Let me start off by thanking Jon Zorrer and Kasey Smith for putting on one hell of a 3 day training. They held nothing back and literally walked us through every part of their business model. Everything from which lead types they are targeting to how they comp properties and make the offers. With out a doubt they showed us what works and how to make it work. As Jon said a few times, this weekend was like drinking water through a fire house. The information was coming fast and heavy.
In today’s post, i’m just going to summarize what we did each day and then as the week goes on I will be sharing some of the notes I took to hopefully help everyone out a little bit with some ideas.
Day #1: Marketing Strategies
This day started out at 9 am and we didn’t finish up until 6:30pm. There were only 9 of us in the training, and we all knew each other so the environment was very friendly and fun. This day was spent going over things like
- Which leads to market to that would yield the highest return of motivated sellers.
- The different types of letters or postcards to send to each lead source
- Making your letter stand out
- How to build your lead lists for each type (probate, out-of-state owners, etc..)
- Frequency for subsequent contacts
- Managing and tracking your leads
- Internet Marketing
- Researching your target areas
- Bandit Signs
- Using Skip Tracers to find people
- Fax Broadcasts
- and more…
Day #2: Field Trip!
On the second day, we all piled into a van and drove to look at 9 potential deals. In these houses, Jon and Kasey took us from room to room and explained what they look for and how they estimate the repair costs. They took into consideration the level of the neighborhood (level 1, 2,3 or 4) and if they were thinking this would be a rental or a fix and flip property. It was such a huge help to do this repetitively because it really sunk in as to what needs to be considered as a wholesaler.
Jon also called all the “We Buy Houses” signs that we saw on the street and demonstrated how he talks to them and how common it is to get a disconnected number or how rare it is to actually speak with a live person. In total, after leaving 4 messages we got one call back.
Another great thing, was Jon called some of the sellers that had responded to his marketing. Just hearing someone else talking live with a seller was invaluable. There really wasn’t anything mind blowing that Jon said or did, but what it showed me was how easy it can be. Just go through the lead sheet and it will be obvious if the seller is motivated or not.
Day #3: Comp and then Comp again, and for good measure Comp some more
We were back at the house for day 3. We went over each house and then comp them using the MLS. I was hoping for some magic way to comp properties using the GS MLS system (it’s kinda a pain in the but) that I wasn’t doing before, but I had the right technique (Damn!).
If we didn’t find any good comps for a rental property, Jon showed us how to use the “Trash Flow Analysis” to back into the price we should pay. This technique is just figuring out what the rent rate is and then pulling out all the expenses to see what you can pay. Pretty simple.
The last thing we did was building our buyers lists. Kasey called up people who had responded to one of their bandit signs looking to buy the house that the sign was advertising. Again, not rocket science but good to actually hear how someone else does it. We also went through many many ways to build your buyer’s list quickly and easily.
Conclusion
You couldn’t really spend your money better then this with regards to real estate investing education. Jon and Kasey in no way pumped our heads with million dollar visions. They just gave it to use straight and told us what is working for them right now.
Well Done Jon and Kasey!
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