The Case for Mentors: How a Trio of Newbie Investors Did Their First Deal

mentosHey investors, Cody here with an awesome real-life success story from some of our Clever students.

You probably know that I'm a solid believer in having a mentor in the real estate investing industry. Actually, I'm gonna go as far as to say - don't even think about jumping into REI without one.

Having been in this game a while now, I am a mentor myself and offer tons of advice, helpful courses and, of course, blogs like this with loads of REI info. I love being able to help people do deals and find success. Nothing makes me happier! And, I definitely love sharing in my students' successes when they close deals. That feeling is awesome.

As it turns out, a group of my students recently did just that - closed their first wholesale deal. And they know they couldn't have done it without mentors. Period, end of story.

Pleasant Persistence Breaks Down Resistance

persistenceFrom Tom Nardone, Millionaire Mailman … 

Back in January of 2015, I dropped a simple mailing of postcard 10A in the Clever Marketing Center and had Go Big Printing mail it out. I only mailed about 1,900 postcards to an absentee owner’s list that I bought from ListAbility.

I got a pretty good response rate, which was about 75 calls. About 20 of the sellers from the postcards left voice mail messages. The rest were hang-ups.

But I had not even one seller who wanted me to run out to the house and sign a contract at that moment to get the deal tied up!

A Guide To Reach The Top Spot On The Buyer List Of Your Wholesaler

spotsFrom Darlene Root…

In one of my previous bog posts, I talked about how to spot a fake investor buyer for your wholesale deals. This time, I’m going to talk about how to reach the top spot on a wholesaler list. This is really important for those investors who are looking for rehab deals.

I have found local investor meetups to be a learning opportunity. Especially the interactive sessions. You get to hear about other people’s experiences, successes and losses in the market. It helps you learn and be better at your art.

With all the local meetups I have attended so far, I have learned that buyers are somewhat always complaining about the wholesaler. There are many reservations like, “I got scammed” or “I get spammed by my wholesaler for information regarding crappy properties.”

As a wholesaler and rehabber, I can tell you that cultivating solid relationships with cash buyers is vital to a wholesaler’s business. Though, there are always a select few who tend to get the special treatment.

Now you may be wondering, who are these “chosen ones?” Well, anyone can get the special treatment, if they have certain qualities. So, let me give you a few tips on how to get the #1 spot in a wholesaler’s buyers list.

Wholesaling Basics: How to Flip a House with Little or No Money Down – Part 3

saintThey say three is a charm, and man oh man are they right! (Who is that, anyway?)

Welcome back to the series, Wholesaling Basics: How to Flip a House with Little or No Money Down. Today, I bring you the third and final segment. It’s short, it’s sweet, and it’s oh so insightful.

In Part 1, I blew your mind (insert explosive sound and hand gesture) by introducing the concept of wholesaling with little or no cash. We talked about effective marketing, contracting and even scripting. Then in Part 2, we covered the stimulating world of escrow and paperwork, and you powered through it with both eyes open. Hats off to you! (If you haven’t read those informative posts, do that so you’re all caught up for today’s final post in this series.)

So today, is all about finding those who have the money and turning contracts into cash.

Let’s break it down, shall we?

Your Life in Inches

From Dave Victor, Real Estate Rockstar…

I really don’t watch sports. I mean, I would rather watch farming than baseball. I would rather watch paint dry than football. You get the point.

So, for a guy who isn’t really into watching sports, I really do love watching movies about characters who happen to be athletes. They truly have some of the best motivational speeches ever penned. I was watching one of my favorite speeches from a movie with Al Pacino, Any Given Sunday, where he states:

“You find out life’s a game of inches, so is football…The inches we need are everywhere around us. They're in every break of the game, every minute, every second… We claw with our fingernails for that inch. Because we know when add up all those inches, that's gonna make the difference between winning and losing! Between living and dying! I'll tell you this, in any fight it's the guy who’s willing to die who’s gonna win that inch. And I know, if I'm gonna have any life anymore, it's because I'm still willing to fight and die for that inch, because that's what living is, the six inches in front of your face.”

Man, if you haven’t seen it, YouTube that scene. The whole movie, actually, is worth the price of admission.

Calling Sellers from Craigslist

craigslistFrom Tom Nardone, Millionaire Mailman… 

When making Craigslist calls as a part of your stage 2 assignment, you will ultimately be targeting “For Sale by Owner” or “Mom & Pop” type sellers and landlords.

The reason for this is that we want to have conversations directly with the seller of the property to determine if there are any uncomfortable circumstances surrounding the ownership of the property.

If you try to have those conversations with a Realtor, they will usually try to insulate you from any personal information - good or bad - that may be going on in the seller’s life.

The reason you need to uncover the uncomfortable circumstances is that the seller will appreciate you helping them solve their problem and likely go to contract with you for helping them find a solution to their situation.

Can Thinking of Flowers Make You Strong?

From Darlene Root here…

Recently, I had the pleasure of going on a Mentor Retreat with Cody Sperber and the Clever Investor Mentors. It was a “working” retreat, but we also had some time for fun as well. During the retreat, Cody treated us to an amazing time with Joseph McClendon. Joseph is a peak performance coach who has teamed up with Tony Robbins and is now the head coach and instructor at Robbins’ acclaimed Mastery University.

Joseph had me come to the front of the room so that he could demonstrate the power of thoughts. First he asked me to hold up my right arm to make a muscle, then he told me to resist him trying to pull my arm down. It was fairly easy for him to win at this game taking into consideration that he is super-fit and much larger than me. :)

He then asked me to think of my favorite flower (lilac) and walked me through a process of really getting clear on the color, smell and feeling that I have when I am around lilacs. This process went on for about 2 minutes…

Wholesaling Basics: How to Flip a House with Little or No Money Down – Part 2

no moneyThey say sequels often suck, and most of the time it’s true. Sequels can pale in comparison to the original, but this oh-so-awesome blog post breaks that mold.

Welcome to Part 2 of my Wholesaling Basics series. In Part 1, we introduced the concept of wholesaling with little cash. I know, I know… you were skeptical at first, because it seemed too good to be true.

But now you know it’s not. You also know the importance of equity and motivation, and you’re now an expert (or at least on your way to becoming one) in marketing, scripting, negotiating and contracting. And to that I say, g’on whicha bad self!

But, now it’s time to talk escrow, paperwork, and some other key house flipping terms that may sound like a snooze fest at first… but understanding these words, what they mean and why they’re crucial to your investing success will definitely be worth the next few minutes.

The Truth About Real Estate Investing

truthFrom Dave Ludena, Real Estate Rockstar…

The circus came to town. I know this because I see the road rash of bandit signs flaring up like a bad case of the…well, fill in the blank. Invariably, I run into a lot of these newbies who, upon getting frustrated that the road to real estate riches didn’t happen as the guru under the big top paved out, give up on real estate and move to the next shiny thing.  

I feel for these new investors. And I just have to speak what’s on my mind. So, if my tone is a bit heated – understand, it’s because I love this great opportunity that is real estate and I feel it is given a black eye, and many would-be investors lose hope in something that can realistically change their circumstances.

Great Expectations

In real estate, you have the ability to create your own income. You have the ability to start something with a very low start-up cost and barrier to entry. Contrast this to a traditional business, where an owner is expected to invest lots of start-up capital, and it takes about 3 years before they even break even…. with a lot of up-front risk. And that’s just what’s expected.  

Why Can’t I Make The Offer On The First Phone Call?

callFrom Tom Nardone, Millionaire Mailman … 

On a recent mentoring call with a student, a student asked: Why can’t I make my offer while I have the seller on the phone for the first phone call? In many cases, when talking to sellers for the first time, the very first call you have with the seller is designed to simply gather information.

In order to present an offer to a seller to buy their house, you have to have enough information to know that you are making a competent offer, and that you are making an offer to the right seller.

When you’re going through the questions with the seller using the Property Lead Intake Sheet, the questions are designed to do 3 things:

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