Kris Krohn here with REITV and today
we're going to be talking about how to
find discounted properties. So here's the
deal. You want to go out there and get
access to really great investment
properties right? Let me share with you
how i got started and how I built a team.
What does your team really need to
consist of, out the gate? Well there's a
lot of people you don't need out the
gate... you don't need title people... you
don't need this or that... but here's what
you do need. #1 you need to work
with a really great network team of
realtors. Because realors have access to
all the properties that are on the MLS. And
you know there's a lot of people looking
at the mls but with the right realtor
and with the right team,
here's the deal, you're trying to get
them to access the very best properties
that are available in a particular
moment. So what that means is, they've got
to be looking at the MLS the listing
service, that online database for all the
homes in your area, because homes are
constantly coming on and off the market.
They're constantly coming on and getting
under contract. And the reality is you're
there for that moment wanting them to
find you the deal that's available there.
With that team, you just gotta let them know,
"hey I'm looking for a realtor that's
willing to believe that there's at least
a 15-percent discount and those are the
only properties that i want to see
verified based on the cma."
The CMA we talk about one of the other
videos that's where you can kind of do a
comparable market analysis ensure that
there's some kind of equity there.
The second person need on your team is a
great lending team. Right?
So for example I need a loan officer
that I have confidence can get these
deals done.
How do you find a good loan officer? Find
one in the investment world. Not just
focusing on lending for primary
residences people by a first-time homes.
You're looking for someone that does the
majority of their volume with investors.
And I'm looking for someone that's doing
at least five or ten deals a month.
Because it means that they have... it means
that they're up to date on what's really
available in the marketplace. It also means
that they carry a certain basic amount
of success that you want to have on your
team.
The third person on my team is a partner.
Ok? This is somebody that's got money.
This is something that's got credit. This
is somebody that says "alright i believe
in the team that you put together. I
believe in the philosophy that you've
learned watching these videos or maybe
read
my book about a certain amount of equity
and cash flow and how to milk that
property over time and so this is
somebody's willing to put in money or
credit and that person absolutely can be
you.
Those are the three most basic element
people that you want on your team first.
And here's the forth... property
management. Right? Now this is based on my
philosophy that if you want something
done right...
Don't do it yourself! Right? I want to
have somebody else step in my life
that's gonna take care of that.
That's why you find my deals. You find my
deals. You partner on them. You do this. I
want someone to come in and actually get
those suckers rented out
from you, find the right kind of tenants,
get that thing cash flow in the way that
we thought that it would. Managing it
I don't want to get phone
calls at two in the morning that there's
a broken toilet. Right? We here about those
stories. Those four people make up your
most basic elemental team. So now that
you know who these four players are. Now
set them in motion in the proper sequence. The
first person you need to be buggin, is
the realtor. By the way you might hire
and fire lots of realtors until you find
your perfect team is going to work for
you.
I remember going through a hundred of
them until I found Steve Earl. He's the
principal of now hundreds of Realtors
that finding the best deals around the
entire country. So find someone that can
consistently produce discounted properties.
If one day it's here's a great deal and
here's proof in the next day... well these
deals don't come along very often. Or a
week later I still can't find one. Guess
what you need? A new member of the team
until you get the right one.
So the first one is find the property.
The second one is it's time to get the
loan place. This is where your partner
comes in place.
This is also where you're lending team
comes in place, and that pre-approval now
turns into a, .let's get this property
purchased.' And then the fourth final piece
of process is, you bought it now get it
rented, and see, you've got your power
team working functionally for your good.
And mutually sell for theirs as well.
You're gonna hear me talk about these
discounts over and over and over again
and buying with equity. Because it is
elemental it is fundamental to your
success. It's the number one mistake that
most investors make, is they don't buy
right. You've got to be making your money
when you buy, and you're only
materializing it when you sell. So thank
you for watching
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more of these videos, and post your
comments below on the properties you're
seeing, the discounts you have access to,
let's get that chatter going.