How to Buy Your First Rental Property (In 90 Days or Less!)

this is the bigger pockets podcast show 463 you're listening to bigger pockets radio simplifying real estate for investors large and small if you're here looking to learn about real estate investing without all the hype you're in the right place stay tuned and be sure to join the millions of others who have benefited from biggerpockets.com your home for real estate investing online what's going on everyone it's brandon turner host of the biggerpockets podcast here in the uh i'm actually in the great state of idaho right now i'm on a little bit of a trip here with my family to go visit my buddy aj osborne who's been on the show a couple times but uh here in aj's office uh with my buddy david green what's up david not technically in the office with me but you know over the world wide web where i'm there in spirit thank you dude how you been man what you uh what you got going on in your life a lot of growth is happening really quick so the real estate team is still doing well i hired a bunch of new agents and i'm looking to get them trained the mortgage companies coming along well but same thing we're hiring loan officers just growing pains that every new business goes through but they're good right because it's good to have growing pains when you're when you're doing good business what's the number number one best tip for hiring people you've found i would say that what i'm finding right now is that people's past track record will tell you much more about how they're gonna work in your company than anything else so what i realized i had this little epiphany where i'll ask someone hey you got to make five phone calls a day to people you already know to tell them you're an agent if you worked at starbucks and you didn't have to talk to anyone ever that feels like an insurmountable hurdle and they'll give me so much pushback on why they don't want to make these five calls if i hire a navy seal they're like okay so five calls not 500 and i don't have to be swimming in the water while i'm making it and carrying a weight right it's the easiest thing ever for that person so just it's a part of human psychology that i've learned when you've done really hard things in the past when you get a new opportunity it doesn't feel that hard if you haven't done something challenging when you hit a new obstacle it can feel debilitatingly difficult so that's something i'm really looking at when i'm hiring now is what has this person done before will working for me feel easy or hard well and speaking of challenging and challenges let's talk about today's show a little bit so today's show is different than anything we've done in a long long long time here and that is david's not actually going to be on the show the rest of the show it's just me talking at you for like an hour and a half and here's why so a lot of you know every week at biggerpockets we do uh i do i teach a live class and david teaches a live class almost every week as well uh we did one a few weeks back called the 90 day challenge and i kind of i revamped it i've done it a few years ago and i've done it a few times over the last few years but i revamped it a little bit for kind of where we are at in the world today and what's coming and we had a few thousand people show up and the people that showed up just said it was like one of the most impactful things that they had attended and and been to and it changed a lot of people there uh and so we thought you know what why don't we why don't we put this up more than just a few thousand people that were able to attend live why don't we put this out to the entire bigger pockets audience so that's what today's show is so today's quick tip is simply to listen to the whole the whole uh interview or the whole episode i know it's longer than maybe our normal episodes are but i want to encourage you to listen through because i cover a lot of basically what i'm doing is i'm covering this the six phases of a real estate investor's journey there's six phases we're gonna go through each one of them today and how you can get work like today like after you listen to this thing how you can apply all six of those toward buying a property in the next 90 days whether it's your first property your second your third whatever we want to make sure you can get that now in the show as typically if you've ever been to a bigger pockets webinar at some point in the webinar i i usually end up talking about bigger pockets pro because it's a big part of what we do we analyze deals and on this episode we're gonna on this episode you're gonna actually hear me analyze a deal i know you can't see it use your imagination but we analyze the property uh and sometimes in the show we'll actually give away a little discount on a pro membership and so i want to make sure that even though that webinar is old and old it's a few weeks old now and that code no longer works we did a new code for anybody who's listening to this show so if it's something that you listen this you're like yeah you know what i think a pro membership would be a good uh investment in my future uh you can use the code podcast pro one word podcast pro and get 20 off your first year of a pro annual membership that does expire on six one though so make sure you if you're thinking about doing it make sure you upgrade by 6121 again the code is podcast pro at biggerpockets.com pro upgrade that would be the url to go to now before we get into me talking for the next hour i want to ship this over to david one more time david i want to know your opinion on on this one ultimately important question why do so many people think they want to get into real estate they talk about it they listen to our show they get excited about it they listen to you they read your book they read my book they read other books they watch youtube videos and then a year later they've not done anything five years later they've not done anything why because that's really what today's show is all about is how to like do this stuff but i want to know your thoughts why don't people do things i think it's the same answer why when someone comes to work for me some people thrive and say this is the easiest best job i've had and other people say this is horribly ridiculous it's their expectation of what it takes to be successful and i think real estate investing is probably for what you and i see just absent someone who can be a rocket scientist or do something very unique play like michael jordan real estate investing is the highest roi you can get on your time but it's not easy it doesn't just fall into your lap by its very nature you have to go find a property that is better than other properties that works better for the purpose you want it for and then wait and there's delayed gratification and there's a lot of work that's done up front that doesn't turn into results right away very similar to other things like learning jujitsu or getting fit everything good in life you got to put the work in up front before you get the result and that often feels different than other things we do in life like i go to work and i get a paycheck right away even when you suck at your job when you're there you're getting paid by the hour and there's laws that protect employees to get paid really before they deserve money sometimes it's not serving them and you get out of that world and into this world which is a really dog-eat-dog law of the wild right the strong survive and it can feel really difficult so what's sad is the people that quit before they get through that initial soreness when they first start working out because man the the pot of gold at the end of the rainbow is so great but i really think that's what a big piece is their expectations when they came in that was really good i'm going to take that clip you just said i'm going to make that an instagram post with like music behind it and it's going to be it's going to be a big deal that's going to go on or maybe youtube channel can you put a filter on me to make me make me look like real like the rock or something like that too i was yeah i think like i'm a waving american flag behind you as you stand up and say that this is getting better like a bald eagle on my shoulder like like the parrot of a pirate or something i love it man all right well let's get out of this introduction and into the 90 day challenge which is the six phases of the real estate investor journey you can also go to biggerpockets.com show 463 again biggerpockets.comshow463 as a show notes page the video is going to be embedded there as well so without further ado let's get to our guest today brandon turner brent don turner that's me what's going on everyone welcome to the webinar on the 90 day challenge how to buy your first or next property in the next 90 days my name is brandon turner gonna be your host today let's get this thing kicked off right now we got a lot to cover today today is a long webinar it's gonna be about 90 minutes long of just fire content in other words it's gonna feel like you're drinking from a fire hose i got a lot to cover today if you're brand new to real estate that's okay this is for you but just know that you're going to want to take some notes because this is not one of those webinars where i'm going to sell you on a 80 000 coaching program afterwards i don't have that we don't have a course even that you could pay to take like this is the information this is what you get i'm not holding anything back today so uh take some notes because it can be like drinking from a fire hydrant uh a little bit of introduction here first i'll tell you a bit about who i am what bigger pockets is then we're gonna get into uh the meat of this thing here in a few minutes so first of all let me slow down my talk in a little bit i talk very quickly i get very excited about real estate investing it is amazing and it completely changed my life more on that in a minute so thank you for attending today uh today's goal is simple i want to share with you guys today like exactly how to get a property in the next 90 days maybe even less it doesn't matter how much experience you're starting with how much time you can put into it how much money you currently have does like all that doesn't matter what matters to me is that you want it if you want it you're going to find a way if not you'll find an excuse does that make sense so that's my goal today to lay out exactly what you need now real quick about us this is bigger pockets we're the world's largest real estate investing website millions of people come to bigger pockets every single month to learn network and grow and that's through our blogs our forums podcasts webinars webinar replays like we've got networking books videos in fact like eight of the top 12 real estate books in the world are books published by bigger pockets including some of my own uh videos millions of views on video on youtube of our videos and it's all designed to help you use real estate investing to achieve your goals like your financial goals because like at our heart at bigger pockets we believe so strongly that real estate is the answer now bigger pockets we have a free membership uh that's what you probably have education networking q and a forums it helps you build confidence in that kind of early education then we have our pro membership which is advanced education data investment calculators landlord legal forms tools that take action really that helps people like go from like i want this to i'm actually doing it and then finally we also here's like kind of our like core philosophy number one and as i'm reading these you guys let me know in the chat room if you agree with this stuff number one we believe real estate is the greatest wealth building tool the world has ever seen we really believe that a bigger pockets we also believe that it's not get rich quick it's not quick and easy but it's a business like you can learn to run any business if you read the right books ask the right questions take the right action you can figure this stuff out it's not rocket science i'm not a super intelligent guy i just figured it out and then finally anyone can invest regardless of past or current position i don't care how much money you have how much time how much what you were raised where you were raised your family i don't care about any of that stuff we believe that bigger pockets these three things let me tell you it's not just like the bigger pockets corporate believes in this stuff like i wrote this because i believe in this stuff me brandon turner personally like this is my thing uh because my name is brandon turner and i am actually a real estate investor it totally changed my life i had no business being wealthy or being successful like real estate got me there uh so i'm a i'm a real estate investor i live now in maui hawaii i have an ocean view from my office right there uh which is amazing and i live here thanks to real estate like thanks to the like financial freedom and financial independence i could live wherever i wanted so i left washington state moved out here uh i flipped houses a little bit did about a quarter million last year landlord flip houses like i said i did a quarter million last year in flipping i own 1500 rental units roughly hosted the bigger pockets podcast over 100 million downloads of that guy married to beautiful woman named heather she's awesome i got two little kids rosie and wilder author of several real estate books and i'm a travel addict i love traveling love seeing the world now let's talk about this real quick so i should not have succeeded in real estate any guy that looks like that should not have succeeded in real estate investing uh that's me uh those are taken actually like a month apart so i had my uh girlfriend at the time who's now my wife shave my head into a uh amazing mohawk true story true story that uh mohawk right there between the mohawk and the long hair there i actually shaved my head into a mullet so a raging mullet spiked hair in front curly in the back it was amazing uh that week that i shaved the mullet is when i asked out my best friend heather chilman at the time when i asked heather chilman uh and she said yes after four tries uh she said yes i also dunked a basketball the only time in my entire life and i kissed a girl which was heather the first kiss i ever had all in one week now was that because of the mullet i don't know but i'm just saying that there is magic in the mullet today this is what we look like this is my daughter's my son this is my wife and uh we live like i said in maui hawaii uh if you wanted more about me today's webinar is not really about me but uh you can follow me on instagram i'm pretty active there i'm like a 13 year old girl on instagram but here's the thing like i was where a lot of you guys are i should not have succeeded i started when the recession began back in 07 lower middle class family no money no experience a bunch of credit card debt a bunch of student loan debt didn't know how to swing a hammer didn't know how to manage people didn't know what real estate was didn't know anything about this and people around me said i shouldn't get into real estate it's a scam it's a bad idea uh and then you know what i jumped in anyway because i'm stubborn and pig-headed and i floundered around for years and i made a ton of mistakes but nobody can accuse me of not being persistent i'm pretty like like pigheaded like i'm just gonna figure it out and so over the course of the years i discovered the right way to do things and the wrong way to do things and in that time i discovered what i what the main thing i was doing wrong in the first like five six seven years of my real estate was this i was a tree i was treating real estate the same way a lot of people treat fitness now what do i mean by that let me explain how many of y'all are like like workout freaks like you're like super in shape you're like crossfit you're like super like ripped anybody here that's not me i do like working out but i'm not like crazy like in shape but let me explain something i want to see how many of you guys have ever started a diet or a workout plan or you started going to the gym you bought a peloton and within a month you're already off that train you're already doing something else anybody else here anybody else like that okay yeah i do that all the time i'll fully admit that let me explain how people who actually get in shape what they do and i'm using this as an analogy so don't think too literal about this number one people who actually get in shape and they lose a lot of weight and they keep it off they have a strong reason for why they're getting in shape it's not just because they want to look good necessarily that is a strong reason usually it's something more powerful they want to be there for their kids they want to live a long time they maybe they want to attract a better you know a spouse or a significant other number two they think about read about talk about in all other ways obsessed about getting in shape you guys ever heard the joke how do you know somebody's a vegan they'll tell you how do you know somebody can crossfit they'll tell you like these like it's so true like how do you know i'm in jiu jiu-jitsu i just told you right like i it's people who are obsessed they talk about it all the time it's not a bad thing it's actually a great thing uh they also focus on a particular set of workouts so i do jiu jitsu like i said and i'll probably say many times that's like my main thing now i do play with racquetball i do some weightlifting i run a little bit but my main thing my focus my one thing is jiu jitsu i put a lot of energy into that they also educate themselves on the proper form so they don't get injured so they're not just out there like throwing weights around like they learn how to do it right they also surround themselves with other people who are trying to improve their physique as a great old quote says you are the average of the five people you associate with the most i love that you are if you hang around with a bunch of runners you'll probably naturally become a runner it's actually the number one tip i have for people and wanting to like change their life is just get around people who are uh already achieving that thing and you'll naturally become that way also they don't fall for get ripped quick schemes you like that i invented that i made that up i don't invent a lot of things i meant to that one and i invented burr and house hacking but those are like my three things i've ever invented that were clever uh they don't fall for get ripped quick schemes but they are not opposed to paying for the right equipment the right tools the right gym membership i got a guy jerry comes to my house three times a week to do jiu jitsu private lessons with me now yes does that cost me hundreds and hundreds of the dollar hundreds of dollars every month like even probably over a thousand a month yep but guess what i'm in the best shape of my entire life i'm pretty decent at jiu jitsu like i could wrestle most of you guys and probably win it's totally worth the money that i'm spending for the tools equipment and training that i needed to get there and finally the most important thing of all they show up consistently despite not seeing immediate progress in other words in the words of tony horton uh the founder of p90x you guys know tony horton his famous catch phrase is just keep pushing play if you just show up every day and stop worrying about like oh i didn't lose that weight today like and you just keep pushing play it'll eventually happen the results you want now why are we talking about weight loss brandon i thought this was a webinar about real estate it is let's look at this list now through the eyes of a real estate investor number one they got a strong reason for why they're getting into real estate number two they think about talk about read about in other ways obsessed about investing in real estate they focus on a particular niche and strategy they educate themselves they surround themselves with other successful investors they don't fall for get-rich-quick schemes but they do pay for the things that are going to help them get there faster and am i missing one they constantly show up every day they do the work in order to get there isn't that powerful way of shifting our thinking and so when i started thinking of my real estate in these terms you guys it blew up like in a good way like i dramatically increased my business i started buying stuff like this i bought this four plex for my daughter rosie i make about 1400 bucks a month in cash flow pure profit pure profit after i'm done with that property every month about 1400 bucks a month that actually came from my tax returns i pulled that number from there this triplex i average about a thousand dollars a month on this baby this one it's a four plex i turn it into a five unit i make about 15.83 a month on this property and this is just three properties i have 1500 units right now so here's what i'm trying to say i'm not trying to brag and say oh look how good i am you could never do this i want you to know that everybody here can do this if you apply the right lessons but more importantly i want to teach you this lesson right now it does not take that it doesn't take 1500 properties to attain financial freedom i hit financial freedom at the age of 27 with like 30 units like i just keep buying more because it's fun i'm addicted to it and i love doing this stuff but like it doesn't take that many properties to get financial freedom it just takes the right ones and it takes a little bit of patience now by the way i don't have 1500 properties i have 1500 units i've got about 30 properties so i buy a lot of 100 plus unit properties so don't think i have 1500 separate properties i buy a lot of mobile home parks which by the way if anybody here is interested in learning more about what i do in my company go to odcfund.com will somebody put that in the chat room odc like opendoor capital fund fund com you can learn all about how we buy mobile home parks and if you're an accredited investor you can even come join us odcfun.com but that's kind of my story in a nutshell so how do we get there how do we get you to that financial freedom stop worrying about getting 1500 units how do we get you your first five how do we get you just a few of these type of properties right here how do we get you a thousand bucks a month two thousand a month three thousand a month well to do so you have to follow something that we call the real estate investor mastery journey it is a six step journey that everybody has to walk together like everyone has to walk not a lot of people walk it together but at bigger pockets we're gonna help you on all six phases of this journey all for the grand price of twenty nine thousand dollars i'm just kidding no like we're gonna i'm gonna give you it right now real estate journey number one the first thing i want you to define and we just mentioned this a moment ago is your purpose i believe having a strong reason for why you are getting into real estate is one of the most important things going to keep you going for long term so what's your purpose why are you getting into this thing like what's your goal here what are you trying to get out of it you see real estate is not easy i'm going to say that again real estate is not i should do real estate is not always easy and many times it's hard sometimes it's easy but most of the time it takes some work and when things are hard if people don't have a strong reason they tend to give up if the only goal is just get rich people are like you know what i didn't really want to get rich anyway rich people are lame i don't like them what's your stronger reason to take care of my family generational wealth to retire big time i love that to save the world from climate disaster that's awesome right like things like that like the legacy i want to have a legacy i want to help uh make affordable housing for people i love that right like i love like you you can do more like you know for me let me tell you guys why i got into real estate there were really primary two reasons they'll go three reasons reason number one it's kind of surface level i wanted to sleep in more i hated getting up for work i hated it i worked at a bank it was horrible horrible i remember like every sunday night was terrible because all i could think about is how much i hated my job the next morning and i'd like struggled to go to sleep at night because i was just fretting and anxiety ridden about my job and then driving to work i'm like oh i just can't believe i have to do another week of this and then i'd get there and like stare at the clock going like when is this day gonna be over and i would like it drove me to want something different i wanted to sleep in and do fun work numbers this number two thing that i that drove me i love traveling i once read that the world is a book and those who don't travel read but a page and i've always loved that quote it guides me a lot and so i wanted to travel i want to see europe i want to see asia i wanted to go to africa i want to go to south america i want a backpack i want to do all this stuff but guess who doesn't want me to do that the man right the boss jobs they didn't want me to travel so i wanted to i want to travel and more so i wanted to have kids someday this is the third reason and probably the biggest reason that drove me to real estate and financial freedom is because when i was a kid like i love my dad i love him he's amazing he worked so hard for my family but he worked so hard and long hours for my family i never saw him like he was he would show up for 10 minutes before i went to bed when i was a kid and that was all i saw of my dad and i swore that when i had kids someday i was gonna be the best father i could possibly be i wanted to be there for my daughter's like you know if i was gonna have i didn't have kids in the beginning i knew i wanted them and i was like when they go to dance recital when they have t-ball when they have a field trip i wanna be there with them i wanna raise them i don't want them raised by somebody else and those three things drove me to get through the difficult times so i just want to encourage you guys today is really sit down and think like what is that reason i'm getting into real estate what do i want out of this how am i going to change other people's lives by me getting into real estate now my things have changed i've got more time with my kids i spend a stupid amount of time with my kids it's great i like was literally just laying on the floor like tackling my son who's like you know like not even two yet we're just like rolling around the floor and i'm throwing them and it's so much fun and it's like the middle of the day it was awesome all right number two just wanting something is not enough can we all agree with that just having a strong reason is not enough you got to have a plan to get there that's why step number two is to create your plan now i like to define that into two words niche and strategy say that a lot with me niche strategy niche is basically asking so this entire idea of a plan is how are you going to invest in real estate a niche is the type of real estate you buy so you want to buy single-family houses you want to buy small multi you want to buy large malta you want to buy office space what are you going to buy i buy mobile home parks and apartment complexes today you might want to start with a single family house it's a great way to get started the second thing is there's niche and there's strategy strategy is what are you gonna do with it so buy and hold fix and flip wholesaling developments where you build turnkey rentals bur investing one of my favorites house hacking student rentals vacation rentals now you might be looking at this list and being like oh i don't even know what all these things are brandon i'm so confused i'm scared i'm going to give up and go back to watching dancing with the stars because at least that's easy and mind-numbing stick with me for just a minute i know it can feel overwhelming but let me make this a very simple in the beginning you do not need this whole list just pick one niche and pick one strategy and just just go with that you can correct course later on but just start what's your next deal going to be what are you looking for right now somebody let me know in the chat area what is your niche what's your strategy now somebody said well what if you're broke we are going to talk about money in just a minute i can tell you that i don't put very much money in any deal and i i haven't since day one i rarely put money into my real estate so don't like just set that aside for now we'll come back to it in a minute all right house hacking small multi-family i love it brewing single family houses i love it rentals for apartment complexes love it turnkey single-family house that's great and if some of these terms you don't know what those are guess what there's a website out there that's totally free to go and search any of these terms called bigger pockets and you can find out articles about it you go to youtube and learn you can pick up books in fact let me show you something again i'm not trying to sell a book here i just want to show you guys something this is a book i wrote it's called how to invest in real estate somebody write that in the chat room how to invest in real estate by brandon turner and joshua dorkan we wrote this book as a beginner's guide to teach you all the niches and strategies that you're going to need so in other words like if you're like well i don't know what this thing is what's a reit what's crowdfunding what are private notes what is house flipping what is bur investing what's house hacking it's like all of that so again i'm not trying to sell a book here you can get it for free if you go to your library i don't care i make like three cents if you buy this book what i want you to do is to not shut down your brain today on this webinar when things get hard i want you to say i can learn this stuff it's out there all right cool and thank you to those people who said this is a good book you guys are awesome uh leave me reviewing amazon uh i think we just crossed a thousand reviews on this which is pretty crazy all right the next part of a plan right we have niche strategy and then location where do you plan to invest now you can invest long you can invest locally or you can invest long distance either one works there are people who are super successful in your market and there are people probably who live in your market that invest somewhere else you can go either route uh in fact let me show you something right here this is another book you can get from your library uh it's called long distance real estate investing it's written by my bestie david green co-host of the bigger pockets podcast this whole book is about how to invest at a long distance so it's totally possible i bet there's also investors that are in your market no matter how expensive your market is that are making money right now in some niche so you've got to figure out what they're doing i mean literally i buy property in maui hawaii and i buy property in ohio you could not get further away financially from those two markets i buy in florida i buy minnesota i buy in wisconsin i buy in uh pennsylvania all over the place indiana washington state so the point is there's a way to do it anywhere it's more important that you decide than than yeah what you decide just make a choice and go with it number two once you know your general area i want to encourage you to focus on a neighborhood because here's the deal when you first start running the numbers on properties which we're going to do here in a minute when you first start looking at properties and trying to figure out if it's a good deal or not there's a lot to consider but the more you become an expert on a certain location the better you're going to be able to know if it's a good deal or not so become really good at it a location whether or not that's local or long distance i don't care you might want to invest like dave said south side of chicago great learn that market where are the high rents where are the low rents where's the crime where are the sex offenders at where are where are the good school districts where are these bad school districts where are people moving where's population trends going you can learn all that just by talking with people in the market talk to agents talk to lenders talk to people there's a million websites out online you can learn this stuff like city data or uh there's a bunch of them there right so know your market just study it how do you do that one of the best ways to do it honestly is just get in the ring and start swinging jump on the mat and start rolling in other words start analyzing properties number three you got to have a deal you got to go get the property the property matters because most properties are not deals if you were to go like blindly buy a property majority of the time you will lose money in the short term and maybe in the long term most properties are not going to be good enough deals that are going to they're not going to get you any closer to your financial goals now maybe 30 years down the road they will but my guess is you want financial freedom a little sooner than that which means you got to learn how to identify the best deals out there so how are you going to find your real estate deals first of all i'm going to give you i'm going to give actually three ways the simplest way that i think every new investor should start with every new investment to start with is literally go to like realtor.com or zillow sort by your criteria and then what you want to look for is what's called hidden potential because let's be honest properties that is on the market like for sale on realtor.com it's super competitive let me just show you somebody give me a city name somewhere in the country somebody give me a city name ooh anchorage i've never done anchorage hank i saw anchorage anchorage alaska let's just try just for the fun of it i'll show you this so here we go in anchorage we've got a house a one bedroom one bath 440 square foot house that is tiny for a hundred grand we got this nice one though for 580. we have this one for 209. now what if we wanted a multi-family let's go up here and look for like a duplex or something let's find it right so like you literally go in here okay look at this in anchorage we got this guy here for 334. two it's side by side i like side by side they each have their own garage they can do their own shoveling south anchorage duplex townhouse style large backyard great area separate gas and electric for low utility costs that's great in other words the landlord doesn't have to pay the gas bill don't miss on the great opportunity for sweat equity okay so here we already found it right here hidden potential one of the first things i look for are properties that are kind of ugly like this one says there's some sweat equity which means it could use some work all right so let's look at some pictures here right they're trying oh yeah look at this thing oh we could totally clean that up this property could probably be fixed up a little bit but it's not bad this is what i call a cosmetic fixer they're my favorite type of real estate to buy they don't need that much paint you paint these walls like a nice like chip and joanna gaines gray that should actually be a color uh we call it repost gray but netflow gray color walls put some nice like laminate wood flooring in there and oh this thing's gonna rent like top dollar it's gonna be amazing yeah i mean there's a little bit of work in that ceiling it looks like right there but that overall doesn't look bad now does it mean it's a good deal i don't know with that we have to run the numbers on it to find out and we will do that in just a moment but first let's go back to our slides so that's the easiest way now i would recommend getting a real estate agent it's free the seller pays for it the seller pays for it so you're not paying for so get a real estate agent and like now let me be clear i want i want everyone to focus really and this is important right here ready if you're like on your phone right now like taking selfies and duck face stuff and like posting on snapchat put it all aside for a minute and focus in here's the deal you are likely not going to hit a home run when you buy on the mls the mls is like realtor.com or zillow wherever it means properties that are for sale you're probably not going to get a home run in today's crazy competitive market now maybe you find some hidden potential you can fix a property up maybe you can find a way to make it better but even then you might not find a home run but here's the thing when you're first getting started you don't need a home run you don't need a property that makes you five thousand dollars a month or a thousand dollars a month or whatever what do you need in the beginning what do you need you need proof of concept you need momentum you need a team you need networking you need confidence in your soul you need an identity shift that you are not just somebody who wants to invest in real estate you're a freaking real estate investor and a pretty darn good one at that right like that's what you need so stop freaking out about needing to get a deal as good as my deal or as good as that deal you saw on tv or on the bigger pockets forums and just go get some confidence now that's why i think everyone should start with a real estate agent and looking on like a realtor.com or zillow you're not going to find a home run but if you can find something that makes some sense go with it get it done now if you want to find better deals there's a whole other world i'm gonna open up to you today it's called off market real estate investing it means you're finding properties that are not for sale you're talking directly with the owner of a property and you're trying to find now how do we do that let me give you two ways this is a little more medium difficulty get in your car and drive around if you're in anchorage or i mean yeah anchorage alaska you're driving around anchorage you're looking for properties that are maybe run down or they're like a multi-family or they got you know they got like long grass or the broken window or anything that tells you that maybe they'd want to sell then you're going to you're going to add them to your what's called a crm that could literally be a piece of paper in your car there are crm apps out there just for driving for dollars there's one called driving for dollars there's one called deal machine you can put in a spreadsheet if you wanted to whatever and then you're going to mail letters to them or send postcards or if you're brave what i would do is call them call them and just say hey here's why you're gonna say hey i drove by your property over on third street yeah i know i'm a new investor in in anchorage and i'm just looking to buy a property and i'm just getting started and i thought you know what i'm just gonna you know just just take a shot take a wild shot here and see if you had any chance or any willingness to sell your property and you know what they're probably gonna say no but then you follow up with this question okay yeah no problem whatsoever uh two quick questions ma'am would you mind if i follow back up with you in like a year from now about it just in case anything changes and what are they gonna say oh sure go ahead and do that and then you say this this is the key this is the million dollar question right here that's going to land a lot of people some deals this year do write this down do you have any other properties that you'd think about selling any properties causing you any problems you see if this person is a landlord which many of them are if they have a run-down property they are uh probably owning other properties as well and because you ask them about that property they're not thinking about their other ones but as soon as you open that question up now they start thinking hmm do i have any other properties and i many times they will now again it doesn't mean 90 of time people are gonna say yes this is a large funnel if you talk to 100 people maybe 10 will have a conversation with you and one of them is going to sell you their property so what does that mean does it mean you got to give up or does it mean you got to go out and talk to 100 people that's how winners think that's how winners think and by the way you just repeat steps one through four until you get a deal and bonus you can hire other people to drive for you you don't have to even do it so jason said do you oh josh do you have any other properties you would think about selling it's a great question all right number three this is more advanced but this can be a very powerful strategy it is called draw direct mail marketing it's where you you download a large list of sellers of people not even sellers people who may be interested in selling a large list of them like i'm talking thousands of names then you go to like list source or prop stream those are two websites that's how you get your list so you get your list from them and now there's different types of lists you can mail to people who are late on their mortgage you can mail to people who are being evicted you can mail the people who are uh who have long grass that got fined by the city because they didn't mow their lawn or they didn't shovel their driveway you can mail to people who bought their house 20 years ago or greater you can mail the people who bought their house for cash you can mail there's all types of people you can mail to and that's public data you can get from sites like list source or prop stream then you're going to mail letters to them or postcards or you can call them and then when they start calling you answer the bloody phone answer the phone and again large funnel so it's a really cool strategy in fact remember that property i showed you earlier was a fourplex that makes me like 1400 a month in cash flow that's how i got it i sent 300 letters out just 300. i got back about 40 phone calls out of those 40 a bunch of them were don't ever call me again some of them were no thanks but thanks for calling some of them well what can you pay me and then a couple of more yeah i'd love to sell i'm having a lot of problems can we talk and one of those ended up being a deal that i landed and that property makes me 1400 a month patsy said doesn't everyone get the same information on the list very much so it's it's a very like in some areas a lot of people do direct mail it's not as effective as it used to be back 10 years ago but a lot of people you know what sometimes a seller might get letters every single day but one day they just decide you know what i'm done and whatever letter is sitting on their desk that day that's who they sell to and so they know the game like sellers know the game they know they don't want to go to a real estate agent so they they might just sell to whoever has the best letter or whoever's the nicest person whoever has a picture of their dog on there whatever so ross said where did you get their phone number from there's a lot of uh that's write down this word skip skip skip tracing t-r-a-c-i-n-g skip tracing somebody write that in the chat room skip tracing skip tracing is the art and science of getting people's addresses and phone numbers there are entire companies out there that do skip tracing you can literally hire them on fiverr or up work you could uh you could go search on the bigger pockets forums you could just google skip tracing you will find that information it's scary how much information about you is out there and people can pay for it all right has anybody here used any skip tracing services and if so which ones would you recommend put them in the chat room let's share some good ideas here somebody said batch leads yeah a couple people said batch lead that's a great one lead fusion that's another one i heard a lot about so there's a lot of options out there yeah prop stream can do it for you zoom info lead sherpa yeah it's crazy how much public data is out there on you so here's the point you guys when you're getting to real estate you got to get leads however you can i would say 95 of you should do nothing but start playing on realtor.com today just do that don't worry about the fancy stuff just start with like a realtor.com get yourself your first deal once you build that knowledge experience confidence momentum then you can get the more fancy stuff like the driving for dollars or the direct mail get leads however you can and by the way if you want more on this i go a lot more in depth on a webinar that i did called how to find incredible real estate deals even in a competitive market you can watch that by going to biggerpockets.com pro replay however you do you do have to be a pro member to be able to watch webinar replays that's one of our benefits of being a pro member we want to reward all pro members there's over 150 hours of webinar replays in there so check it out all right so once you get leads though what do you do well this here's the philosophy that guides my entire strategy for real estate every property has a number that makes it a good deal in other words every property has a home run number that number that if that price that if you could just pay that price it would be a home run every property has a number that makes it a good deal now most of the time that number and the number they're asking are way too far apart you're never gonna get it but i'm just talking theory right now right so theoretically every property has a number that makes it a good deal does that make sense yes or no because this is going to build our next point is going to build on this i want to make sure everyone understands this every property has a number now sometimes that number is even negative right like there are properties that you could not pay me to buy but you get the idea every number everybody has a number so here we go that's why step number four is to work your process to find that number and then go after it so you process is one of the most powerful words in the english language and it is probably the most important word for people who want to achieve success in anything process is the steps you take that will deliver a certain outcome let me say that again process or a process is the individual steps you take that will deliver the the outcome that you want what's the process look like for losing weight somebody tell me if you want to lose weight what's that process look like eat clean eat less starve exercise more great everybody knows the process how many of you all have a six-pack anybody here have a six-pack why not i don't have one i know the process because knowing it and doing it are two separate things we'll talk more about that in a minute so what's the process like for real estate investors it's this let me explain leads you've got to get leads coming in so you gotta you gotta we already talked about that everybody here can get leads coming in starting today for free like everybody can do it number two once you have property like property leads coming in you've got to run the numbers you've got to run the numbers you've got to analyze them because because what every property has a home run number so find that number what price makes sense for you what price you get if you don't want a home run if you're just getting started what's the base hit number what number just gets you on base then guess what once you find that number you're going to pursue it you're going to pursue it what does that mean you're going to make an offer you're going to talk to the seller you're going to say okay yeah i'd love to buy your property you're going to take action toward actually buying that property it's like you can't date a girl without asking her out first right it doesn't just happen automatically it's not like you know one day you're like at the mall together and you see each other and then the next day you've got four kids there's a process that leads you down that that trail just like in real estate you got to ask the person out you got to pursue it and finally step number four if you do that consistently leads analyze pursue leads analyze pursue if you do your lapse enough you're going to get success so that's it so let's go through this together oh i already told you this earlier but remember that that property i bought from my daughter i didn't even say this i bought it for my daughter rosie this is her college education right here this property the fourplex we sent out 300 letters 40 people called i made about a dozen offers so i pursued about a dozen of them and one of them ended up working 1400 a month in cash flow over a hundred thousand dollars in equity this property will be paid off when rosie goes to college because i put it on an 18-year payoff plan i literally did a calculation to figure out how much i have to pay every month to pay it off in 18 years i bought it the week she was born and then when she's 18 years old this will be paid off it'll be worth about 300 000 and rosie can use it for whatever she wants college paid for medical school paid for she wants to dump it into her own business or real estate hallelujah i hope she does but my daughter will not be strapped with financial uh financial stress and burden like i was because she's got this property and let me tell you guys the best part let me tell you the greatest part of all it's not the money it's not the college education it's not the cash flow what's the best part it's the fact that for the next 18 years like i tear up even thinking about this like for the next 15 years now 14 years left every single month rosie is going to see a financial statement and she's going to learn what i wish i'd been taught when i was 7 8 9 10 years old and i'm going to break that cycle with her that my family has been lower middle class for the past ever and she's gonna learn the actual skills that they should be teaching in school but they aren't and so all this came because i followed a very simple funnel and you can follow the exact same funnel as well and that awesome you guys can do the same thing if you define your process so what's it look like what are the actionable steps you're going to do to get the results that you want in other words how are you going to generate leads somebody tell me right now what are you going to do to generate leads research cold calling let me get an agent realtors driving for dollars great skip tracing awesome ideas work with wholesalers there's lots of ways in fact let me tell you guys something if you're still stuck on the whole like i don't know how to find good deals remember that book i showed you earlier how to invest in real estate again not trying to sell a book here just trying to show you something to make a point one of my chapters in this book is literally called 27 ways to find incredible real estate deals i gave you three of them today there are 24 other ones in this book that you could learn and that's not even all of them new ideas are being invented all the time because the more creative you can come up with ideas the more leads you're going to get so like yeah you guys are like there's so many options here so get that leads next one how are you going to analyze them how many deals are you analyzed what are you going to use to analyze them what makes it a good deal now we're going to do that in just a second together but i just want you to know how many deals are going to analyze set a freaking goal i'm going to analyze 10 deals every week i'm going to analyze one deal a day somebody tell me what's your goal how many deals you and i'm going to show you in a minute how you can analyze a deal accurately in under five minutes so if you knew you could analyze the deal in five minutes how many every month are you gonna analyze how many every week set a goal for yourself i'm like five a week i love that two a day ten a day ooh i'm crushing it like 20 a week those are all now if you if you have leads coming in and you were analyzing them and then you were making offers how many offers are going to make this month in the next let's just say this in the next 90 days this is the 90 day challenge today i'm going to get to that in a little bit how many deals you're going to anal are you going to offer on in the next 90 days somebody tell me you may be none that's fine you may be still in the education phase of your life but i just want to know 250 offers that is nuts but that's awesome i'm gonna make one offer i love it one a week that's great five that's great and some of you you know what some of you are saying i don't have enough money to make an offer can i encourage you with something you guys pay close attention here we're gonna talk about the money here in a second but remember every property has a number that makes it a good deal for someone else too right so let's just say hypothetically let's just say you found a property because you did all of these steps and you could buy that property for a hundred and fifty thousand dollars and it was such an amazing deal you could find somebody in your area that's willing to pay 170 for it you just got it for 150 they want it for 170 you can literally take a 20 000 finders fee for no money out of pocket at all and use that money to buy another p another property like use that for your down payment on the next property and guess what it didn't cost anything to do that that is called wholesaling write that down there's somebody right in the chat room wholesaling that's what the wholesaling is now there are legal ways to do it and there are illegal ways to wholesale don't do it illegally learn how to do it right you can find out lots of information on bigger pockets thank you for those people do it that's what wholesaling is so don't tell me i can't make offers until i have money go make offers and get good at this stuff now so you can make money so you can get good at it so you can get confidence because you know what if they accept your offer and you don't know what to do with it you can still back out there's lots of ways to back out of a deal i want you to get good at making leads getting analyzing like making offers now let's go and do it together right now live on this webinar i already showed you this property let's just do this one in anchorage because it's quick and easy it's in front of us i'm going to go to biggerpockets.com calc c-a-l-c calc like calculator so here we go bigger pockets has a calculator for our pro members there's a fixed and flip calculator a rental property calculator a burr calculator for properties that are really cold i'm just kidding of the joke uh that's a strategy that i use that is great for no and low money down investing it's my favorite no and lemony down strategy probably there's another one i like a lot too there's a selling calculator there's a rehab estimator so i'm going to do the straight rental one here that'll cool is that cool let's go ahead and just run the numbers real quick on this property so i'm going to put in the address here uh there it is let's go ahead and just take the zip code put it there i'm gonna upload a photo we just do a quick photo here just take a little screenshot of this let's add our photo there it is i want you to feel confident on this number two purchase price how much 334 3345 let's just start with offering full price now what about the closing costs whoa brandon i don't know how to do that i never done it before i'm lost i'm going back to watching dancing with the stars i give up no stick with me for a minute closing guys if you don't know how to do it click on the blue links you're going to learn how to do this as you go through it all right closing costs let's just call it five grand for now uh i'm gonna be rehabbing the property it'll be worth 350 when i'm done i'm gonna put 10 grand into some paint and carpet next let's do a 20 down low and like four percent on a 30-year mortgage a lot of people are like whoa slow down brandon i'm not going to 30-year term if you don't know what this stuff means trust me you will learn as you're going through it i want to just give you a quick overview because i don't want to sit here for a half hour explaining every single step but just trust me you can do this has anybody here ever use the calculators do you agree with me you'll figure it out okay good i've seen a lot of yeses next income what did this property rent for i'm gonna go check out the bp insights this is another pro tool we have you can also go look on craigslist or talk to a um talk to a property manager but this is our data we'll kind of show you so what was this property how many bedrooms total of six bedrooms so each one's probably a three bedroom two bath i'm guessing so three bedroom two bath in this market what's it gonna rent for all right here we go so on the low end 570 on the high end 1415 now that's a really big range and that's probably because there's not a lot of comps to go by so some are on the very low end some are the higher end so what we wanna do here is i'm gonna actually go to this i'm gonna go down here and see if it tells us in the listing i can see square footage whoa taxes are crazy expensive seven thousand dollars a year for taxes almost that's nuts we'll get to that in a minute all right well that's crazy all right let's just assume at this point that we're on the higher end of here the 1415 per side let's just say we're at 1400 per side times 2 equals what 2 800. all right next expenses now property taxes were 7 000 a year i wonder if that's right i wonder if that's a misprint on this thing because that is crazy anybody know if that's actually yeah i don't live in jersey no my taxes in maui are twenty two hundred dollars a year and i got a two million dollar house somebody tell me if that's normal for alaska they may know maybe it is i'll go with that insurance probably gonna run me around like 1500 bucks a year repairs and maintenance i usually go about five percent vacancy maybe five percent capex maybe five percent management maybe eight percent up in alaska maybe nine and then finally remember this unit they're separated meters so i'm gonna go electricity zero gas they'll pay their own water and sewer i'm assuming they're separated because everything else is and they can pay their own garbage so that's it let's go run the numbers and see what it says based on our numbers ca it's not as bad as i thought monthly cash flow four 142 dollars a month and that is a two percent return on investment do you guys see where i'm getting that at right here two percent return and 142 dollars a month now what do i look for i'll tell you i look for minimum like a base hit actually let me type this on the screen it'll look better for a base hit i look for a hundred dollars per month per unit and an eight percent return for a home run i'm looking for 200 per month per unit and a 12 return for a grand slam i'm looking for more like 300 per month per unit and more like a 15 those are my rules of thumb you don't have to abide by them it's different in every market but guess what for me this property doesn't meet my requirements so guess what i'm going to do i'm going to throw my hands in the air and say there's no good deals to have to be had anymore i'm gonna give up i'm gonna go back to watching dancing with the stars no i got a few options right number one remember every property has a market that could make oh sorry every property has a price that could make it a good deal so check this out i can go on here i'm obsessed with dancing with the stars maybe i am maybe my secret goal in life is to become a guest or one of the dancers on dance with the stars i can scroll down and i can lower my purchase price down what if instead what if we paid 255 for this property instead what if we paid 255 and still did an 80 loan well now we're at 446 and an 8.8 return on investment that's not bad now are they going to take 250 000 for this when they're asking 330 i've gotten deals that good before i mean this property though has only been on the market for one day are they gonna take this out on day one and take an 80 000 price cut no so what other what are my options well what if what if we talk to a property manager and the property manager says or what if you knew your market really really well and you were like oh you guys this property in this street is right by the whatever microsoft plant it'll rent for way more than that it'll actually rent for 2 000 a month per side now the only way you're gonna know that stuff is if you study your market like we already talked about does that make sense so if you study your market you're gonna know the nuances of where are things more where or less what if this school district was actually better so watch this i go back to my report here and let's go back to our purchase price where we were before right let's just say like 335 80 loan again but what if our rent was not 2 800 what if we could actually get more like 3 500 a month total does that change the game for us it does now we're at 669 a month and a 9 return now what if instead what if we had to remodel this property and what if we had to put a lot more money into it but by doing so we could increase the rent or what if we could turn i don't know whatever what if there was a third unit out back a garage that we could turn into another unit and rent it out for 2000 a month what if we could do vacation rentals on this property and make 5 000 a month off each side what if we could uh do a house hack and live in one side and rent out the others there are so many options you guys and that is why i get i'm like there are so many deals to be had but the only way you're going to know that is by jumping in and analyzing and learning and growing and networking and just trying it like you will do this if you want it bad enough i don't care what the market's like you can find deals i'm finding deals today i bought more properties more units in the last year than i bought my entire first 14 years combined because i figured like i'm just getting creative and i got a team and we're analyzing a lot of deals we're getting a lot of leads we're making a lot of offers we're crushing it because we're following the exact system i'm teaching you today i'm not doing anything different in my life that i'm not asking you to do and you that i'm not doing anything i'm not asking you to do anything different in your life that i'm not doing in mine right now i'm just doing it on bigger properties you can do this stuff all right so last thing i'll show here once you find a number that makes sense you can click share you can even go share this directly on the bigger pockets forums you can upload a company logo so you can white label these reports so that your logo is on it you can even download a pdf report to show lenders partners your spouse so all this stuff is super helpful again if you want to make your analysis really easy use it it's part of the bigger pockets pro membership so now you got process we will talk about pro in just a little bit pro membership is uh is amazing you'll love it so here we go next how are you going to get the money to find this deal let's just say we wanted to buy this property in anchorage and we wanted to uh we wanted to buy it at let's say they accepted our offer for 259 000. so we want to buy this property oh we got the higher rent also we really want to buy this property however we're going to need 66 000 how are we going to do that how are we going to do that well the short answer is if you don't have 66 000 you can't invest in real estate you might as well go back to watching the bachelor somebody might get the rose tonight you might miss it so shushu just kidding stick with me so how do we do it let's talk through this stuff the money how are you gonna fund your real estate deals here's four ways to do it number one if you have the money for a down payment like 66 000 you can get a conventional loan you go to any bank you put down 20 25 30 down you get the loan now if you don't have that that's fine let's get a little more creative one of my favorite strategies when i didn't have any money was actually no that's a lie my one of my favorite strategies when i didn't have money and today when i have money is partnerships partnerships here's my favorite type the partner brings the down payment so the partner brings the 66 000 you bring what the deal you bring the deal you bring the hustle you bring the knowledge you build the you bring the confidence you build this you bring the sweat you do whatever you got to do and they bring the down payment you go buy the property and you just split things in fact like literally that's what i do at open door capital like we raised 20 million dollars last in the last year we've raised 20 million dollars from partners they're literally called limited partners they've that 20 million dollars funded the down payments needed to buy 50 million dollars of real estate now granted i put money in all my deals i put money in all my deals uh because i want my investors to know that i'm like i got skin in the game but i don't have to i could literally do all of that 50 million dollars of purchases with no money down if i wanted so that's partners and you can do it on your i mean i've done it on duplexes i've done it on single family houses uh my split we give our investors 70 so i take 30 my investors get 70. it's how our fund operates now there's some there's some more fancy things in there with what's called waterfalls we don't get in that today but basically we split it but when you're just getting started you could literally do the same thing do a 70 30 do a 50 50 with a partner or you bring half the money they bring half the money whatever you got to do to get it done strategy number three it's one of my other favorite strategies it's called the bur strategy i'm not gonna go in depth right now but where you you basically you buy it's like flipping houses but instead of selling it you hold on to it it's a great way to invest in real estate with other with using other people's money uh my buddy where is it right here my buddy david green wrote a book on that as well it's called bur buy rehab rent refinance repeat get it at your luck local library or amazon or biggerpockets bookstore but it teaches you exactly how to do that then number four if you're if you're young and getting started or even if you're not young there's a great strategy called house hacking it's where you buy a duplex or a triplex or a four-plex you live in one unit you rent out the other units why is this so powerful because you can get a loan a loan for just 3.5 percent down now listen closer first of all uh i've got a book on i didn't write this one but craig kerlot wrote a book called the house hacking strategy it's all on house hacking it's awesome i think you'll like it so check that out and then again i'm not just trying to sell books all day i want you to know the information's out there i wrote a book called investing in real estate with no and low money down there are over a dozen different strategies in this book for people who want to use other people's money to invest has anybody read this one anybody buy money a deal with no or low money down ever let me know if you've ever bought a deal with no or low money down working on one now that's great yes va loan there you go multiple low down you guys are awesome all right so here's the key though to all the strategies we're just talking about everything if you want to finance real estate with no and low money down the key that crux is getting a great deal the better deal you have the more likely you can get a hard money lender or a private lender or a bank or a portfolio loan or whatever the better deal you have the easier it is to finance so your job should be to focus on landing great deals well it's too bad nobody just spent an hour of this webinar teaching you how to find and filter great deals like i think people worry way too much about the money and not enough about the funnel laps get leads analyze them pursue them get success once you have a deal you're gonna figure out the money if it's good enough and if you want more on that i did an entire webinar on no and low money down it's called my three favorite strategies for buying real estate without a lot of cash if you're a pro member you can watch it if not i'll probably do this webinar again sometimes this year so hang tight this year i'll do it again but if you want to watch the replays gotta be a pro member all right so finally the most important step of all we talked about the purpose we talked about the plan we talked about the deal we talked about the process we talked about the money you have everything you need except for the last thing if you're lacking the last thing you're not gonna make it and that is you need motivation or what i like to say you need persistence listen you can know exactly how to lift weights you can go to the gym you could get a gym membership you could learn how to run you could buy gym shoes you could get a detailed diet and exercise plan but if you only do it for a month you're not going to get into shape fitness is a lifestyle and the same way real estate is a lifestyle it is something that you are going to do from now until years from now and you have to stick with it and if you stick with it long enough you will get the results that you want so how do we build how do you stay persistent for the long haul let me tell you three tricks that i use in my life to make sure i don't pull that pull that crap that i do when i'm trying to start a new diet and give up a month in again i've been there i've started things and then given up and my guess is right now you're super excited about this you're like i love this real estate concept and i'm afraid for you like i'm literally afraid that some of you right now are gonna be super excited today and a month from now you're gonna be back to where you were before because you're gonna lose the excitement you have right now i've been there i've lost the excitement on a lot of things in life so how do we stay persistent here we go three ways number one mastermind groups what is the mastermind group a mastermind group is a group of three to five people that's my ideal three to five people that meet regularly to hold each other accountable to their goals i've been a part of several mastermind groups over the last decade and they've helped me so much because there's somebody i have to report to every week on a 30 or 60 minute call and it's life-changing i'll actually show you guys later how you can get in your own mastermind group as well uh we have those now we're offering them at bigger pockets we can put you in groups together it's pretty cool number two daily journaling and tracking of your habits and of your goals every single morning i said earlier every single morning i wake up and i i do my intention journal which means i go through every single day and i write down how many hours did i sleep what time did i wake up did i drink water what am i grateful for what are my top three goals that i defined in the beginning of the journal i actually define them early on what's my weekly objective for this goal what is my most important next step that i have to do today to get this goal done think about it if every day you woke up and you said what is my goal what's my goal for the week to be on track for that what do i have to do today if you did that every single day and then you put it on your schedule do you think you're going to accomplish amazing things in this life yes or no i know you will i also have a whole section in in my journal again you don't have to use my journal i'm telling you exactly what's in here if you'd rather just do it on a piece of paper but i've got a habit tracker i track all the habits that i care about am i waking up early am i reading a book a real estate book at least 10 pages am i going on a date with my wife i track my processes because when you track things they get done i i spend 30 minutes every sunday night going through my my three goals why do i want this goal what's my objective for the week what's my biggest roadblock you guys this has helped me stay persistent and help me become a multi-millionaire and it can do the same for you again i'm not saying you have to use my journal i think it's pretty darn good i made it for bigger pockets of members but whatever you do track your goals write your stuff down i think you'll love it finally number three the most expensive option but for people who have a lot of who have extra money i use a performance coach my coach's name is jason dries he's awesome uh d-r-e-e-s you can find him on instagram if you ever want to check him out he's a good instagram of a follow but jason dreams is my performance coach and i meet with him every other week it's like therapy for real estate like i sit there and i go here's the problems i'm having here's what i'm struggling and he'll say well have you ever thought about this or here's another way to look at that so performance coaching can be a great way but for performance coaching expensive it's like a thousand bucks a month you can spend twelve thousand dollars a year on performance coaching or you can join a mastermind group for a whole lot less like you can join like or get a journal for a whole lot less or join a pro membership for a whole lot less than twelve thousand dollars a year and that is the journey you guys if you have a purpose and you've got your plan and you got deals coming in and you got a process you're gonna follow religiously and you've got the money to finance it because you are good at knowing low money down and you stick with this thing for the long haul are you going to succeed in the next 90 days yes or no you could i believe every person here could do all six of these steps in 90 days you can establish in the next 90 days the habits the systems the processes the education the knowledge the network you can do all of that in the next 90 days and that is the 90 day challenge you're you're basically building yourself into a machine and it doesn't take five hours a day it doesn't take three hours a day it doesn't take two hours a day i love somebody said only five percent of the people here are actually gonna do it you're 100 right i don't know about five percent but most people in this world they love talking about stuff they love getting excited about stuff they love thinking about starting that diet next monday but in reality they don't do it life gets in the way i've been there i've been there so the the 98 challenge is this complete all six phases of the mastery journey in the next 90 days by working on your business 15 minutes a day five days a week for 90 days work on your business six like five 15 minutes a day five days a week for the next 90 days that's what's going to give you success i'm not saying i'm guaranteeing you're going to buy a property the next 90 days though many of you will i'm just saying if you gotta if you work at it every single day this is the diet and exercise for a real estate investor and remember this life doesn't get better by chance it gets better by change if you want your life to be different if you want to have that financial freedom if you want to watch your kids grow up if you want to break the cycle of poverty that your family's had for generations if you want to sleep in the morning if you want to quit your job if you want to travel more if you want to just wrestle on the floor with your kid and have a private jiu jitsu instructor come over three times a week if you want any of that stuff it's not gonna happen by accident wealth is not an accident wealth is an action you can quote me on that that's one of my few clever sayings wealth is not an accident it's an action it's what you do it's what you change in your life but the thing that stops so many people is fear they get all excited and then the actual the reality of the process sets in and they don't do it they feel like they're jumping off a cliff but this is not what real estate is you are not free falling off a cliff you are on a journey you were on a hike you were on a path and the cool thing is you guys is that you're not alone like we're all on this together hiking like i might be a little further ahead than some of you and some of you might be way further ahead than me but it doesn't matter bigger pockets is a group of friends that are all doing this together and we're our goal is to like help each other you guys this is not a zero-sum game like i can help you you can help me we can do this thing together and all of us collectively have a better more abundant life that we were meant to live that we were put on this earth to live but the sad thing is most people would rather sit on the side of the path and complain about their life and complain about the costs and complain about the sacrifice and turn on the dancing with the stars and not like pay for a pro membership or they don't want to put in a thousand bucks for earnest money they don't want to hire a personal trainer they don't want to get a gym membership they don't want to do anything because at their core they're actually afraid so if there's one thing you take from today's webinar it's remember this is the journey this is the height that we're all walking together and everything we do at bigger pockets is designed to get you further along that journey every tool we build every every every networking event we host every video we create every book we publish designed to get you there and specifically like i want you to know that like everything i do like everything is determined to get you there because i know what it was like to be before to have that job i didn't like to not spend time with my loved ones to be wondering is this really what the next 40 years of my life has to look like and now i know what it's like on the other side living where i want to spending all the time i want with my family like and sleeping in what i want but waking up early because i'm passionate about what i do and i want everyone to walk that journey as well so here's a couple big questions to kind of begin to wrap things up number one are you guys fired up are you committed to using real estate investing to obtain your financial freedom yes or no yes or no i want to see like a thousand yeses in the chat room right now because like this is life-changing stuff and if it's no fine say no be honest with yourself self-awareness matters so much and number two are you going to take on that 90-day challenge will you work on your business 15 minutes a day five days a week for the next 90 days yes or no will you work on your business 15 minutes a day five days a week for the next 90 days i've seen a lot of yeses in there i love it you guys are awesome just remember this derek sivers once said if more information was the answer we'd all be billionaires with perfect dabs you all know how to get a six-pack you all know how to lose weight you all know how to get financially free the question is not knowledge knowledge is not power the words of i think uh darren hardy said this in the compound effect knowledge is not power knowledge is potential power so what is the key to success what does it actually take what do you need to do action some people apply the things they learn to their life and other people just keep talking about it while they're watching they're dancing with the stars every night and even more importantly than action is daily consistent action you see the difference there if you go to the gym on a monday and don't go back for three months that ain't gonna do anything but if you went three times a week five times a week seven times a week you're gonna see the results you want because it's daily consistent action's gonna get you there and i just laid out over the last hour and 15 minutes everything you need to do to take action on so you can get the results that you want i'm not hiding anything behind a paywall here this is what it is and you can get there so that's it guys that's the end of today's webinar uh i hope you do the 98 challenge i hope you take this stuff seriously i hope you run with it you're listening to bigger pockets radio simplifying real estate for investors large and small if you're here looking to learn about real estate investing without all the hype you're in the right place stay tuned and be sure to join the millions of others who have benefited from biggerpockets.com your home for real estate investing online

Channel: BiggerPockets

Views: 270,380

Keywords: biggerpockets, real estate, real estate investing, investing, rentals, rental property, investing in real estate, income property, bigger pockets, passive income, real estate investing for beginners, how to buy your first rental property, how to buy rental property, rental property investing, real estate investing 101, how to buy a rental property, real estate investing for beginners 2021, biggerpockets podcast, passive income 2021

Id: __CbXjb1aeU

Length: 74min 56sec (4496 seconds)

Published: Sun Apr 25 2021