Shondreka has the passion to make it in the real estate investment game, but does she have the tools to get her there? Ryan takes on the role of mentor in this episode of Coach’s Corner to see if he can get her one step closer to those real estate dreams.
When starting out, every investor is going to have some gaps in their real estate knowledge that can delay them on their path to that enviable first deal. Shondreka herself is a realtor, so she’s very familiar with the market, but she still finds herself stuck in the fine details from time to time.
Shondreka needs the skills to determine if a certain property is profitable before she invests, which may be more difficult than you think. Ryan takes her through the process of finding, valuing, and estimating rehab costs to clear up that picture, so she can use her time more efficiently and be confident in her deal making.
This episode gives insight not just to Shondreka, but to viewers everywhere on the following topics:
- The different types of comparables.
- Natural barriers.
- Investor’s Edge software.
- Scope of work.
- Contractors.
- Off-market properties.
“Finding the property is the whole job here. The great thing about it is the people who aren’t willing to do the work never make it. The secret to success is putting in the time to do the work religiously.”
—Ryan G. Wright
Podcast Summary:
1:22 - Getting to know Shondreka, her unique situation, and her goals.
4:46 - Explaining the benefits of the BRRR strategy.
6:46 - Shondreka talks about her barriers to becoming the investor she dreams of being.
8:00 - Ryan talks comparables, and how these help you narrow down the real market value of a property.
14:44 - A word of caution regarding overlooking comps and underestimating natural barriers.
16:26 - Finding properties and the advantages of using Investor’s Edge.
17:06 - What to do when a valuation ends up breaking your expectations.
19:10 - Putting a property under contract.
20:28 - The best way to find your next contractor.
22:48 - Diving into Ryan’s best methods for finding properties outside the MLS.
23:47 - Skip tracing: contact info in the palm of your hand.
24:48 - Why off-market properties (i.e. for rent by owner) are better than traditional properties (i.e. for sale by owner).
26:42 - “We’re selling stuff, not the property.” Narrow your leads on estate sales to yard sales instead.
28:06 - You’re the fixer: becoming a real estate problem solver.
29:30 - Choosing your favorite two options to reach out.
31:59 - Finding the property is the whole job. Time is the secret to success.
Want to learn more?
Join Ryan on our next webinar to learn how you can start real estate investing with The Investor's Edge.
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