the hidden potential working with...
TRANSCRIPT
The Hidden Potential
Working with Investors
Wendy Patton
Wendy Patton
The Hidden Potential Working with Investors
Novi, Michigan
Regional Instructor
2
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evaluation for this session.
The Hidden Potential Working with Investors3
“The Blue Book”
The Hidden Potential Working with Investors4
• Why Real Estate Investing?
• Who Is a Real Estate Investor?
• How Do You Find Investor Clients?
• How Do You Keep Them?
• Making Offers for Investors
• Consulting vs. Selling
• Ideas into Action
Build Investor Clients for Life
The Hidden Potential Working with Investors5
Seven Top Reasons to Invest1. A solid investment and tangible asset
2. Best way to leverage finances
3. Timing of the market
4. Pay down and pay off for wealth
5. Tax benefits
6. Cash flow
7. Creativity
The Hidden Potential Working with Investors6
• Accessible – Anyone can buy
• Improvable – Sweat equity
• Livable – Shelter in more ways than one
Additional Reasons to Invest – MREI
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• Because it builds WEALTH!
• You learn by doing, expanding your knowledge.
• You increase your value to clients.
• You are investing in your profession.
Why You Too Should Invest
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. . . the unearned income to finance your life mission
without having to work.
Financial Wealth Is …
The Hidden Potential Working with Investors9
• 59% younger than age 45
• 36% household income $75K-$100K
• 47% household income > $100K
• 59% 2+ household income earners
• 62% buy detached SFHs
• Can be great repeat clients
Who Are Real Estate Investors Now?
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• Why are you NOT investing in your own profession?
• Why is investing NOT a part of your budget?
• What is holding you back?
• Time?
• Money?
• Knowledge?
• FEAR?
Why Real Estate Investing?
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• A person who buys real estate for an investment.
• It is not their personal residence.
• They make calculated decisions, not risks.
• They are sometimes “unusual.”
Who Is a Real Estate Investor?
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They can also be a great repeat customer/client.
But ...
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• Think they know more than you
• Have bad credit
• Have good credit
• Have no credit
• Not want to use their credit
• Have cash
Real Estate Investors Might …
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• Have no cash
• Not want to use their cash
• “Lowball”
• Want “terms”
• Want REOs
• Want fixer-uppers
Real Estate Investors Might …
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Enough said …
They Can Be Unusual
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1. Powered by a Big Why
2. Big Goals, Big Models, and Big Habits
3. Money Matters
4. Net Worth
5. Real Estate
6. Value, Opportunity, and Deals
7. Action
The Seven Ways Millionaire Real
Estate Investors Think
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The Power of Proven Models
Over Trial and Error
Trial &
Error
Your Highest Level of
Achievement
Where You Begin
with Action Based
on Personal
Experience
Where You Begin
with Action Based
on Proven Models
Your Natural Ceiling of
Achievement
The Hidden Potential Working with Investors18
Think Value, Opportunity, and Deals
Make
Deals
Know
Value
Find
Opportunity
The Hidden Potential Working with Investors19
A
LEAD?The Hidden Potential Working with Investors20
The Law of Numbers
The Hidden Potential Working with Investors
1
3
10
30 Consider
Look At
Offers
Buy21
How Millionaire Real Estate Investors
Find Opportunity32%
28%
10%
9%
7%
4%
3%
2%
5%
Networking
Real Estate Agents / MLS
Driving / Walking
Newspaper and Ads
Foreclosure Listings
For Sale By Owners
Internet / Database Research
Targeted Marketing
Other
The Hidden Potential Working with Investors22
• Real Estate Meetings and Conferences
• Real Estate Attorneys
• Real Estate Investor Websites
• Mortgage Lenders
• Newspaper and Internet
• Auctions
How Do You Find Investor Clients?
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• Find Out How to Help Them
• Act Quickly – Opportunity → Deal
• Educate Yourself
• Network with Other Agents
• Build a Network
• Provide the Best Service
• Know How to Work With Them
How Do You Keep Them?
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• Join Local Groups
• Learn the Terminology
• Take Classes
• Read
• Invest in Yourself and FOR Yourself
• Network
Educate Yourself
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Your Network Your Net Worth
Sm
all
Ne
tw
ork
Small
Network
Sm
all
Ne
tw
ork
Small
Net Worth
Sm
all
Ne
tw
ork
Big
NetworkSm
all
Big
Net Worth
The Hidden Potential Working with Investors26
The Millionaire Real Estate Investor’s
Work Network
The Hidden Potential Working with Investors
INNER CIRCLE
Mentors
Partners
Consultants
MILLIONAIRE
REAL ESTATE
INVESTOR
INNER
CIRCLE
Mentors
Partners
Consultants
27
The Millionaire Real Estate Investor’s
Work Network
The Hidden Potential Working with Investors
INNER
CIRCLE
Mentors
Partners
Consultants
MILLIONAIRE
REAL ESTATE
INVESTOR
SUPPORT
CIRCLE
Attorneys Accountants
Lenders
Real Estate
Agents
Property
Managers
Contractors
Investors
28
The Millionaire Real Estate Investor’s
Work Network
The Hidden Potential Working with Investors
MILLIONAIRE
REAL ESTATE
INVESTOR
SERVICE
CIRCLE
Title
Companies
Landscapers
Insurance
Agents
Cleaning
Services
Maintenance
Technician
Appliance
Rentals
AppraisersInspectors
Leasing
Agents
Lawn
Service
BuildersDevelopers
Courthouse
Clerks
Masons
Roofers
Plumbers
Concrete
Companies
Painter
Flooring
& Carpet
Electrician
Carpenter
Financial
Planners
29
The Millionaire Real Estate Investor’s
Work Network
The Hidden Potential Working with Investors
MILLIONAIRE
REAL ESTATE
INVESTOR
INNER
CIRCLE
SERVICE
CIRCLE
SUPPORT
CIRCLE
Attorneys Accountants
Lenders
Real Estate
Agents
Property
Managers
Contractors
Mentors
Title
Companies
Landscapers
Insurance
Agents
Cleaning
Services
Maintenance
Technician
Appliance
Rentals
AppraisersInspectors
Leasing
Agents
BuildersDevelopers
Courthouse
Clerks
Investors
Masons
Roofers
Plumbers
Concrete
Companies
Painter
Flooring
& Carpet
Electrician
Carpenter
Financial
Planners
Partners
Consultants
Lawn
Service
30
What if YOU provided these contacts?
Or just some of them?
A Thought ...
The Hidden Potential Working with Investors31
• Suspects?
• Prospects?
Suspects vs. Prospects
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• Two Kinds of Criteria• What they will consider• What they will buy
• Negotiate Everything • Current Financing Available• Short Sales/Foreclosures• Lease Options – Rent to Own• Seller Financing
Making Offers for Investors
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• Selling is …
• Consulting is …
• The Value of Consulting
Consulting vs. Selling
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The Best Ways to Help MREIs1. Know Suspects vs. Prospects
2. Have Patience
3. Provide the Best Service
4. Know Landlord Tenant Laws
5. Write up Multiple Offers Quickly
6. Understand Tax Implications
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The Best Ways to Help MREIs
7. Learn Different Techniques and 1031 Exchanges
8. Potential Partnership
9. Know Depreciation Rates and Schedules
10.Know the Area and Comps
11.Keep on the MLS and Set Up Searches
12.Do Not Take Anything Personal
The Hidden Potential Working with Investors36
Ideas into Action1. Learn About and Become an Investor
2. Read The Millionaire Real Estate Investor
— “The Blue Book”
3. Attend: MREI Reception
4. Join Your Local REIA
5. Build Your Network ASAP!
The Hidden Potential Working with Investors37
“A few good real estate investors can
be your income stream for life.”
The Hidden Potential Working with Investors
-Wendy Patton
38
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