Graduate Mastermind 6.15.12
Learned from Mike Cantu’s presentation – most of his business is direct to seller business and his business is booming since there is a lack of MLS listings. Mostly comes from direct mailers. IE market conditions = shortage of inventory. He has done only one MLS deal this year, the rest are direct to seller.
Sheri – Where’s the inventory? It’s not out there. Rehabbers are lowering their margins to accommodate market. Margins are tight and inventory is low. Do you wait or do you adjust?
Keep a log of all offers you make. Check back on them frequently. Favorite them in Redfin. Click on the heart to save to favorites.
Ruth sees opportunities in wholesaling because of shortage of inventory. It’s a great time to build a cash buyers list because the cash buyers are hungry.
Sean sees higher prices by end of summer. Q: When dealing with appraisers and they add short sales how do you deal with that? A: they will adjust for distressed property when it’s a sold comp.
Wass is closing next week so next Member’s Meeting may be at The Ranch.
Bobi talks about asking powerful questions for the hot seat. Throw out the craziest ideas you can for the answers, not just the vanilla ones.
Sheri is the leader tonight and the meeting begins.
Biggest Accomplishments:
Sean – Kayne is funded. Communication is key when dealing a lot of parties in one transaction.
Reine – Closed Glenhaven. Closed all other deals under contract. Ready for more.
Svetlana – Got two offers accepted. One is short sale and one in inspection.
Wendy -Got offer accepted today. Short sale ready for rental.
Bobi – Surfed in Costa Rica.
Rob – Planned to start a music business next year but started it now. Involved in multiple non-real estate businesses to stay diverse.
Cameron – Manifested free motorcycle.
Dominque – Got approval on ss listing that she’s been working on since November . Chase and Wells Fargo are most likely to go through when it comes to short sales.
Steve – Had a meeting in Vegas with planning department. Saved 20k on rehab costs for commercial property due to negotiation with planning department.
Ruth – Received testimonial from last seller on seller finance deal. Sends it with every offer she sends out. Learning to be landlord now. Big player committed 500k in private money to invest.
Lauren – Rebuilding my retail business. Established three new clients one of which is in the million dollar range. And went vegan!
Karen – Made offer on property on Valentine’s Day which fell out of escrow three times. Just got it approved as a short sale for 330k. Needs 150k in work for 630k ARV.
Dez – Running back and forth between Long Beach and Pomona. Leasing one bedroom in LB and two bedroom in Pomona. Gained new tenants who are plumbers, landscapers and flooring specialists.
Renee – Coming out of job coma. Doesn’t leave with a headache every day. Happy with new position.
Martel – Found out that he has more fun when he goes out alone than with his friends.
Rob - Was at probate class today and was asked if you never had another paycheck what you do? Something everybody should think about.
Nori –Got focused on what he wants. Watched “The Secret.” Loved it.
Lynn – Eucalyptus was funded. Got paycheck. Received loan mod on rental property. HARP is investor friendly. Met a new connect that she is funding or doing JVs with. Raised 1.6M in private money since last meeting.
Iris – Learned how to surf. Got Bobi what she wanted for her birthday.
Sheri – Closed Kayne. It was a team sport.
Accountability from Previous Meeting:
Sean – yes
Reine – yes, yes, yes, prob., yes, no, yes
Svetlana – yes, no, yes, yes, yes – did rings
Wendy – yes, yes, no
Bobi – no, yes, yes, no
Andres – pass
Rob – pass
Cameron – pass
Dominique – yes, yes, no
Steve – 8 of 15, yes
Ruth – yes, no, no, yes
Lauren – no, yes
Karen – pass
Dez – pass
Renee – pass
Martel – once in a while, yes
Nori – no, yes
Lynn – 1.6/3, yes, yes
Iris – close, no
New goals:
Sheri – Accidentally erased
Sean – Get another JV for rental with positive cash flow, get short sale approved, and bring a wholesale deal to buyer
Reine – Finish new taxes, get one SFR under contract, get one multi-unit under contract, surf, website, manifest turtles, postcards, driving for dollars calls
Svetlana – You Tube channel, new buyer in million dollar house, look into online businessopportunity, bandit signs, nonprofit for offers
Wendy – Invest and get 25% return, get one more rental, 5x/week workout, send 500 letters
Bobi – work on Way of Life nonprofit, finish Allendale, $1000 more per month cash flow, surf once a week
Andres - 10 offers on mobile homes, 10 offers on multi-units, P90x, get one under contract
Rob – Get Flamethrower website under construction, visit probate court once per week, contact executors, music biz cards, websites up, film scoring, duplex in rehab get one rented
Cameron – have fun, have more fun, one more rental anyway it can happen, creative a vision board, do Insanity 3x/week, create four deals
Dominique – Close 2 properties in escrow, get one more in escrow, need to go to the river
Steve – 10 offers, gym 4x/week, rent vacant commercial space
Ruth – 2 seller finance deals, maintain weight after Alaska cruise
Lauren – Send 1000 letters, find two new retail clients
Karen – Find new tenant, one item per day leaving house, get one more under contract, mail driving for dollars leads
Dez – Get off gluten, two Dez days summer days, one trip, three group gatherings, finish lease ups, two new lease options or master leases, reseller license to sell emergency supplies
Renee – Create one deal under contract, have fun while doing it
Martel – Lose 5 lbs. or more, twelve offers
Nori – Buy one rental, organize Dropbox files, focus on what you want, camping
Lynn – Close a seller finance deal, restart exercise 3x week, fund two deals, get another under contract, close Alabama deal, manifest another 50k
Iris –Start MLF meet DLF dating website, get 21 people to the challenge, and raise another 1M in private money
Bobi’s birthday intermission …
Sheri – Focus on use Free Mind, mind map, and quit smoking,
Meeting week next week!
Tuesday and Wednesday...buy and hold speakers
60 day challenge starts June 25
Referrals are coming – three free months added to membership if a person you referred joins the challenge
Looking for volunteers to talk about challenge at meetings
Ruth was the honey badger bad ass of the month last month. Lynn is the new honey badger bad ass.
BREAK
Hot Seat:
Lynn –needs suggestions on time management, 8-10 meetings per month, needs help withtime management yet be out there marketing/networking
Time blocking, calendar with grid on it. Time block and color code. Rearrange priorities.
Know what you can do digital vs. face to face.
Mind shift to include networking as part of business hours
Look at meetings that have produced the most effective contacts and go to those
Set aside Lynn time
Not all things are created equal – you don’t have to see everybody every month
Do you really need work during the day or can you just network
Resummarizng your time. Producing new business time. Most important things first.
Use your network
Use the people you have done business with as your advocates
Wendy – I have 50k and want 25% ROI
Don’t limit to real estate
Mobile homes
Tax liens
Out of state properties
Get into deals with specific returns plus equity split
Look at long term holds and reevaluate ROI
Add a room to existing property
Market your money
Other business aside from real estate
Apply for conventional loan
Score411.org
Asian business association in OC
Ohio rentals
Rehab
Discounted notes
Vegas
Options
Andres – What can I do with all the leads I generate from the website without doing the leg work?
Get an agent to show the listings
Call SaraCramer, she’ll show the listings
Sell website
Find somebody to find more mobile homes to satisfy buyers
Wants to focus on mobile home parks, instead of single homes
Get Spanish speaking VA to take calls and filter leads. Get automated.
Do a JV with Tim King
Go to mobile home seminar there is and find list of contracts who are interested in your product
Check out Bakersfield REIA – it’s on fire
Ask your contacts about their connections
Joe Lahore – OC FIBI
Steve – Comm. Bldg. in Vegas, one unit in Vegas, auto shops mostly, mktg.
Needs marketing ideas
Pawn stars
Do your own listing on the prop
Flat fee listing
Storage wars
Convert in storage units
Go to chamber of commerce meetings in Vegas
Host a chamber mixer at unit
Host a car thing at unit
Retail to networks that do car shows
Car Domains.com
Ask for referrals from other tenants
Go to university
Check for off road rental space
Deal Review:
Lynn – seller finance, Garden Grove, on and off market for two years, FSBO, just refinanced at 4.5%, only has 1st, 158k for first, 480k asking, 450k agreed, $900/mo. payment, market rent$2400, seller totally shut down at first, no lease option, 1800 SF, 4/2, wants to move to North Carolina to farm
Needs 6k to move, ARV 410k
Just refinanced
Refinance again at 350k 3.75% tax free 200k cash out
Then make payments on her $1800 but collect $2400 – subject to
Show HUD 1 in escrow to prove it’s sold
Do the Peter Fortunato and tell her that her greed is the only thing holding her back
New Accountability Partners:
Rob and cam
Dez and Cindy
Dave and Lauren
Deb and Andres
Tim and Brenda
Sean and Lynn
Steve H. and Jason
Karen and Svetlana
Dominique and Sheri
Renee and Donna
Milton and Ruth
Nori and Alina
Martel and Noah
Growth Assignment:
Find three cash buyers by using the MLS or Redfin and doing whatever it takes to get their info
Go on MLS and find owner