Expected Air Date: 07/16/18
Your network is your net worth. We’ve heard that for years. The more you connect with people in this industry, or whatever industry you happen to be in, the more good things can happen. I can’t tell you exactly how or when those results might begin to benefit your life, but I can tell you that your best success as an entrepreneur will come from the people you meet, either investors, suppliers, customers, or even your fellow competitors.
Today I’m going to talk to you about a giant in our industry, Connected Investors. They are one of the largest networking sites for real estate investors in the world. On their site you can find people in your area, or people in the area where you want to be, vendors, deals, money, just about anything you need.
In a few moments we are going to be joined by Marty Coyne, the Chief Technology Officer for Connected Investors. We were talking at a conference recently – yes, NETWORKING! And he told me about a new product they had released. It’s an aggregation tool that puts a ton of seller leads all into one place — a product they call PinPoint Profits.
I expressed my doubts and Marty put it on the line. He asked me to use the product and see if it didn’t work. I did, and WOW. We’ve only been using it a few days now but we are stunned by the potential. We have hundreds of new leads and are already in contact with a few of the sellers. I’ll keep you posted as we go along, but so far I’m amazed and delighted to tell you about this.
But Connected Investors is a LOT more than PinPoint Profits. Marty will explain more in just a few minutes – you don’t want to miss any of this, because after we talk about CI for awhile I’m going to throw a couple of real estate technology questions his way. Wait til you hear his answers!
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Call our National Comment Line: 404-369-1018, ext 1. Leave your message or your question.
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Lead generation resources
Marty Coyne is the Chief Technology Officer of Connected Investors, the world’s largest Real estate investing Community and Marketplace. Coyne plays a key role in shaping CI’s technology strategy as Ci is experiencing explosive growth and making its presence known in Fintech.
The transformational impact that technology can provide, has characterized Coyne’s career in technology solution sales and as an executive at Motorola, where his teams drove more than $1B of new business revenue to his company and its partners. Leveraging that success, Coyne launched a global consulting practice helping lead many of the most recognizable names in the tech sector drive results bringing disruptive solutions to the market.
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Motivational Thoughts for the day
- Most opportunities come disguised as hard work. That’s why most people don’t recognize them. -Ann Landers
Your network is your net worth. We’ve heard that for years. The more you connect with people in this industry, or whatever industry you happen to be in, the more good things can happen. I can’t tell you exactly how or when those results might begin to benefit your life, but I can tell you that your best success as an entrepreneur will come from the people you meet, either investors, suppliers, customers, or even your fellow competitors. Today I’m going to talk to you about a giant in our industry, Connected Investors. They are one of the largest networking sites for real estate investors in the world. On their site you can find people in your area, or people in the area where you want to be, vendors, deals, money, just about anything you need. In a few moments we are going to be joined by Marty Coyne, the Chief Technology Officer for Connected Investors. We were talking at a conference recently – yes, NETWORKING! And he told me about a new product they had released. It’s an aggregation tool that puts a ton of seller leads all into one place — a product they call PinPoint Profits. I expressed my doubts and Marty put it on the line. He asked me to use the product and see if it didn’t work. I did, and WOW. We’ve only been using it a few days now but we are stunned by the potential. We have hundreds of new leads and are already in contact with a few of the sellers. I’ll keep you posted as we go along, but so far I’m amazed and delighted to tell you about this. But Connected Investors is a LOT more than PinPoint Profits. Marty will explain more in just a few minutes – you don’t want to miss any of this, because after we talk about CI for awhile I’m going to throw a couple of real estate technology questions his way. Wait til you hear his answers!
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[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.
And now here’s that flipping America guy Rodger Blankenship.
[0:55] Good morning everyone thank you Kathy Curtis it’s great to see you.
Have you heard the saying your network is your net worth we’ve heard it for years I’ve said it.
You know the more people you connect with in this industry or whatever industry you happen to be in the more good things can happen I can’t tell you exactly how or when these results
come to benefit your life but I can tell you that your best success as an entrepreneur will come from the People You Meet.
[1:26] Either investors.
Suppliers customers or even your fellow competitors today I’m going to talk to you about a giant in our industry connect.
Investors they are one of the largest networking sites for Real Estate Investors in the world are you worried you can’t find a group to go to or belong to in the area where you are you can join connected investors for free and they will,
believe me you join and in a few minutes you’re going to start getting friend requests from fellow investors in your area on their site you can find people in your area or people in the area where you want to be vendors
deals money and just about anything you need for your real estate investing business.
[2:09] If you moments were going to be joined by Marty coin the chief technology officer for connected investors we were talking at a conference recently yes it was at networking conference and as I was talking with Mario’s
it’s great to meet him and I felt privileged to be in his presence he told me about a new product that they had just released its an aggregation tool that puts a ton of seller leads all into one place
it’s a product that they call pinpoint profits,
now I expressed my doubts because I’ve seen similar kind of products and even kind of bought and sit back and get my money back,
different products from other vendors that’s all I want to say about that because we we don’t sit here and and
focus on the negative there you know if we want to focus on the negative stuff in this industry people week we would have enough to talk about on every show from now Til Kingdom come but we’re not focusing on the negative I’m looking for the positive and this product pinpoint profits is a
is a positive Marty put it out on the line.
[3:12] He said use the product and if it doesn’t work I want you to tell me because I really want to know.
So okay I took him up on his offer and I did and wow.
We’ve only been using this product a few days here at the flipping America office but we are stunned by the potential we have hundreds of new leads and we’re already in contact with a few of the seller’s I’ll keep you posted as we go along but so far.
I am amazed and delighted to tell you about this but connected investors is a lot more than pinpoint profits Marty will explain more in a few minutes.
[3:49] You’re not going to want to miss any of this because after we talked about connected investors for a while I’m going to throw him a couple of real estate technology questions and wait till you hear his answers you just have to stay tuned to the end of the interview
alright so thank you for tuning in to listen to a flipping America you can reach us online by going to our website flipping America network.com
now just a few days ago I told you about something brand-new at flipping America called the flipping America internship this is your opportunity to be an intern and
participate in our mentoring program all together and it’s a way that you can actually earn
your way to pay for your mentoring program it’s.
Probably not a brand new approach everything that I think I’ve been in somebody else’s probably thought of before but it’s new to us and it’s based on our experience this summer with our interns and you can go to the website when you get the website this morning.
[4:49] You will see right at the top of the page we got something brand-new they’re talking about them internship you click on the link and there’s a video and we’ve got a video for one of the interns and and one of the other interns,
I’m just wanted to put it in writing so it’s right there what they think about the program and there is an opportunity for you to get involved it doesn’t matter whether you’re in Atlanta you could be anywhere in the country and you could be an intern with flipping America and
actually earn money to help pay for your mentoring that’s why we call it the Minturn ship.
[5:22] That’s it flipping America network.com.
[5:25] Then if you want to find us on social media we do have a Facebook page look up flipping America media follow us on Twitter or Instagram or both.
At flipping America where on Pinterest were on YouTube or on LinkedIn or on Google Plus we’re on house and
if you if that’s not enough you can email your question any question about real estate didn’t have to be about real estate investing it can be any question about real estate and it doesn’t have to be something that we
regularly talk about here on the show it can be any asset class any type of real estate question we don’t know the answers to everything but
we know people,
because we Network and will get you in touch with the right people and we’ll get an answer to your question we have answered every question that’s ever come into the show and we’re going to keep doing it as long as we can and we feel like we can now,
there are some out there listening.
We know that there’s some of you out there that just really had never joined the computer Revolution and you don’t intend to you don’t want to email you don’t do the social-media thing you still call it instaface that’s okay,
we have a phone number for you if you just need somebody to talk to or if you just want to leave a comment about the show you can call for 04
369-1018 extension 1 hey we had a great time the other night with the Tony lukashevich at flipping Atlanta and.
[6:54] Oh that comes up
every month on the 2nd Thursday we do a local networking group here we may have 20 we may have a hundred we can never tell who’s coming out
but it’s alright we’re glad for anybody that comes we do the same thing every Wednesday with lunch now the difference is
every Wednesday at lunch time we have a meeting and there’s really no agenda except whatever questions people come with on the second Thursday of the month at the formal flipping Atlanta meeting.
We do have a speaker in a topic typically coming up in August yours truly is going to be the speaker I’m going to be talking about how to invest in real estate using your
self-directed IRA and we’re going to have our friends from Advanta Ira on hand,
to answer your questions more specifically about the IRA mechanism in Mike Venturi is going to.
For a little while about that and how it works and I’m going to give you some ideas about strategies so that’s coming up August the 13th.
And then in September all it’s just we have good stuff lined up all year but that means it means we got to go to a break so we’ll be back in a few minutes.
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[10:19] I’ve got Marty coin with me today online Marty welcome to the show.
[10:28] Thank you very much glad to be here it’s great to see you man appreciate you taking time from your busy schedule to join us today and it already told everybody we met at I am in and.
You told me about this product that you have and I held off talking about it in the intro cuz I’m so excited about this.
Ayuda I see a lot of stuff that lot of things come across my desk and and people want me to try things and and products that they want me to endorse and and talk about and so forth and honestly most of them are just well.
Nice try developed a few things myself then I look at him with kind of a detached third-party looking I think to myself nice try but still got a ways to go,
with pinpoint profits you have delivered the goods.
I’ve only had one day yeah I just need to be fully honest with the audience I only had one day to play with it but yesterday I,
just focused in on the area right around our studio here in Sandy Springs Georgia just north of Atlanta and,
I downloaded 1200 solid leads properties with equities in it equity in a Min I don’t know how you did it but.
Congratulations to you man great job.
[11:48] Thank you it was a it was a long time and works you know it and it’s one of the yeah I’m the technology dork in my company okay but but everybody of my company is a real estate investor.
[12:01] And so if you just leave it to technology people to come up with a great solution.
You’ll get a great technical solution but it doesn’t really make sense the investors but because we have all these Real Estate Investors in our company it really helps to know.
What the endgame really looks like I can look a lot of data.
And not really know how a real estate investor would really use it and how they really care but for 4 to bring it together that’s kind of where the magic was.
Right because I have all these ideas but I don’t have the technology background checks Lee make it happen so yeah.
[12:43] What time it’s you know there’s a lot of data out there we all hear the buzzwords big data and what that really means and what that really means is there’s a whole bunch of stuff out there.
It’s too much to really ingest unless you can come up with a way to simplify it and put it in a display,
where someone that can actually take action against it and then so that was the whole goal of important prophets was to bring Big Data.
To the average regular investor that would otherwise not have access to that kind of data yeah
and it will you know I can’t say again how much I believe that you succeeded because it’s the user interface is spot-on click on where I want to go what I think’s going to happen what happens I know there’s a rusted was Raza did the video.
[13:37] Introductory video on how to use it not.
Okay well everything’s so obvious and so well laid out I don’t think I need the video but I watched it anyway out of respect and sure enough everything just like a charm and.
I’m looking at properties I almost don’t want to tell anybody else about this because I would like to have the inside track on some of these leads for a few minutes before everybody gets ended.
It’s funny you say that it’s funny you say that because we had a couple people in our team say is there a way we can put a little delay in here so that we can take advantage of them so no I get that completely well,
LOL we just jumped into this talking about pinpoint profits but connected investors is so much more than pinpoint prophets so much more I would like if you if you don’t mind if you if we could just get on the plane at 30000 feet and
and give us the the big picture of connected investors what it’s about one of the largest is not the largest networking group Real Estate Investors in the world.
[14:45] Right so I connected investors.com was started essentially.
I guess now about 12 years ago by Ross Hamilton who was a real estate investor himself and.
Really saw the power of networking and knew that he needed to grow his own network and back then we use things like my space if you remember that some of your listeners will rise and shine of built this into a good-sized network and then
45 years ago we pulled in the,
the rest of my team to kind of take this to more of a really of a business level.
[15:23] Kind of concept in with that we’ve now have over half a million members who are people who come to our side who are like you some of them are
mom and pop Fix and Flip type people some of them are big companies there’s wholesalers there’s slippers or Slender’s there’s all kinds of people and what they do,
they try to connect with each other.
[15:46] They try to connect with sand and find retail grade properties and they also try to find funding so,
we basically take all those things and we have an off-market an off-market property Marketplace these half-a-million investors and lenders who were,
trying to give them money and we put them in a in a pot on the stove and we let it simmer for a while and good things happen people get deals done.
And so that’s kind of the concept of connected investors and so
as part of that along with the marketplace in each other we have created tools to help them find properties like pinpoint profits that you’re mentioning now which is the latest one we just brought out
but we also have detected that people really need funding and so we created cix.com
which is a place where borrower’s Real Estate Investors can go find funding for their real estate properties they are the investment that they’re trying to make and we match them with.
[16:52] A network of well over a hundred hard money and private money lenders that are looking for them as much as they’re looking for money,
there are lenders looking for borrowers and so we we put the two of them together and it’s it’s been a.
And we just celebrated our third year with cix and we’re we’re driving a little over 3 billion dollars a month and Loan request.
[17:19] Well 3 billion a month that’s billion with a with a B.
[17:25] Yeah that’s right that’s that’s a lot of loan request and you don’t believe it or not we’ve already talked herself to the.
The end of this segment we got to go to a break when we get back though I know connected investors offers a lot more tools and I wanted to kind of dig into that a little bit will do that right when we get back.
[17:58] Do you want to learn how to flip 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 flip 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 my name is Pat caywood.
[18:25] Cleveland Tennessee and I’ve been.
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.
[18:47] He has a clear concise program and many tools that are going to be very hot.
[18:53] And starting and managing the program and the mentorship and Leadership and coaching that he’s offering are in value.
Thank you so much for all.
[19:56] And we are back I am Roger Blankenship I teach people how to make money in real estate I have with me Marty coin
is the chief technology officer from connected investors if you’re just joining us we jumped into the conversation talking about one of their new products I’m so excited about pinpoint prophets been using it myself and
but I know that connected investors has some other things and you mention this in the last certain Marty you talked about,
other tools for finding properties can you elaborate on that.
[20:27] Sure so if you think about what a real estate investor is really looking for they’re looking for properties that may be a vacant or they are in foreclosure in some stage of foreclosure or they’re going to auction in those kind of things
an inch or what does a real estate investor do to try and find those properties while some of them go to the courthouse.
I mean I was going to ask you what it what do you do to find us proper you probably seeing a bunch of websites what do you do Rodger oh well number one we network with a lot of wholesalers.
And that’s where we buy probably most of our properties but no we got our own Legion website and we’ve done some Direct Mail we
drink a lot of hands I lead networking meetings here in the Atlanta area and we just do our best to try to have you know 30 or 50 emails coming in every day
with deals in the other thing that we do is we worked foreclosure auction pretty hard.
[21:24] Sure so much like you do we try to feed people like you buy.
Providing a social network can make those connections and set up the meet up and all those kind of things like you just mentioned we provide tools that will.
Like we said bring this big data and with pinpoint profits and others to to pull out the baking pre-foreclosure and all those things so that you can,
play qualifier property before you just go to the courthouse and then we also have another tool for example I called deal.
Which it is really a Time Saver tool some a lot of investors will just go out and they will go to a dozen or more websites every day.
Just trying to find deals and so what we do is we consolidate our number of those websites into one interface so that they can actually get an email every morning that says hey there or you know.
45 new opportunities in in your area and then from that point they can go in and see if they qualify for type of opportunity looking for.
Okay that’s great deal dog now this is the first I’ve heard of it I guess I have been paying enough attention so it is there an extra cost for that.
[22:41] Connected investors to set up if you want to if you’re a
as someone who owns properties you can post properties and connected investors and get it in the marketplace
we we know how to do two things pretty well technology and marketing so we can drive some eyeballs so people who have properties I can put them into our Marketplace,
and we will have it make sure there’s a whole bunch of people that are seeing them and we we hear from people everyday you are selling properties on our site we don’t make any money off of that,
we literally just connect people we’re not Brokers were just literally Making Connections the other hand there are people who are looking for properties right so they can come into our Marketplace,
find properties connect with the person who owns it and do the same thing just like that.
Now the idea was deal dog is literally the time-saver it’s just.
Going out and finding properties that are that meet certain criteria that investors are looking for,
and we we access different websites that investors go to and kind of bring them into a singular interface if they can look at.
Okay I may not even know all those websites you know why I’ve got a little IFTTT things set up with Craigslist you know it’s it doesn’t it’s not a scrape you know we’re not scraping Craigslist but,
it is just so you know automating a search and emailing me the results every day I thought I was pretty slick doing that but this sounds like a supercharged version of that.
[24:11] It is and it pulls you know data from a number of different sites and you know one of the interesting things is there are a lot of.
[24:17] People that have properties that you mentioned scraping and that kind of stuff there are people that don’t really have tools to share their properties with apis and other,
call Tarrant neurology but they actually want us to find ways to get their properties into our side so we help them do that as well. I didn’t answer your question in the initial your initial question the way connected investors work so is.
Finding each other finding money buying properties posting properties those things are all free of charge you can just go to Connected investors.com sign up for a membership and and really what you do there are you follow areas.
And that way if there’s Communications or networking happening in your area you can find those people find this properties and so forth now the tools that were talking about,
things like pinpoint prophets things like Gill dawg we have another tool for example helps you know Real Estate Investors free.
Their own websites like 5 or 10 minutes in the generator website for him called deal in sight so those are the types of solutions and tools that we provide for.
For our members of another one just helps him with contracts as we all deal with contracts doing these.
During these different investment strategies and so to come up with a lender agreement or I’m you know what at 4 a.m.
[25:46] A rental agreement and those kind of things we can have them automatically generate contracts interesting so there’s a little bit of a there’s a little bit of a pay wall with that stuff I guess.
[25:57] Exactly know it when you mention contracts of course the first thing comes to my mind is you know you’re all over the country and laws vary from state to state.
So are you dialed in for the particular state laws for like rental contracts and that sort of thing.
[26:13] It’s a great question in an absolutely and you’re right
Georgia where you are as very different rules and where I am and where people are around the country and so yes we’re absolutely dialed-in so that the contractor we have in contract Genie
working all 50 states within their all flavor that way accordingly.
Okay well I know that we’re here to to talk about connected vestors and and I want to pump it up I’ll you know I’m.
I’m a big fan and really appreciative of the things and you know I was a member of connected investor years ago and then,
ghetto kind of didn’t use it for a little while I guess you may run into that and so I had to recreate my my profile there recently but
or as soon as I did within a week I had 28 friend request and and networking opportunities most somewhere wholesalers you wanted to send me deals that’s okay
because that’s where I find a lot of my deals but.
When we get back we got to go to a break when we come back from this break if you don’t mind Marty I would like to just talk about Marty a little bit. All right.
[27:17] I guess I will try it I will put you on the spot don’t worry.
We’ll be right back.
[27:43] Are you one of the 70% of Americans living paycheck to paycheck and tired of the stress if so I understand that I used to be in that 70.
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[29:53] We’re back on Rodger he’s Marty I teach people how to make money in real estate Marty makes it happen for connected investors worldwide one of the largest networking organizations for Real Estate Investors anywhere,
and Marty runs the technology side of things they’re so.
This question I tend to ask this to almost all of my guess so don’t feel like I’m singling you out but.
Most of us who are in the real estate investing business are not we weren’t planning to do this when we were kids it’s not our life.
[30:30] That way we charted out our life at the beginning and that’s why I asked this question with you might be a little different because you’re you may be doing something you always dreamed of but my question is.
When you were a kid what did you want to be when you grew up.
[30:47] You know like everybody right I wanted to be a football player baseball player sure that’s a big piece of what I would have answered back then well I but I always football player did you play some football.
A little bit Yeah so but I do think that.
[31:07] I’ve always had an interest in the technology things and have grown up and in technology and computers and all that so
I’m doing what I’m what I’ve always wanted to do and kind of over the last I don’t know.
10 or 15 years it’s really been about taking emerging technology and applying it to.
It’s all problems if people didn’t know you could do that way and so you know whether an in a pass in my.
Things like voice recognition technology or or things like that and in this world and in this connected investors environment it’s really about taking like we said a minute ago taking big data.
Making it available to the average investor that’s really kind of a
harder than it sounds and to take something very complex and make it very simple oh yeah yeah I haven’t even tried it on the scale that you do but just on the small scale that I do.
Can understand the difficulty involved so how did your journey connect you to Connected investors how did that happen.
[32:22] No I’m the CEO of connected investors a gentleman by the name of Bill Brinkley is,
the guy that I had known from a past life where I’m at work with him on a on a project and,
and he’s known Ross for many many years and when Ross decided several years ago to take connected investors to the next level the first person he called was Bill.
And your bill I need you to help me run this business and shortly thereafter bill went into his world asking and grabbed a couple of us that were guys that he is known ass.
What’s up let’s take a look at the dancing and I came in this way to be honest I came in to look at this as a short-term Consulting.
Kind of opportunity and when I got into it I remember sitting down with Bill and saying did you know what you’re sitting on here you really understand.
How cool this could be and so you laughed and said that’s why I called you and so we we my short-term Consulting thing I guess just now in the round 5 years.
[33:31] Alright that’s cool so you’ve been around for a lot of the the birth of the technology generation and the revolution that’s been going on for the last I don’t know 30,
30 years 30 plus years in terms of technology and real estate when you kind of.
Peers who your crystal ball to see what’s in the future for us where do you see technology in real estate heading.
[34:01] A couple things jump right out one is Everything is Going Mobile you know being able to take things that,
only the people on Wall Street had access to and putting them in the palm of someone’s hand driving down a cul-de-sac in the neighborhood
is pretty remarkable and that Trend will continue as so it really an edible localized customize.
The data just for you so that’s that’s one aspect for sure there’s a lot of Buzz words out there that you hear about along with big daddy here about things like artificial intelligence and machine learning and there’s a bunch of others,
but I won’t bore you with there’s a lot of opportunity there to take those types of Technologies.
And apply them to real estate to help really dry.
Specific answers looking at trending looking at opportunities and so,
that’s a big that’s a big area of opportunity the other one real quick then I’ll point out is all is really big Challenge and it’s the security aspect.
All this date is out here.
All your personal data is out there on the internet and it really does take a lot of time and attention and focus.
To make sure that that date is secure and make sure that.
[35:29] If there’s a will there’s a lot of Riff Raff out there they see all the money going on in real estate and there’s a lot of people that are trying their best to.
Make a quick Buck here by hooker by Crook and so we spend a lot of time in the technology world trying to put fences up.
Okay so you know that kind of leads into question I was going to ask you about
I noticed that you didn’t mention cryptocurrency in any of your talk about the
technology and real estate in the future that’s okay with me but I wonder if the underlying technology the blockchain technology might help to address some of those security concerns.
[36:14] Absolutely absolutely is that going to happen you know after next Thursday no it’s not it’s it’s going to take some time there’s still some.
There’s still some competing Technologies and adaption. Adaptions I guess would be out of that at applications of that technology that are still being worked out.
There are a number of opportunities here though.
And there’s a lot of BC type money pouring into that world to to drive it.
Show some good things will happen about about that but it’s going to be.
Not as quick as a lot of people would like to think it would be you should also understand this cuz this is an important piece of it.
[37:01] There’s an awful lot of established very large companies institutional type people that are not real fond of some of that technology
because it takes away some of their power and some of their ability to regulate and so forth and so those people will not go down without a fight it’s much like crowdfunding
you know crowdfunding has a lot of people to think it’s great and there’s a lot of people that are well-established people that you know that thank you.
Terribly dangerous and so what we’ll see how it all shakes out it’s definitely going that direction now do you see connected investors jumping into either one of these you know you mentioned crowdfunding or cryptocurrency those those kinds of exchanges.
[37:48] Cryptocurrency I think down the road I don’t see that in the next couple of years.
You know we’re playing with some things looking at some things but not I don’t think that’s something that we’re going to be jumping into into anytime soon sad funding we actually got into.
Maybe 3 years ago we started looking at that and we thought you know what we should be our own crowd you know we’ve got a bigger crowd.
Then all the crowdfunding companies put together that’s just fact.
And we looked at that and said you know what I told you earlier we’re really good at two things Rexy really good at three things we’re good at technology marketing and not hiring lawyers.
And if we were going to go into the crowdfunding world that is Rife with compliance and all kinds of legal issues and things that have not been yet to find.
And so we are very.
We’re very bullish on crowdfunding we think it’s a great opportunity but for us to be a crowdfunding set ourselves
this isn’t in our wheelhouse yet so what we’ve decided to just kind of promote the entire movement of crowdfunding.
And support that but at the same time not be a participant in it directly.
[39:02] Okay and you know that show some wisdom and maturity on the part of your company and your leadership there because there are a lot of shiny objects out there and I see my friends here in.
Just some of my Social Security Atlanta I see them getting distracted by cryptocurrency it’s a fad that’s all I can say about it right now and there are a few ways to use cryptocurrency to buy real estate but.
[39:29] You’re spending a lot of time on the it when I called the bleeding edge where you may end up losing some blood definitely some sweats and Tears by jumping in this.
Yeah I know and and we’re all about being on the Leading Edge but the bleeding edge is a little different and and I think
I think will will we’re going to play that one out a little bit longer yeah you know you mentioned a lot of VC money is being thrown at various ventures of course we report on a lot of that here on the show we have a a research team that’s always looking at what’s happening
and it amazes me how much money is being thrown at the idea of virtual Realty Realtors.
Really just trying to eliminate the.
The role of the the other traditional realtor and I’m not talking about the bored housewife real drums on my channel marketer of properties and the person who makes deals happen do UCS replacing Realtors anytime soon.
[40:33] I think the role of the Realtors is going to change and I think they are going to be certainly,
a movement where the Realtors as they have been known for years and years is going to have to adopt because.
Now there are Market places where people can go in and other services like you’re talking about the kind of.
Talk about eliminating on me we all talked about how it used to be like travel agents right and then now people go to kayak in Travelocity and those kind of things but real estate is still a people business.
[41:10] It’s still a local business and so I think there’s going to be an opportunity for realtors going forward it’s just I think the role of a realtor is is likely to change pretty dramatically,
yeah really really gray answer Marty on and on cuz I got a lot of these kind of questions and that I love picking her brain or somebody like yours you know the brain your size but we’re out of time I do want to ask you though.
Just one more question in this is an area that may be connected investors.
Is it is planning to do something that may be already doing something about and I don’t want to ask you to get away any Insider Secrets or anything like that but you said was you guys working on but one of the biggest challenges non-realtor investors face.
Is how to get accurate,
comfortable sale information now we know that the the sources that are out there like Zillow and Redfin and realtor.com you you can kind of get there but
there’s nothing automatic
and we know we tell people no disrespect ozello they’ve done a lot of good things but never trust this estimate and you really can’t trust any automated
valuation that’s out there now do you have any idea that we were going to get better at coming up with an automatic value or we can just plug in an address and boom something tells you what the property is worth.
That would save so much time.
[42:35] You know if you talk to a lot of other companies other than mine you’ll probably hear that there they have that answer they’ve already saw that crime
but I’m with you I think it’s it’s all over the place I had a conversation yesterday with.
Westside one of the big data providers in on exactly the subject in this.
This different challenges by the way one of the challenges is you’re not allowed to show certain kinds of data unless somebody.
Essentially comes into a private site you can just put it on the internet you have to have them log in and go through terms and conditions and all that so there are some actually some.
Are walls around this data that keeps it from just getting out there.
[43:25] With that level of detail that I think you’re looking for having said that,
this is a constant challenge that I think the data providers are our challenge with and the people who are taking that data and doing something with it so quick example if I’m one of the data providers
I can provide you a file of,
in three or four hundred different fields worth of data on your property that you care about but that’s just data.
Put you in a way that you can actually do something with it and make decisions and run algorithms against and and and compare of a Tom’s like you’re talking about some of those things that’s a very different level of complexity,
and and there is some regulation around that that’s a long-winded answer to say.
[44:17] There’s a lot of people working on that problem and I think we’re going to get.
We’re going to get a pretty good throw at it but there’s always going to be the nuances that that that local investor with his eyeballs will be able to make the last call on.
Okay well I appreciate that I appreciate the honesty of it to you. I don’t know if we’ll ever be able to replace humans totally I kind of hope not you know I don’t like to be needed.
Marty thank you so much for taking your time to join us today on Flipping America and we’ll have you back on here very soon enjoyed it thank you.
[45:10] 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 Faulkner and here’s what he had to say about the event.
[45:23] Peter Faulkner here I tended a one-day flip starter training session led by Rodger.
[45:30] And I was amazed to see what has happened in Rogers Live from the last.
[45:35] Flipping over 800 houses and then this one day training he told how he did it and what the pitfalls the blessings the benefits.
And how to do it and I was so impressed with how well organized and how smooth the training went today.
You’re tempted or in courage to go so it was not a bad price and if you get a chance to do it even just to consider investing.
But I just want to thank Rodger for a great day today and.
[46:21] Truly great stuff and thank you Marty again for joining us and thank you Ross Hamilton for putting together your vision behind connected investors is making a
huge difference in a lot of lies and
I just want to express of a profound appreciation for all that you and your team are doing their with connected investors.
Really appreciate the opportunity to talk about what you got going on alright,
we got a couple minutes for some questions from you guys and I want you to remember you could send your questions any questions about real estate two questions at flipping America network.com.
At flipping America network.com and I realize that the questions were going to cover today are similar to questions if your long time listener to the show.
We get some of the same questions over and over again and we just decide from time to time that you know it’s been awhile since we covered that topic and so will come back to it and cover it again because we get new listeners all the time
and I realize we have quite a catalog of shows and the new lister’s don’t necessarily go back and listen to all the old shows.
So Andre from Pittsburgh Pennsylvania says how do you find contractors most of the guys I talk to have a 2 month weight very good question and actually that’s a good sign Andre if they are if there’s a two-month wait to get them in fact
right now in this economy with the market the way it is if you find a contractor that’s not busy.
That should throw some caution Flags to you because there’s a problem there is that if he’s not busy then he’s probably not any good,
alright so if you find someone that’s got to do much weight you’re alright because here’s what you do.
You put yourself into continual contractor hiring mode you’re always running ads looking for contractors where do you run the ads I suggest craigslist.org on Craigslist.
[48:17] Is it org,
I don’t even know right now but I’ll go on Craigslist and just run an ad looking for a general contractor and see who replies and make them jump through some hoops and then vet them part of your wedding process,
well that’s the next question so we’ll get into so Craigslist is definitely one way to find them back to how to find them,
you can go down to the local Big Box store that could be a Home Depot or Lowe’s go to the pro desk and look at the cards that are posted there and maybe even talk to.
The people at the pro desk in the third biggest source in this is one that I rely on a lot when I go into a new territory and I’m meeting a realtor that I think I like him want to use,
I asked that Realtor to recommend a contractor or two and those are almost always good leads they know who does good work they know who has a good reputation and who does not
that has saved my bacon more than once so continual ads continual looking.
And Realtors the other thing to do is keep your eyes open you know I’ve been in restaurants and noticed guys wearing matching shirts with the name of the contracting company on and so approach them.
[49:33] Without interrupting their lunch or their meeting but if
if they’re in the business there’s a decent chance that they’re looking they’re always looking for more business so it’s it’s again it’s a little bit backed in networking and don’t be shy.
[49:47] Okay Garth from Waukesha Wisconsin says I hear horror stories about contractors how do I know I’m hiring the right person I almost started answering this question minute ago but I am
Drew back and so here you go Garth how do you know you’re hiring the right person well the first thing you want to know is that you’re hiring a good person,
and I’m not talking about being good at it that’s next that you just want to find a good person so I have developed a series of questions and I’ve been working on my little database of questions up to about 30 questions right.
[50:21] Ask a contractor just to kind of see what kind of a person they are.
And the interesting thing is these are not really questions about Contracting and construction so much
it almost feels to the contractor like we haven’t started the interview yet and we’re just maintaining casual conversation that’s the way I want it I want a casual
conversation I want them to drop their guard and I want them to reveal who they truly are and so I talked to him about Nino different situations I may even tell him a story about a thing where I got put into a jam,
with the hopes that they’ll tell me a similar story because you know a lot of people feel like if they hear a story they got to tell story and sometimes I feel like they got a top this,
but we are controlling the conversation and listening carefully to the character that is revealed.
By what the contractor says and when I get a contractor who brags about finding ways to bend the rules or deceive or mislead.
[51:23] The authorities or anyone homeowner are getting around an issue or hiding a thing I just read flag them
I may continue to have a courteous conversation but there’s no way we’re going to have a second conversation because here is a true and faithful saying Garth and everyone else listen to this if you’re talking to someone and you hear them willingly,
tell a lie or a Miss Truth or mislead about something else sooner or later.
They are going to tell a lie or mislead you and when everything goes south they’re going to tell a lie about you.
[52:05] You know there’s enough drama in this business already I don’t need anymore so I’m not volunteering for any so I just realize out.
[52:14] Yep that’s what I do I’m looking for a good person first of all because really,
you think you can protect yourself from a contract I think again or protect yourself with a contract you just need to think again because contracts really don’t do a whole lot unless you have a lot of money and are willing to spend it
on lawyers and court fees and get have your money tied up for a long time because the courts move slowly and they don’t always move in your favor,
and even when they do you still have the burden of
your own legal fees is that what you really want I don’t think so what you really want is to hire a good person and then the contract basically is a written reminder of what two good people have agreed on.
[53:00] Now you want to find someone who is a good person and then you want to find someone who’s good at this those are not necessarily the same thing.
They need to have the skills to do the job at hand and some of these guys that call themselves contractors are good at one thing but not another
I’ve had a general contractor that was really good at sheetrock and even I watched him showing his sheetrock guys how to do it better because that was his background and training and experience
but when it came to scheduling a job a big job a $40,000 rehab
he wasn’t so good and we ended up spending extra money because of his poor scheduling so guess what happened I learned a valuable lesson and we didn’t use him again.
And that’s unfortunate because he was a friend of mine before that experience but that experience made it not enough and I could have.
[53:52] Prevented all of this if I had done a better job of understanding what his skill-set was and not put him into a place where he didn’t have the skills now this is a little bit tricky because most guys realize that
none of this is too hard.
And they do some things well they’re going there and they want the work so they’re going to claim that they can do it all that doesn’t mean that they can even if they think they can it doesn’t mean that they can
and it it there’s always a balancing act here between being the nice guy and being the boss and and looking out for your own interest in the interest of,
those who may have invested in you whether it’s family or friends or a lender you have to guard those interest very carefully friend or no friend,
you have to stand up for yourself.
That means that you owe it to yourself to make sure that they have the skills to do this job how do you do that why you get references of course
do you also when your wedding the contractor you find out any other names under which they have done business in the past because you’re not just checking the Better Business Bureau and their reputation in town went under the name they’re giving you.
[55:01] What other prior names as well.
If you meet a contractor that’s been in business for 30 years and has done contracting business under four or five different names that should be a yellow flag,
you need to find out why they have so many different companies now that it’s different when you hold assets like real estate I would,
someone who holds assets like real estate to have a number of different companies but if a person is in the trade and they’re practicing their trade out of a number of companies or they’ve opened and closed and never different companies
that usually because they had a problem they drove with the bankruptcy they got sued they got a bad reputation something is going on and you should look further into it that you’re going to get references from the people that’s
fine check the references but.
You owe it to yourself also if there’s anything that’s anything that’s giving you a little bit of a sense of caution even if it’s just a vague feeling
go down to the building permit office and your municipality and look for other permits that this contractor has pulled over the years and don’t,
you too shy to just go knock on a door or two of the people that he didn’t use as references just to see.
[56:19] Okay what is a contractor doesn’t want to give you any references conversation over next
that’s why you need to keep a steady flow of people coming in the door the other thing in this getting back to under his question as well the other thing that you what you’re doing here is your keeping you know a strong team out there.
[56:40] Playing for you and a strong bench so you meet a guy and and he looks great and and everything looks great but he’s got a two-month wait for him get to you that’s okay you just tell him that I’m 2 months now this is if you got your deal for going okay,
did you tell him in 2 months you’ll have a job and let’s talk when you get about one month out let’s follow up you still have me on schedule I don’t know maybe exactly where it is but we’re going to have something for you to work on and
you know there’s a little bit of a whole trust thing going back and forth they don’t know for sure that they can trust you,
you have to earn their trust and you don’t know for sure that you can dress them,
and they have to earn your trust I find it helpful just to talk about this openly hey we’re doing the little trust dance here we’re getting to know each other we’re getting to see whether or not we can trust each other I’m willing to take the first step
because I’ve done my research I’ve checked you out and everything checks out fine.
[57:35] And I have a good feeling about you and so I’m willing to take the first step and I will
put a little money out there and this is another issue that that comes up a lot and it is question we’ve got in reserve here but we’re not going to have time to get to it but we will put a little bit of money out there to start a job.
We’re not giving him half of the money and we’re not giving them the the equivalent of the first two weeks worth of drawers we’re basically buying enough and giving them enough money to buy the materials.
For that first bit of work and then as soon as they’re finished and they got labor in it they will pay him for the labor and we’ll talk about the payment processes in the future show but,
there’s a couple of questions about contractors they come up all the time that’s all right keep asking questions folks questions are flipping America network.com we’ll do the best we can.
To answer them and help you in any way we can we’ll talk again soon.
[58:49] The great advice columnist Ann Landers once said most opportunities come disguised as hard work.
That’s why most people don’t recognize them I love that.
That’s brought to us today by the foundation for Renewal working together with communities across this great country of ours to impact and improve lives.
Find them on the web at renewal fund. Net and your gift in any amount is text to ductable and is always much appreciated.