Austin Rocks, and so did the recent Path To Profits Real Estate Investor Training Workshop! Path to Profits is an Austin Real Estate Workshop that Puts Real Estate Investors on the path to making more money with their real estate than they ever have in the past.
A couple of weeks ago I was in Austin, Texas with the Real Estate Profit Coach gang. We’re here for Bob Leonetti, Jayme Kahla and Roland Frasier’s Path To Profits workshop. The first day was a hot seat day with our 17 of our residential inner circle members, along with Bob, Jayme, Roland Frasier, Scott Carson, Jason Schubert and me, Lorena Gerlach.
We spend one day four times a year working on their business issues, whatever they may be. There are brand new investors, and very experienced investors in our inner circle. Regardless their level, all benefit from the advice and experience of everyone in the room. It’s really a great thing!
The Path To Profits workshop is four days. The mentors, Scott, Jason and I are generally sent off with a task to wholesale a few properties for Panera Properties in front of the workshop attendees.
We do this for two reasons: 1 – to pay for our trip; and 2 – to prove to the attendees that you can absolutely do this business. We took off on day 1 to, where else, Panera Bread. The great thing about us as a team is that we instinctively know what each of us needs to do, and our skill set compliments each other nicely.
Our buying criteria was as follows:
· Greater Austin area
· No war zones
· Minimum 3 bedroom/2 bath
· $184,800 or less
· 65% of ARV less repairs
· Light rehab ok
· Must cash flow
Our profit mapping exercise for the four days resulted in the following goals:
· Want to Earn: $12,000 income from wholesaling properties
· Median Home Price: $184,800
· Average Profit Per Deal: $9,240
· Number of Deals Needed: 2
· Number of Offers to Submit: 20
· Number of People to Talk To: 100
How would we accomplish this? Through leverage.
Scott’s activities:
- Posted Various Craigslist ads
- Email blast to local investors
- Contacted hard money lenders
- Contacted private money lenders
- Contacted real estate agents
Jason’s activities:
- Posted Craigslist “I Need To Buy A House Today”
- Contacted REO listing agents
- Contacted pre-foreclosure listing agents
- Contacted hard money lenders
Lorena’s activities:
- Sent out MeetUp email blasts to multiple local area groups
- Contacted commercial listing agents
- Contacted note brokers
- Contacted hard money lenders
- Contacted REO listing agent
Scott is the Craigslist king. He has a series of ads to post. Jason’s Craigslist ad is terrific. He first used it in Las Vegas last year. He gets results every time!
I like being different, and used Meetup as my tool. You will be amazed how quickly you can reach hundreds of investors, and my response is great! Our ads are available online.
All of this activity in a one day period generated 20 properties, a defaulted commercial note and residential notes for our review. We needed comps for many of the deals. We spent a good chunk of the next day on this.
My REO listing agent stepped up to help us, even though he would not be part of the deal. This is a relationship business, and he wants to work with us long term and is willing to help us here for the potential of future deals we may do with him.
We put 14 of the properties under option, giving us the ability to control them. We ended up assigning 3 of them for a total of $11,000. One of these was auctioned right in front of the workshop attendees!
We also made 6 REO offers through our agent who helped us with comps. REO’s can be great deals, yet it is not reasonable to expect us to complete the deal during a four day workshop.
Now, these are pretty good results for a few days work, right? It’s amazing what a little hard work and focus will do. Question is, why aren’t you doing this in your market?
Come check us out live and in action at our next Path To Profits Real Estate Investing Workshop May 7 – 10 in Las Vegas!
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