Corey Reyment guest of Jay Conner shares his strategies on finding real estate deals while using the BRRRR method.
Corey Reyment is a full-time real estate investor originally from Green Bay.
Corey and his wife Carrie bought their first duplex at the end of 2016 and parlayed that into 115 doors within three years of that first purchase using the BRRRR Strategy almost exclusively creating a portfolio now worth over $8 Million dollars.
They also run Fox Cities Home Buyers and Wisconsin Discount Properties, the largest real estate wholesaling company in Wisconsin, where they did about $2 million in revenue in 2020.
They teach students across the country who are looking to get their first BRRRR Deal and run a Mastermind Group called Launch, which helps businesses go from working in their real estate business to working on their business.
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Jay Conner:
Regardless of our exit strategy, this BRRRR strategy incorporates, it’s really not an exit strategy. It’s a hold strategy. Regardless of whether you’re flipping, holding, selling on rent-to-own, whatever, doesn’t matter. Doesn’t matter if you’re a wholesaler. You got to find the deal. You got to find a discounted property. So I want to hang out on this a little bit, particularly in the market that we’re in now. So Carol Joy, my wife, and I, we’ve been at this game now full-time since 2003. And since 2003, you got to find the deals, right? So as you mentioned, when we started out what worked really well a couple of years ago, doesn’t work so well right today. I mean, in this market, I’ve never totally relied on the multiple listing service, but, we just wouldn’t be doing any deals at all.
If I was relying on the multiple listings, I don’t- To tell you the truth, Corey, I don’t know when I bought a house out of the multiple listing service, I just can’t remember when. And I did do two to three a month with average profits at $67,000, but they’re not coming out of the listing service. So I want to talk to you. You’re doing a lot of deals in this challenging market where, and when I say market, I don’t mean where I live. I mean the whole nation.
There’s no inventory in the multiple listing service. My guess is you are finding your deals off-market. In other words, they’re not listed in the multiple listing service. What are your favorite and best methods today that’s working right now? That’s giving you consistent lead flow, to find these deals?
Corey Reyment:
Well, I will say this, Jay, and this is probably, not going to be a cheat.I don’t want to give a tip that’s not achievable for the majority of the audience because they’re probably not at this point yet, but we actually just started TV a couple months ago, doing TV ads in our local market. And that is just dominating right now. I mean, there’s, it’s just crazy. It totally outweighs all of our lead sources right now, probably by three times the amount of leads that we were getting from other sources. The other source though that’s been like the old bread and butter and it’s boring, and it’s like some people dog it, and they call it “old school,” but it’s just direct mail and it’s consistent direct mail. And I see that happen a lot of times, people, dog direct mail, but it’s not consistent.
They’re not consistently sending out direct mail. They’re doing it and then they do it for a couple months. And if they don’t get some deals, they give up on it. And direct mail takes time for it to work is what we’ve seen over the years. And so those two sources have been really good. Texting is another really, really good source. However, by the time this podcast drops, who knows where the regulations are going to be on that, it’s getting really muddy waters, as far as what kind of language you have to put in your texts. And it’s getting a little more diluted, a lot more people doing it, but it’s going to become, I think, a legal issue on texting. So our timeframe to be able to hit these texts is probably very limited on when that window for marketing is going to be open. But I would say right now, our two best is the old-fashioned, not sexy bread and butter direct mail. And then TV is crushing.
Jay Conner:
Yeah. Well, and for your TV to work, my guess is you’re probably going to need to be in a decent size market versus my size market, which is only 40,000 people.
Corey Reyment:
Yeah, and surprisingly Green Bay is only a hundred thousand people. I mean, it’s not a lot of people, but we have a couple other tertiary markets around Green Bay as well, that are about a hundred thousand and stuff like that. So we hit all of those little smaller cities, I guess, along that same area. And so it’s been really good, really interesting. We’re getting some in like outlier kind of like, cities of like 3,000 people where I don’t dunno if we almost have to give us the house to make it a deal. But that’s where some of the best deals come from, right? When we don’t actually want them.
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