If you're new to real estate investing, wholesaling, fix and flips and all that stuff, it can be very difficult to know just where to start. In this episode of the Flip Kin Real Estate radio, Joe is going to give you a real life example from a property he and his partner acquired that resulted in a six figure profit. It sounds way too good to be true, but it's not. Joe's doing deals like this regularly and wants to give you the inside scoop of what to look for and how to do it yourself.
The first step is finding the property… and Joe found this one through direct marketing. Mailers, fliers, and any other way you can get into direct contact with motivated sellers is the first way you find the deals that are going to make you this kind of money. One of the "niches" within that area that Joe focuses in on are people who have high equity in rental properties or family properties who might be having trouble making their payments. So the direct mail piece goes to owners who have non-owner occupied homes with high equity.
This property came from exactly that kind of direct mail piece. This property was a mess; it needed everything. The property had been listed for a long time and Joe thought a creative approach might be just what was needed. That's when he asked the magic question, "What do you want to do with the property?" That opened the door to the seller being willing to discuss all kinds of options that may not have been on the table before. So they settled on "seller financing," which is not the normal way people sell their properties.
Joe was able to get this deal set up in that model through patience, building rapport, showing some knowledge and confidence of his own, and asking lots of good questions. You can do that too.
Listen to the episode to hear more of the details about this deal and to hear how this one situation turned into tons more opportunities and income. You can take away some gold nuggets that will help you get some deals just like this one.
OUTLINE OF THIS EPISODE
- Joe dives in to the details of a property that got him a 6 figure return.
- Finding good properties to turn around.
- The power of direct marketing.
- Joe's conversation with the owner.
- The outgrowth of this deal: more properties from the same owner.
- The ways this deal turned into ready-to-use cash from this one guy.
LINKS
joe@theflipking(dot)com
TWEETS YOU CAN USE TO SPREAD THE NEWS ABOUT THIS EPISODE
You can arrange "owner carry" deals. Here's how Joe did it. You can do it too.
Learning to ask the right kind of questions can build trust that opens doors to more real estate deals.
One good property deal can turn into 2, 3, or 5 more. Here's how it happened for Joe.
The right, carefully crafted direct mail piece can get you the exact property deals you're looking for.
