The Progressive Property Podcast 24HR NO MONEY DOWN CHALLENGE: Kevin's Review
In today's episode, Kevin reviews his recent No Money Down 24 Hour Challenge. Listen in today to hear his personal insights and behind the scenes exclusives from that day. Gain insights and essential information which will guarantee you to secure a No Money Down Deal in no time! See what property expert Kevin did to secure viewings, leads and funding to ensure he made not one, but TWO no money down deals in under 24 hours!
KEY TAKEAWAYS
- The challenge began at 6 am where Kevin quickly learned that the 24-hour challenge would not be a “24-hour challenge” as such. With estate agencies typically closing their doors at 6pm his 24-hour window just halved into a 12-hour challenge.
- The next thing Kevin discovered about this challenge is that it would not be taking place in his local area, an area of which he is extremely familiar with when it comes to property knowledge. He soon learned the challenge would be taking place in Norwich, a town he had no prior knowledge of.
- Kevin made the quick-thinking decision to ask another member of the team to drive him there so that he could utilize the long journey to do some research on the area and hopefully find some leads.
- Kevin used various different social media platforms such as Facebook, Gumtree and Spare Room in order to increase the percentage of an investment. These social media sites often have vendors advertising their properties, which enables direct to vendor viewings and deals.
- Direct to vendor deals are desirable to both parties since they cut out the agency fees.
- After making several phone calls, Kevin made contact with two agencies whereby assisted sales could be an option. Whilst both of these avenues led to positive roads, the time restraint meant that no money down deal would not be possible due to the landlord’s schedules. Really positive agent, but not quick enough to get a deal done in a day.
- Kevin then had a viewing with an agency. This viewing did not go well at all. The reason being, that Kevin was unable to answer the agents questions when it came to his local knowledge. Had he had a longer time frame to do his research, Kevin would have been able to answer the vendor’s simple questions and build a trusting rapport with the agent.
- This shows the importance of having up to date knowledge on your area, make sure you research and no your goldmine area inside out.
- One of the biggest challenges was just getting viewing. Kevin rang numerous agencies and enquired about making viewings, but kept getting rejected. He rang over ten agents and kept getting told NO.
- This did not make Kevin quit the challenge however and he still continued to chase leads and call more and more agents.
- Do not let rejections let you quit. Rejection is part of the process. Keep chasing because these will eventually lead to deals.
- During the drive to Norwich, Kevin placed online adverts for tenant buyers. Within two hours of this advert being placed, he had already sparked interest and received leads and possible funding.
- Kevin made the decision to sit in a cafe and call different leads he had received as well as estate agents to see if they could assist him. Once again, Kevin's advances for no money down deals were met with rejection. Although the agents weren’t necessarily saying no to working with him they were saying no to arranging viewings at such short notice.
- The day went from bad to worse when Kevins Spare Room account got shut down. This was because he had sent messages to around 50 landlords via the sites messaging service all saying the same thing. This was again, due to the short time constrictions.
- In reality, it is not a good idea to use the sites messaging service, it is recommended to phone the landlords directly, or arrange viewings to speak with them face to face.
- Finally, 12 minutes to 5 in the evening, a deal came through. A developer had 13 apartments not sold and was willing to do a deal with Kevin for guaranteed rent.
- This came about by calling over 100 people, agents, vendors and advertisers, showing the more people you call the more you increase your risk of getting a deal.
- After this, more and more calls were coming in and Kevin went to more viewings. One of which, the vendor was willing to complete a deal however Kevin declined this deal since it did not feel right. Do not so any property deal, do one that is right for you.
- Finally, a second deal came through, again thanks to Kevin's persistence in contacting valuable leads as well as his social media presence. This agent and the landlord agreed to a long term lease with the option to buy.
- If you do the right things in the right order for long enough you cannot avoid getting a deal.
- Had there been a longer period of time for Kevin to prepare for this challenge, more emphasis would have been placed on both types of research into the area as well as additional marketing such as leafleting.
- The key to Kevin completing this difficult challenge was chasing so many leads and making contact with as many people as possible. Do not get disheartened by rejection as eventually, you will make a deal.
BEST MOMENTS
”After meeting with the second agent I felt very confident, I felt like they would reach a deal in no time at all, I would be out of there by lunch.”
“Within two hours of placing this advert, I had already received leads and funding.”
“Finally, with 12 minutes to 5 in the evening, an agent gets back to me with a deal”
“Later on during the day, I was receiving all sorts of calls from Tennant buyers and had around £10,000 worth of funding from tenant buyers”
“If you do the right things in the right order for long enough you cannot avoid getting a deal.”
VALUABLE RESOURCES
https://www.amazon.co.uk/No-Money-Down-Property-Investing/dp/1909846767
https://www.youtube.com/watch?v=o8TZdualhcw
ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
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