I’m giving you right here one of my personal keys to life and business that will take you to the next level. Strike while the iron is hot. When you’re in a situation, business meeting, or on a call the value of moving quickly can’t be overstated.
Let’s walk through a few examples.
You’re a wholesaler wanting to add more buyers to your list. How do most folks do it? Pull a list of recent cash transactions, mail them postcards, and wait for them to call and add them to your buyers list. Is it effective? Kind of. When you use this approach you’re going to mid level investors. Your guy who’s going to ask to get added is the guy who’s doing a few flips a year and wanting to see if you have something come up that matches. While this will get you buyers who will buy houses… What you’re going to miss out on is the guy buying volume. Why? Talk to anyone who owns 50+ doors and ask if they call them. You’ll get the same answer… No. What if we did a different approach. Run that list through https://www.callporter.com and get accurate contact info for your buyers. Wait till you have a deal… And pick up the phone.
“Hello ___________, My name is Ryan and I’m a local investor. I noticed you bought the house over at ____ and paid _____. I’ve got a home off of (nearby street) and I’m asking (below what they paid). I’d like to walk you through it this week if you’re still buying in (neighborhood). Is there a particular day that works best for you?”
If you can’t get the appointment for the walk through… (They’re busy, not interested, out of cash, etc)
“I really appreciate you taking my call anyway. I’ve dropped a gift card to _______ in the mail for you. If you change your mind, need properties in the future, or would like to talk shop I’d like to take you to coffee on my dime.
How I’ve raised half a million in the past 2 months:
When you get a sit down with a private lender (or potential private lender) I recommend having a deal prepared for them. Ideally, it has tons of meat on it, in a great area, that they’d bend over backwards to fund.
My business partner and I were at coffee with a local private lender and I walked him through the process of a cash out refi on a cash flowing rental I was under contract to buy. The property meets the 1% rule, cash flows, has 25%+ equity, and is in an area that’s appreciated 15% in the past 2 years.
When we asked to have that very deal funded 2 weeks later he accepted. We’d already walked through our scope of work, comps, turn around, and exit strategies for the property. He knew the lender we would refi out with, our plan with the deal, and even who what crew I was going to use on it.
If you’re not striking while the iron is hot… You’re losing out to buyers, lenders, and on deals to guys like me. Time to up your game! Especially as we gear up for 2018. I can’t wait to share our goals with you guys.