Real Estate Investor Training in Arlington, Texas Day 3

Lorena Gerlach here with Day Three of my 1:1 with student Rosalind Winn and her team in Arlington, TX.

Rosalind will have a need for private money to give her additional money making opportunities. Rosalind, Momma and Auntie each made a list of 30 people they know to send a newsletter to. Several of our students have created successful private money newsletters and we reviewed these to give her some ideas. Whatever style Rosalind and her team choose, they needs to make it their own. It’s important for any communications from you sound like they come from you, especially if you are working with friends, family and associates.

When Rosalind receives a response for private money, she will need to know what to say. We reviewed Scott Carson’s “Private Money Presentation” on RealEstateProfitCoach.com. It’s a great presentation that can be downloaded and gives talking points for you to address with potential private money lenders. The presentation should definitely be added to Rosalind’s 1:1 binder as another useful tool.

Rosalind had a lead on a buyer looking for a home in the Arlington area. Rosalind’s buyer was terribly confused about the address of a particular property she wanted. I had Rosalind change gears and just get her buyers requirements. I provided Rosalind with buyer and seller forms to facilitate the information gathering process. We even had forms with scripts written right on them for Momma and Auntie to help prompt them with talking points with buyers and sellers. The biggest confidence booster besides knowing what to say and ask your prospects is simply experience. The more you talk with buyers and sellers, the more confidence you build. So start talking!

The buyer had some very simple tastes, and possibly qualifies for a Fort Worth home buyer assistance program. This could help the buyer get $25,000 in down payment and closing costs. This is huge when you are looking at a $75,000 home! Make sure you know what assistance programs are available in your area! Ask your team members. Check out the City/County main web sites. The information is out there if a program is available. Right now you should be marketing the $8,000 tax credit program for first time buyers. Use every tool at your disposal to help you be successful!

I had Rosalind call on the FSBO we found earlier in the week. Rosalind has a great phone presence, and talking with people is very natural once she relaxes. She made an appointment to meet with the homeowner over the weekend. The particular homeowner will be a work in progress – she isn’t motivated yet. It is still a good exercise for Rosalind to get in there and begin practicing her objection handling and deal structuring techniques.

Rosalind should also practice driving for dollars, another lead generation technique. Every FSBO sign, garage sale sign, estate sale, etc. is a potential lead that should be worked. That particular homeowner may not be ready to work with an investor yet, but be patient. You never know when a homeowner will reach their pain point and be open to investor solutions. Be persistent and follow up. Sounds like a great task for an assistant or intern!

We ended our day by reviewing our accomplishments and setting a schedule for the next day. I left Rosalind and team with several homework assignments to complete that night. A great day, one more to go and wrap this all together!