Want 50 Hours of Your Time Back? Try Edge
Daniel R. built a business that allowed him to quit his day job and become a full-time real estate investor. All it took was a little focus, consistency, and of course, the right recipe.
Whether you’re a new investor or a seasoned pro, it’s always helpful to have a plan and a system in place for finding and closing deals. This started with Sundae’s premium membership, Edge. Since upgrading, he’s already closed two deals with massive upside.
Edge combined with a well-thought out strategy, and lessons he’s learned along the way have led Daniel’s flipping business to new heights in the Atlanta metro market. Now, he’s sharing his insights so that others can benefit from his experience. Read on to learn his secrets to success.
Create a criteria for success
The phrase “the riches are in the niches” comes to mind when you hear more about Daniel’s business model. He started by honing in on a particular type of investment property. It’s a simple formula:
- The worst house in a good neighborhood
- Highly sought after school districts
- Easy access to highways
These criteria offer assurances regardless of what’s happening in the economy. First, he knows that a good location is something that will always be in high demand–especially for parents who want their children in a “good” school district.
Secondly, Daniel doesn’t solely rely on market appreciation. Instead, he focuses on forced appreciation by doing in-depth renovations. When evaluating deals, he looks at the spread to determine if a deal makes sense. If it doesn’t, he moves on.
Double down on your niche and buy-box
Daniel is a firm believer in sticking to a buy-box. He said that “chasing after every shiny opportunity is a surefire way to fail as an investor.” It’s important to find a niche and stick to it so that you can build up your knowledge and expertise in that area.
By focusing on a specific type of property and location, he has become an expert. Knowing what you’re good at also means knowing what isn’t in your wheelhouse. For example, Daniel said “I tend to avoid houses from the 80s with funky layouts.”
A set criteria for deals to avoid and to pursue makes it easier to replicate success. It has also enabled him to systemize much of the process so that contractors know exactly what to do when they get on-site.
Understand that time is money
As an Atlanta, Georgia resident, Daniel absolutely hates traffic. To get from one side of the city to another could take over an hour. He half-joked that “I won’t take a deal that’s 45 minutes away. That’s how much I don’t like driving.” Time is a finite resource that must be carefully guarded. Driving the extra distance to see properties would kill the ROI on his time.
Time is money in the world of real estate investing. That’s why it’s so important to have a system in place for finding and closing deals quickly. It’s also important to be efficient with your time when you’re working on a property.
Sundae puts time back on your schedule
Sundae usually supplies a variety of due diligence material in one place to save investors time:
Rather than wasting time driving around looking for properties, Daniel uses Sundae’s search filters to target specific areas that fit his investment criteria. This approach has helped him to close deals quickly and efficiently, without spending hours on the phone or driving around town.
While the essential membership offers convenience, Edge saves Daniel even more time. In fact, he estimates that he saves about 50 hours a month by having Edge:
- AutoOffer allows him to set his criteria and walk away until the last hour of bidding
- The mobile app provides flexibility of location so that he can be on a job site or at a meeting with contractors
- Sundae’s historical data has proved effective in further narrowing his buy-box by informing his offer decisions
Collectively, these features have freed up a week’s worth of working hours for Daniel to use elsewhere. Imagine what you could do with another 50 hours back in your schedule!
Invest in products that scale your business
When you invest money, you expect a certain return. One deal with Edge pays for the product tenfold. Daniel raved about the value, stating that “I wish it cost more money. I’d still pay for it, but it would weed out even further competition. That’s how much I value it.”
Daniel attributes a large part of his growth to using Sundae. He says that the platform has helped him to save time and money by streamlining the process of finding and closing deals. Here’s how he uses Edge to his advantage.
A winning game plan
Daniel uses a bit of game theory when setting his offer range with AutoOffer. He has a certain price point in mind and can anticipate what other investors will do based on their bidding behavior.
He went on to explain how he’s found ways to win two deals using his secret sauce, but we’ve agreed to keep that information top-secret. What we can reveal is that he saved $12,000 on his last deal by using AutoOffer to his advantage. The deal he won was in a growing area with a great school district that fit his buy-box. When it was all said and done, he netted $150,000 in profit on this property.
At only a fraction of the cost of his savings and profit, Edge paid for itself in this single transaction.
Ready to upgrade?
If you’re thinking about getting into the world of real estate investing, Daniel’s story is a great example of what’s possible if you’re willing to work hard and use the right tools.
Sundae Edge is a powerful platform that can help you to find and close deals quickly. And with Sundae’s help, it’s easier than ever to stay one step ahead of the competition.