Lecture Notes: Real Estate Investment and Deal Machine
Key Objectives
- Encourage students to find a real estate deal today.
- Focus on finding wholesale deals, flips, or rentals.
- Emphasis on taking action and not overcomplicating the process.
Driving for Dollars
- 80% of new investors get their first deal this way.
- Strategy: Drive through communities, locate neglected properties, converse with owners, and make offers.
- Importance of conversations and offers.
Deal Machine Introduction
- Brent: Used Deal Machine for his first 20 deals with no budget.
- Matt Camp: Deal Machine provides technology to streamline finding deals.
- 3-Step Playbook:
- Build a list of motivated sellers.
- Convert addresses into conversations.
- Making offers and negotiating prices.
Building Your List
- Focus Areas:
- Older properties, typically built before 1994.
- Properties with signs of neglect.
- Ideal Locations:
- Older areas established in the 50s and 60s.
- Areas with larger lots where builders are active.
- Deal Machine Functionality:
- Use the map and filter tools in Deal Machine to identify target neighborhoods.
- Highlight key features: single-family homes, high equity, tax delinquency.
- Use the virtual drive feature for remote/digital driving for dollars.
Converting Leads
- Marketing Strategies:
- Short-term: Cold calling, door knocking, one-on-one methods.
- Long-term: Direct mail campaigns, automated systems.
- New Features in Deal Machine:
- Unlimited free skip tracing.
- AI-powered dialer to avoid spam labels and enable efficient calls.
- Call tracking for inbound calls from direct mail.
Offer Making and Negotiations
- AI Assistant (Alma): Helps analyze properties and calculate offers.
- MLS Comps Tool: Provides accurate comparable sales data.
- Focus on Skills: Emphasizes conversion skills over extensive research.
Implementation Tips
- Aim for 100 driving-for-dollars leads to build initial momentum.
- Use Deal Machine's features to maximize efficiency.
- Proactive vs. Reactive Marketing: Balance based on your budget.
Final Recommendations
- Key Philosophy: Conversations and offers drive the business.
- Remove barriers to talking to property owners, making offers, and closing deals.
- Use Deal Machine to automate and simplify processes.
Additional Information
- Annual deal for the AI dialer available (July 1-10).
- Free trial for new users using promo code TTP.
Note: The presentation highlighted the benefits of using technology in real estate investing, focusing on efficient tools to streamline processes and encourage proactive action in marketing and deal negotiation.