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 – Daniel Riegel – Galatia, Illinois
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I Achieved Financial Freedom, Now Automation Is Helping Me Get My Time Back
Daniel: I’m Daniel Riegel from Galatia, Illinois. I’ve been in Joe’s program for a little over three years now. I started back in March 2015. I had a piece of property that I was trying to flip that I couldn’t sell conventionally and I was looking into alternative ways to sell it and come across lease options and then Joe’s stuff and just kind of went from there.
Daniel: It’s not very many these days. Four or five hours, maybe – maybe. That seems high, actually. I don’t think I work that much at it.
Daniel: Because I’ve got everything already established, you know, I’ve got a big list and so then it’s just a matter of going through the motions, putting your box on the door and the signs and blasting it out to your list and then it’s sold.
Daniel: Just more experience. It has changed every time. It’s easier, you know, I have to make a lot less calls now. I already have everything established, so it’s kind of plug and play at this point. One of the deals that I talked about before that was at the time the best deal that I did. It got better. Because the people exercised their option and cashed me out, cashed out the seller and everybody walked away with forty grand or so and was happy.
Daniel: One of the sellers saw my name and number on a sign and called me about a house that she couldn’t sell. She had tenants in there that weren’t paying, destroyed the house and she really didn’t know what she was going to do. So, she called me, I went and looked at that the house, oh, yeah, I can fix this. I’ll buy it on guaranteed payments. I have a guaranteed payment program where basically, I’m buying the house contract for deed. I go in, renovate it, and then I turn around and lease option it to one of my tenant buyers. That’s what I did in this situation, but the tenant buyer exercised their option to buy the house probably within two years, year and a half, something like that. And so that cashed me out, and it cashed out the seller. So it worked out very well for everybody.
Daniel: Well, it’s hard to say, because now I’m more into doing flips. But if I do a lease option, I don’t know, the fees that I get are usually between $4,000 and $20,000, so I’d say on average maybe $10,000. I do this 24/7 365, and it’s very consistent at this point. Like I said, it’s kind of plug and play. Everything’s kind of established. What has made it consistent for me is probably experience. The more people I talk to, getting more leads lined up in the pipeline so that way as soon as I get one deal done I’ve got another one right behind it. And then behind that one. And it just keeps going.
Daniel: More of the same. Rinse and repeat. My original goal for this was financial freedom. I’ve already established that so now I’m trying to get more of my time back which is a lot of the automation and outsourcing that Joe teaches. So, I’m getting more, I’m doing better at outsourcing. I’m getting there. It’s slow. I’m a slow learner but, you know.
Daniel: Well, I’ve got the Automarketer, so I’ve got all the clone sites. It keeps track of all my buyers, so it educates them on what I’m doing. They can opt in to the program. That helps. I put out signs everywhere, so that’s kind of a little bit of automation where people call me. We’re doing a lot of rehabs now so I sub out a lot of the work. That’s more automation, I suppose. Anything that I can outsource, you know. I think the next thing that I’ll work on is probably a buyer finder. Someone to talk to the buyers for me. Because that takes up a lot of time these days. I have properties all over and the phone never stops. So, it’ll be nice to turn that over to somebody else and let them deal with it.
Daniel: It’s completely changed my life, really. I have more free time to do the things that I want to do,. If I want to take that free time, it’s there. More money to do the things that I want to do. I don’t really worry about those things. Like I said, now it’s getting my time back, you know?
Daniel: Call Joe. Call Joe and see what he can do. See what he can work out with you. I’ve definitely gotten better at putting deals together. Just from talking to more people, you know, at this point I’ve probably talked to thousands of people and so it’s pretty easy. I know all the options. I can listen to their situation and find an option that’ll work for them and work for me. Yeah, I try to work on maybe ten at a time, really.
Daniel: I’ve kind of always been a real estate investor, you know, but the money. I mean, seems silly – the more you do the more you get done. So, I work more and make more money and then that way I can put it back and roll it into the business and travel more and do some of the things that I want to do. Just travel really. Better toys. That’s pretty much it, you know. I’m happy with doing everything that I do. I like what I do. There’s no reason to change dramatically, you know?
Daniel: Well, Joe and I are doing more deals together now. We’re doing a lot of rehabs, fix ‘n’ flips. We’ve started buying some terms deals, some buy and holds, where I still fix them and then manage them and lease them out. And then I still do stuff for me, too. So, it keeps me pretty busy.
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