Storage Wins EP106: Rick Ginn on How To Maximize Profits Through Probates
Rick Ginn focuses on acquiring probate properties. Every probate property has a story to tell, and to be good in this industry, you have to be a mix between a therapist, a problem solver, and a good listener. The market is structured, and sending out direct mail no longer gives you that personal touch. Rick shares tips on how you can stand out in your market and get those deals going for you.
Key Takeaways:
- What does Rick's business look like today?
- Alex reduced his team down from 7 to 4 and is doing more volume and profits.
- Want longevity in this business? Exercise some patience.
- Customers aren't stupid. They have a lot of choices in the marketplace.
- Rick hires slow and fires fast. Rick spent 6 months training his acquisitions guy before he did any deals on his own.
- What kind of probate real estate is Rick focused on?
- If the numbers work, then don't hesitate to take it.
- Rick wouldn't touch direct mail in today's market. It's too saturated.
- What's Rick's marketing strategy? How does he get deals?
- Investors have gotten lazy. They don't want to go out there and knock on doors.
- Remember, it takes time to get your systems set up. No one is an overnight success.
- If you're the first to show up during a bidding, then you also want to make sure you're leaving last.
- In today's market, go in and solve problems that other people won't. It makes you stand out. Real estate agents will only lift their finger to an extent.
- Rick talks about what he thinks about 3rd party lists. Hint: He doesn't like them.
- Worried that you won't be able to answer a seller's question on the phone? Tell them you'll get back to them with an answer! You don't need to lie.
- Probate properties always have a story to tell.
- All you need is a cell phone, a pen and a pad, and the ability to go to your local courthouse. It's really not that complicated!
- Try this industry out for 12 months. Be patient and keep working at it. When Rick was first starting out, he didn't get a deal for the first couple of months.
- The great thing about probates is that it consistently remains the same. You don't have to constantly reinvent the wheel.
Mentioned in This Episode:
Flip Empire Private Facebook Group
Rick's Facebook Group: Flip with Rick
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