Cash Buyers List 1: Scalability

Hey what’s going on fellow real estate investors. This is John coming at you again, coming up on the next secret, and that’s a cash buyer’s list. This was always a big topic for people because now we’re getting really into the nuts and bolts of what is really going on inside of somebody’s business, but all the stuff that we led up to is so, so important. I just got done with a real estate event, and I can’t even stress how much just having your stuff together, having your why, having your goals set out. Those are some of the most important things because that discipline is what keeps you on the track. A lot of what we’re gonna go into, if you don’t even have that done and you’re still struggling back and forth, it’s gonna be a little bit tougher unless you have the motivation and the discipline to get motivated again to get the things done. It’s so, so important.

With the cash buyer’s list, everyone’s always saying, “Get a cash buyer. What comes first, the chicken or the egg? Do you get the deal first? Do you get the buyer’s list?” The one thing I want to say to you is you absolutely need a cash buyer’s list. You absolutely need that buyer’s list. But do not wait to go find deals and do not wait to get a deal under contract if you need to. Just make sure you have all the contract done in a way that allows you to back out as you need to, but make sure that you have people lined up. There’s two things you’re doing every day, is submitting offers and finding buyers. So, for every call that you’re making to try to get a contract and say, “Hey, I’m gonna submit an offer to you,” the moment you get an offer, start working in your network to say, “Hey I have a three bed, two bath,” or whatever the case might be, to find that buyer, and have somebody lined up.

At least make the effort to get on the phone in your network with a few people who might be willing to point you in the right direction and say, “Hey I have a potential deal I literally just got locked up. I’m writing the contract right now. I need somebody to fund this deal. Do you have anybody in mind to do that?” The biggest reason for that is you only get 10 loans with Fannie Mae, Freddie Mac, for anything that’s FDI insured. You’re getting 10 loans max. In some cases, you’re getting four loans max. People are gonna keep looking at your records overall to see if you can do that. Maybe you’ve done some deals with some credit cards. Not the best idea. Maybe you’ve used your own retirement accounts. Again, you’re gonna run out of your own money to try to make some of this stuff happen.

The reason you need a cash buyer’s list is one word and one word only, scalability. You’re gonna need to be able to scale your business if you want to achieve financial freedom to get where you want to go. And having a cash buyer’s list is absolutely critical to do that.

Some people say you need 100 person cash buyer list. I don’t think you need 100 person cash buyer list. At least to think, oh I need 100 people. You don’t. What you’re looking for are three to five quality cash buyers or other investors that are willing to give you money to fund your deals. And because you’ve already gone through all the steps of your big why and defining your specific strategy, you know what business model to propose to them and say, “This is my business model. This is what you’re investing in,” and you can find the right fit. It might just be it just so happens that you get 100 people on your list. And you’re always looking for other buyers. You’re always looking. Just like you’re looking for new deals. You’re always looking for other buyers because you want to make sure that you’re finding the right people for your business model.

With that, we’re gonna go into one of the next sections. We’re gonna be talking a little bit more about the cash list itself, some mindset things, and also one key that you’re gonna need to really focus on. I’ve kind of hinted to it already, but we’re gonna get into it in a little bit longer, a little bit more in detail. With that, this is John signing off. Make sure you are following REI Wealth Academy on the Facebook page or going to the blog at REIWealthAcademy.com for any new updates. We’re pumping out a bunch of great content, getting a bunch of good courses, really tying up the bow on some of those, putting the cherry on top. And make sure you’re getting into the group. Make sure you’re asking questions.

If you’re at Roanoke Real Estate Education Group, make sure you’re getting involved, getting deals done, holding yourself accountable, encouraging others to hold themselves accountable, making sure that everybody’s on the same page. We’re not in competition. We are co-op petition with each other. We are cooperating and competing with each other to make sure that everyone is achieving the goals that they want to. With that, this is John signing off. I’ll see you next time.

 

See ya.

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