4/ This means that there's a need for regular and reliable education of property owners.
If you think 'sure, but others are already doing it' you need to understand that you don't need an audience of thousands for this to make a huge impact on your acquisitions business.
5/ You can be one of many educators (alongside BP, your REIA, etc.).
So what are you going to do:
Organize a series of say 6 meetups (on meetup . com) once a month for 6 months. You & others will do 45 min seminars on the most important topics that rental property owners face.
Using LinkedIn and/or your existing network recruit other sponsors who will cover the cost of renting a space / a VA/intern to organize the event series / a graphics designer / refreshments etc.
Think lawyers, PMs, CPAs, etc.
8/ Don't organize this under your firm's name and don't sponsor this just by yourself.
Be involved, but make the event series it's own thing.
You'll get way more of a networking effect and more credibility that way.
9/ Now have a VA/intern:
- get a list of all 2+ unit properties in your county (this doesn't exist everywhere but usually), enrich that information with ownership & contact data & reach out
- use LinkedIn together with FB groups/BiggerPockets/etc. to recruit attendees
10/ The cold outreach should be simply:
- "Hi, we're doing this education series and though it might be a great fit for you. Sign up here to register or get more info."
11/ People will now have opted into your mailing list.
Some will of course come to the in-person seminars, but many will not.
For these people you'll have video recordings, transcripts of the events and written summaries.
Share the videos in the YouTube channel.
12/ You're now communicating with hundreds of local rental property owners about the challenges they're facing.
You are adding value to their businesses and building trust.
Who do you think they'll ask for help when they're facing hard times? When they're ready to exit?
13/ Make sure you get good recordings of your live sessions so now you have a little series on YouTube you can share with landlords who hear about what you're doing a year from now. Have some blog posts and transcripts made from those.
You now have the basis for great SEO.
14/ You can work with an intern/VA for all of this, but you can also hire a video producer, SEO expert, etc. - you can make this as professional as you like.
If you have sponsors (as discussed earlier) you have the budget for this.
15/ Do this well and you now have a little rental property owner-facing media channel that put you in front of local rental owners who are facing challenges
and who better to buy rental properties from than this particular target audience?
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1/ Want to use LinkedIn to get a lot more residential real estate deals?
Merrill @stillwell gave me permission to use his business as a use case so I'll share the play-by-play of how'd I leverage LinkedIn to buy more properties in Colorado ski towns for luxury redevelopment.
The problem that needs solving, as with most investors, is how to buy more good properties at a good basis on good terms.
3/ Some background re this exercise:
Merrill's amazing. Lots of experience. He really knows what he's doing. He grew up in these mountains.
- I've been here 7 years. I know the area he invests in well enough, but ofc not as well as him.
- We'll use LinkedIn as the sole strategy.
1/ Lots of GPs & brokers say "become the buyer every agent wants to bring deals to".
But brokers bring deals to their favorite 5-20 buyers.
Your chance of becoming a favorite buyer in your market are slim.
Even if you do accomplish it it'll take years + even top brokers churn.
2/ If you're not investing corporate (family office + HNWI) money you chances of out-competing those who are are even smaller.
Plus a broker's interests aren't aligned with yours. They don't make more money by bringing you a better deal so many focus on dumb money.
3/ Work with brokers, but make sure you know it'll take a long time & you might do some deals you don't love just to prove you're a legitimate buyer in your market.
Also, build your own acquisitions strategy and rely on that. You have to have control over your own deal pipeline.
1/ Many real estate investors who want to buy more rental properties talk about 'pulling lists' or 'building lists' of homeowners who are in some sort of distress.
This way can work well, but there are others.
Here's one that works well now for buying off market properties.
2/ I'll start with my quick definition of off-market:
A property the owner did not really intend to sell before you reached out to him.
The owner has a need to sell but did not have the intention & thanks to you contacting them they are now going to sell.
That's-off market.
3/ Identify 3 neighborhoods you want to buy in 1 market.
Each neighborhood will statistically speaking have 1,500-3,000 houses. Let's assume 2500 per neighborhood.
So in 3 neighborhoods you'll have 7500 households.
1/ A quick thread on buying even more properties in alignment with where the market is at right now
Create a little resource for owners of construction companies and fix and flippers. It can be a FB group or a texting group with a piece of advice a day. NOTHING fancy.
2/ You can provide info about material pricing, new city ordinances that affect them, investor intros (to folks you don't need to raise from), etc. etc.
We're in that stage of the cycle where flippers are not able to deliver projects they took on.
3/ You can see this in local investor Facebook Group every day.
Usually something like "hey, I started this but I've got 3 other builds at the moment and I need someone to take this over".