On the Real Estate Investing Mastery Podcast, Joe McCall will share with you the real world secrets on how to make a full-time income through investing in real estate – with a special emphasis on fast cash strategies like Wholesaling and Lease Options. You will learn how to escape the 9-5 through hearing the stories of other successful investors, and discovering strategies that Joe has implemented in their businesses to obtain the freedom many only dream of.
Five Reasons Why Investing in Real Estate is the Best Investment » REI In Your Car » 1164
I wanted to do a quick podcast just summarizing the advantages of owning real estate, specifically rental properties. I bring this up because it’s easy to forget sometimes. We get so deep in the weeds, and we forget why we do what we do. Sometimes, it’s helpful to be reminded so that when you’re talking with family, friends, and private lenders, you can answer their questions.
I give you five reasons why and how you can make money through owning rental properties. Number one is appreciation, number two is cash flow, and number three is tax benefits. Number four is the equity you build as you pay off your mortgage. Finally, number five is that you create a hedge against inflation, which is so important in our current economic environment.
—Five reasons why owning rental properties is a great investment.
Try This Cool Trick When Sending Offers » REI In Your Car » 1163
I always get excited for my vacant land coaching calls. My students are doing fantastic, closing deals, and making good profits. One of my students has a great marketing strategy that is a no-brainer and I wanted to share it all with my podcast listeners because it’s so simple and effective. What she does is she sends her offers in a 9x12 envelope and also includes a self-addressed envelope as well so the receiver can simply send the contract back to her should they accept.
This technique is perfect because it speaks to elderly sellers who might be more averse to phone calls and emailing. It’s a manual process and it takes some time to implement, but it’s a solid strategy. Right now, my students are averaging about a 2% response rate, so if you send out 1,000 letters, you’ll get 20 calls back, which is really good. Whether you’re doing land or houses, I think you should test this out and see what happens.
—Recent successes with my vacant land students.
—Why sending manual letters is still a great marketing strategy, especially for older sellers.
If You’ve Not Made Somebody Mad by Noon, You’re Not Marketing Hard Enough » REI In Your Car » 1162
I feel like I talk about this topic a lot, but you really should be making so many offers that you get yelled at often. Some of my students are more sensitive than others, and I used to be that way too when I was just starting out. However, the truth is that you’re in the real estate business to make money, you’re not here to make friends. Sometimes you’re going to make a seller mad and they’re going to get nasty with you. But you have to push through to get those deals done.
Fortunately, there are ways to go about your sales and marketing without being a jerk, and in this episode, I'll show you how it’s done. Sometimes, sellers just need time to cook. They need time to think about your offer or go get a second opinion. Many times, they’ll come back three to six months later and change their mind. So don’t be afraid to keep going. If you haven’t made somebody mad by noon, then your offers are too high.
—How to master sales and marketing without being a jerk.
—Why you shouldn’t fear rejection from sellers.
—How to handle angry sellers.
1 Simple Trick to Overcome Analysis Paralysis » REI In Your Car » 1161
On my drive today, I was thinking about the importance of making decisions, especially when it comes to making offers. Many people are afraid to make mistakes, and I see this happen a lot with new investors. It’s easy to get stuck in analysis paralysis, trying to anticipate things but then it prevents you from taking action and closing deals. I’m going to give you a real simple formula to follow in case you’re struggling with this, along with some examples.
With vacant land, it’s common to see prices that are listed high, so you need to validate the number. When you’re looking at your numbers and the data and you’re getting confused, pick the lower or higher number based on what you’re trying to do. If you’re looking at a house and are assessing the number of repairs needed, the higher number of your estimate is going to be the more conservative one. And with land, it’s often going to be the lower one. Remember, you make a profit when you buy, not when you sell. Don’t be afraid to get rejected on your offers. It’s all just a numbers game, so the more you get out there, the more you learn and the more deals you’ll wind up doing.
—A simple formula to use to get out of offer analysis paralysis.
—Why you should always choose the more conservative price when making an offer.
—Why you shouldn’t be afraid of your offers being rejected.
Inflation: The Silent Retirement Killer - From A Real Estate Investor's Perspective » 1160
My guest today is David Phelps and we’re going to be talking about the big “I” word: inflation. It’s a big deal and a lot of things are going on in the economy today. It’s important to know how you’re planning on reacting to inflation and how to position yourself to be in a place where you can win. I’ve known David for many years, and we’ve been in several of the same masterminds. He’s an expert on inflation and he’s got a great new book that you can get for just under $4 shipping and handling. Make sure you grab a copy at InflationBook.com.
David’s been in the business for a really long time and here, he shares his perspective on what’s going on and how it specifically impacts real estate investors. David talks about the similarities and differences between our current situation and inflationary environments back in the 70s and 80s. He also shares his worst- and best-case scenarios of what we could be facing going forward and how to capitalize on the all the opportunities that we’ll see out of this as well. The good thing about real estate is that it changes slowly enough to be able to notice trends and plan accordingly. David talks about his picks in terms of lucrative sectors and why you should be thinking beyond the 401k for long term investing.
—How to position yourself to win amidst record inflation.
—Similarities and differences between today and inflationary environments of the past.
—What sectors and investments are your best bet in today’s recession.
What Are Your Customers' Problems? » REI In Your Car » 1159
I’ve been thinking about a lot as we head into this next recession, and I think it’s going to get worse before it gets better. So what are you going to do to prepare for it? This question applies to anyone in any business, not just real estate investors. Any business should understand what their customers' problems are and they need to keep up with them because they’re constantly evolving. In any sector, the company that figures out the best solutions to those problems wins.
Finding out what your customers' problems are can be challenging, but there are several ways to do it. You can survey them, talk to them, and pay attention to what’s going on in the news. In real estate, your customers will be either sellers or buyers and each have their own unique set of concerns. Whether it’s the banks tightening lending restrictions or issues with refinancing, coming up with creative solutions for these problems will set you apart from the competition. As always, if you’re not involved in a coaching program or a mastermind, now is a great time to get into one to get the support you need to thrive.
—Why it’s important to know your customers’ problems.
—Common problems buyers and sellers are facing.
—Why it’s important to get involved in coaching programs and masterminds.
This podcast is a must listen for real estate professionals. Joe is super knowledgeable and experience and each episode is filled with valuable insights.
Top real estate podcast
In your recent episode with Gavvin Timms, I definitely resonated with what he said about surrounding yourself with good people and network.
I couldn't agree more. I think one of the most important things in life is to surround yourself with good people both for personal and professional relationships. People who will trust and respect you, and who you can trust and respect in return.
You guys clearly have a passion for this work, and it comes through in every episode.
This Podcast Has Turned Into One Big Sales Pitch
This used to be a good podcast. The information was at one time fresh and new. Now it’s just one big sales pitch. Each guest that is on is there to sell something. Waste of time.