Millionaire Real Estate Investing with Jim Pellerin

Episode #63 - Who Are Your Ideal Customers

July 16, 2020

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So, when starting to do your marketing for real estate investors, you have to define who your ideal customer is. And depending on the type of real estate investing you're getting into, that will be different. πŸ‘ŒπŸ‘¨β€πŸ’ΌπŸ 

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For example, if you're doing rent to own investments, you want to know who your ideal customer is for the seller. You want to know who your ideal customer is for your tenant-buyer, right? And these are both sides of the transaction. πŸ’²πŸ‘ŒπŸ‘¨β€πŸ’Ό

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So for example, for the seller, it's somebody who is willing to participate in a transaction with you. They continue to stay on the property, but they lease option a to you. When I do lease options, I like to do what's called a sandwich lease. πŸ‘©β€πŸ’ΌπŸ’°πŸ₯ͺ

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And then on the other end is the tenant-buyer. It's somebody, who's got a good down payment who just had one blemish on their credit score. Either. They went through a one-bed situation, and they're trying to repair it, but they can't get a mortgage right now. πŸ‘¨β€πŸ’ΌπŸ’²πŸ’³βš’οΈ

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You look at both ends of the transaction in fix and flip in a similar way. Who are you looking for? You want a motivated seller. We talked about that in several other videos, but you need both ends of the transaction. You have a motivated seller. There's actually three in this transaction. You have a motivated seller. You have the investor, the money partner, and then you also have the buyer. Although with the buyer, you don't really care who they are, just as long as they purchase your property. And this is after it's fixed. Right?Β  πŸ‘€πŸ‘ŒπŸ‘©β€πŸ’ΌπŸ 

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When looking for properties, you want a motivated seller, somebody that is in a situation where you could purchase a property at a discount.πŸ‘€πŸ πŸ’°β€΅οΈ

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So it makes sense for you to acquire it and put it through your fix and flip operation where you will end up making money and your investor will want to make money.Β 

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The ideal customer when looking for your investor is you want to make sure this person doesn't want to have a lot of involvement in your transaction. You can keep them up to date on a regular basis, like once a week saying, you know, things are going well, transactions in progress. But somebody who wants to be on the job site and looking at the kinds of materials you're putting into this property, that's not the kind of partner you want in a joint venture partner. πŸ‘¨β€πŸ’ΌπŸ‘€πŸ’²β³πŸ‘

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You want a joint venture partner who is going to be silent. πŸ‘¨β€πŸ’ΌπŸ€«

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So, when you are starting out, make sure you define who your ideal customer is that you want to work within these different transactions, depending on the real estate transaction that you're doing. πŸ‘ŒπŸ‘¨β€πŸ’ΌπŸ’°πŸ 

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