What’s going on, fellow real estate investors? The last video for secret nine. We are almost there for the 10 secret videos. I know you guys are getting a lot of value out of these, especially these last few that we have. We definitely have just fully packed information, even in these small, short videos that we have. Even though Keith goes even deeper into that, just these last five secrets really have a ton of value to them. Again, I always stress that the first five secrets are probably the most important, because it really gets your mindset going where you need. It sets a really good foundation for the habits and the disciplines that you need to have, but these last five, they really get into the heavy-hitting stuff that we have as far as tactics, techniques, all the tips and all the strategies and stuff that we have. Really, just getting into the nitty-gritty stuff of what people have.
So, we’re following up with secret nine. The last video here for finding an agent. We’ve talked about making sure that you find an A-player, some things to kind of think about as you’re looking for … Maybe you should test a few out as you go through your … As you explore into certain markets or whatever, make sure that they work for you. We also talked about you, you being the A-player, you being the valuable person you need to be in order to make sure that you’re providing great value; make sure that door is swinging both ways. They’re providing a value for you, you’re providing a value for them, and not just something that’s monetary, but a good, good, great, fantastic working relationship overall.
With that, we’re going to be going into just a few of the questions to be asking. So I’m going to shoot from the hip a little bit here for some of that. Real quick, if you want to, go ahead and grab a pen, grab paper. I’ll give you a few seconds. Tick-tock, tick-tock. All right.
Number one: Have you worked with investors before? Great question. Are you an investor yourself? Oh, what type of investing do you do? How many deals have you done?
Those are some of the things that you might ask a normal real estate investor, whether you’re partnering or building relationship with a private investor, whatever the case might be, but again, with this person being on your team, you want to know part of their background. You might be looking for somebody that specifically has that background too. Some other questions you might want to ask them: Are you willing or are you open to having more creative ways of getting paid? You can structure and pay a certain way, a lot of agents, the only thing that they know is that they can get paid commissions out of the sales between a broker’s agreement.
Now, they still have to go through their broker, but some brokers that are out there, especially ones that are investors as well are even okay with getting commissions over time in a promissory note. Say, “Hey. I agree to pay you this outside, away from the commission, but I’m just going to pay you an up-front fee, and I want to pay you that over the year. I’ll give you a one year promissory note for let’s say, 6,000 dollars. That means I’m going to be paying you 500 dollars a month in this promissory note.” Just another way of asking, “Hey, are you willing to work? I have financial goals that I need to meet, and this meets my financial goals. Is that something that you’re willing to accept?”
You’re seeing if they actually do fit for your business model. Again, you want to know your business model going into it overall, and you want to make sure that they’re okay with that. You also want to be able to ask, “Hey. What type of areas do you think? Here’s my strategy, here’s where I’m looking to invest.
What do you think about that?” That gets more into the nitty-gritty of where they might be going, but what you’re doing is you’re testing out to see what their knowledge might be. Again, you want to take whatever answer they give you and go test it against somebody else.
So ask two or three agents some of the same questions in the same area, the same criteria, “Hey, does this work?” You’ll be able to quickly find out some of the varying answers that you might get. You might find the one that gives you the nuanced answer that you really … That would help you seal the deal, and even though you might not have been necessarily interested in the area you asked about, at least you know that agent is one that is willing to deal with you on your terms where their terms also intersect with you as well, so something simple to ask.
Again, those are just a couple of quick questions you can ask overall. We’ll be finishing up with secret nine here. Follow us on Facebook, REI Wealth Academy, REI WealthAcademy.com; the blog that is there. Make sure you get engaged. If you’re in Roanoke Valley, as always, Roanoke Education group, Real Estate Education group is awesome. Make sure you are getting on Andy schedule. His team meets there weekly. They do go over some of these tips in the training that they have, and make sure you get plugged into the group and you get active, you take action, and you go kill deals. Make sure you’re responding, letting us know about those, letting Andy know about those, and just get out there, get after it.
We’ll see you next time. Take care.