BiggerPockets Real Estate Podcast - 247: How to Buy Your First (or Next) Property by the End of the Year [The 90-Day Challenge!]

Episode Date: October 5, 2017

Today’s podcast is unlike anything you’ve heard before. Today, we’re not interviewing anyone. Instead, we’re going to motivate, educate, and inspire you to take some MASSIVE ACTION and sprint to the end of the year! Why 90 days? Because the end of 2017 is just three months away, and we know that many of you had some big goals you wanted to accomplish by the end of the year—but you are falling behind. Or maybe you’ve crushed your goals and you are ready to up the ante to hit an even higher goal. On this podcast, you are going to discover : Why the next three months are the best time of the year to buy real estate How to build a step-by-step plan (including daily action steps) to accomplish your goal How to build a lead funnel that will generate consistent leads for your business And much more. This episode is an invitation to join thousands of others in the BiggerPockets community to take the “90 Day Challenge,” a three-month sprint to hit your 2017 goals. This episode is unlike anything we’ve done before—and we think you’re going to love it. Amateur-hour is over. It’s time to take massive action. In This Episode We Cover: 4 powerful reasons why Q4 is the best time to buy real estate… but only if you do this one thing Create a goal for the end of 2017 … and we’ll build a week-by-week, dayby-day plan to get there Learn how to build a real estate funnel that delivers leads on autopilot Discover how BiggerPockets can propel you to greater success, faster And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Calculators 7 Years to 7 Figure Wealth 90 Day Challenge Worksheet 90 Day Challenge Slides Books Mentioned in this Show The book on investing with low or no money down by Brandon Turner The book on Rental Property Investing by Brandon Turner Tweetable Topics: “Life doesn’t get better by chance. It gets better by change.” (Tweet This!) “A goal without a plan is just a wish.” (Tweet This!) “Every property has a ‘home run number.'” (Tweet This!) Learn more about your ad choices. Visit megaphone.fm/adchoices

Most investors spend all their time talking about their high-level returns. But that's not the number that actually matters. What actually matters is what you keep after taxes, and that's where multifamily real estate quietly stands out. With built-in advantages like depreciation, the right deals can generate steady cash flow while reducing the tax drag. Bam Capital structures its multifamily investments around those fundamentals, pairing tax efficiency with disciplined operators and a long-term approach.

This isn't about chasing hype or guessing market timing. It's about building durable, tax-aware wealth over time. Learn more at biggerpockets.com slash bam. Most investors spend more time chasing deals than reviewing their insurance. But a quick coverage check can be fast, easy, and one of these smartest ways to protect and even improve your property's cash flow. As the months get colder, frozen pipes, icy walkways,

and seasonal wear and tear can increase the likelihood of claims. And traditional insurance companies aren't a whole. who is built to handle these claims quickly or smoothly. That's why more real estate investors are turning to steadily. They focus exclusively on landlords, whether it's a single-family rental, a burr-builder risk policy, or midterm holiday guests. You get fast quotes, flexible coverage,

and protection for property damage, liability, and even loss of rental income. Now is the perfect time to review your rates and coverage. Get a quote in minutes at biggerpockets.com slash landlord insurance. Steadily, landlord insurance designed for the modern investor. Here's the thing about traveling. If you buy food at the airport, a burrito, salad, bag of peanuts, you start wondering if you should have opened a savings account for snacks.

So wouldn't it be great if you could actually earn money while you're traveling? Well, you can. Airbnb has something called the co-host network. While you're away, you can hire a vetted local co-host with hosting experience to help take care of things, communicating with guests, preparing your space, managing reservations, everything runs smoothly while you're off making memories. Your home might be worth more than you think. Find out how much at Airbnb.com slash host.

This is the Bigger Pockets Podcast Show 247. You're listening to Bigger Pockets Radio, simplifying real estate for investors large and small. If you're here looking to learn about real estate investing, without all the hype, you're in the right place. Stay tuned and be sure to join the millions of others who have benefited from Bigger, Biggerpockets.com. Your home for real estate investing online. What is going on, everyone? This is Brandon Turner.

Today's host of the Bigger Pockets podcast here with my co-host. Oh, wait a second. It's just you and me. It's kind of awkward, right? All right. So in 246 previous episodes of the Bigger Pockets podcast, I don't think it's ever been just you and me. And where's Josh?

All right, well, let's go for a good reason today because today we're doing a very special show. You see, we're three months from the end of 2017, at least if you're listening to this about the time it comes out. And I know that a ton of you guys have a lot of big goals set for the end of the year and you're behind on them. Or some of you guys are ahead on the goals and you're just trying to like ante up to get some new ones. Or some of you have never even set any big goals for the year, but you probably should. So today's entire podcast, if you can call it that, is all about that. It's like sprinting to the end of the year.

Like, what are we going to accomplish before the end of the year? In fact, so today's actual podcast is a recording of a webinar that I did just earlier tonight, actually I'm recording this intro just after I finished the actual webinar. I did it over on Bigger Pockets. You know, every week I do these live webinars. And this was last night's, it was so powerful. I thought you guys would all benefit by hearing it. So the webinar was called the 90-day challenge, how to buy your first or next rental property

or flip or whatever. How to buy your first next property before 2017 ends? So in the workshop, I go into a lot of detail on why this is the best. time of the year to invest in real estate. Like, if you've been struggling to find deals, now is your chance. Also, we talk about how to make like a detailed plan to finish the year strong. That even goes down to like daily and weekly action plans. Like, we're going to go really, really deep into that. And we'll even spend some time analyzing, like looking for it, analyzing a real life deal, like right there live on the webinar. So of course, it's not live for

you, but it was live for everybody that was there. So now, listen, you guys don't have the slides. Obviously, you're listening to this on a podcast probably unless you're watching this on YouTube. So I would encourage you to go to biggerpockets.com forward slash show 247. That's BiggerPockets.coms. That's where you're going to find links to everything we talk about on the show. And the slide, the actual slide deck I use is there. And you can watch the YouTube version as well. So if you want to listen as we go through it,

because the slides wouldn't make a whole lot of sense without, you know, hearing what I'm talking about. So check that out, BiggerPockets.coms, like show 247. And whether you watch this or listen to it now, you can definitely get everything out of it just by listening. So I don't think you have to have the slides. but it just might, you know, be kind of cool. And, yeah, I think you guys are to love it.

So bear with me. I do have a little bit of a cold, though, today. And the recording equipment for the webinar is a little different than podcast. So it's not quite our standard, our level of technology, but whatever. I think you guys like it a lot. So before we get to the actual recording, I think we need to hear today's quick tip. Oh, it's not the same without Josh, is it? All right.

So today's quick tip is actually something kind of on a serious note. We've not done it before here on the podcast, but we thought it would be a really good time to introduce a little bit of give back from the Bigger Pockets community. So Puerto Rico, as you all know, is struggling to recover from that Hurricane Maria that just hit us. You know, there's been a lot of hurricanes lately, but, you know, the Hurricane Maria just devastated that island of Puerto Rico. And so our fellow American citizens need help over there. And Bigger Pockets, of course, is all about giving back and helping one another. So we are asking that you guys join us in helping our friends over there recover from this devastating storm.

So here's what we did. We set up a fundraising account where you can go and give, and 100% of the donations goes to the American Red Cross. And we've got a pretty ambitious goal of hitting $100,000 to donate to them. So we could use every single person. If every single person who listened to the podcast gave like 50 cents, we'd easily hit this. So go over there and donate.

I know Josh Dorkin, my usual host here on the podcast, actually already offered to match the first $10,000 in donations. And, you know, despite what I usually say about Josh, She's actually a pretty good guy. So, yeah, let's hit that $100,000 goal. I think it'll be a lot of fun and will help a lot of people. So to donate, go to biggerpockets.com slash give on your smartphone or on your computer or whatever. Again, biggerpockets.com slash give.

All right, guys, let's jump into this. I'm going to go right into it. Again, this is a recording of the webinar that we did, the workshop. So again, go to biggerpockets.com. I show 247 to download the slides if you want to or watch the video version. But, again, you'll get everything out of it that you need to just by listening as well. So with that. Let's get to the workshop.

Welcome, everybody, to the 90-day challenge. How to buy your first or next real estate deal by the end of 2017. My name is Brandon Turner. I'm the co-host of the Bigger Pockets podcast. I'm an active real estate investor. You can find me all over Twitter and Instagram and everything. And tonight we're talking about something that is very, very near and dear to my heart. I'll explain probably more a little bit later on why this is.

But, you know, I love the idea of a challenge, a sprint, right? So if you're watching this live, you're listening to this live, or at least sometime in the next few days, we've got roughly 90 days left in this year until the end of 2017. Now, look, I know a lot of you guys had a big, big goals set up early on that you wanted to accomplish, and I realized it's like a couple weeks ago, pardon me, I have a little bit of a cold today, so hope you guys would bear with me. I realize this a couple of weeks ago that, like, there's not that much time left in the year. And I had some big goals set.

In fact, I get a text message reminder every single day of my goals. And I was looking at them and I thought, man, I got a couple goals I didn't hit yet. Man, I got a sprint to the end of the year to get this done. And so I put together today's workshop, so to speak, because, again, this is so important. So we're going to jump right into it right now. I've got a lot of stuff to go over. So anyway, a couple other, well, we'll get to the stuff later, the housekeeping stuff. But with that, so, all right, welcome, everybody.

Today's webinar should be a ton of fun. You know, not just fun. I want to try to keep it fun, but also like, I hope this will be super motivating, super encouraging, and super informational for you. I don't want you to walk out this webinar the same person. In fact, I spent, I don't know, I probably spent 20 hours on this one presentation because I believe that if you can just get this stuff that I'm talking about today, so much of your life will be easier, so much of your life will be better.

If you can just really nail down the stuff that I'm talking about today, not just with real estate with every area of our lives. So hopefully this will be a life change webinar, at least that is my goal. So first of all, let's make sure you're in the right place. First of all, you are in the right place today if you are new to real estate and you know the power of it that you haven't taken action yet.

Or maybe you've been struggling to get your first deal, working at it and not seeing any results. So if you're brand new, you're gonna get a lot of today's webinar. But also, even if you're not brand new, maybe you've purchased some real estate in the past, but the market has made it tough to get your next deal. Maybe it's a little bit harder than it used to be

and you're like, man, back in 2012, it's really easy. This is tough. This is for you today. You're going to love this stuff. And lastly, maybe you've got other goals that you want to get done by the end of 2017 and you need a little bit of a kick in the pants, right? And so if you fit any of those categories, you're going to get a lot out today's webinar.

So in the next 60 minutes, roughly, I actually don't know if it's going to be 60 minutes. Hopefully I'll keep this to an hour. It might be slightly over. We're going to cover a lot of stuff. First of all, I've got some door prizes to hand out just for being here today. Four separate things to give you guys just for being here. We're going to talk about four powerful reasons why quarter four, the end of the year, is the best time to buy real estate.

This is my all-time favorite time to buy real estate, but only if you do this one thing correctly. So stay tuned for what that is. Then we're going to talk about how to create a goal for the end of the year if you don't have one. And if you do have one, we're going to talk about how to build a week-by-week, day-by-day plan of action to get there. Because let's be honest, right? It's not enough just to like want to accomplish a goal by the end of the year. You've actually got to have a plan to get there. Then we'll talk about how you can learn to build a real estate funnel that both you can work

inside of and that works automatically like an autopilot. So there's numerous ways to build your funnel. We're going to talk about a number of them later. We'll also talk a little bit about today about how bigger pockets itself can help propel you to greater success. I mean the entire bigger pocket social network, you know, all 850,000 members, the podcast, the webinars, the blogs, everything is designed to help you achieve your financial goals. whatever you're trying to get out of life.

We're trying to help you get there through real estate investing. So I'm going to show you a little bit about that, how you can do that. And then we'll end this thing with some Q&A. We'll talk about whatever you want to talk about. That sounds good? All right. So, first of all, a question for you. I got four questions.

Have you ever felt this way before? Have you ever felt like this before? Like this thought, because these thoughts are all things that people have said to me. I know that real estate investing can help give me financial freedom, the ability to quit my job, travel, spend time with family, et cetera. but I can't seem to make any progress getting there. I see what other people, I see other people doing it, but I'm still at the same spot I was

when I started this journey. It's super frustrating. Does anybody identify with that? Say yes if that's you. All right, I can't actually hear you. A lot of people are like, he can hear me? No, I can't.

But maybe that's you, right? Or what about this? Maybe you've said this. I have a full-time job and a family life when I'm not working. I have no time to go and invest in real estate even though I want it. It's like the chicken and the egg problem.

I need more time to buy real estate and I won't get that free time until I buy more real estate. Anybody can identify with that? Say yes. All right. Number three, the market is just, have you ever said this? The market is just too saturated, all the best deals are gone.

No matter what I do, I can't seem to find anything worth buying. Maybe real estate investing just doesn't work anymore. You ever said that? You're just going to sit out and wait for the market to change? Yeah, right? And then lastly, I have no idea what I'm doing. What's the first step when I don't know what I don't know? There's all these gurus out there telling me to do one thing or another,

but how do I trust their advice? I feel stuck and I haven't even got started. Anybody feel that way? There are like a million get rich quick gurus out there telling you like, buy my course for $997 and I'll teach you how to invest, right? I'll teach you the one way that you should do it, the one correct way. You guys, that's all bull, right? There is no one right way.

I'm not going to tell you this exactly how you should invest in real estate to get your goals because I don't know what your goals are, right? So I can't tell you where you're headed. And so hopefully today, though, I'm going to give you a framework, like an operating system in which you can think about real estate, which you can think about how to get your goals. So that's kind of what we're doing today. So our goal, my goal today is very simple.

I want to help you build a, oh, hi, Rosie. Oh, my little girl Rosie is hanging out with us a little bit tonight. So my goal tonight is to help you build a step-by-step plan to buy your first or next property by the end of the year. A lot of you are saying there's no way I can do that. And you know what? Maybe you won't, but I want to challenge you. That's what today's 90-day challenge is to buy a property by the end of the year.

I'm doing it. I'll tell you more about what I'm doing here in a little bit, but I'm doing it. I want you to see if you can do it as well. no matter how much experience time or money you currently have. So you might be brand new to this. I still believe you could buy a property by the end of this year. And in fact, like I said, this is the best time to do it.

So that's why we're talking about the 90-day challenge. What this is is a 90-day sprint to the finish line to the end of the year. And again, I love this stuff. So why 90 days? Before we get into the actual details of how to do this, why 90 days? Well, I want to introduce you to my friend Cyril or Cyril, I don't know, Northcote, Parkinson. 1909 and 1993. Yeah, my good buddy, I don't even know how to pronounce his name.

Cyril, I'm gonna go Cyril. He was a British naval historian and author. Anybody ever heard of him before? So you may not have heard of Mr. Parkinson here, but you probably heard of Parkinson's Law. Well, Parkinson's Law is taken straight from Wikipedia is this. It's an adage that says that work expands so as to fill the time available for its completion.

In other words, you ever notice, like, it's like, I got two weeks to finish this college paper when you were in college, right? I got two weeks to finish the paper. It always takes that much time to do it. Like it generally always takes, like the amount of work you have just expands to fill the time available, which is why I'm such a big fan of sprinting, of sprints, of short deadlines. In fact, there's a book called The Twelve Week Year, Write that down.

It's a really good book. The 12 week year, it's all about this idea of shorten your deadlines. Like, instead of thinking a year in advance, like, oh, I'm going to accomplish this in a year. Think what am I going to accomplish this quarter or these 12 weeks, right? because when you shrink the amount of time, you can generally accomplish the same amount. So if I gave you two years to buy a real estate deal, you'd probably take two years to buy it. If I gave you 90 days, you'd probably buy it in 90 days, right? And so that's why I'm such a big fan of this 90-day thing is because 90 days is not too short that you can't be done,

but it's not too long that you're wasting time. So, I mean, the question is, how long does it really take to find them buy a real estate deal? I believe we can do it in 90 days. I'm going to do it. I'm committing to it, I'm promising it, I'm telling everybody I'm doing it, I'm buying a large property, something big by the end of the year. Are you? All right, so, some quick housekeeping rules from grandma. This is not actually my grandma on the screen here, but, you know, it's a nice old lady.

I actually did see my grandma yesterday. I'm actually in Minnesota right now with my family, like my family childhood home. I'm actually my sister, like growing up, like where my sister's bedroom was. I'm actually hanging out my sister's bedroom. Let me show you guys my face real quick. Hold on. Did the video work here? There we go.

Hey, what's up? So anyway, I'm actually in like my sister's old bedroom, which she, this is not her bedroom anymore. But anyway, I'm at my parents' house visiting my family on a little family trip. So anyway, I got to see my grandma yesterday. I had a picture, but then I thought maybe my grandma who's 92 wouldn't want me to put a picture up. So anyway, I'm turning video off though because you don't want to see this mug. All right, so quick housekeeping rules. Number one, turn off all the distractions, right?

So turn off all the distractions. If there's things like you've got Facebook open and Twitter and you're talking to people, and your kids are making noise, put everybody outside, like throw everything out the window, right? Because this is important. If you truly believe that real estate has a power to change your life, then invest the next hour of your time in this, or maybe a little bit over an hour.

We'll see, just invest that time. Like, again, I know you can do this. It's only an hour, right? So Snapchat, all that stuff, turn it off. Grandma says so. Number three, join the conversation. In fact, we actually created a hashtag just for this conversation today.

So if you're actually live here on this webinar with me right now, over the questionnaire, you can type stuff to me. Like Greg said, say hi to mom, pa Turner for me. That's funny. I will. But you can also go on social media, whether right now or in the future, and type hashtag BP 90 days, like on Twitter, Instagram, Facebook, and that way we kind of keep the conversation going there. Like if you want to commit to this thing, let us know on the BP 90 days. So that's kind of a way to contain the conversation. Next, I actually have a worksheet for today's class, an actual work, you can download.

Go to biggerpockets.com slash 1004 worksheet, or if you're here on the webinar, go to the handout section inside, go to webinar. You can actually download today's worksheet. That's not actually a picture of the worksheet. Anyway, you'll download it there. All right, so again, biggerpockets.com slash 1004 worksheet. No spaces, no capital, just 10.04 worksheet.

All right. But lastly, last piece of quick housekeeping rules, get today's door prizes. Like I said, I want to promise you guys, I want to make sure I provide massive value up front, even if you had to leave for some odd reason, you're like, I hate this webinar, I'm out of here, Brandon sucks. In that case, at least take this with you. So free gift. This is a guide that I wrote.

I put together. It's called the top 20 real estate books every investor should read. It is a free guide. All it is is this. There's a lot of real estate books out there, thousands of them, probably hundreds of thousands, right? Tons of real estate books. and I've read a ton of them.

And there's a lot of really terrible ones, and there's some that are really, really, really good. So what I did is I put together a guide, a resource guide, that tells you what my favorite books are. Like, hey, these are the books that I think matter the most. And this is, you know, if you're a flipper, read these ones, if you're a binehold, read these ones. It kind of just categorizes them and tells you what books you should start with.

So if you want to get that, just go to BiggerPockets.com slash books. That link is going to work forever. You don't have to do it right now. Just write down that URL and don't distract yourself reading things. right now because it will distract you. So, all right, then, I've got some other free gifts to hand out today. Some other cool things to hand out. So somebody said the sound is cracking.

Hey, do my favor, guys. Let me know. Will you let me know if you can hear me clearly okay? Like, I would want to make sure if that's on my end or somebody else's in. So will you just let me know real quick right now in the little question area if you can hear me okay? All right, good. A lot of people are saying they can hear me okay. Okay, good.

So if you're having trouble, make sure you shut down everything on your computer, your browser windows, everything except for this one browser tab open, it should work a little better. All right, thank you everybody. So, all, so the other gifts I'm to give you guys a little bit later in today's webinar. First of all, I'll give you the entire slide deck from today's webinar. Every slide we're about to go over, I'll give you later. I'm also going to give you an e-book that I wrote called Seven Years to Seven-Figger Wealth, a roadmap to earning your first million by investing in small multifamily properties.

What this is is just a short guide. You can read it under an hour that shows you how a person could go from just starting out to a million dollars in that worth in seven years. It's a mathematical. In year one, if you did this, in year one, if you did this, year two, three, four, five, six, seven. It's pretty awesome. It explains something called cash flow recycling. If you've not heard of that, you're going to love it. So I'll give you that a little bit later.

And lastly, of course, probably most importantly today, I'm going to give you an actually workbook, an entire workbook called the 90-day challenge workbook, plan, prepare, purchase and it's going to help you walk through it's entire framework to walk through how to buy your first property next 90 days it goes from a five-year goal down to a one-year goal down to a 90-day goal down to a weekly plan we're going to work through that later but I got a workbook I'll give you that a little later today's webinar as well all right we got to get going so a little bit about us in case you have no idea who we are we are bigger pockets the real estate investing social network marketplace and information hub man that what does that

mean that's kind of a corporatey sounding thing we've got blogs forums podcast webinars like this one webinar replays which if you're a pro member, you can watch a limited webinar replays, analysis tools. You can analyze deals, networking, books, videos, and more, all designed to help you use real estate investing to achieve your goals. Like, we believe so strongly in real estate. Not because of some book told us that. Like, I don't push real estate because theoretically it works.

You know why I push real estate? Because it worked for me. Like, it changed my life. It gave me financial freedom when I was 27 years old. So again, my name is Brandon. And for those who don't know me, I'm a real estate investor out of Grace Harbor County, Washington. I'm a landlord. I do a little bit of flipping.

I'm in the middle of a couple flips right now. I'm the co-host of the Bigger Pockets podcast. I'm married to Heather. She's awesome. I'm a new dad. I've been a dad now for 18, no, 16 months. My Rosie is 16 months old. The author of several books, like the book on investing in real estate with no and moment you down.

And I'm a travel addict. I'm like always traveling somewhere. Like right now, I'm in Minnesota. And a couple days ago, I was in New York. And I've been being in California in a few days. So I love to travel. And because of real estate, I get to have to have. this kind of that life that I wanted like I kind of designed the life that I wanted I

used real estate to get there and I kind of want to show you guys how to do the same thing so that's picture of me Heather and Rosie there on the left side and me and my little girl on the right right there so that's us but here's the truth guys even though like today I've got all these rental properties and I've got you know I'm doing all these flips and stuff I actually should not have succeeded like a lot of people don't know that like they think like I just naturally would probably born rich and just kind of figured this out really easily but man I should not have succeeded. Like I was from a lower middle class family.

Like my dad's a meat cutter. My mom did in-home daycare. Like I had no money when I started, just a ton of college debt and no experience. I didn't even know how to use a hammer. Like literally, I wouldn't even know, I didn't know anything about it. And everybody could tell me I should not get into real estate. Like you really like shouldn't do this. And so I everybody loses money and, you know, you're just not cut out for it.

Like I got a lot of negativity when I jumped into it. And then I made a ton of mistakes. So like I was proving them all right over. and over and over. Like, I went spot this house. I tried to flip it. I ended up spending two years of my life working on it. Two years, like one year full time and then one year trying to sell it.

I ended up losing 10 grand on that deal and like two years of my life, like just down the drain. Like that sucked, right? But then, like, I discovered, like, I would say just in the past like four or five years, I discovered what I was doing wrong. Like, I was approaching my real estate. Listen close here. If you're like half paying attention, listen to this.

Because this might affect a lot of you. So I was approaching, I was approaching real estate. I approach it with real estate the way that most of us approach fitness. The way most of us approach fitness. And so how do we approach fitness, right? It's like, I'm going to go to the gym one day, and I'm going to try to eat healthy once, and I'm going to switch diets to try to this thing.

And I'm going to go to the gym again maybe. And then one day I'm going to get really ambitious. For a week straight, I'm going to go jog. And then I stop again. And then I get P90X. I get sold on some infomercial for P90s. I go do that for a few days. Then I stop again.

Then I switch diets. Anybody can identify with that? Like anybody else struggled with that their whole life, like trying to get in shape? Like, I mean, like, I've done it with that. I've done it with real estate too. Like, it's the same thing. And so, like, when I realized that's how I was approaching my fitness, why do you think I wasn't getting in shape?

Because I wasn't consistent, right? I didn't have a process. I didn't treat it as serious as I should have. I didn't treat it. Like, like, I didn't, oh, that's funny. I said Sirius, and my phone popped up because you thought I said it's Siri. That's funny. Anyway, so, like, I didn't treat it like a fitness expert would, right?

I took this picture of myself just before the, I'm totally kidding. Stock photo. But, like, that's how I wanted to treat my real estate, the way that fitness enthusiasts treat their fitness as a daily thing. And since then, since that kind of revelation in my life, like, since then, like, everything has changed. So, like, I started applying the same kind of a rigid. philosophy that apply the people apply to fitness to real estate like working on it every day a little bit and and i'll spend more of what i mean by that later but like here's an example of a couple things so i bought this fourplex for my little girl rosy the week she was born this thing cash flow

was a thousand dollars a month i bought a fiveplex uh this little this big green monster of a five plex i bought that thing making $1,100 a month in cash flow and that's after everything's been paid got this little guy this duplex i bought just what two weeks? ago they're closed on this thing two weeks ago and this guy is going to be cash flowing eight hundred dollars a month and I just bought it like two weeks ago in this market where everyone said you can't do it right now how do I do it it's because I started to treat my business differently and that's what we're talking about today so I understand I don't show all these these examples of some

of my good deals to try to break to you and say look how good I am right because there's a lot of people who are way smarter at this than I am I think we've interviewed 240 some people in the Bigger Pockets podcast and like every single one of them blows me out of the water but I do this to show you that in average person like me who is not super smart not super ambitious an average person like me it doesn't take that many properties to achieve financial freedom it just takes the right ones like when you focus on getting the best deals and like aligning your deal hunt with your goals like amazing things can happen faster than you ever thought possible all right so let's get into

the beginning of the worksheet i by the way go to biggerpockets.com slash 10-040s worksheet to get today's worksheet let me just check that link and make sure that's working ten therefore work sheet check that real quick okay hold on I'm gonna give them a new new link for the worksheet one second oh maybe that link's not working yet hold on okay well if it wasn't working if you're watching this I can go to webinar anyway just go to the little handout section so but all right so where were we at I get it back in all right okay so if you're on your work sheet the first kind of section here talking about why is now the best time of the year to

invest in real estate so let's go into that let's go into why is now the best time of the year to invest in real estate first of all banks and other lenders are looking to unload their holdings by the end of the year this is huge so now granted there are not as many reposals as there was four years ago right but if you're looking to buy like bank repossessed properties which are generally the cheaper type of properties out there a lot of like foreclosures banks and lenders are looking to unload their holdings by the end of the year. They'll often take a little bit less at this time of year.

Next, most casual investors, which is 90% of the people out there, people who were like me before I got serious, they've already checked out. Like they're done, they're like, ah, it's the holiday season coming up, I better slow down my investing. Right, like a lot of them do that. They just kind of like check out for the holiday season.

I'm not checked out, I'm ramping up. Number three, most retail buyers, meaning, you know, John and Jane home buyer, They've stopped shopping for their home. School season kicked in. They're done shopping. And basically the market tends to cool with the weather. This happens all over the country every year.

The market tends to cool down when the weather changes. People aren't as ambitious to go and look for properties when it's raining and cold and snowy, right? So the next three months are an awesome time to invest in real estate. And last, Parkinson's Law. Remember we talked about that earlier? Like work expands to the time you give it. So when we shorten the deadline, like, hey, end of the year is coming.

In fact, do you guys know the best quarter of the year for most salespeople? If you're a sales guy out there, what's the best quarter of the year? It's always the last quarter. You know why? Because they've got that big goal. I got to get my quota by the end of the year. Everyone does it. They try to shoot by the end of the year.

But understand this. This is key here. It's only a good time to invest if you do this one thing. What is that? Take action, right? Deals are not falling in your lap anymore. This is not 2012. You can't just pick up a rock and throw it in any direction and hit a foreclosure and buy it for half the price, right?

This is not the good old day of 2012, but that's okay. In fact, because it's a lot harder to find deals, it takes out a lot of the people who aren't serious. The ones who are serious are finding deals. In fact, every single week on the Bigger Pockets podcast, we're talking to investors and they're getting deals. But you know what? We interviewed Grant Cardone recently, his show is coming out here in a few weeks, and he said, and he had that episode with him, it's a new episode.

In that episode, he said, what was the word? He said, amateur hour is over. The pros are getting the deals now. Right? Amateur hour is over. So if you want to succeed, if you want it in this 90-day challenge, you want to accomplish your goal and buy a deal or two or ten or whatever your goal is, you've got to treat this like a professional.

Amateur hour is over. Another great quote. I love this one. I love reading this thing. Life does not get better by chance and gets better by change. Jim Rohn, who's a fantastic speaker, said that. I'm going to say that again because this is so important. If you're half listening, listen close to this,

life doesn't get better by chance. It gets better by change. In other words, deals are not falling in your lap. You've got to fight for them. You've got to work for it. So here's what I want to do. We're to do a little bit of audience participation at this point. Did you guys do me a favor?

I want every single person to shout out right now in the little question area or on social media or whatever using hashtag BP 90 days. I think is what it was. I have to go back and look because now. I'm getting to tell you the wrong one. What was it? It was hashtag, hashtag BP 90 days.

What is your goal? What is your end of the year goal? What is your end of the year goal? What do you want to get accomplished by the end of 2017 in 90 days from now? Or if you're, for some reason, you're like a pro member watching this in the way future, because you can watch webinar replays. What is your goal in the next 90 days? I'm going to read off a couple of them.

Let's see. Oh, here's one. Blake Calman said start a job as an agent. Suzanne Smith said to purchase my first property. Gerald Dean said to buy my first cash form property. Marco said first rental. David Mason said buy a fourplex. Amy said my first real estate.

Michael Porsche said to buy two homes and get married. Well, good luck with that. That's awesome. Joe said purchase two more flips and a buy-in-hold. Jovin said two flip deals. Logan buy a two-to-four unit property. I love it. All right, it's good.

You guys, that's awesome. I love to read this stuff because that's cool. I'll tell you what my goal is. I'm in the middle of a 1031 exchange right now, which means I sold a property. I just sold my 24-unit apartment building, and I have to buy another property worth at least $875,000 in the next 90 days.

I have to. Now, I won't go to the specifics of why I have to, but from a tax standpoint, I don't have an option. I'm going to do it. Right? Like, I am, like, I wake up in the middle of the night thinking about this. I wake up in the morning thinking about it. I go to bed thinking about it.

Like, I think about it all day. Like, I have to do it, and I will do it. But remember this. A goal without a plan is just a wish. A goal without a plan is just a wish. Right. So a lot of you guys have some really good things that you want to get accomplished right now, right? Buy property, buy a bunch of properties.

What's this one? Nicole said to buy five to 12 more doors. That's awesome. Michael said to buy three units, a house hack in. I love that. Brianna buy four bucks. That's all awesome, right? But it's worthless without a plan.

Otherwise, it's just a wish. Like, I want to lose weight, right? I want to lose weight. How many of you guys know somebody right now, maybe it's you, that wants to lose weight before the end of the year? And then, let's say your sister says she wants to lose weight, your brother, your friend. And you go to their house and they're, like, eating nachos watching dancing with the stars, right? Like, every night, every single night.

Like, they don't do anything, but they sit there and watch TV every night. Eat nachos. Are you going to believe them? Are they really trying to lose that weight by the end of the year? Of course not. Because a goal without a plan is just a wish. And so if you want to accomplish something, set a plan. And again, that's what today is all about.

If I think you're here, it tells me that that's going to happen. So what does that look like? What does a plan look like? Well, for real estate investors, what I believe is the strongest plan in the world is called the LAPS. I'm going to walk through right now what that is and explain it. And this is not something that I just invented. I didn't invent like, this isn't like, hey, some super secret new thing that if you pay me

$9,997, I'll give you a. access to. No, that's not what this is. This is like real. This is how every single investor I know invests, whether they know it or not. Everybody follows a system. Just some treat it casually and some treat it very professionally. Let me explain what I mean. The lab system is based on this premise that every property has a home run number. Now listen closely here. If you're like half paying attention again, listen close. Every property has a home run number, a number that makes it a home run deal, right? So every property out there, every house you see, every multifamily, every commercial, every vacant lot,

every property has a number of price that you could pay that would make it a good deal. Now, yes, I will admit some deals are so bad that you have to get paid to buy the deal, right? Like I find a house on time I did the numbers, I ran the numbers, and like in order for it to work out, they'd have to pay me 20 grand. But still, that's a number, right? So this isn't really a theory. This is just like fact. Every property has a number.

Like even the worst, like, worst property in the world, somebody could pay you millions of dollars. to buy it and then you could just like you know ignore it right every property has a number once you understand that little fact real estate it's a whole lot easier because you realize it takes all the emotion out of it like your job as an investor is not to convince somebody to buy to sell you their house or to convince somebody to do anything your job is simply to find the number that works and then pursue it and that's what the lapse system is all about again this is not some new concept everybody does it I just put a name to it so that

we can remember it laps LAPS this is what L stands for L stands for leads L-E-A-D-S leads you have to get leads coming in now again everybody does this now maybe the lead is simply my real estate agent called me up and said hey come look at this house right that's a lead maybe you're doing direct mail marketing maybe you're doing driving for dollars maybe you're doing ads on Craigslist maybe you're doing it had in the newspaper maybe you're putting a billboard on the side of the freeway maybe you're doing one of a million different options right there's a lot of ways to get leads and we'll talk about that here a little bit but I'll give you a few really

good ways to set up automatic lead generation also talked about that in a few minutes but you got to get leads coming in then you got to analyze the leads right you got to look at them and decide is this something I'm gonna pursue or not now analysis comes in a couple forms there's like quick and dirty which is you know you know that this this analysis is uh tells me oh let's say deal comes up and it's in a bad neighborhood you say no I don't want that okay let's an analysis right you just analyze that deal and you said no I won't buy in that neighborhood fine And then other analyses, is that a word, analysis is?

Other analyses, that's a word to say, are more in depth. You actually go through and look at what is the cash flow, what is the cash and cash return, what is my overall return on investment, what kind of cap rate am I dealing with here, right? Things like that. That's a more detailed analysis. We'll do one of those later. I'll show you how to analyze a deal in five minutes. That's going to be a lot of fun.

Then you've got to propose, like drop down on one knee and propose, right? Hopefully not on one knee. Unless you're that guy getting married, which is awesome. In other words, you have to make an offer. Now, sometimes those offers are very professional, and you write it up with a real estate agent and you submit it. But sometimes they're just like a casual conversation with a seller, right? But either way, if you don't ever ask, you're never going to get it, right?

Like, if you don't ever ask out your girl, you're never going to date her, right? You can't date a girl without asking her out at first, right? Or maybe she asks you out. But you have to do this step. Now, again, it doesn't have to always be official, but every deal you want to buy, you have to propose something. And lastly, you get success with some of them, right? Some of the deals that you try to go after that you propose, or also you can say pursue,

that's another P word that would fit there. Once in a while you're going to go in. So let me backtrack. So let's say somebody tells me I can't find any deals. I'm going to say, well, how many did you offer on? How many did you pursue this week? Well, I didn't pursue any. Okay, well, how many did you analyze?

Well, how many leads did you get? Well, I didn't get any. You guys see the problem there? It's like somebody saying, hey, I didn't lose any weight this week. well how many calories like what what was your calorie count look like oh I wasn't tracking that okay well how many times you go to the gym what's the gym right like it's it's ludicrous that but this is how people the casual investors treat their investments all the time is they do nothing they don't they don't get leads they

don't analyze they don't propose they don't succeed but if you say if you follow these same four steps you're going to find success but you will find success this is how everybody does it that's successful just some people do it with more intentionality with more purpose and some don't here's a real example of how I use this lapse system to get myself a deal like I told you earlier I bought a property for my little girl Rosie with a fourplex I'm gonna tell you that story real quickly how I got that using this funnel first of all I sent out direct mail marketing letters I actually sound out from some letters and remind

me later and actually tell you where you can go find the actual letter that I sent out but I sent out letters I sent 300 of them now out of those 300 I received back about 40 phone calls okay We follow in. So 300 leads turned into 40 phone calls. Now you could call those 40 phone calls leads. Like better leads or whatever, but they were still all leads. If I got 40 phone calls, then I analyzed all of those 40.

Now, most of them were tire kickers or in neighborhoods that I don't want to buy in. However, out of those 40, there was 12 of them. There were 12 of them that I was interested in. That I said, you know what? I'm going to propose to the seller. I'm going to propose a number that makes it work for me. And out of those 12 that I proposed or made an offer on, I received one success, one yes. So my funnel was 300, down to 40, down to 12, down to 1.

That was just one of my funnels for one simple deal, right? And it worked. Now, what was I lucky? Sure, a lot of people send a lot more than 300 letters but never get a deal, right? But it's still a funnel. You'll never get anything if you don't ever get leads, don't analyze, don't propose, and don't succeed. And so that one deal, which cost me, what, $300 to send out, ended up making me now $1,000 a month in cash flow.

It's also going to pay my entire daughter's college education because I put it on a 15-year mortgage. So when she's 16, it'll be paid off, and it'll be worth probably a third of a million dollars. She can use that for whatever she wants, college, start a business, invest in her own real estate. And I get to train her on how to be a real estate investor for the next 15 years of her life, forever, hopefully.

Right? So like all of that came because of one simple lapse funnel. I got leads, I analyzed them, or proposed them, and I got one success. So, and again, I'm not the only one. Here's a good example. My buddy Lance Wakefield, he was on episode 236 of the Bigger Pockets podcast just a few months ago. This guy, he had nothing. Like 18 months ago, he was broke.

He tells a story on the podcast. You can go listen to it. But also, he sent me an email. He basically said this. He's like, I thought I would write to you today and tell you about the impact that bigger pockets has had in my life and my family's life. A year ago today, I closed my first deal, and since that time, my life has been completely changed.

I own or have contracted 26 units or sites to build. I've completed eight flips. I have wholesale 41 deals. I have participated in completing 34 retail transactions. A year ago today, I was broke. I just turned 29. We couldn't even afford a birthday present for me. Now we have hundreds of thousands in the bank, more coming in equity in our home, thousands

coming in every month from rental income. You guys, like this is awesome, right? Now, yeah, Lance Wakefield, was he special? Well, I mean, like, he did a really good job. I would say these results are not typical, right? Most people come to bigger pockets. They learn a little bit. You know, they maybe send out one thing a direct mail,

or they might call a real estate agent once. They go to a couple webinars. They listen to a podcast, and then they stop, right? That's typical. That's what most people do. Now, maybe you're, like, looking at yourself feeling kind of bad right now because you're like, oh, man, I've been doing that for the last. two years, I've not taken action, right?

But don't feel bad on yourself. It's a whole new day. We've got 90 days. It's a sprint now, right? Look, if Lance can do it, if I can do it, if every podcast guest we can do it, does the same thing. They get leads, they analyze those leads, they make offers, and they get some successes. You can do it as well.

So my buddy Hal Elrod, who wrote The Miracle Morning, says, every result that you desire is preceded by a process that is required to produce. the result. When you define your process and commit to it for an extended period of time, the results take care of themselves. I'm going to read that again, but listen really closely guys. This is probably one of the most impactful quotes I heard in the last 10 years of my life. Like this, probably more than anything else has defined my success in a lot of areas. So listen really closer to this. Every result that you desire is preceded by a process that is required to produce the result. When you define your process and commit to it for an extended period

of time, the results take care of themselves. In other words, You guys, let's say your goal, again, let's go back to the weight less thing because it's just so synonymous with real estate. Your goal is to lose 20 pounds. You can put a picture on the wall of a guy who weighs less than 20 pounds less than you. That's not going to do anything. You could say affirmations every day. That's not going to get you there, right? You can tell everybody in the world that you're going to lose 20 pounds.

That's not going to get you there. You know what's going to get you there? A process that you commit to. What would be that process for losing weight? It would be diet and exercise, right? We all know that. How many of us do that? So why don't we keep talking about fitness?

Because it's so closely related to real estate. Every result, I'll read it one last time. Every result you desire is preceded by a process that is required. So what's the process required to produce results with real estate investing? What can we stick to on a day-to-day basis that the results will just take care of themselves? You probably guessed it. The laps funnel, right? When we just commit to that process of getting leads, analyzing them, making offers,

and get them accepted, you're going to find success eventually. The results take care of themselves. Real estate is a numbers game. So what's that process look like? Now again, maybe you're not quite ready yet for that. Maybe you need to educate yourself. So in that case, maybe your process is I'm going to listen to one hour of the Bigger Pockets Podcast every day.

Or I'm going to go to the library and get some real estate books from the library. I'm going to read one book every week. Or maybe your processes, I'm going to go to a local real estate. clubs every week in my city find a local meetup and go hang out with investors so I can find people to partner with right I don't know your process but I can say my process I'm getting leads I'm analyzing I'm making offers I'm going to get some accepted so let's break that down a little bit how how are you going to generate your leads how are you going to generate your leads now we talked about there's a lot of ways to generate leads we talked about them earlier I mentioned a few

driving for dollars I talked about direct on marketing using a real estate agent I still get most of my deals guys on the MLS where like MLS is where all the other real estate agents put their deals like if you go to like Zillow or Realtor.com or Trulia.com redfin.com that's basically the MLS not that's a horrible explanation of it but for today's purposes that's close enough so like deals that other agents are selling I still get a lot of them that way so how are you to generate those leads to find that write that down and what is your next action What do you actually have to do next?

Next, how many deals are you going to analyze, like per month or per week or per day? Like, hey, I'm going to generate leads by looking on the MLS and getting my real estate agent to set me up with alerts. Okay, how many deals I'm going to analyze? I'm going to analyze one deal per day. That's my goal. One deal per day. And how many offers am I going to make? I'm going to make an offer once per week.

Listen, guys, listen goes that. If you analyzed one deal every day and if you made one offer per week, offer per week, do you think you'll eventually get a deal? No guarantee, right? But I'd say it's a lot better chance than if you don't do any of that, right? And so I can tell you personally, guys, that's what I'm doing. I have a goal for the next 90 days. My process will be very simple.

I'm going to analyze one deal every day. I'm going to make one offer a week. And that is my 90 day challenge to myself. Now what's your process? I don't know. I can't tell you exactly. But that's what the 90 day challenge is all about. It's can you, like this is how I define it.

The 90th challenge is, will you work on your real estate process for 15 minutes a day, five days a week for 90 days? Look, I'm not a tyrant here. I'm not saying you have to work on your business seven days a week. Family is important. In fact, family is more important. But that's also why I work so hard in real estate because I want to spend time with my family with my little girl.

I want to watch her learn how to walk and talk and go on vacation with her and teach her how to surf. And I want to do all those things, right? Like, but I also want to invest in real estate. So all I recommend is can you work on your real estate business just a few minutes a day? Remember earlier we talked about like the whole like I've struggled with losing weight in the past, right? Because I wanted to lose weight, but I'd go to the gym and then I wouldn't go again for two weeks. And then I'd go on another two weeks later I'd go back maybe or maybe then I'd go and run for a couple of days and then I would stop, right? Is that more effective than every day just eating healthy and working out for 15 minutes?

Right. Do you guys know what I'm saying here? Does that make sense? Say yes if you know what I mean. All right. Like, if you just work consistently on your, it's just tortoise and the hair stuff, right? We all know this. We all know this.

Raise your hand if you know this, right? We all know it. We just don't do it. We let tons of dead space in between our action steps. But if you want to get things accomplished quickly, if you want to over, like, if you want to use Parkinson's law to its advantage, just work on your business every single day. Now, a lot of you are saying, but Brandon, I can't analyze a deal in 15 minutes a day. Hang tight.

We'll do that. But first, I want to talk about. the two biggest objections people have. There are two major objections everybody has. Number one, how do I get leads to analyze? I don't have any leads. I can't do it. I can't find any good deals in my area. Well, you've got to get some leads coming in. So first of all, here's a few, this is just a few ways to get leads. Number one, call up your real estate agent. If you don't have one, go on Facebook and find one, like they're all over the place. Ask for recommendations from family and friends. Get one. Then set up automatic email alerts with your real estate

agent right now okay wait till the end of this webinar but call them tonight or tomorrow and set up automatically email alerts that every day leaves are coming into your inbox how do you get a pipeline that works automatically I just told you so for example let's say I wanted to buy a single-family house and I wanted to buy it in the town of North Branch North Branch is where my parents live in Minnesota that's where I'm at right now I'm gonna call up and I'm gonna find an agent in this area I'm gonna ask my parents for recommendation in fact they probably recommend Greg Crowell who's an agent that's

they used and I talked to Greg I said Greg can you set me up on automatic email alerts for every house that comes on the market that's under $150,000 because I'm looking for cheaper houses okay so he would set me up with that and then every time a new deal comes in it would just end up in my inbox I can go analyze it but that's not the only way to get these that's just one simple way that you guys can all take action on fact every person here right now should be doing but here's a few more things send X amount of direct mail marketing every month maybe you set a goal hey I'm gonna send 500 letters every month until I get a deal.

That could be a good idea, right? Directment marketing still works. People are still getting deals using jerkball marketing. And again, remind me later in this webinar and I'll give you guys my exact letter that I use. Next, maybe just every day, go on redfin.com, or Realtor.com, or Zillow.com, or Craigslist.com or Trulia.com or LoopNet.com or whatever. There's a ton of marketplaces where you can find deals.

In fact, did you guys know BiggerPockets.com forward slash marketplace has deals? In fact, more and more and more, I'm hearing all the time from bigger pockets. members who are saying hey I just bought my first deal I found it on the Bigger Pockets marketplace it's pretty awesome you guys got to check that out also you can drive for dollars it means get your car and drive around look for leave like look for vacant houses the other day Rosie my little girl needed to nap and my wife needed a break and so I said hey I'll just take Rosie we'll drive around and I'll let her sleep in the back while I'm driving around so we drove around

for one hour while Rosie naps and I found 22 vacant houses in the best town in my area the best town in my area I drove around on 22 vacant houses so yesterday or two days ago we sent out 22 letters to those people so now I'm just waiting on phone calls will I get one I don't know but I'm not gonna get it without trying right and when I get back home again guess what I'm gonna do when Rosie needs the nap again I'm gonna go drive again and look for vacant houses I'm gonna send letters because that's a good way to find deals called driving for dollars or maybe something more creative in fact there's a lot of ways to

find leads. This is just a small smidget of it. If you want to know more about getting leads, there's a ton of blog posts, a ton of forum posts on Bigger Pockets, all about that. I mean, we talk about it all the time. I also did a webinar a few weeks ago called How to Find Incredible Real Estate Deals, even in a competitive market. If you are a pro member, you should definitely become a pro member if you're not. But if you are a pro member, you can watch that webinar replay in the pro replay room. And if you're not a pro member yet, I actually have a discount code. I'll give you later as kind of a reward for sticking through the entire webinar.

So hang tight for that. All right. The next question people say, objection, they say, I don't have any money, Brandon. I can't invest in real estate. I'm not rich.

I'm not loaded. Well, listen up, guys. I'll tell you a very, very quick story. About seven years ago, and I was getting, like, you know, I was in this for a couple years. I decided to buy a multifamily property. One of my first was a triplex.

It came on the market. I jumped at it. I really wanted this multi. It was a triplex, and I really, really wanted it. But there was a problem. I was like stupid broke. Like, that just broke, but I was stupid broke.

You guys know what I mean? Right? Like, I was, like, so broke. I had, like, credit card debt, and I was owed a bunch of stuff. And, like, it was hard. I was trying to flip houses, and it wasn't working very well because the market was crashing. And I wanted this triplex because the numbers worked so good. And I made a home run offer.

In other words, I made an offer that would be a home run deal if I got it accepted. And they accepted it. And it was awesome. And I couldn't buy it. So you know what I did? I gave up. I turned on the TV and I was watching some dancing program. I'm just kidding.

No. What I did is I said, I ask myself the question, how do I do this? If I can't do it alone, how do I do it? And I found a partner. I found somebody else who thought real estate was cool. Here's a little hit, guys. This is very important.

If you're half listening, listen close here. This is probably the most important thing I'll say all day. Everybody wants to invest in real estate. Everybody. Okay, 99% of the population. If you ask anybody on the street, hey, do you want to invest in real estate someday? What do you think they'll say? Yes, everybody knows this is the best way to achieve financial freedom.

Everybody knows it, but most people are too. busy or too lazy to do it so what did I do I wouldn't found somebody who was too busy definitely not too lazy I talked to I found a couple who was awesome but they worked like all the time but they had some money so we partnered up we split at 50-50 remember what I would say 50% of a great deal is better than a hundred percent of nothing so I partnered up and every single year now each of us get a check for somewhere between four and six thousand dollars each of us each partner get a check for four to six thousand dollars you know how much money I put into that

deal, nothing. Zero dollars in that deal. You know what? I'm getting four to six thousand dollars every year depending on the, you know, how many expenses we had. That's pretty awesome, right? All right. Next, house hacking. You can do that often. If you want to live in the property, house hacking can be a great way to give with no and low money down or private lending. I do a lot of that. In fact, that property I bought from, I bought for Rosie, my little girl Rosie, that fourplex. Yeah, I use private lending. In fact, I found a private lender on bigger pockets, I built a relationship on BP with somebody, and they funded the deal. In fact, they funded the entire purchase price and a huge chunk of the repair costs, which is

awesome. Or about something else. Are there any other creative strategies you can think of for investing in real estate with no money? There's a ton. Things like lease options, things like seller financing, things like subject two, things like, there's a ton of stuff, equity lines of credit, home equity loans. Anyway, there was a ton of strategy.

In fact, I wrote an entire book on that. It's called The Book on Invest in a Real Estate with No and Low Money Down. Anybody read that? If you've read that before, let me know in the questionnaire. I just want to give you a shout out because you're awesome. So there's a lot of stuff. Also, there's a ton of articles on BP. There's articles up the wazoo about investing with no money down.

There's a forum post on it all the time. So do some research. If that's what you need to do, if that's your process, read one blog post a day, every day for the next 90 days on, creative investing or read my book on it or I did a webinar a couple weeks ago called I think this is like a month ago now called my three favorite strategies for buying real estate without a lot of cash so if you want to know more about my faith how I do it especially about burr investing B RRRRR as my favorite strategy in the world burr investing I didn't like I did an entire webinar so

if you're a pro member watch that here's the truth about passive investing if the strategy isn't right on day one the returns won't save it multifamily real estate offers structural advantages. Many investors are overlooking, including depreciation that can help offset taxable income while cash flow continues. Bam Capital builds its investment with that reality in mind. They are focused on solid operators, tax efficiency, and long-term performance. For investors who want real estate exposure without being landlords and who care about consistency

over hype, this is a smarter way to allocate capital. Learn more at biggerpockets.com slash bam. Most investors spend more time chasing deals than reviewing their insurance. But a quick coverage check can be fast, easy, and one of these smartest ways to protect and even improve your property's cash flow. As the months get colder, frozen pipes, icy walkways, and seasonal wear and tear can increase the likelihood of claims. And traditional insurance companies aren't always built to handle these claims quickly or smoothly.

That's why more real estate investors are turning to steadily. They focus exclusively on landlords, whether or they're not. whether it's a single-family rental, a burr-builder's risk policy, or midterm holiday guests. You get fast quotes, flexible coverage, and protection for property damage, liability, and even loss of rental income. Now is the perfect time to review your rates and coverage. Get a quote in minutes at biggerpockets.com slash landlord insurance. Steadily, landlord insurance designed for the modern investor. Managing properties can feel like a full-on circus.

You're juggling vendors, tracking payments, chasing approvals across multiple. multiple properties and maybe a few HOAs, all while trying to keep tenants happy and owners confident. One delay can throw everything off and suddenly your day is all clean up, no progress. That's why hundreds of property managers rely on bill to streamline their finances. Bill for property management lets you add all your properties, assign permissions, pay bills, and receive payments quickly and efficiently without the usual bottlenecks. It syncs with platforms like QuickBooks, NetSuite, and Sage Intent. so your accounting stays aligned.

You can automate bulk payments across properties and HOAs. Choose flexible payment methods like same-day ACH, international wires, card or check, and set custom roles in approval policies. There's even a dedicated bill inbox for each property to keep everything organized. Ready to simplify your workflow, book your free demo at bill.com slash bigger pockets

and get a $100 Amazon gift card. That's bill.com slash bigger pockets. All right, rental property investors, listen up. Our friends at Dominion Financial already have some of the best DSCR rates in the industry. Now, they're the fastest, too. They just launched 10-day DSCR closing. That's right, 10 days. And they're still the only lender with a DSCR price beat guarantee.

That means faster closing, the best terms, zero guesswork. That's Dominion Financial. Check them out at biggerpockets.com slash Dominion. Again, that's biggerpockets.com slash dominion. in. All right. So at this point, I want to actually call out all of you guys. Everybody listening to this webinar right now.

Now, by the way, we're not quite done. I am going to go a little bit over. I can tell I still have a number of slides to get through. So hopefully you guys are good with hanging around for another like 25 minutes or so, is my guess. But I kind of want to summarize where we're at so far. First of all, are you in? Will you commit to five days a week for the rest of the year working on your business 15 minutes a day? Remember, consistency is more important than just one big action here and there.

Will you commit to analyzing one deal a day like I'm going to do? Maybe your process is different, but I have a feeling it's going to be pretty similar. Analyze one deal a day and make one offer a week. And again, it doesn't have to be an official offer. It can be just a conversation with a seller, right? Are you in? If you're in, I want you to be a favor right now, either in the question area over here, say, I'm in. Just I'm in.

I apostrophe M. I'm in. Daniel, Janine, Armin, Christine, Eddie, whoa, and tons more coming in, right? Who's in, right? This is exciting stuff. Now, if you're not watching this right now on the webinar, if you're listening to it or whatever,

I want you to go on social media and let me know. Hit up at BiggerPockets, either on Facebook, Twitter, or Instagram, at Bigger Pockets, and just let us know I'm in using hashtag BP 90 days, BP 90 days. That's how we'll make sure we know that it's you. Hit us up there. You can hit me up at Beardy Brandon and Instagram on Instagram guy.

Hit me up there. Let me know who's in. And also take a picture of the screenshot or I'll give you this later. In fact, maybe I can even do it right now. I want to hand this out right now. I was actually going to drop that little image in there. You can even share that image that I just showed you, that image on your screen. Share that on your page.

Yeah, okay, I can actually do that. Hold on. I'm going to put it here in. All right, it should be in the little handout section here. I think a little picture you can download. So go ahead and share that on Facebook, Twitter, Pinterest, whatever that you use, and let us know, tag us BP, hashtag BP 90 days. I want to know who's all in this thing.

Because, again, I want you to commit to it. I want you to say, you know what, I'm in. I'm really in. I'm really doing this. And a lot of you are saying, well, I don't actually use the word. I don't have to say anything. Say something. Tell somebody, right?

Are you committed or not? Right? Let's commit to the stuff. By the way, there's a ton of people saying I'm in right now. like hundreds of them. That's awesome. You guys are amazing. I'm in.

Tom, Mole said, or Moly, mole, mole, said, I don't know how to Instagram. It's all right, Tom. You know how to do other cool stuff, I'm sure. Tom's a good guy. Everybody followed Tom. All right, good. You guys are awesome. Whoa, you guys, Frank said, I'm in.

I've already done eight deals in the last 90 days. Frank, I want to know what your goal is going forward. That's awesome, guys. All right. So, I want to put all of this together. Everything we've talked about so far, I want to put together by doing a real-life deal. You guys ready for this?

A real-life deal. So I'm going to go actually share my screen with you. Now, if you're listening to this on a phone or something like that, and you can't actually see my screen, I'll try to talk through what I'm doing as well as possible. But I'm going to show you guys how I find deals, like one way to find deals. I'm going to analyze it. And we're going to do the whole thing quickly, like right now. You guys with me?

Does that sound like fun? All righty. Let's go. Here we go. Let's see. How do I share my screen? Let's see. Where we at?

Okay, preview Google Chrome. Okay. All right, let me know. Somebody let me know right now. Can you see? Arianna said, my boyfriend is yelling. He's in, along with three little ones chanting the same. That's awesome.

All right. Okay, good. You see it. So here's the idea. So I'm going to start on realtor.com. Now, I thought it'd be fun today. Normally I look for properties in my own area. But being that I'm on vacation right now and I'm hanging out with my family in North Branch, Minnesota, I thought, what if I had to go buy in a brand new place? Brand new place.

So I'm going to go ahead and search North Branch, Minnesota. Now I did this like 10 minutes before the webinar started today, just so we wouldn't take as much time to analyze this. But check those out. Here's that I did. I went to Realtor.com. It's not the only site to go to. It's just one that I happen to like. I went to Realtor.com, and I looked and I searched, and I found this house right here.

There's a house here. I typed in 55056. I found the cheapest house in the area is 130. Now, a lot of you are saying, but I can't find a house for $130,000. I quit. I'm going to go watch some TV. Calm down.

Real estate works in every market. You can find a millionaire in every single market in America who became a millionaire from real estate in your market, right? It might be a little different than what you're seeing here in my area or here in my parents area or whatever, but you can find a deal anywhere. So this just happens to be here. North Ranch goes from 130 is the cheapest house,

and the most expensive is $7,000. So that's kind of the range we're looking, but I wanted to find the cheapest house and I looked and I found this guy right here 38 something conjure circle North Branch. It says it needs a little bit of work. I flip through the pictures You know, it just looks like it needs a little bit of painted on the outside. The kitchen could use a little bit of an uptique But it doesn't actually look that bad. I mean other than just like being a little bit a little bit dirty I'd probably paint the entire thing Probably you know do a little bit of work here and there but it doesn't look like it needs a ton Got a nice furnace, got a water heater.

So this is a three-bedroom two-bath 1100 square foot house. So I'm going to stop seeing that ad. I want to do ads. All right. So from here, oh, virtual reality tour? Really? Fancy. Oh, wow, look at that.

Fancy little tour. All right, well, whatever. So I want to analyze this deal. That's sound good to you guys? Let's figure out what number, what number makes sense for me to offer on this property. What number makes sense? So to do that, I'm going to go over here to the bigger pockets, biggerpockets.com slash analysis. Biggerpockets.com slash analysis. Do do, do, do. There we go. All right, so this is where I analyze deals. Now, there's

multiple ways to analyze deals, right? You can do it by hand if you want to. I don't recommend it because there's a lot of little nuances that you might screw up and then, you know, a small mistake with real estate you've got some tens of thousands of dollars, right? Also, it's hard to keep track of all the deals you analyze. You could also use like a spreadsheet. I used to do that guys, but I no longer use spreadsheets to analyze most deals. Simply for a couple reasons.

One, it was hard to keep myself organized. Two, it was very easy to make mistakes. Look, I'm not that smart of a guy. I don't know how to use all the fancy functionality in Excel. And so I make a lot of mistakes when I'm on a spreadsheet. I accidentally change one formula and then like something happens and then I might buy a bad deal. In fact, one time that 10, remember that deal I told you earlier?

I spent two years of my life. fund yeah use a spreadsheet for that so I stopped so the third way I recommend today and this is what I personally do is we actually built calculators on bigger pockets designed for investors and designed to be able to go to a lender or an agent or a partner and show them the deal so that's what I use that's what I'm gonna use today again if you are whatever you do just make sure you analyze your deals but I love the BP calculator so let me do this we've got four main calculators right now another one coming very soon should be here in the next

month but we have the fix and flip calculator the rental property calculator the burr calculator and the wholesaling calculator so those are the four calculators we got I'm gonna go ahead on this one and I'm gonna look at this from a rental property standpoint now if this was a flip I'd use a flip calculator and if it was a big fixture upper I'd probably use it as a burr if it was a rental that I was gonna fix up a lot but or if I was gonna wholesale I'd use the wholesale I'm just gonna go ahead and use the rental property calculator and like I said I already put it in the numbers because I wanted this to go really

fast but understand guys you can analyze a deal in like under five minutes like I analyzed this deal earlier today in five minutes like I ran through the numbers so let me just show you how this works really quickly and and you guys love this so first of all there's three pages and then the results so page one is the information so what do I want to call this report what's the address what's the city the state the zip code how much of the taxes oh wait I don't know that Brandon I quit I can't find it calm down calm down if you don't know something on these calculators, all you have to do is hover over these little help question marks.

It actually walks you through how to use the calculator. How do you find the number? So, for example, taxes, if you're unsure, the information is typically publicly available in your county assessor's website. So you can go to your county and look it up. So for this one, actually, realtor.com actually gives you taxes as well. Now it's not always perfectly accurate, but it's good enough for what I'm doing right now, a quick and dirty screen.

So taxes were about $3 grand on this property. I uploaded a photo of it. I uploaded the description and that's it for page one. Everybody can do this, right? Say yes. All right, page two. Page two is the purchase information. How much we're going to buy it for?

Well, they're asking $130,000. So I'm going to start analyzing it at $130. What's it worth when it's all fixed up? What's the ARV after repair value? If you don't know how to find that out, hover over the question mark. But in this case, it was about 160,000 is what I estimated it to be. Next, closing costs. I put $3,500.

Repair costs. Now, of course, we haven't been in the house yet. We don't really know how much the repairs are. But we're only making a good educated guess right now just to get a good analysis. Once we go through the property, we can alter these numbers very easily later. And another thing I like about these calculators is BiggerPockets actually keeps, like, in your account, you can go back to any of your old analysises, analysis, and check them out. So anyway, I estimated 10 grand for repair.

That's pretty much going in there and doing some painting, cleaning it up. getting a rent ready all right then we got our loan details how are we going to do a loan on this well for simplicity to say today i just chose a 20% down payment now if you're saying i don't have 20% down i quit remember there's lots of ways to finance deals even if you don't have the money but i'm just doing 20% for easy math right now 5% interest rate over 30 year mortgage and if you want to learn more about the rest of these kind of options just hover over the question marks and you'll get it all right last page of information what is this property going to rent for now a lot of you're well I don't know how to figure that out here's a super simple way check this out I'm

gonna go over here to Google this is how I I usually do it I type in Craigslist North Branch housing or whatever city you're looking for right okay I found Minneapolis is the nearest to North Branch okay and then I go here and it was actually a map function you can choose the map feature so then I go to the map feature I go up to North Branch where is it at there it is and I go in there it is and I go in and I look for different properties that are currently for rent. Here's one right here. It's a two-bedroom little apartment for $750.

Here's a nice four-bedroom, two-bath townhouse for $1,300. Here's a three-bedroom, two-bath house for $1,800. Okay. So I'm probably going to be, now, of course, we'll want to verify this more in detail later, but I'm probably going to be somewhere between $13 and $1,800. So in this case, why don't we estimate, I'm going to go probably $1,500 a month. for rent there's other ways to judge that as well there's sites like rentometer or rentometer however you say it or zillow you can find out things that way but

this is just for quick and dirty next we've got our a bunch of people are telling you how to say it analyses analyses I have no idea all right so now we got our expenses and our like what are expenses do we have well in a house the tenants will pay their own electricity their own water sewer I'm not gonna have any PMI because I'm putting 20% down no garbage, no HOA in these neighborhoods. So really, what do I have? Insurance, okay, so $75 a month maybe there.

That's probably about it for this. Then I've got vacancy, repairs and maintenance, CAPX, and property management. These are things that I am going to have to set aside money for every month. So I'm going to set aside personally. I usually use about 5% for vacancy. That's just my number.

I'm going to do $75 a month for repairs and maintenance, another $75 a month for CAPX, which is capital expenditures. That's big items like a new roof every 20 years, a new water every 10 years, new appliances every 10 years, right? That's kind of what capex is. It's replacing items, repairs are fixing items. So I got 75 a piece for that. Management fees, 10% for property management.

And then lastly, there's an optional section here in the calculator. I can put in income growth. Like what do I think the income is going to do on this property over the next X money years? Well, I'm guessing, you know, over the last 100 years, inflation has caused income and property values and expenses to go up about 3% per year. So I'm going to be a little more conservative than that. I'm going to say 2%.

But if you want to go zero, you can leave a blank. That's fine. So income 2%, property value 2%, expenses 2%, and lastly we got our sales expenses. What do we think this property will someday, when we have to sell it, how much do we have to pay of the sales price to sell this thing? I said about 9% because we gotta pay for a real estate agent

and then we gotta pay for closing costs. So we'll say 9% of the sales price is gonna lose at the end someday. And by the way, guys, in case you were wondering earlier, I forgot to say this, but I should, when we're doing repairs and maintenance and capital expenditures, and I say a percentage, like what percentage is our vacancy? That percent is based on the monthly rent. So 5% of $1,500 a month is $75.

That's where that number comes from. All right, with that, we're going to calculate results. Now, before I show you the results, I'm going to calculate it. Before I show you, I'm going to pop up a quick poll on your screen. I want you guys to actually answer this poll question here real quick. Ready? is this based on what we know so far at $130,000, is this a good deal or a bad deal?

130, we put $10,000 into it, and then we $130,000, we put $10,000 into it, and then we rent it out for, what did I say, $1,500 a month? Good deal or bad deal? You guys know all the numbers at this point, right? You guys can all do it in your heads, right? That's what everyone says. People ask me this question all the time is,

can I just do, can I just, like Brandon, you just analyze those in your head now that you've been doing this for a decade. I don't. Every deal, no matter what, every deal. In fact, I play a little game every week when I do this on webinars and I play a game with myself and I think, is this a good deal or bad deal? And guess what? I'm wrong half the time. Like I really, like, even I, who've been doing this for 10 years and I've been analyzing deals every day, there's so many nuances, which is why you have to analyze deals, guys. You have to.

All right. Closing the poll. 71% of people said it was a good deal, 29% said it was a bad deal. All right, let's find out. According to the numbers we just ran, our calculator, if all these numbers were legit, our cash flow every month looks like $241 a month,

and our cash on cash return, which is like our return on investment that we get from our cash flow, is 7.34%. Now, I don't know about you guys, but I don't, like, let me tell you what my numbers are. I will not buy a single family house unless I can get at least 200 a month in cash flow, which yes, this deal does work out, but also I want at least a 12% cash and cash return personally.

Like that's what I like to see. So guess what? This deal doesn't work out for me because it's only a 7% return. I want 12%. So you know what I'm going to do? I'm going to quit and go back to watching TV because there's no real estate deals out there. Right? No, of course not.

Check this out. I'm going to scroll down the page. I'm going to click edit, and in less than 30 seconds, I'm going to go reanalyze this deal. Instead of offering 130, what if I offered them 115, but everything else stayed the same? Just what if, what if? And then we run the numbers again.

Well, now I'm looking at $306 a month estimated cash flow and a 10% cash on cash return. So I'm doing much better on the cash flow, but a little bit low on the cash and cash return. But if you're familiar with how the two are kind of tied together, I could probably alter the loan amount a little bit. Let's say for some reason I was able to only put down, we'll say, 15% instead, which there's ways to do that if I'm using the birth strategy. And we alter it a little bit. Now we're at 10.74% cash on cash and 275 in cash flow.

So, you know, at this point I might say, yeah, you know, this is looking a little bit better for me. Or maybe I want to go back and edit it one more time. And this time I'm going to offer, what if I offer them 100,000? I did a 20% down payment. Does it work out now? What do you guys think? Let's find out. All right, so when I ran the numbers this way, at 100 grand,

my cash flow estimated was $370 a month, and a 13.27% cash on cash return. I've hit my number. So if all these numbers, if I verify all these numbers, then I would probably offer them 100 grand for this house. Now I know a lot of you are saying, but Brandon, they're not gonna say yes on that. You're probably right.

Now listen, guys, this is super, super important. This is probably the most important thing I'll say all day. Listen close. It doesn't matter if they say yes. My job is not to get them to say yes. My job is simply to work my process, right? To work the numbers. It's a numbers game.

If I offer them 100,000, I get rejected, guys, about 90% of the time. 9 out of 10 of my offers get rejected. But you know what? In high school, when you get rejected, when you fail, 90% of the time in high school, they call you a moron. You know what they call you in real estate when you failed 90% of the time? A millionaire. You guys know what I'm saying?

Right? Because if you can get your offer accepted one out of every 10, but every one of those that you get accepted as a home run deal, you're going to become a millionaire. Right? That's what's so cool about real estate. When you think about it in these terms, it changes everything. It changes everything.

So tomorrow, guess who's going to offer $100,000 of property? this guy, as long as nobody else does. Right now, I'm going to verify a few of these things. I'm going to call the agent. I'm going to find out how bad is the property. You may have to go look at it. In fact, I'll probably go look at it tomorrow. But I want to verify this.

I'm going to make an offer. I'm going to pursue this. And if I make enough of these offers, eventually I'm going to get what I want. Now, no, I'm not saying you should spam out 50 hours every, or 50 offers every single day. No agent's going to want to deal with you, right? But the deal is if you want to get more deals, you've got to make more offers. Everybody feeling me so far? Everybody feeling good?

All right, I'll show you one last thing before we move back to the slides. I got a little more to do what we're talking about. With these calculators, one other thing that I love about it is you can download a PDF report. A PDF report, what's that means is you can actually download like this cool looking report. I'll show you right here if you'll be able to watch it. That shows like all the numbers at top. It shows pictures. It shows graphs and charts, all the metrics so that I can see what this deal would be like if I bought it.

In fact, I use these calculator reports whenever I try to get a loan on a deal. I always submit one of these calculator reports to them. If I'm working with a private lender or a partner, I always bring out one of those reports. If I'm just trying to show Heather, my wife, and say, hey, Heather, this is a pretty good deal. I want to buy it. I'll show her this report so I can walk her through the numbers. If for that reason more than anything else, listen, what happens when you show somebody a spreadsheet? Unless they're an accountant, their eyes gloss over.

They don't know what you're doing. They get nervous and they don't want to do anything. But when I show them this report, like we design this too so you can show it to people and impress them with how well you've done your homework. So anyway, check it out. If you're not a Bigger Pocket's pro member, you can still use these calculators up to five times for free. So definitely check it out. If you're not a pro member, use it for five times each for free.

But as a pro member, you do get unlimited access. So make sure you guys check out the calculator. Now, I'm going to go back to our slides because we've got a little bit more to talk about today before we get out of here. Are you guys having a good time? Are you guys learning a lot today? Like, let me know what you guys are thinking, a little question area or over on social media. Let me know if you guys are enjoying this if you're learning a lot of stuff.

Because, you know, I'll keep going. I got some more stuff to talk about here. Good. Okay. Heck yeah, Chase said. Woohoo. Sure am, Geraldine said. All right, very cool.

All right. So let's go back to our slides. I've got a little bit more to talk about. We'll wrap up. And those from Q&A and all the final door prizes and all that's coming up. So let me share my slides again. Go back to our window here. All right.

Can you guys see my window? Everybody can see it says the easiest way to analyze real estate investment properties. hopefully. All right. Moving on. So you shouldn't see a picture right now of a guy jumping off a cliff unless you're listening to this

and then you can't see that. All right. So, real estate investing feels like you're jumping off a cliff sometimes. Right? You're scared. You're nervous. You don't know what you're doing.

You just feel like you're following. Your friends are at the top laughing at you, right? But listen, guys, this is a lie. This is a lie. This is what real estate investing is really like. It is a walk. It is a hike. It is a path.

In other words, it's not always easy, but you're on a trail that's been blazed by millions of people before you. It is not a free fall. You're not alone. You're walking a path that's been walked by millions of people before you. In fact, I'm on the same path you are. There's people ahead of me. There's people behind me. There's people ahead of you.

There's people behind you. We're all on the same path, helping each other, working this together. And that, in a nutshell, it's a spirit of bigger pockets. Like, that's what we do. At Bigger Pockets, we build tools to help investors on their journey. And if you're looking at my slide, you can see I didn't even, I totally typoed bigger pockets. So Bigger, that's awesome. All right.

Like, that's what we do at Bigger Pockets. We want to help you on your journey. I'm saying, hey, guys, I screwed up a lot. Here's what I learned. And you're like, oh, thanks, Brandon. And then when you get to my spot, you're going to be like, hey, guys, I screwed up a lot. And here's what I learned. And we're all helping each other.

And this is the greatest community on Earth because of the, that. Like, Bigger Pockets, I am so a big of fan of this because I use Bigger Pockets to become where I am today. Like, I use the forums. I use the blogs. I, like, I learn so much from bigger pockets. That's why I'm such a fanboy, because this is not theory. This is how thousands and thousands and thousands of real estate investors, including myself, have found financial freedom, right? If you want more deals, go after them. Make some offers. Don't be afraid, analyze some deals. Do the 90 day challenge with me. So here's two big questions. I want to summarize where we're at today by asking two questions. Number one, are you fired

up and truly committed to use in real estate to obtain financial freedom? Are you fired up? Do you believe that if you just buy enough property, flip enough houses, buy your rentals, get that cash flow, that you can have the life that you want, that you can travel the world, you can spend time with your family, spend time of your hobbies, like have fun, fire your boss are you guys fired up in the way that I am about this Mary said I'm so stoked Suzanne said yes I do with like 10 exclamation marks I love it I love estimation marks Chris had like a hundred estimation 100% yeah okay good that's good number two now the rubber meets the road will you take on the 90 day challenge

to buy your next property I already asked you guys earlier but those people who didn't say yes yet are you ready are you committed to the next 90 days with me I know technically there's only 88 days left in the year you know whatever great I got a ton of yeses, a ton of people fired up. But there's a major problem. This is important, guys. Listen close here. One of my favorite quotes ever, Derek Sivers, he's a TED Talk guy.

He said, if more information was the answer, we'd all be billionaires with perfect dabs. You guys, you all know how to achieve financial freedom through real estate. You all know how to do it. Buy rental properties, flip houses, whatever you want to do, you can get there. Right? But information is not enough. If information was the answer, we would all be billionaires with perfect abs. In other words, we all know how to lose weight and get a six-pack.

None of us do it. We all know how to make money. Very few of us do it. So the real question is, what is the key to success? What do you actually need to do to succeed? What do you actually need to do? Take action, right? That's the key to all of this.

Remember I said that quote earlier? Life does not get better by chance. It gets better by change. You have to change. If you want your life to be different, you have to become a different person. You need to take action. So are you going to take something you learn today? Just one thing, two things, three things you learned today on this webinar,

and are you going to apply it to your life and go out there and start kicking butt and taking names, right? Are you? Sadly, so many people don't. Are you going to be somebody like Michael Jordan one. Like Michael Jordan once said, some people want it to happen, some wish it would happen, and others make it happen. Are you going to be the person who just wants it and wishes it? Because there's a huge difference between desire and commitment. And that difference is action.

So will you apply the things you learned today in your life? Here's an example of somebody who shot me an email. They came to a webinar that I did. Then they shot me this email like three weeks later. Dennis wrote me this email. It said, hey, Brandon, wanted to thank you and BP after attending your webinar on how to make a million in real estate I got inspired to take action there's that word so last I continue the last week I closed my very first deal I now have a triplex that is

rented and will cash flow very well for me I can now call myself a real estate investor I have a plan moving forward and will make my business a success thank you you guys listen this Dennis went to a webinar and he didn't just go back to watching TV every night eat nachos right he made a difference he changed his life and three weeks later he was a proud owner of a triplex if Dennis can do it in three weeks I think you can do it in 90 days right but the key is like Dennis said he went to action so I'm gonna ask you guys question anybody here on this webinar right now in the question area anybody here in the last let's say the

last three months buy a property did anybody take action on something they learned on a webinar that I taught and went out there and took action or maybe you didn't come to the webinar maybe just went out and bought a property anyway but anybody just take action recently I want to give you guys a shout out as well not just Dennis. Now listen guys, I don't know why you came here today. There was like there was like 1,500 people live today here. I don't know why you're here. There's a million different paths of life. Some of your experience. Some of you are new. Some of you're old. I don't know. Maybe you're tired of working your full-time job and you're looking at real estate as a way to get out.

Maybe you're just looking down the road and saying, hey, I need to plan for my future retirement. Or maybe maybe you're tired of being a freaking wantrepreneur. That's right. A wantrepreneur. Maybe you're tired of that, right? You guys know what I mean? Tired of wanting it? Again, I don't know who you are. I don't know exactly why you came here today, but here's what I do know.

Here's what I know. That my goal here today and our goal at bigger pockets is to help you reach your goals. Like, I truly, fully 100% want to see you achieve financial freedom because I know how good it can be. Listen, last April, I packed up my wife and my little girl and we went to Hawaii for the entire month. We spent a month because I wanted to learn how to surf, right?

That's what financial freedom means to me. You guys wonder what financial freedom means to me? Last night at one in the morning, this is true story. Last night, so with Hawaii, but last night at one in the morning, my daughter woke up, we're here at my parents' house in Minnesota. My daughter woke up screaming and crying, just screaming and crying. And normally when she does that, like we comfort her down, you know, calm her down, give her some food, whatever.

She wouldn't stop. She just screamed and screamed and screamed. And like, I didn't know what to do. I was freaked out. You know what I did? I packed up my wife, we jumped in the car, and we drove towards the hospital. You know what? Did the thought of, I don't know if I can afford this ever crossed my mind?

No. Did the thought of, you know, like, I'm not sure how I'll be able to pay that bill? Did the thought of, wait, I got a 9 to 5 job. I got to be at tomorrow morning. I got to be at work, right? Did any of that come across my mind? No. You know what financial freedom is to me?

Is the ability to live your life without worrying about how I'm going to pay for that, right? Now, luckily, by the time we got to the hospital, actually, this is like my daughter fell asleep finally and was super calm and comfortable. I slept in the parking lot of the hospital last night. All night, we slept in the parking lot. My wife and I in the car just in case she woke up again. And, like, that's what financial freedom is to be, the ability to do that. I don't have to worry about how I can pay for it because of real estate. So at Bigger Pockets, that's, like, that's why we want to help you because we know that you have dreams, you have goals, and we want to help you get there.

So as part of that, like Bigger Pockets exist to do to help you. We've created an entire community of people willing to help you. We created tools that you can utilize to get there faster and with less pain. Things like the calculators or things like the networking abilities that you can connect with people, real life meetups, all that stuff is designed to help you get there because we know that you can do it. Now many times throughout this webinar, I've mentioned Bigger Pockets Pro. A lot of you guys are pro members, but a lot of you aren't yet.

And maybe you were wondering, hey, should I become a pro member? So do you guys mind for like five minutes or four minutes if I explain what pro is? And you can tell me if you think it's good for your investment or not. Like if this is a good investment going pro, then go pro. Not. Don't worry about it. But I'm going to explain for like five minutes if that's cool why I believe Bigger Pockets Pro can help you buy more stuff. I really believe that.

So as a pro member, you get unlimited access to those calculators. If for nothing else, I believe it's worth upgrading to pro just for that. Because understand, guys, 99% of the properties out there are not. not really deals. This is on your worksheet. 99% of the properties out there are not really deals. You have to analyze for the best. 99% of the properties out there are not really deals. You got to analyze for the best.

So are you willing to analyze for the best? If so, if you want to do it quickly, if you want to analyze the deal in under five minutes and keep track of all your deals, and you can even, with bigger pockets, you can even go and keep track of which ones you've made offers on, which ones got accepted, which is a really cool feature that a lot of people don't know about, but it's really, really cool. you like become a bigger pockets pro member to get unlimited access to the calculators and the PDF reports that come with them also as a pro member you get powerful networking with bigger pockets that com slash meet it's our networking tool it's incredible

if i want to find an agent in this town of north branch all i'd do is go to bigger pockets of meet and find an agent who works here it's that that powerful and the pro member you get access to that you also can post your halves of your needs in the bigger pockets marketplace so hey if you're looking for a duplex in cincinnati go post on the marketplace tonight that you're looking for a duplex in Cincinnati right it's awesome also you get unlimited keyword alerts with text message alerts as well so if you if you want to get text message alerts every time a new deal in your area pops up on the marketplace as a problem you can get that you also get unlimited webinar replays if you like

this webinar if you learned a lot today I've been webinars on like every imaginable topic with real estate okay not everyone but a lot of topics things like how to find deals how to fund your deals how to flip houses how to analyze properties how to analyze flips and rentals how to use private money and how to get get private money, how to, man, how to do wholesaling, how to do ver investing, how to work with partners, how to use other people's money to flip houses, like all this stuff, we've done tons of them. There's like 50 or 60 hours of webinars that you can watch as a pro member.

And also, when you have a little pro badge next to your name, it just helps you stand out on the site as somebody who's serious and that people want to do business with. And as a pro member, you can also upload a profile video. So on your Bigger Pocket's profile itself, you can have a video that says, how you Hi, my name is Brandon, and this is what I'm looking to do, and this is why I'm doing it. What an incredible way to build trust and credibility. Listen, guys, how do I know this stuff works? Because I see it over and over and over on bigger pockets.

Here's a good example. I got another message I got from somebody, a private message on the site that said this. I just wanted to say thank you for the webinar. It was very informative, gave me several good ideas. I signed up for pro, and I used the calculator to demonstrate it to evaluate and make offers on two deals that I found. You guys check out the laps funnel here, ready? one of those offers was accepted, the other, the seller was unyielded in price even after I showed them the numbers. Oh, well, their loss.

So again, I just wanted to say hello and thanks. Yes, I love that story because not only did the person jump in and take action and start analyzing deals, that's awesome, right? And not only did they get one accepted, which is also awesome. But best of all, they didn't let a motion cause them to buy a bad deal. In fact, they're kind of flippant about it. They're like, oh, well, their loss. Like, I love that. It perfectly demonstrates what I'm talking about here.

All right, so the big question is, how much is Bigger Pockets Pro? So Bigger Pockets Pro is starts at $100,000 a day for, totally kidding. Just kidding, guys. That was a guru joke, right? So these are real numbers the gurus are charging. Like, some of the gurus are actually charging $100,000 for their, quote, unquote, education. Some of the gurus are charging $50,000. Some are charging $20,000.

The cheap guys, the guys that are super inexpensive, are charging $10,000. You can get a screaming deal at 10 grand, right? We don't believe in any of that crap of Bigger Pockets. We don't believe in it. If you've got that kind of money, guys, put it to a deal. That's what I think. So today, as of now, Bigger Pockets Pro is going up in price, but as of right now, Bigger Pockets Pro is like $290 a year.

So if that's you, if you're thinking, hey, oh, it's only $290, that's a good business expense. Like, then go ahead and upgrade the pro. And if not, don't worry about it. But if you're thinking that, yes, it would be a good idea. Then tonight, I want to encourage you guys today here right now, upgrade to Bigger Pockets Pro and then let me know that you did in the chat area. But as promised, as promised, I do have a discount code because again, I like to encourage

people to jump in and take action right away. So if you're sitting here on this webinar and you're saying, yeah, you know, I think I am going to do this. You can save 20% reoccurring. Again, this is not just a one-time thing. Reoccurring 20% on a pro-annual membership. So instead of paying $290, it drops that down to $232. $232 to upgrade to Bigger Pockets Pro annual.

Every year you'll pay 232, even when BiggerPockets Pro goes up in price here in a few weeks, which it is going up in price by the end of the month. So you got to lock in that lower rate of 232 per year, but you have to use discount code 1004 and upgrade to Bigger Pockets Pro on an annual basis. All right, guys, that's all I got for this part of the webinar. We're going to do some Q&A. I know this thing went long. We went 25 minutes over.

You guys are awesome for staying with me for the whole thing. So let's hand out the door prizes that I promised. I gave you this one earlier, but I give you it now again in case you missed it earlier. Go to biggerpockes.com slash books, B-O-O-O-K-S, biggerpockets. com slash books to get the top 20 real estate books. Every investor should read, resource guide. You can get the entire slide deck from today's webinar. Every slide, every slide I just went through by going to biggerpockets.com slash

1004 slides, S-L-I-D-E-S, no commas, no-coms, no, spaces, no underscores, just biggerpockets.com slash 1004 slides. You can get seven years to seven figure wealth by going to biggerpockets.com slash seven years, bigger pockets. com slash seven years. And lastly, you can get the actual workbook that goes with today's webinar at biggerpockets. com slash 90 days. Now let me talk about this workbook for a minute, guys.

This is a workbook that I put together. I spent a lot of time on this thing. And let me actually show you what it looks like here as I'm going through this. So let me open this up. Where is it? 90-day workbook. Here we go. Let's see.

Hold on one second. Well, I pull this. I'm going to show you guys what this is. In the meantime, we're going to do Q&A here in a second, so you've got questions, go ahead and ask it. But let me show you this. So preview workbook. All right, hopefully you should see it at this point.

The 90-day challenge workbook. It's just basically I'm going to kind of flip through here. It's a guide that shows you a step-by-step process for making a plan. Step one is commitment. Two is you're defining a five-year vision. You're actually going to spec out what 2017 versus 2022 looks like for you. You're going to spec out your ideal day. You're going to establish a one-year goal, a quarterly goal.

In fact, your 90-day goal right here. And then you're going to set a goal for each of the other quarters for the next year. You're going to break that down into a weekly process working through your deal funnel. It's everything we talked about tonight at workbook form. Then you're going to actually time block your schedule to make sure you accomplish those 15 minutes per day. Then I'm going to give you a deal tracker that actually helps you track the number of leads you get, the number of deals you analyze, the number of offers you make, the number of offers you get accepted. Then I've got calendars in there, so that helps you walk through calendars of what's your October look like,

what's your November and December? You can actually check off the days in which you accomplished your goal. And then there's a little like conclusion page here. So all this stuff, there's 19 pages here in a workbook that's completely free for every single person. Is that sound good? Does that sound like something that you guys would like? Is that cool? Like, I love this workbook.

Like, I wish I had this when I got started with real estate. And it's totally free for every single person right now. Just go to biggerpockets.com slash 90 days. And that is where you get all the cool stuff. So let's go back over our slides and do some Q&A, some shoutouts. Remember, if you're in, make sure you guys share this little image that says, I'm in the 90-day challenge using hashtag BP 90 days on either Twitter, Instagram, Facebook, whatever.

Let the world know that you are committed. it to buying a property and let me know. Let us know on social media. What are you going to accomplish by the end of the year? What are you going to accomplish by the end of the year? Like I told you guys, I am buying something for at least $875,000, probably a mobile home park, possibly a multifamily, whatever I can find first. And I want to know what you're going to buy. Hey guys. Okay, it's podcast, Brandon, again, as opposed to webinar, Brandon. And I wanted to just take a quick break here to let you know that, well, we don't technically have a fire round in this episode since it's not like an interview.

I'm going to be doing the Q&A section next. So I just broke here to tell you I'm going to do the Q&A section, which is pretty much the same thing, except for I'm the one in the fire round seat, whatever you want to call it. So, in other words, it's time for the fire round. It's time for the fire round. Awesome, guys.

Emlyn, Perry, asked a good question. When does the coupon code expire? Saturday night. This coming Saturday night, which is October 7th at midnight. So you have a few days to upgrade. If you're going to upgrade, make sure you do it before then. All right. All right, here's a great question.

Let's do some Q&A, right? I'm going to read out more shoutouts later, but let's do some Q&A. Do you get funding in your LLC or personal name? Also, do you recommend how to do the first question first? Do I receive funding in LLC? No. Generally not, unless it's a commercial property. Typically, I, now I'm not a CPA, I'm not a lawyer.

I'm not giving tax or legal advice here, but I personally usually buy properties. I usually buy properties in my personal name, I finance them in my personal name, then later I transfer them into an LLC, and I'm probably gonna be changing that over to a trust, but I need to work out with my lawyer how to make that happen. So there's definitely downsides of doing that.

There are risks to doing that. Do your research. Write down the word due on sale clause and quick claim deed. Do some research there. And if we want to talk more about that later, we can, but that's what I do. All right.

The second question was, do you recommend having funding lined up before making an offer depends so I don't typically have my funding lined up before making offers but I know I can get financing I I know I can because I have good credit I have some cash I've got a lot of partners that want to work with me I feel pretty confident if you have no idea how to get financing I would work that angle at the same time figure out how you're financing the easiest way if you have no money is just find a partner go to some local real estate clubs find a partner in fact if you don't have a

clue if you don't know where the nearest club is in your area real estate group, go to biggerpockets.com forward slash events, E-V-E-E-N-T-S, and go there and see if there's one in your area. If there's not, that's awesome, because then you can start one in your area and you can be the hub, which is great. Let's see. Sean asked the question, when using a hard-money loan, is it L-T-V on a praised value or purchase price?

Most hard-money lenders will do a loan to like, let's say, 70% of the after-repair value which means what it's worth when it's all fixed up usually 60 to 70 percent however let me give an example for easy math a property when it's all fixed up will be worth let's say a hundred thousand dollars right it'll be worth a hundred grand so if a harbby lender will give you 70% of that they'll give you up to 70,000 dollars now let's just say the property you could buy it for 50 and you needed 20 to fix it up am I overwhelming you guys numbers I wish I had a whiteboard right here but I don't so let's just say the property

say again a hundred thousand they'll give you 70% of that they'll be 70,000 you could buy it for 50 put 20 into it and now it's like no money down right not quite so sorry you know drink water haven't had one in like an hour and a half um typically the heart lender is going to want something from you in in the in the deal they want you to put some money in so even if it's an amazing deal and even if it's under 70% or 65% low to value they're still going to want you to put something usually in maybe five or 10 grand All right. Let's see.

Oh, Austin S. What do you say my direct-mom marketing? Yeah. Okay, guys, write down the URL. Ready? You write down something? Ready to write down? I'm going to give you my exact script or my exact, like, direct mail letter that I use to get Rosie's fourplex.

Go to biggerpockets.com forward slash D. Sorry, forward slash D.M. D is in dog, M as and Mary, letter. Biggerpockets.com slash D.M. Also, if you want to know my phone script, I'm just throwing out lots of cool stuff today, my actual phone script that me and my company that we use when people call us from direct mail marketing, go to biggerpockets.com forward slash phone script, P-H-O-N-E-S-C-R-I-P-T. No spaces, phone script.

All right. Logan said do harmony and lenders care about credit. Some of them do, some don't. They care more about the deal. Daniel asked if I had $150,000 liquid what would you do with it? Daniel great question because I have so I just sold my apartment complex I received $200,000 in profit I'm doing a 1031 exchange which means I have to dump that money into a new property that's why I'm going to buy something the next 90 days right so I basically have

the same problem you do I have 200 grand liquid to put into something what do I do so what I'm doing is I'm using that as a 20% down payment and I'm going to buy a million dollar property so that's my plan so I'm gonna buy probably around be anywhere between 850 and 1.2 million or 1.5 million you know I have a little bit more money I could put into what I had to but I'm gonna put that as a 20% down payment on a home run deal remember every property has a number that makes sense so guess what I'm gonna do every day for the next 90 days until I get a deal I'm gonna be analyzing one property

I'm going to make an offer every single week on something until I get my deal. So that's what I would do. Here's a good question. I just bought a four-family, a four-unit multi-family. Most agents I've met won't take me anywhere until I have a pre-qualification in hand. Since I just bought, my credit and finances stretched. How do you get an agent to help you if you don't have any money or loan options? So in other words, the question basically is, how do you get an agent to take you seriously?

How do you get an agent to work with you? Well, a couple of ways. One, the more professional you are, the more they're going to want to work with you, right? The more professional. And also, if one agent doesn't work with you, find another. Get referrals from other agents. Say, you know, if you can get an agent to give you a referral, sorry, if you can get an investor to give you a referral, that you're going to have a much better chance of getting

them to work with you. So get referrals, go to local real estate clubs, meet up. I mean, an agent, if you're professional, they're going to want to work with you if you are going to go buy something. Just they don't want you to waste their time. You have to prove that you're not going to waste their time. So it applies to everybody. Let's see.

Kayla said, we're wondering, how did you manage to finance your deals 50-50 when you were stupid broke? So Kayla, maybe I didn't explain this very well. I probably didn't. When I brought in a partner, the partner brought 100% of the finances. I brought just the deal. And then we split the profit 50-50. That's how I did it. Look, there's a lot of people who have money today, but a lot of people, the same people,

they don't have any time to find deals. So if you find the deal, you bring the deal. you bring the deal they bring the down payment you do it together simple as that Noel as noel asked do you manage your rental properties or do you as management company yes and yes so I manage most of my properties we do it in-house I have a couple people that help with it but we do manage ourselves but I also have a property management company on Rosie's fourplex I decided to like now when I buy properties I always budget for a property manager because I don't want to do it

anymore so but yeah we manage all over own if you want to know more about how we manage my wife and I wrote an entire book on it It's called the book on Managing Rental Properties. You can get it at biggerpockets.com slash store. All right, guys, I got to get out of here. Man, I got to get out of here. If you missed anything, download today's webinar. You can download the entire slide deck

by going to biggerpockets.com slash 1004 slides. You can get everything again there. Also, I'll send out a replay link right after this webinar ends and you can watch the replay. So thank you guys so much. If I did not get to your question, I'm so sorry. There was 1,500 people here live tonight. crazy so I apologize if I did not get to it go into the forums and ask your

question there the bigger pockets forums are so good the people there are way smarter way more experienced way better looking and way more awesome that I could ever hope to be so jump in the forms and ask your question there or search the forums that we have a really good search function on the site it's up in the navigation bar search you'll find the answer to a million questions there if I did not give you a shout-out you guys are awesome I'm sorry but there's just so much going on tonight so thank you guys for being a part of Bigger Pockets, for being on the same path that I'm on.

Thank you for being part of this community. Real estate's awesome. I'm excited about the future of real estate. I'm excited for you guys, those who people have committed to the next 90 days crushing it. So thank you so much. Have a great evening, everybody. And I will see you maybe next week here on the BiggerPockets webinar or next week on the podcast or whatever.

For BiggerPockets.com, my name is Brandon. Signed off. And that is a wrap, folks. enjoyed this workshop today, a little bit different format here for the podcast. Again, normally we do an interview style, but today was just something a little bit different. I thought it'd be kind of fun to try it out. So I'm assuming you're still listening at this point, you must have kind of enjoyed it, right? Let me know, hit me up at Twitter at Brandon at BP on Twitter or on Instagram at Beardy Brandon. Let me know, did you like this style? Should we do more things like this,

maybe more topical, or do you just always want to stick with the interviews? We're just trying to test out some new stuff, see what you guys think. So let me know. And with that, I don't know. I guess I'll let you guys know one thing. Before we get out of here, I just want to tell you guys, I appreciate every single one of you. I mean, like, this whole cool thing of bigger pockets, it's not about Josh Dorkin. It's not about me. It's not about the blog post or the webinars of the podcast. What it's all about is the community.

Like, without the community, without you guys, every one of you, we would be nothing. I mean, absolutely nothing. It would be like two guys sitting in a room talking to their Skype. And, you know, you guys are what makes this a movement. And I love that. So thank you guys very much. And I hope you all join me on this 90-day challenge. I mean, I'm buying a property.

I'm going to do it something big by the end of the year because I just sold my 24 units and now I've got to replace it with something else. Is that a phone ring? That is a phone ring. Hold on. All right, I hope you all join me in the 90-day challenge and buying your first property.

I mean, I'm going to buy mine, not first property, but next property. I got to dump the 1031 money into something. So I'm going to buy something big before the end of the year, something I've never bought before. I'm super excited, super pumped about it. hopefully you guys are as well. Hope you're motivated and educated and inspired to go out and make the next 90 days,

just the best part of your year. Again, this is the best time invested real estate. So let's go out and do it together. And then let me know when you do. You know, just use hashtag BP 90 days. Hashtag BP 90, D-A-Y-S on social media, Facebook, Twitter, Instagram, whatever. Let us know when you bought that property. Let us know if you're keeping on track.

If you're doing your five days a week, let's know all that. So with that, it's time to get out of here. You guys got stuff to do. I got bed to get to. And since Josh is not here to take us out, I guess I'm going to do it today. So for biggerpockets.com, my name is Brandon. Signing off. You're listening to Bigger Pockets Radio, simplifying real estate for investors large and small.

If you're here looking to learn about real estate investing, without all the hype, you're in the right place. Be sure to join the millions of others who have benefited from biggerpockets.com. Your home for real estate. investing online. Thank you all for listening to the Bigger Pockets Real Estate podcast. Make sure you get all our new episodes by subscribing on YouTube, Apple, Spotify, or any other podcast platform. Our new episodes come out Monday, Wednesday, and Friday. On the host and an executive producer of the show, Dave Meyer, the show is produced by Ian K, copywriting is by Calico

content, and editing is by Exodus Media. If you'd like to learn more about real estate investing or to sign up for our free newsletter, please visit www.com.com. BiggerPockets.com. The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk. So use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. And remember, past performance is not indicative of future results. Bigger Pocket's LLC disclaims all liability for direct, indirect, consequential, or other damages arising from a reliance on information presented in this podcast.