Grant explains how preparation, persistence and partnership are crucial steps to securing your first real estate deal. Discussing your goals can diminish the likelihood of accomplishing and your response to failure are just a few of the insights Grant reveals.
THE THREE STEPS TO YOUR FIRST DEAL: PREPARE, PERSIST, PARTNER
-You are doing step one by watching this video and getting the knowledge
-To do deals on your own, it is a good idea to have an LLC
PREPARATION: LEGAL AND MENTAL
LEGAL PREPARATION: PROTECT YOURSELF BY GETTING AN LLC
-You can start in real estate without and LLC, but without an LLC, you are one deal away from losing everything you have. Creating an LLC is from $400 – $1,500. LLC: Limited Liability Company
-Do not put your name on the contract, only sign it, and even then, put LLC beside your name. An LLC limits your personal liability in transactions. It is the “Corporate Veil” of protection.
-An LLC must include:
MENTAL PREPARATION: THE BEST WAY TO ACHIEVE A GOAL IS TO NOT TALK ABOUT IT
-If you tell people about what you intend to accomplish, it releases the same endorphins as if you have already accomplished it. This can diminish your drive to accomplish the goal.
YOUR FIRST GOAL IS GETTING A CONTRACT TO CLOSE
-Nothing matters but getting a contract and getting it to closer. Getting excited about your business cards, your systems, your lead list take away the drive to get an actual deal.
UNDERSTAND THEY WAY THE PERSON YOU ARE TALKING TO COMMUNICATES
MOTIVATION WILL NOT REPLACE WORK
-It is hard work and until you get a contract to close, celebrating things like getting business cards can rob you of the motivation to get the actual deal.
UNDERSTAND WHAT MOTIVATES YOU
-There are endless sources that offer “motivation,” but without a deal, nothing matters. Motivation is not money in the bank, a closed contract is.
FOCUS ON REVENUE GENERATING ACTIVITIES FIRST
SEPARATE YOUR MILESTONES FROM YOUR WINS
-Getting a contract to close is a win. Getting your LLC, downloading your first lead list, sending out your first marketing campaign are all milestones. Milestones are not wins.
PERSISTENCE: MENTAL AND MARKETING
-The number one failure of new real estate investors is believing that you will be closing deals quickly. You likely will not get traction for 6-9 months. If you expect to be closing immediately,
MENTAL PERSISTENCE: YOU WILL HAVE FAILURES, LEARN FROM THEM
-It is hard work, you must hustle, and you will still have failures, but that cannot stop you from reaching your goal. If you stop at the first failure, then you have failed. Persist in spite of failure until you close your first deal, that is a win.
MARKETING PERSISTENCE: ALLOW 6-9 MONTHS TO GET ANY TRACTION
-Even with direct mail, understand that it will take minimally 3 months to get any response, that does not mean a deal, that is just a response. It takes 3-5 touches before anyone will respond.
MAJOR ROADBLOCK FOR NEW INVESTORS IS FEAR OF COLD CALLING
-To get over the fear of cold calling, call “For Sale by Owner” homes. They are listed on FSBO.COM. Offer them 50% of what they are asking. If they say no, get used to the rejection, if they say yes, you have a deal.
THE GREATEST ASSET TO YOUR COMPANY IS A LEAD
-If anyone shows any interest, you must follow up with them.
-Everyone should be converting 25% of the appointments you go on.
-Owner/Operators should be converting 70%+ of the appointments you go on.
-With a systematized follow up, you should close around 70%+ of the leads.
-Follow Up is anything that goes longer than 30 days to someone you have already spoken with.
-No systemized follow up, closed 7% of the deals
–Going on appointments is an excellent way to learn
MARKETING PERSISTENCE: FOLLOW UP
-You will fail, separate your milestones from your wins. The successful investors understand that failure is simply a roadblock to overcome. Your “why,” such as supporting your family, could be the motivation that keeps you persistent.
PARTNERSHIP: REAL ESTATE IS A TEAM SPORT
-You won’t know how to do everything, but someone out there know what you don’t. Find that person and ask for help.
IMPOSTER SYNDROME: EVERYONE EXPERIENCES IT
-Imposter Syndrome: Refers to a pattern of behavior where people doubt their accomplishments and have a persistent, often internalized fear of being exposed as a fraud. Get over it, you are in the room for a reason.
EVERY DEAL NEEDS: MONEY, TIME, KNOWLEDGE
-Leverage what you have and learn from those who have knowledge you lack.
-Others are happy to help you, but you must have something to give. At the very least, give
-What you have to offer in the beginning is all you have to offer. Be persistent in putting that out there.
YOUR COMPETITION TODAY, COULD BE YOUR PARTNER TOMORROW
-You will have to deal with other people, your competition today, could be your partner tomorrow. If you love me in business, say it with a check. Don’t burn bridges.
NEVER PASS ON A DEAL BECAUSE OF THE MONEY SOMEONE ELSE IS MAKING ON IT
-Just because someone may be making much more than you on a deal, it is proportional
QUESTION: I HAVE $1,000 TO GET STARTED, SHOULD I SPEND $520 ON GRANT’S ACADEMY
-Ryan: It depends. Use the free assets first. YouTube. Grant agrees.
-Grant: Depending on what level you are currently at. If it is the only money you have, use the free resources first.
1.What are the 3 steps to getting your first deal?
2.Regarding real estate, what is the only goal that matters?
3.How can talking about your goals diminish your drive to accomplish them?
4.What is key to marketing persistence?
5.What is imposter syndrome?
#YourFirstDeal #HowToCloseMyFirstRealEstateDeal #RealEstateLeads
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