Mark Fisher has been part of the tribe for about a year. He’s completed five deals and today we’re going to dive deep into one of them. If you follow the steps that Mark shares in this episode, you will be able to replicate his process and make big sales.
IN THIS EPISODE YOU’LL LEARN:
- How a good Wholesaling business provides stable and reliable family income
- Why finding your mentor early on can save you countless time and effort
- Why knowing what you want can help clarify your direction
Don’t Be a Broke Trailblazer: Find Your Mentor
There are already hundreds of incredible Wholesalers out there who have figured out effective strategies and processes for finding property, business communication, and closing sales, so there’s no reason for you to figure it all out again.
The first thing you should do if you know you want to start a Wholesaling business is find your mentor – really, finding a mentor is the best first step in any meaningful journey towards mastery or self-improvement.
Listen to podcasts, watch YouTube videos, and reach out to other people in the industry. This is a community of people that thrives on networking and you will find someone willing to help.
The Power of a Family Mindset: Accountability
For Mark, Wholesaling is a way for him to achieve greater financial and personal freedom so he can spend more time with his wife and six children. As a family, they look ahead and set vacation goals for when he meets certain business milestones.
It gives everyone something to look forward to, but it also gives Mark six little accountability partners at home.
Mark’s Wholesaling Process & Big Deal
Mark’s big deal started when a property owner called the number on one of Mark’s “I Buy Houses” bandit signs.
- Mark posts, at a minimum, 100 signs per week.
- Mark is able to track which sign a caller saw because he uses different numbers for each marketing channel. He gets those numbers through a service like Call Fire or Call Rail.
- Those numbers go straight to a voicemail. Mark’s assistant listens to the voicemail, adds it to a database, and texts Mark whether it is a cold, warm, or hot lead.
After Mark receives a text about a lead, he calls them personally.
- He calls back every single lead that contacts him, but he will stop everything and prioritize a hot lead.
- If it’s a warm lead, he tries to call them back within 30 minutes.
- If it’s a cold lead, he calls them back when he’s free. Sometimes these cold leads are people who called and didn’t even leave a message, but they’re still worth calling back. Mark has still made deals on these cold leads.
When Mark called this hot lead back, he could hear in their voice that they were very motivated. The lead was waiting for a call back and they were extremely forthcoming with information about their own tax problems.
- The property was out of state, which was new, but the deal was too good not to pursue.
- Mark pulled up the lowest sale values in the neighborhood for the property in question. The lowest sale was above $79k and it sold for close to $100k.
- His assistant then went to find cash buyers. She did this by going to Craigslist and searching for flippers in that neighborhood. They determined they could move the home for $75k to $80k.
Although the seller was motivated, it was not a quick process. The situation got more complex over the next two months – the seller’s family was living at the property, not paying rent, and destroying it – and they went back and forth a lot. Finally, he met Mark for coffee.
- The seller wanted more money than Mark’s initial offer ($60k), but he didn’t have time to give Mark 60 days to complete the sale. They compromised at $65k with 30 days to make the sale.
- As Mark came towards the end of the 30 days, he still needed a buyer. It was a good deal and he was willing to close on the property with his own check, but he still wanted to turn it around quickly. He buckled down and spent hours calling every possible cash buyer.
- He found a buyer who wasn’t interested in being part of a Wholesaling deal, but was interested in the property. He purchased the property from the seller for $65k and sold it to a buyer the next day for $100k.
- Digital phone numbers:
- Finding cash buyers:
- Customer Relationship Management:
- The Magic Of Thinking Big by David Schwartz
- Cash Flow Quadrant by Robert Kiyosaki