67: Proven Strategies to Overcome Real Estate Hurdles - Frank & Laurie Woods
Tom welcomes to the show, a dynamic couple who transitioned from corporate jobs to being successful real estate investors. They share their journey, starting with the emotional and logistical challenges they faced when Laurie's father passed away, leading them to clean out and sell his house. This experience sparked their interest in real estate, and they dove in headfirst, learning the ropes through real estate investment groups and hands-on experience. Frank and Laurie discuss the importance of community and networking, emphasizing how their involvement with their Real Estate Investors Association (REIA) has been instrumental in their growth. They also highlight the value of persistence and the power of negotiation, sharing practical tips and personal anecdotes that illustrate their learning curve and successes.
Key Takeaways
- 03:02: Initial Real Estate Program and Joining Local Investment Group
- 04:49: Benefits of Community and Accountability
- 08:25: Emotional Hurdles and Control in Real Estate
- 14:13: Attraction to Tom Zeeb’s Program
- 15:20: Negotiation Techniques and Confidence Building
- 17:27: Emotional Detachment from Properties
- 20:04: Rehabbing as Primary Exit Strategy
- 21:25: First Flip Experience and Learning Curve
- 22:45: Helping a Seller in Foreclosure
- 29:29: New Construction and General Contracting
- 30:26: Changes from Total Traction Program
- 36:14: Differentiating from Competition
- 37:04: Importance of Follow-Up
- 41:22: Using Negotiation Techniques with Contractors
- 44:02: Benefits of Being Persistent
- 45:26: Craziest Deal Experience
- 48:53: Advice for New Investors
Tweetable Quotes
"What I like about it is it makes us more valuable as investors. If we're not able to purchase a house or if we don't like the deal, it doesn't fit into our criteria. We'll know somebody that does or we'll find somebody that does. So we'll be able to help that person that is perhaps in a tough spot with their credit or they have to move for whatever reason. It's really important to them. We'll find a way to help them solve their problem or leave them with value." (Laurie)
"We just had a gut feel that there was an opportunity here that we could. We're smart people. We should be able to make this work. Just have to put in a little bit of effort into it. And Lori will tell you, once we committed to it, she didn't sleep for a week." (Frank)
"I have to separate the emotion from it. That was another big hurdle. Alongside getting into the business at first, separating myself emotionally and thinking of the houses as just inventory was a big deal. I feel that I'm getting to that point, or I've really made a big stride in having the properties be inventory and not take an emotional toll on me." (Laurie)
