Foreclosure Deals Coach Podcast

Win BIG with These Deal Hunting Strategies 🤑

June 08, 2023 Chris Lawler Season 14 Episode 34
Foreclosure Deals Coach Podcast
Win BIG with These Deal Hunting Strategies 🤑
Show Notes Transcript

Join host Donny Coram on "The Foreclosure Deals Coach" as he reveals powerful deal hunting strategies that can lead you to big wins in the foreclosure market. Discover insider tips, unconventional approaches, and proven techniques to uncover hidden gems and secure incredible deals. Whether you're a seasoned investor or just starting out, this episode will equip you with the knowledge and tactics needed to maximize your success in the competitive world of foreclosure investing. Tune in now and get ready to level up your deal hunting game!

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What's up, deal Hunters. It's Donnie Korum, your Foreclosure Deals coach. And in this episode we're gonna talk about deal hunting and how it's a numbers game and you gotta play to win. Stay tuned. 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. Right now. And now your host, the Foreclosure Deals coach, Donnie Corrum. Hello, hello, hello, and welcome back to the Foreclosure Deals Coach Podcast. I am your host and foreclosure deals coach, Donnie Corrum. Thank you so much for tuning in. Please if you get some value outta this video, like the video below, subscribe to the YouTube channel and just keep track of me wherever you download your podcast and information. I would love to help you to do your first foreclosure deal. We're gonna talk today about deal hunting and the numbers game that goes behind it. But as always, we start all of our shows with a little bit of mindset here to get your mind in the right place. Before we really deep dive in this information today, we've got a quote. It was from an op unknown, but it really sunk in for me. Everyone wants to eat, but very few are willing. To hunt Now, does that describe you a little bit? See, pretty much everybody I talk to about real estate investing wants to do a deal. It's kind of a no-brainer, right? If you could make a minimum of 25,000 or more doing a fix and flip deal, obviously you'd want to do that, right? Well, people go wrong is they don't understand how involved. The hunting process of finding deals really is now there are deals out there. So before you hop into the mindset that there just aren't any deals in your local market, let me assure you, that is just not the case. There are deals in every market. Now, different markets have different price ranges, different situations, different areas that are better in some markets. Condos are what you need to be looking at to flip or town halls. Other places, single family homes are preferred and still other markets. You might be in commercial before you find the right deal set, which may go outside of your scope of work. But what I want you to understand is that every market everywhere has a deal. The question is, are you willing to put in the time to hunt? For your deal. Now, where did this come from? Well, recently I've got a bunch of clients who were finishing up their first successful deal with me, which is an awesome feeling when you first start into this coaching thing. Not that I was nervous after doing over 300 flips. I guess I was relatively confident that I could teach this to anybody. But what I did know is that the process of finding deals is one of the more difficult ones until you get that. So when I was first stepping in this industry, I wanted to be a results driven coaching program. There's a lot of coaching and mentorship out there that specializes in the theory, like. If you manage to locate a deal, this is what you should do to fund it and fix it, et cetera. What very few programs do is what I do, which is handholding you through finding that first deal. Now, I don't want you to take this as I'm just gonna find the deal for you and do all the work. But rather that I've got several very powerful sources that I use to find deals in my local market. And as I expand into other markets, I'm bringing those same deal finding strategies to all the markets that we're offering coaching in. This means that no matter where you are in the United States of America, I can help you to find a deal successfully. That being said, I am far more effective at finding deals. Right here in my local Colorado Springs market, so a lot of my clients are based here. Obviously, if you're here in the Colorado Springs market, I definitely would love to chat with you. I love the ability to interact with my clients on a personal face to face basis, but a lot of my clients are coming from other locations. I've got a client in Riverside, California, another one in New York City one I just signed up in the Florida panhandle area. Okay, so I've got clients all over. However, all the clients are vetted for. We could find deals in your market over time, but because I am so eager to make sure that you do a deal. Quickly, it is a high probability that we're gonna find your first deal right here in my local market. Now, there's a ton of gurus out there selling their services saying, I will find you a deal anywhere. And I believe through the tools that I use that I can't find a deal anywhere. However, it's just logical that being here I can be more productive. In this local market. This, getting back to our point here is deal hunting is a full-time activity in and of itself to find deals. I use a combination of an on-market strategy using our sponsor Privy. We're an affiliate of Privy, so if you decide to sign up for the privy application, please do use my affiliate link. I would just greatly appreciate that. But my point is to really. Get effective at this, you need to deal hunt all the time. So we're hunting deals through privy, we're hunting deals through my TV ads. I've got a network of whole Stellars that I've worked with all across the state. The combination of all these different deal hunting sources as I'm consistently evaluating, not buying mind you, but evaluating three to five deals a week with relative consistency. And we are constantly working on strategies to increase that. So I can buy the creme de la creme of deals. For my clients. Now, I'm not taking you out the need to learn how to find deals on your own because the coaching guarantees your first deal, and I'm gonna work with you for as long as it takes to get that first deal done. But a clients are the tail end of that first deal. They just got this massive paycheck. They've made a minimum. Of the$25,000 that I promised them and now they gotta find the second deal. And of course I wanna be a part of that. I have an incentive to find deals for my clientele, but I'm getting a lot of clients in right now. So happening in order route is find deals on your own. This serves two purposes. For one thing, it's gonna teach you the arch of deal hunting. And when you really understand that art, you understand it is a job in and of itself, but it's a very well paying job. See, every deal that I find for my clients, I assign it. I, I had a little bit of an assignment fee for myself, a small margin there, which is my incentive to make sure that my clients always have deals available to them. Secondly on that, if you learn how to deal hunt, you're cutting that fee out, right? So when you get good at this, you're gonna make a little bit more profit on every deal that you do. Once you understand how a deal hunt, but I'm not gonna kid you. It's very involved. If you're spending money on ads, can be very expensive. And it's difficult to set up a large TV ad campaign if your current capabilities are only doing one deal at a time, which is where everybody. Should start. Okay. One deal at a time is more than enough. At my peak, we did 47 flips in a year to manage that, I had five to eight remodels going at a time. It was great because I had the systems and the experience to do that. But you out there, most of my clients are just getting started with their first deal. One deal is all you need, so I'm helping my clients to find that first deal because I want to ensure the success of everybody who joins my program. Okay, so you have to look at deal hunting as part of your activity. And everybody who just wrapped up a deal is like, man, that was fun. That was lucrative, right? I wanna do this again. Right? So if that's you and you just finished a deal, you're now getting a crash course in deal hunting, and I wanna help you out with that a little bit with the tools that I use each and every single day. Okay, so we start with the Privy application. Once again, I'm gonna affiliate a privy, but I wanna show you how I look at for deals every single day in my local market. And obviously I encourage you to get the privy application and do this yourself. Once you have the app, you can look in your local market. But while we're working together, you know, I go into the market every, every day. Without fail, I filter it for my lo locale here. In this case, I'm in the El Paso County Colorado area, so let's put that in there. El Paso's got a space in it. There you go. All right. And we are looking for fix and flips primarily. So Privy kinda speculates that this is what we think a good fix and flip looks like. That's at After Repair. Value is priced now at 75% or less of the after repair value of the property. This is what Privy is looking for. So, We just wanna see that and that filter. So we load that and that brings up everything that Tri thinks it's priced well below market. Well, if you're just starting out, even if this is a stellar deal, you probably don't wanna buy a flip or your first flip at 1.1. 5 million. Does that mean you should never look at a deal like this? No, absolutely not. I'm just saying when you're getting started out, capital usually suggests you wanna start with something smaller, and this doesn't look much like a flip anyway, but it's always interesting to see what Privy brings back. The reason it thought it was a good flip potential is a property right here nearby. You can see here on Old North Gate Road, real close to property, 0.1 miles away. Sold for one. 5 million. It's similar in age. It just happened a a few weeks ago based on when this video is being recorded. So it definitely has the look of being a deal. Once again, I'm not recommending doing that deal. It just says it could be right. Here's some of this more up my alley. Here's a property on Virginia Avenue, right, 2 75, 2 bedroom, one bath, total square footage about. You know, 1200 square feet looks like it needs a decent amount of work. Could use some updating. You see the drywall missing here in this scene, et cetera, and it's a much cheaper price range. Is it a deal? Well, probably anything priced below 300,000 in my market is likely to be a good deal, right? So we look at what's for what's already sold. What's active, but primarily we care about what's sold. Here's one that went for four 70. I think the issue with that is it's on a lot of land, so we don't, you see that the lot Size is pretty big compared to ours. Not a great, it gives you an idea. Another one, a quarter mile away on Pennsylvania went for three 70. It's got the extra bedroom and bath, so not quite a comp. And this one is a four bedroom, two bath, one for three 70 as well. So we have the theory that upon further research this could in fact be a deal. My advice here guys, is you got to deal hunt daily. You've heard the saying. An apple a day keeps the doctor away. It's a hell saying that, saying if you ingest some vitamins every day, you'll stay outta the doctor's office. Well, with investing a deal a day or analyzing a deal a day, not finding a deal a day, cause that's not the expectation. You need to know that on average, I'm submitting five offers to get one deal done. When we're talking about the on market strategy, and it could be upward to certain markets that are more competitive of one in 10, my point is if you only need to buy one deal, Five to 10 offers. Ain't that bad. However, a lot of people come into this, they get frustrated early on, well, there's no deals in the market. I keep getting out, bid this or that are happening. The idea is to get your hat in the ring. Okay, because you want to get a shot at every deal that you can. And if you only need to buy one at a time, that's not as difficult as it sounds. You've gotta analyze the market daily. Use privy to find the right deals, and then make sure your agent partner is submitting offers. Or if you're doing the offers on your own, that you're reaching out to these listing agents, negotiating deals. But if you're not doing this often, if you're doing this on a piecemeal basis, I can promise you it's gonna take longer to find a deal, and it's gonna be hard to build the recurring revenue stream that people are looking for when they start into real estate investing. So you've really gotta focus on your deal hunting. You've gotta know. What your goal is and the meal to maintain a consistent amount of effort to achieve that objective. Now, that is one way that we find deals. The second ways that we find deals are off market. So you can off market and get a relationship with wholes right now. Hop into your. Local real estate investing group, introduce yourself as a flipper. Say, I've just done my first deal because if, if, if you have right, and you're, and I'm serious about going to my next deal, and you're gonna get a much better response than a pure rookie right out of the street saying, Hey, I've just decided I'm gonna take up real estate. Flipping these wholesalers, if they're any good, are used to do dealing with sophisticated, experienced investors. So you want to look like a sophisticated, experienced investor as much as you can. While you are in the deal hunting process, establish a relationship with the wholesalers. Let'em know that you wanna evaluate the deals that they're looking at. A lot of people, the wholesalers, were gonna ask you for this buy box, right? What do you like to buy? What's your favorite stuff to get? This makes sense to some degree, right? You obviously, Don't necessarily wanna start again with a million dollar mansion as your first flip. On the other side of that, this is about building the relationship. So when I'm talking to wholesalers, I explain to them that I'll look at pretty much anything, right, which is true. I enjoy the deal finding an analysis process so much that I don't mind investing a little extra time on deals that I don't intend to do. It keeps me sharp on the market so I know what's going on. I might have a potential buyer for the property and it might fit my needs perfectly in either case. The more deals that you are evaluating on a daily consistent basis, the more deals you are ultimately going to do as an investor. The art form of this is truly finding a deal. Now, it's not my goal to remove you from that process. But rather because I know how difficult getting momentum and deal hunting can be, I really wanna handhold my clients and I help them to find their first deal. So I'm, I'm walking'em through that first process using the deal flow that I've created in my course. I talk a lot about my deal flow accelerator, which are all the systems you can set up to get deals flowing into your pipeline all the time. This doesn't mean they're all gonna be good deals. This doesn't mean you're gonna do all of the deals that you see, but, You gotta set up the system with abundance in mind. You gotta look at a lot more deals that are going to do. And I really think the ratio is somewhere between one and five and one in 10 to accurately evaluate number of deals that you've got. So if you're only seeing one deal, you know, a month, you're only evaluating one deal a month, it's gonna be very difficult for you to get to the five deals that you need to analyze properly to get a deal done. Now you don't wanna get stuck in deal analysis paralysis, right? If you see an opportunity. You do your numbers quickly and you can pounce on that, you can shortcut this process. But I'm telling you, deal flow is critical. I have deal flow, I create deal flow for my clients, and as a result of that, they always have something they can at least evaluate and compete for, but make no bones about it. Like the lion, the tiger there, lion on the uh, meme that I showed you, this is a competitive industry. This is gonna be a shootout. If you're gonna get a really good deal for one thing that's gonna happen. Really fast. Okay? So if you're big on analysis, it takes you a long time to run the numbers. This may not be the right industry for you. You can't be impulsive cause there's a lot of money at stake. But you have to make decisions quickly based on the data that's provided to you. And when I did 47 deals in a year, I was evaluating. Two deals a day almost all the time, right? There was something coming in at least daily where I just sit down and analyze deals. So that's a time block thing, right? You need to know what time of day you're gonna scout for deals. When are you gonna hop on Privy time block that, make that a priority because if you know I'm gonna deal hunt from eight to 10 every single morning, you're gonna catch all the deals that hit the market overnight. Right. You're gonna start conversations with people before other people are having those conversations, and you're gonna be able to get yourself into negotiations that you don't expect to win all of, but can get you a consistent deal flow. So as you are working on your one deal, you're also working on getting your next deal. When that other deal goes off the market, or you've got it sold, or whatever your exit strategy is. Okay. One deal. Even with a$25,000 minimum profit is not gonna change your life. I know it's gonna feel like it changing your life. It's a lot of money. You know, making that kind of money in a short period of time is gonna feel life changing. But the reality is, until you build a consistent system, you're just getting started. My goal is to help as many people to get started as possible, because it serves two purposes. Obviously, as a professional coach, the more success stories that I have, the more success stories I'm going to get. Which is a total win for me and for my clients, right? Additionally, the larger the network of investors that I create, the more deals are gonna float through my system, increasing the deal flow for myself, for my clients. It's gonna get us more construction deals. It's got everything about building a real estate investment group is way more beneficial than doing this. On your own. So many people try to start this on their own and really just don't know where to get started. Where do they track down the deal? Well, privy is the obvious conclusion on that, but if you're unfamiliar with the analysis process, privy is gonna be difficult to break through that limiting belief and actually do the deal. I can help you with that if you're not sure on how to use analysis. We have our deal check application that I train heavily on that will teach you how to do deal analysis like a pro so you don't get stuck in analysis paralysis. You can walk through that quickly, find the deal, analyze it. Thirdly, I'll help you to fund it. The funding is critical. You gotta know where the money's come from coming from, unless you've got three,$400,000 sitting in a bank account. And even if you do. My recommendation is use other people's money to fund these deals. So I've got a network of private and hard money lenders to help you to get funding on your deal, and then the contractors, right? Setting it up, making sure your contracts are dialed in. They're not gonna give a deposit of some fly by night contracting company and end up losing your money on that and not be able to complete the project. And finally, reducing your transaction costs during the flip stage so you can take that money. And, and get the maximum return on it. Your investment upfront can be multiplied by a lot of factors if you use my strategies to reduce your transaction costs on the back end and sell the property for more money at less transaction costs. All of this combines into, obviously, my advice is to get coaching. But I want to help here on this show. Okay? So I want you to make deal hunting a daily activity. Get privy, subscribe to the privy application, look for deals all the time. Reach out to wholesalers and listen if you're, if you wanna do this cold call, get a list of properties in your neighborhood that are distressed or probate homes. You can find real estate investment lists everywhere. Download those list and pick up the phone. I know that sounds crazy. Sounds like a crazy amount of work. A lot of people are not trained for the rejection that come from cold calling, but you've gotta ask yourself, how bad do you want this? And if you're still not sure you want to be a real estate investor that bad, then I can assure you coaching is not for you, okay? You need to have that champion mentality that I am here to win no matter what it takes. What I love about my clients, you know, before there's always the trepidation, the fear, the stuff you don't know. But right after that, First deal is closed. It's like a light switch. It's like everything about their persona changes. They now understand as I do that being able to flip foreclosure deals is equivalent to printing money. And once you master the process of hunting for those deals, consistently funding those deals with the same lenders, fixing them in the same spec, you'll understand this is life. Changing stuff. The issue for most people is, and I'm describing myself right now, is generally just getting started. I know without my coach, I would not be sitting here before you today telling you how to get going, and I know a lot of my clients. You know, we interviewed one recently, just completed his first deal completely remotely from Europe. Okay? And he's over the moon hunting for deals. I see him posting on Facebook in real estate investment groups, having conversations. He's on fire. If you want to get, catch that motivation and get going. Deal hunt daily. I promise you. It'll change your momentum. It'll change your life, and you will love how you feel when you consistently do that activity. If you want some help to get started finding that first deal, I would be honored to be your real estate investment coach. Reach out to me, but in the meantime, for those watching this, I appreciate you tuning in. Please like this, if I provided some value to today, subscribe to the channels you keep track of all the podcasts that we release every single week, and really get a feel for the foreclosure market as it's changing in real time. Creating actual wealth and income for people who want to benefit from investing in foreclosures. That is really our show for today, guys. Pick up the phone. I'm telling you, it'll change your life. Get privy, start looking for deals. They're out there. I can help you to find it. Let's work together and I will get you started With that, this is Donnie Corrum, your foreclosure deals coach. Thanking you yet again for tuning in each and every single week to 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.