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HOW I MADE $456,000 IN 6 MONTHS
T here are two ways to learn about the foreclosure process. One is to stop making your house payments each month — you'll become familiar with the foreclosure process very fast. Of course, I don’t recommend this method. Instead, you should take the less stressful route: Make an appointment with a real estate attorney in your area, and ask them to walk you through the foreclosure process. This is the avenue Carol Joy and I took when we started our business 15 years ago. With this information, we created a system of buying foreclosures and made $456,000 in six months. It was not our intent to take advantage of people who are going through a stressful time. In fact, our system was created with the purpose of turning the foreclosure process into a win-win for everyone involved. Carol Joy and I set out to be problem solvers, helping people in distress. Our system enables us to locate people facing foreclosure and help them solve their problems before other real estate investors have a chance to contact them. This month, I want to share our foreclosure process with you. 5 Steps to a Successful Foreclosure Business 1. Get the Foreclosure List There are three substeps to locating and tracking foreclosures, and none of them involve monitoring foreclosures online. a. Go to the courthouse twice a week — or send your courthouse assistant — and get an update on all the open files. While you can certainly try to view updated foreclosures online, only by visiting the courthouse in person will you have access to the most accurate information before anyone else. b. Track every open file until it’s closed or dismissed. At any given time, we track 300 open files in our small market.
c. Create an Excel spreadsheet to keep track of the information. With this software, I don’t have to go through files by hand. Instead, I have a weekly report that shows me all the new bids and new foreclosures. 2. Market to Motivated Sellers When we created this program 15 years ago, I
also created eight direct-mail letters I could send to potential sellers. The post office is still open, and you don’t have much competition since most marketers are online. These letters get a 57 percent response rate — though I should clarify that some of these responses do include vulgarity. We get such a high response because, thanks to our foreclosure list, we’re able to match our message to the right audience. We send each new letter three business days apart, and every letter includes a call to action and multiple ways to respond, including email, our 24-hour hotline service, and operators answering live. Once we get a response, we stop mailing the letters, and we ask the homeowner if they want to keep their property. If they do, we give them some strategies as to how they might be able to keep their house. We don’t make anything on these deals, but I believe we should always help people whenever we can. If we get a response from someone looking for the best way out of a bad situation, we make them an offer.
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Are You Keeping Up With Your B
The first quarter of 2018 is rapidly coming to an end. What steps have you taken to achieve the goals you’ve set for your business this year? Howmuch progress have you made? Have you already logged a string of successes, or are you struggling?\ Business owners and entrepreneurs set their sights on a number of goals every year. The problem is that a lot of those goals are left unaccomplished due to flaws in the planning stage. Here are some common goal-setting mistakes.
energized and motivated. As part of the celebration, discuss what still needs to be done to accomplish big-picture goals. If you find yourself or your team falling short of expectations, use this as a learning opportunity. Evaluate your progress and see if you can identify any roadblocks. Did you give yourself and your team enough resources? Were goals miscommunicated? Did changes in your business, your community, or the economy affect your goals? How can you get back on track? If you need to make changes or recalibrate — do it! The longer you wait to adapt to changing circumstances, the longer it will take to find the right course. Even the best-laid plans can be disrupted by unforeseen circumstances. It’s up to you and your team to embrace change. It’s not uncommon for marketing strategies to evolve over the course of a year. You may discover that certain aspects of your referral campaign aren’t working. Trimming the fat isn’t necessarily easy, but taking the time to do so will set you up for better results in the long run. Don’t be afraid to make decisive cuts. If a strategy or a goal simply wasn’t a good fit, say goodbye and revisit it later. For now, take some time to review your Q1 progress. What do you need to do to make Q2 — and the rest of 2018 — a smashing success? Perhaps most instructive is Duckworth’s equation (she was a math teacher, after all): Talent x effort = skill. Skill x effort = achievement. “Effort counts twice” could be the battle cry of grit. Gritty people are willing to put in the extra effort to achieve their goals, and that’s what helps them reach their goals if they don’t have innate talent. While this provides a strong case that those born with grit will succeed, grit doesn’t factor luck and opportunity into the equation, something that Duckworth is transparent about in her book. She says those who aren’t born with grit can develop it in four simple steps. First, identify an interest that can blossom into a passion. Second, practice that passion — a lot. Third, develop the belief that your passion has purpose. While it’s not an overnight transformation, these guidelines can at least provide hope, which is the fourth step: Hold on to the hope that you can succeed. Our biggest takeaway from “Grit”? Look at failures as milestones on the journey to success. Getting gritty means failing and learning from it. Any of us can get gritty if we’re willing to put in a little elbow grease.
Setting goals that are too lofty or unrealistic
Not taking the proper steps to see goals through
Not working together as a team to achieve goals
• Not defining the goals in a way you, and anyone in your organization, can clearly understand
• Not having a tracking system in place to monitor and review progress
As you work toward your goals, it’s critical to celebrate the smaller milestones along the way. Recognizing achievements keeps your team
Discovering TRUE ‘GRIT’
If you’ve ever been told you won’t succeed because you lack talent, bring a copy of “Grit” to your next meeting. While teaching high school math, author Angela Duckworth noticed some of her highest-achieving students weren’t the ones with the highest IQs and some of her “smartest” students weren’t doing all that well in class.
Wondering why, she followed her curiosity to Penn State’s psychology program. There, she studied several demographics, including cadets at West Point, young teachers, and sales representatives. After numerous psychological studies, Duckworth discovered that “grit” was the common denominator in successful people. Duckworth defines grit as “passion and perseverance for very long-term goals.” People who display grit don’t start a project and abandon it a month later. They devote themselves to an overarching goal that drives everything they do. She explained that someone who practices grit goes through life like a marathon, not a sprint.
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Cover article continued ... 3. Construct Your Offer When the seller or owner of the property responds, we fill out a property lead sheet. Then, we get a comparable market analysis from our Realtor, who gives us their opinion on the value of the house. With this information, we construct an offer after we have visited the property to estimate repairs. 4. Control the Property There are several ways you can control the property. Depending on the situation, we can buy the property with private money, control with an option and wholesale it to another real estate investor, or we can buy the property subject to the existing note. 5. Have Multiple Exit Strategies Once we have control of a foreclosure property, we have a few exit strategies to rely on.
Wholesale the property
Rehab and sell for retail in MLS
Sell as-is on a work-for-equity program
Have You Heard the Good News….as it relates to “Being Earnest” Psalm 25:21 Let integrity and uprightness preserve me, for I
• Sell it on a lease option and require the buyer to enter into our credit repair program while they are enjoying the house and in the process of getting qualified for a mortgage Carol Joy and I built this system from scratch, and it has served us well over the last 15 years. If you’d like to learn more about our foreclosure system, watch our free online class at www.JayConner.com/foreclosurewebinar. We are happy to share how we made $456,000 in just six months with our system that helps everyone win.
wait for You. Timothy 2:15
Be diligent to present yourself approved to God as a workman who does not need to be ashamed, accurately handling the word of truth. James 1:12 Blessed is a man who remains steadfast under trial; for when he has stood the test he will receive the crown of life, which God has promised to those who love Him.
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PO Box 1276 Morehead City, NC 28557 INSIDE THIS ISSUE Ready to Create a Successful Foreclosure System? page 1 Keep UpWith Your 2018 Business Goals page 2 Do You Have the Success Gene? page 2 Real Estate Cashflow Conference page 4
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