Zack Childress - Rei Success Academy -

The question that Zack Childress poses in every podcast is how do real estate investors build real wealth and freedom without access to millions of dollars in capital? His mission is to help you find the answer. Sometimes people ask me how I do so many deals. How do you have the time? The main reason I can do it is that I partner with other investors and split profits. Sometimes people have a great property they haven’t been able to sell. Tell them you’ll take care of the sale and split the profits. Maybe you can find a partner who has money and wants someone to manage rehabs. Or you could find a partner who loves the rehab process, but doesn’t enjoy selling the end product. “Opportunities are lost because you aren’t awake enough to see them.” Don’t miss opportunities. Everyone you meet is a potential partner, and partners multiply the number of deals (aka payouts) you can complete.

The question that Zack Childress poses in every podcast is how do real estate investors build real wealth and freedom without access to millions of dollars in capital? His mission is to help you find the answer. Today’s show gives you 4 tips that successful real estate investors use to grow their businesses. Step 1:Find motivated sellers. Yes, there are different kinds of sellers, different ways of reaching them, etc. You can break step 1 down into categories if you want, but it all ends up under the heading of motivated sellers. The other steps are just as basic. You need money and buyers. You need to use the telephone and automation. This is critical to your business. It’s not hard to envision and not hard to implement. Remember that. Don’t make it harder than it is. “When you’re comfortable, you’re complacent.” Entrepreneurs cannot afford comfort or complacency. You are working for your freedom… the freedom to do (or not do) anything.

Today’s show covers tips that will ease your move down the path to success. First, get Zack’s book, My First Deal Playbook. You know you’ve got to find leads. And, hopefully, you are finding leads that 20 other people aren’t competing for. That’s the fastest way to get a deal. Zach uses these tips, and he’s got 9 rehab projects going right now. Zack will teach you how to find non-competitive leads, and even give you scripts to use when you contact them. Cultivate relationships with property management companies. They know landlords who no longer want to be and can’t wait to sell. Network repeatedly with wholesalers in your area. They want to sell, you want to buy. Right? “Changing your thoughts will change your life.” So shift your thinking to reflect that you need deals, not just leads.

The question that Zack Childress poses in every podcast is—how do real estate investors build real wealth and freedom without access to millions of dollars in capital? His mission is to help you find the answer. We’re drilling down into topics related to flipping properties. Today we’ll talk about how to hire a contractor that does good work AND that works well with you and your vision. Right now the market is in a sweet spot for fixing and flipping real estate. You need to face your fears and do it. Gaining knowledge is an excellent way to overcome fear. Zack provides 6 questions to ask a contractor’s references. Ask the same questions of each reference for comparison‘s sake. Change orders probably will be needed once a project gets started. Be sure that your contract specifies that you must sign off on every one before work begins on it. “Don’t let yesterday take up too much of today.”

The question that Zack Childress poses in every podcast is how do real estate investors build real wealth and freedom without access to millions of dollars in capital? His mission is to help you find the answer. We’re talking about flipping properties today. There’s money in fix and flips, and it can be made in up or down markets. Hire a contractor to fix up the houses. Your job is to manage the contractor and make money. Mistake 1: Flippers aren’t good at determining After Repair Value (ARV). Being wrong takes money off the house’s sales price right out of the gate. Mistakes 2 and 3: Listen to Zack and find out. Knowing how to make money with flipping is valuable stuff. There are many facets to it… many ways to make good and many ways to screw up. Build up cash reserves by wholesaling in a good market, so you’ll be ready to buy fixer-uppers when the market takes a turn. “Follow the direction of a successful investor. That’s how things get changed.”

The question the 24-Week Challenge poses is how do real estate investors build real wealth and freedom without access to millions of dollars in capital? Zack Childress is taking us through 24 podcasts to get to the answer. Well, this is it… this is episode 24… the end of the 24-Week Challenge. You’ll be learning about wholesaling lease options. Wholesaling lease options works whether the real estate market is down or up. It’s perfect for right now because the market is teetering on a change from the highs of the last few years. And real estate investors have got to know how to operate in any market. You’ve got to know which strategies to use for the market that exists, period. When wholesaling lease options, you take over the payments of the current owner who has some equity in the property. Then you find someone who wants to live in the property right away and buy it in the future. The two of you come to an agreement over monthly payments, and you place an option with this individual to buy the property outr

The question the 24-Week Challenge poses is how do real estate investors build real wealth and freedom without access to millions of dollars in capital? Zack Childress is taking us through 24 podcasts to get to the answer. We’re at the next-to-last week, episode 23, and you’ll be learning about a different strategy for wholesaling real estate. It’s called co-wholesaling. Co-wholesaling is good for new investors who are low on ready cash or low on time. Plus, it puts you in touch with other investors that you can learn from and prosper with. The term means exactly what you would think. One investor does one side of a wholesale deal and another investor does the other. You find sellers, and go to other wholesalers to find buyers… or vice versa. Even if you’re enjoying tons of success, you need co-wholesaling in your toolbox. It allows you to find buyers for contracts you haven’t generated interest for among your own contacts. You can also facilitate deals by finding an investor who has a seller and one who has

The question the 24-Week Challenge poses is how do real estate investors build real wealth and freedom without access to millions of dollars in capital? Zack Childress is taking us through the steps to get to the answer. We’re almost at the end of the challenge. This is week 22, and you’ll be learning about analyzing real estate deals. We want you to make deals that make you money, and financial analysis is the tool for that. The main thing you want to know about every deal is the cash on cash return (COCR)… what yourmoney is earning for you. ARV, LTV, NOI, etc. We’re going to swim through the alphabet soup on this podcast. You must remember that real estate is a commodity and commodity values change constantly based on supply and demand. You can start a deal under an assumption that can change before you resell the property. That’s just a warning that you have to stay on top of every detail. Every deal you make should be improving your credit. If you need to have a job to get your credit stable, then get a j

The question the 24-Week Challenge poses is how do real estate investors build real wealth and freedom without access to millions of dollars in capital? Zack Childress is taking us through the steps to get to the answer. We’re nearing the end of the challenge… we’ve gotten up to week 21. In this podcast, we’re going to learn about using voice blast to assist in contacting prospects multiple times and multiple ways. You can use direct mail, email, phone, text and voice blast to reach prospects. It’s important to use several communication methods because you don’t know which message the prospect will see or hear, or which one will elicit a response. Voice blasting is like having your own call center without hiring call center employees. You can reach hundreds of buyers or sellers with a short message and a call back number. You can also use voice blast for follow-up messages. Again, you want to make contact with the prospect multiple times. Create a sense of urgency with your messages to buyers. “Be the person

The question the 24-Week Challenge poses is how do real estate investors build real wealth and freedom without access to millions of dollars in capital? Zack Childress is taking us through the steps that will get us to the answer. We’re getting near the end of the challenge. If you study and follow Zack’s tips, you can build your own real estate investing business. This is week 20, and you’ll be learning about The Power of Social Media. As you know, there are lots of social media channels these days. You don’t have to use all of them; just use enough of them often enough to make an impact. It helps you brand your business. A Facebook page for your business can serve almost like a website. It’s not a substitute for a website, but it’s important and it’s easy to do. And join other real estate Facebook pages to show the depth of your involvement in the industry. Create a YouTube channel if you have video to share. Branding helps build trust from potential sellers. Again, join with other You Tube users that are i

The question the 24-Week Challenge poses is how do real estate investors build real wealth and freedom without access to millions of dollars in capital? Zack Childress is taking us through the steps that will get us to the answer. This is week 19, so the end of the challenge is near. By studying and following Zack’s tips, you can build your own real estate investing business. This week you’ll be learning about Setting Up Business System Structures. Business entity structure can protect you from exposure to lawsuits. Entity type has significant tax implications as well. You need to have legal and/or tax advisors help you set up the structure properly. “Making money is not the hard part. Once you get your mindset changed, you’ll realize there’s plenty of money out there. You just have to redirect it into your pockets.” Keeping money once you have it is the hard part. Everybody wants it. And the IRS has the right to take it in many ways. You can incorporate as ‘S’ or ‘C’ corp, use an LLP or an LLC. You may need

The question the 24-Week Challenge poses is how do real estate investors build real wealth and freedom without access to millions of dollars in capital? Zack Childress is taking us through the steps that will get us to the answer. It’s not difficult, but it does require work and study from you to build your own investing business. This is week 18 of the challenge, and you’ll be learning about Setting Up Your Mass Offer System. A mass offer system gives you deal flow from multiple deal streams… wholesalers and MLS, for instance. Plus, making offers gets you engaged with a seller. A seller may not accept your initial offer, but if he counters with a higher price, at least you’re talking. And you’ve spent minimal marketing money to get that engagement. And what do you do after you make a mass offer and get 4 or 5 deals? You follow up on the offers that didn’t turn into a deal. You’ve already made contact, so follow up with these sellers to get additional deals. Many new investors are afraid to make offers. But,

The question the 24- Week Challenge is tackling is how do real estate investors build real wealth and freedom without access to millions of dollars in capital? Zack Childress is helping us find the answer. He’s taking us through 24 steps to arrive at the answer. This is week 17 of the challenge, which covers Working With A Virtual Assistant. When you need assistance and don’t have a lot of money, what do you do? What you cannot do is hire an office full of people. VAs can find deals, call homeowners, prescreen, do CRM tasks, post blogs, set appointments, send thank you notes, etc. When you’re looking for a VA, request someone with real estate and data entry experience. Assign tasks slowly, then increase them as you learn the individual’s skills. Hourly pay for VAs is generally from $3 to $6, but can be more if you go through a staffing company. Specific, step-by step training is needed even if the VA has real estate experience. There is no way to keep your VA from working with another real estate investor in

Here’s the question the 24- Week Challenge is answering: How do real estate investors build real wealth and freedom without access to millions of dollars in capital? Zack Childress is helping us find the answer. He’s taking us through the steps, 24 of them, to arrive at the answer. Welcome to week 16 of the challenge, which covers Finding Property Locators. A property locator is someone whose job is to find properties for you. You need LOTS of locators… simply tell everyone you meet that you’re an investor looking for deals. Zack has had good luck using college kids to work a few hours a week to find properties. Property locators bring you off-market deals. They’re finding them by driving around. Or they hear about someone’s grandmother trying to quickly sell a house. They are not checking the MLS for you. The money you pay locators for a lead that you close on is a marketing fee. You are buying a lead just like you’d buy a lead from a list service. You can also pay locators a per-lead fee. You hire these peo

Here’s the question we want to answer: How do real estate investors build real wealth and freedom without access to millions of dollars in capital? Zack Childress is helping us find the answer with his 24-week challenge. He’s taking us through the steps, 24 of them, to arrive at the answer. These steps are the ones you need to take to get your first deal and start your real estate investment business. We’re on week 15 of the challenge, which covers the topic of Finding Private Money. If you’ve been doing everything you’ve learned in the last 15 weeks plus a little studying on the side, you should already be putting together deals. But, of course, you’ll need to find money to ignite the deal-making. If you can borrow from a bank, it’s the least expensive way to go. If you can’t qualify or don’t want to use a bank, private lending is your best option even though the interest is twice what the bank charges. Hard money lenders and asset-based lenders are the same thing. Your deal has to meet certain parameters fo

Here’s the question we’re working on resolving during the 24-week challenge. How do real estate investors build real wealth and freedom without access to millions of dollars in capital? We’re on week 14 of the challenge: Closing Deals. Zack Childress is guiding us through the steps to get to the answer in 24 weeks. Zach’s been an investor for 16 years. We’ll learn today what we need to do after we’ve made an offer and found a buyer. Yes, you have created a deal, but you don’t get paid until closing is complete. So you can’t relax yet. You need a team of professionals [a Power Team] that will work with you to close based on the strategy you’re using. For instance, not all title companies accept assignments of contracts involved in wholesale deals. It’s you job to know who will. Who is funding the transaction? Are the funds in place? What’s the earnest money situation? Consider hiring a virtual or an in-house closing coordinator. They stay in contact with the various people who handle the various closing detail

Here’s the question we’re working toward answering during the 24-week challenge. How do real estate investors build real wealth and freedom without access to millions of dollars in capital? We’re on week 13 of the challenge. Zack Childress is guiding us through the steps to get to the answer. This week’s topic is Finding Buyers, which is easier than you think. What kind of buyers are there for wholesale contracts? There are retail buyers, fix and flip buyers or landlord buyers. You just have to figure out how to meet them. Consider attending auctions. If you go to a public auction, you can assume everyone there is buying with cash. Plus, auctions are good learning experiences. Go to your local REIA to find buyers. It’s an excellent networking opportunity… you need to be there. Technology can help you find buyers. It’s faster, but it costs money. Landlord buyers and tenant buyers are not hard to find. Advertise on Craigslist, or just read the ads on Craigslist. Call people who are advertising rentals… they’re

Here’s the question we’re working toward answering during the 24-week challenge. How do real estate investors build real wealth and freedom without access to millions of dollars in capital? We’re on week 12 of the challenge… the halfway point. Zack Childress is guiding us through the steps to get to the answer. This week’s topic is Making Offers. We make offers after we’ve completed all the steps discussed in weeks 1 through 11. An offer doesn’t have to be on a state-provided contract if you buy directly from seller. Offer must show price, terms, close date and contingency period. Plus, some small amount of money must change hands (from buyer to seller in escrow account) for the contract to be valid. That’s what an offer is. Not as scary as you thought. Try to make a 3-option offer, which gives the seller choices. The options drive the seller to consider what he or she wants from the deal, and you appear knowledgeable and likeable. And you are, aren’t you? The 3-option approach can also work if you’re dealing

There’s one big question we’re aiming to answer during the 24-week challenge. How do real estate investors build real wealth and freedom without access to millions of dollars in capital? We’re on week 11 of the challenge, and Zack Childress is guiding us through the steps to get to the answer. This week’s topic is Researching and Analyzing Properties. We’re talking about running the numbers on fix and flips. ARV (after-repaired value) tells you what property might sell for. Consider both asset and affordability value. Use comps to do it. Next, work backward from ARV. You will be deducting various costs from it, including fix-up costs, utilities while you hold the property, reselling costs and other expenses. Costs, profits and length of time on market will vary by location. Cash on cash return is the measure of the actual return on your cash outlay. It requires knowing what gross rents are, then deducting all expenses, including debt service, to determine what property is netting per year. Fix and flip or buy

We’re dealing with a sizable question during the 24-week challenge. We’re on week 10 of the challenge, and here’s the question. How do real estate investors build real wealth and freedom without access to millions of dollars in capital? Zack Childress is guiding us through the steps to get to the answer. Negotiation is communication. That’s what it is, pure and simple. It may scare you to face negotiation, but can you truly say you’ve never done it before? Don’t think so. So how do you get over your fear of negotiating? By doing it… practice really does make it easier. You need to face your fears and stay on a forward path. Gather information from the buyer by listening more than you talk. Don’t be in a hurry. Confidence is your strongest ally in negotiating. Don’t wish something will happen—make it happen. Become a strong negotiator by negotiating. “You’ve got to be in it to win it.” Something else that will give you confidence is having plenty of buyers. If you have a sufficient number of buyers, you don’t