November 24, 2024


You've got a you've got a verbal confirmation. Just go to my website wholesale game.com buy a contract. It's a it's a purchase agreement. It's super cheap. Don't buy it before then or don't even buy from me I don't care. Just get you a contract somewhere you can go to. There's a bunch of Facebook groups, national Facebook groups like, um, I don't even know what any of them are, but you could you could just search wholesale and real estate and find all kinds of massive Facebook groups to where you can get free contracts. So I'll do that. You know, if you want to save money, just do that, uh, get the free ones and then get the contract with the seller. So now you're going to market that contract to those Facebook groups. I told you about all the investor groups. Um, just don't don't give them too much information, but just say, hey, I've got a smoking deal in this area. Um, you know, it's worth this. I'm selling it for this. You know, DM me for questions. Ton of people are going to give me their emails or whatever, but just have conversations with buyers now. Then you're going to end up finding somebody that wants your deal. 

November 23, 2024


So now your cash flows down to eight. Okay. Um, and let's say in the meantime, month two goes on. You didn't get any new wholesale deals. You're just still kind of focusing on these fixed and flips. The one fixed flip that you have and the one rental that you have, but you're down to $8,000 on working capital. Um, obviously fixing and flipping, you're probably going to spend more than ten grand, but let's just say you can even get it done for the eight that you have left over. Um, so that's where the issue comes in. Your cash poor at this point, because now your account is virtually down to zero. Uh, you're scrambling to get another wholesale deal closed right away. 

November 22, 2024


So you've got 20,000 left over. Now the fix and flip that you did okay. You got hard money. Uh, a lot of times you can get those for $0 down. Obviously you pay a fee for that and all that, but you are going to have no matter what you're going to have holding costs and you're typically most hard money lenders. At least the places that we flip won't include the remodeling costs. So usually you're out that out of pocket, you know? So if I'm keeping a house and let's say I've got it fully funded 100% from the hard money lender, but then I've got holding costs for a couple of months while we remodel it, and maybe it's 10,000. It's just a lipstick deal, uh, to do the remodel. Um, so at least I'm out. Probably probably $12,000, you know, because a couple of thousand for holding costs by the time you factor in the lending fee and, you know, because you pay monthly for that, for that money, um, you've got all the utilities, the insurance and the taxes, you know, so let's just say you're at 12,000. 

November 21, 2024


Okay. So the warning is this it's easy to fall into the trap of, okay, so now we're also doing some wholesale deals. And now we're also doing fixed and flips. We're also doing, you know, buying holds for long term wealth. And I say that, um, it's not really a trap, but if we're not careful it can trap you because you can become cash poor. Is the whole point of this. Okay. Um, you know, it's happened to me several times over the last few years, um, especially when we started doing more of these type of deals. 

November 19, 2024


Okay, so the warning is this obviously wholesaling is cut and dry. You get a property under contract, you find a buyer, you assign your contract to that buyer. So those contracts the title and you get paid the difference between the two contracts. So it's super simple. There's no real risk in that. Um, and it's easy money without you having to put in a lot of money. Okay. So it's easy to make a good ten, $20,000. Okay, so that's like I said, our number one exit strategy. We like doing that because that helps feed the machine to where we can put marketing dollars to work and then fund a lot of our other things that we're doing. Okay. So the warning is this it's easy to fall into the trap of, okay, so now we're also doing some wholesale deals. 

November 18, 2024


So let's just say even maybe you do. Right at the last minute, you get a, you get a wholesale deal closed and you make another ten grand. Okay. Well, the fix of it probably is going to cost you, you know, 20, 25 grand. I mean, most of them that we do, it's hard to get out for under 25 grand these days, especially with, you know, the cost of materials going up and that kind of thing. So, um, you know, most remodeling jobs cost us a minimum of 25 grand, you know? So let's just say that's the case. You already had eight into it. You just close on another ten.

November 17, 2024


Either that, or if you're only doing 2 or 3 deals a month and you decide to flip one or buy and hold one. Just make sure you have a lot of cash reserves already in the bank, and don't just rely on that 25 K that you just got from those two deals. Um, you know, good rule of thumb is at least 3 to 6 months of working capital in your bank, your business account at all times so that those issues don't ever come into play.

November 16, 2024


But now that's pretty much eaten up as well. So the moral of the story is you got to be careful. Um, you know, tread lightly, make sure you have cash reserves in the bank. Um, you know, because if you're just banking on that 25,000 that you just closed, when you've got this flip and this buy and hold in the process, it's going to be difficult. You're going to have to end up using credit cards or get another line of credit, or you're going to have to do something, you know, borrow money from friends or family or whatever the case. Um, but the point is, you're going to be cash strapped and cash poor, and nobody wants that. 

November 15, 2024


So you got to be really careful when you start doing that. So if you're doing multiple deals a month, I would definitely say, you know, make sure that 80% of those, you know, if that's your goal, 80% of those are wholesales. Because then if the 20%, uh, let's just say for example, you have ten deals. Make sure eight of those are wholesales and two of those maybe you're flipping one and you're buying and holding one because then you've got if your average fee is ten grand. Out of those eight deals that you close, then you've got 80 grand to work with, which gives you plenty of working capital.

November 14, 2024


But you know, it's let's just say for an example, let's just say you have five deals in escrow. Okay? Um, and let's say maybe you wholesale two of those. Okay? And you made, like, 25 grand profit. And let's say one of those deals you decided to keep as a rental because you want long term wealth. Um, and then one of those deals, maybe you couldn't sell it all, so you're kind of letting it go, uh, canceling with the seller, and then one of them, maybe you're flipping it. Okay. All right, so out of those five deals, you let one go. So you've got four deals in escrow. Um, two of them. You got wholesale fees, so you made 25 K, but let's say you're putting at least five of that back into marketing or softwares and different things that you have and need to run the business.

November 12, 2024


So regular wholesale deal. We are getting the property under contract at a discount. Now we hold that contract and we're going to sell that contract to an end buyer that's going to actually close on it at the title company. So all we did was get the contract. Now we sell our contract to this buyer. At closing we get a check okay. So as you can see we did flip that house with no money down. No real risk on our part because it's the end buyers that actually brings the money to the table. Okay. 

November 11, 2024


It's going to be a win for the seller because we're providing a service for them to where they can sell their house as is and quickly. Okay. It's going to be a win for us because we're kind of playing the middleman in this whole scenario where we get a paycheck, but it's going to be a win for our ultimate end buyer, our cash buyers, as it's mostly referred to in the industry. We're typically looking for these investors out there that want to buy and hold real estate for passive income, meaning they're going to become landlords and keep that as rental properties. Or we're also often selling these properties to fix and flippers out there that like flipping houses for a profit. Okay. Whichever scenario you're looking for, you're looking for a cast buyer either way. Okay. 

November 10, 2024


Somebody is motivated to sell a house, and you get that house under contract at a discount because you're providing, , a quick sale as is, or they don't have to make any repairs or anything like that. And um, and that's appealing to them because they can get out of it quickly, you know, because realtors have turned them down saying you have to fix this, this and this, and they don't really have the money to do that. So that's where we come in as wholesalers to save the day.

November 9, 2024


You get a contract with the seller, okay. You find these motivated sellers that are willing to sell their house at a discount because of the speed and convenience factor. Okay. But these people can't typically sell their house on the retail market with the realtor because it usually has issues. Oftentimes the house is very distressed in different ways, meaning it needs a lot of repairs.

November 8, 2024


And how you can flip houses with never actually owning the house and still make a good profit. 3 exit strategies to do just that. And these are 3 strategies that you can do to where you get a contract on a house and you sell that contract. You never put any money down, never really have any risk. And you get paid. And there's 3 different ways to do that. All right. So let's get into it. So obviously if you're new to wholesaling real estate um the 1st strategy is wholesaling how to wholesale house. Right. So number 1 is just your typical wholesale.

November 7, 2024


We got our wholesale through an assignment. We got our wholesale double close to where you closed on it, temporarily resell it to the end buyer same day. Right. And then we've got our wholetail, which you basically just list the property, look for that retail market buyer and then close on it the same way you would normally. All right. So hopefully that made sense. Drop me a comment to see if that makes sense to you or not, and give me some scenarios to where you've actually done one of these three strategies, or maybe all three of these. That'd be awesome. I'd love to hear your stories. And you know, I love to hear about people's deals and and my own deals. You know, we love them. We live and breathe real estate wholesaling all day, every day.

November 6, 2024


So we'll take we'll get the contract with the seller. We'll listen on the MLS with our realtor like we use a flat free broker basically, , that we're allowed to listen for $150. And we do this nationwide. And then, , it's just on the retail market. It's a cash sales deal. But now we're looking at those more retail cash buyers, and there are the typical cash buyers out there that look on the MLS as well, but they typically have lower offers. But there are the newer investors out there that have cash or the doctors, lawyers, attorneys, you know, the people that make a lot of money out there that want an investment property. And they're looking on the MLS because that's the only way that they know how to do it. So we do Wholetail those deals. There's still as is for cash because you can't get a loan on these houses typically. 

November 5, 2024


Now. You can wholetail buy by truly in the sense wholetailing in by closing on the property. And you might hold the property for a week or so before you list it, because you might want to just clean it out a little bit, then listed on the market and resell it. But in that scenario, you actually need money. You actually have risk because now you own the property. So I do that a lot as well. Um, because sometimes it just makes more sense. It's quicker. Um, you know, it does cost a little bit more money because you're actually taking it down. So you're actually closing on the property and all those things, cleaning it up, releasin

November 4, 2024


So sometimes, you know, on a wholesale deal, cash buyer might, might offer you, you know, you know, less than what you're trying to get for it. And maybe you're only going to make ten and you might know it's a better deal than that, but you may not have enough buyers out there. Or you might know that it's a really good deal, and it could be sold on the retail market for a higher price. So you can do that. We list deals that we don't close on all the time on the MLS, so just be careful.

November 3, 2024


When you wholesale for retail what does that mean. Retail means the MLS like the retail market out there where all the cash buyers are worldwide that can see your deal because it's on the real estate estate multiple listing service. Okay. So the way to wholetail and yes, you can do this with no risk, no money out of your pocket as well. Okay. It's a little trickier, but not really. As long as your paperwork shows that it's okay, then it's okay, right? So our contracts basically just say that, hey, we're going to list this on the MLS and you're cool with it. You know. And that's what they're signing for. So that gives us the ability to list every house if we feel the need to. Right.

November 2, 2024


So you got number 1, the wholesale right. Wholesale with an assignment. Number two is the double close. Now number three is my favorite strategy is called wholetail. Now I've talked about wholesaling properties in the past. So there's a couple of ways you can wholetail a deal. So what wholetailing in is is your wholesaling for retail okay.

November 1, 2024


So my my first deal is funded by the end buyer, but it's just between me and the seller. So now I own the property. And the second closing is between me and the buyer. Okay. Even though they funded the original deal because my title company and allowed that to happen now, I did have to pay extra fees to make that happen because it is two separate closings. So there are extra fees involved, but it's not that much. $300 or 400 bucks typically at most title companies.

October 31, 2024


So what that really means is now the sell this contract that I have with the, with the seller, I'm actually going to close on that contract myself. Now I don't have to use my own money. We're still going to use the end buyer's money. Now, not all title companies will let you do this. That's why it's important to vet your title companies. Make sure they know it double closes. Make sure that they allow using the end buyer's money. , to close your first deal. Okay, so really, what it is, is my contract here. I'm closing on it with the end buyer's money. So there's actually two closings happening simultaneously. Okay. 

October 30, 2024


If I wholesale a deal and I assign my contract to a buyer and I'm going to make $20,000, the buyer may not like that. He might try to renegotiate before we close, because he doesn't like the fact that I'm making 20 grand. He might be okay with me making 5 to 10 grand, you know, so he might try to negotiate that down before we close. So to prevent that, we do a double closing. Okay.

October 29, 2024


So some buyers aren't, , aren't cool with me making a lot of money, you know, and some buyers are. So just to keep it simple, you know, anything typically over 15 to 20,000, we typically double close it. , and the reason for a double close is it hides our fee. Okay. Ultimately, at the end of the whole thing, the buyers can find out, right? But it doesn't break your deal or make anything messy.

October 28, 2024


But in my business, we do typical wholesale deals, which are actually called assignments. We sell our contract to an end buyer where assigning our rights to that contract to another buyer. Okay. So the typical wholesale deal is the assignment that you're selling or that you're getting. , but but the double close rather than assigning that contract to the end buyer because the deal is the end buyer is going to know how much you're making on that.

October 27, 2024


And actually, I know some wholesalers that they double close on everything, or they're making $200 or $100,000 on the deal. They double close everything just just to keep it simple. And that's just the way they do it every time.

October 26, 2024


So if you're brand new to real estate into wholesaling in general, what a double close is. It's really the same thing as a wholesale deal. The only difference is you're actually going to close on the house temporarily. , typically just for a few minutes until that transfer is over to the end buyer. 

October 25, 2024


So regular wholesale deal. We are getting the property under contract at a discount. Now we hold that contract and we're going to sell that contract to an end buyer that's going to actually close on it at the title company. So all we did was get the contract. Now we sell our contract to this buyer. At closing we get a check. Okay. So as you can see we did flip that house with no money down. No real risk on our part because it's the end buyers that actually brings the money to the table.

October 24, 2024


It's going to be a win for the seller because we're providing a service for them to where they can sell their house as is and quickly. Okay. It's going to be a win for us because we're kind of playing the middleman in this whole scenario where we get a paycheck, but it's going to be a win for our ultimate end buyer, our cash buyers. As it's mostly referred to in the industry. We're typically looking for these investors out there that want to buy and hold real estate for passive income, meaning they're going to become landlords and keep that as rental properties. Or we're also often selling these properties to, , fix and flippers out there that like flipping houses for a profit. Okay. Whichever scenario you're looking for, you're looking for a cash buyer either way.

October 22, 2024


Somebody is motivated to sell the house, and you get that house under contract at a discount because you're providing, , a quick sale as is, where they don't have to make any repairs or anything like that. And, , and that's appealing to them because they can get out of it quickly. You know, because realtors have turned them down saying you have to fix this, this and this, and they don't really have the money to do that. So that's where we come in as wholesalers to save the day.
 

October 21, 2024


Here's how that works. You get a contract with the seller, okay. You find these motivated sellers that are willing to sell their house at a discount because of the speed and convenience factor, okay, but these people can't typically sell their house on the resale market with the realtor because it usually has issues. Oftentimes, the house is very distressed in different ways.
 

October 20, 2024


3 exit strategies to where you get a contract on a house and you sell that contract. You never put any money down, never really have any risk, and you get paid. And there's 3 different ways to do that. All right. , the 1st strategy is wholesaling how to wholesale house. Right. So number 1 is just your typical wholesale.
 

October 18, 2024


Whether it's you by yourself doing it all, that's great. Keep doing that. Or if it's a whole team, you all got to embrace the system. So. Podio where it didn't happen. So basically if it's not in Podio, it never happened at all because Podio is what we go by for everything that we do. , it's like it's everything, you know, it runs like I said, it runs our business. So if it's not in Podio, it didn't happen. , you might have said you call this, , seller 3 or 4 times if it's not in Podio, it didn't happen. 

October 17, 2024


And so anyways, I'm off my rant, but hopefully that helps you. , it definitely helped me once I got a CRM, and it definitely helps my entire team because basically, you know, the CRM is the system to our business and that system literally runs our business. But you definitely have to have people embracing that system because the people run the system, right? 

October 16, 2024


You know, some of you may not be digital type people, but trust me, you got to embrace it. , because, you know, if you're not in the digital age, you know, you're going to get left behind. That's just the facts. You can't scale paper or cellular scripts handwritten. It's just not scalable at all. , and I'm super organized. I made it work. But after several months of it, you know, it drove me nuts. , just keeping a folder. I literally had a binder with probably a couple hundred pages of seller leads. Then I'd have to be like, okay, what was that lead? I think it's somewhere in the middle. So you're rifling through that, trying to find these, and it's just stupid. There's no reason to do that when there's three CRMs out there or $10 or $20 CRMs a month. , it'll definitely save you headache and pay off in the long run.

October 15, 2024


Once you have that profile. It's got all their information, their phone number, their email address, , their asking price, the condition of their house. Because you're typing all that in, you know, all the information that you need. Is there the same thing in our disposition workspace? , it's all listed out. All the properties that we have under contract. And then you click on the property and actually pulls up their profile. It not only tells you all the information that acquisitions gathered, but also tells you what price we got the property for, how much we're marketing that property for, and what our potential profit is on that property. And then you can keep track, like I said, of property inquiries, , you know, buyers offers and all those type of things. So those are important. And I know a lot of those things you kind of grow into as you scale your business.

October 14, 2024


But even initially, if you just get a basic Podio or a basic CRM, I think there's one called simple CRM. It's free. , don't quote me on that. It just seems like I remember that from the past. , but there's a bunch of them that are free or almost free. I would highly, highly recommend doing that. , just to keep you sane and to keep you organized and and just so you know, where you left off last with, with whatever leads or whatever buyers. , trust me, it'll save you a lot of heartache. And not only that, it'll help you grow into, you know, doing more deals.

October 13, 2024


So you just want to have a centralized place, , specifically, , digitally, you know, it's kind of what I'm trying to get to, , even if it's a worst case scenario, even if it is, , Excel files, you know, that's better than nothing. But I would say that that's a nightmare to, you know, I, I tried that after I did the paper stuff, and that's completely bonkers and, and nuts as well. , because it's just only so much information will fit on those. And when you've got 50 columns wide and you're scrolling over trying to figure all this out, it's crazy. When you have an actual CRM, you can have all your sellers, you know, on a seller leads app, you know, all listed out. So these are all the people you're talking to. Then you can click on one seller, then it opens up their profile. 

October 12, 2024


When you're getting other offers or other buyers, , interested in the property? , we have something that we call, , property inquiries. So every time they send an inquiry, they can do that directly through our website, which goes into our CRM after they fill it out. Or, , if we're just having a conversation over the phone, we have a section in our CRM that we can actually put that inquiry like, here's what they said. This is the property they're interested in. Here's what they said is wrong. You know, after they looked at it, you know, maybe it's more than what we thought it was. Or they're like, yes, it's exactly what we need. Here's my offer, you know, and so on. 

October 11, 2024


Let’s say you’ve got 3 properties under contract, and for each property, maybe you’re talking to 3 or 4 buyers. Now, you’re dealing with 9 to 12 different buyers for those properties. That can quickly turn into a nightmare if you’re trying to keep track of who's who and what’s what. But if you have a CRM, you can easily organize everything. You can place those details and notes in the system, making it so much easier to manage all the conversations and keep track of progress. It streamlines everything and makes your life a lot easier as you refer back to it.

October 10, 2024


So rather than scrolling through all your papers or seller, you know, printouts and that kind of thing, , get it in a CRM, make your life easier. Then you can go back and refer to that particular seller later and know that you got, you know, you got the foundation and the HVAC and but you forgot to ask, you know, the condition of the kitchen. Have they done updates lately? What kind of countertops they even have? You know, all those things when you go back later, you can kind of fill in the blanks later, so it'll make your life a lot easier. 

October 08, 2024


I will tell you. You can itemize these out almost as if it's a script. So you want a script? Not really to sound robotic or to say the same thing over and over, but it is repetitive, this business, because you want and need the same information from every seller if you're going to actually get their house under contract. So what I'm saying is a script is really just bullet points. It's just a checklist is really what it is.

October 08, 2024


Not only the condition of these but also how old they are. Then there are the cosmetic details like flooring, paint, and whether the kitchens have been remodeled. You want to itemize all these things in your CRM so your acquisition manager can easily plug in whatever details they get. This way, not only do you have all the information you need, but when you go back two weeks later to talk to the same seller, you know exactly where you left off. The notes section is crucial too. If you’re not used to itemizing things right away, just type out all your notes. Then you can go back later and fill in the blanks.

October 07, 2024


If you have a team, especially, it’s crucial. For example, in my acquisitions workspace in Podio, there's a notes section where they track conversations with the seller. But you also want to have itemized details like the property condition, basic things like how many bedrooms, bathrooms, square footage, and the condition of the major systems. I always emphasize the five major things you need to know every single time: the roof, electric, plumbing, HVAC, and foundation you need to know.

October 06, 2024


If I had known about CRM earlier, I would've jumped in much quicker. But I just started taking action and doing deals.

October 05, 2024


If you have a handful of leads, sure, you can handle that easily. But what if you have like 100 leads? At that point, you're thumbing through all the paperwork — and trust me, I've done it. You're trying to figure out where you had this lead, what was said, and where you left off on the last conversation, etc. So, trust me, get a CRM. Whether it's a basic Podio version (I think it's either free or $20 a month, something crazy like that) or another cheap or free CRM, just get something. Anything you can use digitally to keep your information organized so it’s not lost — as opposed to thumbing through a bunch of papers — will make your life much, much easier.

October 04, 2024


You know, I started off in this business just using a yellow tablet, which, yes, can work. I also had a similar script that I made notes on and that kind of thing. But trust me, that's not the way to go. Even starting now, you can get a super cheap version most CRMs out there have free or almost free versions. So I would suggest doing that, at least. That way, you have somewhere to put your leads so you can keep track of everything that's going on.

October 03, 2024


Here's kind of a saying that I have in my business: "Podio or it didn't happen." Or you can insert your CRM of choice — or it didn't happen. So what do I mean by that? Basically, there are all kinds of items you want to place in your CRM just to keep you in tune with what's going on with your particular leads. First of all, if you don't have a CRM of some sort, I highly suggest getting one.

October 02, 2024


Are you having trouble losing leads or trying to find notes that you had on different sellers or buyers you're working with? Or maybe you've got a small team, and you're just not getting all the information you need from sellers or from your buyers because your team members aren’t placing it in the correct spots in your CRM, notebook, or whatever you might be using. If that's giving you issues, stay tuned.