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(Note: Want the best system for fixing and flipping houses in the world? This brand new report exposes our step-by-step formula for wholesaling houses site-unseen in ANY area of the country … all from the comfort of your cell phone! Learn more.)
Someone once said (incorrectly) that “becoming an entrepreneur means trading your 8-hour daily workload for a 16-hour daily workload”.
The person who said that obviously never met Cris Chico.
If you’ve been following our recent Virtual Wholesaling series with Cris, then you will see he has done very well as a virtual wholesaler – and still has plenty of time to play.
Of course, if you haven’t been following our recent series with Cris, then I highly recommend that you take a few minutes to get up to speed by checking-out these three previous lessons:
Not only has Cris done extremely well – 116 properties flipped and $1,452,108 profits during the last two years – but he has done it without working crazy hours and killing himself. To find and flip that many properties on your own, in that short a time, would require not 16 hour, but 45-50 hour workdays!
So how does Cris do it? Easy. He outsources.
Instead of initially trying to do all the work himself, Cris spent his time creating systems and processes that would run his wholesaling business practically by itself. Now Cris can focus on building his business (and take a lot of time off for fun). In today’s lesson, Cris explains exactly how he set up his business to deliver deals to him on a silver platter.
Now don’t get me wrong – Cris is still involved in the process. But he simply doesn’t have to sift through tons of false leads in order to find the nuggets of gold. He has found websites, virtual assistants, and other experts who assist him by:
You could say Cris is the ultimate “I’ve got a guy” guy. He has some person or some website for all aspects of his business.
And he has found a way to use the team to wholesale houses in any geographic market. His only criterion is that the market be a profitable one.
So put on some comfortable pajamas, grab a cup of your favorite coffee, and keep reading to learn how you too can set up the same kind of systems in your business.
Cris: So there are two things we need in order to execute the system:
And there are a couple of reasons why we use a 24-hour recorded message:
Mogul: And I assume it’s not just “Hey we buy houses, any area, any condition. Leave your name and number”. It probably, literally, pre-screens them. You tell me if I’m wrong, but I imagine it sets the stage with letting them know first of all, you don’t pay retail for a property. I’m guessing that it’s an actual pre-screen. You’re not just trying to get whatever leads come in. Am I right?
Cris: Yes and No. That really is market dependent. Let’s take your market for example. I’m not there right now but I have done some previous direct mail campaigns in your neck of the woods. We had a huge amount of people calling. So we had to do some heavier screening on that message than perhaps down in South Florida where we want more people to call.
Cris: We use Click2Mail. We use a phone system and then we send out the direct mail. People just start leaving messages. Once somebody leaves a message, then my VA gets an email saying somebody left a message. We use a particular phone system called AdTracker, which is just a 24-hour recorded message hotline. The VA will log in to AdTracker. She will listen to the message. She will transcribe it. And then, we use software called Smartsheet – Smartsheet.com. It really is more like a spreadsheet, but a spreadsheet on steroids. It has the capabilities to put reminders and do a lot of other stuff. We have a customized template that we use. The VA will input all the information for the lead into the system. Then she’ll go into RealQuest and pull up the property detail report and the comps report. Next she’ll go into Google Maps and pull up a street view of the property. That way we can look at least at the front façade of the property, which, if I can loop back, is one of the other criteria we use when selecting a market. We want to be able to have a good Google Street View in that market.
Mogul: Oh that’s good.
Cris: Otherwise it makes it more difficult.
Mogul: Interesting little fun fact that people don’t know is that when you first started doing this, there was no Google Street View. What a difference it’s made, right?
Cris: Yeah I used to have to put ads on Craigslist for photo people, and I would have to pay them 25 bucks to do essentially what Google Street View does now, for free.
Cris: Next – like I said the VA will pull all that information. And then she’ll change the status of that lead from ‘new lead’ to ‘review’ in our system. When she switches that lead over, my acquisitions person takes over. He’ll review the lead. He’ll make a determination if it’s a viable lead or not. Many times he’ll need my opinion on the property so he’ll switch the status to one that triggers me to look at it. I may review and put my notes in it. Then he calls the seller, negotiates the deal, sends them the contract, and pretty much gets us the property. Then we’re ready to go to the next step.
Mogul: Do you look at every potential deal before your acquisitions guy moves into negotiations?
Cris: No – not every deal. Not at this point. At the beginning – yes. As I’ve trained him, it’s not necessary in every deal. Especially when you know stuff is just way too much. But as we get closer to properties that look like there might be something there, he gets me involved to get a second set of eyes and to give an opinion about price.
Cris: Then we send the contracts to the sellers. Typically we send the contracts to the Sellers Express Mail. We put a package together that is a contract, a letter to the seller, and a benefits page. The benefits page reiterates all the benefits of them working with us. Buy the property as-is, Seller doesn’t need to make repairs and that sort of thing. We send it to them Express Mail with the US Postal Service. We include a pre-paid, priority mail envelope already addressed back to us. There’s two copies in there, signed by us, with instructions for them to sign one copy to keep for their records. They sign the other copy, put it back into the Priority Mail envelope, and then just drop that back in the mailbox to be sent back to us.
Mogul: Just to be clear. You don’t do any of that. That’s all on your acquisitions guy.
Cris: Right, right. I don’t do any of that. When the paperwork comes in my acquisitions guy will receive the contract. He will scan it into the system so we have a pdf copy of the contract which is really all we need. Then we’re ready to go to the next step which is to sell it to our buyer’s list.
Work On Your Business, Not In it! – Sit back and take a high-level look at your real estate investing. Where can you automate, eliminate or delegate tasks? Make a list for yourself. Are you doing tasks in your business that you could pay a VA or a handyman to do? Could you focus on more lucrative tasks?
Research Resources – There are a ton of resources you can find on the internet, on Craigslist or from other investors to help you in your business. Heck – check out Real Estate Mogul! We try to alert you to great new ways to make your business much easier and more profitable.
Match the Resources to Your Business – Take your list that you made in the first action step and match it with the resources you found in this article, Real Estate Mogul in general, and your own research to really help your business grow.
Is there a topic you'd like to learn more about? Request a Lesson
is a successful real estate investor in Florida who specializes in wholesaling in local and long distance markets. Over the last two years he successfully flipped 116 properties and generated over $1,452,108 in profits. He rarely personally inspects any of the properties that he flips or meets with any buyers or sellers. In fact, most of the markets that he operates are thousands of miles away.
Module: Investing Strategies
Expert: Cris Chico
At RealEstateMogul.com, we’re committed to delivering the awesomest, most practical, actionable content to our members … and that a big part of that is getting YOU to tell us what you'd like to learn from us. Since our REI resources are basically endless, we’d love to tailor our upcoming training as much as possible to precisely match what you, our members, really need and want out of us.
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FROM PRESTON ELY - MY PERSONAL DISCLAIMER TO YOU
Hi - we do everything in our power to run a good, clean business and help people succeed.
We've been in business for nearly a decade. Our mission is simple: help 1,000,000 people live lives of greater freedom. That's what gives us juice and passion.
Unfortunately, there are people and companies who do bad things and make products that don't work at all or don't work as advertised. That behavior hurts everyone.
The bottom line is there is no such thing as magic. There is no magic unicorn that will appear on your doorstep and start pooping gold bars or giving you free money.
Just because people in this program have made lots of money doesn't mean or imply the same will happen to you. In business, and in life, there are no guarantees.
Any one of the people who we happen to feature in this program have a BIG WHY - they want to make a difference and help themselves, their families, their employees and customers succeed. They want more and they apply themselves, they get outside of their comfort zones, acquire new skills, work like crazy, make mistakes, and fail, BUT THEY DON'T GIVE UP.
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If you're the type of person that isn't willing to roll up your sleeves, learn, explore, grow and focus on helping other people succeed, our programs aren't for you.
If you're a blamer, whiner, malcontent, or just downright lazy, our programs aren't for you.
But if the content is this program and our videos resonate with you - and you can see the possibility and potential that this can work for you, then WELCOME HOME. You're in the presence of REAL PEOPLE who are helping REAL BUSINESSES succeed, thrive and survive.
It would be both mine and my team's pleasure and honor to serve and support you so you can EARN MORE, LIVE MORE and GIVE MORE.
Preston Ely, CEO
FULL EARNINGS DISCLOSURE:
RealEstateMogul LLC. (The Company) does not guarantee income or success, and examples shown at RealEstateMogul.com do not represent an indication of future success or earnings. The Company declares all information shared is true and accurate, and any claims made of actual earnings or examples of actual results can be verified upon request.
The earnings, revenue and profit results that a customer will generally achieve in circumstances similar to those depicted in the endorsements and testimonials on this site depend on many factors and conditions, including but not limited to, work ethic, learning ability, use of the products and services, business experience, daily practices, business opportunities, business connections, market conditions, availability of financing, and local competition, to name a few. Because of impediments due to any one or more of the foregoing and other factors, it is generally expected that no earnings, revenues or profits will be achieved with the use of any products or services advertised on this site in circumstances similar to those referenced in any endorsement or testimonial.
Each of the purchasers of our products and services who have provided their endorsement or testimonial for use on this site have received a refund in the amount of the cost of the product and service in exchange for their endorsement or testimonial.