Ryan Killiam Interview

Circle of Champions Winner

Using Lance’s training and system, Ryan secured under contract two triplexes for $125,000 each, a total of $250,000. Lance’s organization marketed it for Ryan and found a buyer. There were some issues related to the inspection that caused the seller to back out of the original contract.

What you’ll learn in this episode:

*His family has been involved in real estate purchases mostly in California and Arizona, mostly single-family units

*When he learned about Lance’s small apartment program, he started thinking about how much better the number in buying and selling would be in other states

*He did the “plug and play” and he found this deal through one of the postcards about three or four months in

*He was presented with three triplexes in Indiana but rejected the third one because it was in bad condition and in a bad area. It was the seller’s decision to x out the third one from the deal because it needed too much work

*The owner was interested in selling so he could “go bigger” and find 10-15 unit buildings that he could invest in with friends

*In about two or three weeks, the owner and Ryan agreed on a number that worked for them. Ryan says, however, “we were not able to sell our financing because they wanted to get out and go big.”

*Ryan used one of Lance’s buyer flyers to help build his potential buyer list

*After the team made sure the summary Ryan created was legit, Ryan started marketing the property. In about two or three weeks, he started getting hits and found a very interested person

*It was nerve-wracking in the beginning with the buyer. The first person who called was from a buyer group that the Atlantis team had found, and it was a big investor who had hard questions Ryan couldn’t answer. He got good advice from Lance’s team but the potential buyer ultimately decided he didn’t want to buy in Indiana

*The second buyer was friendly and he and Ryan struck up an immediate rapport. He understood the numbers and had an additional unit down the street. He was excited but it was still nerve-wracking for Ryan since he was so new

*Ryan did a conference call with the seller and buyer. The seller was skeptical, but his objections were overcome and they signed up for inspection dates

*One of the two buildings was great, and the photos Ryan got in the beginning from the cellar and the ones the buyer received at the inspection date were the same. The other building, unfortunately, was “like a D-minus building.” The outside looked the same but the second was in horrible condition and was going to need such a huge overhaul that the deal as is no longer made sense

*The buyer backed out of the deal, and the seller cancelled the deal too, realizing how bad it was after never having really been in the building

*Ryan had only put down $100 on each complex before getting them under contract

*Despite the setback, Ryan liked the postcard method and the fact that the intake team did all the work on the front end. So when he called the seller he had all the answers. “It was as if I had a fellow employee call everything in there, with me as the boss, kind of verifying before giving him a deal number.”

*Realizing that the seller wasn’t completely honest about the bad building was an eye opener, but Ryan saw some positives in the process and says it helped him build his confidence

*He currently has five deals in the negotiating stages. He’s calling on postcards, trying to get seller financing, get terms and get the deals done

*The single most important thing he learned is that you need to work on this like it’s a math problem from school. You need a number of surefire things to call on and to inquire about or you won’t get far because you can’t just rely on a single deal. You have to have 15, 20 or 30 of them, and then they will start closing. It’s crucial to keep getting more in the pipeline.

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