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Questions For Tom: 7.13.17: Live Q&A Session

 

00:02:20 Do you explain to a seller how you come up with an investor offer price?

00:06:30 A lot of seminar examples I see are homes within a $200k average price, what happens when $700k is the average price, does that change the calculations?

00:11:20 Any suggestions as to how we can lock down my first investment property? In this low inventory, sellers market, it’s proving to be extremely difficult. I do not want to buy tax liens. Our main objective for right now is to flip.

00:19:07 Do you have any automated way of texting more people as the number of leads grow?

00:21:54 I spoke to a seller yesterday; I have a deal from my sphere. ARV is 670k and the seller is willing to take 450k is this a deal?  How do I approach the seller being that they are in my sphere?

00:34:10  Is there a 100% hard money lender in Texas?  If so, how do I find them?

00:38:45 When promoting a wholesale deal,  how do you prevent other investors going behind your back and talking directly to the owner.

00:41:17 Does the 70% rule get modified if the ARV gets over a certain amount?  Is it ever ok to pay ofr 70% of ARV?

00:44:10 What would you suggest using as a marketing tool to obtain more motivated seller leads? I’ve been researching and comparing ClickFunnels and OnceCarrot platforms but I’m not sure what would be better?

00:47:50 I’m new to the real estate investing world. I definitely know that I want to wholesale but I’m wondering if I should get my license to be an agent? I just need help deciding if it would be a good thing to get in my situation.

00:49:25 I’m licensed and am thinking if my husband should get his real estate license is there any need for him too?  What are the pros and cons?

00:50:43 I was talking to another investor in St. Louis and they found much of their success in fining homes by sending letters to family members of the deceased. If this is what my competitors are doing, no wonder it seems all of the houses are already taken BEFORE they go vacant. So maybe the vacant house search isn’t a good path for me… thoughts?

00:55:44  What lists do you dial to? How should I go about obtaining these lists or phone numbers?

01:03:15 What’s the best blog or video you recommend for the one with no marketing money?

 

Questions For Tom: 6.29.17: Live Q&A Session



00:01:25 If you are thinking of spending time or money in order to generate additional leads above and beyond the leads, we are generating for you please run it by me first… I can help decipher if the program is worth it and/or how to make it work even better for you 

00:03:01 An example of one of these scenarios regarding marketing directly to vacant properties and why I don’t think it will work… 

00:10:26 Difficult buyer leads… how to properly work them and reach the client…Internet buyer leads that are organized by Coldwell Banker International Internet team, I’ve closed many but it’s a lot of work to find good clients; 35% referral fee upon closing 

00:14:22 I have several single family rentals and I am setting up an LLC for holding. Any recommendations for a good insurance company? 

00:15:52 In regards to tracking the multiple flip projects and closings, do you use a specialized software or is it all an excel spreadsheet somewhere? 

00:17:48 What numbers do you use to determine if it is a good rental property? 

00:25:23 Where is the best place to find General Contractors? 

00:28:27 I am looking for my first deal, the property is a new home built in 2008 and was constructed 75% complete all the way up to sheetrock mudded and cabinets and trim installed. But has been vandalized and all copper ripped out of the walls, meaning the house will need to be rewired, sheetrocked and flooring completed. The owner does not have the property up for sale at this time, I thought about mailing an offer on the property. Does this sound like a feasible deal? 

00:31:48 How many leads do you get from organic searches to your site from Google? 

00:38:25 Once I have a contract with a seller for the wholesale, exactly what are the steps/contracts/attorney needed at what times for the buyer to sign their own contract to buy the property and how do the seller and myself get paid by the buyer? 

00:50:11 When I reach out to my leads a number say they already have an offer on the table they want to take but they are willing for me to make an offer as well. What is our best course of action in this case without wasting a lot of time?

 

Questions For Tom: 6.22.17: Live Q&A Session



00:01:25 If you are thinking of spending time or money in order to generate additional leads above and beyond the leads we are generating for you please run it by me first… I can help decipher if the program is worth it and/or how to make it work even better for you

00:03:01 An example of one of these scenarios regarding marketing directly to vacant properties and why I don’t think it will work…

00:10:26 Difficult buyer leads… how to properly work them and reach the client…Internet buyer leads that are organized by Coldwell Banker International Internet team, I’ve closed many but it’s a lot of work to find good clients; 35% referral fee upon closing

00:14:22 I have several single family rentals and I am setting up an LLC for holding. Any recommendations for a good insurance company?

00:15:52 In regards to tracking the multiple flip projects and closings, do you use a specialized software or is it all an excel spreadsheet somewhere?

00:17:48 What numbers do you use to determine if it is a good rental property?

00:25:23 Where is the best place to find General Contractors?

00:28:27 I am looking for my first deal, the property is a new home built in 2008 and was constructed 75% complete all the way up to sheetrock mudded and cabinets and trim installed. But has been vandalized and all copper ripped out of the walls, meaning the house will need to be rewired, sheetrocked and flooring completed. The owner does not have the property up for sale at this time, I thought about mailing an offer on the property. Does this sound like a feasible deal?

00:31:48 How many leads do you get from organic searches to your site from Google?

00:38:25 Once I have a contract with a seller for the wholesale, exactly what are the steps/contracts/attorney needed at what times for the buyer to sign their own contract to buy the property and how do the seller and myself get paid by the buyer?

00:50:11 When I reach out to my leads a number say they already have an offer on the table they want to take but they are willing for me to make an offer as well. What is our best course of action in this case without wasting a lot of time?



Questions For Tom: 6.22.17: Live Q&A Session


00:03:48 Can you find 100% hard money in Orlando, Fl?

00:10:38 Is the API in our FUB settings unique to myself or is it generic to the whole enterprise account? I’m trying to integrate a dialer that allows me to save/send a lead to FUB once I talk to them and determine they are someone to follow up with.

00:11:52 In FUB, when you create an appointment it shows the owner/seller as an invitee. FUB doesn’t e-mail the owner/seller the apt info does it?

00:13:13 California…are you offering on CAR contracts or FirstTuesday contracts?

00:14:15 What happened with my trip to Nebraska…

00:15:34 Jeff Cohn out of Omaha, Nebraska – I went flew out there and visited with him on Monday and Tuesday and he walked me through all of the systems in his brokerage

00:15:56 Jeff is mainly a real estate broker who does a little bit of flipping (which is the opposite of what I do). The reason behind the trip was to gain is to see the best practices for somebody that has a very successful brokerage

00:16:20 The number one thing he does differently than me is that he had numbers for everything. Etc. how many calls it takes to get a deal… it takes 125 calls for every deal that he does (tracked over 5 years)

00:18:50 A question came in from Mike: I have a potential deal that would involved splitting the lot. The city indicated it doesn’t take a long time. What are some other things I can ask regarding the lot split?

00:23:30 Jeff uses team leaders within the company to help manage the newer people

00:26:45 Do you have any statistics on the percentage of leads being sent out to your group that are more of a retail sale vs investor property? It seems all of the leads are retail sales that I am receiving.

00:29:07 Is there a tutorial that goes through just the most common tasks we use for FUB?

00:31:26 Do you have any idea the percentage of people in our group that are real estate agents vs investors only?

00:34:20 Are others seeing the 70% formula moving more to 75% or 80%

 

Questions For Tom: 6.15.17: Live Q&A Session




00:00:30 Tom is adding a brief 20-30 minute live session every single day at 4pm, Monday through Friday in case you have questions on a daily basis starting Wednesday, June 21st.

00:03:15 In the 10 week agreement what does it mean every listing that is taken 100% your profit to keep?

00:04:07 Quite a few wholesalers that I know locally (in St. Louis) have success selling rental properties to out of state buyers, especially on the west coast (I suppose due to our lower housing cost). What is the best way to build an out of state buyers list for this purpose?

00:09:33 I have a property that has issues from a single family residence view but it’s on one and a half acres sits on a busy corner that could be great in a commercial sense. There is an established muffler/tire store across the street. Developing this would take time I can’t do it is my only viable option to try and wholesale if I get it under contract and advertise it as such?

00:11:57 In addition to following up with the leads I’m calling equity owners, what is the best way to start the call to grab their attention right away?

00:17:55 When working leads it is always a funneling process…

00:19:18 There are some beginning signs in my immediate market and some surrounding cities that the market is slowing and slightly retreating. Definitely more in the range above the median price wholesaling should still work with less risk even quick cosmetic fix and flips below the median price. Anything we should look out for that the market might be at a top. Will it be easier to find leads once we top? Do we have to be more careful?

00:24:05 Once I am a licensed agent what’s the best way to handle disclosures in direct mail, websites etc. What are some key phrases to use to stress that I am an investor but also can list if selling direct isn’t for them?

00:25:34 I’m not a real estate agent, I’m not confident I can even fill out a Purchase & Sales agreement in the event I’m even able to make that offer. Secondly, I was told that when I write a check to the seller I should actually have it down via an escrow company. I didn’t see anything like that when I was in the training videos, am I missing something or am I making this too complicated?

00:30:48 Follow up to the above question, In the event that I want to list the property should I find a local real estate agent?

00:31:48 How can you buy a property that would be great for a fix and flip when it is bank owned, but nobody seems to know anything about said property?

00:33:34 What do you say to a lead that says “Sure, I’ll sell my house for $2,000,000” when the house is worth about $500,000?
 

00:35:44 If you get a lead that has told our inside staff they are working with a real estate agent in the sale of their home. Do you still call the customer even though they have already advised us on what they are doing? Are these good leads?

00:38:15 Are there any circumstances where you ask for an inspection when submitting a contract? Do most investors just roll the dice and take a chance without inspections?

00:41:07 If a seller is non-responsive but the opportunity looks to be really good in that the mortgage is close to zero and the seller has owned the property for over 10 years, could I go and just knock on the door?

00:42:13 If a real estate broker says, If I find you a buyer how much will you give me? What do you say and how much would you give?

00:44:12 Tips/critiques when dealing with a lead that provided a bad number but responded via e-mail?

00:46:52 Follow Up Boss question… I am communication via e-mail with a couple of leads trying to get them on the phone or to book an appointment. Is it recommended to leave the automation plans in place until an appointment takes place?

00:48:13 When wholesaling a deal to an interested buyer wants property address for him to run comps and info on MLS do we give that info away before the contract is signed?

00:50:45 Talked to an agent yesterday who said they would give me some kickback if I let them list the property, what should I ask for?

00:51:23 I’m getting better with FUB but not an expert could we maybe have a webinar on using FUB better?

00:53:37 Made an offer of $500 seller counted at $515k. The house will retail at $565k to $570k; no repairs needed. The seller would like to lease the property back for a year from the new owners otherwise he won’t sell. Any advice on how to proceed?

 

Questions For Tom: 6.1.17: Live Q&A Session




00:02:35 When wholesaling, is It common to have to back out of the contract if you can’t find an investor to assign the contract to?

00:05:53 Manufactured home. Do you recommend buying manufactured homes?  Are they good leads?

00:08:23 Do you have scripts for cold calling FSBO, rental owners, pre-foreclosures, etc.?

00:10:49 We also have partnered with a silent investor. Do you have a silent partnership agreement that you use?

00:13:08 I know that FUB is tailored toward investment properties, but I’d like to use it for my other real estate leads outside of the program. Are we able to use it or do you want us to use it strictly for program leads?

00:14:04 We are receiving cold calls with notes that the seller is willing to sell at roughly a Zillow price. What would you say to address the Zillow price and how my offer is more realistic?

00:15:58 Is the script mentioned above the same script used by your inside sales team when cold calling?

00:17:51 When a seller has a reverse mortgage and it’s about to end, does the seller keep the property or the lender? Is it better to short sale or list?

00:19:04 How is the compensation structured for your agents that work your investment company generated leads – if they list what are splits versus if we end up buying it?

00:22:01 How do I let someone on the team know when I booked an appointment?

00:22:52 What is the group e-mail I need to join on Cluster in order to send pictures to you for review?

00:27:20 What do say to a seller when they tell you that they never filled anything out to be contacted?

00:35:03 How do I capitalize on leads that are not investment deals because they are too nice?

00:38:00 Just booked an appointment. Should I send an email to the seller with all of our contact info or am I better off just showing up for the appointment?

00:40:25 When I get a scheduled phone meeting booked for me by your team should I wait until the scheduled date/time to call them or am I better off trying to get out there as soon as possible?

00:43:20 When wholesaling, does the end buyer have to be a cash buyer?

00:47:08 I have a couple of leads for manufactured homes, do we go after these? What if the area is prime but the manufactured home is in really bad shape, what’s your take on this?

00:51:21 I’ve had some luck with leads in the beginning but seem to have hit a rough patch.  What else can I do to convert better?

 

Questions For Tom: 5.25.17: Live Q&A Session




00:02:35 When wholesaling, is It common to have to back out of the contract if you can’t find an investor to assign the contract to?

00:05:53 Manufactured home. Do you recommend buying manufactured homes?  Are they good leads?

00:08:23 Do you have scripts for cold calling FSBO, rental owners, pre-foreclosures, etc.?

00:10:49 We also have partnered with a silent investor. Do you have a silent partnership agreement that you use?

00:13:08 I know that FUB is tailored toward investment properties, but I’d like to use it for my other real estate leads outside of the program. Are we able to use it or do you want us to use it strictly for program leads?

00:14:04 We are receiving cold calls with notes that the seller is willing to sell at roughly a Zillow price. What would you say to address the Zillow price and how my offer is more realistic?

00:15:58 Is the script mentioned above the same script used by your inside sales team when cold calling?

00:17:51 When a seller has a reverse mortgage and it’s about to end, does the seller keep the property or the lender? Is it better to short sale or list?

00:19:04 How is the compensation structured for your agents that work your investment company generated leads – if they list what are splits versus if we end up buying it?

00:22:01 How do I let someone on the team know when I booked an appointment?

00:22:52 What is the group e-mail I need to join on Cluster in order to send pictures to you for review?

00:27:20 What do say to a seller when they tell you that they never filled anything out to be contacted?

00:35:03 How do I capitalize on leads that are not investment deals because they are too nice?

00:38:00 Just booked an appointment. Should I send an email to the seller with all of our contact info or am I better off just showing up for the appointment?

00:40:25 When I get a scheduled phone meeting booked for me by your team should I wait until the scheduled date/time to call them or am I better off trying to get out there as soon as possible?

00:43:20 When wholesaling, does the end buyer have to be a cash buyer?

00:47:08 I have a couple of leads for manufactured homes, do we go after these? What if the area is prime but the manufactured home is in really bad shape, what’s your take on this?

00:51:21 I’ve had some luck with leads in the beginning but seem to have hit a rough patch.  What else can I do to convert better?


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