Proven strategies & Systems in place

[Jason Martin]

Looking to see who’s using what and why?

I spent 12 years in BD and Consulting. Every business I’ve walked into, the first thing we look to fix is their processes...Time spent is critical.

As a new REI I already know that putting a process (strategy) in place is going to be vital to my success. Without recreating the wheel, who has simplified, or wouldn't mind sharing their methods, softwares, marketing tactics, etc...

Looking for specifics i.e:

1. Search methods / Finding deals.

3.property analysis (spreadsheets, online, BP calculators).

2. Contact methods (skip trace, softwares,etc.)

3. Organizing ( follow ups, saved properties)

4. Funding ( one source, multiple sources teed up)

5. Closing.

6. Rinse, Repeat?

Basically, what is being utilized to go from A to Z as an investor. How many different ways are there to succeed?

Hope this sparks and helps others looking to create a strategy.

Thanks!

[Kyle Shankin]

Hi @Jason Martin

I can't speak to all of the steps, but here's where I'm at currently:

1. Search methods - MLS saved searches setup via Realtor, a couple of hours a day on Zillow and Craigslist. These haven't been super effective for me because MLS is SUPER competitive in my area. Craigslist gave me a couple of good leads to look at, but it otherwise seems to be the same 20 posts cycling multiple times a day, battling for the top spot.

2. er...3. I started off by making my own spreadsheet for analysis. That was fine and fairly efficient for a basic analysis, but I analyze everything and ended up with a bunch of the spreadsheets. Ultimately I just upgraded to BP pro and use the calculators. I didn't like them at first because it seems weird to me to have a multi-step form as a "calculator". But the end results with the data and graphs, and the ability to download the report has been quite valuable. I use the BRRRR calculator everyday.

2. Because the MLS is so competitive, I like the idea of finding off-market deals. I have a marketing website which I'm currently experimenting with PPC on. I'm also working with BP user Jerry Puckett to create a direct-mail marketing machine. Jerry's got a lot of great reviews from other BP members and, in my brief time working with him, I can see why. The mailers haven't gone out yet though, so I can't comment on the effectiveness of that. If you want to go website/ppc and want a quick setup, check out Danny Johnson's LeadPropeller. I think it's a brilliant system, it just gets expensive as you scale.

3.(again) I basically now use the saved BP calc reports as the 'folder' that I work out of. I currently don't have the volume of needing a CRM, I just know what deals I'm currently working on. Oh also! The BP calculators let you snooze a report. I have a few houses snoozed that I'm going to check back in on in a few weeks when the sellers are likely to be more motivated.

4. I currently have some working capital that I'm using for my couple of deals and am not at a point of needing a loan. I have talked with another investor local to me who tried going to several hard money lenders to secure a deal, none would give him the time of day until he had the target property under contract. 

5. For closing, I have a go-to title company that I use whenever I can. 

6. Pretty much just as you said, rinse and repeat. Although, until you close on a deal, it's more like "daily grind". Gotta prime the pump, get the systems up and running and then keep the wheel turning once it starts.