EP NNA 28 – Attracting IRA Investors

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NNA 28 | IRA Investors

NNA 28 | IRA Investors

 

It is the quarter of the year, yet many of us have brain lock thinking we can’t make offers until we have investors. On this Note Night in America, Scott breaks down some of the ways to attract and market to investors who have IRAs. He talks about working on your e-mails, taking that e-mail list, and grabbing that opportunity to connect with investors. He also gives great inputs on how you can maximize Facebook marketing, as well as where to find investors and how and what not to do when reaching out to them.

Listen to the podcast here:

Attracting IRA Investors

We have some great content that you will not want to miss out on. It will help you out there in your business. You’re going to want to run and get some information. I’m going to encourage everybody to read this to the end because I have some cool stuff you’re going to love. It’s going to blow your mind. We have a five-year goal. We set this at the beginning of the year to help educate and create 10,000 note investors. We are about to break that mark. Excited we hit our year one goal. Our last Virtual Note Buying Workshop from November 30th to December 2nd, that’s online. Our December Note Mastermind is December 7th, 8th and 9th. You want to come then. If you’re going to come into it, come in on the 6th because we’ve got a special thing going on in the night of the 6th that you will not want to miss. Our next Fast Track Training of the year, first one in 2019 is January 11th, 12th and 13th here in Austin. I will be out in the Bahamas at the Mr. Landlord Retreat on January 16th through the 19th. I would love if you want to come and join me there. Jeffrey Dale’s got a great event. I’m excited to be a part of it. Our first workshop of the year is weekend on Valentine’s. We want you to fall in love with notes that weekend. Our second Fast Track Training of the year is March 15th through the 17th.

Events Over At Note Night

The last episode, we talked about seven work weeks left in 2018. How many of you took action and sent out emails to asset managers? 70% of you didn’t do anything, 30% of you did. That does not surprise me. The number is a little higher than I thought. A big majority aren’t going to do anything. That’s okay. That’s totally you. I don’t get mad about that because those that are taking action are seeing results. Those that are doing something are taking actions. I’m going to share what my results are from me sending a couple of emails out. I have a database. When I uploaded my asset manager list into Infusionsoft, it cleaned it up a little bit, 4,510 asset managers. I sent an email out and I had 10.8% open rates, that’s 466 people clicked on it or opened the email. I had a 1.4% click rate of 60 people. The open rate’s a little low. Click rate is pretty decent, it’s pretty normal. About a 1% click through rate which is pretty normal. I sent a second email out to those that hadn’t opened the first round of email which was 3,870 asset managers. I had a 3.8% open rate the second time around, that’s 148 people. 0.4% click rate, that’s fifteen people clicked on it. Seventy-five people clicked on my first two emails, 614 opened my email. That’s more phone calls than I make in a week. I’m going to do a third email and I’m going to send it to the remaining 3,722. I’m already seeing results from this.

I received four tapes of assets I’m reviewing. One is a tape of 200. Another one’s a smaller tape of four. I got some commercial deals. I had some hotel deals that I’m looking at, owner financing stuff. I have eight scheduled appointments with asset managers who have already clicked on my calendar link to talk to me. I have booked appointments that aren’t on my calendar list year. I’ve seen residential and commercial assets, I’ve seen both. I’ve seen nonperforming, I got some performing that they’re also selling that’s a nonperforming. People want to get out of it. The reason I share my numbers with you is that I want you to know that I’m walking the walking and just not flapping my lists, not just flapping my guns. I’m talking and walking and sharing my results. The thing I’m trying to get at, if I started making phone calls to every one of these guys that opened my email, that’s 75 people have clicked through and connected with me. They all clicked on my LinkedIn profile. I’m connected with him. I’m following up. I’m doing the same thing you’re doing. It’s already leading into stuff coming in. I’m not going to share this with you if you don’t do the work. Somebody’s like, “Do you have a list of Ohio?” Narrow it down. Pick up a bunch of states. Go to Lane Guide. Go to DistressedPro. Pull a bunch of lists and Blanking Blitzkrieg, everybody. Get it out there and get some stuff going.

Attracting Investors

It’s all about deal flow. If you don’t have deals, you’re not going to raise capital. If you’re not going to do any type of marketing, you might as well go on a two-month holiday vacation. What I’m about to get to is going to change somebody’s business if they take the stuff they’re supposed to do. Let’s talk about attracting investors for your deals because a lot of you have brain lock that, “I can’t make any offers until I have investors.” I’ll show you some things but they’re not going to act until you have some deals to share with them. If you got a postcard that said, “Is your piggy on track to retirement,” in the mail, what would you do? Would you read it? Would you check out our website or videos if there was a link on the back to it? Would you call the number if we put a number on there for you to call to find out more information? Would you request an eBook, we put a link to it? Get your free 52-page eBook. Would you meet for coffee if it was local? Maybe virtual coffee too or would you meet in person at the local Starbucks or my local office? Would you attend an event or go to a Meetup if I invited you as my guest? Will you throw it away and not do anything? Definitely, do take some action. If I were to send you on the other eBook I have. I’m using your self-directed IRA to buy real estate. Would these be some things that you would do?

If you saw a postcard that said, “Want to learn about putting your IRA? Come to a free Meetup group or come to an event.” You would do that. Everybody would probably do that of some sort. You at least check out the number or check out the website or video. Everybody would do that for the most part. Some of us throw it away. When I send out postcards, I don’t send out generic postcards. When I send out postcards, I do it targeted. I’m not blasting it out to the foreclosure list. I give some actual value. I take a little extra time to make sure that my trigger is good. It gets people wanting to read. People do save my postcards because they want to call me and find out. Everybody’s going through their life, end of the year quarterly statements, end of the year statements, first of the year statements.

NNA 28 | IRA Investors

IRA Investors: Those that are taking actions will see results.

 

Come January, I hate my job. I want to be a real estate investor. I want to be a note investor, “Where’s that postcard that I kept from a month ago, honey? Where is that list? Where is that book? Let me go in my email and find it. Where is that postcard with the piggy on it?” This should give an idea. One of the things I love doing, I created a Meetup group for Thursday, December 6th down at Cape Coral, Florida. We already have seventeen people that are signed up for this event. Out of the seventeen, twelve of them are brand new to the area. I don’t know them. I know them from Adam. They decided, “Distressed Debt Investing In The New Year. I like it. I’m going to go ahead and sign up for the Cape Coral Note and Self-Directed Investors Meetup group.” I pull lists of IRA owners from across the country in any county. There are roughly about 3,700 IRA owners down in Cape Coral, Florida. There are about 6,500 in Lee County around it. I’m about to go Blitzkrieg on this and drop them a ton of postcards, out to people in the area to invite them out to this thing.

Last time we did this, I dropped 3,500 postcards. We had 50 people show up. That’s stinking good. 50 people showing up for an event for wine and cheese that we raised $1 million out of. If you had a list of 1,000 IRA owners in your county of choice, somewhere where you’re close, you’re warm too. You had their names, their mailing address or physical address, a working email and phone numbers for probably about 10%. Would that help you with some things? Would that help you identify some opportunities? It’s a stupid question but the answer to this is not yes, it’s F yes. You’ll be able to determine home values from their addresses. Their home values could probably tell you if they were a homeowner or their physical address is a unit number or something like that. They’re a renter or not a homeowner. You’ll also be able to tell income levels based on the property value of the house. Based on property value, you could figure out, “What’s the mortgage payment for something like that?” Off of that, you can figure what they’re making. Take what their average payment would be and multiply it by three and that’s roughly what you’d have them net. If you had working emails, couldn’t you take that email list and connect with them on LinkedIn or do a Facebook custom audience or jump on Twitter and upload the list of Twitter too and cross, see if they’re on there on those three? The answer is yes, you can.

People You Need

You could also send that old-fashioned direct mail, lump email and stuff like that if you want to. I honestly think that’s the old way of doing business. I have a map of some stuff I pulled in Cincinnati. I did a quick search and there are roughly 250 IRA investors around a house in Cincinnati that I own. I bought a contract for deed, the borrower’s on the property over. I was like, “Let me see if I can find some investors in the area.” Let’s see who has an IRA, not self-directed IRA, where I am able to pull lists of people that have IRAs. These people, the 200 that I was able to map on BatchGeo alone and you can see all around the area. How many investors do you need in your local area to fund $1 million? If you had $1 million in funding, you wouldn’t need to do anything else. How many of you need it on $1 million? If I had two people had $500,000. Five of them had $200,000, ten of them had $100,000, twenty of them had $50,000 or 40 of them had $25,000. Let’s face it, a lot of your individual notes that you’re buying after your nonperforming contract for deeds are not going for between $25,000 and $50,000.

I’m not talking about pulling money. If you wanted to raise capital for a fund, here’s a way to do it. A lot of you guys are buying assets that are $100,000 or $200,000 in funding. You’re buying a bulk, four, five, six, seven, eight assets. How many do you need? I have to thank Sterling, my buddy from San Diego. I met him at Laughlin Associates event, Magnify Your Wealth Summit about a couple of years ago. He signed up for a Quest account. He was at Quest IRA. He and his wife, Kim, came to Quest Expo. I ran back into him as part of the mastermind and parted with Aaron Young. I said, “How did you like the Quest Expo?” He was like, “It’s okay.” I’m like, “What do you mean?” “While I was looking to find more capital, there are a lot of sharks there. I don’t want to overpay for capital.” I was like, “Becky, would you look at her returns?” I was like, “You’re right.”

You’ve got 400 people there at Quest IRA, investors looking for deals. These sharks are trying to buy each other like, “I don’t want to give up half. I don’t want to pay more 12%.” The thing to keep in mind is a lot of IRA investors out there, people that have IRAs are making zero. You want to start working your money cost down because of the cheaper your money is, the more you can do it. The more flexibility you can have with it. How many people do you need to fund $1 million? 40 people? Realistically, less than 50 to have $1 million in private capital. How do you find those? I pull a list from my private source. I go online. I pulled a list of 2,000 IRA owners in Travis and Williamson County. Travis in Austin. Williamson County is the north part of town where I’m at. What I did is I took the list. I’ve never done this before. I took the spreadsheet that I got from the source that I paid for I downloaded. Names, emails, phone numbers and I uploaded the spreadsheet in a CSV form into LinkedIn. 1,798, almost 90%, had LinkedIn profiles. I sent connection requests to them all. Are all of them going to respond? No, there’s probably a big chunk of them that never look at their LinkedIn. They’re probably never going to respond to me because they probably don’t think it’s coming. Someone like Scott Winn, a real estate and mortgage note investor. You got some other names. I sent connections out to 1,798 of these 2,000 IRA people that had IRAs in the local county around me.

NNA 28 | IRA Investors

IRA Investors: The quarter of the year makes people go through their life.

 

I did something a little bit different. I’m like, “What do I want to do for 2019? Do I want to travel as much as I have?” I’m like, “No, I don’t.” I don’t like traveling as much. I’m going for fun. I’m going to enjoy a cruise, I’m going to enjoy going to the Bahamas. I can do something fun, no offense. I don’t like traveling events for the most part. I’m burned out on that. I would rather sit here in my office or my house in my shorts, flip flops and a t-shirt and work smarter. What I did is out of that list of 2,000 I found in the county, I narrowed it down to one zip code 78750. That’s the zip code for a house. The zip code for my office. We have a lot of commercial assets around this area. 78750 run over. They were all within five minutes of me. What you got to realize, all these are investors looking for ROI. Everybody that’s got an IRA is looking for a return on investment.

Most of them are probably making nothing or single digits, 4%, 6%, 8% and 10%. The star is where my office is located. It’s a total game changer for a lot of things, not only for raising capital but setting up meetings and for doing some other things. The reason I cracked up is when I pulled the list, it had my name on there. It had Stephanie’s name on there because we have IRAs and we live less than five minutes away, which is down the street. We live on the north side. I was like, “My neighbor across the way is on this list.” There are fifteen people in our little housing area or townhome area that were on the list. I was like, “Brilliant.” These people are looking for cheap ROI. I was like, “I don’t know why I have not been smarter about this.” Sometimes we see many things, we’re busy working things and we miss some of the things. I have all the things in place. You have all the things in place, you just need the lists.

I took it one step further for you. If you guys have been to my Note Mastermind or one of my Fast Track Training, you’ve seen the map of the Top 30 Viewing Markets of We Close Notes. I’m able to do with my Vimeo and YouTube account. I can identify the top 30 markets based on views and downloads. What’s that tell me? Those are people that are looking for notes. Those are active real estate investors looking for note deals. What’s the number one market? Houston. What’s the number two market? New York. Number three, Dallas. Number four, Orange County. Number five, Chicago. Number six, Las Vegas. This is the top 30 viewing markets. Why is this important? This is where a lot of people are looking for note deals or they’re looking to tap into it. What I did is I took it one step forward. I reached out to my contact and I said, “How many IRA owners are there in each market?” This is county by county.

Number 30 Jacksonville was 25,000 IRA owners, roughly San Francisco 16,000. That’s just in the San Francisco area, there’s more in the Bay Area, Detroit, Memphis, St. Louis, Naples or Collier County, Seattle area, Denver, Nashville, Charlotte, Portland, Oregon, Philadelphia, Tampa, Newark, Newport News. 89,000 IRA owners in San Diego alone. 37,000 in Atlanta. 171,000 in Los Angeles. 43,000 in Baltimore. 37,000 in Miami. 38,000 in San Antonio. 40,000 in Austin alone. 27,000, Orlando. 57,000, San Jose. Vegas at 35,000, Chicago, 141,000. Orange County, 104,000. Dallas, 50,000. New York, 29,000, that’s just the one boroughs of Manhattan. Houston or Harris County, 92,000 IRA investors. I did not buy all these lists, it’s expensive. I bought a chunk of lists. There’s an opportunity for everybody to draw them. What would you do?

Here are the things that we can do to help you. This is not every county, if you’ve got some county out there, I guarantee you there are 2,000 to 3,000. Almost every county has at least 3,000 people in it if not more with IRA investors. I wouldn’t waste my time with rural, but the major counties are plenty for people to go around and we can help. Let us help you find the investors out there. Let’s help you find that. We can pull these and usually what we do is we charged this in the past. We used to charge $1 a lead because we’re saving you that much money in marketing and travel and postage by showing you the way to do this stuff, the way to help you market on this.

NNA 28 | IRA Investors

IRA Investors: The cheaper your money is, the more flexibility you have.

 

We’re doing an end of the year special until January 1st. For $1,000, we’ll give you 2,000 leads. That’s $0.50 a lead. Normally, we charge $1 for it. That’s special for the audience. We’ll send you the list in the favorite county, along with the ten things that you can do and we’ll talk about step by step how to do that. I’ll share how I uploaded the list into LinkedIn. I’ll show you how it can echo that. I’ll show you the postcard and what we post on them. I already showed you that we do a Meetup group. Think about that, “I got a Meetup group locally. Would you like to come out?” You know that everybody that joined up with it, for the most part, was an investor coming to you. How awesome that is to be given your own event somewhere and it won’t have to be fancy. It can be 12, 20, 50 people. Eric Hyde, your little Meetup group in Torrance could blow up. Todd LaPierre in Orange County, Florida could blow up of inviting people out locally to meet you on Wednesday night a month. Come on out. Once they opt in to your Eventbrite thing or your Meetup logo, you’re able to communicate with him.

Facebook Marketing

I’m going to share with you how to do some Facebook Marketing. We pull up Facebook. I’ve uploaded lists of the past and to give you an idea. I was working with a list in Chicago, looking at somebody. 7,000 names and what was great about it is 3,500 of them had Facebook profiles. 50% of them had a Facebook profile that they could market to immediately. I wanted to share with you some of the lists that we have pulled and uploaded into. This is not all the lists, because I’ll take a different variety of lists of things. I’m on my Facebook Business Manager. I have different business accounts. I’m hooking my business manager to get to my custom audiences. I’m going to get onto some specific things. I’ve taken a spreadsheet of the emails and uploaded them. I got lookalike audiences.

We talked about the June connections. The asset manager emails, 2,400 of them have a Facebook profile. Clark County, Vegas at 5,000 emails I pulled, 3,700 of them have a Facebook profile for me to market to. I did a lookalike audience as well in Las Vegas and found 580,000 of them are similar to that. Two different lists in Cook County, 4,600 that’s one, 4,500 in the second list. San Diego County, 19,000 IRA emails off my list, 12,000 of them have a Facebook profile. I uploaded 75,000 other IRA owners across the country, 48,000 of the 75,000 have a Facebook profile to market to. Orange County, this was a smaller list of 4,000 I pulled, 1,900 had a Facebook profile. I uploaded a chunk of Texas IRA emails. It was 10,000 and 6,800 of them had a Facebook profile.

Your List

What I’m trying to get at is there are a lot of people there and it’s cheap to market online with a Facebook or even going into LinkedIn and go from there. I already had people opted in and connecting with me on LinkedIn. I cleared out my connections. I want to make sure, so you know this. In the 51 minutes that I did this, fourteen people have connected with me off that list alone. Once they connected with me, they got some marketing done. That’s what I’m trying to get at. Let me help you get a great start to 2019. If you’ve been worried about funding, which I know everybody does, what you have to realize is you’ve got to know what you’re doing. This goes straight about what Jillian Sidoti said on one of her podcasts talking about you’ve got to learn to educate. You’ve got to learn to provide content. It’s hard to invest. It’s hard to raise capital when you’re posting like the WCN Crew or the Nationwide Note Buyers Group and all the people on there are note investors looking for funding. We’re all fishing in the same pond and wondered why our strings are getting crossed. You’ve got to go to new ponds where people aren’t at. You can’t go to Note CAMP and NoteExpo or DME or NIS or IMN or AAPL. Everybody’s looking for the same thing there. There will be some, but the number of sharks coming in is overpowering. People need options.

The list that we’re pointing isn’t your traditional IRA investors. There is a chunk of them. There are some people out there. We saw that, but you have the opportunity to be able to tap in some great stuff. If you’re interested in taking advantages and getting a list before the end of the year, email me at Scott@WeCloseNotes.com. Tell me the county and state of your choice. There’s Travis County and a couple in Williamson County. Tell me your county and state of your choice. We’ll send you an invoice over for it. First off, find out how many IRA investors in this county. Don’t ask for twenty counties, I’m not going to do that. Give me your favorite local market, that’s what we’re going to focus on, the ten ways to help you connect with the investors in your market. If you’ve got a bigger order you want to order, we can figure out a discount that makes sense for you. We’ll even introduce you to our postcard vendors. We’ll show you how you’ll be able to reach out to them. You won’t have to reinvent the wheel. We’ll let you use some of our designs and change a few things around. Why do you have to go reinvent something that works? 2,000 leads for $1,000.

NNA 28 | IRA Investors

IRA Investors: People never take action and wonder why they are where they’re at.

 

We’ll share with you some of the things that you can do to take names with your marketing. We’re not talking about email marketing. You do not want to upload a list of IRA investors to your email and blast it out to them. You probably only have an 8% to 10% open rate and it will probably kill, especially if you’re not marketing, which I guarantee 70% of you aren’t marketing, it will kill your MailChimp account. It’ll kill your email account. You have to find other ways to connect with them as I showed you. A Meetup group, upload to LinkedIn, connect with them on Facebook. You’ve got to be creative to go around there versus the direct approach because of spam filters and the block on that stuff.

I’ve got some great stuff for you if you’re interested. Let us help you out to get a great start. Email us at Scott@WeCloseNotes.com the county and state of your choice. We’ll send you an invoice over once we find out how many in there. Some of you may want to go ahead like, “There are only 3,000. I’ll go and buy all 3,000.” We will make sure if you’re saying buying 5,000 here, it won’t be the same 5,000. We don’t think that’s fair. We’ll make sure that the list you get nobody else is getting. We’ll also guarantee email deliverability on stuff. The thing is you buy a list and don’t do anything with it for six months. We’re not delivering anything on that. Most of these emails are accurate. I’m not going to tell you how we tap into this. I’m not going to give you my source.

I know I’ve talked about people going out and pulling self-directed IRA company leads off the County Appraisal District. Most of you aren’t going to do that. Few of you are going to do any of that type of work because you’re lazy. I’m sorry to say that because I know you. I know it. Most of you would rather do other things. I hired an intern to get one of the big counties that I liked and I paid him $15 an hour to go under and pull list after list. I’m going to send out postcards to those self-directed IRA investors along with these other investors. You better believe it. I’m going to do it. I’m already doing it. We get a higher hit rate on the self-directed IRA leads. We’ve got a much higher rate than we do on the postcards. We know the postcards to be smaller, but we’re not talking about postcards being the only things. You want to hit them with four or five different things. What’s a better way than to do what we showed you? You don’t have to reinvent the wheel, use what we’re using. Use exactly what we’re doing. Do exactly what we’re doing. I talked a little about some of the things you want to do, especially with videos. “Here’s a hello video. Here’s who I am.” Second, what do I do? Third thing, what is not investing? Four, five and six, those are finding, funding and flipping. Shoot me an email. Get signed up here.

There are programs out there you can scrub the emails and see deliverability and stuff like that. I would love nothing better than help you guys kick 2019. Trust me. Take advantage of this. Al Curio used some of the leads before and had three people reach out to him, one with $80,000, one with $90,000, another one with $60,000. He’s like, “This is easy,” and those three guys have brought more money to the table. You may not need twenty leads. You may not need 50 people. You may need twenty people to fund your deals over and over again for one of your businesses.

The question is if you can deliver an above average return to them? What I mean above average is above zero, is above average or above 1% above, above 0.5%. That’s some great marketing to use. Are you getting great CDs? Is your IRA a disappointment? Is your 401(k) a 101(k)? Let’s help it back. Trust me. This is cheaper than you’ll ever find them. I guarantee, it’s cheaper than you’ll ever find them. Laura Blunk’s gotten a list from me in the past. Do something. Think about these. If you’re not into note investing, any type of real estate investing will be helpful with this. It’s not an idea. I hate that. “What a great idea.” No, do something. You would be silly not to use this in your business. Those who want to take action, do something. Don’t be 70% of people that don’t take it. Seems 80%, 90% of people never take action and you wonder why you are where you’re at.

Instructions for the list are simple. Email me at Scott@WeCloseNotes.com. Tell me the county and state of your choice. Minimum order is $1,000. I’m not going to go, “I only want 250 leads.” 2,000 leads for $1,000. It’s what makes it worth my time to dive into this. If you’re not serious, that’s fine. Don’t worry about it. If you buy a list, I’m not taking your list to the market. That’s stupid, I would never do that. You should know me by now. If you have a list that you like, you’re looking for a county of your choice, let me know. Reach out to me and say, “This may be the total in your county. How many do you want?” We can go from there. In some cases, we can narrow it down by zip code. In the biggest counties, it’s easier. In smaller counties, that’s not so easy. That’s something to keep in mind. Drop me an email of your county and state of your choice. We’ll send you an invoice. I hope it was valuable. I love you all. Thanks for reading and hopefully we’ll see you at the top.

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