I'm Kris Krohn and welcome back to our partnering series. Today, we're talking
about how to get your hands on a really hot juicy deal. I cannot tell you how
much I love this part of the business. For me, there's nothing quite like laying
my eyes on a piece of paper that has given me all the juicy numbers of a deal
that my team has crunched. And I'm basically there to say, "Is this the deal
I'm going to cherry pick for my partnership or not?" It's super fun. And up into this
point, if you've been watching the whole series, we've talked about what makes a
good partnership and a bad partnership, what both parties have to gain? How we
work together? We've also had a chance to talk about business entities and setting
up the LLC. And basically, in order for us to go look at a deal, we've got to have
all of our eggs lined up. Which means, you've done your pre-qualification and
the bank has told us what you're capable of or whether we need a credit partner
so we can know how to put your money to work in the partnership. We've also set
up the LLC. We have the operating agreement, we both signed it. Now, we've
gone to the bank to set up the business bank account. We've got the tax ID number.
This is a legitimate business. We've jumped through all the proper hoops.
We're all set up. And guess what? Now, it's time to get our hands on a good deal. Now,
here's the first thing I want you to understand. These good deals exist
everywhere. The deal the decade comes along every day. You just have to know
where to look and you got to be wicked fast to grab it. Because if you don't,
someone else will. We're just good at knowing how to spot them and grab them
on a consistent basis. Now, I will tell you in one of the next videos, we're
going to get into specific markets, we're going to talk about where I'm buying and
how I buying them. But I want you to understand first the really big picture.
When we get these, there's a couple of different ways. We are leveraging
auctions, we are leveraging Realtors, we are leveraging pre-foreclosures. There's
a number of places that we look to find motivated sellers that have a reason to
sell a home. Or we've gone into one of our growth markets that I'm going to train
you on where the market took a dive and now we're purchasing that that property
knowing that we've got great cash flow. And we're going to ride momentum up to the
rebuild value. We're not counting on appreciation. But we are accounting for
it. And before there's a bubble, there's other gains to have. Or we might be going
into whatever cash flow markets. Now, in general, we are
acquiring these properties 1 of 2 ways. And I need you to understand this
because you might be called and asked to do something as a partner. First of all,
some of these deals that are at the auction steps, I don't bring you into
that because there's drama. We've got to research it, we've got to look at the
property then we got a bid on it, we've got to win it. Often we've got to pay
money right on the court steps or within 24 hours. We got to buy it cash, then we
got to rehab it. So, with these properties, they're what I call turnkey. Before you
and I were ready for the home, a month earlier, we already identified a home
because I'm buying so many of them. We already found it, we already purchased it,
we already fixed it. And I run a little hedge fund and what they do is they find
these homes and they basically, get them all fixed up and ready that they can
turn over for me to look at as something that I might want to buy with my
partnership or we might wholesale. Now, in doing this, you can imagine that there's
an expense. And the company that I created that charges a $4,995
coordination fee. And I want you to take note of this because this is important.
We're not just leveraging a realtor and a loan officer. We charge a coordination
fee because I have a whole team of people that are not licensed to get
licensed income from doing the deal that have to be paid for managing the rehab,
doing the rehab, managing the property, manager selecting them, doing the legwork,
researching, finding the houses, crunching the numbers. A lot of that is happening
by a whole team of non licensed individuals. They got to get paid. So, I
found a way to have the lowest flat fee that can get them taken care of.
It hardly produces a profit for the company but it means that we can save
the real juicy profits for you and I. Because we could flip these in the
market and make 15, 20 plus thousand dollars. That $5,000 says we've
covered our basis on the 342 hours worth of work. Including the hedge fund moneys
cost of the money and caring costs itself. So, it's a super cheap way for you
and I to get in and really jump in on the deal and have the team doing all of
the work without you and I needed to pay 20 or 30 or 40 thousand
dollars for us and to hire others to actually do the work. Right now, we're
working with economies of scale. That's why we're getting such good deals. So, I
might either bring properties to you that are
Turnkey. They already got bought, purchased, fixed up and everything's ready. And we
can jump in and get that at the lowest and most advantageous price. The other
option is I go into some of my markets like Florida where that market is still
rebounding. We know what its cost to build us at and that word beneath it. And
the only way to get those deals for the most part is to actually go and put a
lot of offers out. So, I've trained my realtor teams out there. And what these
contractors do is they know my criteria, they know my ROI's, they know my
numbers. And I'm going to have to engage you on these ones. And what that looks like
is I might basically say, "Hey, we're going to have this realtor send you a bunch of
properties and I don't want you to ask questions about whether they're a good
deal or not. Because all we're trying to do is get it under contract." They've done
the preliminary work. Because remember, getting under contract doesn't mean we
buy it. We've got to snag it before someone else does. So, my team does
preliminary work and says, "We, think this house will have the ROI that meets
Kris's expectations. It's going to have a super juicy ROI." But we got to get it
under contract. First, figure out what we're negotiating it for and then we
need to get some rehab estimates. Now, this happens pretty quickly but
basically, if we're searching in one of those high-growth markets or another
market that's similar to it, I'm going to have my Realtors directly in touch and
they're basically going to send you documents, saying "Docu Sign, Docu Sign
Docu Sign." You're not going to ask questions about is it a good deal or anything
because all I want you to do is hop on take 2 minutes, for me it takes 30
seconds. Sign, sign, sign, sign, sign. I'm done. Oh, here's another one.
Sign, sign, sign, sign, sign. I'm done. We might be trying to buy 2 properties
and I might have you sign on 4, 5 or 6 of them because what will happen
within the next week is my team will evaluate all the properties, my team will
crunch the numbers, they'll click the rehab and will basically say, "Now, that we
have all of the facts. Now we know what we can negotiate it for. Now we know what
that looks like, we are ready to give you the numbers." And now it's time to decide
do you want this or are you going to cancel it? Friends, that's when we're having the
meeting and actually saying, "Now we know what the numbers are. This one
panned out at 16%. I don't want it. We're going to ditch it."
This one panned out at X percent, that's hot.
Let's get on this, okay? That's how we're going to know what
we're going to ditch and what we're going to keep. But you can see that the turnkey
they're ready to move on. These other ones I got to involve you a little in
the process and you and I don't really want to have conversations as partners
until we know this is a really good deal. And that we're actually going to buy it.
Getting it under contract doesn't necessarily mean that. Now, I do want you
to understand that when we get these really good deals, so we are going to have
typical lending fees, realtor fees and this coordination fee. And I want you
understand that real estate is going to cost what real estate is going to cost. Like
even when we get the property, you know, there's going to be property management
fees that they're charging us that we got to pay. I got my accountants that are
going to be doing our quarterly reports. Basically making sure that we're
bookkeeping everything correctly. Guys, I keep those costs as low as possible. This
is a business. There will be costs and we do need to pay those costs. Again, that's
a part of making a lot of money. And trust me, I've been on the side where I
started with faith and I had no idea and then I got to rotate through and revolve
and buy properties and sell and buy and sell. And now, I've done this so many
times that actually know that if we step into properties with this kind of margin,
that we're going to do in the end of the day, we're going to look back and say, "You
know what? That turned out really well.' Some of the deals we're going to say, "You
know, the profits weren't what we thought but we definitely crushed it compared to
banks and other people." We're going to be saying that, "I think that's what a
realistic worst-case scenario often looks like." But more often than not, we're
going to say, "Wow, we did a fantastic job. This turned out great. These are always
were great. Let's roll that into the next deal." So friends, that's information on
what we're doing to find some of the best deals that are out there that we
can get our hands on. In some of the different ways that we're getting them.
And in one of the next videos, I will be talking very specifically about what are
the markets, how do we get them under contract and how do we actually secure
them and get the deal of the decade that other investors are trying to get their
hands on. They're not going to get half as good of a deal." Hey friends, thanks for
watching this video. In the one of the upcoming videos, I'm going to talk about
the specific markets that I'm investing in. Now, at this point, you might actually
already be one of my partner's watching this. Because I'm helping set the
expectations right so that when we talk on the phone man, we are ready to blaze a
trail forward. If you're actually considering partnering. Generally, people
have to have 6 figures on up of money set aside. And if that
you and you're thinking, "Well, I got money in a 401k or IRA or home equity." Or
something like that, then what you do is actually just go ahead and click the
link. Request talk to my team and they're going to interview you. They're also
going to educate you and we'll see if we actually have a fit.
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