The Science of Flipping - Episode 142: What Marketing Strategies I Would Use If I Was Starting All Over Again

Starting point is 00:00:00 Welcome to the Science of Flipping podcast. I'm your host, Justin Colby. Yo, yo, what is up? What is up? Welcome back to the Science of Flipping. I am your host, Justin Colby. And sorry, I've been away for a little bit. I have been traveling. My schedule is crazy. We are helping stand up several different markets. And so I am back. And I wanted to actually bring some of this back to the basics. For those of you that have not yet gotten into wholesaling, for those of you that are about to become a real estate investor, or maybe you've been a real estate investor for about a year and you've gotten some deals done, some of the questions I get most often are, what would I do if I had

Starting point is 00:00:54 to start over again? So I wanted to offer up some of my advice right now on this episode of The Science of Flipping about how would I handle starting this business over again? What would I do? Where would I go? What tools would I use? And so I want to start with the main three that I would use marketing strategies. That is if I had to start this whole thing over again, listen, this podcast is all about the tool system processes that it takes to become successful in real estate as a real estate investor. And so anything that I've learned over the last 10 plus years of owning a business, flipping homes, wholesaling homes, developing homes, I want to share with you. That is the point of this. And so I want you to access all the resources that I possibly can give you. Go to thescienceofflipping.com.

Starting point is 00:01:41 There's a whole bunch of different resources on there. And I give away my books and my scripts and everything I possibly can. So I want you to go to the website and take advantage of any and all of that. And so again, this episode is about the fundamentals of what I would do if I was starting all over again, and there's three of them. I truly firmly believe if you guys are going to my IG and watching my videos, and if you're not, you should be, go to the Justin Colby, the Justin Colby. In fact, also on Facebook, the Justin Colby. My personal page actually is full. I can't take any more people on my personal page, but my public figure page, the Justin Colby, I can add as many as I want. So again, you should be following me on again, you should be following me

Starting point is 00:02:25 on Instagram. You should be following me on Facebook and YouTube, Justin Colby VP. You should be watching as much as you can. But again, I want to bring it back to the fundamentals of what I would be doing if I was going to be starting this whole thing over again. And that would be three marketing strategies. I talk only and always about marketing. This is a marketing business. You need to firmly, firmly believe that you need to be spending all of your time driving in leads and that is considered marketing. The next step of that would be converting and converting those leads into deals is the very next step of that. But right now I want to talk specifically about marketing. So there's three strategies I'd be doing each and every day. No matter whether I worked a nine to

Starting point is 00:03:09 five and I had to figure out how to do this after work, or if I had full time to do this, I also would say no matter if you have a massive marketing budget or you have no marketing budget at all, these are the three strategies and I'll offer up the tools that I currently use for these strategies. And then I'll let you guys go and head off into the next episode. But the first three strategies I would always be using is door knocking, cold calling, and networking. Okay. And those three are what I did when I started and I would do it all over again the very same way and so to dive a little bit deeper into that there is a great app that a friend of mine built that if you go to marketingmentordealmachine.com marketingmentordealmachine.com

Starting point is 00:04:00 it's a completely free app go to that that website. They will give you a discount because he's giving me and my tribe, all of you science of flipping loyal tribe, they're giving you a discount if you do ever want to use some of the paid services. So go to marketingmentordealmachine.com and start signing up for that app. It's free initially. If you want to use some of the cool services, there is a cost, but because you're coming through me, they will give you a discount. Um, and so I would use that app and go find 200 distress looking properties. I drive around looking for properties that are obviously not upkept. Obviously, uh, people do not have the money to keep it in mint condition. And then I

Starting point is 00:04:45 would use that app, which I didn't have when I first got started. And I would send them mail, I would door knock, because you can do all that out of your app. And then I would even skip trace it. And then I would be able to cold call them. So I'd surround them by sending a mail, I'd knock on the door, and I would be calling them. Now, if you think about it, those are the three strategies that I would primarily use. Now, the reason why I didn't use direct mail initially is because it can be very costly, right? But I love direct mail. I will always be a fan of direct mail because it only works all the time, right? And so I want to say that in part because that app alone would is gonna be a game changer for you and you can skip trace it on that app and then

Starting point is 00:05:32 you can just follow up with those people if you find 200 homes you need you'll be getting a deal okay you'll be getting a deal so 200 of those homes you'll get a deal driving for dollars is what that's called no one loves it I've never heard anybody including myself say god I'm excited to wake up today and drive for a deal. Driving for dollars is what that's called. No one loves it. I've never heard anybody, including myself, say, God, I'm excited to wake up today and drive for dollars. But you want a deal, you have a minimal marketing budget, that is how you will do that. Secondly, will be cold calling. Very similar, right? You can get a list of people in a zip code in the whole county. You can filter whatever kind of list you can. I like to get my list from either fine motivated sellers, the title companies. There's, you know, list source,

Starting point is 00:06:14 listability. There's a lot of different list providers out there. And in fact, I'm working on something special that I can deliver to you. But the idea here is you are actually finding the addresses and skip tracing the addresses to find the sellers that's what you're gonna do and who to skip trace through there is a lot of them and so I like IDI core for most of them there is a cost to skip tracing some of you have other companies you've used if you just simply google skip tracing. Some of you have other companies you've used. If you just simply Google skip tracing, you will find some great skip trace companies that can give you some good data.

Starting point is 00:06:52 And when you are skip tracing, you want to be getting roughly 10% contact ratio. And contact ratio means when you call the person, someone answers and you say, hi, is this Justin? The person says, yes, this is Justin. That is considered a contact. And so I would really encourage you guys to be doing cold calling as well. And lastly, though, there's so much more I could go into. I'm going to keep this episode short because I know most of you guys are listening on a car, on a plane. You only have so

Starting point is 00:07:19 much bandwidth. So I'm going to keep it short. Last one would be networking. I would be going and leveraging every single meetup group that is happening in your city, every single RIA meeting that is happening in your city and tell people what you are looking for. I need buyers. I need more deals because my buyers are asking me for more deals. I don't have enough deals to give my buyers who has a deal that I can JV wholesale. I would always focus on building a buyer's list at the same time as you are looking to find a deal because I probably do about three co-wholesale deals a month that, you know, people are coming to me to sell their home to my buyer's list. So I'm constantly building a buyer's list. And then I'm also looking to find people that are going to have deals that I don't have so I can send out to my buyer's list. And then I'm also looking to find people that are going to have

Starting point is 00:08:05 deals that I don't have so I can send out to my buyer's list. And those are the three things that I would be spending all of my time, energy, money, and resources, literally between the app for door knocking, the skip tracing for cold calling, and the JV. I mean, you could be doing this for anywhere $300 a month to $1,000 a month. You don't need a massive marketing budget. Now, if you want to do more, then there's obviously levels of skip tracing. There's better levels of skip tracing. I have one of the top levels of skip tracing. And so it costs me a lot more. You also start to include direct mail, so on and so forth. So that is how I would do it all over again. Cause quite frankly,

Starting point is 00:08:45 that's how I started anyways. So I want you guys to take that chew on that. I want you guys to really think about how you can get this done effectively every single day. And listen, if you have any questions, email me info at the science of flipping.com info at the science of flipping.com. I hope this one found you well. Again, follow me on Instagram, the Justin Colby. Follow me on Facebook, the Justin Colby. Follow me on YouTube, Justin Colby, VP. Surround yourself with information, but also do me a favor, like these podcasts, give me a review, subscribe to the podcast that keeps it very relevant on iTunes. I really appreciate it, guys. I hope to continue to keep giving you massive,

Starting point is 00:09:30 massive value, and I hope to see you guys on the next episode.

The Science of Flipping - Episode 142: What Marketing Strategies I Would Use If I Was Starting All Over Again

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