Real Estate Millionaire shares Secret to running the Owner Meeting

This is the strategy that made me millions of dollars, like millions of dollars in seller financing specifically. This is the way to find creative finance deals. There are no secrets in real estate. However, if there were, it would be this one trick that I have used to buy tons of real estate starting with no money. We're talking hundreds of units, and I started buying with no cold calls, no email list, no paid leads, no door knocking, no marketing budget of of any kind. Anyone can do this, and I believe this is the single best way to buy creative financeable deals. Hello, my name is Christian Osgood. Welcome to the channel. If you're new, I'm so excited to have you here. Now, we recently did a video that you can reference on how to book these. So if you're wondering, how do I even get into these owner meetings? We just covered this on the channel. Check out that video. For today, this is the big one. You've booked a meeting with an owner, and you're going to go into that meeting, and it is somehow going to yield a relationship that will buy you property. Like, you're actually going to start the process of, okay, this is step one, and I'm going to start getting a foothold in this market. I am so excited, so excited to dive into this. So we're going to dive directly in. Why would you do this method over anything else? I left a sales job. I don't want to go back into sales. So anything that was, hey, you're making 100 dials a day to owners who are distressed properties— out. Don't want it. Don't do that. I want to pay to send 1,000 mailers every week. Nope, that's not me. It's less personal, but I don't want to market that. I don't want to keep the CRM to try to collect all that. I don't want to write a million offers or a million letters of intent. When I write an offer, my offer gets accepted, I buy a piece of real estate. And I've done this again and again and again. And it all comes down to meeting with the people who've done what you want to do. These are the owner meetings. So you've booked the meeting, you're now getting to the table. The first thing you're going to do, and I hate it when people miss this, you have to be competent in small talk. It is so uncomfortable when someone sits down and just goes, "Well, thanks for meeting with me. So about real estate, I want to meet with you." The pacing is way off. Be a normal person. Creative finance happens when people trust you. You need to have a relationship. That is all we are going for here. So back in the video where we booked the meeting, the only goal was to call them to book a meeting. Now we're there. Our only goal is to learn how they built their business and how this applies to you. So I'm going to lay out the steps really simply. So again, step 1, basic small talk. Weather is off limits. If you think that you're being clever by going like, oh well, nice weather we're having today, tons of sun, or man, did you see that rainstorm? Don't talk about the weather. That is the weakest thing you can possibly bring up. Do anything but that. Talk about a sports team, talk about the drive over, talk about something unique about the town that you guys invest in, talk about something that has a chance of being a relatable point. Just remember, weather is off limits. People are aware that you're socially awkward if you just bring up the weather every time you talk. Now that we have small talk out of the way, that's really easy. That's a few sentences, by the way. Don't get caught up on that. We're going to move to the verbal agenda. I want to differentiate this though. This is extremely important, and it is not a schedule. This is a reason for meeting. If you are a recipient of a meeting, so if I've been invited to coffee with you, there's always some uneasiness. Are they going to pitch me something? What is this? What am I really meeting them about? Maybe it's been a few days since we booked the meeting. So it's like, I don't really know this person. This is a stranger and they asked me out for coffee. It's a little weird. What am I expecting? So you're going to set a verbal agenda, which is the reason that you met. Hey, I appreciate you meeting with me. It means a lot. I'm in the beginning of my investing journey and I just want to learn from people who've already done what they're doing over the next 15, 20 minutes, how you built your business. I had a couple of questions specifically about this one property. But I really just wanted to start at the beginning. That is a perfect verbal agenda. Now I understand. Okay, so we're going to be here for 15, 20 minutes, by the way. Never reference that time again. They will forget about it and so will you. When you're having a great conversation, it can go for 2 hours. It doesn't matter. Put a timeframe of, hey, over the next X amount of time, I want to talk about this and this. I really appreciate you meeting me. This really helps me move forward. Next step, reiterate your goal. For me, I'm trying to retire my wife. I have 2 duplexes. I need to scale beyond duplexes. And you've already done that. I'm adding context to the verbal agenda And I'm reiterating, this is where I am coming from. Now that we got all of the intro pieces put together, which is a 3-part thing, very quickly, small talk, verbal agenda, your personal goal, the rest of the meeting is about them. So you're gonna want to ask an open-ended opening question. You want to get something where they can actually engage and start getting in conversation. So I usually ask something very generic like, why did you get started in real estate? I've heard a lot of different reasons beyond just I wanted to make more money. Why real estate? And that usually gets conversation going. My parents did it. My parents hated it. My family grew up poor. We immigrated from another country. You hear all sorts of stories, but you're starting to map the, the places that are like relatable points and you're getting to know their journey. This is where you start to build a relationship. So number 1, open-ended questions. Now we're going to move into a little bit more targeted questions. You're not just firing these off, by the way. You're 80/20 rule. Let them do 80% of the talking. Ask a question. Listen. Ask a question. Listen. As the conversation progresses, you want to move from less open to more targeted. So if they told you things in there about like, well, I bought this first 20-unit building and that was amazing. And then they move on. A great targeted question would be like, tell me more about that first 20-unit because that sounds more similar to where I'm at. I'm trying to get from 2 units to 20 units. How did it feel jumping from 2 to 20? Those more targeted questions where it's direct, it's not an open-ended, you know, tell me anything about this topic. It's this building. How did you feel about this? Or what were the struggles that you overcame? Any conversation flow, sales or not, should start light and airy, open topics. Then you explore things by asking curious questions. All you're trying to do is hold on to pieces that they tell you and then reference back to them. One, psychologically, that tells them, hey, this person is listening to me and they care about what I'm saying. Two, you actually do care about what they're saying, it's super valuable. And three, it's going to put them at ease. You're, you're going through a flow where if you have a very specific question or takeaway that you want at the end of this, it's going to be natural and you're probably going to get a yes on the No matter what it is, as we move through, there's a couple of key questions I do think you should ask. Why they got started is a great opener, so save that one. As you wrap up this conversation, let's say we've gone 45 minutes, the energy is still high, but it's like, okay, I think we're, I think we're ready to wrap up. Go ahead and ask this question, or a version of this question. So you know where I'm coming from, and I'm blown away by everything you did. If I'm trying to get to that first 20-unit building, or say my goals, getting to my first 50 unit, whatever it is. If my goal is to do whatever it is directly that they've already done, just insert it there. What do you think my next practical step would be? There's a few reasons we ask this. One, the advice they give you is almost always super valuable. Sometimes it's not at all. And you're like, okay, well, that's great. But I would say maybe 80% of the time, they're going to tell you one thing that no one else has told you that's super valuable. And you're going to take it through your entire business. And that is invaluable. 2, if you ask great questions and now you've started with, here's my goal, and you've ended tying back to your goal, guess what they're going to remember from that meeting? This person was a great listener. I felt like they're really engaged in my business and start and close. I remember exactly what it is that they're trying to do. People can only help move you forward if they understand and care about your goals. It is a natural way to talk about your objective in the beginning because you need context. Hey, I'm trying to get here and it looks like you're already there. Tell me about the journey. Now we shift to, we've closed the meeting. What's a practical step that I can take to move towards— reiterate the goal. If you do these meetings once a week, which is what I do, 50 times— well, there's 52 weeks in a year, but assume you take 2 weeks off. 50 owner meetings. There's 50 people in your town who own real estate, who transact in real estate, who knows your financial position, your portfolio position, and your goals. Not only do they know that, they know that you have been informed on how they played the game. It is so common for me to get pitched by other people where they go, hey, I have this deal. One of the sixplex comes to mind. I actually just filmed a video on it. Second deal I ever did. They call and they're like, hey, I remember we met and I talked to you about seller financing, all these things. I have these three sixplex. I actually have a partner who wants to sell. Let me tell you again, three duplexes, six total units. But I have these six units. I have a partner who wants to sell. We're able to carry a contract. I know you don't have a lot of money. So they asked, can we put together $90,000 of a $900,000 transaction if they can carry a note for the other $810,000? Not only did I find a deal, but they pitched me on the debt product. And you know what they did? They knew that it has to cash flow because that's what they taught me. If you buy deals, they have to cash flow day one. That's the lesson I learned from them. And so guess how they write all of their deals to me? They write them where they cashflow day one, not by a lot, but they also rent below market rent. So I buy them where they cashflow at lower rents. And over time, we consistently raise the rent to get closer to market. We end up with very high cashflow properties with very low down in comparison to the purchase price. And there's a bunch of ways to take out that last piece. We talk about all the time on this channel. It's going to be additional debt. It's going to be an equity partner. It could be earned income. There's a lot of different ways to figure out the last 10%.. But if you out of one meeting can get a pipeline for a ton of deals, seller financed, only 10% down, you've just unlocked the deal and the debt for 90% of what you want to take out. That takes one meeting. Now, is everyone going to offer you a piece of property? No. And I've never been offered a deal in my first meeting. I do have people in the Multifamily Strategy Mentorship who actually have and have bought that deal. But that's not the target. The target is to build a relationship. And if you have 20, 30, 40, 50, 100 people in your target areas who know you, are invested in what you're doing, they will give you calls, they'll refer you to other deals that they see that aren't right for them, you will transact. The easiest way to become a player in the real estate space is to start playing with the other players because now you're not just limited to your pieces, you can play and borrow with their pieces. And that is how one would move forward in real estate. Remember, creative finance is built on trust. So if they like, know, and trust you, you're going to get terms that no one else could get regardless of how qualified they are to buy the asset. In fact, that deal, they had already offered it to someone else. They were only willing to do it with 25% down. They offered 10% to me because they understood my position and they trusted me to follow the advice that they gave. That, that the bit of control they had while they had creative finance for like, hey, I know this person, I can talk to this person, I can give them advice. Gave them comfort in offering better terms. I'm gonna leave you guys with one more tip. This is a bonus tip. A long meeting does not mean it was a good meeting. You always want to end a meeting while the energy is high. If you see them looking around, if you see them drumming their fingers, they're bouncing their leg, arms, maybe they sit back and their arms fold. Any of these are body language signs that it is time to wrap up the meeting and you have overtalked. You want to end the meeting at a time where no one wants the meeting to end, when it's just high energy and the conversation's going really well. It's the best time to end because their lasting impression of you will be like, man, this person was sharp. They were positive the entire meeting. This just felt really good. If you have a great meeting, but it goes too long, you lose that energy. And the lasting impression is, oh, that was an interesting guy. I remember some good points in that meeting. And I think we talked about everything we need to talk about. These meetings, don't let them go on forever. Get high energy, get all those takeaways, get your questions answered, and then go ahead and call an end to the meeting. Thank them for their time. And they'll meet with you again when you have something else to meet with them about. I hope this helps. If you have questions about this, this is the strategy that made me millions of dollars, like millions of dollars in seller financing specifically. Like, this is the way to find creative finance deals. I absolutely believe that. If you have questions, post below in the comments. Like, follow, and subscribe for more. This channel is all about education. All I will ever talk about is how to buy and execute or operate multifamily properties. I hope this is helpful. We'll see you all on the next episode.