Robert Leonard, of The Investor’s Podcast Network, chats with Josh Miller on how, in little over a year, he acquired 307 contracts and bought and sold hundreds of properties.
In this podcast, featuring Josh, Founder and CEO of GoForClose, you can hear his recommendation on when to leave your 9 to 5 job and go full time into real estate investing, what wholesaling is, how to creatively find the right zip codes and monetize leads, and much, much more!
00:00 – Intro
04:32 – Considerations before making the leap from a corporate job to full-time real estate investing
09:09 – How Josh was able to acquire 307 contracts and 120 rentals in a year
19:23 – Marketing strategies Josh uses
22:30 – How lists are used in real estate investing
36:38 – How to creatively find the right zip codes and the tools Josh uses to find them
39:22 – What the difference is between a “right” zip code and a bad zip code
44:30 – Why starting small is better than going big right away in real estate deals
51:42 – Action Plan for listeners
Listen to Real Estate 101 by The Investor’s Podcast Network below.
What is Real Estate 101?
Real Estate 101 is an investor podcast hosted by Robert Leonard. Robert hosts a variety of guests in real estate, from “newbie” investors who invest on the side to multimillionaire real estate investors, to answer questions and advise investor listeners on ventures in the industry.
Cheat Sheet: How to Find Real Investment Estate Deals
1. When to Make the Leap and Ensure You Don’t Have Golden Handcuffs
Look at what your time is worth. To make it easier, let’s say you are being paid $100/hr. If you can hire people for less than $100/hr, people who can maybe even do the job better than you, then you should continue to do what makes you the most money.
If you are good at doing acquisition, and hiring an acquisition manager would cost $150/hr, then it’s better to do it yourself. Of course, you need to have the confidence that you can make it work or already have the passive income.
2. How to Find Good Property Deals
Data and Marketing. First, it’s choosing the right market, and second, choosing the correct list to go after.
Here’s the catch: there are a lot of lists for sale, but there are thousands of investors purchasing the same lists. The hard-to-get lists are the best ones, like arrest records, evictions, water shutoffs, and others which are public but require a lot of work to get, cross-reference, and clean.
GoForClose’s unique data sets include these, which is one of the reasons why we make our lists market exclusive, since it gives you a strong competitive advantage.
3. How to Find the Right Market
The right market is an area with distress, where there are cash buyers buying and investors flipping. For detailed demographic info, you can go to EIG.org, where you can also check crime rates. We recommend staying below the 94 mark; of course, for rental opportunities, you likely want lower. You can also use our exclusive tool to Find the Hottest Real Estate Markets, the hottest zip code finder has all the data you need to choose the best areas for wholesaling and flipping.
4. Tips When Starting Out
Look for “low price” zip codes, where house prices are less than $200K. The reason for this is, even if you got the numbers wrong, and you overpaid, $10K or $20K is salvageable, but trying to recover from a big number error is much harder.
Or if you are wholesaling, even if you get $0 from it, at least you get it done and establish a relationship with a cash buyer, and use that knowledge to get better at calculating a Maximum Allowable Offer (MAO).
5. Three Actionable Steps
First, stay in your lane, meaning you stick to what you’re good at and outsource the rest.
Second, there are two books you can learn from: Traction by Gino Wickman and Who Not How by Dan Sullivan.
And finally, but not least of all, get the confidence that 100% of this is going to work.
Data, Marketing, and People
GoForClose is the only all-inclusive marketing agency for real estate investors. We do all the work for you – the marketing and finding qualified leads, nurturing and prequalifying them, and scheduling appointments on your calendar.
If you have questions or are curious to know more, request a free consultation below.