The ONLY THING to Do when Finding Real Estate Investment Opportunities

Summary

In this video, Cody and Christian emphasize the importance of building in-person relationships in real estate. They share personal experiences, from cold calling to forming genuine connections, which led to exclusive deals and opportunities. They demonstrate that relationship-building is crucial for success in any market, and provide actionable advice: meet with property owners, learn their stories, and focus on creating a few solid relationships to unlock once-in-a-lifetime opportunities.

Takeaways

• 🤝 The importance of building in-person relationships in real estate business cannot be overstated.
• 📞 Initially, the approach was transactional, with cold calls to property owners, which often led to rejection.
• 🔄 Cody learned from experience that forming a relationship with property owners over time can lead to better opportunities.
• 🏢 The script highlights the story of a sixplex purchase in Moses Lake, where relationship building was key to success.
• 📈 The value of understanding the goals and stories of both parties involved in a real estate deal is emphasized.
• 💡 The idea of meeting in person to discuss opportunities based on previous conversations is suggested as a better approach.
• 🌟 Strong relationships with property owners can lead to exclusive deals and favorable terms, such as lower down payments.
• 🌱 The concept of relationship building is applicable everywhere, as demonstrated by a mentee's successful meeting in Texas.
• 🔑 The script suggests that having a few solid relationships can provide a continuous pipeline of opportunities.
• 🛠️ The speaker emphasizes that relationship building doesn't have to be a full-time job and can be achieved with a few calls and meetings.
• 🎯 The final takeaway is an actionable step: to find and meet with one property owner within the next 14 days to learn from their experience.

Q & A

What is the main topic discussed in the video by Cody and Christian?

The main topic discussed is the importance of forming in-person relationships in real estate business, especially before engaging in any transactions or capital raising.

What was the context of the surprise mock call in the 'Bigger Pockets' episode 605?

The surprise mock call was a simulation of reaching out to investors to raise capital, highlighting the difficulty of doing so without an established relationship.

Why did Cody initially face rejection when trying to buy a sixplex in Moses Lake?

Cody faced rejection because his approach was transactional, and the property owners did not know him or his goals, leading to a lack of trust and connection.

How did Cody eventually establish a relationship with a property owner who was initially not interested in selling?

Cody changed his approach by expressing genuine interest in learning from the owner over coffee, which led to a relationship where the owner felt comfortable sharing his story and eventually offering opportunities.

What is the significance of having strong relationships in real estate for Cody and Christian?

Strong relationships allow access to exclusive deals, better terms, and seller financing, as property owners are more inclined to work with people they trust and who share similar goals.

How did Cody and Christian's mentees prove that their relationship-building approach can work in any market?

Their mentees successfully booked meetings with property owners in different markets, including Texas, by applying the relationship-building techniques taught by Cody and Christian, leading to potential deals and valuable learning experiences.

What advice does Cody give for someone starting in real estate and looking to build relationships?

Cody advises to focus on building one or two solid relationships by meeting with property owners, learning their stories, and showing genuine interest without the pressure of immediately trying to buy their properties.

Why did Cody initially struggle with the transactional approach when buying properties?

The transactional approach lacked personal connection, making it difficult for Cody to establish trust and rapport with property owners, which is crucial for successful deals.

How does Cody describe his learning experience with the sixplex in Moses Lake?

Cody learned the importance of relationship-building over transactional interactions by experiencing repeated rejections and eventually finding success through personal connections and shared goals.

What is the key takeaway from the Texas meeting with the large property owner?

The key takeaway is the value of learning from others' experiences and the potential for significant opportunities that can arise from building genuine relationships, even without an immediate transaction.

How does Christian emphasize the importance of being genuine in building relationships?

Christian emphasizes that being genuine means not being overly polished or scripted, showing one's true self, and focusing on mutual goals and interests to establish trust.

What actionable step does the video suggest for someone looking to start building relationships in real estate?

The video suggests setting a goal to meet with at least one property owner within the next 14 days, with the aim of learning from them rather than immediately trying to negotiate a deal.