This episode is dedicated to Tyler’s favorite thing. Taking Action! Tyler Sheff and Jill Sheff talk about how to take action to get started investing in real estate now. Tyler has a favorite phrase that his mentor only had to mention once and it stuck; “Now o’clock”.
Tyler and Jill discuss the different elements necessary to begin the journey. They believe you should start with the following:
I = Investor Identity is a necessary step to establish what it is you want to invest in whether it be buy and hold, or another type of investing.
M = Marketplace is a necessary step to establish where you want to invest or where it makes sense to invest based on the strategy of your investor identity.
T = Team is a critical step to establish in order for it all to work. Tyler mentions that having a team gives him confidence and security because he can reach out to his team with any issues, questions, or concerns that may come up.
D = Deal. It is the most interchangeable part. Deal are not found, they are made.
Once you have all of the elements in place start attending networking events and “Guru” seminars. Tyler warns that you don’t need to buy anything at these seminars, but if you learn just one thing then it is worth going to the free Guru seminar. Free seminars are also great places to network with like minded people. Jill mentions if an accountability partner is something you are looking for, you may be able to find someone there.
Tyler invites any of the CashFlow Guys listeners to come to one of Tyler’s and Jill’s CashFlow game workshops. If you can’t make to their workshops or games, go on to Meetup.com and search for a CashFlow game in your area. Jill also mentions that you could buy a game and begin hosting your own games.
Tyler reminds CashFlow listeners they should have already established their “why” and what type of returns they want from investing.
Jill and Tyler discuss that going to see properties is a much better way to determine if an offer should be made. Once the decision is made you must take immediate action to write an offer. Tyler gives some great resources to be able to find an absentee owner of the property and different types of offers that can be written. Tyler offers to share examples of offers and templates he uses. Requests can be sent to email@example.com with “LOI” in the subject line.
Tyler mentions to add Insured Title to your team, when you call them ask for Kevin Overstreet. Insured Title Agency is able to answer any title or deed related question and can handle your closings almost anywhere in the country.
Another skill is discussed. Be a P.I.G. A Professional Information Gatherer. Ask as many questions as you can or need to ask. It is critical to find out why someone is selling or the problem or pain that someone might be having, that makes them feel it is necessary to sell. This is how you can create an offer that solves the problem, and is a win win.
Next, submit the offer. The worst that can happen is someone might say, “No”. If you get a “No”, ask more questions until you can make an offer that makes sense. Once the offer is accepted, now it is time (if necessary) to find the money. Finding money is the easy part if you have a deal that makes sense.
Jill and Tyler talk about that many people get caught up in analysis paralysis. A quick way to know if a rental property is priced to make the cashflow Tyler and Jill are looking for in a property, is divide the total rent by 1.5%. This saves them time and does not allow them to get caught up in analyzing a property that does not meet their criteria.
The last bits of advice from Tyler and Jill in this episode are to take action, massive action! Get an accountability partner, change your mind set, position yourself for change.
If you have ever considered getting involved in real estate investing, book a free consultation with Tyler to learn more about how to escape the rat race. You may also contact us via email at: firstname.lastname@example.org