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THE ROOKIE PLAYBOOK

 

We’ve all had burning questions and concerns about the real estate business – especially when we’re just starting out. Some of our most common pain points are in the way we communicate, the necessity of dealing with lenders, and even ensuring that our private and professional lives make it through the tightrope we often try to balance.

Ricky Sabogal joins me today to fire off some tough and complicated real estate questions. We discuss how new investors should source and filter property lists that will work best for their market and the importance of testing your market to ensure success. We discuss strategies for communicating and working with property agents, hard money lenders, and homeowners and the evaluation process of purchasing modular homes. We also discuss the importance of keeping and tracking your business expenses for tax purposes, identifying tax liabilities, and possible tax deductions.

“Your list performance is going to be based on the market you’re in.” – Don Costa

On Today’s Episode of Flip Talk:

  • Which mailing lists are the best for new real estate investors?
  • How to apply the filter you use to source your lists.
  • My advice and thoughts on agents and commissions.
  • The process of purchasing and evaluating a modular home.
  • The importance of keeping track of everything, especially when you’re traveling.
  • The complicated matter of taxes for new real estate entrepreneurs.
  • How Driving for Dollars works and the follow-up process to make it successful.
  • Advice on working with hard money lenders.
  • Advice for someone starting out while growing their wholesale list.
  • What is skip tracing?
  • Advice on working with your spouse.

Don’s Words of Wisdom:

  1. More specific lists are the right lists to have when you’re starting out.
  2. Always do your research.
  3. Get on the phone and try to make contact.
  4. Utilize the property owner’s neighbors.
  5. Be upfront with lenders.
  6. If you have an unsupportive spouse, make sure that you still have at least somebody to bounce your ideas off of.

Resources Mentioned:

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