COVID-19 Coronavirus IMPACT On Wholesaling Real Estate
Hey guys, what’s happening? Steven Howell here in this video, and we’re gonna be talking about COVID-19, the Coronavirus, and specifically how it’s going to impact your real estate investing business, and particularly your wholesaling business.
And I’m going to talk about 10 things, 10 practical things that you can start doing today in your business to make the most of this time.
And in every crisis, in every crisis, I believe there’s opportunity.
And we wanna be wise, we wanna be good stewards with the energy, the resources, the time, everything that we have.
And I believe these 10 things.
And I even have a couple extra on there.
I have some notes on my screen, and rather than doing some fancy, fancy production video, I just wanna get on here.
I have a small little office here.
And I just wanna get on here and record some things so I can kind of give you the meat of the information, and you can ahead and take this and start applying it in your business, okay?
So I’m just gonna set my phone here, and I am gonna kind of talk.
So hopefully you guys like this.
If you like the style of this type of video, let me know, and I can do more like this.
So guys, there are, like I said, in every crisis there’s opportunity.
And I believe at this time, with what’s going on in the world, these are unprecedented times.
The information that I’m going to give you here is going to be my opinion, of course.
And I want you to know that I’ve been around in the last downturn.
So I got started in real estate in 2008, 2009, right after the last market crash.
So I have built my real estate investing business in a down market, okay? And the people, I wanted to take a little extra time before I put a video out.
And obviously, we’re still at the beginning of this.
But I wanted to concur with people who have been through a couple of up and down cycles.
There’s a lot of people, brilliant investors, that have entered the game in the last couple of years, and that’s wonderful and certainly taking a look at what they’re doing in their businesses.
But I also wanna talk with and look at what some seasoned people, who have been in the game for a long time.
And I wanna give you some practical things that you can do right now, starting today as you’re watching this video, okay?
So we’re gonna talk about those 10 things.
If you’re new to my YouTube channel, welcome.
My name is Steven Howell.
I’m so glad to have you.
Definitely if you like this content, I ask you to feel free to browse around to some of my previous videos.
Make sure to hit the subscribe button on the channel here so you can get notified of when I release new videos.
And also, be sure to leave a comment.
Because believe it or not, I do take the time to read and respond to practically every comment that comes through.
And that’s something thatI do not take lightly, the fact that you are watching and taking time out of your busy day to consume my content.
So anyways guys, the first thing that I’m gonna tell you in this current state of the economy with the Coronavirus, your real estate investing, your wholesaling business, is to take a day, take an afternoon and reduce any unnecessary expenses.
Right now, cash reserves and cash is very important.
And it’s very easy in the real estate industry, especially as you get going, and even as you are building a robust business, to have a bunch of subscriptions, and to have all the bells and whistles.
And that is not needed to thrive in this current economy.
So take an afternoon, take a day, and really review everything that you’re subscribed to.
And I would say to do this in your personal life, and in your business life, okay?
And ask yourself, is that subscription absolutely critical to your real estate investing business or to your personal life.
Is it going to put food on the table?
Is it gonna provide or is it gonna generate leads in your business?
Or is it going to provide animmensely valuable service to yourself and to your family, okay? So that is something thatI highly recommend you do.
It’s not the funnest thing you do, it’s not the sexiest thing to do, but it’s important to do, because those subscriptions will add up, and I believe that’s one thing.
There’s so many things in the state of this current economy that really, as humans, it makes us realize how little control we do have.
You know, sometimes we think we just have all this control and this just goes to show you how the entire world, basically, has shut down, how little control we do have.
And it’s important to focus on the things that are within our sphere of influence, that are within our sphere of control, okay? And that’s one thing that we can do.
The second thing is to put in place a follow-up procedure for all incoming leads.
So if you already have areal estate business going on or you’re just starting your real estate business, you want to have in place a follow-up procedure for every lead that’s coming in.
You don’t just want leads to come in and kind of sit in you inbox or in your email.
And you just kind of get to them when you can and you really don’t have a system in place.
So if you guys are in need, I just wanna share this with you, if you are kind of going at this business alone, or you’re recognizing now, maybe you’re at home and you are looking to generate some extra income, or you’ve been wanting todo this real estate thing for a long time.
If you click on any of the links in my description, or go over to my site, Steven Howell Mentoring, if you want some one on one help, I have a little bit of availability right now.
And so before I forget, I want to just toss that out there.
No pressure, it’s not going to be for everybody, but I do work with investors, I do work with new investors, intermediate investors, and I help them to build their real estate business from the ground up to get a lot of leads coming in, to be very frugal, and to really develop the skills and the processes of getting results in this business.
And I’ve been very good at that, and I really enjoy working with people.
So you can go over to my site, Steven Howell Mentoring.
com, definitely subscribe there, book a call with me, it’s absolutely free, I’m not gonna pressure you or anything like that.
I might actually tell you that I can’t help you, and I’ll do that as well.
But if I like what you have to say on your application, we’ll do a one on one strategy call that’s gonna be super valuable either way, and then we can take a look at if you’re a good fit for the mentoring program and we can talk about that.
And basically I work with you for 12 months and help you in your business from the ground up and all that good stuff.
So you can get more details there.
So if you’re really feeling like, man, I want some help in these uncertain times, that is a resource for you.
But either way, back to this video.
So the second thing is you want to put in place a follow-up procedure for all incoming leads.
What are you going to do?
I want you to write this down, I want you to take time today and think this through.
How are you currently following up with every lead?
Are you putting them into categories?
Are you calling them?
How many times are you calling them?
What happens if you get ahold of them?
What happens if you don’t get ahold of them?
What are you doing, what are you saying, what is your follow-up procedure?
That’s absolutely, before you get into all the marketing channels, before you get into all the variety of things that you can do and choosing how you’re gonna generate leads, you want to have some of these things dialed in, because these are way more important than just the lead source that you’re going after.
Because you could be paying big bucks for marketing, and if leads are falling through the cracks and you’re not following up and you don’t have a system in place, that’s a big, big problem, okay?
So the third thing is I want you to currently reach out.
I want you, this week, to block off time.
Actually, even if you have to block off a whole week, I want you to circle back with every cold lead and every dead lead that you’ve generated in your business in the last three to six months.
Because motivation has changed in the last couple of weeks.
How do I know this?
Because my phone has been ringing off the hooks with people.
Actually was just looking at a slew of text messages that came in, saying Steven, I’m not sure if you’re able to buy another house or not right now, I told you a few months ago I was not interested, things have changed.
Please call me.
Okay, and that’s a good problem.
That’s something that we want right now.
So I want you to take time this week, and I want you to call back repeatedly.
Not just one call to check a box and say, okay, Steven, I did it, I did what you said, I mean, you have to have this inner drive and consistency, reaching out to all cold leads and dead leads, okay?
That’s gonna be very, very powerful.
So the fourth thing here, is I want you to establish a game plan for going on appointments, and buyer showings.
Right now, at the time of this video, people are gonna be a little leery about meeting in person.
So you’re gonna have to, and I was just spending, actually, the last couple days adjusting my phone script, and the things that I’m doing in my business, the things that I have my employees doing, of exactly how we’re having those conversations and how we can resonate with people and be real and honest with people, and kind of have a little bit more of a conversation, which is what I naturally did anyways over the phone.
I was not the investor that was driving all over town going on a million appointments.
I’d rather do a lot of the qualifying and pre qualifying and rapport building and diagnosis questions, I’d rather take a ton of extra time and do that stuff over the phone, rather than be driving all over town going on a million appointments.
And how true is that in the current state of the real estate investing world, right?
So one thing that you can do, is you can have the seller take a video of their property and have 20 or 30 or 40 pictures taken of their property.
You know, the kitchen, the bath, the windows, the HVAC system, the electrical box, the foundation of the house, the outside of the house, the front, back, side of the house, and a three or four minute video walk through.
You can give them the option of either yourself or somebody on your team coming through as an appointment, and they can open up the house, be in a different room, be in the back of the house, backyard, something like that.
And you can come through on a 10 or 15 minute appointment.
Or if they’re not comfortable with that, you can have them submit pictures and video for you.
And then the same thing if you’re wholesaling properties and you’re working with buyers that you’re assigning contracts to, you wanna have already thought through the procedures that you’re going to do with those buyers.
So that’s very important.
Before you take a bunch of steps out there, I want you to have a plan so that when you’re in the flow of day-to-day business, you already know how you’re gonna handle things.
And being a business owner, these are decisions that we need to take time and make, and when we do that, it makes everything run a little bit smoother, okay?
A really cool thing, there’s somebody in a market close to mine, and how this is just going to change the industry, and this may not be the case in all markets, but they were saying that now the title company and things like that were accepting video from mobile notaries.
And so how powerful would that be if you have a seller that can’t leave their house or they’re a little too freaked out.
You could get a mobile notary to record a video of their signature, and that, potentially, could be accepted by a title company.
So just the ways that people are getting creative out there.
When there is crisis, there’s opportunity, and there’s ways to be super resourceful and creative.
And my friend, it’s my firm belief that this is not a time to just rollover in the fetal position.
This is a time to be proactive, to be diligent, to be prayerful and to be thoughtful, and to take action.
This is also a time where your discipline and your focus is going to be tested as an entrepreneur.
Because that’s one of the most critical things about being an entrepreneur is your focus and your discipline, right? Like we have to be focused and disciplined.
And it’s so easy right now to get bogged down with the news.
It’s so easy to get bogged down with social media, and looking at how other people are responding to what we’re going through.
All right guys, so for the fifth point here.
As motivated sellers, we want to understand how we can better serve them.
Just because things have gotten a little crazy, doesn’t mean that we still cannot help people.
And in fact, in times of emergency, in times of crisis, the sellers need is even more prominent.
You know, think about it.
Like when people are being quarantined, number one, you’re gonna be able to get ahold of a lot more people.
But number two, people are in need of cash.
Cash is king.
Well, Christ is king, cash is king in terms of real estate.
But anyways, so as far as sellers go, they’re in need of cash right now.
Think about it, like if they lost their job, God forbid, for the next couple of months or laid off, people are turning to different work-at-home opportunities and things like that, which I’m gonna talk about here in a second, because that is another great opportunity where you can start to build and work on your infrastructure and the talent pool of different teams, and virtual assistants, and things like that, can greatly increase with, you know, kind of, people understanding, like, wow, like I can actually work from home and I can actually, you know, as they get adjusted, likeI can do something here, I can accomplish something.
So you’re gonna be able to get ahold of more sellers.
Sellers are gonna need cash because to supplement income.
And so there’s a lot of like, let’s say there’s a landlord out there, and he had a couple of rental properties and he wasn’t really, truly motivated to sell maybe a few weeks ago, but now he’s like, okay, out of my 10 rental properties, I need to liquidate two of them because I need cash.
So that’s just one example.
Or somebody inheriting a house.
I’ve personally seen, just in the last week, my text messages, my phone calls, voice mails, emails, a lot of sellers areactually reaching back out.
I just think it’s really, really, important right now to understand that sellers are scared, they might be a little concerned about being in person with you, and so how are you going to address that?
How are you going to speak to them about these unprecedented times?
I don’t think that it’s something that you try to side step.
I think you address the elephant in the room right away on the conversation and attack it head on.
And be there for service.
We’re not trying to talk anyone into selling, we not trying to change their mind.
But just naturally there’s going to be more motivated sellers.
And also, during this time, and this is just a prediction, but traditional real estate, very well in times of crisis like this, can slow down.
And when that happens, the sellers are going to have less alternatives.
And so whereas a few months ago, maybe they wanted 80% of market value or closer to top dollar, that may very well have changed.
And so sellers are going to want to sell more, and you’re going to find that they’re a little bit more realistic now on price.
So that’s one, a change to kind of think through and to be prepared for, and to see that coming, okay?
The second thing, you maybe concerned about, okay, well, Steven, what about buyers?
What about, it seems like over the last three, four, five years everybody and their mother has been flipping houses, and if they’re decently skilled, like they’re turning a profit.
And so what about like lenders pulling back money, and some of the flippers and other people exiting the market? So this is kind of the sixth thing that I want you to think through.
So and I saw this when I entered the market in 2008.
Basically, there’s always going to be, still, and I want you to remain confident in this, there’s always going to be buyers and there’s always going to be sellers.
There’s always going to be people who buy deeply discounted real estate.
And so that’s all the more reason why, you know, I think at a time like this, it is just so powerful for you to develop the skill set of acquiring deeply discounted real estate.
If you get really, really, really good at that, this time of crisis could bean incredible opportunity.
So to give you an example, there’s a lot of people that maybe, just over the last year or two, that may be exiting as buyers.
But there’s always gonna be those true, legit, big time buyers that are buying.
And if they have been buying up here at these prices and then the market starts to go down, you’re gonna have those savvy buyers that wanna buy at deeply discounted prices.
Like if the real estate market crashes, and let’s say home values cut in half, well the savvy buyers, like the quote unquoteWarren Buffet buyers, that’s when they swoop in and buy properties by the hundreds, by the dozens, because they wanna buy them pennies on the dollar.
Very similar to the stock market, you know, when a lot of times people are freaking out and leaving.
The bigger investors, that’s when they go buy shares for a fraction of what they just were.
And so you’re gonna have hedge funds, you’re gonna have out of state turnkey buyers, you’re gonna REITs, you’re gonna have single-family portfolio buyers, you’re gonna have all sorts of every day buyers as well that have been through different downturns that are still buying deeply discounted properties.
And so a practical action step is you want to adjust your offers.
You wanna be more conservative in your offers.
And sellers are gonna be a little bit more lenient in price as well, and they’re gonna be, as they’re quarantined, they’re gonna be easier to get ahold of, they’re gonna want cash, and so that process is going to be a little bit smoother than you think.
But what I recommend doing, is reducing your offer price, for the most part, by 10 or 15 percent.
So if before you were getting properties at 50 cents on the dollar.
Let’s say, an average property in your area was $200, 000, and you were getting those deals for $100, 000.
And let’s say the property needed a ton of work, but it’s in a good area and you get it for $100k and wholesale it for 120.
Well, now you’re gonna wanna get that deal for $85k, okay?
You’re gonna want to get that deal for $90k and you might be whole saling it for 105 or 107 or 109.9.
So you’re reducing your offer slightly.
And you wanna make sure you go after no-brainer deals.
And this is what I teach, this is how we typically do business anyways.
You don’t wanna go after those deals that are kind of like, maybe it’s kind of a rural deal, or there’s just not a lot of sales, there’s not a lot of comparables, and it’s kind of iffy, but you think you’re getting it at the right price.
And oh my goodness, everybody has just been telling you no, no, no, no, no, and you finally got that seller that’s a little bit motivated, and so you’re trying to make something happen.
You’re trying to make it work.
This is not the time for you to get a deal like that, okay? Because you truly only want to get deals under contract that you are going to be able to either close on, or assign, or fulfill.
And you want to be able to just get really good deals.
And so you must be more conservative in your offers.
But if you’re reaching out to all your cold leads, all your dead leads, you have follow-up procedures in place.
You have, you know, you’re categorizing things into different buckets.
And each bucket has an action plan and a game plan.
You’re going to generate so much more momentum and deals.
It’s gonna be insane.
And so the fact that you’re being more conservative is okay.
And so guys, if you need help with that, I definitely invite you to go over to my site, book a call with me, and you might be a good fit for my one on one mentoring program.
I would say this, this is definitely a time, always one on one mentoring, it’s how I’ve learned.
Having somebody lead by lead, deal by deal, situation by situation from the ground up let me know what to do to, to fill in all the blanks, all the thousand little variables that are not in all these wonderful YouTube videos, of what do I do here, or there?
This is not a time, this is not a market that you wanna be guessing and playing games and trying to piece things together.
You wanna turn to somebodythat can really help you.
You want that extra voice of reason.
So guys, if that is you at all, definitely click on one of the first links in the description.
Head over to my site, StevenHowellMentoring.com.
I got some great free goodies, no matter what if you subscribe there, no strings attached.
Book a call with me.
If you go over to my web page and click book a call, you fill out a short application, and if I like what you have to say, I will do a free strategy call with you.
And then if you’re a good fit for the one on one mentoring program, we can potentially work together for the next year, and I can help you build your business from the ground up.
So anyways guys, let’s keep going here.
So another thing that I want you to do and kind of understand during this time is that it is important to reach out to all existing buyers that you have, and just kind of get a pulse and see where they’re at.
Communication is paramount, right, during a time like this.
It’s important to know.
You know, you may have 50 buyers on your buyers list, you may have five, and you may have 300.
But it’s important to know who is still in the game and who’s not.
And it’s also important during this time, we spend a little extra time building our buyers list, speaking with buyers, and cultivating that relationship.
Which, honestly, when you do it right, doesn’t take a lot of extra time.
It’s very natural and you’re going to just have a smoother way that you run your business anyways, okay?
So we’re not really changing a lot from how we typically do business here.
One of the best ways that we attract buyers in the first place is that we get amazing deals with a ton of meat on the bone.
And that’s one of the biggest mistakes I see newer investors, and even sometimes intermediate investors, is they’re kind of getting these marginal deals that really don’t have a lot of meat on the bone, and then they’re having a harder time attracting the right buyers and things like that.
Whereas, when you have an amazing deal, it’s not very hard to attract buyers.
And so that’s just something to be present and to be aware of, that as things change, and let’s say if the real estate market does crash, we’re gonna spend a little bit more time building those those buyer relationships and knowing what they like, what their terms are.
But make no mistake about it, buyers will always be buying, lenders will always be lending.
They’re still gonna be funding the deals.
There are those savvy buyers out there, and none of that is gonna be a hiccup the way that we’re doing this, okay?
So I want you to be confident in that, my friend.
Because that’s a big fear point.
And I want you to be confident in that.
All right guys, so the next point here, I wanna interject this, this point, is we wanna talk about competition.
Because competition, I get questions over the last five years of working with people one on one, that has been such a huge question as the market’s been really piping hot, is, Steven, how do I differentiate myself from the competition?
Is my market saturated?
All of those types of questions.
And I definitely believe there’s more than enough to go around.
There’s always a way to separate yourself from competition by doing the right thing, by providing a lot of value, by being honest, by being truthful, by doing the little things right.
There’s always ways.
And even strategically at marketing and how we approach types of leads we go after, our processes and things like that.
There’s always ways to separate us from the competition.
But what I think is especially interesting at this time, and something that hopefully amongst a lot of uncertainty, that this will provide you some comfort, is that it is going to reduce the competition.
There are going to be a lot of people who chase after some other shiny object.
This is a very easy opportunity for folks to get distracted.
This is an opportunity for people to think, okay, maybe I need togo do something else.
So you’re naturally, in terms of marketing with sellers, even in your own marketplace, there is going to be less competition.
And that is a good thing, okay?
So just take a little bit of comfort in that.
You know, not that there’s necessarily an action step that’s associated with that.
But it is a way for you to stand out.
And an action step that you could take from that is ask yourself, how can Istand out from competition?
What can be different about my business?
And the clue that I will give you is it’s not some big grandiose thing.
It’s not your logo, it’s not some fancy slogan, it’s none of that.
It’s some of what we’ve already talked about in this video, do you have a process in place for every lead that comes in?
Do you have a process for dead leads, for cold leads, for follow-up?
Are you going after a million lead sources, spinning your wheels?
Are you laser focused on one or two lead sources?
Are you tracking your daily inputs?
Are you understanding the conversations that you’re having?
Are you learning how to pre qualify leads?
These are ways that a lot of times, especially in the up markets, the really hot markets, that people can get away with just doing a lot of marketing and not really having a lot of those systems and things in place.
And as competition decreases and the markets get a little crazy and things like that, what you’ll notice is that that is a way in and of itself, to stand out, is to kind of button up the hatches and do the little things right.
So my friend, I just wanted to, as another kind of thinking point here, and also a preparation point, I want you to kind of think on those couple things.
And that hopefully will motivate you to take even further action in your business.
That while others are kind of stuck like this, like a deer in the headlights, I want you to charge forward, to drive forward, Not recklessly, notrecklessly, but with confidence and to take action and do the little things right.
Because that’s gonna be a huge, if you do that right right now, a couple weeks, a couple months from now can be, you know, just things can completely change.
So I want you to find comfort in that.
Okay, another little point here.
This is incredibly powerful, is I want you to pay extra, close attention, my friend, extra close attention to what you are allowing in your ears and your eyes.
We take in information with our ears and our eyes, right?
So what you’re watching on TV, of course we have to be aware of what’s going on in our local communities and cities and states and all the regulations and stuff like that.
But it’s very easy, it’s very easy to kind of get stuck on social media, to get stuck on the news channels, to get stuck in that.
And that causes a lot of chaos.
Our brains, if you do studies of how the human attention span, just since the launch of social media, has gone down, it is insane how little of our.
You know, when they’ve done studies about the human being’s ability to critically think and to focus and things like that, it’s gone down significantly.
And so what is an action step that we can do? Is that we can limit the amount of time we’re spending on social media.
Limit the amount of time that we’re watching TV.
And so what I want you to do is I want you to kind of put a plan together of when you’re going to consume that.
Let it be a small amount, and don’t go over that.
But then, for whatever you’re going to do, whether it’s watch the news or just glance on social media or whatever it is, I want you to have one or two or three things that’s gonna counteract that.
So if you’re gonna spend 10minutes on social media a day, or 15 minutes watching the news just to see what’s going on in your city, your community, I want you to spend that same amount of time reading a physical book.
And I want you to spend that same amount of time exercising.
Another thing that is counterintuitive that a lot of other real estate people or entrepreneurs, or people producing content on YouTube, kind of in this space, will tell you to listen to a million books, and audio books, and listen to a million podcasts.
What I found with myself personally, and what I found working with people one on one over the last five years, is too much content can be a bad thing.
You can be listening to a bazillion podcasts, you can be reading a ton of books, but you can kind of get, you know, have that nice cozy blanket of education, and not be proactive and not take action on what you’re consuming.
And that can be very detrimental.
Also, you can be subscribed to like, you know, because I’ve done this before, you can be subscribed to10 or 15 different gurus, or whatever you wanna call them, you know, people that you look up to.
Their email lists, their podcasts, their YouTube channel, and you can literally be just in information overload, information overwhelm.
And that just further feeds the anxiety that further feeds the overwhelm.
And what ends up happening is, boom, now with all the crazy amounts of information you have in your mind, with all the things you’re listening to, plus social media, plus the news, plus family life, plus bills, plus responsibilities, you just get in the phase where you’re just utterly overwhelmed, and then you don’t take the necessary action that needs to be done.
So guys, whatever you can do.
And it literally is a fight, and I challenge you to fight.
You have to fight to take time to limit this information.
You have to minimize distractions.
That’s the way that you focus.
You take things away.
It’s not addition, it’s not listening to a new podcast, a new video, reading 10 million new books, not going to a million new seminars.
It’s subtraction, okay?
You gotta focus on subtraction, not addition.
The whole saying that less is more is so, so, so true.
Some of the most successful businesses have refined and refined and refined, and they’re not adding, adding, adding.
Because every time you add something, it takes a lot to manage that new process, that new way.
And so we need to subtract.
And so that is just such a powerful tip, and that’s why I’m taking extra time here.
I don’t want you guys to skip over this.
So take time to sweat, okay?
Whether it’s pushups, sit ups, getting a rower for your garage, getting an aerodyne bike, going for a job, going out in nature, going on a walk, taking 15, 20 minutes to read a physical book.
And then unsubscribe, unsubscribe from a lot of people’s emails, unsubscribe from a lot of podcasts, a lot of YouTube channels.
Reduce the amount of inputs.
Because what you need to do is take just a little bit of influx of information of helpful content that resonates with you, and then you need to pray on it, think on it, define action steps.
And then you need to take all out action.
You don’t need to be, you just keep listening to stuff, because that puts you in a state of being stuck.
And it’s so prevalent, I’ve fallen into this trap myself, guys, and that’s why I wanna share this with you.
And so many people, working with people one on one, this is an area of overwhelm.
And now, more than ever, is a time to focus and to take action.
And so I wanna share with you.
So take heart that there’s gonna be less competition.
And there’s gonna be a million ways to differentiate yourself.
And then feed some positiveness into your mind, some positive inputs.
And then, another tip that I will give you, kind of along those lines, and that why I mentioned sweating.
Because you can work out and just be like on your phone, and things like that, which is a little bit harder during this quarantine state, you know, going to the gym, because gyms are closed down.
And so it kind of forces us to develop a home work out program or something like that.
But when you have the ability to just, when you make it, not have the ability, but when you have a part of your daily routine that you are sweating for 10, 15, 20 minutes, it’s going to help you think better, it’s going to give you more energy, you’re going to be able to either just take more action.
And it’s gonna be a huge positive thing.
And then right now, for those of you watching this video, you know my faith background.
I love the Lord and I am nothesitant to talk about that.
I’m not putting religion or anything on you.
But for those of you that that resonates with, I would invite you, during this season, and continuing forward, to pray and ask for daily wisdom and discernment, that God will bring the right people in your life, the right business partners, whether they’re buyers, the right title company, to help you to be proactive and to have confidence inHis word and His promises.
And that’s all I’m gonna say about that.
But I think this is a wonderful time where you don’t have to rely on yourself.
There’s still a lot that you personally need to do as well, right?
We don’t just completely let go and do nothing, right?
Anyways guys, let’s continue on with the next few items on the list here, of ways that you can be proactive during this COVID-19, Coronavirus pandemic.
Okay, the next thing that I want to understand, is that in terms of contracts.
Now this is something we typically always do anyways, but the inspection period for your contract can now be a little bit longer.
Especially when we’re marketing direct to seller.
These are unprecedented times, and you want to give yourself a little extra time for diligence.
And so instead of like a 14 day or 21 inspection period, I would recommend a 30 day inspection period.
That’s typically how we do it anyways.
Now, we never try to like wait the entire time.
Typically we know what we’re doing right away, we’re only putting good deals under contract.
So we’re not doing this to try to weasel out of something or anything like that.
But these are unprecedented times, and we want to be conservative in what we’re doing.
So just one action step that you can do, is make your inspection period 30 days, okay?
All right, so the next thing with buyers is that, and this is kind of to reiterate a previous point, you want to have a conversation with your buyers.
You wanna know what zip codes, what areas, what price points, are they still in the game, are they not in the game?
You may want to even revisit buyers, especially if you’ve been at this a while, that you used to work with a couple years ago that maybe were waiting for the market to take a dip before they get back in.
Like I personally know of a friend who has like 15 rental properties, and he, you know, the last couple of years has not been buying because prices have been up here.
And why, as an investor, do you wanna buy when prices are up here?
You wanna wait until the market crashes a little bit, and you wanna buy them at pennies on the dollar, or a certain percentage, right?
And so there’s a lot of buyers, savvy buyers, that think the same way.
So you could have buyers from three, four, five years ago that were great buyers that just kind of were sitting on the sidelines during this last cycle that are now ready, willing and able to get back into the game.
So guys, I want you to be diligent.
I want you to think about, okay, if you do have a property under contract, and you are marketing that contract, how are you going to get buyers in the property?
Is that something that’s going to make the seller uncomfortable?
Do you need to schedule something where the seller is out of the house for a few minutes, or will the buyer be able to buy from pictures and video?
Rather than sidestepping these things, I want you to come up with a plan and address them head on.
So that’s going to be very valuable.
The next thing I wanna talk about is just a simple metric that you can do in your business.
And that is to reach out to motivated sellers every single day.
I want you to focus on just something very, very, very simple.
Even if you make 20 outbound dials per day to sellers.
And this is obviously a starting point.
That can be done within about an hour, even if you’re manually dialing.
If you have a very, very targeted distress list, like a probate list, and you’re making 20 outbound dials, it’s gonna take you an hour.
Maybe a little bit more.
And then if you do 20 follow-up dials.
So 20 outbound dials, 20 follow-up dials from people you’ve previously made an offer to.
Maybe they were, you were at $60, 000 and they were at $120, 000, and you guys were quite a ways apart.
Those are leads that you should be following up with.
Those are leads that you wanna be persistent with.
What if you actually wrote them a cover letter, and you mailed them a contract?
And that contract was good for the next 30 days, and you kind of, in that cover letter, described the benefits of your offer, and really positioned it well? And that can serve as a marketing piece for you.
So earlier when I was talking about, what is going to be your procedure with dead leads, with cold leads, with warm leads.
Having a game plan.
That’s the type of thing that I’m talking about.
Like, what if every lead that was a cold lead, where you were a mile apart, what if you now followed up with them every two weeks, or more, and you sent them a written offer with a cover letter as a mail piece?
And these are things that I’m implementing in my own business, these are things that I’m teaching my students to do.
And so I want you guys to think through this, because this is the little stuff.
It’s not about coming a secret strategy, it’s not about coming up and mastering Facebook ads or spending $10, 000 a month on marketing.
Before you can spend any level of quantity or volume on marketing, you wanna have your systems and procedures dialed in first and foremost, okay?
So just keep it simple like that.
Like 20 manual dials to probate leads, for example.
And 20 follow-up calls on previously dead and cold leads.
Or other leads that you were naturally following up with.
That’s 40 dials a day, that’s gonna take you, roughly, two, two and a half hours.
And if you’re serious about your business, and you can’t take two hours a day.
When people who are quarantined right now with the Coronavirus, with COVID-19, they’re home, they’re going through emergency situations, their motivation has changed.
They’re very likely in need of cash.
And you may not have personally gone through this, but speaking with thousands upon thousands of sellers over the years, it’s crazy the amount of people who own multiple properties.
Maybe that have a property that they’re no longer in need of, and they need to get rid of it.
So guys, if you are not willing to, to get your portion of the opportunity out there, that’s a decision that you wanna make.
Because there’s a lot of opportunity right now, and the key is being proactive and having a game plan, and that’s what I kind of want to shed some light on.
So just commit to two hours a day.
40 dials: 20 to new sellers, 20 to follow up.
That’s a very simple, basic metric that you can implement in your business that’s going to definitely serve you and get more opportunityon the table, okay?
Let me review my notes here and just make sure there was no other major points.
The last thing, last point that I wanted to make, and I’ve lost count here, if we’re at point eight, nine or ten.
Is that during this time, there’s a lot of people that are starting to work from home.
There’s a lot of people that are looking for extra income opportunities.
So for the entrepreneur, your talent pool for hiring in your business, whether it’s a virtual assistant, a lead manager, a project manager, an acquisition manager, a marketing co-ordinator.
Somebody to stuff your letters, like let’s say if you’re mailing probate executors and attorneys.
Or even if you’re running direct mail.
You can hire a marketing co-ordinator to go through all your proofs and things like that.
The talent pool for building your infrastructure and building your team has greatly increased.
So I’m not saying that you go out there and do all this crazy hiring and things like that, but just know that people are starting to get more of a taste for working from home.
And even like I was describing earlier, how now potentially some mobile notaries and title companies and things like that might be accepting video notary.
You know, the industry’s kind of getting a taste and a change of how this can work.
And so you kind of wanna just play that movie forward a little bit, and think of creative ways that, potentially, you can either get a virtual assistant or something like that.
But at the same time, likeI said earlier in the video, you don’t wanna have unnecessary expenses.
So I think a lot of it is awareness of where you’re at and what phase of the business you are in.
And my friend, it’s easy to get confused about that when you’re kind of in the weeds of things.
So that’s where it’s very helpful to have a mentor to kind of help reason with you and say, okay, well here’s whereI see that you’re at, and here’s exactly what we need to do.
Okay, so guys, actually the one more point that I wanted to share with you, and I think this is a great time, especially during the next couple of months for you to do the low-hanging-fruit activities.
Follow up with dead leads, cold leads.
To be able to do those manual dials.
To reach out to sellers, to follow up, to reach out with buyers, to kind of do the hard work.
To do the unattractive work.
To really get some results during this time.
And then, in the very near future, to be able to scale up kind of a marketing blitz.
Because there’s gonna be a lot of opportunity at hand.
And speaking with people who have been around in this industry for 20, 30 years, multiple up and down market cycles.
They, even if they have other businesses beyond wholesaling, they are starting to gear up their marketing efforts.
They’re starting to get that machine going.
And now is a great time to begin doing that and to be kind of developing that battle plan.
But before going out and like sending out 10, 000 post cards, let’s say, for the first time, now’s probably not the best time to do that, especially if you’ve never done that before.
But now is the time to have an exact strategy, to go after low-hanging fruit and to work really quality, targeted leads.
And that’s exactly what I teach inside of my mentoring program: how to do things for a minimal cost, be conservative, be frugal, and yet still get results.
So we are still closing deals, myself and my students.
And guys, I don’t wanna say that I have this all figured out, because I certainly don’t.
But I wanted to share these things with you in this video as an update of what’s going on with the Coronavirus, COVID-19, and how it may, or how I see it impacting the real estate investing community, wholesaling real estate.
And I believe that there is a lot of opportunity in this, but I wanna say this as a last point, I think first and foremost, business is business.
But I think this is a especially powerful time to reevaluate where you’re at in the world, where you’re at in life.
And it allows us to look at our priorities.
This is a time where especially sellers and buyers and people that you’re gonna run into on a daily basis, are very afraid, they’re very uncertain.
And this is a time to be strong and to be kind and to be a leader, and to love others.
And I’m very, very hopeful and optimistic.
And anyways guys, if you like this video, I would love for you to give it a big thumbs up and to hit me up with a comment.
Let me know what you liked, what stood out, let me know what your action plan is over the next 30, 60 days, if you’re watching this video, over the next quarter.
And definitely subscribe to the channel here.
And if you were in need of some one on one help in your business, and you don’t wanna go, you’re tired of going at this thing alone, you’re tired of trying to guess the next steps, I would love to personally, potentially, work with you.
So you can go over to my site, get some free goodies no matter what.
Sign up for a free strategy call, and then we can potentially discuss what that would look like.
But guys, be strong.
Be courageous, be proactive during this time.
Be wise, be frugal and make a difference in your community, and those that you interact with.
Remember, it’s one conversation at a time.
Be willing to be uncomfortable, we willing to have awkward conversations, be willing to be vulnerable, be willing to not have all the answers.
Put yourself out there in a smart way, and this could be a turning point for you.
So my friend, I’m gonna go ahead and end the video here, it was my pleasure, I’ll see you guys in the next video.
I do have more videos coming.
So take care, I’ll see you in the next video.