Have you started your Wholesaling journey yet?
If the answer is no…. Why?
In this episode, Darrin Bentley interviews Tom Krol about the very beginning of his journey. We discuss all of the painful mistakes he made, how he ultimately made it to the finish line, and how truly anyone can make it in Wholesaling if they find their Why and follow instructions.
IN THIS EPISODE YOU’LL LEARN:
- How Tom automated his business and closed over 100 deals in just 18 months
- The art of delegation
- Why hustle alone isn’t enough to build a great business
Wholesaling is the Cornerstone of Real Estate Investing
Wholesaling is the act of finding an individual willing to sell their home at a discounted price, also called a motivated seller, and finding a cash buyer who wants to purchase the contract on that house.
Wholesaling supports every area of the real estate industry. If you want to be a successful rehabber, landlord, or just fill your own portfolio, Wholesaling is the best way to learn how to obtain the most discounted properties in your neighborhood.
Myths about Wholesaling
- “I’m not a good at sales so I can’t do Wholesaling.” You don’t have to be a salesperson to be a good Wholesaler – Tom was fired from five sales jobs before he started his Wholesaling business. It’s about finding those people who want to sell their house, not convincing them to sell.
- “People won’t sell property at a discount.” People sell their property for cents on the dollar every day, for a variety of reasons. These sellers are only concerned about closing the deal and getting cash.
Finding the Deals
Tom mostly markets with direct mail. You’re not concerned with the response rate – you want to make about five times as much revenue as you spend on marketing, and direct mail is a reliable, automatable way to accomplish that.
Automating the Business
In his first 18 months, Tom fully automated his business and closed over 100 deals. He was able to do this because he delegated.
The most important thing to know if you’re considering delegating is that you very well may be the best at whatever task you are assigning, and you may see a short-term dip in revenue. Your employee won’t be as good as you at first. You have to get comfortable with that because the volume, and your time, will make up the loss in revenue.
It’s also important that you don’t hire people for task-based positions. Make them project managers, give them commission, and give them ownership in what they’re doing.
Hustle isn’t Enough: Find Your Why & Follow Instructions
If you are truly motivated by an important Why, you will find out what you have to do and then take every action to accomplish it; you won’t be distracted by learning or what ifs.
What is your Why? Your kids, your wife, your legacy?
Find the one thing that you will do anything for and make that the heart of your business.
With your Why as motivation, find someone who is already successful and get instruction. Don’t get stuck in the learning phase. Just find someone who is making Wholesaling work, learn from them, and implement that process exactly.
- Listen to more great interviews with Darrin on BigWig Nation
- The Four Spiritual Laws of Prosperity: A Simple Guide to Unlimited Abundance by Edwene Gaines
- Rhinoceros Success: The Secret to Charging Full Speed Toward Every Opportunity by Scott Alexander & Dave Ramsey
- The Compound Effect by Darren Hardy
- Getting Things Done: The Art of Stress-Free Productivity by David Allen