t have any systems in place to help him replicate that success! We’ve been able to work with him and help him improve his real estate business, but the truth is that his massive action taking has been a huge part of his success.

You’re going to love the sandwich lease option because it’s got that cash showing up in three different ways: cash upfront, cash flow, and cash on the back end. Shaun explains how his first sandwich lease option deal worked out for him, even after his first tenant-buyer forfeited her right to buy.

I love working with clients like Shaun who are gung-ho for real estate. And I love helping them make their company a little bit better by fine-tuning the rough parts. Check out Shaun’s book Adventures in Wholesaling that he wrote to help out other wholesalers.

If you loved this episode, share it and subscribe. Leave us a review and tell us what you thought. And if you’d like someone to look over your real estate business, connect with me or my partner Joe McCall. We’d love to talk with you and see if we would be a good fit for each other.

What's Inside:

• How Shaun’s inexperience ended up helping him out.
• My number one takeaway for you from this conversation.
• How Shaun used the sandwich lease option to make $60k over four years.

When you’re talking to a seller and you’re trying to understand what’s driving them to sell, while also waiting for just the right moment to make your offer, it’s pretty normal to make some mistakes. I’m going to help you to see what you need to look for in a seller, and give you some examples of how that might play out in conversation.

If there’s no motivation on the part of the seller, you need to get your offer out quickly. So, the first question is: What does a motivated seller look like? You need to consider:

1. The situation the seller is in.
2. The time frame the seller has.
3. The price that they want.
4. The condition that the property is in.

As you’re talking to the seller, you need to listen to what they need from this deal, relate their need back to your offer, and then make the offer.

What does that look like in action? I’m going to give you some examples to help you see how to position your offer to make it more attractive to the seller.

If you need a cheat sheet for how you or your virtual assistants can do a better job talking to sellers, check out my free lead sheet on my website. And don’t forget to like and subscribe to my YouTube channel so that you don’t miss an episode.

What's Inside:

• The most important part of sales isn't your offer.
• How to know when a seller is willing to take a tenant buyer offer.
• 4 ways to tell when a seller is truly motivated.
• How to position yourself in a conversation to make an offer that’s attractive to a seller.

When you start with $120,000 in credit card debt, how are you going to turn that around? Joe and Chris are new business partners and my new coaching clients in the Denver market, and the amount of success they’ve had in the short time we’ve all been working together has just been incredible. But it didn’t start out that easy for them. 

Joe McCall and I have said for years, “Show me a wholesaler that has a great CRM, and we’ll show you a bright one”. Chris and Joe had a great system in place, and the amount of deals that Joe did from referrals alone is just incredible. But they were ready to take it to the next level.

If you’ve built a wonderful system bringing in all of the leads, but no one’s on the phone, then your problem isn’t the system. One of the ways we’ve been able to help Chris and Joe was to analyze where their system was breaking down so they could figure out how to fix it.  

After some amazing six figure months, Chris has 3 tips for how you can achieve the same kind of breakthrough. Success is definitely out there, but the struggle to get there is real. 

Chris and Joe have tightened up their system and are getting ready to scale big. They’re looking for an acquisition person to join their team. If you want to work remotely and you’re not scared of making offers and being on the phone, connect with Chris and Joe. 

What's Inside: 

• Your cash buyers become your sellers.
• Why you want to move from working in the business to working on the business.
• How your “why” can push you towards success. 
• Chris’s advice for how to become the world-class investor that you want to be.