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Q&A Sessions



Questions For Tom: 5.25.17: Live Q&A Session




00:06:25 How would you find or get a meeting for the neighborhood regarding local planning and zoning?
00:11:03 What do you do with a lead that answers the phone and says, “OMG, you keep calling and texting, can’t you get a hint”. Do you trash it or follow up after they cooled off a little bit?
00:13:39 Have you ever thought about buying lists from wheelchair companies, oxygen companies, stair lift companies, etc.? Seems like a lot of potential sellers might be in those lists. Not even sure if those lists are available to buy.
00:16:01 Could we talk about over the phone prospecting? I.E. scripts, powerful closes to get appointments etc.
00:18:28 What are the best sources to lookup cell phone numbers when you have a name and address?
00:19:16 I recently talked to a seller who wants to sell, but I’m not sure I want to buy it. It’s a mobile home on 12 acres, it’s a 2+ hour drive from me and I think they owe more than I would pay. What is the best way to work a property like this?
00:22:24 My time recently freed up more than usual so I have a little more time on my hands to put towards my real estate investing. Where would you recommend I put that extra time?
00:25:13 If I want to generate leads on my own as well, what are the best outlets/ways to generate seller leads?
00:25:22 Could we go over how to best utilize some of the FUB action plans and buttons?
00:28:22 What are Zillow Instant Offers?
00:30:48 In a high priced market for real estate and labor, do you need to add a certain percentage on top of the repair estimate to get a more accurate estimate when using the budgeting tool?
00:33:08 What do you say to a seller who has never sold a property for cash? Especially if they ask about payment, “when and how do I get payed?”. What are the mechanics once you have the contract signed?
00:35:09 When signing a double close deal, what are the mechanics that follow?
00:35:58 Can you explain a little about what needs to happen if there is a revers mortgage?
00:37:18 A few questions regarding Wholesales… 1) Explaining the options and how long they each take i.e. what happens after they sign the P&S? How do I avoid closing costs and inspections?
00:38:21 2) How can I figure out how much closing costs are?
00:39:35 How much percentage should I be making when wholesaling a deal?
00:42:07 Does every wholesale deal need transactional funding?
00:42:30 What is the best place to put all my buyer and realtor leads, FUB?
00:43:12 Is there a way to export contacts from FUB to send a mass e-mail?
00:45:17 Do you have any training on how to complete a P&S agreement on a seller financing deal?
00:49:41 Calculating an offer: though you have said we should always go off the (ARV * 70%) – repairs + offer, do you recommend for a newer investor to try and make whatever profit possible in the beginning?
00:52:51 When collecting money from private lenders, what systems do you use to keep track of each loan, payment and term?
00:55:23 Is 15% discount off market value property attractive to an investor?

Questions For Tom: 5.18.17: Live Q&A Session


 
00:01:04 When collecting money from providing lenders what systems do you use to keep track of each loan, payment, and term?

00:04:00 How we calculate what we are going to make for an offer?

00:05:30 Should you go up on you max allowable offer if you think you can still make money on a deal?

00:09:39 Why do we get leads late at night? Do you recommend calling or texting regardless of the time?

00:17:17 What is the list we are using for cold calling?

00:19:20 Is a 15% discount off of fair market value big enough to wholesale to another investor?

00:21:34 When dealing with a self-directed IRA used from a partner for a deal, can we still agree to a 50/50 split and have the profits roll back in the IRA?

00:28:40 Thoughts on Kent Clothier’s FindMotivatedSellersNow.com? Is it a good resource to focus prospecting efforts for investment properties?

00:37:43 Is the assessed value a good number to start when making an investment offer?

00:39:57 What’s the easiest way to get motivated seller leads without having to spend too much on advertising.


Questions For Tom: 5.11.17: Live Q&A Session



00:00:25 Finalized dates for the two day Fix & Flip Summit at our office in Wakefield

00:02:43 Benefits of coming to our Boston office, what you will learn, etc
 
00:06:03 Reviewing survey responses to further develop training and systems to help you

00:06:32 Survey responses to the question  “Which of the Following Do You Need The Most Help With In Your Real Estate Investing Business?”

00:07:09 Rolling out training on the exact mailing system we use

00:08:51 Survey responses to the question “When It Comes to Finding Great Deals in my Market, I:”

00:09:58 Reviewing survey responses to the question “When it comes to my real estate investing systems…”
 
00:11:09 How do I analyze properties?

00:14:35 How to capitalize on retail sales leads

00:15:45 How to proceed when you go on appointments to properties that are already listed

00:18:21 What to do when the person wants to sell, but not to an investor and won’t list

00:19:45  Off market database
 
00:25:45 The best practices and systems to follow when wholesaling a property

00:28:34 How would you compensate a partner who is providing funding only for the deal(and you are finding the deal and managing the renovation)

00:35:34
Investing in distressed notes might work? What risks would there be in buying a large quantity of distressed notes?

00:39:35 How do you manage repeat mailing when you’re building your direct mailing list each week?


Questions For Tom: 5.4.17: Live Q&A Session



00:02:35 Overview of the steps you need to follow to ensure that you are successful as a real estate investor

00:05:40 How do you work leads the right way to get deals closed?

00:08:02 Why You need to call, text and email leads every day for the first 10 days

00:09:30 Why you need to go on ALL seller appointments where the seller is willing to meet you

00:10:44 The importance of making  offers at EVERY appointment that you are on

00:12:02 Why you need contracts with you at all times

00:12:27 Keeping in touch with sellers after the appointment

00:13:55 Knowing your key metrics to success: typical results when you follow our formula

00:18:44 How to get on our free weekly brokerage training calls through facebook

00:20:02 How our new hire inside sales agent will impact you and what you need to know about these leads

00:22:50 What should I do if you have an out of state seller lead and they want you to look at the house?

00:26:03 What is the Facebook page for the training and how can I be added to it?

00:27:44 Switching from FUB 1 to FUB 2

00:29:40 Hard money – what is common? Terms, how do I find it, etc.

00:37:48 Should we be targeting people who are behind on their mortgage?   If so how?  – Plusses and minuses of NOD’s

00:42:24 How to raise money for projects

 

Questions For Tom: 4.27.17: Live Q&A Session

 

00:01:15 How to use the Facebook page to ask questions you have throughout the week 

00:02:20 How do I keep up with my calls and tasks going when the appointments start rolling? 

00:03:25 How to best leverage your time and what tasks can you push down to somebody else at a low level to maximize your productivity and income 

00:06:00 How to get someone on your team that can help you with these tasks and how to compensate them 

00:08:41 Do you add all of your leads as contacts in your cell phone? 

00:09:35 What is Zapier and how does it benefit you? 

00:10:45 Is there a way we can tell where the lead came from? 

00:12:55 News on us hiring an inside sales agent to proactively do some cold calling for everyone 

00:14:04 What does a cold calling lead look like in Follow Up Boss? 

00:15:36 What is the difference between the drip campaign and the internet lead action plan? 

00:18:08 When do we shut off an action plan 

00:19:54 How do you tell what all the different action plans mean? 

00:23:05 If someone emails and says, NOT INTERESTED. Do you trash the lead or put them on an action plan or something totally different? 

00:27:37 Why are some of my leads showing up as “not contacted” when I have spoke with them and it’s in the notes? 

00:29:36 How often do you follow up on calls/leads? In the short run and over the long run? 

 00:31:55 Did you setup your LLC in Nevada or does it really matter what state? 

00:37:36 Have you opened a non profit organization to get ahead of all other investors for the 14 day period for homepath/reo properties? 

00:39:18 What do I do first: Build a buyers list or find a deal? 

00:42:32 How do you handle direct mail for multi-family properties? Do you do anything special so that you know that the letter got to the actual homeowner(when they don’t live there)? 

00:45:59 Tom’s opinion on “driving for dollars” 

00:48:55 What is the best way to get a list of all the apartments that are 5-20 units in a single zip code? 

00:52:08 How to book a time for one-on-one help with Tom 

00:53:10 Where to find past videos 00:54:14 Where’s the best place to get a Purchase & Sale agreement in my state? 

Questions For Tom: 4.20.17: Live Q&A Session



00:01:50 Strategies for pulling your money out of rental properties that you have purchased using the BRRR method 

00:05:35 How big is too big of a project to renovate for someone new to the business 

00:09:54 When do you respond to a lead that comes in during the middle of the night 

00:11:35 Who does the automatic reply e-mail come from? 

00:15:58 What phone number sends the automatic text message replies? Is it local? 

00:16:36 How much time lapses when a seller fills out an information sheet online and the time that it hits Follow Up Boss? 

00:17:25 How to setup Follow Up Boss so you always receive text and e-mail notifications 

00:19:23 The proper way to discuss what the conversation was in FUB 

00:22:50 The difference between a closed lead and a trashed lead in FUB 

00:24:22 Examples of the types of squeeze pages that we use 

00:26:24 How frequently should i call a lead. Is there any frequency that is too much? 

00:30:10 The best clauses to include in a contract with option to assign to protect yourself 

00:33:10 Are you capped to the amount of leads you can get for the marketing budget that you spend? 

00:35:14 Do I talk to a hard money lender before or after I get a property under contract… 

00:36:38 What terms and rates can I expect from a hard money lender today? 

00:37:54 Where to find a good hard money lender 

00:39:05 Technology that can help you find vacant homes/absentee owners 

00:41:15 The basics to cold calling successfully 

00:42:25 Where to go and what the splits should be if you get your real estate license 

00:45:58 Is SEO worth it? 

00:47:18 Should you pay someone to put out bandit signs? 

00:49:33 Is marketing to expired listings a good idea? 

00:51:41 The state I am in is oversaturated. What about going into a different state where it is less competitive? Is virtual wholesaling a good idea. 

00:53:56 Recommendations for finding someone to cold call 

60:00:09 Strategies to avoid getting outbid by other investors

Questions For Tom: 4.13.17: Live Q&A Session


00:01:15 how to use www.tomcafarella.com as a resource for training

00:02:30 Check out my interview with Mary Cain out of South Carolina, on positives and negatives of working with me; and how she dealt with and overcame those challenges.  You can see that here: https://drive.google.com/file/d/0B2PwBt0_ExZcMzFiZjdpbksyRW8/view

00:03:10  how to renegotiate a deal after you’ve offered too much

00:06:45 The importance of getting the contract signed and bound on day 1

00:09:00 Tips to getting a signed contract using our “dummy proof” Purchase & Sales Agreement

00:09:53 Steps to ensure you have a valid enforceable contract

00:11:04 Listener Question: Do you call all of the people on your mailing list? 

00:13:00 How to get accurate phone numbers when cold calling

00:15:45 Listener question: How to know when to call someone back if they say “no to sell”

00:18:08 What CRM we recommend and pricing

00:18:45 Listener Question:  Does cold calling work?

00:22:22 Our cold calling script

00:24:05 How to find cash buyers in today’s market

00:31:50 Listener Question: When purchasing an investment property to what extent do you let your gut tell you “don’t do it” despite what the numbers are saying? We run through the most common examples…

00:36:20 Announcement about our Facebook group: Questions For Tom

00:36:50 Using Facebook to help in the wholesaling process

00:38:40 The three best sources of leads

00:41:05
How to identify targets for cold calling and mailers and maximize your time, efforts and money