Father And Daughter Work Together To Build A Real Estate Investing Business
I believe the best way to learn the business of real estate investing is to hear how others have done it. When these interviews were recorded, I asked the interviewer to ask questions that would help the viewer see how these folks got started.
I wanted to hear the struggles, the successes and a clear path and explanation of what they had to do to make these deals happen. I did NOT want them to be a bunch of people telling you how wonderful Joe Crump was. I wanted content, examples and real life experiences.
I hope we succeeded.
Case Study – Randi Lange – Las Vegas, Nevada
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Father And Daughter Work Together To Build A Real Estate Investing Business
Randi: My name is Randi and I’m from Las Vegas, Nevada. I heard about Joe probably when I was sixteen and I’m almost forty now. So, my dad and my uncle were studying his program, some of his material that he had about creative real estate investing and it piqued my curiosity. I got involved with my dad and my uncle’s business and I was in charge of finding the lease option tenant buyers and then it just always kind of stayed with me.
Randi: And I wondered what happened to that business we started back when we lived in Chicago, wondered if it would work in Las Vegas, and wanted to learn the missing pieces to how to acquire the properties. So I told my dad I was going to come to this even and asked him if he wanted to come with because he’s the one that introduced me to the program in the first place. So, now it’s all kind of coming full circle for both of us. So, he’s here and I’m here.
Randi: The thing that initially drew me to the program was the fact that anything creative interests me. So, creative sales, creative investments. I own a talent agency and I’m constantly putting deals together with clients like, IBM or different large clients that have a need for talent for their trade shows. And so this, to me, is the same thing. It’s taking a buyer and a seller and putting them together and taking a finder’s fee and creating solutions for everybody. So, just a different industry. Same problem and fix.
Randi: Right now I’m still working on pulling together my own first deal. But the group’s first deal when my dad, my uncle and I first started, was actually my childhood house that I grew up in. My dad purchased our house – he was a single parent – and he was renting a house and I think he rented it for a few years and then the original owner came and said, hey, we’re going to sell but we want to give you guys first crack – or give my dad first crack.
Randi: So he bought the house that I grew up in lease option. That was when we were living in Chicago. And then when we wanted to relocate out of state, out of state moves cost a lot of money and he said, oh, I wonder if we could lease option our own house to somebody else? And we did that fifteen years ago. We rented it out on craigslist and somebody three blocks behind us in our same subdivision called and she was living in the smallest house in the subdivision and ours was the largest townhouse in the subdivision. She wanted to upgrade.
Randi: And so she moved up three block. She paid a $10,000 option fee and we moved to Vegas and fifteen years later she’s still our tenant. So, she has not exercised her option to buy yet, but we could negotiate and either finalize it or if she decides to leave and not exercise her option whenever we decide to, you know, finalize this deal we might be able to lease option it again.
Randi: I was with my dad when he was doing all the marketing for when we lease optioned our house. And I was the one that placed the craigslist ad and at the time took all the pictures, got them developed then scanned to CD and then uploaded them to craigslist. And it literally probably took fifteen minutes of the marketing effort that I put in for him with the initial call and showing the house, maybe another hour, hour-and-a-half and then they met for closing, went over the paperwork with her. She signed the paper. That was it. And even now, fifteen years later, we lucked out because she’s a great tenant, but, I mean, total time that we’ve actually spent with her either on the phone or meeting in person, him and I combined maybe three hours over fifteen years. So she’s a dream tenant.
Randi: My latest scenario from this program has been working on understanding all the solutions you can offer to a seller to help fix their problem and to do lease option deal, a rent to own method, and my biggest take away is if somebody says, yes, they’ll sign a lease option memo, don’t say okay, send it to me, email it to me tomorrow. Say all right, go to this weblink and lets do it on the phone now. Because he said yes. I had a yes in my hands and it slipped through. So I, that was my lesson that I learned. So right now I’m still in the growing phases of putting together my own first deal so hopefully that happens soon.
Randi: I have a couple personal goals as a real estate investor. I’d like to take what my dad set out to do and sew it up and build on it. I like the for rent method. I think it’s a great way to get cash flow, but ultimately I would like to acquire properties to hold and rent out and just build equity and go from there. And I’m hoping that bringing my dad to this even gets him kind of on the same page. He was really in the for rent method and I think that’s great for cash flow, but I think if you want to acquire wealth through real estate investing you should be buying and holding and I’m hoping he gets the urge to do that and not just flip properties, because I think it could be good for his retirement and for my future, too.
Randi: The impact this program has had on my personal life is interesting. A lot of people don’t understand. You’re excited about it, you want to talk to your friends and family about it, but sometimes it’s over their head. But it takes time and it takes effort, but it doesn’t affect my life by way of what it would be if I took a job working at a real office conventionally. So you can do it on your own time.
Randi: The Automarketer is amazing because it is a huge timesaver. So, I don’t mind tech. I know a lot of people are scared of tech, but I’m on the cusp of being a millennial, so I was born in ’82 and I like tech, I like computers. I like craigslist, I like Zillow, I like fiddling with any software. So, to me it’s a huge timesaver.
Randi: There’s a little bit of a, I don’t want to say a learning curve, because it’s pretty user friendly, but once you learn the system them you can fly and it’s a huge timesaver.
Randi: I’d love to do this full time. That’s kind of the goal. I’ve got to walk before I can run. So once I learn all the hierarchy methods that Joe uses to fix peoples’ problems then maybe it’ll snowball and I can do that. That’s the goal for sure, though.
Randi: Doing real estate full time, to me would just be freedom, you know? You don’t have to report to a job at a certain time, commute in traffic. You don’t have to be kind of capped at an hourly salary. The ceiling – there is no ceiling. You can just do more deals if you need more money or you want to build more wealth. I haven’t had a real job since I was eighteen. So, I was raised by an entrepreneur father and I either had my own salon and I was booking my own hair clients – I was a colorist for a while and did that – then I went on to do full time trade show modeling that was all free lance after that.
Randi: I started the talent agency booking other people so I’ve always put together deals and I don’t – I have an authority problem, I guess. I don’t like having a boss and I don’t like being told what to do or how much I can make. So, that’s why this appealed to me.
Randi: I have automated by way of not door knocking and cold calling as far as advertising to get tenant buyers and sellers and to get the leads coming in. I haven’t outsourced yet so that’s part of why I came to this weekend event is to learn how to outsource and get a team put together of people to help with that. But before you teach it you need to put in the work and learn what to teach and how to teach it correctly. So that’s why I’m here.
Randi: If you’re just starting in real estate investments and learning creative deals for real estate investing, the first thing I would tell them is hold the phone on spending your own money. There’s a different way. There’s a lot of different ways that you can invest in real estate if you have no money and you have more time than money.
Randi: So use your time, use your time wisely, like Joe says, do the stuff that makes you money. Learn the entire system and pick up the phone and start talking to people. That’s, I think, the biggest challenge with the whole program is learning what to say and how to talk to people but the more people you talk to and the more you mess up the more you’ll learn from your mistakes and don’t, don’t get discouraged if nobody around you, doesn’t understand what you’re doing or support what you’re doing.
Randi: I had an ex-boyfriend tell me that I was buying snake oil and that Joe is the snake charmer. And it’s, I would love to prove him wrong. I know we can because we’ve done it with our own house. Some people just don’t get it. So, it’s not that at all, and people fear what they don’t understand. So you just have to kind of know, trust the system. All you need is your first yes and your first deal and you’ll know that it’s not hocus pocus.