Expected Air Date: 06/14/18
What in the world is Real Estate Day Trading? And how can I learn to do it? Can I make money doing this? How does it work? How do I analyze the deals? How do I pay for them? How do I move them out? IS IT POSSIBLE TO SIT AT MY COMPUTER ALL DAY AND MAKE MONEY IN REAL ESTATE? Well — maybe. Stay tuned because today I have the guy who invented Real Estate Day Trading.
Larry Goins is our guest today. He took some time from his busy schedule to sit down with us and explain it. If you listen today and apply what you hear, you’ll pick up some ideas, some principles, some direction, and some resources that could put you into the Real Estate Day Trading business. I’m blown away at the brilliance and creativity of people in this business who demonstrate day in and day out that real estate continues to be one of the most lucrative opportunities out there.
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Guest: Larry Goins, Real Estate Day Trading
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- Kelvin, Westchester, PA, “I need a way to quickly estimate a rehab price. By the time I get to the property and make a my estimate, someone has already bought the house. They are either dumb for going so fast or smarter than me. I think they are just smarter – they know something I don’t. How can I speed this up?”
- Randall, Searspoint, MA “Is there kind of a standard price for some repairs, like 10 grand for a kitchen, 5 grand for a bathroom, etc.?”
- Elvina, Roswell, GA “I’ve been told I need to get multiple bids for my rehab. I’m having a dreadful time getting this done. I was ok on my first rehab. Now on my second one, they guys that didn’t get the job on the first one won’t come back. They say they don’t have time to waste on me. Even the guy that did the work wants me to pay him $150 to come price out the work.”
Motivational Thoughts for the day
- “If you cannot do great things, do small things in a great way.” Napoleon Hill
[0:28] Time for flipping America the show that teaches you how to make money in real estate or wherever you are whatever your situation there is an opportunity for you.
Flipping America is brought to you today by Braswell Capital Solutions commercial lending made easy on the web at Braswell Capital solutions.com.
your stat let me know America guy Rodger Blankenship what in the world is real estate day trading.
[1:00] And how can I learn to do it can I make money doing this how does it work,
how do I analyze the deals how do I pay for them how do I move them out is it really possible to sit at my computer all day and make money in real estate.
[1:19] Stay tuned because today I’m I have the guy who invented real estate day trading Larry Goins is our guest today he took some time from his busy schedule to sit down with us and explain it,
they look if you listen to today and apply what you hear you’re going to pick up some ideas some principles,
some direction and some resources that could put you into the real estate day trading business.
[1:44] You know I’m blown away at the Brilliance in the creativity of the people in this business who demonstrate day in and day out that real estate continues to be one of the most lucrative opportunities out there.
[1:58] I as I sat down with Larry to record the interview that you’re about to hear I I I knew,
what is about a night I know the guy I’ve heard of him for years and just a great honor Larry if you’re listening is I know you are just a great honor to speak with you sir into kind of sit at your feet and listen to the things that you been involved in and the way that you help,
people both and fellow investors and also the people you know the buyers and sellers of your homes just,
terrific stuff I get inspired I get enthused and I want to run out and tell my team here hey let’s stick what this guy is doing because,
I just love it you know I tell people all the time I’m not really passionate about real estate real estate as a means to an end for me.
But I love good ideas and that’s what you’re going to hear today a good idea a really good idea or two or three or five or six,
and some great resources and I took some good notes and I’ll be sharing those with you later on that look here on Flipping America the show we don’t encourage everyone to drop what you’re doing and start flipping houses like you see on TV,
it’s not for everyone but we do encourage everyone to consider real estate as a part of a balanced Investment Portfolio,
we have boiled real estate down to let you know I’ve got to show it show number 108 if you’ve downloaded the app and,
looking back through 85 ways to make money in real estate yep I tried to get it to a list of a hundred but I couldn’t get a hundred out of it I got 85.
[3:33] Then I kind of group those into three broad categories and those categories are people who buy with the intent to repair add value and sell quickly relatively quickly,
and that can be any asset class doesn’t have to be single family homes or people who buy with the intent to own and cash flows through,
tenants and also gain from appreciation.
And number three is those who invest their money into the people who are doing.
The first or the second option and those are the three ways that you basically make money in real estate so fixing and flipping a house is not for everyone what you’re going to hear today real estate day trading it’s not for everyone,
there is something out there for everyone even if it’s it it just putting your money into a real estate deal.
That one of the questions that I get almost daily and we get this question a lot here at flipping America headquarters the question is,
I don’t have enough money to take down a deal and I don’t have the time to actually go do a deal,
is there a way I can participate with you the flipping America guy in one of your deals and yes ladies gentlemen we are creating that we’ve heard you and we are creating a way that you can join us and,
you can profit from our Ventures you may know that we are continuing to buy and Fix and Flip properties and.
[5:04] We have a team of people that are buying and fixing and flipping properties and so we’re continuing to make a little bit of money in real estate,
and yes you can get in on that if you want to get in on that all you have to do is let us know those of you that have already written and you’ve already been contacted and an opportunity is coming your way I’m not going to go into too much detail here,
right now perhaps will devote a show to it later on but we’re putting together a way for you to invest,
right now it’s just a private little venture that we do and we’re giving you an opportunity once we’ve gotten to know you and establish a little bit of your credentials and we know what how much money you had to invest we give you an opportunity to own a piece of one of our deals.
[5:48] Okay so is that intrigues you go ahead and send an email.
You can send it to Rodger at flipping America network.com please note,
there is no D in my name I know some people put a D in Rodger and my mama didn’t so it’s just r o g e r at flipping America,
network.com now if you have questions for us about real estate we encourage you to send those two questions at flipping America network.com and they’ll be handled by the staff and they’ll get passed on to me the ones that the staff believes,
are worthy of making it onto the show another words it’s a question that a lot of people have,
or are asking and I’m one of the questions we get is aren’t you repeating some of those questions from time to time and to that I say,
thank you for listening to the show so many times because you are aware that we get the same questions quite a bit at people put a little bit different spin on him but we run them through and we decide we’re going to go ahead and answer him again anyway because we’re picking up new listeners all the time and look we want to be a service some of the questions,
are fairly basic that we believe that we want to give the Fairly basic information out over and over again all right so,
that’s a little bit of the setup and I need to let you know a couple of announcements first of all tonight tonight tonight this is this is Thursday June the 14th,
when you’re listening to this and if you’re in the Atlanta area or anywhere near you owe it to yourself to come out to our local group called flipping Atlanta and.
[7:24] Meet in person Pat Dornan Patsy and one of the advertisers on our show.
He is the the inventor and the developer for the ultimate rehab,
solution or ultimate rehab estimator it’s ultimate rehab estimator. Com you’ll hear a little commercial bit for a little later on in the show Pat Dorn and it’s going to be with us here in Atlanta tonight at flipping America we’re going to Huey luey’s Tex Mex,
Roswell Road in Sandy Springs we’re going to have a great party and he’s going to demonstrate the software and everyone is there who is there is going to get a coupon code for 20% off what’s the ultimate rehab estimator do.
It allows you to go through the house line-by-line board by board Brick by Brick and window by window count everything measure everything come back plug all the rehab stuff you’re going to do into the estimating software and when you’re done.
You’re going to get a scope of work a project cost linked to the cost of materials from Home Depot labor rates everything down to the dollar it’s an amazing piece of software and that’s it.
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[10:21] Play Welcome to the show what’s up buddy how you been good man how about you and I am doing awesome I’m still having a great time.
[10:31] Larry is a real estate investor in a trainer and I’ve already introduced him to you but let’s just Dive Right In man I got to ask this question,
what is real estate day trading real estate day trading,
you know I’m the guy that wrote the book on it right,
it’s really I mean listen I’m a simple kind of guy is really just a fancy word for right,
you know you build up your buyers list you find a bunch of people there that are hungry for deals and then you go out fill orders you buy it at 10 you sell it at 10:30,
find someone else the same day using the internet we’ve actually done deals in 12 different stage right for my office in Lake Wylie South Carolina Lake Wylie South Carolina what part of South Carolina is Charlotte.
[11:22] You know what you’re absolutely right it’s right across the state line from Charlotte North Carolina okay,
all right I’ve been to South Carolina time or 3 okay so how do you find your properties when you’re looking online and you’re looking around and you’re trying to fill the orders.
Oh man well you know what right now in today’s market,
it’s a seller’s market right so it’s a tough market so you got to have a lot of different sources however one of my favorites,
I wrote a book about hard as well.
Edna and we buy a lot of HUD houses for pennies on the dollar we do HUD we do MLS.
As well as direct mail and pay per click advertising and bandit signs and the bird dogs,
Coho selling you know we just have a lot of different sources out there I’d rather have 10 ways to find one deal but only one way to have to find 10 deals,
yeah I like it but now a HUD house the contracts not assignable so how you handle that when you go to closing.
[12:32] Well you know what in the book I do explain that but there’s your right a hot house is not a sound.
So you have to physically close on the house so you have to have money.
Are you have to line up the money right you got any cash Partners Credit Card Partners your own credit card do you know hard money,
lines of credit whatever but there are ways to assign an honest honorable contract such as using Frost or creating LLC in selling the shares on creating a trust,
changing the beneficial interest of trust all right that’s good I was hoping you would say that you put that in your book.
[13:15] Yes and I go into detail about that.
Okay alright sounds like a book people need to get so you got a book on HUD houses and you got to become real estate day trading.
[13:26] Somebody that’s called the whole book is called HUD homes half off how to buy a HUD house for pennies on the dollar in today’s market and example and we just bought a house,
just like 2 weeks ago okay we got this house we already have it sold by the way and with our day trading method.
This house was listed for check this out 260 $2,000 right.
We bid got this house for $133,000. We date rated this house at 1:50.
Right so we made about whatever it is after closing cost right and something like that,
can you believe we got it almost 50% of list price right now in today’s market I mean we’re in a hot market now Baron mine,
you know it doesn’t work everywhere okay people say I can’t get a HUD house in San Diego will of course not to write,
you know you can’t even buy a decent house on the MLS at a discount,
in San Diego right now so what we try to do is we try to go into the communities where there’s not a lot of competition there’s not a lot of people bidding on the houses so once they spent on the market,
460 75 90 days they start dropping the price right,
when we go in and hit him with an offer you know maybe it’s near the end of the quarter or whatever,
Adele take it now we got to make a lot of offers to get a deal but when we get a deal it’s not a deal it’s a steal.
[15:01] Yeah alright so I was going to ask you that on a HUD house to get it that cheap it’s been sitting there for a little while right.
[15:08] Yeah The Sweet Spot is around 60 to 75 days to see him start dropping it it’s really similar to mls in the sense that.
[15:18] When a house doesn’t sell in about 30 days at the price and another 30-day drop it a little bit more,
now if you’re not there in these outlying areas and smaller markets how do you find your buyers.
[15:38] Call that’s a great great question well they trading the property what we do is as soon as we get a property under contract okay we start marketing right away that we don’t work at that specific property.
We market for buyers of a similar property because,
as well as they don’t like you to try to sell their property before you’re right,
probably 25 or 30 signs all around that town and say handyman special 3 bedroom 2 bath,
work 250R a cash price in a 150 or whatever right.
So when our phone rings off the hook and we start building our buyers that way and we’re going to take a lot of pictures of the house will take video on all that in our goal is to have it sold by the time,
and sell it at 10:30 so to speak okay so do you tend to use transactional funding or you just send the closing with cash.
[16:43] Well we do both we do a cash you know our own funds are lines of credit,
it was kind of funny my wife happens to be a private money lender so I borrow money from my wife every once in awhile family you know,
yeah I’ll take my wife out to dinner or the movie and I said hey baby I don’t know light right now can I borrow some money.
Big interest is awesome,
alright so real quick here in a remote area maybe you have MLS access where you are but you can’t have MLS access everywhere and all the markets were you buying houses so how do you analyze the deals how do you figure out that is really a deal.
Man that’s really good you know the funny thing is we really don’t have MLS access we use we use a lot of different sources we use Zillow as one.
Like you and I were talking before the show forget the zestimate man does estimate mean zilch right by myself,
you got to look for the soul, so you go to Zillow you look at the days on the market you look at the price history on the market,
scroll down to the bottom and click on neighborhood it’ll give you a map.
And then what you do is just zoom out from the map and you can see every property that is for sale and has sold,
and or is around the house so we pour cups that way another site we like to use is total view real estate as well as there’s another one called realquest.
[18:23] Which is a good sprocket for, what is it total View.
How to view real estate you know I like to provide useful links to our listeners and and I put these in the show notes as well so thank you for the hey we will be right back.
[18:58] Houses I want to show you how to flip houses and there’s probably no one in the country better qualified than me to show you I flipped hundreds and hundreds of them.
And I also have some training and degree and experience and education so I could show you how to do exactly what I’ve done hundreds of times don’t believe me.
Head on over to put starter event.com but in the meantime Give a listen to Pat caywood.
[19:23] Cleveland Tennessee and I’ve been.
[19:27] Doing some flipping since about March of this year and had started with a Nationals program that was very expensive I spent today with Roger Blankenship.
Learning about his program and boy do I wish I’d met Rodger first he has a.
[19:47] Program and many tools that are going to be very hot.
[19:51] And starting and managing a program and the mentorship and Leadership and coaching that he saw frame are invaluable.
[20:01] Thank you so much.
[20:55] Right before he went to the break we were talking about analyzing these deals in and doing some things how did so the next phrase the next part of this is.
Multi-part question really how do you do your diligence long-distance how do you get your signs put out if your you know if you got a house that you have under contract a hundred miles away,
I need a great great question so our due diligence we are like black women in the first segment,
zillow.com or realquest and we pull our, I want to look at pictures also going to send somebody out of office.
I’ll set my sales guy out no we don’t call him a sales guy he’s an asset manager okay he manages to ask that,
and it’s his responsibility to dispose of the marketing and sell it so if it’s close to hours of our office,
he will go out if not I’m going to give you some really good resources right here okay if it’s not close enough we we have.
A couple of different sources that we use one is called we go look., that’s we go look. Calm and for about,
the $40 they will send somebody out and they’ll take as many pictures of anything that you want anywhere to come right I don’t care if you’re in Jackson Mississippi and you’re buying a house in Dubuque Iowa.
[22:29] Will send somebody out to look at it got filled wraps all over the country now another site that is real estate specific and they’re even cheaper,
is a cyclone.
[22:43] B as in broker fees and price always opinion.com,
they have real estate experience the guys that go out field service rep and actually they do this for a lot of banks and asset managers so you can set up an account with them,
give him an address,
what is the login give them an address and they’ll send somebody out and they’ll take interior shots exterior photos reviews all around the house and pack here’s what we tell them.
Tell him we want a picture of everything we try to get 50 to 100 pictures okay.
We want a picture of every room any repair areas if there’s a hole in the wall behind the door we want to see it right if there’s a standing on the ceiling we want to see it.
If there’s water in the crawl space we want to see it we want to see every room any repair areas all mechanical items,
where they used to be in some cases it’s right where they used to be a hole next to the outlet where they equipped,
you can tell if there’s like if the sheetrock has a open line all the way down the walls were they just took the wires and ripped it out you know.
Any outbuildings like a garage carport storage shed or anything like that I never want to see you both ways it is another really good tip as well.
[24:18] We always tell who’s ever whoever is taking the pictures.
Give us a picture of every other vacant house on the street or in the neighborhood at the camera on the street so it might be another potential property that we could make it off early bye.
[24:34] I like it that’s brilliant. Better take a note,
oh yeah I’m writing all this down man yeah well you know like I said we want to get these resources this is this is really good stuff okay so you got these people out there taking pictures on how often or what percentage of the time do you get,
if you get the pictures back and you go all me we should have bought this house.
[24:59] Well you know is it’s funny you say that because I look at that as an opportunity to renegotiate the deal right okay.
If you want to renegotiate the deal so you know we looked at the pictures that’s why I say I want a picture of Anthony any repair areas all mechanical items if there’s a little bit of rust on the water heater I want a picture of it.
Writes about it just gives me ammunition if there’s a spot of mold in the closet in the back bedroom I want a picture of it right.
So it gives us time to go skating tool so we can go back and and and now like with HUD.
There is no due diligence. Okay I mean,
but it gives us an opportunity to go to renegotiate the deal and I tell my guys,
you don’t listen you always ask for twice of what you want.
Right because a lot of times not every time but a lot of times I’ll come back.
I’ll say when you know based on my due diligence and looks like we’re paying about $10,000 too much you may not be able to do this but you know we’re going to need about a $10,000 discount I understand but if you can.
We’ll go ahead and close own schedule and old time which is scheduled for I think next week.
If you can’t it’s not a problem we’ll just cancel the contract get our deposit back and you can find another buyer which by the way with all these problems that that you now or aware of.
[26:40] Those need to be disclosed to any future buyer as you well.
yeah yeah well you know I I deal with some sellers that send me the disclosure statement and it’s completely completely blank or it’s a bunch of I don’t know I don’t know I don’t know no representation right right,
right okay so.
We got a couple minutes for the next break can you summarize this if it will first of all I got a lot of people coming to me with no money and no credit and they want to get into this business.
Do you have possibilities for people with no money and no credit you know what there’s a lot of trainers out there.
They used to advertise it and I was one of them years and years ago I’ve been training people for 15 years that right and I’ve been in real estate for over 30 years I’m 57 years old I did my first house in 1986,
for a lot of people watch watch it or listen to show where you before right right you been doing a long time as well,
but you know a lot of people advertise you don’t get started with no cash no credit no experience,
you know we just don’t say that anymore you can do it there’s ways to do deals with no cash no credit no experience but I’ll tell you those people,
they got to work harder they got to put forth more effort they have limited amounts of resources so they got to work harder they have more obstacles to overcome don’t get me wrong,
my very first deal was an FHA non-qualifying assumable loan I put down like three hundred bucks and took over alone and you can’t do that anymore.
[28:17] And there are ways to do deals with no money right no cash no credit there are definitely ways to do it but,
I want I want to take a look at a person say okay let’s see what you got to work with you know do you have cash,
do you have credit how’s your credit if you don’t have cash do you know people to do if you don’t have credit do you know people that do if you don’t have experience do you have a mentor like you you know people are following you and your help getting the business right,
just like people to follow me so you know it if you don’t have any of the stuff to work with it doesn’t mean it has to be your cash or credit or experience but you got to find somebody.
To work with that does have those things right.
[29:00] Good very good summary I appreciate that hey we got to go to another break but when we get back I would like to get to know you I’d like to the audience to get no Larry little bit better okay.
And we’ll talk about background training and so forth when we get right back he’s Larry Goins I’m Rodger Blankenship and we’ll be right back.
[29:35] Are you one of the 70% of Americans living paycheck to paycheck and tired of the stress if so I understand that used to be in that 70.
[29:43] I start investing 2003 with my net worth with -80 thousand since then I’ve built a business that generates over $500,000 a month in income and allows me the freedom to do what I want I’m Brad Chandler and I tease people just like.
[29:56] How to find Freedom through real estate investing using a tactic that doesn’t require credit or tons of cash for a free training on how you too can do this please visit Brad channel.com.
[30:06] Hey flipping America listeners have you ever walked into her property and said I have no idea what it will cost to repair this home those days.
[30:21] It was in your pocket designs by Real Estate Investors,
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[31:47] We’re back I’m Rodger Blankenship and I teach people how to make money in real estate and I have with me Larry going to be teaches people how to make money in real estate we both make money in real estate and we’re available to show others how to do it.
You know I asked that question about in the last segment about.
When you buy a house and you see all those things that you wish you could get changed and course you know I was wondering how the negotiation was going to go because then you answered that question but you know my stock-in-trade really,
probably 500 or 600 of the deals that I bought have been at the courthouse steps and most of those without looking inside.
And we’ve had a few really pleasant surprises and a few really nasty surprises you know it just that’s just the way it goes that’s what I wanted to know about that alright now you been at this most of your adult life,
so you’re a little bit different than most of the people I meet or have had on the show.
[32:45] I like to ask this question when you were little kid and it was career day and the kids Daddy’s came to class or the mommy’s and talk about what they were doing you know.
Talking about 5th grader show and there was a fireman and policeman insurance salesman and something what did you think you wanted to be when you grew up.
[33:06] You know that’s a really really good question.
I have always always knew that I wanted to do my own thing I never knew what it was going to be at the chill I was in my early twenties.
Is knew I was going to do my own thing I mean.
I used to go down to the kangaroo up and in North Carolina in a little town called Hickory North Carolina.
and I would get these old tomato Stakes right are these old slabs and I would cut them up and bundle them up,
and my dad would take me to the flea market and I was selling to people as tomato State and I would make money to buy bicycles to buy in a motorcycle and go karts and stuff like that,
and I was always doing something even when I was a teenager right I was like,
17 or 18 years old and I have money saved up and I bought a Corvette believe it or not.
68 Corvette man I wish I still had that car it was blue I bought it from,
it was like a finance company it was a repo commercial credit.
Anna and I saw it and I bought it and it was a very first car ever painted I learn how to paint cars.
[34:36] So I learn how to paint cars and I was working at a car dealership and it’s got taught me how and I painted the car and my neighbor came down,
and I was putting the bumpers back on it man I got to tell you that I was put the bumpers back on if my neighbor came down and he offered me two times when I had in that car.
I mean it was more money than I ever imagined I could ever have right I never drove that car again I was afraid that if I got in it I would wreck it and I would never see that money.
So I sold that car and I doubled my money and I’ve just never looked back I started reading real estate books going to Real Estate seminars,
does Jesus talk like you as well just like we are all right so.
There’s no right or wrong answer this question I’m just curious would you say that you’re passionate about real estate.
You know what there’s a lot of people to talk about then I’m really passionate about real estate I really want to help people we have a radio show,
call Bragg radio it’s all about being rich and generous that’s what Greg says or be rich and generous and and on the show we try to teach people how to invest in real estate just like you’re doing and we also encourage people to go out and be generous,
to help kids at the help you know autism or help you know homeless people homeless veterans were very involved and different charities and I think it’s very very important,
you know listen a hundred years from now nobody’s going to care that we flipped over a thousand house right off of one person.
[36:15] And carried out on from a generation to a generation to generation so I think that’s what it’s all about I’ll be the first to tell you I don’t do it as much as I want to or need to or should,
but I think it’s very very important and I think it’s something that we all could do more out,
well that’s a very good answer for this that’s one of the best answers I’ve heard to that question I I appreciate that so much so if you were talking to someone right now and you are talking to.
Several thousand people right now probably who,
they’re interested they’re curious are really anxious to get started I get emails all the time from young people who say hey I really want to get into this I just need some guidance I need some advice,
I’m sure other than me answering the question what would you say to someone and then let me just I’m going to throw out a few questions to you about the whole sailing thing,
you know you’re you call a day-trading but what’s the first thing you would say to young person who’s thinking about getting into this or no.
[37:13] Well here’s the thing a lot of people want to get involved and I’m going to be real with everybody here for a minute you you already know this I know this,
99% of the people who watch a podcast listen to a radio show go to a seminar by a book,
I never do anything right,
you know you got to take action you’ve got to take action most people are afraid to even start making offers on houses cuz their biggest fear is.
So you need to align yourself with somebody you know like a trust.
It is where you want to be most people are listening to negative naysayers there listen to relatives who are no better off financially that they are and they’re taking their advice,
and you need to surround yourself with winners surround yourself with people who are where you want to be even if you have to buy your way in,
you need to get around people who are successful,
people who motivate you people who inspire you and people who helped you and there’s always negative naysayers out there all this stuff doesn’t work you’re going to another real estate seminar what do you reconnect QuickBooks,
right but but I thought because people who take action and who do things,
are going to change the world to help themselves and help others I hope you can hang on for another I really appreciate these things that you’re saying but before we go to this break can you hang on.
[38:48] Sure that’s okay good tell people how they can reach you cuz I know that some of the listeners probably want to reach out to you.
[38:56] Oh yeah yeah I will probably the best way I think it will do I’m going to get you a link we don’t give it out a lot but I’m going to give you a link to to get a copy of my heart book about that okay.
[39:07] Awesome it’s called that you can buy in the bookstore or you can now buy it online but if you go to free HUD book.com.
Brie hot book.com we got a special webpage set up there for you guys and it will send you for free the digital version if you want the printed diversion just pay shipping but you should get the free digital version if you want to,
we got a lot of it come with it as well okay that’s great alright let’s go to a quick break we’ll be right back.
[39:55] It’s been my pleasure to have with us today on this video chat Larry Goins and Larry of course you could be can find you at Larry guns.com.
Right right but the link that he gave right before the break was free HUD book.com free HUD book.com free HUD book and,
all I want to do is throw some question that you just recently,
what we do here at the show is we get a lot of questions from our listeners and we kind of gather them up and put them around topics and will do a show on the topic so it just the last show actually we answered a bunch of questions about wholesale,
so I want to throw a couple of those at you if you have a house and you have it under contract and and so forth and.
You can’t find a buyer for the house before your closing date,
what do you do okay great great question number one it depends on.
Where am I buying the house from if I buying it from HUD or on the MLS,
right I can ask for an extension okay now hun is going to charge you for an extension probably a hundred fifty bucks okay so MLS you can ask for an extension and just like we talked about previous segment,
you know if I’m asking for a discount if I need a $5,
call Discount ask for 10 so if I need a 5-day extension I’m going to ask for a 10-day extension right couple of times,
right so I’ll ask for an extension now,
if it’s if it’s a house I’m buying directly from a seller like maybe from direct mail or from pay per click advertising or Bandit sign then then we’ll just extend it out.
[41:35] Right we try to get like a 60 to a 90 day contract anyway right.
[41:44] The other thing that’s going to determine whether or not we’re going to ask for an extension,
because we’re always marketing this properties,
we put it on Zillow if it’s not already on the amount last we put out bandit signs about 25 to 30 of them you know that’s a handyman special the BIOS desk cash prices,
so if we’re not getting a lot of call or the calls that we are getting.
[42:15] I’ll say something like that’s a bad neighborhood I don’t want to be over there you know I don’t like that area,
has a lot of vacancies in that area or whatever so we know it’s it’s a property issue it’s not just a buyer issue then we,
This is a question to be answered the other day from Candice from Detroit Michigan I want to get into wholesaling but I don’t know where to start another wholesaler friend of mine offered to let me call wholesale her houses she has three of them and offered to split with me if I got them sold,
but another friend told me this isn’t legal can you help well total selling is something where you know one person provides the property,
another person provide the buyer okay and there are various total selling agreements out there,
as long as you’re doing it the right way and number one you have the right agreement in place and what state did you say they were in Michigan.
Michigan to do have,
a more laws than others especially like Ohio Ohio is one where they have specific laws about selling you cannot advertise a property that you have another contract by however,
you can advertise but you have a contract on a property.
[43:38] Right so there’s nothing in the world wrong with that so instead of saying the property you just advertise I have a contract on the property at 125 Oak Street right and that’s pretty much the way you get.
Did not get around but the way you stay legal and do it the right way because there are a lot of States out there that have laws and and and really who doesn’t like this,
are the agents Angels claim a lot of times that whole selling is acting as an agent without a license right,
that’s one thing I always tell people you’ll see that my books are on my website I don’t always tell people do good clean an acceptable business and I got a model Rodger right,
yeah I like that I’m going to write that down I may use that all right,
Now you kind of address this earlier in one of your answers but maybe you can Circle back around again this person Wendy from Sacramento California said I’m a new wholesaler what recommendations do you have for building a buyer’s list.
[44:43] Oh my gosh there’s so many ways you can build a buyer’s list now she’s home alone in Sacramento,
that is a top Market okay that’s a tough Market that’s one of the reasons I like to teach virtual wholesaling,
it over the prices look like phone numbers even foreign phone numbers.
She just comes to mind first but she’s wholesaling properties in Alabama.
Trump La Alabama LA California.
So she’s doing great she’s doing great but it is far as building your buyers list it really depends on where you going to be,
buying and selling properties if you go to be buy and sell them in Sacramento you need to have a buyer’s list right there okay so some of the first things I tell people to do is number 1 go to your local vehicle,
Real Estate Investors Association you can find them a list of them at National Ria. Com National rei.com you can also go to meet up,
right you can also look on many of the different forums there’s connected investor.com I’ll look on craigslist,
eBay right and people took to start building your buyers list post your own Craigslist ad.
[46:16] It doesn’t even have to be a property that you have for sale right now it could just be a property that’s similar to what you’re going to be buying,
can you post your ad that says any man special Fixer-Upper cheap cash,
great details and every time somebody respond you say I’m sorry this property is no longer available,
click here to get on my buyers list or give me your contact info and I’ll add you to my buyers list yeah and you know I do that quite often,
it looking at my email I’ve got a particular email address that’s just for a wholesalers to send me things I tend to get about 60 or 80 emails a day because I have done that 4 years old guy,
And we keep our pipeline going that way terrific answers Larry thank you so much for your time practical insights and the good wisdom and good Hearts we appreciate that,
Anda from all of us here in flipping America Network we want to thank you for your time today and wish you the best and remind people go to,
free HUD book.com and get your free book by Larry Goins on buying HUD homes half-price party words.
[47:28] Just do it Nike had a great comment they said just do it but they left out a word the word now.
Drake Right Alright thanks I appreciate it man thanks for doing this thanks a lot we’ll talk soon,
not too long ago we did a one-day flip starter in Chattanooga Tennessee and low and behold one of my old College friends came out to the event,
his name is Peter Falkner and here’s what he had to say about the event.
[48:05] Falkner here I tended a one-day flip starter training session led by Rod.
[48:11] And I was amazed to see what has happened in Rogers Live from the last $15 plus years.
Flipping over 800 houses in Mendes one day.
Training he told how you did it and what the pitfalls the blessings the benefits and how to do it and I will.
Crafts with how well organized and how smooth the training Wednesday you’re tempted or in courage to go.
Not a bad price and if you get a chance to do it.
[48:57] See I told you you were going to hear something great right and did you learn some stuff.
Right in and let us know what you think about this we’re always glad to hear from the listeners and and we appreciate by the way the mini kind words that you say in the end those,
does you that come with us on the street or at some of our networking events here in the Atlanta area and you tell us that you’ve made this your show of choice and you listen to it all the time it just really,
touches my heart and my brain and and it really encourages me to keep on keeping on because you appreciate this so much and,
the effort that we put into the show and so thank you for that when we went to the break I mean when we got ready to go to that first break and then go into the interview I was talking about the show that we’re doing tonight for the episode,
the event that we’re doing tonight call flipping Atlanta flipping Atlanta is our local networking group here in the Atlanta area the group has just under 1,400 members but now we taking the leadership role in a couple of other,
meetup groups real estate-related meetup groups here in the Atlanta,
area as well and all together we have about 5000 members and that we expect to see about 40 or 50 of them come out,
each month but we’re hoping to fill the place up tonight.
And you know I before I said it was a Huey Lewis and I was wrong I got handed a note and a little scolding during the break their butt,
tonight we are meeting at the Hudson Grille on Roswell Road.
[50:30] In Sandy Springs that’s the Hudson Grille and our July meeting is going to be at Huey luey’s so tonight’s at the Hudson Grille and,
we want you to come out and join us okay other ways to reach us you know you can go to the flipping America network.com website and there are RSS feeds or a couple of them set their,
keeping you up-to-date with real estate Trends and real estate markets and those things get updated continually 24/7 that’s all set on automatic,
somebody asked me how to,
get the RSS feed coming to their email and honestly I don’t know the answer to that question and I’ve been able to get the answer yet so I’m a little embarrassed that I even brought it up.
[51:12] Anyway I’m rambling how to reach us facebook.com flipping America media Twitter Instagram and all the other social media things that you can think of just look for us,
at flipping America at flipping America follow us on Twitter and Instagram and when we are doing our research and when were,
breeding interesting stories about real estate even the ones that we don’t mention on the show we will post them they’re so our social media and will keep you up-to-date so be sure to follow us there,
also the interview that you just heard is going to be available in the week or so on our YouTube channel and I say a week or so because we are so busy looking at in buying houses I’m a little behind in my video editing I know I am I say that to my shame I do the editing myself for our,
are YouTube channel and yeah I need to offload that responsibility and I will sooner or later so but we do have a YouTube channel just look up flipping America and subscribe to our,
YouTube channel there and,
you’ll be updated always whenever we post a new video and then you can find some LinkedIn as well you can find us on Pinterest and we are looking into ways of sharing our Pinterest,
project boards whenever we buy a property one of the things that we do,
but if it’s a standard property with standard paint color and fixtures in the stuff that we took the 10 to go to the big box stores and buy we don’t create a Pinterest board but.
[52:38] If it’s an unusual property or one that’s a little edgy or one that requires a little bit of extra style or or one like the one that we just put under contract and we we put,
did the boards there we create a board,
on Pinterest for our team to start doing things like these specialty vanities and light fixtures and different things that we need and some of the houses where the price points require a little bit more Style,
we’re kicking around the idea internally here making those boards public on Pinterest and do you know maybe in the next few months will be doing that but,
we have to figure out a way to keep our private stuff private and make some stuff available to you look you know we are committed to helping you in every way that we can we want to help you grow your business we also as you know we have a mentoring program we don’t say that much about it but the commercials do say some things about it and anyone can go to our website and just,
click the button schedule a strategy call,
and you’ll be talking to one of our team members about your life your goals your dreams your vision your background your training what you can bring to the table what do you need what is what kind of success are you envisioning and around that we will,
put together a strategy of what to do next and if that is participate in our mentoring program then will suggested if that’s not the good fit then we won’t suggest it,
did this is the strategy call is not a sales pitch it’s designed to help you this is what we do is.
[54:10] We help people we help people make money in real estate and we are committed to helping you.
Will believe in keeping score we don’t believe in competition will you believe in Cooperative capitalism and we’re here to help people as much as we can and then includes you,
alright we’ve gotten quite a little the response to my,
words the other day about President Trump and Chinese real-estate and for those of you that missed it.
There are speculators moving to the border between China and North Korea believing that,
the doors are about to open the floodgates are going to open and there’s going to be a tremendous opportunity and the current Bridge across the river that goes to nowhere because North Korea has never bothered to build a road to it it basically the bridge across the river that ends up in somebody’s Farmland in a field that that’s going to be completed and,
a good send services and people are going to be flowing across the border and so because of that damn dong.
China is booming right now the real estate,
prices are going up people are buying apartments and it’s just happening and I gave Trump credit for that on the show the other day and so,
I was intrigued at the response that I’m getting that don’t want to share a couple of days with you Francine from Villages of Ocala Florida Road in Rodger we love you and love your show but are very concerned about your comments about Chinese Real Estate Investors making great money because of Donald Trump,
we voted for President Trump so he could make America great again to make America great again and we think the Chinese own enough of the US already okay Francine.
[55:49] It’s alright maybe you miss heard the Chinese are not buying property in the United States the Chinese are buying property in China and the people that are selling the,
property in China are the ones right now who are doing real well and they’re doing all of this because of trump Trump’s activities and like him are not Trump,
got Kim Jong under the table to.
To discuss the denuclearization of North Korea and I got an agreement on it,
we haven’t seen the d’tails we don’t know how good the deal is actually going to be but I’m kind of thinking the Trump is pretty serious about dealmaking and he knows a good deal when he sees one and I find it interesting by the way that all the political commentators,
wondered if Trump’s negotiation skills would transfer from Real Estate,
to International politics and I can’t help but think you know all these people act like they,
they’re doing something really important because I’ve all they’ve ever negotiated this political deals and I really think that there’s probably less pressure on political deals because he’s people or not,
I personally invested Donald Trump’s been negotiating with his own money for a long time and he knows how to negotiate when he’s personally invested but I digress,
anyway Francine I hope that you continue listening to the show didn’t mean to offend you but I think maybe you misunderstood what I meant this is Chinese making money in China and,
why would be be afraid of that once they stop being communist and become free market Enterprise people we should be a little concerned because they have enough people there to take over the world.
[57:24] Economically alright Delmar from Jacksonville Florida says interesting bit about Trump helping the Chinese do you think it was deliberate.
Just kidding about that but seriously what about the idea that President Trump is trying to get the rights to build Oceanfront resorts in the new North Korea after sanctions are lifted okay I think you might be kidding about that too but who knows and if there’s an opportunity to do that,
after he’s the president why do I care I’m not in that business I’m not trying to compete in that space But even if I were,
why would I care an opportunity that’s going to bring jobs employment and and a sense of well to North Korea I say yay for those poor person or three and people who have suffered generations of poverty in misery because of,
the deadly disease that is known as communism and his cousin socialism bad,
we’re not going to get off on that this is a positive show about real estate and looks like our time is about up anyway so I just want to encourage you my friends don’t worry if somebody else is making money in real estate there still some out there for you.
[58:29] That’s right for you all you got to do is get information get them into her and get going.