Hey, gang, this is Mike with My Real Estate DOJO and today’s lesson is about the two types of investors that you need to be talking to when you are out there, trying to find motivated sellers, so let’s go ahead and dive in and get started, gang.
Today’s lesson is about the two types of investors you only need to talk to. So I repeat to my students over and over- you shouldn’t be talking to realtors, you shouldn’t be talking to investors, you should not be talking to whole-sellers, bird-dogs etc If you are out there trying to find motivated sellers yourself, you need to go ahead and do your own sweat equity and find a deal.
There are two types of investors you should really need to talk to when you are doing cold-calling or knocking on doors. The first type of investor you need to be talking to is what I call an accidental landlord.
Now what is an accidental landlord? Its someone, who took a course, read a book or went to a seminar and maybe they bought 1 or two properties, maybe their plan was to fix and flip, maybe their plan was to buy and hold, whatever the story was and they saw a lot of elbows in their face that they didn’t foresee or didn’t have the guts to keep pursuing further to cash their dreams.
That’s what I call an accidental landlord. For example, a guy bought a property, he bought two properties, got loans on them, rented them out for three years then he realized landlord is not an easy job and now he wants to sell. A better story is a lot of guys that I see, motivated investors, is that motivated investors are accidental investors, they call me up, they’ve bought a property and now they thought it’s going to require to fix it, they ran out of money and the property is nowhere near to be done.
Or they spend a lot of money getting all this extra upgrades and they ran out of money or whatever the story may be. Accidental investors is a good pool, because they are motivated, they think they know what they are doing, but they really don’t know and it's a good market to spend your time with.
Again, I don’t like talking to investors and the only 2 types of investors that I will talk to is 1). Accidental investors and 2). this is what I am going to talk to you about right now, which is tired landlords. A tired landlord is a professional investor that maybe had this property for many years, maybe the guy died and now his wife inherited the property or maybe the guy didn’t die and he is old now and doesn't want to deal with the repairs. He knows what to do, he has his own crew, but he is ready to cash out per say.
Professional landlords that are tired is a really good pool are to fish at, because they all have multiple properties. You can talk to a tired landlord and he may have 10 properties for you and you guys can create a win-win when he wins and you win and you don’t have to get a loan from a bank. Simply put guys, don’t waste your time and energy talking to realtors, cold-sellers etc if you’re trying to be a whole-seller. Now if you’re buy and hold guy, if you’re a fix and flipper and you’ve got your systems, but you need these people to feed you, I am not talking to you.
But if you want to be a whole-seller, if you are new, especially if you are new, then I highly wouldn’t recommend dealing with whole-sellers, bird-dogs, realtors and other investors. Don’t deal with other investors, which is a waste of your time. What you should be looking for is a motivated seller.
Now gang, just don’t watch me, or watch some other guy or read a book. You won’t learn without going out there. What it’s going to cause you is having all these fears: What if this happens, what if this happens. The truth of the fact is, when you get into the ring, all these things you thought could happen won’t even happen. It might be something totally different, that you don’t even know. The point of the story is and you are new, you’re probably going to get punched in the face and that’s okay.
Go out there and accept that. You’ve got to go out there and block yourself, so you don’t get punched in the face. Does that make sense? If you’re just sitting here and watching me, Bob, Sally or whatever and reading these books, you’re not getting into the ring and you’re not getting deals. It’s great to watch the videos and I have videos about: watch video, take action, action, action. Don’t just spend all your time just watching.
Go out there and take action. That’s the key to success. Through failure, which means getting punched in the face. Don’t listen to the nay-sayers, don’t listen to those, who don’t believe in you. This is America, you can do whatever you want here.
As long as you have a burning desire you are able to be creative. Even if you don’t have money or no cash, you can still do a lot in America.
That’s why everybody migrates, like myself, I am a refugee, who comes to America, because it is a land of opportunity. Go out there and hustle and bustle.
Don’t take ‘no’ for an answer and make it happen for yourself.