80/20 Principle for Wholesaling

[Dave Grosse]

Hi guys - I'm in the process of rebuilding my wholesaling business and have been inspired by the 4 Hour Work Week and the 80/20 Principle. I've found that it can be very time consuming and am especially interested in automating and outsourcing as much as possible. I fully realize that I will not be able to remove myself completely, I just want to be able to run it from anywhere with minimal input from me. I also know there are BP podcast episodes that cover these topics and I've listened to them several times.

But I still have a few questions for all of you wholesalers...

• What have you found to be the most effective uses of your time?
• Where do you find that you get caught up in busywork and how have you dealt with that?
• What steps have you taken to remove yourself from your business? Which of those has been the most important/beneficial for you?
• With regard to marketing specifically - have you found the 80/20 principle to be true? specifically that 80% or more of your leads come from 20% or less of your marketing channels. If so, which has been most effective for you? Direct Mail? Online Advertising?

Thanks!

[Dev Horn]

You can and probably should outsource everything except TALKING to sellers, ANALYZING deals, NEGOTIATING with sellers, and CLOSING deals (contracts). In addition, you want to keep your buyers very close. In other words, this IS a relationship business... If you outsource the relationship pieces, it would be hard to create a successful business in REI.

P.S. I am NOT a big fan of VAs and VM (voicemail). Unless you're doing $10,000 or more in marketing per month, ANSWER YOUR PHONE. I recently did a free video about the importance of properly handling your incoming calls: http://youtu.be/3Z6pRFEqFRo

P.S. Our two biggest lead drivers are direct mail & PPC. We also have guys doing very well with billboards....