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 – Ronald French – Pensacola, Florida
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I Average At Least One To Two Deals A Month
Ronald: My name is Ronald L. French. I’m from Pensacola, Florida. I’ve been going through online looking through YouTube, looking for some investors, home investors, and things like that and I’ve stumbled across a few and they didn’t catch my eye because they were too flashy. They were showing the fast cars, the big houses the money, real quick money. And I came across Joe and he just seemed down to earth. He was real down to earth and the main thing that got me was when he said, “You’re not going to get rich quick.” And I knew that when he said that, that was true because I was self-employed for fifteen years as a truck driver. And I retired from that and I went to school for a physical therapist assistant. And now I’m a physical therapist assistant.
Ronald: So when he said you’re not going to get rich quick, I knew that. And that was true. So, that kind of made me decide to start following him online. I’ve done three deals in the last four or five months of rent to own. The last one I just closed out I make over $4,500 after the deal is over. We just closed out actually before I came here. And that was it. We did a lease option memo for the owner. She was in California. She had property in Pensacola and she was renting it out and she was going through a property management company. And she just couldn’t make any money between the repairs and things like that and she asked me if I could help her.
Ronald: And I explained to her the whole situation, the lease option memo, how things could go and she said, “Okay, let’s try.” Well, initially she was a no. She came through on the Automarketer and she told me she was fine, she didn’t need any assistance. I said, okay. So, I followed back up with her later on and she was still a little hesitant, and she said no again, but she would think about it. Fast forward, a couple months later we got on the phone again and she was in panic mode. She had a property, she had a couple properties in Pensacola. She called me and asked me if I could help her, and like I said, I explained everything to her and I did the first deal for her. I put, I found a lease option tenant for her within a week. And I made $2,500 off of it.
Ronald: She called back and said, “Hey, do you think you could do this again for me? I have another property there.” And I said yes. And we did another one. I made $4,000 off of that one. It took me about two or three weeks to get that one filled. It was in a nicer area, of course we were asking a different amount of money for rent and we went from there.
Ronald: When you do the Rent To Own Method, you do what Joe calls a lease option fee. And basically that’s your down payment from the buyer, gives a down payment to you to purchase the home for you doing all the work for them. And it’s also your way of making money without taking anything from the seller because of what they’re asking for. And that’s how I got my down payment.
Ronald: This last deal took us about two months because the owner, she wanted a little bit more for her rent than what the market rent was worth. And I explained to her that I think, I thought the rent was a little bit too high and that we would probably have hard time finding a buyer, because most people have the down payment, they just haggle with the rent. And if it’s too high, they don’t want to pay it. And we ran through that for about thirty days. The owner finally agreed to bring the rent down and it went pretty quick after that. It didn’t take long. We went through a few more tenants to screen and things like that and we found the right one and now we closed out.
Ronald: It would be hard for me to say, but I didn’t do much work. Most of my time was just showing the house, you know, people calling and wanting to see it. And it would take me five, ten minutes to show the house every time I went by. The hard part was, like I said at the beginning, she didn’t want to come down on the rent, so that’s what took us the longest time. But once that went through it was a pretty fast process.
Ronald: For the area that I’m working right now, within the last four or five months with these three deals that I’ve done, I’m averaging anywhere between $3,000 to $4,000, between each property. Like I said, the first property was $2,500, this next one was $4,000 and then this last one will be a little bit over $4,500. So I figure anywhere between $3,000 to $4,000. The first deal was $2,500 and I found a buyer for it within a week.
Ronald: With the new Automarketer system that we went to, and switching over to Zillow instead of scraping craigslist your leads are a little bit more solid. They’re not as fluent and coming in in vast majorities, but they’re more solid. You get more credible leads, people are a little bit more serious about selling their homes and so I think I’m on, if everything keeps going the way it is, I think I’ll be able to average at least one to two deals a month. So, probably about twenty-four deals this year. That’s what I’m thinking – this year.
Ralph: Create wealth for generations to come in my family. Not be rich, but be wealthy. To secure the next couple generations behind me, future from my children to my grandchildren. And my main goal is to get my mother a home now. She’s getting a little older and she has a two-level home and I want to put her in a ranch style home and I figure this is going to be the best way I can do it.
Ronald: The last three deals that I’ve done has been pretty good. I’ve taken half of the money and paid up bills. I’ve been able to pay cash for a few things, but I also was able to take half of that money and put up to pay for the mentor program and come here because I felt like if I’m doing this, just following Joe’s videos and web seminars that he does online for you to follow, there’s no telling what, how far I can go if I get in here and do the things that he’s showing physically to us. And just listen to him and do what he wants us to do, and follow it word for world.
Ronald: Not full time yet. I do it in my spare time that I’m off. I get on there, I make phone calls. One thing that Joe teaches you is you’ve got to have a little thick skin. You’ve got to get used to people telling you no. But don’t get discouraged. I can be living proof to that. I was able to do some deals by just being diligent and keep going. So, that’s it.
Ronald: My goal is to acquire enough properties to where I can quit working and just do this and let the passive income take care of everything. That’s my goal. I know most people come into this saying they want to be a multi-millionaire and things like that. I figure if you do what you need to do the money will come. But I just want security and freedom to go and come when I get ready.
Ronald: It scrapes the Zillow, it scrapes the leads. And when you get a reply, I have it set up where I can even receive the replies through my cellphone. The Automarketer will alert me and say you have a new lead. I can click in it through my cellphone and it explains to me what the person said, if they said no, or maybe, or yes, or please contact me. But if they say no it’ll follow up with them and it’ll keep text messaging them after so many times to either they say yes or eventually they just say opt me out of the – unsubscribe me, please. Or, they say, please contact me. And then when that happens, you go from there and it generates the leads, it has forms on it for you with contracts. It has questionnaires to try to help you navigate through the things that you need to do to make you comfortable talking to your sellers because if you’re like me, you get nervous when you get on the telephone with people. And it just kind of out a little bit. It’s worth it.
Ronald: I haven’t scaled that large yet. When that time comes I will. Right now it’s just me. And the deals that I’m doing, I’m in control of those right now. But if it gets to the point where I’m doing two to three deals a month, yes, I will.
Ronald: Take the first step. You have to jump. And don’t be afraid. And have some thick skin because it is pretty brutal at the beginning, you know. People are harsh, but you’ve got to help them. They’re upset because they don’t know what to do. They don’t have any options, or they don’t think they have any options and you’re there to try to help them out, try to relieve some of the pain from them. Just, and do like Joe tells you, don’t be so focused on making a lot of money. Focus on trying to help people first and the money will come.
Ronald: Once you gain the trust of a seller, you never know where it can take you. Like I said, the lady I dealt with out of California who had property in Pensacola, after we did the first deal she just contacted me again. And we did that deal and then she ended up buying another property in Florida and asked me to do that deal. So, you treat people right, you never know what kind of blessings will come behind it. And that’s it.