Foreclosure Deals Coach Podcast

Getting Off-Market Real Estate Deals with an Investor Carrot Website

April 06, 2023 Donny Coram
Foreclosure Deals Coach Podcast
Getting Off-Market Real Estate Deals with an Investor Carrot Website
Show Notes Transcript

In this episode, I'll share my experience of how setting up a website helped me get off-market real estate deals. I share a story about a Briargate-based seller who contacted me through my website, and how I was able to find a lease option buyer with a $20K down payment and put the deal together.

To help listeners set up their own website and get inbound leads for real estate deals, I share tactics that have worked for me. Additionally, I recommend joining my coaching program for a free investor site, or signing up for Investor Carrot using my affiliate link.

If you're interested in finding off-market real estate deals and want to learn how to use the power of websites to do so, don't miss this episode.

Article: HERE

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Welcome to the Foreclosure Deals Coach Podcast. The real estate market is shifting. The time is now. The Foreclosure Deals Coach Podcast is your home for the mindset, tactics and tools needed to break through your limiting beliefs and find freedom by investing in foreclosure deals. Don't buy a house, buy a deal. You need to get into this right now. And now your host, the Foreclosure Deals coach, Donnie Coram. Hello, hello, hello and welcome back to the Foreclosure Deals Coach Podcast. I am your host and foreclosure deals coach Donnie Coram, and my mission every week is to educate you about building income. And wealth through foreclosure investing. Please, please don't forget to follow, like, and subscribe to this channel or wherever you happen to be downloading your content. On today's show, we're gonna go into how to use an investor carrot site to find deals in the off market. As always though, before we get started today, we gotta get your mind right. So we're gonna hit a little mindset issues here before we dive too deep. So let's talk about that. We've got my man, Tim Ferris. Now I'm gonna pop this quote, but if you haven't heard of Tim Ferris, okay, check out this quote here, which is, money is multiplied in practical value depending on the number of Ws you control in your life, what you do when you do it. Where you do it and with whom you do. Okay, now this is important. Let's break that down a little bit more. Okay. So if money is, is multiplied in practical value, we're, we're here on this show and I, I know you guys love the sound of my voice and I really appreciate you tuning in to get this dose of Donny every single week. But here's the thing, you're here to make money, right? And we can multiply that money. Let's start with the, what you do. What are you doing right now that's making. Okay. Now, for a lot of you, you're in a profession that you adore that it pays the bills and you're super happy with it. Right? It, it's great and I think that describes most people. They're generally content with the life that they have right now. I think this really goes for my military brothers and sisters who are out there. My parents were both, are both ex-military. Okay. My dad served in the Air Force, my mom served in the Army, so their, what was the military? But what I noticed is their money never really multipl. Okay, so I'm working with a lot of military personnel cuz I signed on a lender who specifically wants to lend money to people who are in the military to do fix and flip deals. Reach out to me to learn more about this lending program. These guys are absolutely incredible. We're gonna have him on his show here as soon as we can, but that's the what. So the what you do now, when you do it is critical. The market is shifting right now. We talked about it every single week, and I gotta tell you, last a couple years, when I started this show, I was like, I promise you, one day it's gonna be a foreclosure market. I promise you one day rates is gonna increase. I promise you this is gonna happen. Okay? And it took a while for me to be right, but like a broken. No, I mean, you're all, they're always right twice a day, right? And this is where it's happening, right? I wanna tell you that I predicted, or I knew it. I just know market cycles having been started, my real estate career in 2008, right? When things were an absolute mess, right? I knew this day was going to happen. So now we've got the what you do, the one you do where you do it, that's critical. People think they need to be in a different market or a different place or setting to find deals where there are no deals in my market. Ron, every week we debunk that myth using Privy. We hop into Privy, we find, we just find a random city and we go out there and locate a deal right there in your local market. So anywhere you happen to be, there's a deal available and I can help you to find it. Okay. And with whom you do it with? Oh man. Isn't this important? Now let's start by the people in your life already. Okay. Your spouse. Do you have a significant other who is holding you back from this A little bit? Cuz they're nervous about it. But lemme be hon. Let's be honest with me. Do you blame them? Right. Have you started up other projects or other crazy ideas that you had? Hey, I'm gonna start a monkeys farm, honey. Right? I, I know this mindset cuz I am that guy. Okay? I have come up with all these crazy ideas. I'm an absolute wealth of ideas, okay? But where I struggle, Is the execution. The problem is in real estate investing, if the people you are working with are not supportive of you getting this done, and maybe they're not wrong to not be supportive. Okay? So I'm not knocking your spouse at all. I'm actually saying that they're probably protecting you from yourself right now. Okay? On the flip side of that, if you get help the with you whom you do this, Okay. If you get somebody in your corner going, Hey, your spouse isn't wrong, this might not be the best deal for you guys, but let's play this out. Let's walk through this together. As an experienced real estate investor, which I can bring to the table who did 47 flips in a year, in over 300 deals in my overall career, so we could sit down and analyze. Tim Ferris nailed this one, guys, and rather than taking my word for it, let's talk to Tim directly here. Let's hear some stuff about how he feels about just dealing with fear as it relates to any sort of investing or any parts of your life. I've done this exact exercise myself. I'm sure you'll appreciate it. Check it out. Well, I look at the, I take a piece of paper, I divide it into three columns. At the top, I put one I'm afraid of and the decision, whatever I think is risky or scary. First column, all the worst things that could happen in detail, the worst things that could happen. Second column for each of those bullets, what I could do to minimize the likelihood of them happening. And then last column for each bullet. If they happen, how could I get back to where I am now? If you do this exercise, what you end up doing is completely disarming your. Think about that now. Okay, so I want you to do that. Take, take Tim's advice, rewind this part of the show. Okay? Listen to Tim again. Write down what's the worst that could happen if you got into real estate investing right now. Okay. And how would you get back to where you are today if that happened? Think about that for a second. Okay. Is a, if you can't get a deal done, I gotta tell you, in my career, I've had a handful of houses that I couldn't sell, a handful over hundreds that ended up turning into rentals that I didn't really want as rentals, but it worked out. The notable thing here is that I didn't die. Right was, was it the exit strategy I wanted? Nope. Okay. Did it kill me? No. Right. If anything, I ended up making more money because real estate held over the long term is far more valuable than real estate held over the short term. These are just facts, guys. I'm not, I can't make this stuff up. Okay. So if that's the worst case scenario, then what are you actually afraid? Right. The, the reality is most people are actually afraid of the fact that this might be successful, that this might actually work. And that brings me into our, our article of the week here. We're gonna pop this open, but you've inevitably seen out there these companies that are out there promising that they're gonna buy your house. Right. If you can check this out, you, you've seen these ads all over. We buy houses. Well, this US News article. What wants to mention what you need to know about these companies that are out there promising to buy your house because you're about to become one of these companies, right? So look at this from a consumer perspective as to make sure this is something you really want to do. They, they break down the type of companies that buy houses and the ones that they mention are franchise cash buyers. And the big one on that, you probably saw the caveman logo. We buy houses that was around for years, not as many of those franchises being set up right now because people have proven that what they really needed was. Not the franchise model. It's not like opening a Subway. We need to order the same sandwiches or same meats from the same distributors and things like that, right? So the franchise cash buyers, the Levi houses didn't completely fall by the way of the Dodo, but you don't see as much of those out there. You've got your IBU. You've got the big companies, the IBU will be best described as Zillow. When Zillow started to get into buying homes, we called them an ibu. Turned out they were really, really bad at it because they lost billions of dollars. I mentioned this on a previous show cuz they were out there buying houses using the data that they had at the moment, and extrapolating, speculating, if you will, that the market was gonna continue to trend in that direction. And then it didn. And Zillow had to lay off a lot of their staff and had to start over. Okay. And here's the thing, Zillow's still around so it didn't kill them either, but the point is they learned the hard way at how to overbuy. You've got your house flippers. That generally describes you and me. Like we're generally trying to buy houses. So we can fix them up and sell'em the open market, your buy and hold investors, which should be your long-term objective. But what if you can not only buy and hold, but you can buy and hold at a discount? What if you could start your buy and hold investment already ahead of the game, 25,$30,000, and then you're making a real estate income from the passive income on the rental, and you're building equity each and every single year. Is that not a better way than going retail and buying a retail? Duh. Right. You've got your trade-in companies, this popped in recently where some companies were saying, we'll buy your house when you buy this new build. Right? And you're buying another house, you can trade in your old one, right? And then finally you got lending lenders or brokers freeing up cash to encourage purchases. I, I, I really, I can't really even describe that. Let's get more detailed on that. But the companies are the, the real estate brokers purchasing an existing home, right? It's kinda like the trade-in program, right? So they're buying the property so they can buy a different. And there's a bunch of people have that out there where they'll buy the property so they can get the loan and get the sale on the other side. My point is, if you're going to be a buyer, you're going to need to get the ability to buy houses on market and off market. So today's show, we're getting into how I use investor carrot. To buy houses on the on mar off market side. Okay. Now this has really taken a big turn recently because generally speaking, I've had an investor carrot site for a couple of years on and off. Like when I'm really heavily buying off market, I really focus on that and sometimes I don't use it so much. Well, now that there are so many off market opportunities coming, now's a really good time for the investor care site to be part of the thing. So once again, I'm an affiliate here. I'm just letting you. That I'm affiliating the investor care site and this one is mine, 7 1 9 cell. Okay. And you can see here a little more detail in that you've got the ability for them to enter an address. And I got this really cool phone number. Our area code here in the spring is is 7 1 9 and then it's 7 1 9 cell. But the reason that I don't advise my coaching clients to start with this off market strategy is because number one, the site. Is expensive. Not getting the site itself, it's about$97 a month that's affordable, but then you gotta design the site. Okay. And that there's a cost for that, and then you gotta drive traffic to the site. Okay? For us, we just signed with a TV provider and we're gonna be doing television ads here in our local market. But if you're just getting started out and investing lets you highly capitalized and experience, my advice is to use the on-market strategy, which is why I start my clients mostly with the privy application to get going. But if you're already a little bit advanced, okay, you've done a couple of deals, you've got some capitalization, getting this investor care site is an excellent way to get started. As always, I ask that if you decide to sign up for an investor carrot site, please use my affiliate link. It's posted there on the screen as well as down in the show description, but this site will change the game for you once you understand how to drive traffic. Okay. Now there are two ways to drive traffic to your investor Carrot site. When Kara first came out, they were really pushing the SEO thing, okay? Because that's how you made a lot of money with Google. You figured out how to do search engine optimization, which basically allowed. Um, people to get out of that area of having to pay for ads. So they really pushed SEO and it still works. But you gotta remember that every Google sells ads for a living and a lot of them, okay, so they make their money selling ad space. So every time the algorithm got really good in the SEO space, Google would go, well, the advertisers are making a little bit too much money right now. Let's change the algorithm a little. So they gotta start over on the seo. As a result, it was a non-sustainable model. Now, really well, SEOed sites would pop back. Eventually, right? They, they eventually get back to where they were because Google values the information that they provide, and investor Kara focused on that. So from an SEO angle, it worked eventually, but it was inconsistent. Okay? So a lot of people switched to a paid ad strategy to get their off market deals. Why do we want off market deals at all? Well, although I teach how to find gills on market, on privy, the reality is, especially in a hot market, the on market strategy didn't work that well because so many buyers were hopping in and we were competing with retail buyers and everybody on their mother wanted to be a real estate investor, and everybody signed up for a real estate license at the same time. So the on market strategy became a little less reliable. Well, now that the market is slowing down again, it is certainly something. Consider in the off market because you're gonna find deals from people who aren't competing, and I will tell you from personal experience that we tend to get better deals in the off market. Okay. The catch is. You have to market to get the off-market deals you gotta pay to get that done. Okay? So if you don't have capital to get started, which most of my clients who are just starting out, they don't have the capital to do those initial investments. The on-market strategy just makes more sense at the early stages. But again, if you're on the way you're established, you've got some marketing we should talk about. If you've got marketing dollars. Now, if you're going to do an off market strategy, Spent a whole bunch of money on ads. You either be a sophisticated investor or have a badass coach. Okay. Because I have seen people, uh, how hard can this be? Right? I'll just, I'll buy, I'll get the website. I'll get some. I'll buy some ads. Can't be that difficult. Wrong buddy. Let me tell you, when a proper off market strategy works, you're gonna get inundated with deals like you wouldn't believe. Now that sounds like a good thing, but in the TV world, we're gonna be spending$6,000 a month on advertising, okay? When that phone starts ringing. You better be prepared not only to negotiate those deals effectively, which comes from experience, but to have the funding available to do it, and just the general know-how. If you are a fully rookie buyer, you've never done a flip before, I highly recommend that you wait. Now, you may wanna get the website. Okay, and start building it with the seo. So this is still an opportunity to get the investor care site, cuz it does take a couple of months. But in the meantime, you're gonna want to employ an on-market strategy. I don't want to scare you out of doing off-market, but rather tell you it's a larger investment in most cases. So when I talk to my clients on the coaching assessment call, which is what it's all about, we determine whether an off-market or an on-market strategy, Is the right fit for you? In the interim, if you're thinking about getting an investor carrot site, please use my affiliate link. It'll be posted in the links here below the video, and we're popping it up on the screen here occasionally. But let me tell you guys, this is game changing. When you start seeing the deals that a solid off market strategy can get you. Okay. But the critical element is understanding that when that deal flow turns on, you got that deal flow accelerator really working for you. It can get you in a jam if you're not super ready to go as far as that goes. Okay, so we've evaluated a little bit about how these off-market strategies work. I wanna tell you a story cuz many years ago I had in my investor current site working and they called in on the. Right. And I'm chatting with the guy and he, you know, he's like, I gotta get outta this house. It was interesting cuz he was ex-military civil service. He had a security clearance. Okay. And the security clearance was being jeopardized by the fact that he was going to foreclose on his property. What you need to know about a lot of people who have like high-end clearances, anything that could compromise the information that they had, the security clearance for. Could be a threat to the federal government. So he had a shot of losing a clearance if the house foreclosed. So he called me up, we had a talk about it and I'm like, yeah, no, I can buy the house. He said, well, one other thing to mention, I got a neighbor who's renting and wants somebody to lease, wants to lease option the property. I think he's got, you know, 15,$20,000 to put down. I'm like, lemme see if I understand. I'm not only buying the house from you, but you also hooked me up with the buyer to lease it back. He's like, yeah, man. I was dancing baby. I, I was like, I was in such a good mood. Like I literally had to put the phone down and do a little. Okay, because in that sarana I'm making$20,000, 25,000. Actually, what I got on a non-refundable earnest money deposit. I've got the buyer and the seller in the same setting. He was literally a few houses down the street. He moved over. I got my down payment. He ended up buying me out of my option later on. It was an incredible opportunity. But the takeaway here is that when you're doing off market deals, the. It tends to be a wider spread, and there's usually some crazy stuff, opportunities that are in there that when they go on market, those opportunities are reduced. They're reduced because real estate agents are not generally creative finance gurus, right? They know how to do the standard issue deal, and it works for them and it generally does the job and it, and a lot of times the agents talking the. Seller out of doing anything creative, right? Because agents are often told, well, that's illegal. That's against the rules. You can't do that, all of which is inaccurate. But by the time the homes hit the market, it's pretty straightforward. All the negotiation kinda lies in the purchase price negotiation, which we do a series of getting the property under contract, then negotiating a lower price. Inspection period, which I teach as part of the coaching. When you're dealing with off market, it's generally you get the number upfront. There's less upfront negotiation, and definitely if you're buying an off market property from a wholesaler, they've already built their profit into your purchase price. So there's generally not that much room to wiggle when you're buying it off market. Okay, so it's just a different style of deal there. There's pros and cons to both sides. Like I said, when we're getting started, I generally teach my clients to start in the on market strategy with getting privy and doing that. But this investor carrot thing is an excellent way to start getting your off market stuff set up. And if you got the money to do TV ads, radio ads, et cetera, you could find that be a very lucrative way to generate deal. But it's a mass deal generation system. Okay? It's not one off. It could be very overwhelming and expensive if you don't have the, the timeframe and infrastructure to follow up on the deals. I don't wanna frighten you off, I'm just letting you know that that's more when you're scaling and you're at a higher level. And I definitely coach on that at my elite coaching product where we talk about market domination and you're taking over an entire neighborhood when you're at that phase. You've got your on market and your off market kind of dialed in at the same. So your call to action day, again, on this show we like to talk about mindset. I think we covered that pretty well today. Uh, we talked a little about about the, the tactics that you want to use because if you wanna get inbound leads, you want to consider getting an investor carrot website. It's gonna differentiate you in a great manner. Your tools right now is you can. Join my coaching and get a free investor site while you're working on your on-market strategy. Or I can help you to configure your off-market site as part of the coaching product and you just wanna sign up for investor care using my affiliate link. I'd really appreciate that and certainly I will work with you on getting that site set up if you do that. When you join the coaching program, we have an added bonus where you get a template site. It doesn't have all the SEO benefits, but it gives you more authority as a local real estate investor. When you're talking to wholesalers, they're gonna check you out. When you're talking to potential buyers, they're gonna check you out. A lot of the authority lives on the internet right now, right? So the, the websites can be a very important part of that, and we certainly help you to set. All right. That's kind of our show for today. Listen, like everything I I mentioned every week, everything we discussed is going to be in the links below in the description. So if you got any questions on the links, do that. Please get involved in the conversation. Join the Facebook We can have a one-on-one conversation once a week. I do a live q and a where we can work together on any questions that you might have, and of course, tune in every week to the Foreclosure Deals Coach Podcast where we get more deep insights into investing in the foreclosure investment world. Once again, this is Donnie Coram, your Foreclosure Deals coach. Thanking, use so much for tuning in and reminding you yet again, don't buy a house. Buy a deal. Thank you for tuning in to the Foreclosure Deals Coach Podcast. If you like what you heard here today, remember, new episodes are uploaded weekly. Subscribe wherever you listen to your podcast. Do you want more of the foreclosure deals? Coach, are you ready to learn the mindset, tactics, and tools required to be a. Successful real estate investor. If so, click the link below to schedule a one-on-one coaching Call today with Coram, the Foreclosure Deals coach to determine if coaching is right for you. And remember, don't buy a house, buy a deal.