Manage episode 310050851 series 3047199
James Wachob has scaled his investing business in Memphis Tennessee to having 78 team members and is rehabbing well over 200 houses a year, along with doing new construction. His investing model is around providing turnkey rentals as well as doing some traditional wholesale deals and flips. On the turnkey & property management side, his company manages over 1700 rental units for some 500+ investors. He has built quite a large operation and there is a lot to be learned from what he has to say regardless of if you are a beginning investor or an experienced investor looking to scale your real estate investing business to the next level.
- Focus on one area of real estate investing and take action. Beginners should avoid shiny object syndrome and taking on too many ways to invest at one time.
- Place a dollar figure on one hour of work value for yourself, then, when you can afford it, hire-off to someone else everything that isn't worth your hourly rate.
- Build that team because that team is the only thing which will make you scale!
Resources & Books Mentioned
- Book: What the Heck Is EOS? by Gino Wickman
- Book: Traction by Gino Wickman
- Google Calendar
- G Suite
- How James got his start in real estate investing.
- Cashing in on the downturn of 2008 by buying in-fill lots.
- Key strategies for buying lots in the right neighborhoods.
- How James saves money by systemizing & building new construction on a "fee basis".
- Why wholesalers are not sending him as many houses as before.
- How he has his team "driving for dollars".
- The strategies he uses for direct mail, where he gets his lists and what he mails.
- How leads get processed as they come in.
- Estimating repairs.
- How they present an offer to the seller and when.
- Deciding the exit strategy and why the year the house was built plays a key part in the decision.
- James' typical rehab budget.
- How and why James has three sets of pre-determined product selections.
- How James was able to scale the business.
- What his team structure looks like in his department.
- About using VAs (Virtual Assistants) when sourcing real estate deals.
- Types of software his company is using.
- James' advice on getting started in real estate investing.
Connect With James Wachob