All Forum Posts by: Tom Krol

Whatever you decide, know this. You want to be an Earner NOT a Learner. Albert Einstein said it best "All Knowledge Comes From Experience." 

Instead of seeking education, seek crystal clear, step-by-step instruction, this must come from a person you trust entirely. Then go out and take Massive Action on that instruction and fail big and frequently! The more initial failure the better! Be willing to look like an idiot in front of the seller because you're taking premature action and are not 100% sure what you're talking about. Have a Make-It-Happen Attitude.

Remember, everyone will have opinions and suggestions about what you should and shouldn't do. ONLY listen to the ONE person you are following! Be singular on your source of instruction or you will be taken off course when you start experiencing The 3 D's (Doubt, Disappointment and Distraction). 

Be willing to take more risk then you are comfortable with, get out of your comfort zone, go all in, risk everything and operate without a safety net. Make it work, leave yourself no other option. Don't fail because you  left 1% on the table, think about what the worst case scenario really is and you'll discover it's not as bad as you might be imagining and almost NEVER happens anyway. 

What I am about to suggest will sound elementary and silly, but if taken to heart will change your life and guarantee success! Your approach should be to tackle this as if you are trying to save the life of a loved one. I know this sounds crazy but this strategy will narrow your focus, provide unlimited drive and determination and bring supernatural results that catapult you into the stratosphere. 

To Great Adventures,

Tom Krol

It is amazing how many wealthy Americans are searching for a place to put their money to work and how many Investors are searching for private money. As soon as we began speaking about our deals differently we attracted more cash then we could ever leverage in a lifetime. We found so many moneylenders in our network we were overwhelmed. 

HERE'S HOW WE DID IT...

Our first deal was a hard money bridge loan at 12% and 3 points upfront. YUCK!

After taking these action steps our second deal was a private note for 9% and no points!

In our case we are Wholesalers cherry-picking our pipeline for our rental portfolio. 

The most effective way we have found to find money is to speak about how well our lenders are doing by working with us. We did this at multiple REIA meetings, networking events and even included simple notes in our cash buyer emails along with our deals.

Additionally we called (called, not emailed) every cash buyer, agent, wholesaler and title company on our list and asked questions, not taking "no" for an answer. This is so effective. 

I am not an attorney and do not know the laws and regulations with soliciting cash so check with your attorney before taking any action on this advice. 

Just like sellers and just like buyers, we have found you catch more dogs when you run away from them and they chase you - rather than you running towards them and they run away from you. By never trying to convince anyone to lend us money but by just speaking about how well others were doing we had lots of people with money chasing us! 

One guy even found my house and knocked on my door to lend me money!!! LOL Man I love this business! 

To Great Adventures!

Tom Krol

 Jesse, In our experience homes already in a state of foreclosure are difficult to wholesale. When it comes to Wholesaling you may want to to focus on Homeowners who fit two criteria's: Equity and Motivation. 

We define motivation as an impending event, meaning "If I do not sell by X, then Y will happen." 

NJ is one of the HOTTEST markets in the Country right now, Clayton Morris is up there CRUSHING it! You might know Clayton from FOX News, he hosts Fox & Friends.

If you want to get started right away the first thing to do is to build a gigantic, salivating, responsive, active cash buyer list. Make sure you have their cell phone numbers as texting deals out is more effective then emailing them out. And include as many Agents on your list as possible as they often have the highest paying cash buyers for you!

Keep in mind that Wholesaling has nothing to do with Real Estate and is really more of a pawn shop. Work very hard not to become a Real Estate Expert or you will find it extremely difficult to scale your business (you want to avoid creating a job).

As a sidenote right now is a GREAT time of year to get started, the holidays are only "slow" for the wholesalers who stop marketing during this time of year.

Whatever you do, try to focus on revenue activities instead of complicated CRM's, cool looking business cards and setting up a LLC or S corp.

You are about to go on a Great Adventure! You will have many "GUT CHECK" moments when you start. This is when you want to shine and double down on your efforts! Watch out  for the 3 D's: Doubt, Disappointment and Distraction!!! 

Good Luck

Game Changer! These 5 Books had the BIGGEST Impact and the Most Immediately Actionable Take-Aways for me in 2015. God Bless and Enjoy This Great Adventure! MAN I LOVE WHOLESALING!!! BAM!

1. The Four Spiritual Laws of Prosperity: A Simple Guide to Unlimited Abundance by: Edwene Gaines

2. The Millionaire Real Estate Investor by: Gary Keller and Dave Jenks

3. The ONE Thing: The Surprisingly Simple Truth Behind Extraordinary Results by: Gary Keller and Jay Papasan

4. Profit First: A Simple System to Transform Any Business from a Cash-Eating Monster to a Money-Making Machine by: Mike Michalowicz

5. The 10X Rule: The Only Difference Between Success and Failure by: Grant Cardone

 HAHA! Awesome! 

My buddy recently taught me about grinding your own coffee beans and using a french press, GAME CHANGER! We love it! So glad to get away from the Keurig!

Want a great secret to Wholesaling Real Estate Success? Wake Up Early! BAM! It is 4:45am and I am so excited this morning! Have a great day today, stay laser focused on your most important goal for today! Remember to serve the seller not the buyer! Try to understand what services you really provide the seller beyond the one liners (as is, hassle free, fast, cash, etc...), what do those really mean to the seller. listen to them, they will tell you how to close them.

What is your most important goal today?

 Ditto!

 Yasmine, we do not get any negative feedback on this. Just as want never want to convince the seller to sell us the house, we never want to convince the buyer to buy the purchase agreement. This approach generates tons of interest from our cash buyers and makes it very easy for our buyers to play your rules.