Foreclosure Deals Coach Podcast

3 Feet from Gold

May 11, 2023 Chris Lawler
Foreclosure Deals Coach Podcast
3 Feet from Gold
Show Notes Transcript

Looking to make your first real estate deal but feeling discouraged and frustrated? Tune in to this episode of "Foreclosure Deals Coach" hosted by Donny Coram, where he shares the famous story of "3 feet from gold." Learn how success is often just within reach, and how to persevere through challenges and setbacks to achieve your goals.

Donny draws on his experience as a real estate coach to offer practical tips and insights to help aspiring real estate investors overcome common obstacles and take advantage of opportunities. Whether you're just starting out or looking to take your investing to the next level, this episode is packed with actionable advice to help you succeed in real estate.

So if you're ready to learn how to stay motivated, stay focused, and take your real estate investing to the next level, be sure to tune in to "Foreclosure Deals Coach" and discover how you're just 3 feet from gold!

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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 Corum. Hello, hello, hello and welcome back to the Foreclosure Deals Coach Podcast. I am your host and foreclosure deals coach Dotty Corum. Thanking you every week for tuning in to the Foreclosure Deals Coach Podcast. You know, this is where we discuss educating you about building income and wealth with foreclosure investing. So please subscribe to this channel. Follow, like wherever you consume your content. Well, I'm gonna keep bringing you the best information about foreclosure investing available anywhere and thanking you once again, thank for tuning into the show each and every single week. So today's title is that you have no idea how close you are right now to doing your first. Deal. So we always start with a mindset piece, and I wanna let you know that everybody I talk to, I do a lot of coaching assessment calls, four to five coaching assessment calls a week, and I'm meeting with people and nearly everyone I speak to via Zoom is about three feet away from the gold they're looking for in real estate investing. So the quote that comes to mind here is most people. Have obtained their greatest success, just one step beyond their greatest failure. And I really feel that because if I look back to when I was working in the IT world, okay, so I was working in a job I didn't like, had to support my family, had to pay the bills much like you do. Right, as a viewer of the show, but knew I wanted to transition in real estate investing, so I started focusing my effort on learning how to do deals. So I was smart about it, right? I was in the IT role. We dealt with like trouble tickets, so people were calling in, they'd have issues with the software that I was supporting, and I would cure the problem. Recode the software as needed, send it over to QA for testing, and then let the client know, Hey, we fixed that particular bug. You should be good to work. Well see. I wanted to get involved in real estate investing, so I come in in all amped up about working on. Real estate, to be honest with you, but I would solve a bunch of trouble tickets by noon. This is my thing to do more by noon than my counterparts who were also in tech support were gonna do in the entire day. They were working together. I knew I was just moments away from my first deal if I could just put in the effort required to find. That deal. So I worked at it constantly, like mining for gold or in this, this graphic you're seeing here, you got two guys really close to finding diamonds, the wealth, the richest that they're looking for. But one guy is just, it looks like inches away. Right? He is so close to hitting those diamonds. Well, that was me. I was so close to doing my first deal. Then bam, I got in trouble at work and I got laid off from my job and I went home feeling super defeated. Like man, I was this close to doing a deal in something I loved and my, basically, I got laid off from the job cause I was focused too much. They said on real estate investing, which I couldn't really blame them for. They were kind of right. And I wasn't focused on the day job. I was still getting more done, but there I was without a job. I go home to my now ex-wife. I told her, Hey, I got laid off. I'm sorry. I'll figure something out. And she said, that might have been the best thing that ever happened to you. And it turned out she was a hundred percent right because a few weeks after that, being late, getting laid off. I met my mentor and did my first deal by myself as a flipper. I had done a deal with a guy I was working with in the IT segment, but I stepped out after getting laid off and I started to do deals consistently because that was what I felt like was my greatest failure at the time, was losing my job. So here's the takeaway that I want you to get from this. No matter what you're going through in life right now, if you are committed to becoming a successful. Real estate investor. If you know in your heart you're a deal hunter and I know that be fat cause you're watching this show cause you're tuning in, you're becoming a part of the community by joining the Facebook group and whatnot, then you probably just three feet from gold. What are you missing? What's stopping you from taking that, that big step? In most people's cases, to be honest with you guys, it's the coaching, right? For me, it came down to getting the coaching that I needed to find the deals that I was working with to analyze those deals consistently and with a lot of confidence to fund those deals by connecting with hard and private money lenders that wanna fund deals. For my students walking through, fixing you on those deals, I can get you that. You're so, you're so close right now. You have pretty much everything you need. I can get you to the next step in your real estate investing. If you'll take the first step, schedule a coaching assessment call, and let's make sure that real estate coaching is the right fit for you right now. You're so close. I can feel it. I can feel that you're right there on the edge of doing that first deal. All you gotta do to tip yourself over that tipping point is to understand how close you are. And then take that one last step to coach's. You make minimum. Thousand dollars profit on your first deal. Certainly there're going to be challenges. Certainly there's gonna be stuff that's gonna backstep you. Every client I've worked with has figured out, I actually had a client, they did a deal that they're gonna make over$50,000 on it. And I asked the question, if you could do it all again, what would you do differently The second time around, Hey, you're gonna love this response. I wouldn't have bought that house. Wow. Like it was like getting kicked in the gut a little bit because I thought I had done a good thing by helping this person invest in real estate, get past their limiting beliefs. But the reality is what they figured out is this investing thing does involve some degree of work. Okay? But if you're mining for gold, And I'm, I'm not gonna sit here and tell you that this process of getting rich in anything is somehow easy or convenient. If that is what you're looking for, you're in the wrong spot. But it can be done. It can change your life, and it can happen so much quicker than you actually think it can. I remember one of my clients who came in very financially equipped, okay. We met on Wednesday morning, did the coaching assessment on Wednesday morning. He had cash to deploy, so we worked together Thursday morning. I said, come down. I got a property I would love to put you in. I think it's a great fit for your skillset and your financial capabilities. Came down Thursday morning. Saw the property went in. Your contract, literally closed the next day, 48 hours. From signing up for coaching, this client is gonna do a deal that's gonna make him a minimum of$25,000 and a great deal more. So yes, you're gonna have to stay focused to the end it. This is not rich quick. This is not easy money, but it can be done. The key is getting. The right knowledge, skillset, and guidance to make sure it's gonna work for you. Okay, so we're gonna discuss on this show we've talked about a lot today, obviously, how close you are to doing your first deal. I'm gonna spin over right now and show you one property. The title show is this one Property Can Make You. Big money in real estate investing and everybody just needs one property to get started. You are no exception. There's no big difference between you and the rest of the world. You just need that first property. So let's find it to find it. We're gonna hop into Privy as we do every week to really give you a feel for what's out there. Take a look. We go into Privy, and I already filtered this out for us a little bit. I'm looking in. Excuse me, my general area, El Paso County Colorado, for fix and flips that are priced at 75% or less with a list price of$300,000 or more. If you haven't done so already, I want you to stop what you're doing. Head out to bit Lee FD slash FDC privy and get started with your own privy account and learn how to find deals. Like I just did. This took me about 30 seconds to set up the filter and it popped out three potentially viable deals in 30 seconds. So you're so close. Okay? It's not a lack of deals, it's not a lack of knowledge, is that you're three feet from your goal and you've gotta take that step to get going. So here's an example of a deal that could make you big money in real estate investing. Now, what is big money? Well, I have somebody, excuse me. Had a client come in or an email come in with somebody that's like, well, I only wanna make a hundred thousand dollars or more per deal. Hey, listen, I love that. I love the idea of making a hundred thousand dollars every time we do a deal. But does it seem realistic to you? The reality is you have to learn how to walk before you run. And investors who are targeting the big money home run returns by finding a hundred thousand dollars more spreads are also the investors when they get started that go broke relatively quickly. Okay, so you want to do deals that are affordable. Here's an example of a deal that could potentially make you money on the deal. We're talking big money will. It depends. Right now we're at 2 89 on the asking price on this property on institute, we look at the comps. That pretty helps us define here, and we've got comps that go as high as$376,000. Now we gotta figure out the remodel. But the good news on this property is it's only a thousand square feet, so this is not gonna be a terribly expensive remodel. Looking through it real quick here, I bet we could get this remodel done for$25,000 or so. So if we're buying this at. Asking price and what I teach us how to negotiate properties below the asking price by leveraging the inspection items against the seller to put'em in a position where they want to take less for the property, so you'll get it off their hands. Okay, but let's assume we pay asking price. For this property at 2 89. So you got 2 89 purchase price. We add on 25,000 in repairs. So you're into this property for three 15 and your best comp on this home is 3 76 on a property. Not too far away, cuz that's what Privy does for us. Here it is again. 3 76 on Rio Grande. Okay. It's approximately the same square foot 956. We're actually a little bit bigger. Let's take a look at the inside so we know what our property needs to look like to get to this number, and hopefully they give us more inside photos. Here you go. But the carpet is okay. The paint is okay. The tile is okay. So what we've learned is we can make big money by going from three 15 total investment on this property to a fully remodeled property that in this neighborhood, Right now is selling for 3 76. So you take the 3 76 you could get for it, subtract the three 15 you're into it for, and you've got a gross spread of$61,000. Now obviously you have costs of funds, you've got commissions, you've got closing costs. But net, net, based on this quick analysis, you're gonna make way more than the 25 grand, which for me is big money if you can do it consistently. How many of these deals can you, if I can find one in 30 seconds right here in my market? How many deals can you do a year, one or two at a time? Four deals a year, 20 deals a year. In my best year in real estate investing, I flip 47 houses in one year, and an average profit of just below$40,000 per property. Do the math on that. Guys. That is big money when you add it up. But we're not looking to knock it outta the park. We're not looking to put you into a deal that could be dangerous for you overall. Rather, we wanna put you in consistent deals that can get you a consistent flow of income, so you can use that to build passive investments through real estate investing. Through, uh, short sale buying and buy and hold strategies. Okay, so the tactics today is use privy to find your deal, but understand you are so close to getting into your first deal right now. I can taste it if you wanna go from being close to it and not giving up to actually doing your first deal. All that you are missing really right now is going to be getting started by getting a free coaching assessment where you and I are gonna go over. Whether coaching is the right fit for you based on your economics, your mindset, your finances, et cetera. If we are a good fit, you may be less than seven days right now, a week to 10 days from getting into your first deal. Okay? And I don't wanna oversell this or give you unrealistic claims. I've got clients who are changing their life in real estate investing inside of a couple of days of signing up for the coaching. Why not you? Okay, so we found a deal today using Privy and we can go anywhere. I often do Colorado examples, but you know, I'm a big fan of Nashville, Tennessee, right? And the reason I'm a big fan, cause it's a great music town, I'm a musician myself, so I love the idea of shopping for deals in Nashville, Tennessee. Maybe you're in Nashville, maybe you're interested in investing in Nashville. In either case, we hop back into Privy here. We use the property to find properties that are 75% of value below 300 grand, and right away we find a property listed for 2 25 that the comps say could be worth up to three 20. Okay, so are we gonna struggle to find you a deal? No, we are not. The question is, are you willing to take the first step? Are you willing to go find gold? And if you realize how close you are to finding gold right there in your market and you don't take action, it's because you are not ready for the big leagues of real estate investing. And that's okay. This is not for everybody. I'm not looking to make everybody out there a real estate investor. There's a particular breed of people who love this industry. They love the idea of changing their financial dynamic. They love the idea of bolstering their family tree with a strategy. That can put big money in your pocket through real estate investing by focusing on buying below market assets and using a tool that I use every single day to find deals right here in my local market and in the markets of my clients all across the country that I'm working with. Okay. The only thing you're missing is that ability to get from that state of an action. I talk to people all the time. They want this, they want to do it. They, they love the idea of investing. They have the capital. That's important. Yes, you can do this with little to no money outta your own pocket, but I'll shoot straight with you. If you've got capital to invest right now, it's gonna go faster. It's just easier, okay? And I work with people who are starting from zero, and I work with people who have a ton of money. And either case, the net result is the same. If you are committed to doing a deal, if you understand what it's gonna take to do a deal, get the right mindset, understand how close you are. Follow the same tactics that I use every single day to identify deals and use the tools that make an investor's life much easier than it was when I was getting started so long ago, sitting in my office cubicle and hating my IT job. Okay, you can be the next success story. It's a matter of taking that first step and I would love to have you. We're gonna keep this one super short and super sweet today cause I think you get the idea. There are deals in them hills. Man, you are a few minutes away from the gold and diamonds and riches and financial. Freedom that you want to get from real estate investing, and I would love to be your coach. To get started with that, please click on the link, head out, get the coaching assessment done. Let's find out if it's right for you. With that, we're gonna wrap up for today. Thank you so much for tuning in each and every single week to the Foreclosure Deals Coach Podcast, where we educate you in the mindset, the tactics and tools required to become a. Sophisticated real estate investor. Make sure you subscribe to this channel to get all the latest updates and join my Facebook group. Become part of the conversation. You can even meet me weekly for a live free q and a session, while I'll answer all of your real estate investing questions in real time and help you to take steps to become a top notch. Real estate investor by getting started in foreclosure flipping. With that, this is Donny Corum, your Foreclosure Deals coach. Thanking you once again for tuning into the Foreclosure Deals Coach Podcast and reminding you now and always 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 Donny Korum, the Foreclosure Deals Coach to determine if coaching is right for you. And remember, don't buy a house, buy a deal.