Many people would want to get into real estate. However, most of them are new or already working full-time jobs.
In today's show, Larry and Kandas discussed the 4 biggest obstacles that prevent from getting into real estate.
Welcome to BRAG Radio which is all about being rich and generous. Every week your hosts Kandas and bestselling author Larry Goins will show you how to be rich and generous by investing in real estate. Broadcasting around the world on the BRAG Radio Network from the flagship station WBT in beautiful Uptown Charlotte, here are your hosts the rock stars of real estate; Kandas and Larry.
Larry: Hello, hello, hello how is everyone doing? How are you Kandas?
Kandas: I’m good.
Larry: Good to see you.
Kandas: Same here.
Larry: Welcome to the Saturday afternoon BRAG Radio show, all about being rich and generous. Tell them what that’s about. Why do we call our show BRAG?
Kandas: Because it’s all about Being Rich and Generous. We want to get people to the point to where they’re not only concerned about their wellbeing and everything they’re at a point where they can give back.
Larry: And how are we going to do that?
Kandas: Through real estate.
Larry: Through real estate. We teach people how to invest in real estate, right.
Larry: We teach you how to invest whether you want to be an active investor or a passive investor, whether you want to have an enterprise business meaning like office employees all that or whether you want to have a lifestyle business. Kick back on the beach with your laptop flipping a few houses virtually, right.
Kandas: Yeah. We’ve seen it done.
Larry: That’s what it’s all about. And then also doing the generous portion, right.
Larry: We have some generous stuff coming up too, right.
Kandas: Well we have the thing that is coming up here in a few days is the blood drive at our office. Yeah.
Larry: You mean.
Kandas: You and I are the first two.
Larry: I don’t want to be the pioneer in anything.
Kandas: We are the first two on the bus to give blood.
Larry: There’s a bus?
Kandas: Yeah it’s the blood mobile.
Larry: You don’t have to go to the hospital to do that?
Kandas: No. it’s the blood mobile. American Red Cross is-
Larry: The blood mobile, is anything like the bat mobile?
Kandas: No. American Red Cross is coming over to the office in Lake Wylie and if you guys want to get involved with that we really need to schedule appointments. I’ve got just a few left, if you guys can give me a call on the 877-LARRY-GO number. Or you can call the office directly, 803-831-0056 and just ask for me.
We can get you set up with an appointment. They will or they have said they will take walk-ins but they really want to try to get all of our appointment spots filled to be able to scale or not scale but be able to judge how many of their staff they need to send out with the mobile and anything like that.
Larry: Absolutely. And if you have any questions about that you could also inquire on our Facebook page as well, right.
Kandas: Yeah Facebook page, email firstname.lastname@example.org, multiple ways to get in touch with me.
Larry: That’s right. In fact so I think somebody was on there the other day asking about, because you started mentioning this about three years ago.
Kandas: I did not. But I did want people to be prepared because I want to have a good show, this will be my first time giving blood like me giving it. I’ve had a lot of it taken for various things.
Kandas: Yeah I’ve had to have blood drawn.
Larry: You mean like surgeries and stuff.
Kandas: Yeah well tests and things like that. I’ve been to the doctor quite a bit lately. But so they’ve taken a bunch of it but this is the first time for me actually voluntarily giving it for a cause.
Larry: So you can’t say I give, give, give and never take.
Kandas: That’s right.
Larry: You’ve been taking now it’s your turn to give, right.
Kandas: No they’ve been taking from me. Anyway, first time for me giving blood like this in this capacity and also hosting a blood drive too. So it’s a bunch of firsts for me.
Larry: That’s good. We have a really good show topic for you today, I’m excited about this. Kandas and I have worked really hard on this.
Kandas: That we have.
Larry: Everywhere from Charlotte to Portland Oregon we’ve worked on this thing for the last week, right.
Kandas: That’s right, we have the most prepared show we’ve ever had.
Larry: Wow. I wouldn’t even say that because what if it doesn’t go well?
Kandas: I think it’ll go great, I think it’ll be fantastic.
Larry: So what is our topic for today Kandas?
Kandas: So when we looked at what a lot of the biggest common denominator was, what am I going to fall into? Almost like what is the catch? Everybody is expecting with real estate investing because they hear all these things and they see the infomercials and things like that. What’s the catch? So what we put together was really the four biggest obstacles that investors are going to face.
Larry: Wow. That sounds like a great topic.
Kandas: I’m not sure why you’re surprised right now because you’re confusing me.
Larry: Well I’m really glad I thought about it.
Kandas: Yeah you did.
Larry: I’m really glad I thought of it.
Kandas: Oh you’re looking for praise, okay I get it now. Yes, great idea Larry.
Larry: Awesome, thank you. So the four biggest obstacles in real estate, because there’s a lot of people out there and I run into people all the time that are wanting to get into real estate, right.
Kandas: That’s right.
Larry: And the problem is most people getting into real estate are already working a fulltime job, right.
Kandas: That are.
Larry: And the problem is they’re working a fulltime job but then they want to do real estate nights and weekends but real estate becomes a second job.
Kandas: Yeah which is not helping anything.
Larry: They didn’t want the first one, now they got two, right. So we could help you with that, alright. So what is the first obstacle that people run into in real estate investining?
Kandas: Money. Biggest thing is money.
Kandas: Yeah that’s what we hear the most, is money.
Larry: It’s kind of funny I did a webinar this past week I think it was Wednesday. We did a webinar on HUD, right. And a lot of people were even asking one of the biggest questions because we do Q&A at the end of the webinars and a lot of people were asking, “Larry where do I get the money? How do I get the money?”
Kandas: That’s what I’m saying. That’s what I get a lot of emails about is how do I do this with no money, how am I doing this with limited money?
Larry: And before we talk about that, I just wanted to mention it’s been my experience, you do your best deals when you have no money, right.
Kandas: Keep your cord to yourself.
Larry: I was leaving my cord alone, you were the one like dragging me across there, right. So anyway.
Kandas: Best deals is when you have no money. Why do you think that is?
Larry: You do your best deals when you have no money. Well listen, when you start getting some money after you start doing a few deals, you start getting comfortable and confident.
Kandas: And lazy. Is that what you’re saying?
Larry: No, I’m not even saying lazy but you get comfortable, “I’ve made this money,” right. I made this money, I can do this. But listen I’ve had some mistakes I mean big mistakes, right. It’s like how big was that fish you caught? That big, right. But I’ve made a lot of mistakes I’ve lost as much as $75,000 on deals.
Kandas: Ask me how I know.
Larry: But fortunately it was when I had money and I could afford to lose it. Nobody can afford to lose 75 grand.
Kandas: So you think you were more careful and more like just particular now things when you didn’t have the money?
Larry: You’re more careful and more cautious. And the first thing we want to talk about in the money situation is the model determines the money. The model determines the money.
Kandas: Explain that Lucy.
Larry: Yeah let me explain it. So what that basically means is, there’s a lot of different ways to do real estate, right. You could do a fix and flip like you see on the TV shows. Flip this house, flip that house, flip the other house. House flipping, Flipping Vegas, Flipping Boston, all that stuff. So there’s the house flipping, right buy fix up and sell is what that is.
And then there’s being a landlord, right. You just buy properties and keep it or rent it or lease option it or maybe even seller finance it. And then there’s also what we call wholesaling, right. And wholesaling just buy sell really quick. I call it real estate day trading in fact I wrote a book about it called Getting Started in Real Estate Day Trading. And that is the quickest way to get started with no money.
Chad: How would I get that book Larry?
Larry: How would you get that book?
Larry: I don’t know. Kandas do you know how to get that book?
Kandas: Chad you’re so funny. Yes I do. All that has to be done is give me a call at 877-LARRY-GO.
Larry: That wasn’t a radio voice. Let me hear your best radio voice Kandas.
Kandas: I can’t do it now, I’m on the spot.
Larry: Let’s hear Chad.
Kandas: How about I just do my regular voice?
Larry: Let’s just turn it over to Chad. Chad how do they get the book?
Chad: By just calling 877-LARRY-GO.
Kandas: It’s always the best.
Chad: Is that right.
Larry: I love it.
Kandas: That’s perfect, that’s what he was looking for.
Larry: That’s awesome. So with real estate day trading, aka wholesaling right, real estate day trading that’s buying and selling a house the same day using the internet. And that is one of the quickest ways to get started and you could do a lot of that with no money. now if you’re going to do fix and flips you’re going to have to have-because you’re going to own this property anywhere from 30 days to maybe six months or more, right.
Kandas: You got to do the fix yeah.
Larry: You got to do the fix and you can’t sell it until you fix it, right.
Kandas: Most of the time.
Larry: So even if you’re buying rental property you’re going to hold it for a long time, so you got to have the money. With wholesaling or day trading, getting started in real estate day trading, right in day trading real estate really the only thing you ever have at risk is $100 if you do it the right way.
Kandas: And like he said guys he goes through this a lot in detail in the book Getting Started in Real Estate Day Trading. You can get that in the investors’ kit along with the HUD book and some other of our trainings. Give me a call 877-LARRY-GO or email me email@example.com or you can text the word BRAG to 803-897-6063.
[09:41] [Break] [09:56]
Kandas: Welcome back to BRAG Radio this is Kandas.
Larry: And Larry, what’s happening? How are you doing? Welcome back to BRAG Radio leading the world to be rich and generous. Here’s what we’re talking about.
Kandas: What are we talking about?
Larry: This is where we do a recap, right.
Larry: Is that what you call that? A restart or recap or whatever? Yeah we learn some good stuff.
Kandas: Recap. What is the radio term?
Chad: It’s a recap.
Larry: A recap or restart. Yeah that’s good. So we’re talking about real estate investining, right.
Kandas: And the biggest obstacles that investors face.
Larry: The four biggest obstacles that people face, right.
Kandas: And sometimes it’s not even always new investors that are facing this.
Larry: Right. So and the first obstacle is money, right. And really the model determines the money because if you’re doing fix and flips then you’re going to have to hold a property for 30 days to six months-ish or so, right. If you’re doing rentals, if you’re buying a property to rent it out unless you have cash, you got to come up with the cash. It could be private money, it could be hard money it could be a bank loan or whatever or Uncle Ron or whoever, right.
So then there’s other money that you need for- if you’re doing wholesaling all you really need is a deposit, that’s it. If you’re doing wholesaling and you’re doing it the right way we teach you, because you’re going to do what’s called assigning contracts, right. You get it under contract for say $40,000, you’re going to assign the contract to somebody that will pay you $50,000, right. That’s assignment of contract, it’s done all over the country, right.
Kandas: Right. And I think that the money flows right into the next one.
Kandas: I do because especially when you’re talking about the different models, because the different models, like you were just saying the whole time and things like that is the model really goes along with the time commitment.
Larry: So time is number two.
Kandas: Time is number two.
Larry: The second biggest obstacle for a new real estate investor is time.
Kandas: It could be any real estate investor yeah.
Larry: Yeah, especially a new one.
Kandas: Especially new ones.
Larry: Yeah because remember in the first segment I talked about a lot of people getting into real estate they already have a fulltime job, right.
Kandas: Right yeah.
Larry: And for a lot of people that stands for Just Over-Broke.
Kandas: For a lot yeah.
Larry: For a lot of people I mean but the cool thing is we have helped a lot of people that had a job that they felt like they were stuck in, right, and they wanted to do real estate. So anyway the second biggest obstacle that investors run into is time.
Larry: Because to be a successful real estate investor, it does require time. However a portion of it, not all of it but a portion of it just like money does not have to be yours, right.
Kandas: That’s right.
Larry: With money you have OPM, Other People’s Money, right. I like to call the second one, time, Other People’s Efforts OPE. But when you’re starting out you got to do it yourself.
Kandas: You do and I think that that’s good though because you really want to know when you start bringing people onto your team, when you start scaling if that’s something that you’re looking to do, how you want it done, right.
Larry: That’s true.
Kandas: You want to be able to inspect what they’re doing for you.
Larry: Inspect what you expect.
Larry: Right, you like that?
Kandas: I do like that. So if you’ve done it first then you know how you want it done, and then you’ll know what to look for when you have somebody else doing it.
Larry: And there’s three different types of time commitment in basically anything. But in real estate if you’re just starting out a lot of people working a fulltime job, so with real estate you could do it fulltime, you could do it part time or you could do spare time, right. A lot of people say, “I’m going to have to use my spare time.”
Kandas: Just make sure that you’re committed to the spare time.
Larry: And I tell people that you need to be committed to at least five to 10 hours a week, at least. And you can work into a situation where you have other people working with you and helping you whether it be a virtual assistant or a local assistant or something like that, right.
Kandas: We talk about that in the books too.
Kandas: Well not use other people in the sense of use them but just to-
Kandas: Yes use their efforts to get done what you need to because your time is otherwise committed.
Larry: Other people’s efforts. And also we talked in the beginning about in the money section the money determines the model or the model determines the money, right. It’s the same way with the model determines the effort or the amount of time. It’s the same thing because if you’re doing fix and flip, yes somebody else might be doing the fix up for you.
I mean you may not know how to install carpet, paint to the quality of a job that somebody buying a new house would expect or a remodeled house. You may not know how to work on an HVAC or put on a new roof or something. However if you’re doing fix and flips that requires a lot of time.
You’re going to be dealing with contractors, they’re going to call you up from loans or Home Depo. And say, “Hey they don’t have this right size vanity for the bathroom. What do you want me to do?” If you’re working a fulltime job, what are you going to do?
Kandas: Right they’re standing there ask us how we know.
Larry: “Call me tonight at 6PM when I get off work.” you can’t do that, right.
Larry: And if you’re doing landlording it could be the same thing. Unless you have some help but as I’ve mentioned many times especially in the money section earlier, is if you’re doing wholesaling, real estate day trading, it probably requires the least- I shouldn’t say probably- it requires the least amount of effort, right of any of the models for this.
Kandas: I mean it’s just without the fix.
Larry: Right, it’s without the fix.
Kandas: The fix is a lot of the time.
Larry: And without the landlording.
Kandas: That’s true yeah.
Larry: That’s exactly right. We had one of our inner circle students, right. And it was a brand new inner circle student just came to our office just two weeks ago. And he’d already had a couple of rental properties but he’s still working a fulltime job and the reason he wants us to help him is because he works a fulltime job.
So he said one day one of the pipes burst in one of his rental properties, right. And he’s working a fulltime job and he calls up his boss and says, “Hey I’m really sorry but I’m going to be late I got a pipe burst over at one of my rental properties.”
And his boss literally chewed him out right there on the phone and said, “Look, your number one priority is to work for me. I’m the one that provides you with a pay cheque. You need to find somebody else to do that and get over here on time.”
Larry: I mean it’s brutal, right. But I can certainly understand where they guy is coming from. Yeah the employer.
Kandas: Right yeah.
Larry: So what you want to do is you want to get yourself in a position to where- first of all, if that ever happens to you and you own a rental property, you just say, “I had a pipe burst at the house.” You don’t say the rental house, right.
Kandas: That is a good key component right there.
Larry: That’s exactly right.
Kandas: Should be words that you’re listening to the show.
Larry: That’s right. The second thing is, start out with something else right. Start out and I tell people don’t ever quit your day job until your real estate income surpasses your day job income.
Kandas: That’s right.
Larry: Right. Don’t ever quit your fulltime job until your real estate income surpasses that, right. That’s very important.
Chad: Now is that your actual income, or let’s say I’m working 10 hours a week on real estate and it would multiply to be as much as my day job.
Larry: No let clarify that for you Chad, okay.
Larry: So here’s the way that works. If you make $60,000 a year okay, that’s $5,000 a month. Don’t quit your day job until you’re making $5,000 a month. Because once you’re making $5000 a month, you know and if you’re putting in real estate if you’re putting 10 hours a weeks but 40 hours in your job, just think what you could do if you were now putting in 40 hours a week in real estate, right.
You wouldn’t even have to, you could put in 20 hours a week and make $120,000. So the shortest amount of time needed for a specific model would be wholesaling, right.
Larry: Wholesaling that’s getting started in real estate day- I keep saying getting started- but it’s day trading, right.
Larry: That’s the name of the book, Getting Started in Real Estate Day Trading. So you could start that fulltime, part time or spare time. Either way it doesn’t matter. Once you learn the systems and processes and procedures yourself, you will be able to bring in others to help you, right. Like virtual assistants, you could literally hire a VA or virtual assistant for anywhere from $2 an hour to $5 an hour.
They can go out and find properties, they can take calls, they can make calls, they can make offers, they can post ads on the internet, they can search for deals, they can analyze deals. They can literally do anything and in the book I go into a lot more detail about that.
Kandas: Yeah you do. So you guys give me a call on 877-LARRY-GO and I can get a copy of the investors’ kit out to you. It has the Getting Started in Real Estate Day Trading book in there, it also has HUD Homes Half Off which is Larry’s latest book. And some of our deeper trainings, some webinar links and things like that so you can get to know these models a little bit better. You can like I said give me a call 877-LARRY-GO or text the word BRAG to 803-897-6063
[19:13] [Break] [19:30]
Kandas: Welcome back to BRAG Radio.
Larry: Leading the world to be rich and generous, it’s what we’re all about right.
Kandas: We do it through real estate yeah. So we teach how to invest in real estate and get to a point where you are able to get generous.
Larry: Give generously like everyone here at WBT does, right.
Larry: Yeah we got a lot of stuff going on. We’re talking today about the four biggest obstacles that prevent investors from getting started in real estate or keep them from scaling their business, right.
Kandas: That’s right yeah.
Larry: So in the first segment we talked about money, right.
Larry: And the different types you can do with money and without money. And the second segment we talked about time, right.
Kandas: Yeah. Those two actually all four of these we hear all the time. These are biggest things and when we were looking at what we could talk about today, this seemed to make sense because it covers the four biggest things we get emailed about and called about.
Larry: Absolutely, Yo absolutely. So it’s very important because a lot of people getting started in real estate as I mentioned earlier, they already work a fulltime job.
Larry: So they need a part start-
Kandas: They need a part.
Larry: Can you tell I don’t feel good today?
Kandas: I can.
Larry: Can you tell? I’m fighting a cold or something.
Kandas: I can tell. You’re very snippy when you don’t feel good.
Larry: Snippy? What does that mean? Really?
Kandas: Do we need to recall the conversation on the way up here? Anyway.
Larry: Anyway. Meanwhile back at the ranch, alright.
Kandas: So number three, we’re on number three now.
Larry: Number three.
Kandas: So money, time and then number three.
Larry: Number three is getting deals, right. A lot of people especially new investors, they’re afraid to make offers on deals. Do you know what their biggest fear is?
Kandas: Somebody saying yes.
Larry: What if they say yes now, what do I do? Right.
Kandas: Right. Do you think this could also be keeping deals like getting deals one, for new investors and a deal flow for experienced investors?
Larry: Deal flow yes. And that’s what this is all about. Listen, when you’re in a buyers’ market, there’s plenty of deals on the MLS, there’s plenty of deals on HUD and don’t get me wrong we still make offers on HUD, we still make offers on the MLS. However, we’re starting to get a lot more deals with direct mail. And direct mail that requires a little bit of expertise.
Kandas: And a little bit more time.
Larry: It requires well, you could even sub that out when you have the right fulfillment house and you have the right mailing list. You can literally get a virtual assistant to pull that list for you.
Kandas: There you go.
Larry: You can have them do that for you. You just send out a simple postcard, even if it’s handwritten and says I buy houses, call me. So getting deals is you’ve got to have deal flow right. You got to have two things to do real estate; you got to have money and you got to have deal flow, right.
Kandas: Right, the money doesn’t have to be yours. Don’t get hang up on that if you’re just now joining us, you can go back to the recording list listed on bragradio.com and listen to the first section about money.
Larry: There you go. But it doesn’t have to be yours but also you could get other people to help you but you need deal flow. You got to have deal flow.
Larry: That’s funny, Kandas is kicking me over here.
Kandas: I’m not meaning to.
Larry: So anyway, deal flow but you’ve got to have leads. It’s just like real estate investing is no different than any other business, right. We could be buying and selling vacuum cleaners, we could be buying and selling cars right. You got to have deal flow, you got to have leads. You got to make the phone ring, right. You’ve got to make the phone ring. That’s the difference between marketing and prospecting, marketing is anything that makes the phone ring, right.
Larry: And prospecting is where you’re like looking for HUD houses, or you’re looking at MLS listed houses, right. But marketing is making people call you, when you send out a postcard. When you send out a letter, a yell letter, postcard.
Kandas: Or when you get a new deal. It could be when you get a new deal under contract and you need to get that sold, you’re sending out an email to the list that you’ve built.
Larry: Right. Because I mean really there’s on-market properties like Zillow, realtor.com, Craigslist and all those even HUD, MLS anything on the MLS, right.
Kandas: Right yeah.
Larry: Or anything online like Craigslist.
Kandas: Any like Offer Ok or LetGo, I mean people are posting properties everywhere.
Larry: Or Facebook.
Kandas: Facebook groups yeah.
Larry: Right, I mean there’s so many.
Kandas: So that’s still even though that’s not considered MLS to us, that’s still advertised.
Larry: It’s a listed property.
Kandas: Because it’s online right.
Larry: Right. It’s an on-market property it’s already on market. Where you really get the good deals is going after what’s called the unadvertised properties, right. Where you’re doing direct mail, where you’re posting ads for properties. You can post your own ads on Craigslist. It says, “Hey I buy houses any condition anywhere cash.”
Kandas: Now would you say that unadvertised it is people calling in from bandit signs?
Larry: It could be bandit signs which we put out a lot, we put a lot of bandit signs. Those are the signs that you see all around that say I buy houses or we buy houses or Larry buys houses or whoever, right.
Larry: Or Kandas buys houses, whoever. Yeah that’s just one of the ways of marketing. And unfortunately I wish we had time to go into all of them, because Kandas there are 67 different ways to make the phone ring.
Kandas: Just that you’ve thought of so far.
Larry: 67, right.
Kandas: I’m sure there is more.
Larry: And every one of them are in the book.
Larry: Every one of them are in the book.
Kandas: That’s right.
Larry: Getting Started in Real Estate Day Trading.
Kandas: It’s part of the investors’ kit that you guys can get if you send me an email at firstname.lastname@example.org call 877-LARRY-GO or you can text the word BRAG to 803-897-6063.
Larry: There you go. So we’ve talked a little bit about direct mail, we’ve talked a little bit about bandit signs. You could just order them at like a local place, a local sign shop or somewhere like banditsigns.com or dirtcheapsigns.com. You can send out postcards or letters with direct mail, you can post your own ads on Craigslist you can post on community real estate sites. Join real estate groups on Facebook, that’s huge.
Kandas: Yeah that’s huge yeah.
Larry: Joining real estate groups on Facebook, oh my gosh I’ve seen so many people get deals. In fact one of our students he started running an ad and I loved this. I thought this was really being creative. He started running an ad that showed a picture of a cruise ship. And it said, “A Free Cruise to the Next Person, That Brings Me a Property That I Buy.”
Larry: It’s huge. And you could buy those little cruise certificates for like 25 bucks, right.
Kandas: Yeah and I mean in the Carolinas here they sell out of Charleston now so it’s not a big deal.
Larry: Yeah, that’s true. So yeah you got direct mail, you got pay-per-click advertising as well, like that’s Google Ad words when you do a search on Google there are some ads across the top. They used to have them down the side but they don’t do that anymore, it’s just across the top. And then you can also run Facebook ads as well. So you can pay for that as well and the bandit signs like Kandas mentioned. And then one of the big things is networking at your REIA group.
Kandas: REIA groups are huge yeah.
Larry: One of the biggest deals we did in the last year or so we made, now I’m talking about like wholesaling okay.
Larry: So we bought a house from somebody through Metrolina REIA.
Kandas: Which is our local REIA here in Carolina.
Larry: Yeah it was an insurance adjuster that was there and he said, “Do you buy luxury homes?” we’re like, “Well it depends.”
Kandas: It always depends, don’t ever say no.
Kandas: You got to get more information.
Larry: So we ended up getting this house under contract for $750,000 and we wholesaled it for $795,000. We made $45,000 assignment fee.
Kandas: Yeah didn’t even touch it, didn’t even take title, we assigned it.
Larry: And we had $500 in earnest money put up, a deposit of $500. Right, is that crazy or what?
Kandas: Maybe it is somebody else, but it’s what we do and what we can teach people.
Larry: The only thing I wish I would have done, I wish I would have done that in my IRA, and yes you can buy real estate. You can buy and sell property, you can buy and rent property, you could do fix and flips in a retirement account, in an IRA, an HSA, an ESA. In fact one of the bonuses with the book, is an audio all about buying in your IRA, right.
Kandas: That’s right.
Larry: In the book Getting Started in Real Estate Day Trading.
Kandas: And we’ve also got another, I think it’s a short webinar link or something like that, that you did with one of our self-directed custodians on that, included in the material too that comes with the investors’ kit.
Kandas: So you guys give me a call, 877-LARRY-GO to get that investors’ kit sent out to your email, or you could send a text BRAG to 803-897-6063 and we’ll get that right out to you.
[28:53] [Break] [29:09]
Kandas: Welcome back to BRAG Radio, all about investing in real estate to be rich and generous.
Larry: That’s exactly right. And today we’re talking about the four biggest, what is it?
Kandas: Obstacles, four biggest obstacles.
Larry: Obstacles, I couldn’t read your writing there. It looked like some kind of obscenity or something, an explicitive. I couldn’t tell what that was.
Kandas: We must have hit turbulence when I wrote that.
Larry: Maybe so because we did it on the plane headed to Portland last week. Anyway so we’re talking about the four biggest obstacles investors face. Number one is money and we talked about all the different ways that we can do deals where some you need money and some you don’t need any money, right. And some could be OPM, other people’s money. Then we talked about time. A lot of people getting into real estate, they don’t have a whole lot of time, right. And time equals.
Larry: Money. That’s what everybody says, right.
Kandas: It’s what they say, whoever they are.
Larry: Yeah exactly. So there are some methods that you could do real estate where you could start fulltime. You have to start fulltime and some part time and some even allow you to start spare time, right. And something we could help you with there, and the third thing is getting deals, deal flow.
Larry: Right, there’s advertised properties and then there’s off market properties as well.
Kandas: Right. And in this show along with all of our other shows, are always put up on bragradio.com. So you could go back and listen to the entire show at your leisure.
Larry: At your leisure, that’s good. The fourth thing-
Kandas: Onto number four.
Larry: The fourth and final thing that you have to do, the four biggest explicitives obstacles,
Kandas: Explicit what are you saying? Obstacles.
Larry: The four biggest obstacles that investors face, the fourth one is staying motivated.
Kandas: Especially after a bad deal I think.
Larry: You know what, here’s the thing, right.
Kandas: What’s the thing?
Larry: Everybody who gets started in real estate, they’re like, “I got to get a deal,” right.
Larry: No, you got to get a good deal, right.
Larry: So many people get into that whole mode, I got to get a deal and somebody comes along and tries to sell them a house and they’re like, “Oh okay.”
Kandas: They get sold a house instead of buying a house.
Larry: Right. That’s exactly what I was going to say. Man you’re right on point today, that’s because your phone is way over there, even though it’s ringing.
Kandas: I know, I can’t help you guys if you’re calling me while we’re doing the show.
Larry: I know, right. So but anyway it’s I got to get a deal, no you got to get a good deal, right.
Kandas: Good deal.
Larry: So here’s the deal. When people first get started in real estate, what do they have a lot of? They have a lot of-
Kandas: Energy, enthusiasm.
Larry: Enthusiasm. They’re excited, they’re fired up they’re ready to roll, right. They’re fired up.
Kandas: Yes they are.
Larry: I’m going to do who’s that, in a van down by the river. Who is that Chad? I know you know who that is.
Chad: Chris Farley.
Larry: Chris Farley yeah.
Chad: Matt Foley.
Larry: Matt Foley right that’s awesome. So anyway when people first get started in real estate they have a tremendous amount of enthusiasm. But they have no what?
Larry: No knowledge. But after about 30 days or six months or whatever it is, after going to seminars and reading books like ours Getting Started in Real Estate Day Trading or HUD Homes Half Off.
Kandas: Or our event.
Larry: Or coming to our event, now they have a lot of what?
Larry: But what’s gone?
Kandas: The enthusiasm.
Larry: The enthusiasm is gone. That’s why with our high level students, our inner circle apprentice students, we have a system in place for that.
Kandas: We have a call for that.
Larry: We have a call for that.
Kandas: We have two calls a month for that.
Larry: If we can just get you on the phone, right. No, seriously what we do is we even have because we know that’s one of the obstacles that people face. The get home from Laverne or whatever or after reading a book and guess what happens? Life happens, right. So you need things to help you, to encourage you, and that’s one of the reasons you should join our Facebook group because it’s all likeminded people.
Kandas: Right, that can keep you motivated.
Larry: And they keep you motivated and share, “Hey I just got my first deal,” and everybody is like, “woo-hoo, way to go. Yeah baby that’s awesome.”
Kandas: Yeah they do.
Larry: Exactly. You ought to join that. It’s facebook.com/larryhgoins. If you join our Facebook page or follow our Facebook page you’ll see other students in there posting and stuff. And we also have a student group as well on Facebook.
Kandas: Yeah if you get the investors’ kit, if you call in to 877-LARRY-GO or you send a text message in or if you email me and you become a student with the investors’ kit you can request to join Larry Goins Official Student Group.
Larry: That’s right. use the word official.
Kandas: Yeah then converse with other students that are trying to do the same thing, have done the same thing and can help you.
Larry: That’s right. Make sure when you go to Facebook and you look for the Larry Goins Student Group you say Larry Goins Official Student Group.
Larry: Because there are some unscrupulous people out there that are trying to yank my name off of Facebook.
Kandas: Just took one of them down. We just took one down.
Larry: We did. And they had a lot of followers.
Kandas: Get on out of there.
Larry: Until a student sent it to me and said, “Is this you?” I’m like, “No.” so Facebook took him down like literally within 24 hours.
Kandas: Say it, get on out of here.
Larry: Which is good. Get on out of here. That’s the way you scare off a dog, right.
Kandas: That’s what I hear.
Larry: That’s good. So staying motivated, go to your local REIA Group okay. Go to your local REIA group and Metrolina REIA is in Charlotte. If you don’t know where to find one, go to meetup.com, you can find a local group I don’t care if you’re in the Bay Area of San Francisco or you’re in Jackson Mississippi or Dubuque Iowa, there’s probably a group around, right.
Kandas: There’s got to be one close, they’re everywhere it seems.
Larry: And you could also go to nationalreia.com, national R-E-I-A.com and they have a listing of all the groups that are what’s called Local Chapters of National REIA.
Kandas: For National REIA right.
Larry: Right and like Metrolina REIA is one of them. It’s a local chapter for National REIA and it’s very important, right. So join meet up groups, join your local REIA group, get around likeminded people, there’s also other Facebook groups that you can join as well if you’re on Facebook. If you’re not on Facebook, it’s okay, it’s not a big deal.
There’s a lot of people that aren’t. But I would say probably the most important thing you can do to stay motivated is to find a mentor, right. And whether it’s me, us or anybody else, whoever you find it needs to be somebody you know, like and trust.
Kandas: And that has been where you want to go.
Larry: Has been where you want to go because there are so many people out there that want to get involved in real estate and they’re taking advice from their broke friends and relatives. It’s kind of funny I’ve seen students before that get around the negative naysayers and like, “You’re not going to another real estate seminar are you? And what are you reading that book for? You’re never going to do anything.”
Let me tell you what shuts up the negative naysayer, right a cheque. You bring them a cheque and it will shut them up. Our walls literally if you ever take a tour of our office if you ever come buy like to get an investors’ kit or just meet us or whatever, we’d love to have you do that. We have people stop in every week. And you could call Kandas for that and she’ll set all that up.
Kandas: Sure can.
Larry: But our walls, our largest office in our whole building and our building is 9000sqft, the largest office is like a big huge conference room.
Kandas: It’s the education floor.
Larry: And that’s where we teach our inner circle students. And it is lined with hundreds and hundreds of testimonials of student who have gone before you. And they have gone out and done deals, and then they send us a testimonial. I love that I mean there’s pictures of them holding up cheques. There’s one girl that’s holding up a cheque for $200,000 that was the profit.
Kandas: That was this year.
Larry: That was the profit.
Kandas: She did that this year.
Larry: Oh man I loved that.
Kandas: It was 2018.
Larry: That’s phenomenal. So what you want to do is find a mentor, right. Find a mentor find somebody and whether it’s us or anybody else I mean we’d love to work with you. We don’t take on just anybody we want somebody that is going to be serious about it that’ll put forth the effort. Because quite frankly I put a lot of time into you.
Kandas: That’s right.
Larry: And quite frankly I don’t want to be pushing a parked car, right. I want to make sure-
Kandas: It’s not going to help anybody.
Larry: No, not at all. I want to make sure that it’s somebody who is going to take action. It’s an action taker. But if that’s you I’d be more than happy to talk to you and we’ll go through kind of an interview process and see if it’s a good fit for both of us, right.
Kandas: Yeah that’s the way it works.
Larry: Mention it to Kandas.
Kandas: Yeah you guys give me a call 877-LARRY-GO. We can get the investors’ kit out to you or talk about anything that we mentioned today on this show. Check out bragradio.com for this and all of our past shows. Text the word BRAG to 803-897-6063 to grab your kit.
Thank you Kandas and thank you Larry. And make sure to tune in every Saturday for BRAG Radio leading the world to be rich and generous. Larry and Kandas will show how to invest in real estate and the many ways real estate creates the ideal investment.
For more information about what Larry and Kandas talked about on today’s BRAG Radio or to get a free investor’s kit, call 877-LARRY-GO, 877-527-7946. You can also text the word BRAG to 803-897-6063. It’s BRAG Radio be rich and generous on News Talk 1110993WBT.
[End of Recording] [39:17]