Hi guys I'm back. So A LOT has happened in the last few months even though I haven't sent out any marketing pieces for a while cos it's easy to get comfortable. So since ive started wholesaling in the last 7 months, I've made a whopping $92,050! My biggest deal is closing tomorrow and it was a doozy. Got it from a bandit sign. Anyways here's what's been going on:
1. I finally hired an assistant which caused a paradigm shift in me. I pretty much did nothing all day while he made and answered calls, scheduled viewing with buyers and coordinated stuff with my sellers. It was amazing. Unfortunately he quit after a month. During his month working with me, he would get so close to getting me a deal but the hot leads that came in all just seemed indescribably not turn into signed contracts. So I decided we needed some sort of structured script. I bought Michael Quarles scripts for $500 and had my assistant resume answering calls using his "Alex script" read word for word. By the third incoming call, we had a deal! He was so happy. Too bad he quit. Lesson: if you want consistency when talking to sellers so you don't get disorganized, go buy a proven tested script and DONT be cheap about it. It still haunts me to this day thinking of how many deals I could've closed had I just bought his expensive *** scripts sooner rather than later. I now have pat live again and they read the script To the seller and send them over to Podio. Only bad thing is that it takes like 8 minutes to get through all the questions but you know it's worth it when you open the lead and see all that juicy information that can be used as leverage to make a deal with the seller.
2. So I've been conjuring up a ton of "new" and unique strategies to find more deals and get more leads. One of them ended up being bandit signs. A bandit sign got me my latest deal (an inheritance) which nets me $48k tomorrow. Literally from initial call to finish was 14 days and I get paid tomorrow. I LOVE real estate. Lesson: bandit signs work. I was lazy and SO scared I was gonna go to jail that I scattered about 100 of them one Friday night and never did it again. I got tons of calls but the calls slowed down and I figured they all got taken down. Weeeeeks later I get this call to a random bandit sign that managed to stay up and voila. Cost me about $150 and 5 hours. Bandit signs. They work. They. Work.
3. You know those high volume wholesalers who say they sell most of their deals to the same one or two guys all the time? I use to wish and hope to have one of those one day in my wholesaling career. I wanted a legit cash buyer who was willing to pay my $5k EMD and close fast and with cash so that I never had to go through missions and days of anxiety to sell my deals. Well, I found him and you won't believe what happened next. After the second property I sold him, I found out that he was actually WHOLETAILING MY PROPERTIES!! Personally I will NEVER complain about another investor making money off of one of my deals as long as they complete my side of the transaction as agreed. If you bring your deposit and close on the day that we agree to, you could run and make $2mil on it and I won't care that I made only $10k cos we've all got our own special way of achieving our goals in real estate. If you are legit, you don't add any holes to the contract, and you don't back out last minute even if your buyer bails, then you can have my deals all day long. My point in mentioning that is because when I looked back at the deeds, I realized that in the first deal with him where I made $14k and felt like a badass boss, he literally took my same property and wholesaled/wholetailed it again as soon as I assigned him the contract and he double closed on my deal for over a $50K PROFIT!! Now THAT is what I call a boss. Lesson: use other wholesalers to find deals to WHOLETAIL (but only IF you have the cash or the cash buyer to back it up). If you know what a specific buyer of yours wants, introduce them to a deal that belongs to one of your wholesale colleagues, add your spread, and get paid that way or get a referral fee. I've JV'd a few times and its like free money for my JV partners.
3.5. Deals always selling within 2 days of marketing? You may be selling your deals too cheap. How the heck is my cash buyer able to get my deal under contract and then immediately jack up the price and successfully wholetail a property that I personally syndicated to every listing site like everywhere for way way cheaper?! Idk. I really don't know. But it truly doesn't matter. If your market is hot like Florida or Texas or whatever, SOMEONE will pay your high price. You just have to decide if you want to get paid fast or get paid large. Don't have enough cash in reserves to feel confident enough to reject a low offer from a cash buyer in the first days you bring it to market? Then just sell em cheap so they sell fast. Have some cash in reserves in the bank? You can totally wait for a better or full price offer without having anxiety that you'll lose the deal and end up with nothing. "Buy" them cheap, mark it up to almost retail, and wait the extra 30 days for top dollar. Either way, you win.
4. I am my own mail house now. Turns out we've been getting ripped off people. Seriously it's 23 cents to mail a jumbo postcard standard mail. 23 cents!! Think about it. Research it. I recommend it.
5. I will be taking Michael Quarles wholesaling course to build a system in my business for only $997 which was lowered from $10k!! I'm not joking when I say that I'd been literally SAVING UP for that $10k course and somehow the stars aligned for me because now it's only a thousand measly bucks. Yesszzz. So now since I have a steady 1 deal a month and a nice amount of cash reserves (thanks to that $150 investment) i'm ready to intelligently invest in employees and expand from a sole entrepreneur to a real estate mogul. I'm going to triple my monthly revenue the next 31 days!! Yes 31 DAYS because I already know his course is gonna work for me. The fact that he integrates NLP in his negotiation tactics is the main reason why I recommend him so much to people. NLP is a serious, serious animal because simply put, it WORKS if you know how to use it. Check out YouTube videos on the subject and you'll be able to see the power it brings you. Plus you'll be able to spot a skilled NLPer when you see/hear one so you won't be easily manipulated. I'm excited. I'm buying it tomorrow so I'll update how the course changed my life/business soon.
Good luck guys! Also, if any of you have been having success from the blind offers strategy from a few months ago then post about it with your results in this thread!! I'd rather give advice/feedback etc to everyone in an open discussion so that way everyone can benefit from it if anything, ya know? Btw, I'm adding some unique twists to the concept and I'm gonna test it out to see if it won't triple my response and deal rates.
