We welcome Sean Terry, host of the Ultimate Real Estate Investing Podcast, on today’s show to talk about — you’re never going to guess it — yes, real estate investing. So get out your pen and paper and prepare to write down all the incredible tricks, tips, and strategies that he recommends for optimizing your real estate investing efforts. Download Matt’s real estate investing course for free at FreeRealEstateInvestingCourse.com.
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(Voice Over): Epic Real Estate Investing Podcast Episode 33. Without further delay, your guru. Sorry. Your guide to a better life through real estate investing, Matt Theriault.
Matt Theriault: Hello and greetings from The Epic Real Estate Investing Podcast. The podcast that will show you how to build wealth through creative real estate investing, so you’ll have the option to realistically in the next 10 years or less, much less if you focus and enjoy the good life while you are still young enough to do so.
My name is Matt Theriault, author, full time real estate investor, and family man. If this is your first time listening to the show, you’re going to want to do two things. First, go back and listen to episode one for the ground rules of the show to get the gist of what this is all about.
It’s a step-by-step course where I unveil the mystery around doing deals with no money or credit. How to get started making money right now. FreeRealEstateInvestingCourse.com.
Okay. On today’s show, I’m joined by a really awesome dude. Many of you surely know him if you’re even remotely familiar with real estate investing podcast. He is a successful investor, a successful entrepreneur but that wasn’t always the case.
I’m sure he will be sharing his story of how he got to where he is today along with some other helpful nuggets.
So you would want to get your white paper and your blue ink ready. You’re going to want to take notes. If you’ve listened to his podcast, The Ultimate Real Estate Investing podcast, you can subscribe to that right here on iTunes,
The Ultimate Real Estate Investing podcast. You know that he is loaded with helpful tips, helpful strategies, and insights, and experience.
He’s got great stories and he is a whole lot of fun to listen to. He’s got great analogies. It just kind of makes the consumption of all of his information so much easier and palatable.
It’s an enjoyable show. I love his show. And this past summer, we got to go and sit down together over a few beers. I had a great time. As not only is he a successful businessman, he is an overall cool guy. He is a type of guy you can sit down and have a few beers with and just talk about really anything.
And we’ve been chatting and texting here and there intermittently ever since. I asked him to come on the show today for a multitude of reasons. For many of which I’ve already mentioned but one specifically and we’ll get into it.
So without further ado, I just like to welcome to the Epic Real Estate Investing podcast, Mr. Sean Terry. Sean, welcome to the show.
Sean Terry: Hey, how’s it going, Matt?
Matt: It’s going really good. Really good. I’m really glad that you’re here. I want you to come on to the show because one of the common emails that I get or the one comment challenge that I get from the listeners is they are, uh, really lacking in time.
They’re having trouble with time management. They don’t have the time to do it. You’re just about the busiest guy I know. You’re one of the more successful guys that I know as well.
So I wanted to bring on and talk to you about that and just find out all about your real estate investing and how it got started and how you are and how you are today and so what are some lessons and stuff you learned along the way as well?
Sean: Cool. That sounds interesting. That sounds like a city great Joe.
Matt: I think so. Let’s just start in the beginning. How did you get involved in this real estate investing stuff?
Sean: Well I had the typical dead end job that everybody hates the boss that I didn’t like. It was the type of job where you know there was really no future in it. I remember I was, you know, 32 years old.
I was in condition where, you know, you want more out of your life. You wanted to do more. I would completely dissatisfied where I was at. I was dissatisfied with living from month to month.
I was dissatisfied with, you know, being in a job I didn’t like. It was doing anything for anybody. It just sucked. You know?
Sean: So, you know, when you get in that type of situation, you start searching, you know, for things. So, you know, I talked to my wife. Hey, you know, what should I do?
I got to get out of this. What can I do? She goes, you’re always interested in, you know, interested in real estate. Why don’t you become like a real estate agent?
So I was like okay. I picked up this book in the multi-million dollar real estate agent. If I read through it and talk about, you know, you got to get listings. You got to get, you know, all these stuff and represent the clients, show them how to.
I didn’t really, that really didn’t click for me. I didn’t, obviously realtors are great. You now, they’re an intricate part of my business actually but for me to go out there and almost be on call, go to shows on weekends. It just wasn’t what I want to do.
You know so when it came to real estate investing, I at that time you have to have good credit. You have to have money is what I thought to get involved in real estate game which I didn’t have either. I think I have 40 credit score. I had, you know, living month to month. You know, literally just scraping by.
So I thought that was something that was out of realm. One Saturday afternoon, I had to go on sales appointment which I wasn’t too happy about it. I was driving down the freeway. I was hooked in to a radio station and hear that they have 620 KPL which is a sports station on a college game day on.
It was something thrilling. You know, it was on the other station so I took the car to the other station called 15Tank F & N. It was financial news radio. There was guy out there talking about how you could flip houses with no cash and no credit.
He started talking about, you know, how this concept of wholesaling happens where you can a property tied up on the contract then turn around sell it before you actually have to close on it.
And I never heard of that before. I never knew you could something like that and sell a property you don’t own. Who can do that? Right?
Matt: Uh huh.
Sean: So I actually was skeptical. I turned the channel and continued to listen to College In Date right down the street. Something in my gut which I know today is God’s intervention actually I turned the channel back and listened to what he had to say.
He had people on there that was making $5,000, $10,000, $20,000 per deal using this concept of wholesaling houses and I got fully intrigued. I was hooked, line, sync.
You got the pitch. I was like, oh my God! This is it! Right? I’m going to get rich. Right?
Sean: And I said I got to buy his course. The course is like $500. I didn’t have at that time. I actually had cards. It was like $250 on. I got my wife’s First Premier card. I called the guy up and said, we’ll order but can we put it on two different cards? He was like, yeah. No problem.
So the course came in. I devoured it. I watched it and that was my first initial, first thing I ever bought when it came to, you know, real estate investing course actually for real estate investing so that’s how I kind of got a start into the game. Do you want to hear the rest of the story? I can continue.
Matt: Sure. You got into the game and this wholesaling the sole thing you’re doing right now? Or have you ventured out and tried some other strategies as well?
Sean: You know, I, that was back in 2003 when I was 33 years old. You know, I initially started wholesaling. I went out. It was like May of 2003 to the end of the year I made a $134,000 which to me was just unbelievable. That was just, you know, was like a windfall.
So that’s it. In 2004, I continued wholesaling. I started building the portfolio of house where we buy houses, two things seller of keeping the existing loan in place going in, renovating, putting in, and just holding to it while, you know, I had a partner at that time and we went out and built a portfolio of about 120 houses from early 2004 all the way to 2005.
And so about $36 million property portfolio we had so we were running around, you know dealing with tenants collecting rents, you know, fixing houses and then there was the writing on the wall here in Phoenix.
The market was just going up about 3% to 5% a month. I remember I was getting a haircut and I just sit on the chair and the hairstylist was telling me how she bought a house and she turned around and flipped it and made $40,000.
At that point, I remember going, holy cow. You know, everybody is in real estate and you know, like a warm bucket you got to sell it in the strength and buy weakness. Right?
You know, there’s a part in strength that in the marketplace so at that point we made a decision and early 2005 that we are going to unload our entire portfolio which we did.
So it was like May of 2005 we started selling our properties to California investors in May to November. We literally sold all the properties or all of the 120 properties at the height of the market. I mean, you know, it’s literally; I mean the amount of money that literally came in just a short period of time was astonishing.
I mean it was like uncomfortable because it was just crazy but we made, you know, a killing at that time so.
Matt: Wow. So timing is everything.
Sean: Yeah. Timing is everything so.
Matt: Totally. Totally. Yeah. You’re not the first person I’ve heard say that the, you know, they kind of listen to the cocktail father or dinner party father. In your case, the barber shop father of, you know when you hear them talking good about real estate that’s the time to bail.
Sean: Yeah. That’s the time to bail. When everybody’s involved and everybody is in it, that’s the time to dump.
Matt: So what’s your real estate investing business look like today? What is your primary strategy?
Sean: Well I simply sold those properties. I bought some land. We do land entitlements, buying large tracts of lands, bringing it into the zoning process, doing turn around, and subdividing the lots, and kind of hanging into it.
But back in 2008 or early 2008, we were buying properties in the courthouse steps. We’re bidding properties and literally nobody was down there. This was when watching true mutual collapsed when, you know, it was the bottom of the barrel when it came to real estate.
Everybody was, you know, just scattering everywhere so what we did was, that’s when I kind of started my online presence, built a website, and started driving traffic to Google AdWords.
In early 2008, our business model was we buy properties, renovate them, cash on properties, renovate them, and we put the same page, same, you know, kitchens, appliances, same whole deal.
Put a tenant in there, package it up, and sell it to investors across the country. We were cranking doing unbelievably well.
Then what happens is there was a change in the appraisal laws where it literally to get an appraisal on a property, mortgage broker had to go through an appraisal management company.
That appraisal management would basically just send out any appraiser. Whoever the appraiser is based upon the low bid and you do it. So appraisals became completely unpredictable.
We have one property that is 4-unit carbon complex. We bought, and renovated. We probably spent $30,000 to $40,000 into it.
And then this change happen called HTCC. And then we got two different appraisals. One, the appraisal was $175,000 and another came out and appraised it for $100,000.
So appraisals work completely all over the board so at that point, I was like, I’m done with dealing with banks and finding things like regulations, rules so, you know, let’s go back to the glass rooms and just, you know, continue holding down and finding cash buyers and finding wholesale properties and deliver to cash buyers.
So that was probably in early 2009 to current, I’ve been just wholesaling properties to cash buyers and building a portfolio of properties for myself to hold on to the cash flow.
Matt: Where are you holding right now?
Sean: What’s that?
Matt: Where are you holding properties right now?
Sean: Just here in Phoenix.
Matt: You got on local?
Sean: What’s that?
Matt: You have them all local?
Sean: Yeah. They’re all local in my backyard. They’re primarily structured with tele-financing revenue just loaded in place with the seller.
I can get minimal cash. I can go in and clean up the property, turn around, and lease option it to a buyer for more than actually what was put down.
So it’s a great cash flow but then also for lease option so I don’t have to actually, you know, take care of the property. You know, the tending can take care of the small items on the property while the big items are already taken care of. That’s what home working is for.
Matt: Super. Super. So you’re still, I mean you’re doing this for a while now as an investor. I know you’re really active. I know we met last summer. You told me how many deals a month you were doing. I was blown away. I thought I was doing a lot. (laughing) How many are you doing right now a month?
Sean: Yeah. You know, anywhere from 10 to 15. You know. 10 to 15 deals. In December, we did, you know, I think it was like 19 deals on December but I got pretty active buyers. You now, I pretty much got a system in place to find, you know, great deals.
You know, through birddogs, marketing, and websites, stuff like that so between all those 10 to 15 deals out there, you know.
Matt: So you’re not having any issues in finding deals then?
Sean: Well you know, it’s, you know, I can tell you right now the market has shifted since January 2012 here. So the market has shifted to where there have been tons and tons and tons of money coming in the market place.
You know, one announced that he would buy thousands and thousands of houses so I think that, you know, I don’t know if everybody was listening at the same time but literally inventories tighten amazingly in the past just couple of months in the shift of the marketplace so it’s, you know, harder now to find deals but you know since I do a lot of marketing and have relationships with birddogs and stuff. They just keep coming in like crazy.
Sean: I’m blessed.
Matt: Yeah. These last three months have been a change. I’ve got a lot of little turnkey operation going on in Memphis right now and my purchase price has doubled since January.
Sean: Yeah. It’s amazing because as soon January turned the cards. January, everything just changed to like holy cow. Massive ship.
Matt: I saw that interview. Was that in January?
Sean: I think so. Yeah. I think it was.
Matt: Thanks, Warren. (laughing)
Sean: Yeah. Exactly.
Matt: He could’ve given me another year or two on this before you said this. That would be totally nice.
Sean: Yeah. I know. I was like, I don’t like when it’s kind of a depressed market because, you know, you take negotiations to sellers and buyers, and they’re still smart money to the market place buying properties and stuff.
So when the market is crazy and then everybody wants to get involved. It becomes a little more difficult but, you know, it’s still the same marketing principles apply whether it’s a hot market or a dead market so.
Matt: Yep. There’s a low priced and high priced market and you just got to buy the low one and sell it as a high one.
Sean: You got it. Exactly.
Matt: Exactly. Speaking of the market, I’ve been attending a lot of real estate clubs and there are lots of different opinions out there of where the real estate is going. If it’s on recovery or if this is just a false, little, you know, incline.
If it’s going to settle down and talks about shadow inventory or kinds of stuff. What is your impression on the future, immediate future in the next, say, six months to a year?
Sean: You know, it’s, the way I look at it now, it’s, you know, I just basically why I look at it at the inventory levels.
Matt: Uh huh.
Sean: I look at inventory levels and I look at the, you know, pending foreclosures in the market place. Basically, you know if you look at those, and I just strictly, you know, focus on Phoenix.
I do talk to a lot of people, a lot of different investors across the country and stuff that are feeling the same things where the market is definitely taking off. So you know, I think it’s definitely a seller’s market, you know, here in the next, you know, the next 12 to 18 months to where.
Because the inventory levels are tightened and there’s lots of buyers coming in the market place of cash buyers coming in the market place picking things up. So my wife is a realtor here in Phoenix. She’s trying to find properties for her clients.
They’re getting out bid. My investors are coming in and getting on the properties, getting up the properties. They’re paying cash, you know, quick close. No inspection period.
You know, it beats out that guy who just wants 3.5% down. They want seller’s concessions and they need the traditional 30 to 40 days close.
Sean: So it’s, uh, the inventory levels are getting, you know, are getting too low right now. Back in 2005 when the market is crazy, you know, I’m speaking for just here in Phoenix but there is, you know, 5,000 units on the market place.
It was, you know, houses would go up to be multiple offers. The next thing they’ll be gone within hours. You know, we’re getting down to those low levels right now. I think we got about 16,000 units on the market of which about 8,000 are short sales.
The balance is just regular sales so we’re close to 2005 levels when it comes to inventory. Now moving forward, you know, I, uh, am not 100% sure when it comes to an election year.
What happens here and there and then some new rules and regulations. You know, it happened but just based upon supply and demand right now. It’s considered a hot market.
Matt: Indeed. Indeed. Yeah. I wish we had a crystal ball. Wouldn’t it be great?
Sean: Yeah. It would be great. All I know is this, all I know is this since there’s, you know, now is the time to get involved in the game like make some money whether it would be through wholesaling and start buying rental properties.
You know, either buying existing loan in place, doing agreements with the seller or land contracts, or subject to and then hold them. Guess what? Because we know, you know, 10 years from now, 7 years from now, the market is going to be higher than it is today.
Sean: You know, and the tax benefits, why not have a great rental property that you can hold on to that will go, you know, go up anywhere from 30% to 50% in the next couple of years.
So I think it’s a great investment opportunity right now. That’s why you see smart money coming in the market place.
Matt: Right. Absolutely. I know you do a lot of coaching and mentoring and you got your own awesome real estate investing podcast here on iTunes, the Ultimate Real Estate Investing podcast.
Matt: Fantastic. I know wholesaling is the primary strategy that you’re teaching. Is that accurate?
Sean: Yeah. You know, it’s funny how this whole thing kind of unfolded because I’m an addict podcast listener. As soon as I got my iPhone, I listen to everything. If you want to learn about anything, you just flip through the podcast section on your iPhone and it’s even on your BlackBerry.
You can literally find anything you want to learn about on there from people that are sharing what they want to do so I was flipping through there and I didn’t really find anything that, you know, was good.
There are other couple of podcasts out there that weren’t updated. I just didn’t really find anything that was good so what I did was and said, well, you know. First off, I want to start a podcast just to; you know, go out there and share my passion and my love for real estate. (That’s) number one.
Number two, I want to start a podcast for the purpose of teaching and training birddogs because I had a lot of people come to me and they wanted to learn about real estate.
What to do and how to market and how to talk to sellers and how to prep a property and how to, you know, do all the, you know, contracts and everything.
So I said why don’t I start a podcast? I can refer these birddogs to the podcast. They can listen to it. They can get educated. And then when they have a property, they can bring it to me.
We can set it out to the market and split the deal 50/50. Well, uh, that was the initial thought. Well what happened was that the podcast blew up. iTunes and all over the world.
So it just went absolutely crazy. I have people all across the country call me. My phone was just absolutely ringing off the hook. Email was blowing up of people wanting to, you know, do deals and stuff and learn more.
So that’s when I decided to back in November of, I think it was in 2010, I think to start the Flip to Freedom Academy. That’s where it’s basically 19 mini courses on how to basically, you know, replace your income through flipping houses on a part time basis.
Matt: So I know you have, you know, you’re over a thousand people through your Academy now, and congratulations on that. That’s awesome.
Matt: Tell me what you’ve noticed about I guess common personality traits or characteristics or just anything that you’ve seen anything in common with your most successful students.
Sean: Well successful students. The most successful students that I see is they follow with focus meaning, you know, I was watching a movie the other night with my two daughters and my wife. It was the movie, Secretariat. Right?
Matt: Uh huh.
Sean: And on the Secretariat, on horse, they have these blinders on the horse. The blinders are put on that horse so horse can just focus exactly where they’re going and not be distracted by any other horse or anything else going around them.
So the most successful students put these blinders on. They put the blinders on themselves. What they do is they don’t get distracted by all these other shiny objects or things that come around or other deals or whatever.
But they take a plan and they focus and that’s what they do. That’s what they focus on 100% until they get results. You know, that’s what I did. When I first started, you know, I learned in that first course that I bought in 2003.
You have to go out and knock on pre-foreclosure doors. Well I didn’t know that there’s anything else out there. I didn’t know there are lease options and this and that and all other different strategies so what I do. I just knocked on pre-foreclosure doors.
I get a list and knock on doors. I get another list and I went out and knock on doors. I get another list. I went out and knock on doors.
I knocked on somebody else’s doors until I actually finally got a deal and I made my first check. While that was my first check, I started getting good at it. I started knowing what to say.
I got more confident. I got started getting more checks, more checks, and more checks, and more checks started coming in but primarily from knocking on doors.
So I see people, they get, people that are not successful. What they do is they get started. They start getting momentum and all of the sudden they don’t have the blinders on so they go, oh. What’s over here?
Maybe I should try this and they start building and started getting momentum there. And oh, what’s over here? Maybe I should do this?
I mean, they never plant themselves and focus on one specific strategy to go out and build enough momentum to where now they get income coming in and now you start observing other different opportunities that come about.
Matt: Wow. I couldn’t answer better myself. (laughing)
Matt: Yep. Yep. The old shiny objects syndrome.
Sean: Yeah. Yeah. And the blinders, I still do it today. I even, you know, we’ve talked about in the beginning, it’s time management to getting stuff done.
You know, you just got to put blinders on and focus on one specific thing that you want to get accomplish in certain time and just, you know, get it done.
Matt: So you’re doing 10 to 15 deals a month. You’ve got probably one of the most popular podcasts in real estate investing in the, uh, iTunes. You’ve got a successful coaching business. You run the Flip2Freedom Academy. So let’s go to time management. Sean, how do you do it all?
Sean: Well, I think the, you know, the biggest thing is what I do to kind of organize my time. There are two different things. One, I believe in, you know, highly in the law attraction. Right?
And, you kow, what you focus on will come so the first overall thing to apply that in my life is I write a letter to myself dated a year ahead of time. So, you know what today? It’s April 17th or whatever so write a letter to yourself as if it’s April 17th, 2013.
Put yourself in the mindset of really get in and say, okay. It’s 2013. It’s April so what is my life like? Write yourself a letter as if this year has already happened.
List details of everything you did and everything you’ve accomplished. Everything that’s, you know, went your way. Everything that was great. Everything that was memorable.
Everything that, you know, how your whole life. You’re basically writing a letter to yourself of how everything went for that entire year.
And why that’s just so powerful? Because it puts you into a situation that is already happened which is the key point when it comes to, you know, putting yourself in the vibrational alignment of everything that you want.
So, you know, first off it gives you a clear, specifically of exactly how you’re going so once you have that in place. Now what you do is now you’re putting yourself downstream. Now you’re going with the flow instead of going against the current.
So, you know if you pictured this speed fast moving river. You got this raft. Right? If you turn your raft upstream, you start to kind of paddle upstream, it’s difficult so, you know, some people they might go, oh my gosh. I’ve been trying to do this.
They get these struggles. They’re working so hard. They’re, you know, putting in the time and energy and effort. They’re just not getting the results that they should have get or it’s taking so much time and energy. It’s difficult. They’re struggling.
Right? That person, I look at they’re going upstream. They have a great boat. They have great paddles. They have, you know, and I think in line they got the helmet on.
They got the jacket on. They got all the equipment. They’re ready to do but they’re still swimming upstream because they’re not going with the flow.
Writing that letter yourself will, you know, and reading it once in the morning and once in the night before you go to bed, that will put you into vibrational alignment of what you want.
Then that will put you downstream then instead of just your actions producing results, now you have actions aligned with the universe that is now producing results. Your results will get you a lot further so that’s number one.
Number two, once you do that then I do, okay. Here’s what I want to accomplish for the month. I write everything down you want to accomplish for the month.
Then what I do is I take that and those maybe like good projects so you may want to do things that I need to make it happen. Then I’ll take those things then I’ll put it into, you know each section of it and I’ll put in my daily tasks.
So every single night, you know after I read that letter or even before I read that letter. I’ll write everything that I want to do for the day. I’ll write a task list of everything I need to do for the following day that I’d like to accomplish.
You know, that encompasses to things that I want to accomplish for the month. So that’s what I do personally the kind of to keep myself on task what I need to accomplish.
Now with my team, we meet every single Monday about 10 o’clock. What we do is I give them weekly tasks of everything we want to accomplish in the week and then every week we meet at 10 o’clock on a Monday.
We go over the previous week of everything we wanted to accomplish. Then, you know, if there are any struggles or things happened or whatever.
Then either if it wasn’t accomplished, we carry it forward. We figure out why it wasn’t accomplished and try to move it forward so it does get accomplished and then we set new things that we want to accomplish for the week.
So it keeps my team on focus specifically on what they need to do and then if there’s a problem that they can report back. They need to know what the highest set goal is so we can all accomplish it and we’re all moving into the same direction.
Matt: Speaking of your team.
Sean: Does that answer your question?
Matt: Yeah. That’s great so speaking of your team; tell me who your team is comprised of.
Sean: Well my team is comprised of my wife, Nancy who pretty much runs the Flip2Freedom Academy. She runs the Support.
She runs the refunds, the billing, and any questions and anything. She runs that. She’s helping organize our first line here in May.
So she’s pretty much taking of that. That’s her responsibility. Taking on that, she edits the podcast, puts the podcast, put them up on the site, and all that stuff.
Corey, he takes care of my whole real estate side so as soon as we get the property into contract. That contract will go to the escrow officer which is the third person on the team which is Aileen Brown.
Now Aileen is my closing agent/transaction coordinator/assistant/ escrow officer. She basically is phenomenal. She takes on probably three different jobs of what she does. With her, you know, she is just on tasks. Her job is on close transactions.
So Corey. He gets the property under contract. As soon as it goes under contract, it goes to Aileen. Aileen gets it all set up, getting it ready to close. Corey then will get the pictures, get the property a lot box, put it on our website, and blast it out to the email list.
I talk to all the buyers that come in because I was building relationships with them. We’ll get the buyer’s side of the contract, get it over the title and then just closes after that.
So we pretty much, when it comes to that like a well-oiled machine. I rarely see the properties unless I’m actually meeting, you know, with the seller. Most of the stuff we do is, you know, over fax and contracts and stuff like that.
So he runs one side, she runs the other side. I primarily focus my energy on talking to sellers, motivated buyers, and you know, creating contents for the Flip2Freedom Academy.
Matt: Awesome. So you got like three major power team members and then you do the rest.
Sean: Yep. And I do, because my whole thing is I want to focus on, you know, highest and best use on what makes you money. What’s going to make you money? What’s going to produce the highest results?
And, you know, I determined in my business that talking to sellers and negotiating and getting properties under contract. That’s the highest and best use like talking to buyers, you know, and building relationships with them, finding what they want. That’s the highest and best use because they can keep a real pulse on the tapping of the market.
And after that, there will be creating podcast and creating content and information and coaching and stuff like that inside the Academy.
Matt: Awesome. So that seems like a perfect time to transition back to real estate because that’s what you do during the day and that’s your 20% that you’re focusing on.
So let’s just kind of go through to somehow to for the people that are listening, let’s start with finding deals. What are your, say, favorite ways of finding deals?
Sean: Well first off, I would say, and these are different, you know, a couple of unique ways to build it. One, I would get aligned with a HUD or any registered agent for sure. I’ve been in HUD Homes every single day.
And that is a great way to be able with no marketing cost whatsoever to be able to pick a property up a website then turn around and sell it to a buyer for a higher price so the number one thing I do is to find any registered agent where you can then bid on HUD Homes and then slip HUD Homes.
You can wholesale HUD Homes. You can double escrow HUD Homes as long as you’re doing it with two different title companies. And you can make the spread. I mean I probably done about 30 HUD Homes in the past.
You know, three and a half months so far which had been, you know, which had been of a large portion of my business. That’s one.
Number two is you know if you can and this maybe for more for a guy to have five, six, or ten deals under his belt is to transition yourself from being the guy that is the student.
I got to learn. I got to learn. I got to learn. I can’t do anything until I learn more. Then transition from the student to now the teacher, put that different hat on and start teaching what you know to new people.
Now it’s going to be counterintuitive because you’re going to think, I don’t want to teach someone to be a competitor against me. Why would I do that? Well that’s two different mentalities.
That’s an abundant mentality or say, scarcity mentality. Well, you know if you have a scarcity mentality. Guess what? You’re going upstream. If you have an abundant mentality, guess what? You’re going downstream.
What I found is that when I, you know, teach other people even to my own market how to go out and do this business. It is amazing. They just bring deals in, left and right.
I mean I got a deal in yesterday. It’s a $30,000 deal we turned it around. I sold it today this morning before we got on this call. Then, you know, it’s a $30,000 deal that came in.
I didn’t have to market for it. I didn’t have to get into contract. The people came in and said we want to sell this. What do you think it can be sold for?
I said we can sell it for this. Done. Right? Then this morning, I got a call from another one and said, hey, I got three properties. I looked them up. It’s a great deal. So I told them how to structure them so she put them to the buyer and stuff.
So it’s a great way to get a ton of deals coming in but the difference is you have to put yourself in the leadership type of position to where you can lead these other people to be able to do that.
So that I would say, five, six or ten deals under your belt then shift that and start teaching other people and not only is it fulfilling to watch one of your guys, you know, go out and get a check for $5,000, $10,000, or $15,000 and seeing the excitement on their faces and going, oh my gosh. And they turn around and help them. It’s a phenomenal feeling.
Not only are you making money but they’re making money too. I’m telling you. There will be a reciprocity there that they will feel indebted to you for spending the time when nobody else does to teach them how to do it.
So those two are unique and different that not a lot of people talk about but they are a huge portion of their successful business. Then you can get into the normal marketing as what I call it which is, you know pay per click advertising on Google and actually creating a squeeze page in bidding specific keywords in your local market to get leads coming in. That’s number one.
Number two, the sending yellow letters to an inheritance list. You know, an inheritance list is for people who inherited properties. They’re a probate list and sending out a yellow letter which is basically handwritten letter that says, hi. Dear Joe, I’d like to buy your house on Joeboe Street and please give me a call if you’re interested.
So the handwritten letter speaks curiosity so you get a lot of calls from, you know, 11% to 12% but if you’re good on the phone and you could be able to talk to people and build a rapport with them.
Some people didn’t know want to sell until they got the letter. So they pick up the phone and say, I just got a letter. Would you be interested in buying my house? I said, yeah. I am interested in buying your house.
And, you know, I was just thinking about selling but, you know, my tenant just moved out. Yeah. I consider it. You know, and then you can start talking back and forth about structuring a deal that makes sense to the seller and makes sense to you.
You can go out and make money. So those are probably four of the leading lead sources for generating motivated sellers.
Matt: Got it. So would you say most of your deals right now, are you dealing with a financial institution like a bank or HUD or are you dealing more with the private owners?
Sean: It’s probably 50/50.
Sean: If I do 50, I get 7 up of, you know, HUD and another 7 up of like motivated sellers, birddogs, and stuff like that.
Matt: Got it. So when you’re putting up properties under contract, do you go out and make a visit face to face or you do that over fax, scan it, or email? How do you present your offers?
Sean: Yeah. Typically what happens is I have Corey who takes all the incoming calls from all of our marketing whether from, you know, Google AdWords, all goes to one central voice mail system.
He will follow up with the voice mail calls right here and then call them back and he will do what’s a pre-screen to test for motivation. If there’s motivation there and there’s a potential deal there.
Then I use a software service called Freedom Soft. What he will do is he will put it in a motivated folder in Freedom Soft and then outsource the lead to me.
So not only it comes in, I get in, and I can take a look at it. I can do some click comps on it. From that point, I will call the seller.
I’ll do a second pre-screen, build a report with them. I’ll determine if there’s motivation. If on that second call, they pass my test. Right?
Matt: Uh hm.
Sean: Then I’ll send an appointment. I’ll go meet with them and get the contract.
Matt: Got it. So when you take of your contract, do you just take like one pager, multiple pages, or do you have a computer with you or is that? How do you do that?
Sean: You know I just, what I do is when I bring on my appointment is I bring comps, lowest to the low comparable comps I can find within one mile radius of the subject property. I’m going to bring a letter of authorization if they have a loan in place that I want to give them to sign.
I’m going to bring two purchase contracts that’s already pre-filled out not with the price but just pre-filled out. Everything ready to go. All they got to do is put in the price and have them sign on the dotted line.
I have two copies, one copy for them and one copy for me. I usually have that in my manila folder. I take that with me. I go walk to the house and take notes on the manila folder, build rapport with them, and, you know negotiate a price, get them to sign the contract, and open escrow for the day.
Matt: Awesome. So you open up escrow and then how long does your typical escrows last?
Sean: Escrows depending on how good a deal is if it’s a HUD home, you got 45 days to sell it. I typically when I put it out, it usually take me about 24 to 48 hours to get it up on the site, get all the information.
Sometimes it goes through a report if we believe that any other way to make judgments on the property. But typically from contracts to close, it takes no more than 10 days.
Matt: Awesome. So if someone is listening to you today and they said, you know what? I’m going to give that a short. What would be your top three tips you would give to that person?
Sean: Well the first thing is, you know, we’ve talked about finding sellers. We’ve talked about finding, you know, houses. One of the biggest fears that I see for people is what if I get a property under contract and I don’t have a buyer and then what?
Right? So the first thing I would tell people to do like if I was going to fly to a market or if I was going to fly to Chicago or if I would fly to Kansas or something like that. First thing I do is I find a real estate agent that is brand new who just got started in the marketplace or just got started.
He just got his license. He is looking to build his business so I’d align myself with that person. We can just by calling around the brokerage firms or real estate brokerage and ask for the newest guy on the block and try to find that person.
What I have that realtor to do is pull all the cash transactions that had happened within the last 9200 days within the county I wanted to specify. So it’s basically going to give me all the cash transactions that are happening.
So there are two ways to deliver that, one is in a CBS form or an Excel form where could be sort by pricing zip codes or number two if they can’t do it, they’ll give you a link. That link, you can see a map. You can see a grouping of cash transactions happening.
Well those two areas, we want to focus. That’s the first thing I want to do is to find out specifically what is the market buying, what price are they buying in map, and where are they buying in map.
If I know exactly what my buyers are buying or the majority of the transactions that are happening in cash and what they’re buying. Then when it comes to marketing, I’ll know specifically how to deploy effective marketing in the specific area in a specific price range so when I do get sellers. I know I can sell them so that’s number one.
Number two is I would attend the county auctions where they hold foreclosures. I would go down there because those are your, uh, going to be your go-to VIP buyers.
Buyers that are going to stick on your phone and you’re going to be able to call them and say, hey. I got a deal. Here’s the address.
Now what you do is you go down there and attend the auctions and just go build you the reports, talk to them, get their cards, get their names, numbers, and find out what they’re looking for.
And what you’re doing is you’re trying, number one: always building a rapport and number two: is you want to find out if they’re a buy and hold investor or a fix and flip investor, number three: you want to find out, you know, what is their perfect deal.
You know, what is, do they want two-bath (room)? Are they looking for price range? Are they looking for, what area of the town are they looking for?
And what you’re telling them is say, listen. I’m not here to bid prices or compete against you but the reason why I’m here is I go out and market for motivated sellers. I get deals that come in.
I’m really looking for some good buyers who can make the decision quickly and can close quickly. If I find the right deal, would you be interested if I send you some properties.
And their eyes are going to perk up. I mean, their ears are going to perk up because they’re going to be like, holy cow. Yes. Because bidding at the auction is a game. It’s difficult. It’s a full time gig. It sucks.
So if people go along and you can bring deals to them, they would absolutely be all over it. So if you can get 4, 5, or 6 of those guys in your phone. I go out there not just for one day because on the auctions have different properties on different dates.
I make a commitment to spend down there, you know, at least 4, 5, or 6 different times and try to get 15 to 20 names of people. A good idea of what they’re looking for in your phone because those are the first people that you’re going to call as soon as you’re going to deal with the contract.
So you know, these guys can put up a deposit, non-refundable quickly, and they can typically close an auction within 24 hours. If you’re going to give them a 7-day time frame to close, they’re going to be ecstatic.
So that would be number two, once you, what that will do for the confidence of a new person getting started, knowing that you have an appetite of buyers behind you will do a lot different when it comes, I mean you will do amazing things when you’re going to negotiate for the seller.
If you’re going to negotiate with the seller, if you’re going to negotiate with the seller and you’re going, holy cow. I don’t have the money. I can’t sell this thing. I don’t know what to do.
But if you could negotiate and say, listen. I’ve got 15 buyers in my pocket, you know, who would love to get this house. That’s what you’re going to think yourself when you’re negotiating.
Then you’ll become a lot more confident to exactly what they’re looking for in price point and all that other stuff.
Matt: Absolutely. Absolutely.
Matt: That was a bunch. And even just.
Sean: Yeah. I know.
Matt: And even just to add on to that if someone was listening, oh god. I don’t know if I can do all that. Let me ask you your personal experience.
With the number of people that you have on your buyers list, I mean how many do you do regular and consistent business with? How many are there?
Sean: Well, you know, I probably do maybe 10 to 15 that “I will call first.” Because I have my website there and there’s probably about 15% to 60% homes are on the website because I already know what the buyer wants.
I pick up the phone call and I say, hey Mr. Buyer, I got a property, just got it under contract. Here’s the address. Here’s the information. Here are the details. Now remember, we’re in sales.
You know, we’re selling the house is, you know, you don’t go here’s the address. I sell. I say, listen here. It’s a great location. I believe that the comps are like, I think, about 250, 240 are here. I think it needs $12,000 to $15,000 to do the work. I think this is a smoking deal.
You know, here’s the address. Here’s the deal. I’m going to put it out to all my buyers in 48 hours so I need decision ASAP if you want this or not. So what are they doing now?
So first, they’re going, holy cow. If he puts it out to the market, it’s gone. So it creates urgency and it stops them from negotiating on price. If I gave them a price, right?
And he comes back and says, well. You know, I can’t do $135,000 for the house but I can do $125,000.
I said, are you sure about that because it’s going to hit the market tomorrow to a bunch of other buyers? Are you sure you can’t make your numbers work?
And what I sound is that they don’t want to keep negotiating with me because they know I can sell it to another buyer that will come along and pick up the property so.
Matt: Right. Right.
Sean: It creates a sense of urgency which is great.
Matt: Totally. No. That’s awesome. Thanks for sharing that part. Before I was really getting was, you know, I only have like a half dozen people that I deal with.
I don’t have to make more than 4 to 5 calls. I’ve got that so I was just, you don’t need a big buyers list. It’s good to have buyers. You got to have them but you don’t need a ton of them. You don’t need a 10,000-people list.
Sean: Yeah. You don’t. I mean you don’t. It helps for those troubled properties that you’re making a 100% confidante. You know? Like I have this one deal, I went to the house and I was like, man. This is I wouldn’t touch anything.
I mean I fix and flip a lot of properties but I was like, I wouldn’t touch this house with a 10-foot pole. So I didn’t, I knew a lot of fix and flip guys and stuff but not really that can do heavy, heavy lifting like that.
So that one I put out of my sight and my phone literally blew up. I had to finish doing all those dirty clothes within a week. You know, that was a $25,000 deal. I think it was.
Sean: But the thing is that, you know, you have your buyers in your pocket. If for some reason you have a wacked out deal or a deal that you’re going, oh you know, maybe it’s not the best deal so there’s no risk tied up to the seller.
You know, and to put it out on the market, it’s good to have a list. You know, to be able to, you know, let it out because you never know what someone else wants.
And you know building a buyer’s list is a constant thing. You’re always advertising on Craigslist. You’re always advertising on Backpage.
You know, I use advertising on Google AdWords. I’m always networking with people and other realtors and stuff so it’s an ongoing thing but it’s definitely worth it.
Matt: Totally. Totally. You just don’t need the big one and take that first step and go out there in the market and start mixing it up.
Sean: Yeah. Don’t, you know, people always want to get their ducks on the row. Right? I got to have my buyers in place. I got to have my cell marketing in place.
I got to get my website in place. I got to get my contract in place. I got to get my title in place. I got to get my real term place. Those are all ducks on a row, I didn’t have that.
I didn’t even know what a duck was. Why for starter the guy said knock on doors, I said okay. So I went out and knocked on doors. Then they said okay and there’s a guy who said okay, wanted to sell his house.
I didn’t have a contract so I went to Staples and went to get a contract. You know, that wasn’t a duck on a row. I went to Staples.
I picked out a contract at Staples that said Sell Real Estate Contract. I didn’t know how to throw that out. I didn’t know what to say. I went over and met the guy, actually got the property under contract.
You know, I scribbled on it, it was a mess. Guess what? Then I didn’t have an escrow company, right? So then I had to go find an escrow company.
Found an escrow company that could do deal after talking to 20, right? So that’s about 20, found one, gave them the escrow on it. We open up escrow and holy cow, now we didn’t have any buyers.
How did I find buyers? I looked through the wanted ads, not the wanted ads but one through the newspaper there of people that were trying to list rental properties. I started to call all the owners of rental properties.
I said, Hey! I see you’re trying to rent out a property house. Are you looking for any properties to buy? He was like, Oh yeah sure! So, I had to go meet him over the property with the seller, we walked through it.
I didn’t how to negotiate to, what to say, how much money we picked out. I brought the contract to title and they closed the transaction. I made, like, $11,008 on my very first check. I think that made the biggest difference. I didn’t have any ducks on a row, you know.
I see people now, they just want to have everything lined up and that’s part of the biggest mistake. You know, boned up book in firing range. It’s like; you’re ready, fire, aim. One thing I learned in the ring court something action.
Just get it done. There’s an obstacle in the way, find a way to get over it. You could get around, get under it, get over and you’re done. Something something, right?
Sean: You know, when it comes to obstacles, just get it done. Get around it, get over it. So, the biggest tip I could give your new people listening to this is forget the ducks in a row and if something comes up, don’t quit, get over it, get through it, blow it up and makes it happen.
Why? Because you can. You can do it because, guess what, I’m not any smarter than anybody. I mean, I don’t have any secret tricks.
I’m nothing different. I don’t have college education so you know that’s the reason why I brave this course. So, I’m not the smartest tool in the toolbox at all.
Matt’s way smarter than me when it comes to, you know, putting all the stuff and doing these deals that he’s been talking about and stuff.
The bottom line is that maybe I’m just a blockhead and plow through any obstacles that come through. I kind of have that kind of mentality you’ll find yourself in the others side, you’ll look up and you’ll be successful.
Matt: Absolutely, that’s exactly, you said it perfectly. I mean, it almost sound like I set you up for this because that’s pretty much the saying that we have here on the show is “Moving at the speed of instruction”. Just, okay, I got to knock on doors, I go knock on doors.
You just travel as far as you can see and when you get there, you’ll see further. Okay now the next step, I guess I got to get a contract. You know, so, it’s we definitely have in common.
Sean: Yeah, you know, it’s like have you ever drove at night? You know, when you drive at night, you can only see as far as your headlights, right?
You can see as far as your headlights but you’re solely focused on the road ahead of you but you continue to moving forward.
When you get in your car, you’re going to, “Oh my gosh, I have to see the entire pathway, all the way from Phoenix to San Diego, I got to see everything on the road before I get in there.”
And then you get in the car and you go, “Listen, I don’t know how the engine works, I don’t know how the radio works, I don’t know how compression works and the engine, I could have all my fuel things topped up, my air tires all done. Uh uh, just get in the car and press the gas and go and guess what?
You’ll just get going and next thing you know, you’ll find yourself further down the road than most people because you just did it.
Matt: Exactly, perfect. I just got couple more questions and I’ll let you go. I know you’re a busy guy. What’s something that you know right now that you wish people would have told you on day one?
Sean: Probably, that’s a great question. Something that I knew that I wish I knew, I think probably the biggest is don’t focus on the money. You see, the thing with real estate is it’s very financial driven. I mean, you’re focused on how big your check is you’re focused on how big this is.
The problem is it’s, this is what the picture comes to my mind when I picture this. Picture this placid pond. It’s this nice glassy, super glass and picture this beach ball that kind of floating on this glassy pond and your objective is to get that ball at all cost, right?
So you jump in this in this placid lake and you start splashing all your effort and all your energy to get that ball. If I get that ball, then I’m going to be successful. What’s the ball? The ball is money, right? So you’re just scrambling after but what happens?
You know, when you’re scrambling after that light, you know, beach ball that kind of floating in the water. What happen is all the energy and the ripple effect and the waves that you create, it pushes that ball away.
So, it’s almost like that instead of focusing on the money, focus on, you know, in real estate is how can you, like, in turn help a cash buyer build his business? Because if you have a cash buyer with appetite, you know, he’s looking to accomplish something whether it would be fix and flip properties or buy and hold.
What are you looking? If you are sincerely interested and truly helping them accomplish their goal, well guess what? The money will come. Right?
That’s number one. And number two, if you go out and when, we talked about birddogs and teaching and training birddogs.
If you are truly, sincerely interested in helping someone go out and change their life by maybe getting an extra $3,000 a month on flipping a house or maybe an extra $15,000 a year.
That could be a vacation, you know, to a trip some place that was for this person’s family that they would never have that wasn’t for you. So instead of focusing on the money, I got get this check. I got to get this check. I got to get this deal.
Focus on the, you know, what you can do to add value in the transaction to the person and people involved. How can I add value to these other birddogs and help them accomplish their goals and their success?
You know, there’s that statement. The more people you help become wealthy, the wealthier you will become. So it’s very difficult in real estate. Right?
Because, you know, it’s a very, you know, personal business. I personally go out and build a portfolio, you know, to go out and get rents so I can make money.
I’m personally going to go out and flip 10 houses this month because I can go out and make $100,000 a month. Right?
So you know, it’s very personalized but if you shift that focus away from money and you shift that focus on really, truly, sincerely now turn around and helping the people involved go out and accomplish their goals, their dreams, and their successes.
And money will come to you in avalanches in just, just ridiculous amounts that you’ll never even seem to think it’s possible.
So the first, you know, years and stuff is all I focused on is, you know, money. I just got, I just got to chase the bucks but now I think I don’t know when I’m 42, 43, or 44 years old.
I look back, you know, there’s more to life than making money. It is making a difference in people’s lives whether it’s the cash buyer or whether it would be the new birddog or the seller that really wants to get rid of the house and get the weight off their shoulders.
So if you really kind of shift your focus on literally affecting people in a positive way around you and the money will flow.
Matt: Amen to that. Great answer. Great answer. Here’s my final question here, Sean. What’s, uh, in your future that you’re really excited about?
Sean: Well, you know, I am doing my first live event ever (laughing) in Scottsdale, Arizona in May 18th, 19th weekend so I’m really excited about that because, you know, once you get a collective group of people and everyone’s energy in the room and everyone’s excited.
I think you can really share things and really instill on someone especially when they see other people that have accomplished results that they want to accomplish then they learn all that information.
So I’m really excited about that and really building the Flip2Freedom Academy to, you know, tens of thousands of members all across the country.
And then, you know, taking on, I have a Barron’s club which is my kind of like a lead coaching, I’m working with the Barron’s club members to step up into that leadership type of role and be able to teach and train people all across the country as well.
So they kind of shift tab as well instead of being this student to be the teacher and really blowing it up where we can really be the number one source when it comes to some of us who want to break into real estate, wants to learn the business, then wants to turn around and go to where I call the 4 Phase of Freedom and turn around and actually build wealth through acquiring properties for the long-term hold.
We can see the whole process and be able inspire people and teach people and still believe that they might not believe in themselves but, you know, if there’s someone that believes in them and, you know, that’s probably one of the most important things because our society right now is so much technology-driven. Everybody is looking at their iPhone, iPad, or computers, the TV.
You know everyone lost touch of what really matters. What really matters is going out and, you know, becoming the best you can possibly be and, you know, living the life doing what you want to do, when you want to do it, and, you know, being free. You know, not having that contestant anxiety feeling in your chest at all times.
There’s supposed to be calm, peace, and you know tranquility there. You get that through wealth creation. You get that through helping other people building wealth because think about it. If you have $10 million in the bank right now, would you care?
You know, your $10 million is sitting in your account right now. Listen if you want to play golf or if you want to go for a nice walk and enjoy the beautiful weather outside or if you want to go on a cruise with your family or if you want to go, you know, you wouldn’t stress about making a buck or dealing about or stressing with bills.
You’d enjoy life and that’s what life is meant to be to go out and do things that make you happy and go out and make your family and friends happy and do the things that you want to do.
And follow the passions that spark your heart. That’s what real estate can give you. It can give you that type of security and feeling to get the money get out of the way to do what you’re really supposed to do. Whatever that might be.
Matt: Awesome. Awesome. That’s all I got for you today. Is there anything I should’ve asked you but I didn’t.
Sean: Actually, man. You got phenomenal questions. You asked me some great questions. I’ve listened to some of your podcast. They absolutely rocks because you’re a great interviewer. You have some great content on there.
Just the way you break down something that’s very complicated into a simplistic form is awesome. That’s why you’re probably been straight to the top when it comes to podcast as well.
That’s why I know that, you know, just a handful of yours, you’ll have thousands and thousands of members. We’ll have to do maybe a live event together for fun.
Matt: That would be awesome. Speaking of your live event if someone wants to attend, where would they get information on that?
Sean: Well, if they can go to Flip2Freedom.com. Flip, the number 2, freedom.com. You know, if they go there I have my podcast hosted there in my blog and on the site, one of the post there is a little graphic image of Extreme Freedom. It’s, uh, they can click on that; it will give information about it.
Matt: Awesome. Awesome. Well thanks, Sean. It’s been an absolute pleasure. Thanks for joining us here on the Epic Real Estate Investing podcast. If you something comes up, we’ve got inquiries and people want to hear more from you, would you be open to coming back?
Sean: Sounds good, man. It has been epic!
Matt: (laughing) Awesome. You have an awesome day. And we’ll chat soon.
Sean: All right, man. I appreciate it.
Matt: You bet. Take care. Okay. If you’d like to check out Sean’s podcast, you can go to iTunes and search “The Ultimate Real Estate Investing podcast.” Go download his real estate investing blueprint “How To Quit Your Job in 19 Weeks or Less” in Flip2Freedom.com.
Now before I just wanted to thank you all for the great emails you’ve been sending me. Thank you for keeping me abreast of your progress.
I’ve got some great success stories. I’ll be sharing some of them really, really soon. I mean, that’s why I do what I do. To hear those success stories, it just makes it all worth it so thanks again.
And yeah, that’s all I’ve got for you today so until next time. As a very wise person once said, “the only people with whom you should try to get even are those who have helped you.”
To your success, I’m Matt Theriault. Living the dream.
Testimonial: Hey, Matt. George William, I just wanted to send you this video instead of another email. You know, as I shared with you during our coaching sessions. I really hate my job. When we got started working together, I didn’t know if I would ever get out of my job or, you know, catch all in this whole real estate investing thing. I just didn’t know.
But between your podcast and your coaching in the Academy, I’ve been able to pull it together. Six properties and flip them within the last 6 days. For me, I just can’t believe I did that.
And in that time, I made more money than I was making my full time job so this is the big news. I just put in my notice at work. I wanted to let you know how grateful I am and I’m going to be of course purchasing another second round of coaching from you. I’m really, really looking forward to it being a full time investor now.
I just wanted to thank you for that via a video rather than an email. So thank you so much, Matt. I’ll be talking to you very soon. Bye.
(Voice Over): Thank you for spending this time with Matt Theriault and the Epic Real Estate Investing podcast. When you have time, stop by iTunes to leave your comments and let us know what you think of this show.
And if you haven’t done so already, get started investing today by visiting FreeRealEstateInvestingCourse.com to access Matt’s free course on how to deals, no money required. Until next time. To your success, to your success, to your success.[End of Transcript]