Here is an email thread between a young man who is only 20 years old and pretty short on cash. What’s exciting about him is that in spite of his young age, he is going after his dreams in real estate. He reached out to me for advice and I’d like to share some of our conversations with you. To keep his privacy, I have omitted his name.
Hello again Ernie,
Hope everything is going well. Here are a few things I’m needing to know for my first deal. I honestly am just having a hard time finding deals, to get under contract for myself. I don’t mind helping other Wholesalers with their deals, but I want to attain my own. I have the contracts and the buyers, just need leads. I’ve tried many methods (within’ my budget, which isn’t too big for right now of course). Also having trouble finding groups or others to network with, online at least. I have been to a few local events and have connected with a few wholesalers in Arizona, but I feel like I could do more, just don’t know where to look.
It was great speaking with you! I am excited for you in your pursuits for probate and all real estate for that matter.
Developing a network of other real estate investors will be helpful and the real estate clubs are a good place to begin. You’ll find that there are many people there who are also just getting started and are looking for some direction. However, there’s always a small group of people who have an active business. Those are the ones that you really want to invite out to lunch or coffee. Don’t be offended if they don’t accept because time is money and running a successful business means that every minute of your day counts.
Myself, for example, if somebody seems very genuine and has a good demeanor I take some time to help give them direction. I think that you will find that most successful investors are the same. Also, if you do meet some other sharp individuals who are also just getting started stay in touch with them as you can hold each other accountable and share and compare strategies that are working.
If there are properties that you are aware of that were purchased by an investor and are being rehabbed go to the property and find the investor. Make that person part of your network and add them on to your buyers list. This person you know is active and can be somebody to learn from.
Often times coaching groups have a network and for example in my group there are times when people ask to connect with individuals in their local market or if they have a property that was referred to them which is out of their market, then these are opportunities that I get to connect people and they have reported back that they have developed great working relationships.
In terms of finding deals, well as you already know, there are various methods of doing so.
“PROBATE”, absentee, owners w/equity, foreclosures, tax sales, code violations, divorce, bankruptcies, on and on and….
Of course, you already know that my favorite is “PROBATE” and as I shared with you that I have seen all the changes in this market over the last 20 years and the fact that so many more people are now looking into probate.
However, the reality is that most don’t know what they are doing and if anything they are barely scratching the surface of what is possible.
This is why I recommend that you focus on this probate niche specifically.
To get started you will need:
1. Leads (email [email protected])
2. Prospecting strategy (we will get into this in more detail via a call)
3. And massive, consistent action!!
Obviously, the more you know about probate and the more you understand your prospect the better you will be at converting your leads and generating more closings. What I teach is:
Find the need and be the solution to that need.
Essentially, be a servant and you will find that business will follow you. I hope you’ve gotten the free video series that goes over these things plus expect to see a book coming out in the near future.
Also don’t forget that there is a monthly membership class and if you are looking to accelerate your learning process and implementation, I also offer a coaching program.
I do remember that you are only 20 years old and that money is a little tight for you at the moment.
So having said that go through some of my free training and get your first deal locked up.
As I mentioned on the phone we can still support you and walk you through your deals as time allows. The most important thing is that you stay hungry and that you don’t give up. When I got started in this business,
I was about your age and all I had was my desire to win, my mouth to help me speak, and my feet to take me from door to door.
There is never ever any reason not to succeed, it is all up to you.
You have my support!
To your success,
Ernie “You’re Never Too Young or Too Broke to Get Started” Vargas