All Forum Posts by: Todd Drake

SEO = Search Engine Optimization

The words you use on your website mean something to Google.

How to qualify buyers: Ask questions! Create a buyer profile for each then search for properties for your buyers.

It's easier to hunt when you know what you are hunting for.

It's a Hysterical Society Home... Plastic window - nope!

HML = Hard Money Lender

ARV is your educated, crystal ball prediction of what it might be worth. Is even a 3 month old comp good today or what about 6 months from now when it's done? I'm seeing MLS listings chasing falling prices since Sept...

Litigation as an exit strategy? I guess if the numbers work out...

Seriously though, stay out of court and litigation, especially in RE. I had a RE atty tell me she was just an expensive asset reallocation specialist.

There's only 1 guarantee in litigation: Regardless of the outcome, the attorneys will make money and over some beers with opposing counsel they'll high five each other about the beach house remodel they can do now!

I'm been so frustrated by wholesaler leads that I'm getting in to the game myself!

I've seen $100K repair budgets with a 105 day holding period, loan numbers from 4 years ago, ARVs from last summer/fall, 2 story comps for a ranch or a comp from 30 miles away...

You run enough numbers, you realize quickly that the money is in the money! On thin deals the HML makes about 1/2 the profit (me a newbie 'only pays' ~3 &12) and they own the asset!

Finding ARV feels like a shot in the dark right now. So, I'm just taking 10% off the ARV as a starting point.

Spec finishes to the hood not to your personal taste!

Classic newbie mistake.

The neighbors loved us!

Deals can be found and profitable from the MLS. My first 2 flips were found on MLS but that was 10 and 5 years ago... It's all in the property ROI numbers and finding the killer deals is getting harder, regardless of how you look for them.

Remember, REI is still sold as a 'dream'. Quit your 9-5 and become a millionaire in Real Estate Investing with no money $ or experience!

FYI: Only about 10% of RE Agents last past 1 or 2 years.

I spent almost 30 years as a corporate sales guy. The reason sales people make a lot of money is because the job sucks! You've been the go to rock star for years but you didn't hit your goals this QTR, it's not personal but you're fired. You're only as good as your last deal and management has a very short memory!

Finding deals is hard. Putting yourself out there is hard. Getting rejected is hard. Learning to ask tough questions is hard. Learning to overcome objections is hard. Standing your ground is hard. Getting up and doing it over and over again is hard. Getting to success is hard!

Hunker down and stay in action! If something isn't working tweak it or move on. 

Personally, I can't believe cold calling is still a thing. It died in corp sales a long, long time ago. In big ticket sales, if I called and you answered the phone, you were not the contact I was looking for!

One thing will always hold true though: PEOPLE! networking, relationships, communication, integrity, follow-up, ad value and always crush your deliverables!

"Find the deal and the money will flood in" - Maybe. 

If you want the deal yourself and you're new you will need to borrow money and you will have to prove YOU are worth the risk. The property is just their collateral and Hard Money Lenders do their own due dil and it's VERY expensive!

Things get a lot easier when you find a mega homerun, outta the park flip deal. Good luck with that...

Then there's the other guidance: 

Find cash buyers first! Do not just add buyer names to a list and blast them with 'deals'.

Rather, find a handful of quality cash buyers, qualify them, and bring deals specific to their buying criteria. Build a relationship and get a proper POF from it.

Old vs new: Cold call v SEO, Mailers v SEO, DFD v SEO.

There's a house down the street from me that's overgrown, moss covered that's been vacant for 5 years. The owner is in no way motivated to sell... a trust pays the expenses.

More home details 2-1, 3-1. 3-2? Be mindful if this is a Jack & Jill set up!

Is there easy access from below?

There's probably a shower head on one of those partition walls.

Not sure your budget or ARV but I've swapped the shower for the toilet, making it a 2 sink vanity - toilet - walk in, tiled shower...

Or keep it as is and get creative with some colored walls and a new cool/retro vinyl or tiled floor because it's nice to have a separate toilet room in a shared bath!

Your video requires a log in...