What I learned at Ron’s Recent Events..
What I Learned at Ron’s Recent Events (8-11 May 2018)…
Man, oh man!!
This past week, I attended not one but TWO of Ron’s events, “Mastering the Phone,” and “How To Structure Your Financial Empire.” They were, in a word, INCREDIBLE!!
At these events, I not only had the pleasure of enjoying what Ron was teaching (which is always awesome), but also meeting several of my stellar students!
I’m proud to say that I had EIGHT students (six current and two former) in attendance, making me the mentor with the most students there…other than the Wolffs, of course. 🙂
So let me quickly share what I learned with you at these events…
Mastering the Phone
This was, without a doubt, a very eye-opening experience for everyone there.
As we all know, mastering the closing call with the seller is the most critical component in the Pretty House/Creative Real Estate Business. When you have this locked down, you’ll be able to do more deals, more often, and make more $$.
A tremendous side benefit is that you become a better communicator, and that helps in everything you do – for the rest of your life. You know that’s a BIG one for me, as we’re always focusing on this, right? 🙂
The consequence for NOT mastering this vital skill is that your results will be terrible. You probably won’t make much $$ or do many deals at all… Which is why YOU must get to be EXCELLENT on the phone NOW! Where else can you make $10k-$20k-$100k+ just by TALKING?? Exactly.
Your Calls Will Produce One of 4 Types of Sellers
- NO Terms. No Deal. Suspect.
They say they didn’t say yes to terms or have decided against it.
To Do: Dismiss and move on.
- YES to Terms, but not good terms…
They’ll accept terms, but want BAD Terms, such as too much down or high monthly payment.
They might want 25%-50% down, or would only accept a ridiculously high payment.
To Do: Try to negotiate these a bit before just dismissing them. Sometimes they just want to test you.
- YES to terms, but not quite good enough to stay in the deal long-term.
They want retail price or market rent for the monthly payment, but the downpayment they’d accept is low enough for you to take it to the market and do an ACTS deal.
To Do: Visit the house & work on better terms face-to-face.
- YES to terms, at excellent levels.
These are your Golden Goose deals. The ‘Needle in the Haystack’ we’re all looking for.
You can get in for little or nothing down, low payment, and some free equity.
To Do: Get out to the house to lock it up ASAP!!
CAUTION POINT (Important)!:
Don’t over-negotiate on the closing call. Make sure you get the ‘Big 4’ points answered. Don’t push too hard.
You’re just probing for flexibility and motivation to see if they’re open to terms. You’re not on the phone to negotiate a deal – that’s what going to the house is for!
The ‘Big 4’ Questions to Always Ask:
Whenever you’re on the phone and the seller indicates that they’re open to terms, do the best you can to ask these big four questions:
- “What’s the least you could accept on the price if we can agree on terms?”
- “We usually buy with nothing down, OK?”
- (Existing loan): “I assume you’re OK if I just cover your payment until I pay you off?”
(Free & clear): “What’s the lowest monthly payment you could take?”
- “What’s the longest term you could give me?”
There’s a LOT more, but those points there will give you a GREAT head-start on things!
There’s way too much to cover in this post/email, and it’s starting to get too long already.
So I Have a Surprise For You!
On the way to the bathroom, I asked Ron if he could share some stuff about the class with you, and he said yes!
In fact, he thanked me for reminding him.
Ron has put up some GREAT things for you to go check out online at http://RonLeGrand.com.
At the time I’m writing this, they’re the 2 most recent posts, but won’t stay there for long. Check it out asap.
On that page, you’ll be able to not only grab the slides from the Financial Empire Event (awesome), but also see a couple ‘skits’ from the “Phone” event, starring my students Steve & Lynn Kilpatrick (lovely couple from NC) in skit #1, and my young buck student, Jorge Santana, from New Orleans in skit #2!
These skits show you EXACTLY what to do when you go to a seller’s house, so make sure you watch them and PAY ATTENTION!
Big Shout Out to Those Who Made It There!
These are the students who took the time to make it out and attend these events:
- Jorge Santana,
- Troy Cannatelli,
- Irina Nudel,
- Steve & Lynn Kilpatrick,
- Isaiah Johnson,
- Jerry & Carmie Daniel,
- Kathy Adams & Benny B.,
- Kristina Lindstrom & Hiram
It was truly a pleasure meeting all of you (except for Irina…cuz I already knew her haha).
Hope to see YOU at the next event soon!