I did my first wholesale deal…. now what?

Question

Firstly…..Holy mother of dragons I cannot believe I did a deal.

Secondly, so…much…analysis paralysis FOR NOTHING!!!! Half the things I “worried” about never came to fruition and if I am honest with myself, they were excuses I made up to not jump in to investing.

Thirdly now what the heck do I do???

How do I scale? What SYSTEMS do I incorporate to continue doing it? There is no shortage of YouTube advertisements being forced down my throat on why I should spend $3,000 on a program for 3,000 easy payments of $1 due immediately. It’s intimidating and overwhelming. I feel like I have analysis paralysis about this now. I made the mistake of clicking on one of Chris Jefferson’s ads and now it is internet stalking me……. sometimes I feel like I see him over my shoulder in the mirror when I brush my teeth at night. If he reads this, this is all tongue in cheek (please don’t sue me)

In the ideal scenario, I would LOVE for someone to give me hug, hold me close, and tell me I'll be your mentor, everything’s going to be okay, just follow this system. I know that probably won’t happen with COVID and all but, like I said, that’s the ideal scenario.

Runner up to the ideal scenario would be that this post will strap a SpaceX rocket to its back and I will get tons of feedback from people on to their 4th, 40th, 400th deal. People who have systems in place who don’t mind sharing how they scaled.

I know this industry is all about some give and take so, in return you will receive a couple of things. The first being a personalized heartfelt thank you. In matter of fact, I will thank you right now for reading this far into this post. THNAK YOU (insert name here) you rock if there’s anything Rich Dad Poor Dad taught us it’s that time is valuable; so please accept this heartfelt thank you.

Secondly, I would be more than willing to JV on however many deals together. I have a pretty output sending somewhere near 400-ish mailers a month and making about 300-ish calls a day, almost averaging about 1 semi solid lead a day from my calls. I do not have a system per say but I use Mojo, Propstream, BP, and Podio. I grew up playing sports so any coaching, mentoring, constructive or deconstructive criticism is welcome.

Well, it was nice “meeting” you and, once again, I appreciate your time

Joe Gonzalez · Answer

Haha great post Steven & congrats on your first deal!

I've been in the business since 2017 and have closed on over 1 Million in assignment fees since then.

My best advice is the following: Dont rush to scale your business, one HUGE mistake I see guys make after their first deal is to hire acquisition managers, get an office, buy a bunch of expensive systems and boom their business is in serious trouble. Why? Because they didn't have a predictable business with consistent lead flow (No lead flow = No Closings)

For now keep your overhead low - keep doing what your doing and study your KPIs, keep track of what marketing works and what doesn't, gradually invest a bit more into your marketing channels and have reserves for yourself (expect dry weeks/months with no closings). When you do decide to make your first hire, I recommend it be a Virtual Assistant, have him/her do all the admin tasks that are time consuming. Once you have a good grasp of what marketing channels give you the best return & you have closed a few more deals then I'd start looking into further hiring and scaling your operation.

Hope that helps.

Mason Hickman · Answer

@Steven Adorno

Congratulations! That’s very exciting about your first deal.

1. Go clear your cookies and cache so you stop getting served up ads all over the internet

2. Keep hunting for your next deal

3. Go get the e-myth by Michael Gerber. Read it and implement it. This book will help you create your own systems to scale

Joe Gonzalez · Answer

@Steven Adorno No worries, I don't mind sharing knowledge. To answer your questions:

1. My first deal was for $24,000 - I managed to scale my marketing by sending out a few yellow letters while simultaneously cold calling.

2.Most of my knowledge came from Youtube videos, once I wanted to scale I went to a few seminars.

3. Best book I can recommend for a beginner is 'Secrets of The Millionaire Mind'. Why? Because wholesaling is mental game, you have to have the mind right to consistently produce.

4. Biggest learning experience in the first year was that assignment fees are only a reflection of gross revenue, one must focus on understanding true net revenue and having a predictable business.

Shiloh Lundahl · Answer

@Steven Adorno I invest both in Arizona and in North Carolina. We have been able to scale our portfolio. What specific questions do you have?

Kelly McJunkin · Answer

Haha this post made me laugh. Congrats!!

Steven Adorno · Answer

@Kerry Noble Jr your right brother just over analyzing again...

George Rivera · Answer

Congratulations and God bless.

Kerry Noble Jr · Answer

whats next....keep the leads flowing....invest back into marketing.....put some to the side for taxes.....rinse and repeat

Steven Adorno · Answer

@Joe Gonzalez Thank for taking the time to respond and appreciating the subtle humor!

That's solid advice it's only me right now and I am trying to add some structure to the day and have a process for my workflow. KPI's are key I will have to be more diligent in that area thankfully Mojo keeps track of all that. I know what my weakness are and its 100% on the back end of the business. I have been in external sales my whole career and you might have been able to tell from the post but I am not a systems or spreadsheet guy. Without being too forward or intrusive may I ask where did you invest in your business after your first deal? Did you have a mentor or programs/courses that you felt were worth the cost? What was the last book you read? Also where was your biggest learning experience within the 1st year after making a deal?

Steven Adorno · Answer

@Shiloh Lundahl Thank you for taking the time to read the post. I guess my goals is to scale to 3 wholesale deals a month. Now that I have my first deal I want to maximize my time and every $ spent. Where would you allocate your funds if you were looking to scale from a marketing perspective? Also, maybe even more importantly, where would you avoid spending money? Right now I am avoiding spending money on these flashy wholesale courses because I feel fairly skeptical and, I don't know anyone whos done any of these course (perhaps its something I can look for on these forums).

I did my first wholesale deal…. now what?

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