Looking for help finding a catalyst to get the first deal

[Dylan Miracle]

Greetings, gentlemen and gentlewomen! 

I feel that it is best to give an informal introduction before I begin. My name is Dylan Miracle (i'm sure you've seen from my username, but hey, doesn't hurt). I had planned on interning for a small mom-and-pop wealth management firm in San Luis Obispo, CA, but then COVID... need I say more, haha. That plan quickly fell through, and as a second option - I went for plan B, interning for my Pops and his real estate company. Personally, the idea of working for my Dad didn't sounded far from appealing to me (barely out of my teens), I wanted to be different, I wanted my own legacy. A week into my internship, I realized how ignorant I was being. Excuse my french, but real estate f$%@ing cool! I spent most of the summer doing meet-and-greets with some awesome investors around Fresno, California, listening to the bigger pockets podcast, and trying my hand at developing systems for my Dad's investment company. 

Today, my job is formally, a lead acquisition manager. Really, I find myself being (informally) a really good sound board for people that need to blow some steam off by repeatedly saying "F*** off", I love it. That being said, I'm about 8 months in, I've launched several mailing campaigns, active cold calling, and general social media posts. I've been able to schedule a few appointments, but none have turned over quite yet. I am very comfortable teaching systems to other people, but I've not quite been able to see my own work blossom yet. I know that I am close, but I haven't quite turned the corner. This is what I want to do for my career and I do not plan on giving up, no matter the length of time it takes me to gain momentum. It can be a little disheartening because I have several investors within my rolodex that I see closing deals - I want to turn the corner, and I am very aware that the first deal is the hardest. 

For you investors out there, what do you suggest would be a catalyst for where I stand currently? Also, I am also very interested in meeting any investors young, old, experienced, and inexperienced. I love hearing people's stories and the different REI strategies that are out there. Looking forward!

[Chris Williams]

Hey Dylan! We are in the same market I don’t recall if we are Facebook friends, but I know I am with your dad.

Man, I would be super pumped to have an intern like you! Dedicated and willing to learn and grow, and take the endless amounts of “F**k off’s” LOL.

Ive been wholesaling/flipping for 10 years here, 400(ish) deals closed, and I can honestly tell you this is the “hardest” market we’ve had in at least the last decade. Even motivated sellers know they have multiple options and are much more educated in the market than they were even just a few years ago. But even with that, discounted deals are still happening everyday here.

Without knowing much, if you are making calls everyday, setting appointments on a regular basis, and contracts are still not getting signed, a few issues come to my mind as the possibilities.

- Sales skills may need to be improved. By sales skills, I’m talking true relationship/rapport building where you can sit with a seller for 1-2 hours talking about life (more listening than talking actually) and walk out of the appointment with a new best friend and a signed contract. 

- How is your follow up? Most people will probably need to be followed up with 8-12+ times before they sign a contract. Several times a year I will get a deal where I spent 2-3 years following up with a seller before their circumstance warranted selling at my price.

- the same follow up principles apply to direct mail as well. Don’t jump from list to list, stick to one list and consistently mail them every 4-6 weeks.

- how is the quality of your list? Is it a “shotgun” approach where there is a vast array of owners or are you deep diving into a motivated “niche” list. Niche lists may require more time to build, but there’s a much higher likelihood of getting a deal. I personally choose to stay nimble and “cheap” to run my business, so I strictly follow the small, highly targeted lists and exhaust every method of reaching the owners to keep my costs down.

- What options are you giving sellers? Going back to the educated sellers, if you are licensed, you could build a greater sense of trust by giving sellers multiple options to selling. I often give owners 3 options to sell with me: 1.) As-is cash sale. No commission, 10-14 day close. 2.) As-is list on the market (will likely mean minor repairs for appraisal conditions). 3.) Fix and list where I bring in my contractors to spruce up the property and we list at top of the market. 

Even though I am giving sellers the ability to pocket more money, they still often go with the as-is cash sale because they trust me and they’d rather get their money in a week or 2.

I don’t really know what else to say haha.

If you ever want to connect or have questions man, feel free to reach out to me anytime. I’m always willing to help where I can.