December 11th, 2024
Hey there! I get a lot of questions about how to land more successful real estate deals.
Do you want to know what will separate you from the rest of the industry?
Clarity.
If you ask people, “Hey, I’m looking for real estate. Can you help me?” You will only get vague answers.
How can someone help you find something if you don’t even know what YOU are looking for?
To solve for this, I’ll walk you through the 6 steps of what I call the Crystal Clear Criteria when looking for real estate deals.
1. Strategy - Are you looking to flip a property? Wholesale? Are you looking to rent it out? Defining your strategy is crucial.
2. Location – Where do you want to invest? In what area do you have an unfair advantage in knowing what’s a good deal or not?
3. Property type – What type of property are you looking for? Are you looking for a small multi-family? A duplex? Every property has its own set of challenges, so be clear on what you want to invest in.
As an example, when I launched my company Open Door Capital, we focused ONLY on Mobile Home Parks for the first three years.
4. Condition – Do you want something A-class and pristine already or are you looking for a fixer-upper?
5. Price range – What’s the maximum amount you want to invest? This will eliminate a lot of potential options around you, which is the point.
6. Profitability – What makes it a good deal for you? Are you looking for 10% cash on cash return? How much profit do you need?
If you can clearly answer these six questions, you will now be able to ask crystal-clear questions like, “I’m looking for a property in the East Bay Area, $400k-$800k, a little fixer-upper, ideally with an extra unit or the potential to add one, and it just needs to break even on cash flow.”
People will take you seriously. And you’ll get results.
If you’re reading this and think this all makes sense, but wish you could have more guidance and accountability, you should check out my new program, First Deal.
Through a 12-month intensive program, my team and I will show you everything you need to know.
We are so committed to helping you that we guarantee your money back or we'll work with you in the program until you do.
You can book a call with the team to learn more here: https://go.abetterlife.com/firstdeal-btb
Some Tools I Recommend To Grow Your Business
I love James Clear’s quote, “You do not rise to the level of your goals. You fall to the level of your systems.”
Systems are crucial in real estate, but it can be confusing to know what your system should be. That’s why I love learning from other investors to know what’s worked for them.
My friend Ryan Dossey over at Ballpoint Marketing put together a FREE E-Book that breaks down the system he used to turn $23,260 into $198,773 through real estate investing.
The guide breaks down:
How to use direct mail to generate leads
How to take your leads to appointments
How to build a follow-up system for closing
I highly recommend it. You can download it here.
If you want to lose money fast as a real estate investor, try to do it all yourself.
Running background checks, collecting rent, marketing your properties, trying to keep the money organized? It’s like you’re running around with your head cut off.
I was the same way until I found the systems to plug into my business that helped manage all of these.
One of my favorite systems to recommend to investors is TurboTenant
They remove the headache and hassle of the pain points we all face as investors.
Background checks, marketing, rent collection. They let you do it all in one app.
Whether you have one property or thousands, they support you with all the tools and apps to keep your process in one place.
For those of you who actually want to scale your real estate business, you can learn more here.
Yes, these are sponsors of the newsletter, but I only work with companies that will actually help you and your business.
Love you!
P.S. When you’re ready, here are a few ways to work with me:
For new investors, check out my 12-month program that will help you land your first deal
For active investors looking to scale, join my community The BetterLife Tribe
For serious investors at the top who want to be surrounded by other titans of the industry, you can learn more about my exclusive mastermind, The Fifty