Welcome back to “The Rewind,” where we break down everything you need to know from the latest week in real estate broadcasting. This is your go-to source for the week’s highlights, ensuring you stay on top of what to watch and employ in your business strategies. Our episodes span from April 15th through April 19th, and we’ve got a lot to cover!
The Roughneck Guerilla Show with Corey
Corey got real with his cold calling techniques this week. Here’s what stood out:
Cold Calling Techniques:
- Opening Lines: Corey emphasized the importance of a simple, straightforward opening line. He suggests, “Do you have a house that you want to buy?”
- Turning Difficult Calls into Opportunities: He turned angry calls into leads, showing flexibility and creativity.
The Double Dial:
- Never underestimate the power of persistence. Corey advocates for the double dial—call once, and if no answer, call again. The second call often gets picked up.
Negotiating Terms:
- Interest-Free Negotiations: Corey highlighted avoiding mentioning interest rates. Offer flat payments instead, which simplifies the conversation and avoids unnecessary fixations on interest rates.
Key Takeaways:
- Be persistent but polite.
- Make every call count.
- Turn negatives into positives.
Learning Commercial Real Estate with Pam Goodwin and Shelby
In this episode, Pam Goodwin shared her expertise with Shelby, guiding her step-by-step into the commercial real estate world:
Steps to Get Started:
- Business Cards: Your business card is your first impression; make it professional.
- LinkedIn Presence: Optimize your LinkedIn profile to connect with industry leaders.
- List of Potential Properties: Identify and track potential commercial properties daily.
Finding Your Niche:
- Pam emphasized the value of discovering your niche in the market, whether it’s fitness centers or restaurants.
Pro Formas:
- She explained how to understand pro formas and their critical role in evaluating commercial projects.
Dress for Success:
- Pam stressed the importance of dressing professionally to be taken seriously in commercial real estate.
Grant Teaches Something
Grant delved into forming successful partnerships:
Three Steps to Successful Partnerships:
- Know Yourself: Understand your head (intellect), heart (emotions), and gut (instincts).
- Open Communication: Maintain clear and honest communication.
- Get Everything in Writing: Always document agreements to avoid future disputes.
Complementary Skills:
- Find partners who balance your strengths and weaknesses. This yin-yang dynamic ensures that all aspects of the business are covered.
DISC Profiles:
- Use DISC profiles to understand personality traits and ensure compatibility among partners.
Recognizing Talent:
- A good leader identifies and utilizes the strengths of their team to achieve more collectively.
Commercial Cash Flow Show
Ronnie and his guest Anton dove into the world of commercial loans:
Differences Between Commercial and Residential Loans:
- Loan Terms: Commercial loans typically range from 5-12 years with balloon payments, while residential loans often span 15-30 years.
- Contingencies: Be aware of the various contingencies that come with commercial loans.
Importance of Commercial Mortgage Brokers:
- Expert Navigation: Brokers help you find the right lenders and navigate complex loan terms.
Stacking Networks:
- Leveraging Net Worth: Understand how you can combine net worths with partners to qualify for larger deals.
Mr. Tix / Jason Bible Show
Jason Bible and Kaylee discussed critical mistakes to avoid in real estate investment:
Nine Mistakes to Avoid:
- Waiting too long to start.
- Not having a detailed plan.
- Not requiring written bids from contractors.
- Paying for incomplete work.
- Allowing your business to overrun your life.
- Over-improving a property.
- Running out of cash.
- Overanalyzing potential deals.
- Struggling to sell or rent properties.
Importance of Taking Action:
- Hesitation kills momentum. Act swiftly and decisively.
Complementing Skills and Values:
- Ensure your team shares your values but complements your skill set.
Going Vertical (New Build Construction)
Chris and jessenia tackled new build construction:
Understanding Building Plans:
- Blueprints: If you’re new, buy a building plan template to familiarize yourself with the process.
Importance of Security:
- Theft Prevention: Invest in proper security measures to prevent theft of materials and equipment.
Pulling Permits:
- Local Government: Build relationships with local authorities to streamline permit approval.
Funding and Financing:
- Next episode promises insights into securing funds for new builds.
REI Deva (Disputing Property Taxes)
Property tax season is here, and you have until April 30th to dispute:
Tips for Disputing Property Taxes:
- Gather Evidence: Take photos of any property defects and get repair estimates.
- Pull Comps: Use comparable sales data to argue for a lower valuation.
- Submit Online: Start your dispute online for up to 20 properties at a time.
- Be Courteous: Approach disputes with a calm and courteous demeanor.
Pain and Gain with Cameron
Cameron, a new investor, shared his journey and lessons learned:
From Cold Calling to Land Investing:
- Scaling Offers: Cameron sends out 100-150 offers a day using a program that automates part of the process.
Starting a Real Estate Meetup:
- Community Building: In regions lacking meetups, take the initiative to start one. It connects you with local investors and builds your reputation.
The Journey vs. the Goal:
- Cameron stresses the importance of the journey. The process itself is where growth happens.
Asking for Help:
- Don’t hesitate to seek assistance. There’s no shame in admitting you need help.
Final Thoughts and Takeaways
In conclusion, this week’s episodes of “The Rewind” offered a treasure trove of insights and strategies for both novice and seasoned real estate professionals. From mastering cold calling techniques with Corey, to understanding the nuances of commercial real estate with Pam and Shelby, each segment provided actionable advice to elevate your business practices. Grant’s guidance on partnerships, Ronnie and Anton’s expertise in commercial loans, and Jason and Kaylee’s investment mistakes to avoid were invaluable.
The detailed discussions on new build construction with Chris and Jessenia, property tax disputes with REI Deva, and Cameron’s journey from cold calling to land investing underscored the importance of persistence, planning, and community building. Stay tuned for more insights next week, and remember to implement these strategies to achieve greater success in your real estate endeavors.
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