Memphis Tennessee Real Estate Investing Case Study – Day Three. Lorena Gerlach here with Day Three of my 1:1 with student Kay Kirkpatrick in beautiful Memphis, TN.
We continued work on Kay’s flip. She had a few hits on the property, unfortunately they all wanted to rent the home, not purchase it. We created a marketing flyer highlighting the property and purchased a few additional marketing supplies.
Time to continue building Kay’s “dream team”. We set an appointment to meet with an investor group that responded to one of my email blasts.
Turns out Kay knew them and had actually attended one or more of their workshops. She never approached them about working together, however.
The investor group is very well run and offers two distinct products for investors. The first is their low end product of properties outside of Kay’s buying criteria. The second is their premium turn-key product where they offer anything from the property to financing, general contractors and property management. We identified five business opportunities for Kay and built the majority of her team with one meeting. Time well spent!
We stopped back at Kay’s flip property.
Priority one – put a flyer box with the newly created flyers out front. Priority two – complete interior staging with additional staging materials and our printed flyers. The flyers not only highlight the home features, they also include references to a buyer assistant package offered and an appliance package, to name a few. It’s important to point these items out to potential buyers.
While at the property, we took new photos of the property fully staged. The photos were turned into a virtual slideshow using Homepix.tv, an online service mainly for real estate agents. The product is available to all those who sell homes. Homepix.tv not only creates a virtual slideshow for your prospective buyers to watch, it also tracks how many views the show has received.
I loaned Kay my Flip video recorder and let her take a video tour of her property, room by room. I took the multiple videos Kay filmed of her flip using my Flip and, with the Flip’s software, created a video tour. The video tour was uploaded to YouTube.com, again through the Flip’s software. Very quick and easy. Well, easy anyway. A video can take several minutes to upload.
The slideshow and video tour are simple and effective marketing tools a real estate investor can do for their business. Both were added to Kay’s previously created Craigslist ads in just a few minutes.
The investor group gave Kay a lender contact that may help her in refinancing her flip property. Replacing the short term financing with permanent financing could open up additional exit strategies and is well worth investigating. Kay sent the lender an email referencing the investor group that referred her.
Time to focus some time on another one of Kay’s obstacles – the fact she has a day job and has limited time. Ultimately, Kay wants real estate to be her primary focus and that is a goal we are working towards. In the meantime, bills must be paid. How do we keep Kay moving forward without completely burning her out?
With an assistant! I had Kay call a couple of the local universities and ask if they had an intern program. An intern would work for free while earning college credit. Some of the universities had a formal program, others did not. Those that did not were willing to market job postings for their students. Kay ended up with several good options to consider.
I gave Kay an assistant wanted ad used by another student and had her create a list of the tasks that she wanted to delegate from an assignment earlier in the week. Kay put thought into the skills and specific tasks, then she created her assistant ad. We posted the ad in Craigslist and also forwarded it to the universities.
Kay will have a need for private money to give her additional money making opportunities. Kay made a list of 30 people she knows to send her newsletter to. Several of our students have created successful private money newsletters and we reviewed these to give her some ideas.
Whatever Kay’s chooses, she needs to be make it her 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 Kay 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 Kay’s 1:1 binder as another useful tool.
We ended the day reviewing marketing materials. VistaPrint.com is a great online sight for inexpensive marketing materials – business cards, rack cards, magnets, etc. I walked Kay through its most effective use. Three days down, one to go! Tomorrow we need to pull all of the pieces together and formulate a plan for Kay!
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