With more people doing business online, the boundaries of real estate investors has expanded. Today, you don’t need to be especially technologically savvy to enjoy the benefits of a virtual real estate portfolio.
It’s a great idea to consider purchasing real estate NOT only in your own community because all your eggs are in one basket. If your market isn’t working well, but you here things are hot across the country, you should expand your borders and invest across country.
With Airbnb has opened up a whole new world of investing opportunities for real estate investors.
But don’t just stop there, you can scale up your virtual operation more easily by building your virtual real estate internal team that helps you put your business on autopilot.
Virtual Investing On Autopilot
The goal with virtual real estate investing is to after a few months of hard work, creating relationships, setting up new real estate markets is to have a virtual business that runs on almost autopilot.
With a virtual flips business, you can be in several different real estate markets and flip several houses each month.
The good thing about this business setup is that you don’t need to really do much to run it.
If you have day job or want to make money even when you’re away, you will be able to hand over the reins to your acquisitions manager and let them handle all of your wholesale deals. This would allow you to still make money when you’re away each month.
The great thing about real estate wholesaling is that you can automate just about every aspect of the business.
You can outsource market research, finding deals, and even closing deals.
It’s not rocket science, it just takes a little bit of work to get all of the pieces put in place.
Outsourcing Your Business
In order to run your business and not work in your business you need to start outsourcing everything you possibly can.
The first thing that I recommend you outsource is your marketing.
What I mean by that is that you use sites like click2mail.com to send out your post cards instead of doing them yourself.
I do not recommend you outsource the pulling of mailing lists and creating your marketing campaign until you have done a lot of deals and have it down to perfection.
This is HUGE because just the simplest error in uploading your mailing lists, sorting them and picking the correct mailing list can cost you thousands.
But once you do have it down, document everything you do and create a screen shot video of exactly how you pull your mailing lists, sort them and upload them, you’re ready to outsource them.
Once that is all created you can simply have your acquisitions manager do all of this for you.
The Second thing I recommend you outsource is your inbound calls.
By having a site like patlive.com, you can have all your inbound phone calls pre-screened and fielded, which can save you a lot of time.
I will never go back to answering my own phone calls again.
The third thing you will want to outsource is evaluating deals and making offers.
This step comes once you have done several deals and pretty much have the wholesaling process down.
What you will need to do is create an easy to follow screen shot video of your process for evaluating deals.
Something a lazy high school kid could easily follow and put the houses through a formula to come up with your Max offer price.
When you get to this point it would be a good idea to hire an Acquisitions Manager who can do this for you.
Their job will be to call back all of the sellers, and make them offers.
Your acquisitions manager’s job will be to do all of the leg work necessary to get a property under contract, this includes looking at houses, taking pictures, meeting and negotiating with sellers and signing contracts.
The forth thing you need to be outsourcing is your entire buyer marketing.
Again, like any step in the process you should first do everything you can to build up a buyers list of ACTUAL cash buyers and putting in the legwork to find them.
Once you have the process down and have compiled an email list of a lot of them and sold several houses, you can then easily automate the process.
Then, when you are selling a property in your local market, you can simply make five phone calls and have a buyer with no fan fair.
If you’re doing a virtual deal, your wholesaler you are working with combined with, your acquisitions manager will handle everything when it comes to finding buyers.
The Firth thing you need to start outsourcing is your NEW city market research.
Once you have proven that your process works and you have done market research in several new markets, you can then start passing over more work to your acquisitions manager. They can start doing more leg work and start finding new markets to go into.
Market research is pretty easy to do and even easier to outsource but I think its one of the pieces that as a business owner you should always be somewhat involved in.
Picking the wrong real estate market and wrong area can be a terrible business decision.
Now there will be other small things that you will want to outsource but for now that is all you really need to do.
As you can see outsourcing does not mean passing off everything to a Virtual Assistant or someone who does not have a vested interest in your business.
It means outsourcing a lot more to your team, and empowering them with more and more responsibility as you grow.
Virtual Real Estate Deals Business Structure
You want grow every good business to the point where you are working as a CEO, the owner, President BOSS!
When starting out your job is going to be EVERYTHING – working as CEO, Marketing manager and your own acquisitions manager.
Once you have all of the systems in place and are making money then you can expand to filling other positions.
Also, you do not need salaried employees unless you are making upwards of $500,000 per year.
I personally do not have anyone on salary and pretty much just pay everyone a percent of deals that come in. But it’s your world when creating a business and you can structure it however you like.
Let’s start building your virtual real estate deals business.