The Science of Flipping - Episode 19: 2 Specific Ways to Market and Find Deals Now | Real Estate Investing Podcast

Episode Date: January 10, 2014

document.addEventListener("DOMContentLoaded", function () { podlovePlayer("#player-5eb5ab32497e3", "https://thescienceofflipping.com/wp-json/podlove-web-player/shortcode/post/378", "https://thescienceofflipping.com/wp-json/podlove-web-player/shortcode/config/default/theme/default"); }); <p> document.addEventListener("DOMContentLoaded", function () { podlovePlayer("#player-5eb5ab324983f", {"title":"Real Estate Investing Podcast u2013 Episode 19 | 2 Specific Ways to Market and Find Deals Now","subtitle":null,"summary":null,"duration":"","poster":null,"chapters":"","transcripts":"","audio":[{"url":"http://thescienceofflipping.com/wp-content/uploads/2014/01/Podcast-Episode-9-2-specific-ways-to-market-and-find-deals-now.mp3","mimeType":"audio/mpeg","title":"AUDIO/MPEG","size":0}]}, "https://thescienceofflipping.com/wp-json/podlove-web-player/shortcode/config/default/theme/default"); }); <a href="http://thescienceofflipping.com/wp-content/uploads/2013/09/itunes-justin-colby.png"><img alt="itunes-justin-colby" src="https://thescienceofflipping.com/wp-content/uploads/2013/09/itunes-justin-colby-150x150.png" width="150" height="150" /></a></p> Want to know who you should be sending your direct mail to? Want to know how to find deals right now? Find out two over looked ways of finding deals in this podcast. Don’t miss out!

Welcome to the Science of Flipping Podcast. I'm your host, Justin Colby. Welcome, welcome, welcome everybody to the Science of Flipping Episode 19. I am your host, Justin Colby, and happy new year. This year is going to be awesome. It is 2014. We are excited here at Phoenix Wealth Builders. We are going to have the biggest year we have ever had, hands down. Today, guys, on episode 19 of the Science of Flipping, I am going to be very specific and succinct when talking about direct mail. We are going to be going after a very specific market. It is going to be a very short podcast because I am only talking about a one specific market that you should all be going

after. Again, I'm your host, Justin Colby. I'm excited to be here. If you couldn't already tell by the tone of my voice and my excitement in my voice, this is going to be an absolutely great year. Now, if you have not gone to our website, thescienceofflipping.com, I highly urge you to get over there. The number one e-book on the market, the 15 most costly mistakes an investor can make in today's market is right there. Get to the website. Download that e-book for free. It is the e-book that I wish we had when we first started here in Phoenix. I wish we knew the mistakes. I wish we knew what we know now. Get to the website, thescienceofflipping.com. Download that e-book. It's a quick read. It's an easy read. You will love it. Make sure to get over there and download the e-book. Again, I'm your host,

Justin Colby. If you don't know our story yet, you haven't heard our story. We are here in Phoenix, Arizona. We have flipped over 300 properties here. Last year we did 96. This year we've done over 50. We do a handful of wholesale deals each and every year. This year specifically we are developing 79 townhomes out in Mesa, Arizona. We are very, very excited about the direction that we're heading. I come to you today specifically to give you some good information on how to get this year started right. We haven't always been the success that most people would see today. We have taken our lumps. We have gone months and months without getting deals done. Our first year in

business, we got two deals done, but those two deals came to us nine months into working this business full time. If you're out there nodding your head and saying, wow, that sounds awfully familiar. Well, that's okay because that happened to us. And what this podcast is about is about helping the rookie investor, the veteran investor, reach the next level of their business. If you're doing 10 flips a year, I want you to get to 20. If you've never done one, I want you to do two to five this year. This is all about how to use the systems in your fix and flip business to reach your ultimate goal. And most importantly, guys, I create this

podcast each and every week because I want you guys to be able to live the life that you want. So you don't feel like you're stuck at your job or you're working on your job or you have a job. You are a business owner and I want you to act like it. I want you to create the systems that I teach you here in this podcast, move forward so that you can live the life you want. You can flip homes while on vacation. You can flip homes in another state.

You can flip homes from the comfort of your own couch because you have project managers, acquisition managers. You have systems. You're fluid and you're systematized across your business so that you don't have to be doing everything. That's what we're here today talking about, guys. That's the importance of the Science of Flipping podcast. That's the importance of flipping and systemizing your flipping so that you're not doing everything. All right, guys, let's get directly into what I want to be talking about today. Like I said, this is not going to be the longest podcast we've ever done. It is going to be very specific and I'm going to be talking about direct mail. First and foremost, if you are not doing direct mail, you need to be doing direct mail.

If you are having trouble finding deals in today's market, it is because you're not doing enough direct mail. If you have a budget issue and you don't have a lot of money to do a lot of direct mail, do as much as you can financially. Do not overexert yourself financially. Do not use every last penny you have every single month on direct mail or any other marketing strategy for that matter. Do not stress yourself out with that. However, if you have some income to put towards marketing, I highly encourage you to use direct mail. Now, a lot of people's first question is going to be, well, where do you find the list to buy the list to mail the direct mail? And the second question usually is, what company do you use to have the postcard or the letters that you're going to use?

The two companies that I'm going to refer right now, and there are many of them, and I have used many. So are these the best companies ever created for these? They're pretty darn good, and I use them. If you can find one better, by all means. But the company that I use for the mailers is yellowletters.com. Yellowletters.com. And the company to get the list of who we are going to be going after, you can use list source.

List source. Now who I am going to be specifically targeting, this is a very targeted campaign that I am talking about now, is I want you to be going after specifically owner-occupied addresses with a mortgage origination date of 10 years or older.

Not 10 years or younger, but 10 years and older. Again, I'm going to repeat that. I want you to go after an owner-occupied address An owner occupied address with a mortgage origination date of 10 years and older. Some of the biggest and best wholesalers that I know are going after this list. This is how we are getting our inventory. This is how you will get good inventory. I want you to be very specific when you call ListSource. You make sure that the mortgage origination date is 10 years and older and it needs to be owner occupied. Because there's a very cool thing that we're seeing here that a lot of the people that still have it quote unquote

owner occupied, you will find very interesting individuals will be coming out of the people that still have it quote unquote owner occupied, you will find very interesting individuals will be coming out of the woodwork. You might get a call from the son whose dad let his son rent the home, doesn't charge him rent, and stays in the home while the dad who really is on the mortgage, who's technically quote unquote the owner occupant, no longer lives there. You are going to get crazy situations that a lot of times you're thinking to yourself, I thought this was supposed to be an owner occupied home. But really, they've been renting it out this whole time and you get someone who's a renter or a family member inherited it. And now you still get the same doors to open

and you still can negotiate the same way and you find yourself dealing with a very interesting situation that you can get a good deal on. In fact, guys, because I realize this is such a short podcast, I'm going to give you one more. One more strategy to be very efficient at. Now, again, the first strategy is very simple. Direct mail.

The companies, you will buy the list from ListSource. You will buy the postcards or letters from yellowletters.com. And you will be going after owner-occupied with mortgages originating 10 years or older. The second, you need to be pulling pending listings from the MLS. Pending listings from the MLS. Each and every day. And from there, you need to be calling that listing agent each and every day. You need to be making 60 to 70 phone calls a day. Now, here's the key to this.

Here is the key is you do not need to be doing this. That is why this podcast exists. I am saying you, and by you, I am truly meaning your company. You need to have an acquisition manager, someone who can look at the MLS every single day and pull all the new pendings. The reality is you need to have a virtual assistant do that each and every day. The virtual assistant will then send the acquisition manager a list of pendings and new pendings that they need to call. Their goal is to be making 60 to 70 calls a day. That is their goal. The virtual assistant is pulling the list every day. The acquisition

manager is making the calls and you are going to be finding deals right there on the MLS. Guys, I'm all of 11 minutes into this podcast and I have just given you two golden nuggets, pending MLS listings pulled from your virtual assistant each and every day, given to your acquisition manager each and every day, and he or she needs to be calling on those leads every single day, minimum 60 to 70. And we've already talked about having your direct mail be the list provider's list source. The yellowletters.com will provide the mail or whether postcard or letter. And you are going to get owner occupied homes mortgage origination date 10 years or older. That's it. I'm done. This is awesome.

Guys, this is very specific. You do these two marketing avenues, you are going to be getting deal flow. I promise you that. Guys, you can probably tell in my voice, I'm excited where this year is going. I just got off the phone with a very, very experienced investor. We discussed a lot about marketing. We both agree this is two very specific ways for everyone

to go get deals. 2014 is going to be your year. Make it your year. Do not give up. Keep pushing forward. Reach your goals. Blow by your goals. That's what this year is about, guys. This is going to be an epic year. This is episode 19 from The Science of Flipping. I'm excited.

Let's go crush this year. I've been your host, Justin Colby. Peace.