The Science of Flipping - Episode 168: One More Deal This Month - Real Estate Investing with Justin Colby

Episode Date: September 24, 2020

In this episode learn about how to get one more deal this month. How to get that extra leverage and plan to get that 1 extra deal this month. This one strategy will get you one more deal each month for the rest of your career. Real Estate Investing, Fix & Flip, Rehab, Wholesaling & Wholetailing with Justin Colby. 

Welcome to the Science of Flipping Podcast. I'm your host, Justin Colby. Yo, yo, yo, what's up? What's up, everybody? Welcome back to another Science of Flipping podcast. I am excited about this one. I'm going to keep it short and simple because this weekend, I actually had a group training with a bunch of what I would term newbies, but they all were actually doing deals, but they're still new. They're still young in this game, and there was a concept that we reviewed as a group that I wanted to bring to you guys here on the Science of Flipping podcast. First and foremost, if you are not part of the

Science of Flipping Academy group, go ask to join the Science of Flipping Academy group. It is a closed group, but it is for you guys, the Science of Flipping family. That is where you will see a lot of free trainings, a lot of engagement. I wanna continue to help you along this journey. And if you have not subscribed to my YouTube pod or my YouTube channel, just look up Justin Colby and go subscribe because there are a lot of great video trainings. You might even be watching this podcast episode

on video on YouTube. So go subscribe to my YouTube, Justin Colby. And lastly, I'll make this pitch the REI Masterclass, which is comprised of the top 20 plus experts in our space from Sean Terry to Brent Daniels to Kent Clothier to Daniel Klayman, Aaron Pimpas, James Hawk, you name it, are training and teaching you inside the REI Masterclass. Go over to www.thereimasterclass.com. Be a part of the number one expert training, what we are calling the Netflix for real estate investors. Anyways, with all of that said, little plug for you, I wanted to go over this one simple topic. Are you doing enough deals and are you

making enough offers? Period. End of story. That's the question I have for you. For all newbies, including people that are in the growth stage, are you actually making enough offers for you to reach your goals? So for example, if you're a newbie and you haven't gotten your first deal done and maybe you're using deal machine or or maybe you are cold calling, or maybe you are text messaging, whatever the case may be, you need to be making offers, not on the, you know, hottest hot leads that, you know, are, you can set an appointment for, or that you feel like you're going to start to go down this path of an appointment, build rapport, and then make the offer. I'm talking about the people that, for the most part, aren't necessarily interested,

would be considered a cold lead. Maybe they don't wanna sell right now. Maybe they're a warm lead. They're thinking about selling and maybe the timing's not right. The event hasn't happened in their life yet. These are the individuals that I want you to start making offers on.

One of the things I try to impress upon the newbies of this space or people who are looking to just simply get more deals done is the only way for you to get a deal done is to make an offer. So I encourage you to try to write anywhere from two to five offers every single day. If you're an active marketer like myself,

if you're someone who is doing multiple marketing strategies or even if you are just using Deal Machine each and every day, driving for dollars, you need to find the individuals you can make offers to. It doesn't really matter whether they're gonna accept it. That's not necessarily the point. Of course, you want them to accept it, duh. But the reality is what you really want them to do

is to keep you top of mind. Effectively, it's like another way to market to them. It's another marketing piece, right? And so it's not like a big blast of direct mail. You're not going to be sending out 2000 offers a day. You are going to be sending out two to five offers every single day. I would like you to be sending out closer to five, not two, but these are again to the cold and or warm. Now, you know, I personally, because of how small the volume would be, I suggest always to just print out your offers, write the offers. I would mail those offers in. Now, one of the things that you need to make sure is they know

how to get ahold of you. So you can do a couple different things. You can have kind of a cover letter to it. I would handwrite it. I would simply say, hey, Fred, it was great to talk to you very briefly. You know, listen, I really wanted to just send this offer to you. Let me know what you think. Here's my number and make sure that you have your number on there.

Give me a call once you review this and let's continue our conversations. And then on every piece of the marketing or every piece of the offer, have your number on there. Again, you can't over give your number, right? I mean, that's the reality, right? This is all about keeping you top of mind. So again, cover letter, handwritten. You could print one out if you want. If you want to just simply write something out on WordDoc, print it out, sign it,

make sure your number is sign it, make sure your number is on there, make sure your number is on there, and then send this letter. Yes, you would use normal postage. Yes, you would use your envelope. So there are very small costs to this, but if it costs you whatever it is, 50 cents times five, you're talking about $2.50 every single day. And that's not even a Starbucks coffee, people. Don't try to make an excuse for why you can't. Make an excuse for why you are and why you're going to, right? Confidence is produced by action. The only way you build confidence is by going through. The only way you break your fears by going through.

This is what stops people. I swear to God, after teaching thousands and thousands of real estate investors, and especially the people that are breaking into the industry, this one thing is what stops people from becoming successful is their inability to break through the fear, their inability to take the action needed. I promise you, I personally will hold your hand through this entire thing. I'll promise you, I'll guide you through whether you are a part of the Science Flipping Academy or a part of subscribe to my YouTube, or maybe you're a part of my small coaching group that you want to work closer with me. I'm happy to have those conversations. Reach out to me, send me a direct message on social media or YouTube, and I'll reach out to you if you want

to be a part of the one on, not one-on-one, but small group coaching. I'm happy to help. Now, the last thing is, well, how do I know what to offer prices? Well, let me tell you this. This last week, we contracted a deal that was 59% of ARV. Okay. 59% of ARV. That's what we contracted at. But I want you guys to keep this very fast. We went through a whole comp process. We went through, you know, walking the property, et cetera, et cetera. This activity, this action, it needs to be speed, right? I don't want you taking a bunch of time there. So I want you to do something very simple. Go to Redfin, go to Zillow. If you use PropStream, go to PropStream, take that number and just simply use 67% of that number as your

offer price. Yes, that would be a pretty low number. Yes, could you possibly upset people, but more importantly, you are keeping the number low so you can always go up and you're basically using this offer for engagement. The idea is to get in front of the people. Now, why did I choose 67%? I'll be very transparent with you because there are many people out there teaching right 65% of that number. So I want my guys, my gals, my tribe, my family, I want you to get the deal. So I'm going to say 67%. That's why I used it. It's because there's a lot of people out there saying 65%. So you go 67% and you're going to get the deal. So hopefully this finds you well.

This is a very, very, very simple process. If you don't have a contract, send me a direct message on Instagram. By the way, if you're not following me on Instagram, go to the Justin Colby, start following me. But yes, if you don't have a contract, send me a message. I will make sure to help you out each and every way I can. Again, the Science Flipping Academy Facebook group, join that bad boy.

Subscribe to my YouTube channel, Justin Colby. Follow me on Instagram, the Justin Colby, as well as Facebook. I hope this finds you well. This is another great training here for the science flipping. Talk to you guys soon. Peace.