S5E39: Building Connections with Ryan Corcoran

The Mentee Podcast

What's the secret ingredient that ensures you get a conversation with a client going?

Your business needs leads to thrive, scale, and profit. There are many ways to send out leads, but optimization is the name of the game.

Ryan Corcoran, a medical-professional-turned-real-estate-investor, joins me to discuss real estate. We uncover what you need to know to follow up on leads, optimize your data lists, and the secret method that practically ensures that people respond to your letters.

Here are some power takeaways from today’s conversation:

• How to get responses by sending letters
• What to do to perfect your mailing
• Differentiate good property management from mediocre
• Understand how to optimize your data lists

Episode Highlights:

[05:13] Ryan’s Background

Ryan's owns over 200 multifamily units. He also has an online course he created after realizing he was spending too much time answering questions. Ryan started at 21 and grew the units he owned from 0 to 240 in seven years.

[11:47] How Ryan Buys Properties

Ryan buys from direct mail marketing, which nets him up to a 50% discount. He then raises the down payment from private money investors, which earns him 8-10% in interest payments over 12-18 months as he rehabs the property.

[14:40] Management and Operations

Property management is an endless battle as you scale. He also told me that you can tell a good property manager from a mediocre one by the quality of their work as they manage more properties.

[16:31] Ryan on Direct-to-Seller Marketing

The open rate of envelopes goes up tremendously when handwritten, and Ryan tells me every letter he sends is handwritten. He super personalizes everything — something we can all learn!

Research is critical so that you connect with the same person every time you send letters. Writing letters costs money, so it's vital to not sink money into nothing.

[24:37] Building Mailing Lists

Ryan pulls lists and figures out what works. He also uses different tools depending on what he intends to do, and the type of land he’s aiming for.

Notable quotes from the Episode:

[15:16] “The problem is when you get that large — and you know, this is really how you tell a really good property manager from a not so great one — the quality starts to drop.”

[17:40] “So everything has been handwritten ever since I started because I always thought that if I'm going to send a letter to somebody, and it looks like it's a piece of mail that everybody else received, why the hell would I? I wouldn’t open it. I throw out those things all the time.”

[32:30] “Money's not everything, but it makes life a whole hell of a lot easier.”

Resources Mentioned:

PropStream

ListSource

CoStar

Connect with Ryan Corcoran: Instagram | TikTok | YouTube

Connect with Wyatt Graves: LinkedIn | Website

The Mentee Podcast: Website | Apple | Spotify