MUST HAVE: New Investors Must Start with a Buy Box or they are wasting time and money. Focus & Learn

Video Closed Captioning:

good morning good afternoon good evening

folks michael’s uber one rental at a

time this is video two

in a series of buy box this is something

i believe all new investors should do if

you are excited about real estate

investing but unsure what to do i

believe step one is creating a buy box i

am now going to give you my buy box

from 2002 again this is exactly how i

learned my market this is what i use for

the first

two or three years of my journey so i’m

going to walk you through the process

this is something i think all of you

should do

the goal of a buy box

is to create an active inventory list of

between 20 and 40 properties

if your criteria only produces five it’s

too tight widen it if it produces 500

it’s too big uh you know or it’s too

loose tighten it some so here’s the deal

so 2002

my first criteria was fresno

california

keep in mind i chose fresno california

after spending a year in my backyard

nothing cash flow

i picked fresno california because it

was within driving distance it’s two and

a half hours away

i knew no one i had never been there but

i decided that’s where i was going to

bank my future

fresno california even back in 2002

it had

thousands of listings half a million

people it was massive

there is no way

i could have learned fresno california

from mountain view unless i had a buy

box

so again

if i were to go to today realtor.com

redfin or zillow

type in fresno california i would see

thousands of listings

too broad

my first thing is

i wanted

single-family homes

single-family homes you might want a

four-plex or a duplex or apartments or

condos i don’t care i’m giving you mine

as an example you do you

this was mine

so fresno california single-family homes

still too broad

i ignored multi-family i ignored condos

mobile homes

uh

all that stuff right four plexes

duplexes ignored still too big

so i went to fresno i talked to people i

networked i tried to figure out the

local market i found a zip code

nine three oops sorry

nine three

seven oh three

at the time this again is 2002.

i found a zip code that people kept

telling me over and over and over again

that’s where the middle class is 93703

again 2002 information here

middle class i wanted to own what i

lived in in mountain view middle class

so again fresno california single family

home zip code

still too big hundreds of listings here

i could not learn

that market

it was just too much it changed too fast

i had no special access

too much i just

it was too much

next i decided on three

twos or four twos

three bedroom two bath

four bedroom two bath

so i didn’t look at big homes i didn’t

look at small homes

this was also

too big

we probably were around 70 listings at

this point remember i want to get

between 20 and 40. so what i had to do

in 2002 is add square foot

and i think i went from

1250

to 1750.

so when i did that i got to about 40

active listings in 2002.

remember video one

buy box why

focus

i had this search and this is all i

looked at this is all i looked at for

two years

two years

93703 three and four bedrooms between

1250 and 1750 square foot fresno is huge

i only had 20 minutes

here was my focus

20 minutes a day i would be repetitive

over and over and over and over again

this is how i found norris drive which i

write about in my first book

i understand the math i could calculate

my yield i understood that the mayfair

back then the average was eight percent

i got norris drive which was a 10 yield

these are all 2002 numbers i did my

first great deal because i spent time

repeating and looking at my buy box

and then i found out where i was weak i

didn’t know repair costs network things

of that nature so

i challenge you i’m giving this way a

free this is step one of my amazing

course how to get started one rental at

a time i give you the spreadsheet all of

this stuff but again

this is free

you need a buy box

it needs to be something you look at

every day

i suggest between 20 and 40 active

listings

if this produced 100 it’s too big i only

had 20 minutes a day if it produces two

it’s too tight right if it would only

produce two

right then you could remove this

and again what i’m giving you here is my

2002 experience i would do something

entirely different today

i want you to do you

if it’s multi-family great if it’s

condos great i don’t care i just want

you to do the work

get the criteria

be repetitive if you need help and you

need guidance

by the course below let’s get started

join the free facebook group talk to me

every saturday on our live streams

it’s amazing stuff again if you’re a new

investor

get a buy box look at it every day

understand the math

let’s have some fun together alright

everybody take care i hope that helped

bye

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