Posted by Dealmkr on April 06, 2000 at 19:23:24:
Better than the E-myth, we preferred and used Dan Sullivan’s Programs. His tape series, “How The Best Get Better” is excellent. He has more in-depth and interesting programs to assist you in developing your business to the next level.
I highly recommend this to ANY business owner.
Dealmkr
Systems for the Serious Investor - Posted by messerb
Posted by messerb on April 06, 2000 at 17:23:51:
David Alexander posted about a week ago that his key to investing success was having proper systems in place to “keep finding you deals and putting checks into your account.”
What SYSTEMS are necessary for the SERIOUS INVESTOR?
We’ve just dove into the deep end of the pool – quit the job and doing our RE investing full-time. We’re a big proponent of having systems in place (aka “being a B” from Kiyosaki’s Cash Flow Quadrant). We learned the hard way in our last business venture about what happens when you don’t.
Here’s what we’ve done so far:
GETTING BUYERS TO CALL US:
>> created and sent direct mail pieces to attract buyers
>> established a relationship with a mortgage broker to help us screen buyers’ credit when we sell with owner-financing
GETTING MOTIVATED SELELRS TO CALL US:
>> placed a “we buy houses” ad in the newspaper
>> created a direct mail campaign using postcards to attract sellers in our target subdivisions and to folks whose homes are in the legal notices section for foreclosure (these go out tomorrow)
>> put an answering service in place – a live person who does an initial screening of calls from sellers who respond to our newspaper ad or respond to the postcards going out next week – we’re going to get rid of the service and answer all calls ourselves
>> we periodically leave our advertising business cards at strategic places in our target neighborhoods
>> we’ve sent letters to realtors about our desire to buy any homes that they are having difficulty selling (not much response on this one – we’re going to use a different approach and try this one again)
FOLLOW-UP SYSTEMS:
>> created a tickler system (combination of ACT and scripted worksheets that work for us) for following up on interested sellers and buyers
Finally, we see the power of the L/O and sandwich leases. We’re going to crank up our marketing efforts to find deals like these, put our buyers into the homes, and wait for the checks to come.
What systems are others using? We’re eager to create the right systems NOW that will payoff for us for years to come.
Monique
Re: Systems for the Serious Investor - Posted by Tom
Posted by Tom on April 07, 2000 at 21:24:32:
I have a very good course called Finding Motivated Sellers, by Mentor Financial group (303)233-2233. Web site is www.resultsnow.com, I got a lot of good ideas from this course. This course is by Peter Conti and David Finkel. Good luck. Tom
Re: Systems for the Serious Investor - Posted by Kev (NC)
Posted by Kev (NC) on April 06, 2000 at 18:23:01:
Good post!
We have been thinking along the exact same lines. Like you we read Cash Flow Quadrant. I would also recommend E-myth if you haven’t read it already. Additionally, Joe Kaiser is the master of systems and you might consider his material (I assume you have since you are doing sandwich lease-options).
We mainly do lease-options and have similar systems (Buyers, Sellers & Follow-up). Our biggest failure so far has been with our follow-up system. Who knows how many deals we’ve lost because of this failure.
We also have a tenant management system. This has been important as we have already had 2 evictions this year. A lot of potential headaches in this area. The evictions could be a reflection of our tenant/buyer screening system.
Best of luck.
Kev