Recently we sat down with Jason Lucchesi, founder of No Flipping Excuses and a seasoned real estate investor with an impressive track record of over $315 million in closed transactions. We dove into Jason's inspiring journey and explore his unique approach to working with sellers, offering valuable insights for real estate professionals looking to elevate their game.
From Loan Officer to Real Estate Mogul
Jason's start in the world of real estate began in 2002, just a year out of high school. Eschewing the traditional college path, he started his career in the mortgage industry, quickly rising to become the number one loan officer in the country. However, as the financial crisis of 2008 loomed, Jason made a bold move, leaving his successful career in New Jersey to plant roots in Indiana and pursue his passion for real estate investing.
"I started watching all the tv shows, flipped this house, flipped that house. And I bought a course from one of them. I was listening to one of their radio ads. I kind of got into it that way and spent quite a lot of money over the years on training." - Jason Lucchesi
The Power of Multiple Options
One of the key strategies that set Jason apart from other investors is his commitment to providing sellers with multiple options. Drawing from his experience in the mortgage industry, where he always strived to present clients with three different choices, Jason translated this approach to real estate investing.
By crafting and creating various options for sellers, regardless of their situation (foreclosure, tax delinquency, or probate), Jason ensures that they don't feel backed into a corner. This not only helps him stand out from the competition but also fosters a sense of trust and understanding between him and the sellers.
Tax Delinquent Properties: A Goldmine of Opportunity
Jason's favorite niche is working with tax-delinquent properties, where homeowners have significant equity but owe substantial amounts in taxes. In these situations, he presents four main options:
- Leaseback: The investor buys the property, and the seller leases it back, often with a slight discount on rent compared to the market rate.
- Rent Back: Similar to the leaseback option, but without the option to purchase the property in the future.
- Cash Offer with Moving Expenses: A straightforward cash offer, with the added benefit of the investor assisting with finding a new place and covering moving expenses.
- Novation: A partnership between the investor and the homeowner, where the investor covers the cost of necessary repairs in exchange for a share of the profits when the property is sold.
By tailoring his approach to the specific needs and desires of each seller, Jason has been able to close numerous deals and create win-win situations for all parties involved.
Overcoming Fear and Embracing the Conversation
For many aspiring real estate investors, the biggest hurdle is simply getting out of their comfort zone and engage in conversations with sellers. Jason emphasizes the importance of pushing through this fear and understanding that rejection is a natural part of the process.
"We've all had bad phone calls and, you know, we get discouraged after them, but it's all about just making phone calls and just having these conversations with people." - Jason Lucchesi
He recommends role-playing with a friend or even practicing in front of a mirror to build confidence and hone your skills. By focusing on providing value and presenting multiple options, investors can create a more comfortable and productive dialogue with sellers.
The No Flipping Excuses Training
To help fellow real estate professionals master his tax assistance approach, Jason has created a comprehensive 90-minute training program. You can learn more about Jason's training and journey on his website.
Conclusion
In a rapidly evolving real estate landscape, Jason Lucchesi's innovative strategies and unwavering commitment to creating win-win situations for sellers serve as an inspiration for investors at all levels. By embracing the power of multiple options, focusing on tax-delinquent properties, and pushing through the fear of rejection, real estate professionals can unlock new opportunities and achieve remarkable success in their careers.
As Jason aptly puts it, "Real estate is that tool, that avenue to make it happen. You can go out there and literally create your own economy." With the right mindset, approach, and tools like DealMachine at your disposal, the possibilities are truly endless.
