Five Ways to Grow Your Investor Database in 2024

Foreign.

This is the no Closer show where you get the latest developments in distressed note investing and learn the secrets of how you can control millions of dollars worth of property. For panties on the dollar. Get educated and entertained by someone who has closed thousands of deals and lives to support you in achieving the same. Now here's your host CEO of We Close Nodes, Scott Carson.

Hey, real estate investors.

If you have ever wanted to dive into the sexy side of real estate and become a note investor and not just somebody that owner finances properties or buys and sells on terms, but somebody who's actually buying debt from lenders, mortgage bankers, hedge funds on distressed real estate on both residential and commercial properties. Now is the perfect time. And guess what? We have our upcoming three day workshop here in just a few days on July 25th, 26th and 27th. That's right, that's a Friday, Saturday, Sunday. You can join me live on Zoom and our Note Buying for Dummies workshop. We'll go through the Fs of how to find fund and flip non performing notes at huge discounts without having to use your own money. And we'll show you all the different ways you can make money being a note investor. Day one's all about how we find these deals from banks, hedge funds and how you can automate the process of connecting with these people and get tapes and listen to you over and over again. Day two is all about raising capital and marketing. We'll show you how to tap into thousands of IRA investors who are looking for deals to fund and how to communicate and how to contact them and get them to fund your deals. And day three is all about the flip the exit strategies, putting deals together. We'll mix in due diligence. We'll mix in the marketing side along with the structure side. So much stuff in three days live on Zoom with yours truly, the note guy, Scott Carson. Make sure you get signed up by going to Note buying for dummies.com or click on the three day workshop tab on our workshop. Get signed up today as we're still running discounts and you too can soon become a no buyer.

Foreign. Good afternoon and good evening everybody. Hey, welcome this episode of the Note Closure Show. As always, Scott Carson jacked up to be here today. Today's episode, I want to talk about a specific way that I see a lot of investors struggling. I mean, and one of the things as we decide and grow as real estate investors, we often realize that we have to start marketing things. You know, we have to start reaching out and doing things a little Bit differently, especially if you don't have your own money. If you need OPM other people's money, you've got to start investing earlier, sooner than later, right? You can look at all these deals, get all educated, but if you don't have people to reach out to as far as a list or marketing database to start sharing what you're doing to get people interested in what you're doing, you're really going to be high in the eight ball and you have to embrace this early on. Otherwise you're really just pretending and running and place without really finding success by pulling the trigger and getting deals funded. Now, one of the most important lessons I learned very early on from some of my mentors, Bob Lee and Annie Jimmy, Kayla, Roland Frazier, a few others, was the importance of my database. Okay. And how important it was to have a way to communicate with people or have a list of people that you meet on a day in, day out basis, collecting business cards, events, stuff like that that you can actually follow up with. All right? And a lot of people struggle with this. I mean, if you're working for another in a different career and you're working at a job, you may not be emailing out that you know, the client database, that company on a regular basis. You may be doing your job as a consultant or whatever your position is and just have getting paid. Now I rate you're not paid to market. Well, when you become an entrepreneur, you've really got to embrace that real estate side of things. If you don't have a database, it can often feel like you're facing this huge mountain, this Everest with the deals at the top. And you're wondering, how the heck do I get there? So this episode is dedicated to really five ways to help you build a database of investors to help you get deals funded. How to grow your database in 2024. And it's just different than what it's been in the past. I mean, obviously you're going to collect business cards and hopefully you put into something you're in by putting it into something and the minimum you need to be putting things into an Excel spreadsheet. That way if you need a copy paste, you can copy paste it to your Gmail account or whatever, but you need to get a probably a professional, you know, email account. You know, sign up for email through Google or get a domain for GoDaddy or something like that that you're hosting that through. That's one of the most important things to start to look at professional versus anything like Tiger Lily 05, you know or I like big butts 69@hotmail.com or the, you know, whatever. AOL, you've got to come to the 21st century, 2024. Having that domain is one of the first things that's very important. I mean I can smell a joker broker, somebody's inexperienced by looking at their email address pretty fast. Now I get it, we've all got personalized emails. One like I, you know, I still use OneScottCarmail.com because I've used it for years. It's still effective, right? But you've got to update it and move into the 21st century. And so beyond just that is getting a CRM some sorts of things like maybe it's constant contact or mailchimp or keep was what we like to use something that you can mass email out or set up something so people can opt in off your website or having a website or something that you can still put people into that you can email out and market to on a weekly or bi weekly basis or bi monthly or some people just do it whenever or never do it. You know it's a, it's so important. And when I ask people at our different events and classes how often they email to their database, less than 10% doing on a monthly basis that means 90 really isn't doing it all. And it's such an unfortunate thing. That's why you have a very low success rate in real estate. Because they don't understand the need to market. They don't understand the need to build a database of people like minded individuals, people that could potentially be funding sources or people could be buyers or sellers from, you know, is that power in owning your database? Not social media profiles? Because social media, you can have your account blocked, they can get shut down on stuff but really owning the email list of contacts, that's really, that's hollow ground for you when it comes to where you can kind of go from it. And, and the things that we've done in the past, we've actually did an episode basically you know, it's the private money formula. Taking a look at your database of, you know, emails and multiplying that number times a thousand bucks is going to give you a rough idea how much on the low end how much private money you have in your database. So Today's episode is five ways that I recommend building a database in 2024 to help you grow, help you find more deals, help you get more funding or to make more money more so than anything else. Whether it's Working with vendors or affiliates, stuff like that. There's a variety way to do it, but it all starts with a database. And many people want to get into real estate as a wholesaler. Whether it's in real estate or not, we still got to have a good database to. Just posting the social media accounts isn't going to be effective because we all know the algorithms work against you instead of being your favorite. So let me share something with you here as I change my background because I put something together for you guys. If you're listening to this, you may want to check it out and watch the original video on our YouTube channel. But anyway, so let me go through this here with you. What I recommend. These are the top five ways that I would use to build a database. And it's different a little bit. Like LinkedIn is the number one source that I would use. If you have nowhere else to begin is LinkedIn and going on there because it is still an easy way to find real estate investors by you just typing in a real estate investor in the state or even the city that you're in, that's a great way to start connecting with people and reaching out. You know, you could use a tool like Octopus CRM to start connecting with 20 to 100 people a day for 21 bucks a month and not do it where it's your pitch slapping. I mean, we've all been exposed to people connecting with us and trying to sell us on weight loss or entrepreneurship coaching or some other bullshit that they're selling right off the bat. That's not what you want. One of the most effective strategies is connect with new people. Say, listen, hey, I'm an investor like yourself. I'm just looking to connect with other investors in my blank city or my state. You know, what do you, what are you investing in? Can we network? Because most people are open to that. And so LinkedIn is doing that and then, then asking if you go this back and forth, people, hey, can I have your email? Can I add you to my database? So if I have deals that I can send to you, most of the time people will be like, yeah, feel free. Here it is. Just don't be spamming them with junk. And any other thing else like these, you know, letters about the government or letters about conspiracy theories, don't do that. That's a big violation of trust and I hate that. And that'll be the easiest way to get unsubscribe. But adding somebody to your CRM is an effective way then to communicate with them. See what they open and you still only have about a 20 open rate. But still LinkedIn is a great way to connect really quickly with the right people you want to connect, whether it's real estate investors, note investors, note buyers, private investors, we use it for asset managers, all sorts of stuff, other vendors. It's, it's literally the number one. That's why it's up there. Just using it and having a free account is, is good enough, but it takes time. It's going to limit the amount of connections you can make on a daily basis. But still, if you can connect with 20 people a day in just a few minutes, it's still more effective than going out and trying to meet 20 new people and just organically out walking around and recruiting and stuff like that. So LinkedIn number one, number two, it's still, it's everybody's favorite thing is events. Going to a conference, going to a workshop, going to your local rea club, it's still very effective. All right, with now with more things being online, there's still ways for you to do that, to connect with people. I like leveraging events that I don't even go to. How do I do that? Well, I try to find who's who the speaker list is and who's the speakers and connect with them through LinkedIn, through their social medias and connect with them that way. I look at people that are sharing a hashtag or who went to an event that they go to and connect with social media and then like booking a phone call through my calendar link to get them to book a call to talk with them. Then I capture their phone number and email and then they're on my database. But going to an event, there's a couple of different ways to maximize them. Obviously take business cards and take some blank business cards or some way for people to leave their information. Now events is another thing. You could also oftentimes sponsor an event. This is one thing that we did early on. We sponsored different conferences, different events that we would go to. And when a part of my sponsorship cost was to get the database of people that were attending, that was one of the biggest things. And so some folks will give that will give that to you as part of it, others won't. It's an important thing. But the events is still one of the great ways to get out to people that are like minded to going to a local real estate club, going to a local conference, that's one of the most things. Now three is networking. This is a little bit different animal than Just events. By events, I'm talking stuff that's in your industry. Okay. Like a note conference or real estate conferencing or something like that. Okay. Like fincon is another thing we go to on a regular basis as we tend. But networking, what I mean by networking, that means getting outside the box, going to other things, like being a BNI group in your area by going to bni.com that's business networkers International. It's the largest professional networking organization in the country. Like here in Austin, there's anywhere from 40 to 50 different groups that I can attend either in a breakfast or a lunch meeting and maybe 10 to 40 people at it. And that's an effective way of going out to your local market, connecting with individuals that are paying to be a part of this group. They're more professional, they're going to have better referrals. Or also, as we find you're often have decision makers, CEOs or higher level people making more money that are very good at what they do, but they don't necessarily have the time to invest, but they may have money to invest. So that's a great way to start networking outside of your box by doing that. Of course, there's other entrepreneurial organizations, there are different rios to go to. I think getting outside of the real estate aspect of events is an effective way to start really connecting with people, leveraging your vendors. You know, one of the greatest things that we would do when I used to go out and coach people new real investors is we always say, well, let's do you have a realtor that we could talk with or do you have a title company? Because the title company is kind of the central hub. And so meeting with one of the two, one closer from there or title rep and say, hey, who do I need to talk to? Okay, who's, who's a private money lender that you're closing deals with or is there anybody out there providing finance that you talk to? That's an effective form of networking, looking at your vendors. Oftentimes, you know, IRA companies will have networking events that are different than, you know, sponsoring event or a hard money lender may have an event. Heck, here in Austin we have all sorts of capital factories, capital raising, hedge funds, stuff like that will often have a night of networking once a month. But getting out there and doing that, and then also if you're in a remote area, look at what's happening online. Maybe there's some online zoom events that you can network with and go from there. Okay, number four you can actually buy a list of leads. In a lot of cases you can use a service like melissa data or exactdata.com or heck, I get bombarded every day by a third party. Ask me if I want to buy a list of loan officers or mortgage brokers or real estate agents or asset managers. You, you know, there are list providers out there that can give you a great list of usually up to date names, phone numbers, email addresses and addresses. Now while that's paying for some money, I mean if you paid 1900 bucks to go to like an IMN conference and you only got 10, 10 business cards, would it make more sense for you to buy a thousand buck list on the same type of note investors but get 15,000 names in context? Think about that. All right? And that's one of the things that we've done more is that, okay, we'll buy a list of IRA investors or we'll harvest a list of IRA investors and then use a VA to skip trace those, find those profiles on LinkedIn or others and then connect with them that way. And that takes us number five to social media. Social media on this side. You've got to be very careful of this because the fact is we all know like Facebook only allows like 1% of your audience to see some things. Now one of the great things you can do is if you're joining groups, groups are a little bit different. You have LinkedIn groups that may have a lot of these members, but they don't have a lot of activity. That's a great way to network, you know, and make connections through your LinkedIn groups, Facebook groups, you gotta be careful about that. But there's often a way for you, you know who's in the group and start reaching out to those individually and do kind of the same thing as we talked about LinkedIn, hey, we're part of this same group, just looking to connect with other like minded people. What are you buying? What are you looking to do? Usually once or twice a year, I actually go through our private Facebook group and make sure people are still investing in us. What are you looking to buy? What are you looking to sell? What's your big goal? And go from there. But social media, I mean you can see a lot of people's profiles. You know, one of the things people used to do is like, oh, I got a list, got a list of apartments or a list of deals. And you'd have 20, 40 people go, oh, here's my email, here's my phone number, here's my cell phone Number, send me the list. Well, I'd have a, you know, we go over copy paste a copy paste and put in a list and then send a warm email. Hey, I saw that you posted on this group that you're looking for deals. I'm also a blank investor, note investor, real estate investor, whatever. Love to add to my database and connect with people and go from there. You know the great thing that there's some, some things that social media wise that you can do. I honestly believe you need to be posting on social media as a way to get people to connect with you whether they start following you on Facebook or Twitter or LinkedIn. One of the things you gotta get in the habit.

Hey, great.

I don't necessarily check my Facebook messages or you know, I know Facebook limits the algorithm. Can I get your email and add you to my database or here, go to this link and join my database. Now what I love about one thing in social media that works really, really well that most people aren't taking advantage of is the fact that LinkedIn has the ability for you to create a newsletter that once subscribes to it, not only with, if you post it new, new episode or new volume on LinkedIn, it also goes to their inbox in their email address where they registered LinkedIn with. Now you're not going to get that list of emails, but I've seen some people that have like 3,000, 4,000, you know, 5,000 followers on LinkedIn but they got a LinkedIn newsletter of 10, 15, 20,000 that works really well and it's a pretty good open rate. It's two, it's literally two touches. Not only will it go up on the profile they'll see, but they also get another email in their inbox of stuff that's going on. So that's another great thing to do and leverage it. Here's the thing, 80% of sales comes after the fifth contact. That's the most important number you got to realize if you're going to be an investor, build your database, grow your database. You know, if you think about this, if you connect with one person a day, that's 365 people on your email. Okay, that's not bad. If you can up it by 10 exit and you're now 10 people per day, that's 3650 at the end of year one or 3666 if you're in a leap year like we are this year. If you've got a 20 open rate on email blast out there, it's going to be a much higher open rate for 3650 than 365. 365. You get what I'm saying, ladies and gentlemen? So grow your database. Realize it's something. Track it. Look who's your subscribers are, look who your followers are. Look who's how big your email database is going to. Of course you're going to have people unsubscribe. That's normal. That's a good thing. When they unsubscribe, that means you're not, you're not taking up some space to somebody else. You're not sending them a dead email. The last thing you want to do is connect with people that aren't really interested in what you're doing. And this is the thing always blows my mind is you've just got to. It's a drip marketing campaign is not postcards and letters and stuff like that. Yes, you can do that. That's expensive. But if you've got an email address of somebody and they're interested and they fall in line with what your focus is, they're probably not going to unsubscribe unless you just spam on them. Junk if you provide value, hey, I got a deal I'm working on or hey, Happy holidays or hey, here's a deal that we did. Or hey, it's a look, it's a, you know, super local market. Hey, come on out and join me at the local real estate club or something like that. That's a really valuable list and that's often really valuable content for people to have. So you know, touching base with your database once a week is important thing. Posting at least once in a while. But here's the thing, leverage all these five things. Leverage them on a daily basis or weekly basis and look at your network. I get if you're still working full time, you're not necessarily gonna have time to post or go and tell a lot of things. I get it. Let's pick one, two or three things LinkedIn you can do all the time. You know, networking after hours on the weekends around your job or career. Obviously you got a family, got to figure that out too. But worst case, if you don't do that, they might make more sense for you to buy a list and go from there or pay to advertise or pay to promote stuff on social media. And there's a variety of ways to do it. As always guys, I'm glad to talk with you share similar secrets. Feel free to book a call with me@talkwithscottcarson.com that's talkwithscottcarson.com they'll take you directly my schedule and glad to share with you what we're doing and help you out in some form or fashion. Here's the thing, we all start off with zero most of the time, right? We all start off with zero. We're all brand new babes in wet diapers trying to figure our way through this crazy world of investing. And it's not as difficult as you would make you would think to be. It does seem daunting. But if you realize a little bit each day goes a long way. You know, we've got a database that's anywhere from 40 to 70,000 people in a given time. And it's constantly, people are coming into it and going out of it and we're constantly marketing and adding people and people take leaving. The point is, ladies and gentlemen, if you're into this for a long time, you're going to be this long time investor which all of us are. Real estate investors don't die. We never retire, we just stay around forever. Realize that your database is going to be an ever growing organism that is going to grow with you, but it's also be one of your most valuable resources that can help you in business and help you whatever you're doing. Any type of investing is one of the most valuable things you can do. So go out, take some action, start marketing, start building your database, growing your database, track it monthly, quarterly basis, end of the year, remember, guarantee if you do a little bit each day, at the end of the day you'll look back like wow, I've got this many people in my database. Wow, I've got this many people in my database. It will be a whole lot easier for you to find deals, raise capital and make more money as a real estate investor or whatever you choose to do with it. So go out, take some action everybody and we'll see you in the top. Have a great day. Sam.