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Nov 27, 2019

This episode features a conversation I was invited to have with Sean Terry, host of the Flip2Freedom Podcast. He was curious to hear how I got started in real estate investing and was particularly interested in why I chose wholesaling. It’s all about finding a property that can work for a wholesale deal and then connecting with the right buyer - and it’s not as difficult as you might think.

I invite you to listen. Sean and I talk about my first wholesale deal - which was a mind-blowing experience that demonstrated to me why wholesaling is one of the most lucrative and empowering opportunities that exist. We also talk about the need to invest in yourself, why you must let go of control and hire help, and more.

Invest in yourself to scale your wholesale real estate business

After I began doing my first wholesale deals I realized quickly that the business could only grow if I was growing personally. So I began investing in myself. I did it through reading, podcasts, coaching groups, masterminds, and more. It was important because I needed to grow my belief and grow my capacity for business and leadership. As those things grew I could begin leading a team of people to serve our greater purposes. You can and should do the same thing. If you’re not growing personally you can’t expect your business or your income to grow.

Control freaks must learn how to train and delegate in spite of themselves

Sean Terry and I both admitted that we sometimes feel like we’d rather do the work ourselves and know that it’s done right, than to take the time to train someone else to do it. That’s because we know what we’re doing and feel like things are going along OK. But you won’t be able to grow beyond your own capacity if you take that approach. You’ve got to learn to let go.

When you put in the time to invest in your team by hiring and training people to do the things that have to be done but are not the best use of your time - you’ll discover that the overall capacity of the business will increase. That means more money is coming in to enable you to hire the team and expand what you’re doing.

Your wholesale real estate business will create anxiety if you let it

Once your wholesale business grows beyond a certain size the stress level you experience will grow up - if you let it. What I’ve found is that stress and anxiety only grow in the soil of control. When I believe that I’ve got to control everything, I’m going to stress about it. That’s where my faith in God has come into play so powerfully.

I know that the course my business is following and the destiny that is ahead for me is not within my control. Those are things God has in store for me and I’m trusting Him to take me there. That means when the difficulties of business crop up I have to set my mind in the right place. I need to remind myself that God is in control, not me - and release the anxiety to Him.

Building a buyer’s list is essential for an ongoing successful wholesale business

You can find all the amazing properties in your area. You can run the numbers with excellence and know that you know that you know you’ve found a great deal. But no wholesale business can thrive if there are not buyers for the properties you find. I discovered early on that if I could strike up relationships with the real estate investors in my area who were always on the hunt for properties that fit their business model, I’d have no shortage of opportunities to sell the deals I find. That’s why I’ve worked my tail off to establish a legitimate buyer’s list. Now, when I find a property that is worthy of wholesaling, I just send it to my list and typically, I’ll have a buyer in short order. If you don’t have a buyer’s list you need to start building one now. Listen and hear some of the ways I went about it and get started today.

Outline of This Episode

  • [2:50] Why I love teaching about wholesaling - it’s about helping
  • [3:40] The very first wholesale deal I closed - after a long time of putting it off
  • [15:10] Bridging the gap between one deal and 2 to 3 deals a month
  • [17:52] The one deal that changed the course of my life - an apartment building
  • [20:50] How I discovered that hiring people would leverage things to a new level
  • [27:01] The hurdles I’ve had to overcome as I’ve built my business
  • [32:01] Building the wholesale real estate business in spite of the hurdles through faith
  • [34:47] The current excitement in my business
  • [39:31] My current strategies that are crushing it
  • [49:00] The power of a buyer’s list - and the wholesaling basics that matter most

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