Episode 2: The Many Faces of Real Estate Investing: Exploring Investor Avatars

This episode of the Investor Evolution podcast delves into the variety of real estate investor avatars, offering insights for newcomers and seasoned investors alike. The podcast breaks down different investor roles, including direct-to-seller, transaction coordinators, unicorn agents, and more, examining the pros and cons of each. Adopted from Pace Morby's real estate avatar series, the episode encourages listeners to find their fitting avatar or mix based on personality, skills, and vision. It emphasizes commitment to chosen avatars for 60-90 days for genuine experience and adjustment if needed. The goal is to empower listeners to navigate the real estate investing realm more effectively by identifying and embracing their unique investor identity.

00:00 Welcome to the Investor Evolution Podcast

00:23 Exploring Real Estate Investor Avatars

02:13 Direct to Seller: A Deep Dive

06:20 Visionaries and Integrators: The Dynamic Duo

13:12 Expanding Your Reach: Direct to Agent and Unicorn Agents

18:34 The Essential Role of Transaction Coordinators

21:54 JV Astro or Micro Flipping: The Middleman Strategy

22:36 Exploring Real Estate Investment Strategies

23:18 The Bird Dog or Hunter: Finding the Perfect Deals

25:31 The Gator: Short-Term Funding Strategies

28:37 Private Money Lenders: The Power of Passive Investment

31:12 The Capital Raiser: Building Funds for Bigger Projects

33:08 The Connector: Mastering the Art of Networking

39:47 The End Buyer: The Final Step in Real Estate Investing

41:45 Finding Your Real Estate Investor Avatar

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Transcript

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Whether you're just starting out in real estate investing or already making strides. The investor evolution podcast is tailored for you. Come along as we tackle these questions directly. And deliver practical insights. to empower your journey and the realm of real estate investing. Hey everyone. Welcome back to the Investor Evolution podcast. I'm glad you're here with me today. Today. We are going to talk about the real estate investor avatars. And when I first started, like I told you last time thought there was only one way. I thought you had to start wholesaling and then move from there. When I came into Pace Morby world, I'm in the Gator method community. And when I came into that community. I met with a unicorn agent. And we'll talk about what that means here in a second. And she sent me this video from Pace going over the different avatars. And what I wanted to do today was take those different avatars, break them down a little bit and give you a condensed version of the different types of investors that can be in this real estate space. And really it's almost unlimited. There's so many different ways that you can be and operate in real estate. And what we want to do is help you find the place for you. Find the avatar or avatars that fit you best, that fit your personality, that fit your skillset, and your vision

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So without further ado, we will get started on this journey. again, this is adopted from Pace Morby's real estate avatar series. You can find that online as well. Now here's all the different people and different team members, different avatars that you could be. We've got all of these different ones direct to seller. We've got transaction coordinators, the unicorn agents. Buyers capital raisers. Lots of different ways and we're going to go through each one of these. All right. So first we're going to have direct to seller. And actually in that list that you saw before, there's several of these are actually direct to seller. Now the benefit of this one is that you are, working directly with your, with the client directly with the seller. Now wholesaling is definitely one way that this can be done. People and create a finance people who are just looking for fix and flips. They may not want to wholesale it. They just want to keep it for themselves. And flip it and get the profit at the end. people who are looking for. Long-term mid-term short-term rentals. These are the type of investors that would be going out. Meeting directly with sellers. And working on finding deals. What is cool about this one? This is great for people who are problem solvers. When they can go in and talk to the seller. And figure out what's going on. Usually someone who is going to sell their home directly to an investor. Has some type of pain point, maybe they're in for closure or getting close to that. Maybe they need to sell because they have to move. Maybe they have a job in another state. And they're not able to move it on the market for whatever reason. They might be interested in selling it to an investor. When we talk about creative finance and Subtos and those, those type of things. This can be a great way for a seller to. Get the price that they want for their property. And be able to, to move quickly. There are different ways that direct to sellers will market. so you see up here, so foreclosures people who have tax liens, if there's code violations, tired landlords would be another way to market. Divorce list, probate, those different, different types of lists that people will pull and market to those specific types of sellers. So some of the pros with this type of strategy or avatar. One, these people are great. With, with people. And they're able to go in, talk with sellers. They enjoy finding the pain point. The problem and being able to help and help solve that problem for that seller. What's cool about it is. It gives the investor a lot of control because they're the one going out and getting, the leads and working those leads. It can be scalable as well because these investors, once they figure out a process, then they can bring in other people to generate those leads, nurture those leads and close those leads. And it can be built for speed when you kind of build up that, that network and that marketing. Cons, it can be expensive and it can take a lot of. Contacts to generate leads. And there's cold leads. You probably have seen these emails. I get probably one a day, at least, Of offers on my house. Hey. We'll buy your house for cash, you know, and I'm a cold lead. I'm not interested in selling my house at this point. Right. But there's other people who that might be something that they're really looking for and very interested in. It, but it takes a lot of touch points usually for. Those leads to warm up. And it can be costly. The different marketing strategies, the tools that you're using. To generate those leads. Now, if you're door knocking or driving for dollars. Those are relatively cheap, right? Just your time and energy gas money. But otherwise, if you're sending out mailers emails, text campaigns, That's where it can get a little more pricey. When you're in the pace Morby world, you're going to hear about the visionaries and integrators. Now the visionaries are those who are the go getters, right? They've got tons of energy. They can see this big, massive plan for their business and where they want to go. And they have a vision to get to these levels. And maybe they don't know exactly how to get there, but they're just going they're just going to take off and they'll figure it out as they go. There are the people that are going to bring up the ideas and give direction to those that are working with. A lot of times they will work with an integrator. To help. Move their vision. And their business to where their vision is. An integrator is someone who's good with people. Who's good with processes. Who's good with systems. And who will take the vision from that visionary. And create a path and a plan and a system to make that happen. And this is where the visionaries and integrators work great together because they both have their skillsets. And their powers combined, you know, are even more impressive than either one separately. There's a book called rocket fuel. It talks about this, the visionaries and the integrators, they even have a little. Quiz or inventory that you can take to figure out where you fit in this realm. I am like dead center. I am in the middle. I am not an, not like totally a visionary and I'm not totally an integrator. I've got a little bit of both. So I'm trying to figure out in my world how to navigate that and how to use those strengths of mine to make my business work. So that's just a little, little side note, but the visionaries and the integrators are a cool combination Another way, and this is still a direct to seller. Avatar. But it's expired listings. in the pace Morby world, they call it the Lanza method. Because. Uncle Lanza, I think is his name. Came along and. He does blew this, the strategy out of the water. What you can do is you can get in contact with. realtors. And ask for expired listings. And. See, what has fallen off the market? In the last 30 days, the houses that didn't sell, maybe they were problem houses. Maybe the seller. Had it priced too high and wouldn't go down whatever reason those expired listings. Usually there's a pain point there and these investors can go in. And talk directly to the sellers and say, Hey, I saw that you were on the market, but you didn't sell. What's going on, how can I help you right? And work those leads. Also dead wholesale leads would be another place that investors can get those. Leads from. Again, This is another direct to seller avatar. And it's all about helping solve problems. If you're a good problem solver, if you can see, a solution for people, this would be a great avatar for you. Pros. It's not, not a lot of cost to it. It's just making contacts with real estate agents and wholesalers and working those leads and you can kind of start anywhere and it's pretty adaptable. The thing. That's the cons with it is the lack of control. Right? Cause you're waiting for those leads to expire before you're getting a hold of them. You're counting on the agents to get you those lists and the wholesalers. And it's not as scalable as maybe you would want it to be. But definitely a great strategy for those. Who liked to be direct to seller, but don't necessarily want the expense of generating their own leads. Referral partners. Again, this is still direct to seller and referral partners are. People that will have different sources, different lists as you will for lead. So probate attorneys. Divorce lawyers, financial advisors, people that you can go talk to network with and ask for referrals and they can, send those, those leads your way. Now another benefit of this or a pro is again, low cost. And you know, now you build those relationships with those attorneys and you'll have repeat leads. The cons is that you're you have to build up those relationships. You're going to do a lot of calling, a lot of networking. And explaining to them what you're looking for for those leads. The closer again, this is still another direct to seller avatar. So the closer is maybe they don't want to generate their own leads. Maybe they don't like that part of the direct to seller avatar, but they are fantastic at talking to people. The closer may come in to different businesses and say, Hey, I would love to help you close your leads. Maybe you have leads that are warm, but you're just not quite getting them over the finish line. if you have that great ability to talk with people, to find the pain points, to help find solutions to their concerns, their problems, and you can help move those. Leads to contracts. You would be very valuable for a lot of businesses. So, if you're able to negotiate, you understand the ins and outs, especially of the creative finance. deals. This would be a great place for you. if you're, especially, if you have a good insight in the creative, that is definitely an asset for you. And there's going to be a lot of teams out there who would love to work with you. And let you, close their leads. And. Work in that capacity. Pros again, low cost. if you're new to real estate, but you're great at sales, or if you have that experience, this might be a good place for you. Some people are just like natural, right? Like they just have that natural ability to talk to people and figure out what it is they're looking for and find those solutions. These, these are those people. Now cons is if you're not the one generating the leads, you're waiting for that deal flow to come to you. And so it may not be as scalable. As. You would like it to be. And then again, you kind of have to have that sales experience. I do think that helps helps with it. this is not my avatar for sure. All right. Direct to agent. Now, this is for someone who's like, I don't really want to talk to the sellers. I don't want to, maybe they don't want to be door knocking. They don't feel comfortable in that realm. Maybe they don't feel comfortable with that negotiation. directly with the seller direct to agent is a great. Avatar. For someone who wants to find their deals and source them. But once to be a little removed, a little step removed from the seller. Now what's cool with this one is you're going to work directly with the real estate agent. You're going to find leads, maybe on market, maybe off market properties, you can go to them and ask like, what problem houses do you have? Like what, what are those houses that you have listings for that are the problems that you're having trouble selling? Let's see what we can do. So you are going to work with the real estate agent. Now, this can be a good thing because you're dealing with a professional and you see that I have up there, the pros and the cons of that. Some real estate agents, especially if you're in the pace Morby world and in the creative world. Some of the agents aren't familiar with it. They may know it, but they don't understand it well enough to then explain it to their client, to the seller. So that they understand what that's about. So, this is where it can be difficult if you're looking for more of those creative deals. But it is about fostering those relationships, right? You're going to reach out to the real estate agents. Build those relationships. And work with them and you'll find the ones that are totally open to creative finance, and you're going to find some that are not, and that's okay. You know, everyone has their, their niche and their place to be. And so you're going to want to find those agents who are on board with creative finance. you want to maintain those connections and reach out continually? The cool thing about this is you can do this across the country, right? You can diversify the markets where you want to be working. You know, here I'm in Colorado. Maybe I want to be looking in Florida or Texas or North Carolina. So I'm going to cultivate relationships and those areas with those real estate agents versus just being stuck in one market. I would encourage you if you're going to do this. avatar. You really want a specific buy box, so you can nail that down for the agents. To look for those houses for you. So pros it's going to be low cost. And once you build those relationships, you might get a lot of referrals and leads from that one source. Cons, sometimes the agents, again, this is where if they're not. Used to create a finance. And that's really the realm that you're working in. It may be difficult. And you may not get as much headway as you would have expected. and then there's going to be a lot of calls and a lot of upfront laying that groundwork. But once you, once you do that and you have several good agents that are bringing you leads consistently, then it can work really, really well for you. I know a lot of women. In another group that I'm a part of that this is, this is their avatar. They love working with the real estate agents. And then when you find the next one, the unicorn agent, this is where it's magical. So the unicorn agent is a realtor and. And an established real estate agent. And they are. Investor-friendly what that means is they understand. Creative finance. They understand investors. What investors are looking for. And they aren't afraid. To use that to take to their clients as an option for selling their house. They usually are good with understanding the foreclosure process and maybe even the auction process to help you find those types of properties. The things that they can help you with is off-market properties The expired listings, as well as those houses that have been long days on market that aren't moving. Where there just kind of sitting there. They would be the ones to know that. And when you can find an agent who understands creative finance and is willing to work with investors, Man that partnership can be huge. So if you're a realtor and you're like, well, I want to get into investing, but I don't know how this is how you would do it because you would be able to connect with so many investors and work with them to find properties in your area. And especially cause you know, that area really well, especially if you're a well-established agent, this can be really powerful and get you into investing in a. In a kind of a roundabout way and I love it. It's kind of cool. the cons obviously you have to be an agent to do this. As far, some people are like, well, do I need to go be a, real estate agent in order to be an investor? Not at all. If it's something you're interested in and want to do, go for it, but you don't have to. So don't feel like this is something that, you know, just to be an investor, you have to be a real estate agent. Okay. Transaction coordinators. This is the team player. What a transaction coordinator does. Is, they may be with the investor who's buying a property. They may be working with a private money lender. Who's investing in a property. They may work with a lot of different investor types, maybe creative, maybe cash, who knows. But what they do is once that contract's signed is they take the paperwork. They, they can review the paperwork to make sure it's. Complete and accurate and make sure that it's telling the story that the investor and the seller are trying to tell. They don't draft documents. They're not lawyers. Right. They, they just make sure the paperwork's complete and they are the communication center for that transaction. So once the contract's signed by maybe it's the wholesaler and they're trying to find an end buyer. And now the title company and escrow is involved. The transaction coordinator is helping keep all parties on track in line, making sure the paperwork and all the documents that are needed for the close of escrow. are complete, ready to go. And in place. The, so this person is. The organizer. They are the. Multi-tasker right there. The communication person. So if those fit your skillset, like this could be a great one for you. And then some, of the TCS are also operators. They're kind of in the organization of the business of other investors as well. what's cool about this. And I'll tell you this as a one of my avatars, and I'll tell you why. I love being able to, understand the transactions, understand the paperwork, get to know the deals in a more intimate level. But without talking to the sellers and negotiating all of that stuff. What I love about it is. You're going to learn who the investors are, who the active buyers are, who the lenders are. And you're going to start building relationships with those people and building connections, right? You'll have access to these deals. This is something that can be very flexible. So if you're coming into real estate investing and you're like, I don't have a lot of time. Transaction coordination may be a great place for you to be because it can be part-time. It can be full-time it can be scalable depending on what you want to do. And we're in high demand. So that's really cool. I was on a zoom on Monday, this last week with Pace and Molly tenant. And Molly said that TCS are like the cheat code for scalability, because they can see, they can see the different transactions. They can see the different players. And then you can pick and choose where you want to go from that. So I think, I do think this is like the bird's eye view. You're able to see a lot of things and then you'll be able to scale your business from there. Cons is like high accountability. You are the go-to person. So you do need to be organized. You do need to be on top of things and ready to move those transactions through to the finish line. But this is a great one. And a great one to get started into. Okay. We've got. JV Astro or micro flipping. this is the middleman. Between wholesalers and buyers. So let's say you have a wholesaler that you're working with and he gets this property under contract and he brings it to you. As the JV partner, the micro flipper. And you're going to go out and find those buyers. For, for them and connect those deals. One thing is you do need to be connected with buyers. You got to do a lot of outreach and cold calling. This is for someone who has more time than money. To get started in it. It's definitely a low cost. if you're connected with wholesalers, you can get access to a lot of deals. This is a good way for you to get started and learn and learn about real estate and learn about deals. What is a deal? What isn't a deal. And go from there. It can be difficult to scale this model. depending on your contacts and it may not be something you would want to be doing forever. Just always being that middleman. Right. But a great place to start and learn. I think a lot of these are. Places to start and you're going to find, you might move into different avatars and that's totally okay. Like I said, right now, TC is one of mine and I'll just show you a couple of my others. Okay, we've got the bird dog or the hunter, and this is the person that maybe that micro flipper, our JV partner is going to come to because they have that list of end buyers. They. Are connected. They know exactly what each buyer wants, what their buy box is. And, what they're going to do is they're going to get these leads that come in. And they're going to underwrite it and make sure it's a good deal. They're going to make sure that this property is something that those end buyers would be looking for. Maybe it's for the cash flow. Maybe it's for the depreciation. Maybe it's for the specific. exit strategy that that buyer is looking for. And what they're going to do is then take those leads to the borrower that it fits. So, you know, you might have. 20 30, 40 buyers. And we know buyer A over here is looking for. three, two in Florida with a pool and you have that deal and you're going to take it right to them. You know, so you're going to know who your buyers are and you're going to know exactly what they're looking for. And then when you, take that to them and they're like, yep, this is a deal you're going to negotiate either a flat fee or percentage. This is good for people who can build those relationships with those end buyers. Where you can build those relationships and keep those connections. And always stay connected with those buyers. Now, this is for someone who has again, more time than money. There's a lot of, lot of these avatars or for those of us that have more time than money. and then pros again, it can be full-time it can be part-time if you wanted it to be in, you're just kind of looking at those deals as they come in. And then pushing them out. As you have the right buyer for it. if they're good deals, You can work. You can be anywhere. Any time. And work this. And again, you don't have to be in a certain location to, to have these deals. Again, it can be difficult to scale depending on the amount of time you have to build those relationships. Okay, next one is the Gator. So this is another one of my avatars, and this is where I came into Pace morby world. Through the Gator method community. What Gators do is they're getting money for short-term deals. These may be 60 days or less. one of the things that they can do is fund earnest money deposits. Let's say you have a wholesaler who is super active and they have. Five six contracts out that have two to$5,000 earnest money deposits on them. And they get that next contract and they're like, I am out, I don't have any earnest money to put down for this contract. This is where the Gators come in. They say, Hey, I can, I can bring in that earnest money deposit. For a chunk of that deal. So they may get a chunk of the assignment fee that that wholesaler is getting and that they negotiate that on the front end and go from there. So there's a lot of different strategies. Another one is finding people with. Private money that they can connect together and bring into a deal. Maybe there's a deal that needs$50,000 for gap funding for. Renno for 90 days. Well, I have 30, this person has 20. We're going to wrestle together and bring that money and then share the profits based on the contributions that we brought in. There's private money loans. There's working with, the hard money lenders. There's several different strategies that Pace's bringing out with Gator. That's just different ways in different ways to get chunks of deals. Now, this is good for people who have. Access to cash or access to cheap cash. You know, if they have lines of credit, That they have built up. And they can use that for these short-term deals and turn a profit a little bit more quickly. That's where the Gators come in. The opportunities they have higher returns. Usually for these shorter deals, they're higher returns. Or they can get equity in the deal depending. The con is that this, the risk is kind of dependent on the strategy that you use. But it can be a higher risk. Strategy, depending on how you're operating. Sometimes when you're coming in for that gap funding, you're actually in second lien position. So that can be a little riskier. Some people may not be okay with that risk and that's totally fine. This may not be. The right avatar for you and that's okay. some people are like, Nope, I'm okay with the risk. You know, I have my paperwork and they understand that structure. As long as you have good paperwork, you have good collateral. even if it is in second lien, it can be a really lucrative deal and it can be safe. You just have to be. Cognizant of. Those those things, the contracts, the collateral that you're bringing into those deals, but definitely a great place to start as well.

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Okay, so private money lenders or PMLs, you'll hear referred to a lot. Now, these people have a lot of money or cheap access to it. Maybe they have a. 401k that they've converted to a self-directed IRA and they're using money from there. Maybe they have an inheritance that came in and they're wanting to use that. Maybe they've created a lot of wealth and are looking for ways to. Grow it from there. Now, these people typically are busy and they may have a lot more money than they do time. And so they want to be passive. They want to just put the money out there, let it grow and let it come back with more. These people tend to lend bigger amounts of money at one time. And typically for longer periods of time. there's different ways that they can invest a lot of people in this position. They're going to want the first lien positions what's what's cool about this one is these are the people that are okay with waiting, right? They're gonna grow their money. They don't need that quick return and they're able to put it in and let it grow. And so they're going to see longer term benefits and it's going to protect their current wealth. These people may be looking for. Just the return or they may be looking for equity. So I didn't put this in here, but private money lender or a private money partner or a PMP. The partners are coming in for equity. So they're going to lend their. A hundred thousand$300,000, and they're going to get equity in that property. And that's another way for them to. Get access to. Maybe cashflow on a property. The appreciation as well as the depreciation on that property. So it's a great strategy for those who are okay to just let it sit and grow. As far as pros, it's usually going to be a low risk because of the position they're usually going to be in first position, or it's going to be very well collateralized if they're not in first position or it should be well collateralized. If they're not in first position. As long as they have proper structure of the paperwork and structure of the deals and they have those ducks in a row, and this is going to be a really safe investment. As far as cons. We just need the money, right? Maybe we're not there yet. Maybe we don't have all that extra cash laying around that we can invest yet, but guys, we'll get there. We will get there together. All right. So private money lenders, great strategy. The capital raiser. The capital raiser is someone who is going to pull money in and build. Funds possibly, or just raise money for others. These investors have access to money. To other investors who are PMLs and they're gonna, say I have this much money to lend. Let me know what projects you have going on. And they're going to start funding bigger deals. So these are going to be bigger projects, longer term projects. Think of multifamily deals, they may be raising one, two,$3 million and those funds are going to sit for. Three to seven years, depending on the structure of the deal before they're getting their capital investment back. The capital raisers, they're going to build this long-term benefit. They are able to. Build funds perhaps, and get into the deals. They may be raising the funds, but they themselves can get into the deals. Maybe for equity or a percentage of the return down the road. And again, Pros of that is going to be structuring the deal and making sure you have the proper paperwork that those investors and that pool of money is in the right place and in the right. Security the right lien position, the right security documents in place. And as far as cons go. This is going to be about building relationships and, sustaining those relationships. And obviously it's going to require a lot of cash, but, definitely a great place. I will tell you, this is one of the avatars I'm reaching for. I'm not there yet. I'm not, the Capital Raiser Xtrordinair at this point, I'm working on it though. So this is, this is a goal of mine. This is where I'd like to be. Connector. This is, this is one of my avatars. I love this avatar. So the connector is someone who is building relationships. They're finding out who the borrowers are. Who's flipping, who's doing buy and holds. Who's getting Subto deals for maybe long-term rentals or pad splits or whatever. And they know the people with the money they're connecting with PMLs and. others who have some money to lend maybe Gators as well. What I love about this avatar is it's like the jigsaw puzzle, when you have that one piece that you're looking for and you just can't quite find it. And you're looking, you're looking and you finally find the right piece, you know exactly where it goes. This is what connecting is for me. Talking to a whole bunch of different people, understanding what people are looking for, where they sit, what their buyer box is or what their lend box is. And then putting those puzzle pieces together. When I can talk to someone. And be like, I know exactly. Exactly who you need to talk to. This is the person that I want to connect you with. It is such a great feeling. It's just like, when you find that puzzle piece and it slides right in and you're like, yes, I finally found it. That's that's what the connector is. As far as a connector, they need to provide significant value to the transaction and the parties that. You were working with. connector is not an introducer. It's not a referral as in like, oh, go talk to this person. And. You're not any part of the deal and you expect to get paid. That's not what a connector is. A connector is someone who brings these parties together. Nurtures those. Leads and relationships. And helps the transaction along. Part of the reason why I was interested in the transaction coordination was for this reason so that I can provide more value. To the lenders. Or the borrowers that I'm bringing to the table, I want to be able to provide more help and be, more valuable to them. And. Add a second layer of protection. To my lenders or borrowers that are coming in, especially the lenders. We see a lot of people who. are new to investing and they have money, but they are not really quite sure. And I was in this boat. I was in this boat when I first started. I got a deal from a connector. And. I was, I was relying on them to help me in that is not, I'm not saying that's right. Okay. I needed to do my own due diligence, but I was so new that I didn't know what I didn't know. And I didn't know what I needed to even learn about. To really be secure. In that deal. I did get my money back and I did make my returns and it was all good. But looking back, and it could have gone the other way and I could have, definitely been out of my money. As a connector, as this avatar, I want to be able to bring those new lenders in and be able to say, this is how I'm going to help you in this process. We're going to talk about. Vetting the deal. We're going to talk about, making sure the contracts and the paperwork is correct. And so that you are secure in this deal as best as possible. So that I can help them learn and grow in that space. So that's my goal as a connector. As far as. Benefits or pros for the connector. These are the people. People people right. The people person, the person that's. Loves connecting loves going out and meeting new people. And if that's your personality, this is a great place for you to be again, you can have other avatars as well, but this might be something that fills your cup because it's just something that you like doing. Cons is it can be risky. And if something does go wrong down the line, it's possible that you could be blamed for the issues. And this goes back to the paperwork. In your agreements with whoever you're bringing to the table. So let's say, I have a borrower who's looking for money and I found a lender who's interested in lending on that property. My agreement with that lender will specify my role in that transaction. What I'm going to do to help them. Maybe I'm going to be. Helping. With the paperwork and making sure everything is listed correctly and it'll list out the things that I, I am responsible for, but also the things that I'm not responsible for. I'm not liable if something does go wrong, but here's what I'm going to do in order to help. You remedy that situation. So as long as you guys are talking about that, Beforehand and structuring that. Beforehand, that's going to mitigate your risk as a connector. But please do not just. Drop people off, right? If you're going to connect your, the nurturing party. That's helping everything along. And so you want to make sure that you're providing value. Don't just drop someone off at a deal. And. Say good luck. You're on your own because if something goes wrong, they can come back to you and say, actually I lost my money and you told me to invest with this person. And that can be a sticky situation. So making sure you have contracts up front that says exactly what you are doing, what you're not doing in that. transaction and. What you're going to do. If things don't go as planned. And that's good for every contract. Let's talk about that. That is good for every contract. Anytime you were entering into a contract with someone. The what if's should be talked about beforehand. Because before money has changed place and before emotions are involved, if you can talk about, well, what happens if you default, what happens if your contractors. Walk off with the money. What happens? This, that the other. If you know what you're going to do in those situations before they ever happen. When they happen and emotions are high and tensions are high. And you have a game plan. That's going to go so much smoother. And communication will be much easier because you already have a contingency plan. So I would say make sure it makes sure those things are being done before you. you. assign contracts.

Yeti Stereo Microphone & FaceTime HD Camera-10: 39:33

Okay. And our last avatar is the end buyer. Now the end buyer. Is that person who is taking on that property. Maybe they're going to fix and flip it. If so that's going to be more of an active investor. And obviously a more quick turnaround. If they're coming in for a buy-in hold, maybe they're going to just use it as a long-term rental. Maybe they'll turn it into a midterm or short-term rental, perhaps they might even use it as a co-living space or a sober livings house. That's another option that they have, and this will be more of a longterm or passive wealth build. And they're going to capitalize on the appreciation of the property over the longterm. There'll be able to use the depreciation. As well to start with. And then they'll benefit from the cashflow moving forward. This is someone who, especially if they're doing fix and flips or if they have to do that BRRR strategy where they have to rehab it before they can rent it out. Then, they, if they're good with construction or know good construction, crews are good contractors. That's a great place to be. If you enjoy project management, this might be a good avatar for you as well. If you like the design and you like watching the finished product. come together. This is a great one for you as well. You're going to benefit from. The cashflow appreciation depreciation. And cons for this one is you need money or access to it. And it's going to be a longer play, especially if you're doing those. Buy-in holds. But we know that real estate is a great way to build wealth.

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Okay, so there you have it. There are different real estate investor avatars. Everything from the direct to seller all the way to the end buyers and everything in between. There are probably a lot more that are in there that I didn't touch on or that you guys might think about. The thing that I love about real estate is that there are so many different ways. That you can be involved in real estate investing. And find the place that works and fits for you. All right guys. Let me know what your avatar is or what you think you would like to try out. One thing I would encourage you to do whatever you decide, whatever you choose commit to that avatar for 60 to 90 days. And put all your effort into that because. One of two things is going to happen. You're going to just knock it out of the park and love it and be like, this is exactly where I need to be. Or you might find. I don't actually like this. This is not quite what I was wanting to do, or maybe didn't quite go the way I thought it was going to go. And it doesn't quite fit my personality. That's okay. Like I said, I tried the wholesaling and it was just not for me, but I would not have known that had I not tried it and stuck with it for that 90, I think I did four or five months of that. So, if you are jumping in, try something out, try it on. I love that we can kind of try on these avatars and we get to. Test them out. See how they work for us. And we can always change that avatar if we need to, or perhaps we're going to add avatars to our portfolio because those are the things that we need or want to. do to move our business forward. All right, guys, you guys have a fantastic week. We'll see you back next time. Have a good one.