Welcome to “Tarl's Weekly Insights," my take on real estate today.
Hey there,
Welcome to Tarl’s Weekly Insights, my take on real estate today.
In these newsletters, we'll dive deep into the real estate world, share valuable investment strategies, and explore the craziness that life has thrown my way. Whether it's my struggle and journey of overcoming flipping, deciphering the insanity of the market, successful strategies being used in REI, or just me making fun of social media real estate investors.
I can't wait to share it all with you...
Join me in Austin, Texas March 8th and 9th! Network with me and other like-minded investors as we dive into Flips, BRRRRs, Systems, and more!
How Are You Acquiring Properties Right Now In This Market?
Acquisitions is where it starts for most of us when we first get after it in real estate. Finding "great" deals! Ones that are going to make us so much money! That's the plan, and that plan never changes.
How Do You Find These Deals Though?
It's the multi-million dollar question that we are constantly seeking the answer to.
If you are someone who wants to make a little extra money or be able to park some money somewhere, finding a deal every now and then is ideal and perfect for your investment career. HOWEVER, if you are full-time in this business and/or your livelihood requires you to do this business (bills, overhead, team, lifestyle, etc), then you MUST find deals regularly and the process must be systemized and repeatable.
Acquisitions is the SECOND stage we all must systemize in order to grow/scale our real estate business (other stages are: Business Strategy, Funding and TC, Planning, Rehab, and finally Stabilization/Disposition). When it comes to acquisitions, the people who find the "best deals" and/or the "most deals" all have a few things in common. They are:
- A Buy Box: A clearly defined and communicated 'buy box' or in other words, they know exactly what they WILL buy, and inversely, they know what they WILL NOT buy. The more clear someone is about what they are looking for, the more likely they will find it. All acquisitions masters have a clear understanding of what a deal is TO THEM, and they know what to so say NO to as well...quickly and clearly.
- Consistent and Constant Marketing Efforts (and a plan): A marketing plan for acquisitions comes in all shapes and sizes. There is no ONE WAY to market for properties. There are SO MANY ways to do this, along with so many sub-niches and strategies to dive into and get lost in. The key to all of them though, is consistency of marketing, which never stops. Keeping the pipeline full at all times.
- Data-Driven Decisions: All great acquisition businesses track their data and their KPIs (key performance indicators). What lists get the most responses, what neighborhoods have the best deals, how many mailers does it take on average to close one deal, how many phone calls, how many appointments, etc etc? How do you know if your efforts are working or not, and WHAT efforts are working or not, if you don't track the data? My own strategy relies on networking with wholesalers and agents. How many agents/wholesalers did we meet this week? How many did we reach out to? Who is sending us deals vs not? What type of deals do they send? How much do we like them...or not? There is data in everything, so track it.
There are always more techniques and strategies to learn and focus on when it comes to acquiring real estate. The key is to find the ones that WORK FOR YOU and YOUR business. What works for one person in a certain market that is focused on a specific asset class, may not work in another market for another person with a different asset class. Stay consistent, have a clear buy box, and track your data always. Sooner or later it will all start to come together.
Every week in my Flippers Anonymous group I challenge the group on three different tracks, Acquisitions, Operations (flips/BRRRRs/etc), and Systems/Scaling. Do you want to challenge yourself this week with Acquisitions? Shoot us an email at [email protected] if you want to submit your challenge results directly to us!
Here is the challenge we just had our group do:
IF YOU ALREADY are Marketing Off Market CONSISTENTLY: What are you doing that has been working well if anything? What are you going to change if anything in order to improve your conversion? Are you tracking everything that you do? What do you need to do better, that you already know you need to be doing? When are you going to start this doing this?
Decide on an Aggressive Paid Marketing Campaign and/or Sweat Marketing Campaign: What are you choosing to do for marketing? Are you choosing to door knock, cold call, direct mail, network, or a combination?
Sourcing Leads for Marketing: What did you choose for your lead sourcing? Are you going to buy lists, D4D, or something else?
- If You Are Buying Lists to Market to:
- Define your specific list of buying criteria. There are SO many ways to go about this.
- Source a list broker or lead source that is reputable. Reach out to Cole if you need help with this.
- Purchase your list, and be conservative to start.
- Establish a mailing campaign.
- Mail your first batch of mailers by end of next week– report how many mailers you used, what did you mail, how did you mail them, how are you tracking the mailers.
- Driving for Dollars (D4D) Focused:
- How are you tracking D4D leads?
- D4D is only effective if you are expanding your list constantly, scrubbing your list, and marketing to your list consistently. How are you doing this now and what will you start to do? If you need help, find out what you need and get it.
- Expand your D4D leads, must add an additional 70 D4D leads this week.
- COLD CALL AT LEAST 10 of your D4D leads. And mail the rest. This is easier than you think.
- Find a reputable skip-tracing service that you can use for your D4D leads.
Let's stay connected! Find me on social media at @tarlyarber and stay updated with additional videos and content.
That's it for this edition of Tarl's Weekly Insights! Stay tuned for more each week!
Talk Soon,
Tarl Yarber
