All Forum Posts by: Landon Ross Cobb

@Rachel Barrett

Hey Rachel!

Sending some flowers and condolences sounds like a good way to get the ball rolling with the conversation. Be considerate though, because they've just lost a loved one! 

When they call & thank you, have a casual conversation and bring up the point to ask them what the plans for the house are? Then mention that you are an investor and may have a solution for the home. Assuming their first thought is to put it on the market with an agent, mention that it is a great idea but you have some second options that may be able to help them faster than putting it on the market. It really depends on their situation, ie, if they need money now, you could offer them a win-win price to get them out of the situation. If the home is paid off (or depending on mortgage payment), transition the conversation into seller financing. Open by letting them know that you can pay "X" price, and it would just be over "X" amount of time in monthly payments. 

Like I mentioned, it really just depends on their situation and formulating a problem to their unseen problem.

If they don't make the initial call, then go down there after a few days to see how they are doing, if they need anything and see if they got the card/flowers.

Good luck!

@Kimberly Veloz

There are roughly 3 effective ways to find great leads in today's markets.

#1. Cold Calling 

Cold calling the off-market multi-family/SFH homes that you are interested that may look poorly managed or distressed in neighborhoods you are looking to purchase in. Inquire about the property to see if there is any motivation (there are plenty of good scripts out there, google is your friend :-] ). Once you see there is some reasonably high motivation, start analyzing the deal and seeing what numbers make sense for you then present them with a win-win offer.

#2. Building relationships with brokers. 

It may be hard because you have to catch the attention of brokers who get at least 5 of these calls a week wanting to take them to lunch or just chat to "build rapport." 

You have to set yourself apart from these people by knowing exactly what you're looking for. So going in, let them know your buying criteria & price point. Ask them if they will set you up on an auto-email for deals matching this (some will, some won't). After they start sending you some deals, look them over and analyze them to see if they work or don't (most of them won't.) But the broker is wanting to see if you're active or just another person on their auto-list. After you analyze it.. Either call or email the broker that sent it to you and thank them for sending it and either say you want to make an offer (if it's a good deal), or explain to them why it doesn't work for you and what would work and if the seller would entertain that. There's always a number to make the deal work, do your homework.

#3. Direct Mail

This will generate the most leads (if you set it up properly) but you have to have a good in-bound call system setup/scripts ready for the phone calls. This is also the most expensive way of marketing for deals. There is so many different forms of letters/postcards you can use but I highly recommend viewing ANY of Michael Quarels content and use yellowletters.com for your direct mail campaigns.

Hope this helps.

Hey Brian, can you send over the deals? 

@Ivan Barratt

You as well!! Thanks again for sharing some insight 😎

Nice! I'll have to check out some of Lindahl's audio. 

Love GC! Currently replaying in my office while I work is Sell or Be Sold. Also replay Lead the Field by Earl Nightingale..

Going to get Anitfragile now and check it out. Only one on the list I haven't heard of. "Fooled by Randomness" by Taleb is on my list of buys but hadn't heard of Antifragile.

Thanks for the recommendations Ivan!

 Hey, thanks for the feedback Chase!!

I've secured funding for the deal already but was just wanted some feedback from fellow BP members for future deals.

Thanks for your reply.

I believe I'm going to go down the JV route!

Thanks!

Currently reading "Multi-Family Millions" by David Lindahl. Any other book recommendations?

Thank you for your reply, very insightful!

And awesome. Let's definitely connect!

Hi all!

Would love to welcome everyone to share their input on a couple scenarios for potential partnerships that I am considering.

First of all, my name is Landon, I'm 24, I live in Shreveport, LA! Currently I am a realtor and I am getting into buying small multi-family units, 2-10 units and looking to partner with investors who have money but not necessarily time/knowledge/hustle.

I spend majority of my time/efforts on finding/analyzing GOOD-GREAT off market deals and I am seeking to partner 50/50 with investors who want to build a long-term buy/hold portfolio.

The route I am leaning more toward is simply going into the partnerships 50/50, I bring some capital/the deal/management/time/effort/analysis, they bring the capital for down payment/rehab/repairs.

And we split equity/income/resale profits 50/50...

How realistic is this approach?

What challenges may I encounter?

Has anyone done this that could share feedback?

What am I not considering here?

Another route my mentor has run by me is this... I partner with hard money investors who have the cash to buy the entire asset, they fund the rehab/repairs & purchase of property, we BRRR it essentially and after 90 days, I refinance out and put the asset under my LLC (me having 100% ownership) and pay them their dollars back + "X"% interest.

How realistic is this approach?

What challenges may I encounter?

Has anyone done this that could share feedback?

What am I not considering here?

I love both methods but am leaning more towards the first one simply because of the ability to scale faster and having aligned interest with the investor partners.

If anyone has a different strategy that they can see working better, please let me know!

Feel free to DM to connect!