Kickstart Your Deal Flow Beyond Foreclosures

In this video, Donny Coram the Foreclosure Deals Coach dives deep into the world of deal flow beyond the foreclosure market. Join him on a journey as he explore strategies, tactics, and insights to help you generate more real estate deals. Discover the keys to success in the competitive real estate market and take your deal flow to the next level. Don't miss out on this exclusive opportunity to supercharge your real estate endeavors.

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Transcript

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What's up deal Hunters. It's Donny Coram, your foreclosure deals coach. And on this episode, we're going to talk about creating deal flow outside of the foreclosure market. Stay tuned. It's going to be a great show. Welcome to the foreclosure deals coach podcast. The real estate market is shifting. The time is now the foreclosure deals. Coach podcast is your home for the mindset tactics and tools needed to break through your limiting beliefs and find freedom by investing in foreclosure deals. Don't buy a house. You need to get into this right now. And now your host, the foreclosure deals coach, Donny Coram. Hello, and welcome back to the foreclosure deals coach podcast. I am your host. And foreclosure deals, coach Donny Coram. And on this show, we're going to talk about creating deal flow outside of the foreclosure market. As always, we begin all of our shows with a little bit of mindset. The reason behind that is it is so important that you go in to your real estate investment education with the right thought processes. So you're really receiving the information. And training your brain to think about how a professional real estate investor or deal hunter, as I like to describe my tribe handles the real estate market as it sits today. So let's do it. The mindset piece comes from Sean Covey, who wrote the book, the seven habits of highly effective people. And Sean says, depending on what they are, our habits will either make us or break us. We become what we repeatedly. And guys, I have lived by this for a very long time. People who dabble in real estate investing only get to that level, the level of a dabbler. Whereas people who are consistently doing deals can't help, but improve their processes and get better at this process. Over time. So the key to doing a consistent amount of deals is to have a consistent deal flow. Now, obviously as the foreclosure deals coach, I am often touting how to buy and sell foreclosures in your local market. Just for those of you who don't know, a foreclosure is a property that's been taken back by the bank and is now being resold on the market, ideally at a discount, so we can buy that property. Fix it up and resell it or keep it as a rental, whatever your exit strategy is. However, as you well know, for the past three to four years, if you will, there haven't been that many foreclosures on the market. Now the reasons vary depending on who you're talking to, but the bottom line is in a strong market. There's not a ton of reason to lose your house to the bank, in the markets of 2020 and 2021, all you really need to do was yell. House for sale. And somebody would show up and buy that property without any reservation because the market was trending so far upwards. So during that time I had to pivot, I had to create a system that would allow me to do deals outside of the foreclosures that has supported my real estate investment business for so many years to that end, I created what I call. The deal flow accelerator. And the idea behind that is it allows you to build a flow of deals coming into your pipeline, that you're evaluating consistently. So you're training your brain consistently to get good at evaluating deals. It allows you to get your lending partners working with you. And the more money that you're. Deploying as a private investor, the cheaper your rates are going to be, and the more deals you're going to get. It allows you to fix those deals using a network of contractors that will want to work with you over the long haul, because you're a consistent source of business. And finally, it's going to reduce your transaction costs because by doing consistent business, you're not going to pay the high commissions that agents charge, you're not going to pay as much for title insurance, everything about the process, get it less expensive, allowing you to do more deals at a lesser cost that ultimately impacted your life and giving you the financial location and time freedom that deal hunters are looking for. And it's why we became real estate investors. Okay. So we have to really focus on creating deal flow. So let's hop in and discuss how I create deal flow in my day to day business. The number one way that I found deals when the market was really raging out of control, and there was not a ton of foreclosures to go look at was my wholesale partners. Wholesalers are people who have gotten into the real estate industry recently. Cause this industry has really blown up in the last few years. Most of them are simply looking to find great deals. Off market and then move them over to an investor like ourselves in exchange for a wholesale fee. I have paid wholesale fees of up to 50, 000 on a deal. And I did so happily because even after paying 50 grand, the deal was a stellar deal for me, which is my primary concern is that it's profitable for me. Ultimately in this market, wholesalers are not able to mark the properties up as much as they have in previous years, but they are still an excellent source of deals and you have to have relationships with several wholesalers in your local market to create the deal flow that you need to make this a full time. Endeavor for you. So how do you find great wholesalers? I use an app called town square is one option. And we talk a great deal about going to town square, getting an account on that and using that to find deals in the marketplace. But to be honest, the best way that I have developed relationships with wholesalers is hitting the real groups and meeting people face to face or going to the Facebook groups where they're posting deals and reaching out to them. Obviously to talk about the deal, but also to start building that relationship. I make it very clear upfront that I'm a professional investor who has the capacity to do a lot of deals. And I asked the wholesaler if they would prioritize me. On their sending list. Now I can tell you most wholesalers would prefer to work with one or two solid buyers in their local market, as opposed to having to go out and source a buyer on every single deal. So if you present yourself and are a professional investor, you will build relationship with wholesalers. Very quickly, because they would prefer to work with you because you're predictable, right? They can call you up. And if the numbers work the way that the numbers should work on a wholesale deal, you'll simply buy the deal. But this comes with a trade off. If you tell wholesalers, you're going to buy their deals. You're also in a spot where you have to buy their deal. If you're telling them over and over again, Hey, I'm a buyer. I'm a buyer, but you only buy one at a time. It gets very difficult to maintain a relationship with one wholesaler, much less a network of wholesalers. The way that I've solved that problem for my coaching students is by having a group of people in my investment group that are actively buying deals. If you're not available to buy a deal, I can move it to one of my other clients. And as a result. My deal flow, our deal flow as my deal hunter tribe has grown, has been super consistent because we are working with a large group of wholesalers and we are a large group of buyers by being the connection point between those two pieces. I can help to keep those wholesalers moving deals. And help you as a client to find your deal with a guaranteed profit at 25, 000. So one of the many reasons that I believe my coaching product is second to none in the industry, but if you're just getting started and you're doing this on your own, you want to reach out, establish relationships with wholesalers and make sure you explain to them what your exact volume is. Be honest with them. If you can only do one at a time, tell them that. So you can establish that relationship on the right platform out of the gate. But join a group, become part of my coaching group. So we can leverage those relationships and always have consistent deal flow through my wholesale network. Number two is Privy. Now Privy is one of my favorite tools for dealing with on market, right? We can go to Privy all the time and find stuff that is already priced significantly below market. You set your filters on Privy to show what you want to see or what you might potentially buy. So if you're partial to an area. Or a price range or et cetera, previous, simply using your filters to find deals that fit that criteria, giving you the ability to only do the deals that are the right fit for you. This is critical because you control your deal flow by using privy to find deals when you need to find deals. This is less pressure. If you will, then building a wholesale relationship with wholesalers, when deals show up. That's it. I think you just have to buy the deal with privy. You can look for deals on your schedule. When you're ready to buy your next deal, you start sourcing deals. This doesn't allow you to build the residual system that I advised my students on, but this is how you got to get started. I highly recommend that you get the privy app. The link I'm an affiliate of privy and my affiliate link is attached to this video. I would greatly appreciate if you would sign up for privy using my affiliate link, and if you do I would be happy to do a free strategy session with you, where we can sit down and configure privy to help you find deals. Right there in your local market. That being said, the best deals on the market here in my market, I, we were capturing them because I use privy each and every single day, right? So it's hard to compete and you really don't want to. So by joining up with the coaching group, we were already getting the on market looks that we're getting because we're hunting those deals all the time. But also in your market, you want to be looking for deals all the time, creating a consistent deal flow. So you can build out your other systems consistently and built do as many deals as you want, like on a Ferris wheel, right? You're just, you're looping through the deals. You're producing an income, you're reducing your costs and you're supplementing your life with consistent. Deal flow. So that's the second way that we create consistent deal flow in the market. The final one is not really for everybody, right? But it does work. If you're doing a high volume of deals, when you get past the, doing the onesie Tuesday deals and want to scale to my best years, which were 47 deals. If you want to get to that point, you want to consider mass media advertising. For me, I have a TV commercial. Featuring my gorgeous wife that basically tells people in the community that we are buying houses. I attach that. A commercial to our investor carrot website, which we spent a lot of time and money doing SEO. So I'm constantly seeing deals in my local market. I like to say that every deal in town filters through me, but I don't have every deal everywhere in the country. When you're building your deal flow, you want to make sure that you're doing. Just enough deals. You're looking at that. You can actually get done guys. This is how we're bridging the gap between the market that we're in and the future, which I believe is going to have a ton more foreclosures to pick from foreclosures has been my bread and butter, and I look for a lot of foreclosures today, speaking of deal flow on a HUD home store. com, which is one of my favorite sites for locating FHA foreclosures. But. There's not a ton of foreclosures on the market yet. The market is changing. Interest rates are high with high interest rates. We can predict that we're going to see a jump up in unemployment. Unemployment is going to lead to more people not be able to afford their mortgages, people not be able to afford their mortgages are going to lead to more foreclosures on the market. But while we were bridging the gap between now and then you're going to want to have. Other deal flow methods that allow you to consistently predict where your deals are coming from. And in doing so you're building a consistent flipping business. So many people come to me and maybe they've done their first deal. A lot of times they lost money. Or broke even on their first deal, didn't make enough money to make it worth their while and et cetera. You can shortcut all those issues by joining up with the coaching program. But if you're not ready yet, start your deal flow today by building your wholesale relationship, getting privy. And looking out for the HUD foreclosure market and other foreclosure spaces. So as those start to come back, where to look for those properties and you can get out in front of them before the foreclosure market gets super busy. The time is now the market is changing and there are still great opportunities. One of my favorite sayings is not all deals. Our foreclosures and not all foreclosures are actually deals. You still got to do your analysis. You got a fact check it, and you need to make sure that you have the right ability to predict your after repaired value using tools like deal check that allow you to. Analyze the deal on the surface, not to get emotional about it, but really understand what you're buying. I can tell you this. When the foreclosure market hits, there's going to be opportunities everywhere, but the trade off is going to be, it's going to take longer to sell those properties days on market. Will go up as the market starts to decline a little bit. This is not a bad thing. It just means you're going to need cheaper money and more access to capital. And if you're building those relationships today, while the market is not quite as Ford foreclosure conducive as it's going to be, you will find yourself not noticing the transition. At all. Whereas if you start this process during the transition, the letters can be very wary of dealing with rookies. They're going to only, they're going to want to charge you a higher interest rate because you're new to the market, build your systems. Now get started today. I can help you with every aspect of this process, but stay tuned here because this is where we're dropping the gems of knowledge that you need to get started to become a professional deal Hunter. The market is changing. You can get out in front of it. You can learn this process right now. But today you really want to focus on building deal flow. And if you don't have the capital to do your first deal right now, don't let that be a reason to not get the practice. See when you're trading anything, you start with practice trading, right? There are practice trading platforms for the stock market for four X. For commodities, et cetera, where you're trading, but you're not using real money to do it. Now is the time to start building that skillset. If you don't have the capital and I can help you with that as well, because as part of the group, you can join the Facebook group and see real deals that are taking place with real clients. So you're programming your brain to realize what a real deal. Actually looks and you're not waiting for this dream deal to come along when you have the money to get going and get ready instead, we're practicing now. So you want to get involved today. Listen to the podcast, obviously, but get all the tools that you're going to need as a professional deal Hunter. So when you're ready, financially, mentally, or whatever, you're just ready to flip the switch and go from. Practice account to actual trading on actual flips. You don't want to delay and do this later on, but rather get started today. So let's recap real quick on the three ways to get your deal flow going. Number one, wholesaler relationships, go out there and meet some people, find some deals that way. Number two, get Privy. Use the affiliate link below. Don't delay on this. Start using Privy today. To analyze and look at deals right there in your local market. The more trained you are as a deal hunter, the sooner you're going to get going. And finally do keep track of the foreclosure market. Hud home store is an excellent place to start, but no matter how you do it, you want to make sure that you're evaluating deals consistently and building that muscle as a professional deal hunter, because you're going to love where the market's at. Going next guys, before we wrap up today, I just want to extend my gratitude to each and every one of you for watching the show today and join me on this episode of foreclosure deals, coach podcast, your time and attention mean the world to me. If you've gained any valuable insights today, I encourage you to hit that subscribe button. Don't miss out on our upcoming episodes. We're going to be covering every topic. There's a wealth of knowledge to gain as we share each and every single week. And guess what? Your journey doesn't stop here. I invite you to be a part of my community of deal hunters through my foreclosure deals, coach group. Join us on Facebook by clicking the link below or search for foreclosure deals, coach on. Facebook let's connect, learn, and succeed together with that guys. This is Donny Coram, your foreclosure deals coach. Thanking you yet again for tuning in and reminding you now and always don't buy a house by. Thank you for tuning into the Foreclosure Deals Coach Podcast. If you like what you heard here today, remember new episodes are uploaded weekly. Subscribe wherever you listen to your podcasts. Do you want more of the Foreclosure Deals Coach? Are you ready to learn the mindset, tactics, and tools required to be a successful real estate investor? If so, click the link below to sign up. Schedule a one on one coaching call today with Donny Gorham, the Foreclosure Deals Coach, to determine if coaching is right for you. And remember, don't buy a house, buy a deal.