How to Finance & Build 10K/month Cash Flow from Rentals!

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How to Finance & Build 10K/month Cash Flow from Rentals!

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Exercise 3 of 6 for real estate investor – Buy & Sell additional tasks

Additional tasks for Buy Right:

  1. Obtain motivated sellers lists – Get foreclosure/default, probate, absentee owners, expired listing and other lists. If you do not know where to get these, contact local investors, real estate agents, title, escrow, county recorder’s office, etc. Keep looking until you find these lists as they are out there and most people do not know about them. Other lists are for sale by owners, rehabs, for rent lists, etc. This step is necessary as the best deals you will find are by getting sellers from these lists to contact you. You will negotiate directly with the seller usually with no competition.
  2. Create a direct mail postcard – This step can be easily completed using any of the online services that send out direct mail. Many of the mass email services such as Vertical Response, Constant Contact, Infusion and even Click2Mail provide the functionality to create and send mailers online. Go through the steps to create a postcard that you would send out. You want to invoke a response, use a P.A.S. message or Problem-Agitate-Solution. I recommend researching this type of message.
  3. Phone – Even if you are comfortable on the phone this exercise is great. I want you to call 3 complete strangers and get them to give you advice. Use your phone number but with the last 4 numbers different. Ask for the wrong name and explain to them you accidently dialed the wrong number but maybe they can help you. Get them to recommend somewhere to eat, get coffee, a good movie, place to get some specific item. Make up a story like you are heading to a date and meant to call your friend to recommend a restaurant and maybe they can help by telling you the best sushi restaurant in an area. This will get you comfortable talking to complete strangers and asking them to do something for you, such as sell you an item for 50% of its value.

Additional Tasks for Sell Right:

  1. Research auctions – Research and learn about silent and round robin auctions. These are a great way to sell a property fast and if done right for a great price.
  2. Create a marketing campaign – Create a marketing campaign using $500 to get as many people as possible to a one day auction where they submit a bid and later you conduct a round robin to bid up the price. You should include, signs all over the neighborhood, mailers to the neighborhood, craigslist, MLS, newspaper ads and everywhere you can.
  3. Backup Plans – You must always have backup exit strategies and the ability to rent and hold properties. Write up a plan for all exit strategies using the strategy you are focused on.
  4. Property Management – Locate 5 property management companies and evaluate 3 of these companies. Give them 1-3 property addresses and get their feedback on the home, vacancy in the area, rents they would charge, if they recommend the area, etc.
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