Case Study – Eliot Pollak – Toronto, Canada
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 Tom, 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.
My 6 month mentor program:
A few Case Study Video Interviews with my Students:
Read Transcript for “Automation Makes It Possible For Me To Work 2-3 Hours Per Day”
Eliot: My name is Eliot Pollak. I’m originally from Brooklyn, New York. I’ve been living in the Toronto area in Canada for the last six years. I used to be a rabbi and I used to teach; that was my occupation. I’ve done real estate before. I’ve taken a course, and I’ve done real estate. On the first flip, I made a few thousand dollars. With the second flip, I lost $50,000.
Interviewer: Was this using Joe’s techniques?
Eliot: No, this was before Joe. Now, I’ve taken a course already. After that course, I lost $30,000 and I was in debt, so I decided I might get more educated. Then, I found Joe online or whatever, and so I went into the Mentor Program.
Eliot: There are two things that I’ve learned from Joe. The first thing is the no risk. So I know that even though I wouldn’t have done any deals, just from knowing all the basics and being so knowledgeable, I know I’m not going to do that anymore (what I’ve done) so that’s one thing. And then, I started to do what Joe told me to do and within five weeks, I made my first $5,000, so I was very excited. I did another couple of deals in the next six weeks. I’ve done like $1,000 a week.
Interviewer: So, you started and within five weeks of entering Joe’s course, you made some money. Is that right?
Eliot: Yes, I did my first lease option memo. I signed my first two. I signed the first Friday. I started, I think on Sunday, and by the first Friday I did two memos.
Interviewer: Oh really?
Eliot: One didn’t work out; the guy found a renter, but the other one worked out and within five weeks, I got my $5,000.
Interviewer: So how many hours did you put into that?
Eliot: Less than 10.
Interviewer: Better pay than being a rabbi?
Eliot: Much better.
Interviewer: How did you find out about Joe?
Eliot: I think, from the guy in the other course. I’d taken another course. This guy was like selling courses. I think Joe was interviewed once and I think I got it through him.
Interviewer: So, not very much hard work to get this first one done?
Eliot: No, actually I didn’t even know what I was doing. I just said whatever Joe told me to say, and the guy even knew that it was my first deal. The guy understood. He understood what I’m doing. I’d actually had a hard time with a fixer upper deal, so it wasn’t the lease option, or what all of the tenants would want, and it didn’t work for me for the first two weeks, and so I called Joe and Joe told me what to put into that fixer upper and to change the verbiage in the ad. Once I did that, I got it sold in two days.
Interviewer: Now, when you say there’s no risk and the safety net, explain how that works.
Eliot: I used to know that I had to put down money and whatever I did up until now. I’d put down a big down payment and a loan and then it wouldn’t work out the way I wanted and I’d lose the money, and if I did another such deal, I would probably do that. Now, what Joe does is that I don’t put any money down and I’m very up front; everything is honestly done, and then I make the money.
Interviewer: When did you start with his program? How many months ago?
Eliot: We started, I think, in January or December; I don’t remember. My average is $8,000 a deal.
Interviewer: Oh, okay, not bad then. Are you doing this full time or are you still working?
Eliot: I’m not working right now but I’m also not doing it full time; a few hours a day.
Interviewer: How many hours then?
Eliot: Three or four hours.
Interviewer: How much are you using the Automarketer at this time?
Eliot: I’m basically using the Automarketer for my selling marketing technique. I’ve seen all the other techniques like newspapers and signs and all of the other stuff but the response is so little compared to the Automarketer. I get a big percentage from the Automarketer and I have too many deals coming from the Automarketer so it doesn’t make sense to do all of this other stuff. With one push of the button, I send out emails, voicemails and text blasts to all of the guys, then with the way he structured the emails, that makes them respond. When they respond and I see that they’re good, I can convert one out of three for sure.
Interviewer: Pretty high percentage, huh?
Eliot: I didn’t used to do that, but lately I convert one out of three, or even more than that. My goal is to make as much as I can and just to get a lot of cash in there. My goal first is to do the “For Rent Method” with Joe and then start to do ‘Subject-To’s’ and all of the other real estate stuff, but the first thing that I want to do is to generate cash to make sure that it’ll be viable.
Eliot: My steps are to get better at talking to sellers. I’m pretty good at it but I still make a lot of mistakes, so my steps are to get better at it and to convert most of the people that I talk to, and then my steps are to call people back right away, which I don’t do now, and then to sell it more efficiently.
Interviewer: How would you do that? How would you become more efficient?
Eliot: If I talk to sellers and I get more deals, and then market it better, put in the ads and signs and whatever I do to make it the best, I could to be able to sell it more quickly.
Interviewer: How big would you like to become?
Eliot: There’s no limit; the sky’s the limit, but I’d like to make a few hundred thousand dollars a year.
Interviewer: How much?
Eliot: A few hundred thousand.
Interviewer: So at your rate, that’s 25 deals a year.
Eliot: Yes, for sure, realistically.
Interviewer: What advice would you give a loved one who wanted to become a real estate investor? What would you suggest they do?
Eliot: I would advise that you get a good education from a good mentor. Without that, you can become poor in a second from real estate. So, a good education – I think Joe’s the right guy. So, then you should try to be focused. Whenever I’m focused, I see that it works, and whenever I’m not focused, I don’t make the money, so try to be focused, and whatever mentor you take (I think Joe’s very good for it) you should try to do whatever he says and not to try to reinvent the wheel, which I did for a few months and it just didn’t work.
Interviewer: What do you think makes Joe a good mentor? What techniques?
Eliot: First of all, all of the techniques that he’s done, and he has experience in everything. Because of the way he answers me and everything, I can see that he has real hands-on experience; he’s not just reading out of a book and just teaching stuff. The other way is that he is very open minded – he doesn’t teach everything in one way – he understands that each personality is different and he gives you all of the ways you can do it. He’s a very open minded person; a very refined person.
Interviewer: Is there anything else you’d like to say about the whole program?
Eliot: What I’d like to say is that it’s changed my life. I have a job that’s interesting and I hope to get a lot of cash out of it and then to build wealth.
Interviewer: Anything else?
Interviewer: This wasn’t so painful, was it?