Bob Lachance is the CEO and founder of a premiere Virtual Assistant company. His thriving business called REVA (Real Estate Virtual Assistants) offers the best and well seasoned VAs to every investor that wants to build up their team. On top of that, Bob has been an active business owner and real estate enthusiast since 2004. His expertise in the real estate investing space has been unstoppable!
And today, we’re listening to the expert himself as he highlights the art of building up a team to start, scale and grow the real estate business of your dreams. Let’s keep up with Bob in today’s chat.
How A Successful Real Estate Investor Built A Side Business Based On A Giant Need In the Marketplace With Bob Lachance
Welcome to the show, America’s number one show for new real estate investors. We know that finding discounted properties is the most proven path to financial freedom. Let’s face it. We all want financial freedom and security, but so few of us have been taught how to build long-term wealth while still earning an income. The truth is owning rental property is the best and most effective way to increase your income and build legacy wealth fast.
In this show, you will discover how to take control of your finances and make your money start working for you. I am here to show you how to build long-term wealth and cashflow while paying less in taxes through owning rental properties. Stop trading your time for money and get off the transaction treadmill. Let’s get started. I’m going to be speaking with a good friend and fellow multiplier, Bob Lachance. Bob is an amazing investor. He’s doing everything or almost in multiple markets. On top of that, he runs a thriving business that offers virtual assistance to you, to me and to any investors that want to build their team. Bob, welcome to the show.
Thanks for having me. I appreciate it.
It is always good to get to connect with you. Every time I talk to you, you tell me something new. I’m impressed with everything you’re doing. You are crushing it. Tell me about your real estate investing business.
I started back in 2004, but the last couple of years picked it up. To give you a little context, in 2021, we did over 150 transactions. We’re doing wholetaling, wholesaling and some novations. I know it’s a different strategy. We do the BRRRR strategy that you teach as well on the buy and hold side. We’re starting to pick that up. Thank you for putting all your shows on and teaching everybody because that is 100% something I feel everyone should be doing in this market. I do a bunch of stuff. We also do a couple of fix and flips. We closed on one and made $117,000 there. We could go over that story.
This is how it went. We had this property wholesaled and the rehab buyer was pissed off that our wholesale fee was too big. We would have made about $45,000 on it. We were like, “Screw you. We’re going to do it ourselves. Thank you very much.” We had a partner on the deal that brought us the deal. He’s going to post it on Facebook to say, “If you’re a real rehabber, don’t worry about what wholesalers make because they are going to stop bringing you deals.”
Build a team so you can buy back your freedom.
That is so true. That guy would have made $60,000-plus if he would have even paid your fee. That’s an amazing profit. You said, “We’re going to do it ourselves.” I love it. You guys are doing wholesales, fix and flips, rentals, novations, and you’re also using the BRRRR method. I love that. How many different states are you operating in?
We grow because we use virtual assistants all over the country. We’re in six states. I got to check with our acquisition guy because we’re doing Ohio, Arkansas, North Carolina, Massachusetts and Connecticut.
You’re all over the place. You’re doing all these different types of deals. You have passive income from your rentals. How is all of that possible? Think about it from the shoes of the audience that maybe hasn’t done a deal or even has done a couple of deals. They’re like, “This guy did 150 transactions.” How on earth does somebody do that many deals? You can’t do that by yourself. It’s not possible.
You have to look at two main things. One is your team. You can only do so much yourself. I can tell you a story of when I was first starting in real estate. I door knocked. You can only do so much if you’re doing that work yourself. The other side of it is what type of systems do you have in place to fulfill what you need to do? You need people. You need a team. That’s first and foremost. You also need the right systems in place to be able to navigate the waters of doing that many transactions. Those two things are extremely important.
You mentioned teams and I love that. You have hundreds of employees that service real estate investors all over the country, and probably all over the world. What does somebody typically hire for in their first or second VA? For those who don’t know, a VA is a virtual assistant.
You got to look at what niche you’re in. A majority of the people are wholesalers. Are we talking to wholesalers? Are we talking about BRRRR and buy and hold investors?
All of the above because wholesaling is where it typically starts. It doesn’t have to by any means, but marketing.
That’s where I was going to start with. As investors, we have to figure out what’s the best use of our time. The best use of our time is not doing the mundane tasks that you could pay someone $10 an hour for. Let’s call it what it is. What I would do is I would look at my calendar and say, “What am I doing each and every week that I could take off my plate that’s also sapping my energy?” I’ll give you a perfect example. We have over 10 to 15 virtual assistants that are cold calling. We give them a list. Let’s say it is a non-owner owner-occupied list. Meaning, they don’t live on the property.
What we do is we pull it down from places like RealFlow or PropStream or whatever list provider that you pull it from. We then skiptrace, which means you get the phone numbers. We then upload them into a dialer. That’s when the virtual assistant takes over. The virtual assistants are calling eight hours a day. To answer your question, I would get my first cold caller and I would also have somebody to text message. We do cold calling, text messaging and direct mail. That’s what we do in our office. On the direct mail side, they can answer the phone, pre-screen the lead and send it over. The cold caller’s main job is to get any type of motivation for that seller so they can then hand it off to you or your acquisition manager. This is very important.
It could also be another virtual assistant. It is in my case.
In my opinion, that’s a system.
I would say mine is more of a lead manager. We have local people that do the acquisitions for the most part but I agree.
If you’re a real rehabber, don’t worry about what wholesalers make because they’re going to stop bringing you deals.
When I first started, I was door-knocking and doing leave-behinds. I would come home and I would skiptrace those records. This was back in 2004. They were all pre-foreclosures. What I would do is then do ForumOne.com and try to find their phone number. I know there are a lot of different services these days. I would hammer the phone for another 2 to 3 hours to see if I could get someone live. I did that for a full year and that beats you up. It gets you tired. It drains your energy if you’ve got to be on the phone cold calling all day long. It’s a perfect thing to outsource to a virtual assistant.
I have eight VAs. Three of them are cold callers. One of them does texts. I also have two lead managers, and then the various assistant type of work. I have some other people on the team that are here local, but having the virtual assistants has changed the game for me. It has changed my life, my business, and my income. Most importantly, it has changed the amount of time that I have to commit to the business. It has bought my time back.
Hiring a virtual assistant, regardless of what they’re doing, I don’t look at that as an expense anymore. I look at that as an investment in my time. To anybody that’s reading, understand that you have to build a team. What do you think is feasible for somebody to do on their own without pulling their hair out, Bob? Is it maybe 2 or 3 deals a month? Maybe there’s a rockstar out there doing 4 or 5, but there’s no way that you’re going to be able to do 10 or 15 or in some cases, 20 deals in a month by yourself. There’s no way.
What I did when I first started doing this and first started using my virtual assistant before I started my company is I looked at it and said, “What could I do with an extra 40 hours a week of my own time back?” What can you do? Can you raise more money? Can you close more deals? What is it that you can do with an extra 40 hours? That’s a very powerful exercise that everyone should go through and look at. We all know as entrepreneurs, especially when you’re starting out, that you are not working for 40 hours. You’re working for 60, 80, 90 or 100 hours. We all did it.
You got to grind.
You got to start looking at it that way in every niche. Let’s call it what it is. You look at property management. You have a ton of properties. VAs can also take tenant calls.
Let’s talk about a bunch of things that VAs can do. Not only can they do marketing for you, but they can manage the leads and follow up with those leads.
They can also make offers.
My VAs are authorized to sign offers to a seller. There are tons of outs in our contracts. We’re not worried about it. I want to get them under contract before I even have to look at those deals. I mentioned follow up. They can also do transaction coordination and bookkeeping. The list goes on.
One of the things you said is to follow up. It’s huge because you look at all of those leads. I know this statistic is different in every office. You need to touch somebody between 6 to 10 times to turn that into profit from when the leads come to the door.
It’s 4 to 6 months in my market. It’s 6 to 10 times minimum. Our average is about 30. Whenever I tell new students that the average touch is about 30, they’re like, “What?” They can’t believe it.
I’m not going to reach out to that person 30 times. That’s why I hire a virtual assistant.
Find a coach. They can help you make more money quicker.
You don’t have to do that. That’s right. Bring in a virtual assistant. If you want to do deals, you have to constantly touch these people. You have to keep following up. I got seven-plus years’ worth of data and 700-plus transactions in wholesaling alone, and it’s 4 to 6 months. Here’s the thing. Every month, every quarter or every year, that number is skewing farther and farther because we’re closing deals from several years ago because we are relentless with our follow-up. I’m not doing it. The team is.
I love it when you read these articles on HousingWire and these agents’ articles saying, “There’s no product out there.” On my board, I have over 100 properties under contract. There are products out there. You just have to have the right systems. Our systems are using our virtual assistants to cold call, text, take inbound calls, motivate, screen through all the BS leads that come in, and send them over to our sales floor or acquisition team.
We also do a pre-foreclosure campaign. Here in Connecticut, there’s a judicial website where all of the pre-foreclosure leads or lists are uploaded. You got to go through each docket. A VA is going through each docket, scraping those leads. A lot of times, there are phone numbers inside those dockets for the sellers. I guarantee you that no one else is doing this. We do this in our market with our VAs.
There’s another great idea on the lead generation side that everybody should do. Think about this. A pre-foreclosure is when they stop paying their mortgage. The bank is going after them to take the house back. What happens in those situations is either the properties are over-indebted. As an example, the debt is $100,000 but the property is worth $70,000. We have to negotiate it down. I did over 1,000 of those back in the day. The other side of it is you could look if they may have equity since a lot of these areas in this country have appreciated. That is the freaking gold. There are a lot of different strategies you could do in there, but that’s a perfect example of one.
I admire you so much because the first thing you said when we jumped on before I hit the record button was, “I just hired a coach.” I was like, “That’s amazing.” I always have had several coaches in my life. Now, I maybe have four of them. A couple of years ago, I had this coach. He said, “How many hours a week do you have to commit to your business?” I thought about it and I was like, “If I want to hustle hard, it’s 8 to 10 hours a day.” He was like, “Give me a number.” I was like, “50 hours.” He goes, “That is such a terrible way to look at it.” I was like, “What do you mean?” He was like, “You have 50 hours, but you could spend 4, 5 or 10 hours building a team. If you have ten people that are putting in 40 hours a week, now you have 400 hours in a week to be focused on the same mission, which is marketing, finding these sellers, making offers, setting appointments, and closing deals.” I love that.
I will add to that. It’s important on the coaching side of it too. I’ve been in this business for a long time. I started real estate investing in 2004. I’m 48 years old now. I have three different types of coaches. You need a mindset coach, a marketing coach, and a sales coach. That’s what we have. I guarantee we’re probably even going to have different types of coaches going through the years and in the future as well.
It’s important because if you look at what a coach can do for you, they could help you make money quicker. I can tell you my mistakes. I lost $150,000 on a knock-down rebuild in Greenwich, Connecticut. I will tell you what not to do. I marketed it in The Rare Reminder for $5,000 for one insert in a newspaper. That’s how you learn and that’s how you understand what works and what doesn’t.
What a coach is going to do is he’s going to say, “I have made this mistake. Don’t do that.” They’re going to prevent you from spending time and money. They’re also going to shorten the curve of getting you to where you want to be. Back to the team. Maybe you don’t want to necessarily do more deals. Maybe you want to do more with less. When I say less, I mean time. Maybe you want to buy back your time and your freedom.
That’s why I love two things about real estate. One is rental properties, passive income, cashflow, and tax advantages. Number two is having the ability to have a team. I have 13 or 14 people in my team. Everybody has a shared goal but we also have different things that we’re all working on constantly. If I was trying to juggle that many balls, it would be impossible. It doesn’t work. You have to build a team. Bob, where can people go to learn more about REVA and building a team?
You could go to REVA.team.
Go over there and check it out. On that site, you can download a list of 100-plus things that virtual assistants can do to help you in your business. Maybe you don’t even realize all these activities you’re probably spending $8, $10, $20 or even $50 an hour on that you can get somebody else to do so you can focus on working on your business instead of in your business. When you start working on your business, you start building and developing a team. You start doing more deals like Mr. Bob doing hundreds of transactions. You can even expand out into multiple markets.
You had mentioned this earlier. It doesn’t even have to necessarily be marketing. I have virtual assistants that help with property management. I have virtual assistants that help manage the Airbnb rentals that we have. I have virtual assistants that help with bookkeeping. I have virtual assistants that will even help me book reservations and flights, and help me in my personal life. It is amazing. Build a team so you can buy back your freedom. Thank you so much for your time. I am forever grateful to you and your company because you have helped me with the virtual assistants that you employ to buy back my freedom. I love it. Thank you so much for coming on.
Guys, I hope you’ve enjoyed this episode and found a ton of value in it. If you’re interested in creating wealth through rental properties using the BRRRR method and achieving financial freedom in your life, go to WholesalingInc.com/rentals. Check out what the program is all about and schedule a call with my team. On the call, we will discuss your real estate investing goals and how the BRRRR method mastery can help you get there. I would love to help you get started on your way to generating passive income and creating legacy wealth with rentals. Every single one of you is capable of success. More importantly, you are worthy of it. Thanks, everyone.
- Bob Lachance
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About David Dodge
David Dodge is a real estate coach, author, and investor with over 17 years of experience. David specializes in using the BRRRR Method to acquire Rental Properties with NONE of his own money and has taught others how to generate passive income using his systems. He’s also the co-author of the book “The Brrrr Method” and currently has over 90 properties in his rental portfolio with a goal to grow to over 200 properties in the next 24-36 months.