Real Estate Podcast

Episode 125: Dispositions and REI Black Book

brrrr method david dodge discount property investor michael slane podcast real estate 101 real estate coaching real estate investing real estate investor real estate tips wholesaling wholesaling real estate Sep 22, 2022

Show Notes

In this episode, David and Mike talk about dispositions and selling their wholesale deals. They use a CRM called REI Black Book. REI Black Book is by far the best software and CRM for Dispositions on the market. Check it out for yourself!

Things you will learn in this episode:

  • How CRM called REI Blackbook works
  • Selling the deals
  • Marketing Tools
  • Tips how to use  REI Blackbook
  • How REI Blackbook make your business easy
  • Market your deal

Links mentioned in this episode:

Episode Transcripts

David: We are back!

Mike: We are back.

David: We said we were not going to say that, but we said it anyway.

Mike: You were the one that didn't want to say it.

David: I know. That's right.

Mike: Let's keep rolling, screw it, man.

David: It is what it is. Welcome back to the Discount Property Investor podcast. We are your hosts, David Dodge and Mike Slane, hey Mike.

Mike: Hey Dave, how are you today, buddy?

David: I'm doing great, man, I'm doing great.

Mike: Good.

David: I am excited to do a podcast with you, dude. It's been a minute. I'm always interviewing people, you're always out in the field buying rentals. I am not complaining. Somebody has to buy the rental properties.

Mike: I will tell you what, those interviews-- let's focus on wholesaling.

David: Let's focus on wholesaling. Let's get back to the basics, man.

Mike: Let's do it. That's what I like talking about, the fun stuff.

David: Let's get back to the basics.

Mike: So today, we wanted to focus on selling our deals, right?  That's what we were going to talk about. So one of the things that we've used and we haven't ever really talked about it in the past is-- because it was kind of our little secret, marketing tools.

David: Got to love the marketing tools.

Mike: Yeah, buddy.

David: I like this set up, man. It's great.

Mike: I like it too, man.

David: I'm comfortable here.

Mike: I think this is going to be good for the podcast. We have got the good mics going. Yeah it's going to be good.

David: Let's do it. So dispositions.

Mike: Marketing tools.

David: Yes!

Mike: Marketing tools, let's talk about it. So the cat is out of the bag, man. We use REI Black Book, and we have used it for-- the whole time we have worked together.

David: I don't know why we kept it a secret.

Mike: I had it-- I didn't say anything about it either.

David: It's such a great software.

Mike: It's pretty good.

David: It's amazing really.

Mike: We use that program--.

David: We have used it probably for about four years.

Mike: Together we have used it for at least four. I used it-- since I started in real estate investing. So probably about two or three years prior to that.

David: Okay.

Mike: I think we actually added on to my account.

David: I think we did.

Mike: I think it's my account, probably got--.

David: We imported some stuff over.

Mike: Damon is a great guy, a local here to St Louis, he could probably look it up and tell us, or one of the guys could tell us--.

David: Let's jump in and talk about why this is what we use.

Mike: Sure.

David: Let's talk about some of the features of it. If you guys are interested in using it, we have a special offer for you guys. So let's jump in.

Mike: We should mention that too. If you are already jumping in and looking at it, got to

David: Forward slash DPI. (/DPI) For Discount Property Investor.

Mike: You will get a discount.

David: We are actually waiving the license fee. It is $997. You get that waived.

Mike: That's huge.

David: That's massive.

Mike: That makes it affordable which is great.

David: Exactly. Anyway, let's jump in. We have been using this software for many years as you have stated. This in my opinion is the best solution out there right now for dispositions. The reason is, you can create featured websites, you can create landing pages and websites. We use all these features.

Mike: Check out their websites, they are awesome.

David: So much stuff that it does.

Mike: The website and what Dave really likes about the featured properties, and I am also a big fan of-- so if you go to, which is our actual live sales website, where we are wholesaling deals and posting them for sale. Dave kind of talked about those banners that we put.

David: I love the banners, man.

Mike: For sale, available, sold. You can put statuses out there which is really slick.

David: Yeah, that's one of my favorite features, man.

Mike: I know.

David: It really is.

Mike: My favorite thing, and this is the reason-- I think it's the reason I signed up, I don't know. Maybe I signed up before it, I am sure I did. It was the bandit sign on wheels program that they had.

David: Yeah. You ran with that hard too. You had like 80-100 out there at one time.

Mike: I think Damon kind of partnered up with-- I think it was Ruben.

David: Ruben Perez.

Mike: The guy that did the bandit sign on wheels thing.

David: I did it too, I only had about nine or ten at the most, maybe not even--.

Mike: When I saw it, I don't think I actually signed up for the bandit sign on wheels, but I took the program and just made it my own. I made it pay me for driving, I probably had about a hundred drivers out here in St Louis.

David: That's awesome.

Mike: I got a ton of leads from it.

David: That is awesome.

Mike: Over time we just had other things going.

David: We will circle back to that at some point.

Mike: I think we should.

David: It's not a bad idea.

Mike: Super affordable. Real quick, what is bandit signs on wheels, guys? This is really cool. With the software in there, and it was called-- what do we call it now? Profit Dial. You are able to have a phone number with virtually unlimited extensions. I mean there could be a limit but it's in the thousands I'm sure. You are able to give drivers a phone number with a unique extension. So when someone would call in on the bandit sign that is on the back of their car, they would have a unique extension, and you could track it to that driver. So those people that put that unique advertisement that says, 'we buy cars' on the back of their vehicle, you would pay them a referral fee every time someone called in and you were able to buy one of their houses. Really slick program, again, that's what sold on REI Black Book, and I could never get away from it at that point.

David: Yeah it's great.

Mike: It just became too valuable to me and my business. Just had to keep using it which is-- yeah it's really cool.

David: Let's talk about dispositions though.

Mike: Yeah let's do it. That is what we were talking about.

David: That's the topic for today, man.

Mike: That's incoming leads. If you like train of thought podcasts, you are going to love this one.

David: Love this one.

Mike: We are all over the place today.

David: That's right. Alright so dispositions, why do I love it so much? Because they have featured websites, and you can go in and put your property in REI Black Book. A couple of clicks and you can get that property to show on your website. Then you can set statuses on the individual properties to show if it's available, if it is under contract or even if it's closed. What we do, this is a pro tip, our website is oddly enough, DiscountPropertyInvestor. Could you have guessed? That is the website. Go check it out. You can see what it looks like. If you are looking to do dispositions. Feel free to copy what we have done. It is not a big deal. We want you guys to be successful. What we have done has been very successful.

Mike: It's working for us.

David: It's working for us. So you can build a similar site, throw your logo in there, don't use ours. But you can basically copy what we have done. What we do is drive all the traffic-- oh by the way, REI Black Book helps send out e-mails and text messages to your buyers list, we use those features. We are able to blast our properties out. But, what we do specifically, one of my favorite things is we point everybody at the home page, the main, not an individual property when we are sending out a text or an e-mail. Here is why. We have these features called flags. They just go above the property, and they say, available, under contract, pending, even for lease, sale, close, whatever it might be. When you direct everybody to the homepage, they can see those flags. It is going to prevent a lot of unnecessary calls, people calling in saying, hey I just got your e-mail about that property at 241 Walton Street, is it still available? Does the site say available or under contract? You start training your buyers. You don't want to be rude to them obviously, but you can start training them. Hey, we update this in real time, you can do it from you cell phone when you are driving down the highway if you want, I don't recommend it, but you can.

Mike: Again, he is cruising and Tesla, so it is full auto, don't worry about that. That's why he's doing it while he is shooting down the highway.

David: But you can change those flags. Now, some people are going to say, well you know I don't want to have to add extra clicks. I get it, but the number of people that have complained over the last five years, three?

Mike: Maybe a handful.

David: Four people. We are sending out 3-5000 e-mails, two to three times a week to people and we are selling deals. It works, okay? But I highly recommend that you use those features, those flags to help reduce the number of calls. People will just go there first. Whenever you send out an e-mail, that is static, right? You can't change an e-mail, you can't go back and add a flag. What you can do is, all the links in the e-mail can point at the home page where the flags are at instead of the individual property page. I know I'm beating a dead horse here. However, I just love it. I think it's the best feature.

Mike: Let's talk about some of the sizzle though. What's cool is, REI Black Book has so many features. It can be a little overwhelming once you dive in, but they also have boot camps at least annually as well as accelerators. They are very big on helping you learn how to use their system. To get in and just to get started, you can figure it out yourself. It is not that complicated.

David: Well let's talk about-- let's jump in. You have landing pages and funnels that they provide. If you are already using like click funnels and landing pages, you can essentially get rid of them. They do have a CRM that has actually gotten pretty good lately. When we first started it was a little basic, but that was five years ago. Now they have built the hell out of that thing. It has awesome drip campaigns for REM's, text messages, e-mails, to keep these motivated sellers on your radar and vice versa. They have responses which are great, we use them, and that's what I was just talking about. You can just use this one solution. They do do a property comparable and deal analysis which is really great. Of course we mentioned the single listing property websites, actually we didn't mention that. So you can actually with one click create an individual entire website for every property. I forgot about that.

Mike: Now hold on, this is really important. This is what I think is a really neat distinction for someone starting out. So Dave and I, we kind of have this brand, and we are very big on pushing this Discount Property Investor thing. When you are new, when you are starting out, forget the brand, forget all that. The only thing you have to offer is a deal. If you find a deal for somebody, market that deal. These single property websites are huge. You don't have to spend the time figuring out-- making sure your logo looks good. You don't need to do that to sell a property.

David: Yeah you don't need business cards, you don't need a website, you don't need anything. You need inventory.

Mike: Single property website is huge. If you create this website too, it is very easy to maybe take a screen shot or print that, it creates fliers for you it's awesome. Singe property websites are huge for somebody just getting started.

David: If you are new, that is huge, that is so huge, I love that. They also do the free record messaging which we were just talking about. They have call tracking and analytics. If you are using Call Rail, or one of those services, essentially you could get rid of those as well. Text blasting, I know we use East Texting, or we have in the past.

Mike: We have used a lot of them.

David: I was playing with another one recently, but I always end up going back to REI Black Book. It just seems to be the best.

Mike: We have got all of our contacts in REI Black Book.

David: That too.

Mike: We have been using it for so long.

David: That too.

Mike: So sometimes we will go away-- and REI Black Book is like, hey guys, this feature is this and now it's even better. They are constantly improving.

David: Here's the think, Mike. We have like five or six systems, and we are basically downsizing to like two or three.

Mike: Trying to, yeah.

David: The cool thing is we are moving everything to REI Black Book, which is great. In the beginning when we started, they didn't have all these things that are there now. We kind of had to plug and play our own thing, but lately we have been-- we have probably dropped three companies in the last--.

Mike: Already.

David: -- three weeks. Just because we are moving over. The great thing is that if you are new to this, and you are wanting to start wholesaling, even-- doesn't even matter if it is full time or part time. This is the only thing you need. This is truly the only solution. You don't need to go out and have four or five softwares like we did and currently still do. You can just get this.

Mike: It's true.

David: And it will do your CRM for you, it will do your landing pages, it will do your websites, it will give you phone numbers.

Mike: All the things that are working in wholesaling right now. Your ringless voice mail, your text blasting, the e-mail marketing, putting single property websites, and brand websites. Everything that is working for people is available through REI Black Book.

David: That's right.

Mike: It's really a comprehensive software at this point, which is very good.

David: Absolutely. Let's talk about-- some of the things that they have added recently. I know they have the Profit Dial Pro, it records all the phone calls which is really cool.

Mike: I didn't even know about that.

David: I think so. If you are training people, you can download those.

Mike: We had another software because we wanted to record stuff.

David: Record stuff, that's exactly right. They also do mobile key words, which is great and we use this. If you are marketing properties to a larger list, let's just say it's not just 50-100 people, and you have several hundred people. You don't necessarily want to be hitting them with e-mails that are not going to be tailored to them. That is a great way to reduce opens, and also get unsubscribed. What you can do is set up key words that people can text in and say-- the main two words we have are rehabs and rentals. They literally text a number that says rehabs, they text the number that says rentals. Whenever we come across a property that meets the criteria of rental, and it's not going to be a good flip, we don't send that to the people that are not looking for that. So you can segment your list, and get a little bit more specific. Again, the main reason that we do that is to prevent people from opting out, we want to keep these buyers getting e-mails that they are going to engage with, and want to see and make offers on.

Mike: Another example, and I love the rental or the flip, rental or rehab is a great segmentation. Some cities it is very easy to segment--.

David: North of a certain road.

Mike: Exactly. North County, oh that's one type of buyer versus West County, that's another type of buyer.

David: Down town, that's a whole separate niche of buyers.

Mike: Right, so it's easy to segment your list in REI Black Book. There are multiple different ways you can do it behind the scenes too, use categories then flags would be what you are kind of looking for behind the scenes. There is tons of training out there that goes into all this stuff. Really powerful tool when you're marketing your deals. Yeah it's one of those softwares that we are so committed to, I could never see us leaving them.

David: No, never at all. There is no reason too. They are constantly building it out. I was just in there yesterday or the day before meeting with the team. They are in St Louis and that's where our market is at. It is actually kind of nice to get in there. Mike, look at this, there is our property pipeline, and we have closed 496 deals in here. A lot of those are JV's so we don't necessarily count them as an entire deal. But we are probably at like-- we are over 400, I know that.

Mike: Definitely. Again, I wonder if all of our deals are even captured in there.

David: No not at all. A lot of times they don't even get in here because we sell them before we need to. Probably over 500, man.

Mike: That's pretty impressive.

David: So under contract right now it looks like we have four, and we are evaluating hundreds. Yeah this is-- we love this, guys. This is awesome. If you are looking for an all in one software, you should check it out. If you are looking to create a disposition site, check it out. I mean this is truely amazing.

Mike: Particularly if you use

David: The reason we are giving you guys this link though, is that this is an exclusive offer. We work--. What we have put together-- I had to beg these guys. I have been begging these guys to offer our students, our listeners a special deal for like three and a half years.

Mike: It's been a while.

David: Like two weeks ago they were like, alright fine we will hook you up. Basically when I joined I payed $1000 to join, and then-- depending on your tier, 97 a month. What we actually got these guys to do, we talked them into it, to cut the entire licensing fee. There is no initial cost apart from the monthly, which is huge. It makes it affordable, a lot of people can't afford to spend $1000 just to get access to software.

Mike: Just think about if you need one-- just a website and a way to e-mail people.

David: Start small.

Mike: Just that alone is worth it to start building your buyers list and market your properties and send them out. That alone to me is worth it.

David: Not having to have four or five or six logins to different companies, and having one place to go is worth the thousand, but you don't even have to pay it.

Mike: We are not even talking about the flip side of the fact you can stand marketing to motivated sellers. Again, that is a whole other thing REI Black Book is excellent at. We touched on driving for dollars, or the bandit signs on wheels--.

David: I would say they are equally good on the front side as they are the back side. However--.

Mike: We just really like the dispo side.

David: Again, there is nothing out there, and trust me I have tried them all, that is even close to touching all the features-- it is really the simplicity. They have all these little things you can do, but you don't need them, that's the great thing. If you are looking just to get set up quick, you don't want to necessarily have all that stuff, great, you have the ability to use it later, but you don't need to. You can actually-- you can get a website set up in probably 20 or 30 minutes. You can publish your first property within another 20 minutes after that. After that, it takes you five minutes to add a property. It's awesome. We probably add at least two or three a week to the site.

Mike: Just for the dispo side.

David: Guys, check it out. Once last time, we have waived the $997 sign up fee. So check it out. Which stands for the Discount Property Investors. That's us. Guys, we are really excited. We hope that you can take advantage of this special offer. This is not a pitch for us to sell you on this. We are using this product, we use it every single day. Actually the cool thing is that I'm not even in here everyday. We have a virtual assistant that does it for us. But somebody from our team is in here everyday, in real time we are adding, removing, as well as updating statuses on properties, helps send out e-mails for us. It is the true all in one solution for real estate investors, especially dispo, but it does them both, man, it really does. Anything you want to add?

Mike: I don't think so. Thanks for listening guys.

David: Yeah thanks for listening, check it out! Alright guys we are signing off, see you next time.

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