Top 3 Places Investors Get Stuck (CFFL 562)

Transcript:

Jack:                      Jack and Jill here.

Jill:                          Hello.

Jack:                      Welcome to the show today. In this episode, Jill and I talk about the top three places real estate investors get stuck, those bottlenecks. And they're different for everybody. Before we get into it, let's take a question posted by one of our members on the landinvestors.com online community. It's free.

Jill:                          Okay. Andy asks, "I love the idea of sell before you buy. I've used Craigslist for vague ads to see how much interest there is before I buy a piece of land."

Jack:                      Awesome.

Jill:                          "When you get replies to the ad, how much information do you divulge? I do not want to give out the APN or address, but what if someone wants to drive out to look? Can you give them directions to land you do not own?"

Jack:                      Sure. What I'd do is say, "Thanks for calling, but the property's sold. We sold it, but tell me, why ... I buy property in this area all the time. Why don't you give me your information? I'll make sure you're on a list because I constantly get properties in that area."

Jill:                          Yeah.

Jack:                      I used to do this before the internet. I used to do it in the classified ads.

Jill:                          Yeah. Did you do it with ...

Jack:                      Yeah.

Jill:                          ... properties and stuff too?

Jack:                      The rental property.

Jill:                          Yeah, that's right.

Jack:                      That's how I learned.

Jill:                          How this works.

Jack:                      I actually came up with this myself. I would put a fake classified ad for a rental house, and just see how many calls I would get. Off the Sunday paper, one ad. Remember that?

Jill:                          Yeah. And then you're like "Well this is a good area."

Jack:                      The first one I did, and I never did it again after that for rental houses. I got 140 calls.

Jill:                          What does that tell you? Well I'm just going to say ...

Jack:                      Massive lack of rental property in that area.

Jill:                          Well here's the thing too, Andy. You'll know pretty darn quick if you have six voicemails on the first day, like well I guess I need to go buy that, and see how many more I can find.

Jack:                      Exactly.

Jill:                          So even if you don't get back to them or call them back, you'll know, but be, Jack said he's great. Get their information cause you know they're interested, so there's your buyers list.

Jack:                      And then you can say, as far as giving them directions and stuff, you never want to mislead. You want that customer to be a customer for life, so you want to say, "No, I don't have prop ... property's sold."

Here's the general area. Stop in the grocery store that's over there or whatever. Get that person to say, "Hey what's it like?" The person who's behind the counter. Jill does this all the time. She'll call local business right off of Google Earth, and ask them about, before we buy property. Just be a social butterfly about the whole thing.

Jill:                          It's so funny, I know. Could you step outside and look across the street? Seriously.

Jack:                      I know.

Jill:                          I have done that.

Jack:                      I know you have.

Jill:                          They're like this is the weirdest thing on the planet, but okay. I would do that.

Jack:                      And then they just fall in love with her like everyone.

Jill:                          It's so funny. I have no fear.

Jack:                      I know you don't.