How To Replace Your Income With 12 Rental Properties (Part 5 of 9)
After coaching so many people through the process of buying cashflow properties and replacing their income…
I’ve arrived at a “framework” that I have my clients follow.
This 9 step process is the most logical and effective way to build your portfolio.
So far, we’ve covered:
Step #1 - Pick Your Market
Step #2 - Build Your Team
Step #3 - Getting Setup
Step #4 - Find The Money
In today’s post, I’m going to cover Step #5 - Find The Deals
Finding the deals is a crucial step. You want deals with cashflow and equity (although cashflow is most important).
You also don’t want to have to set up complicated marketing and sales systems to do this. It’s
not necessary (or affordable) when your goal is to acquire a handful of rentals each year.
Because of that, I recommend only ONE strategy for finding deals…
The people who are already spending money on marketing…
Talking to sellers…
Develop relationships with the best wholesalers in your market and you’ll get all the deals you need as a buy-and-hold investor.
Here’s the keys to finding deals through wholesalers:
Build Your List - Find wholesalers in local RE Facebook Groups, on Craigslist, and at REI meetings. Always be building up your list.
Communicate Frequently - Shoot them an email once per week asking “hey, got anything? I’m looking to buy”. Stay top of mind.
Make Offers/Be Serious - When they send you something, don’t ignore it. Tell them what you could pay. Make offers to let them know you are serious.
Keep It Up - In the beginning, most of them won’t take you seriously, because you’ve never bought anything from them. The BEST way to solidify the relationship is to do some deals together. Eventually, they will come straight to you with their deals rather than blasting it out to their list, because it’s easier for them.
That’s basically it guys. I know you probably want something cooler and more complex but it’s not necessary. This is a simple, free system you build to get all the rentals you will ever need.
If you are interested in a more comprehensive training on how to get your business “set up” for success, check out our 12 House Masterclass which includes not only includes a module on this, but also:
A comprehensive 50+ video training course on how to get your first 12 houses
Bi-Weekly group coaching calls with me
Access to our private, closed Facebook Group where you can ask questions to your heart’s delight
Access to my private money lenders
My 2018-2019 Best Markets Report
Coaching Call Recordings
A “Freedom Artist” T-Shirt
And much, much more!
In my next post, I’m going to cover Step #6 to getting your first 12 houses, which is…
Analyze Deals & Make Offers!
Look for my next post.