Agent Investor Podcast

How to Buy Your First Investment Property w/Diego Corzo

For millennials living in this day and age, it seems as if climbing up the corporate ladder is the ultimate goal. Is there a way out of it? How can you get started in property investment? And can renting a property out actually cover all your living expenses, and even a bit extra? These and many more questions will be answered by property investment guru Diego Corzo, who will prove that his inspiring success with real estate investment is something anyone can aspire to.

I realized that no matter how long I worked, pay was going to be the same, so I decided to focus on getting a job where your time and your effort determines your success.  - Diego Corzo

Takeaways + Tactics

- Getting started on schemes like House Hacking as early as possible can help you generate enough income to quit your job and still have your expenses covered.

- There are three key aspects to increasing cash flow when renting by the room: regular house cleaning service, professional property management and renting to young professionals.

- To break out of corporate America, you have to be prepared to make lifestyle sacrifices.

To start off the episode, Diego talked about his background and his life as part of the corporate world and his journey to self-sufficiency. He also explained why he buys properties in Jacksonville rather than Texasm and we discussed how different the two markets are. We also did some number crunching, talking about Diego's income from his properties and where he's planning to take them. Diego also talked about his goals for the future and gave good advice to anyone, planning to quit their corporate job and investing in real estate

We also discussed:

• The path to a first investment property through House Hack
• Diego's motivations for becoming a real estate agent
• Good mentorship and how that helps
• Advice on leaving the corporate life behind
• The importance of doing a job you love

The one place where you spend the most time during your whole life is at work - so if you hate your job, this has a chance of making your life miserable. Once you escape the constraints of a 9-5 job, the wide world of real estate investment can help you live a comfortable, fulfilling life with some extra income to spare. Starting any new venture requires sacrifice, so if you're determined to get a head start in investment, you may have to consider some lifestyle changes. However, these will only be temporary; as soon as you start building a portfolio of properties and you get the cash flow going, then you will see your income grow steadily. All your efforts will be rewarded with the sustainable income that property investment can bring you - you just need the courage to get started and the determination to succeed.

Guest Bio  

Diego Corzo is a real estate investor and agent based in Austin, TX. A graduate from Florida State University, Diego's graduate job was as a software developer for an IT company. Soon enough, Diego felt that climbing up the corporate ladder wasn't the future he envisioned for himself, so he became interested in real estate. He bought his first property when he was 23 and only three years later, he owns eight properties and generates passive income from them every month. Diego's goal is to achieve financial freedom by the time he's 27. Additionally, DIego also works as a realtor in the Austin area. Follow DIego's journey to financial freedom on http://freeby26.com

Motivated Sellers: What a Listing Consultation Looks Like with a Cash Offer Option

 A lot of agents go into appointments with the “sell, sell, sell!” mentality, and as a result, they miss out on a lot of opportunities. How do you identify opportunities and handle the consultation so that you stand out? How can you gain more credibility? On this episode, we talk about listing consultations with motivated sellers and their benefits.

When you approach people with an investor offer, you’re going to get more one on one meetings. -Tom Cafarella

Takeaways + Tactics

• When you approach people with an investor offer, your conversion to getting appointments will be higher.
• A lot of agents don’t go into appointments with the intention of figuring out if they’re a good fit or not.
• The market is so hot that if you have a retail deal that makes sense the odds are pretty good that you will find someone.

At the start of the show, we talked about the benefits of approaching the seller with a cash offer, and why it helps you stand out. Next we talked about what agents get wrong with their mindset and approach to sellers. We also discussed how to spot opportunities, and the importance of knowing if the seller is a good fit. Towards the end of the show, we talked about why it’s easier to find retail deals when the market is hot.

We also spoke about:

• The prequalifying questions you should ask
• The importance of a consultative approach
• Why options provide differentiation 

If you go in with the sell, sell, sell approach you might leave the seller with many questions in their minds, which means you won’t get that listing. The key to this approach is generating leads with cash offers, doing very question-based consultations and qualifying them quickly. The benefit is you’re going to get more face to face time with sellers and your conversion is going to be higher. Ultimately, you’ll get more credibility going in and you will stand out.

Structuring, Tools & Strategies To Add to Your Investing w/Beau Eckstein

The real estate investing space can be daunting for a rookie. How do you find capital when you’re starting out, and what strategies can you put in place to build your profile? On this episode, Beau Eckstein shares his investing expertise and gives insight into using YouTube, Google, as well as networking.

If you have a really good deal, in this market today, the money’s out there. -Tom Cafarella

Takeaways + Tactics

1. The first step to financial freedom is getting the income from rental properties to cover your monthly expenses.
2. YouTube is the second biggest search engine, get good at using it.
3. Self-directed IRAs are one way someone can get started with real estate investing.

At the start of the show, Beau shared how he got started and the models people can use to start buying cheap and using other people’s money to grow their investing portfolio. Next, we talked about why putting money into rental properties in Boston isn’t worth it. Beau also discussed the value of building your network and how to play the market shifts. Towards the end of the show, we discussed meetup groups.

Beau also spoke about

• The advantages of self-directed IRAs
• How to become a really good deal finder
• How to achieve financial freedom

The beginner investor has to start by educating themselves and preparing themselves to find the best deals. In the beginning when you don’t have enough money, get exposure by using YouTube videos, and then level up by using Google ads. The market is ripe with money for deals, and if you can set yourself up the right way by building your network everyday, you can get financial freedom.

Guest Bio

Construction Lending | Business Loans | Hard Money | Commercial Lending | Real Estate Broker. Managing Director of SFR Ventures, serving all of California, with a concentration in the thriving San Francisco Bay Area real estate market. For more information, go to BeauEckstein.com.

Why Real Estate Agents Make Great Investors

Most sellers don’t know what the process of selling to an investor looks like. Why are real estate agents the perfect people to take sellers through this process? What is the biggest challenge people face when they’re transitioning from agent to investor? On the first episode of the Real Estate Mogul, we answer these questions, and give you a look into the day-to-day of life as an investor.

What people say to you on the phone or on an online form, doesn’t necessarily correlate to what happens in reality. - Tom Cafarella

Takeaways

1. The biggest misstep agents make is pushing for a listing on something that could be sold to an investor.
2. You always want to get face to face with a seller, so you can qualify them a lot better.
3. You’ll get the business if you do what’s in the best interest of the client.

At the start of the show, we discussed what the average day looks like for a real estate investor, why most sellers don’t know the process of working with investors. We also discussed the skills agents have that serve them in the investing space. Towards the end of the show we talked about coaching people to become investors.

We also spoke about;

• How to weed out the wrong people
• The importance of jumping on leads quickly
• Scenarios where it’s better to sell to an investor and not take the residential route
• How to define motivated seller leads

A hammer will always look for a nail, and this is very true in real estate. There are many scenarios where a property should be targeted to investors and not residential listings. This requires a toolbox of skills to know when this scenario arises, and that’s why agents are great because they already have the required skill set in place. Agents know how to build rapport, get people to know, like and trust them, and they know about the market. With these skills in their back pockets, agents are naturally primed to succeed in the investing space.