Here’s the question the 24-Week Challenge is answering: How do real estate investors build real wealth and freedom without access to millions of dollars in capital? Zack Childress is helping us find the answer.
He’s taking us through the steps, 24 of them, to arrive at the answer. Welcome to week 16 of the challenge, which covers Finding Property Locators.
A property locator is someone whose job is to find properties for you. You need LOTS of locators… simply tell everyone you meet that you’re an investor looking for deals. Zack has had good luck using college kids to work a few hours a week to find properties.
Property locators bring you off-market deals. They’re finding them by driving around. Or they hear about someone’s grandmother trying to quickly sell a house. They are not checking the MLS for you.
The money you pay locators for a lead that you close on is a marketing fee. You are buying a lead just like you’d buy a lead from a list service. You can also pay locators a per-lead fee.
You hire these people as independent contractors, and set up a service provider agreement with them for payment. You can keep up with the properties they find for you with Google Docs or Excel.
“Take actions today that you can look back at and say “thank you” to yourself for.” Deputize people to help you locate property/deals, and you really will thank yourself.
Watch and learn:
Listen and enjoy:
- Why you cannot stop recruiting property locators
- Why you pay independent contractors a marketing fee
- How mail carriers are possibly the best recruits
Mentioned in this episode:
- Reach Zack by phone: 707.247.4248
- Follow Zack on Facebook: REI Success Academy Facebook
- Zack’s Book: My First Deal Playbook
- Instruction on REI Success Academy Website: Web Class
- REI Success Academy: Co-wholesaling Course