Are You Making This ONE Fatal Assumption About Good Deals?

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Episode Transcript

Speaker 1 (00:10):
Today we're going to be talking about one of the
biggest mistakes newerwholesalers makes, which is
thinking that a good deal willsell itself.
Now, partially the reason whynewer wholesalers believe this
is because in the toxicwasteland that is social media,
especially in the wholesalingworld, this is what you're told

(00:35):
If you go get a good deal, it'llsell itself In.
Buyers are always looking forgood deals.
To a certain degree, that istrue.
However, the difficult part fornewer wholesalers is finding a
way to turn the lights on andget that deal in front of those

(00:56):
end buyers where they actuallysee it Now, just like anything
in this world, technology andnew advancements in technology
give all of us a level playingfield.
So now that we have disposoftwares like Ambassador, lift,
ambassador Base, dealspeed,even Privy and PropStream, that

(01:18):
have access to the end buyer'scontact information which is
glorious that also means thenegative side is that our end
buyers are absolutelyoverwhelmed with wholesale deals
.
So let me give you an example.
Now I want to put yourself inthe position like take yourself

(01:40):
away from being the wholesaler,put yourself in the position of
you are the end buyer.
And this is what it looks like.
This is my email box just today,so it's 1.05 pm.
These are all the InvestorLiftdeal emails that I have deleted

(02:01):
today, and, as you can see, thetime it's just all throughout
the day.
These are all from 9.30 thismorning, so we scroll down, it
goes all the way until 8.01 am,right, that's when the initial
ones came in.
I have not read one of theseemails, and it's not because I

(02:22):
don't care if they're deals ornot.
There might be a banger deal inhere.
It's just day in and day out,constantly, I am bombarded by
these emails and so as they comein, I just instantly delete
them.
That's what I do, and I thinkthe majority of end buyers feel

(02:43):
the exact same way.
See, a good deal will sellitself if you can get it in
front of the end buyer and gettheir attention.
So just by signing up forInvestorLift and using the email

(03:09):
blast campaign does notnecessarily mean that you're
doing your job as a wholesaler.
It's one of the things that youcan do, it's a tool that you
can leverage.
And are there in buyers thatabsolutely prefer to be
communicated via email?
Yeah for sure.
And will you inevitably dispo adeal just by emailing it
through InvestorLift's emailcampaigns?
Yes, you will.
That being said.

(03:29):
Another thing that happens isand I'm sure a lot of you have
this the 9-8-0 text messagesright from InvestorLift.
Look at this.
Just all day long I'm gettingtext messages about deals that
are being sent out and it's sofunny.
When I look at this it's likehey, there's a new deal in

(03:52):
Sacramento, california, asking$475,000, arv $650,000.
Doesn't feel like there's muchroom to do repairs and make
profit on that asking price.
Dallas, texas, where we've donehundreds of deals asking 167
AirVs 275.

(04:12):
Where's the money?
I don't.
I don't see it.
Here's another oneland, texas,in our backyard I have quite a
few properties that I have noteson in Garland, texas.
I've had rental properties inGarland, texas.
I've wholesaled there.
Love Garland.
Asking price 200.

(04:34):
Arv 300.
There are more bad deals outthere and here's the thing that
you have to realize as awholesaler those bad deals from
other wholesalers, yourcompetition, impact your deal
and how your end buyers aregoing to pay attention to your

(04:56):
marketing.
See, if you're just using theemail and the text campaigns on
InvestorLift, you're one of themany that gets watered down and
lost in the masses of the baddeals.
It doesn't stand out.
See, a good deal will sellitself as long as that end buyer

(05:17):
knows it's a good deal.
So how do you make sure For one?
You have to establishrelationships with these end
buyers.
You have to be able toindividually reach out to them
and let them know hey, here's mydeal, here's why you should buy
it so early on.
When you're a new investor ornew wholesaler and you're

(05:40):
reaching out to end buyers, yeah, should you still do the email
campaigns?
Should you do the text messages?
Absolutely, because here's thereason why On InvestorLift, once
they view that property andthey log in, it is now going to
assign them as one of yourbuyers.
You would also be able to seeon Artemis mode that they looked

(06:02):
at your property, how manypictures they looked at and how
long they spent looking at thatdeal.
That is then when you wouldcall them immediately and
establish that relationship.
The deal will not sell itself.
You have to go out there and dothe dispositions.
You have to establish thatrelationship and then fast

(06:23):
forward into the future.
Yes, you will get to a pointwhere, when you start sending
deals out to your known VIPbuyers, they're going to
instantly start making offers.
They're going to want to go, doa walkthrough and make you an
offer right then and there.
But it takes time to establishthat.
So if you go out and you thinkto yourself, hey, I'm going to

(06:44):
go get some PBL leads, right, Igo to Speedlead, I get my
property under contract and nowI have InvestorLift or I have
InvestorBase and because of thatmy deal is going to sell itself
?
Absolutely not, especially ifyou're a virtual wholesaler.
Not especially if you're avirtual wholesaler.

(07:07):
I had a one-on-one with a TUmember this morning and we were
talking about the fact that whenyou go get a deal in a location
and you start establishingrelationships within buyers
let's say it's a lower volumestate for wholesaling, maybe
like Iowa, you get a deal, youdispo it.
You get another deal, you dispoit to the same buyer.

(07:28):
You kind of think, hey, inCedar Rapids, iowa, I'm taken
care of, I know who my end buyeris and I'm good, but it's a
lower volume state.
So maybe two, three, fourmonths pass by and you don't get
another lead, you don't getanother contract inside of that
location.
But then you go get another oneand you call that in buyer.

(07:52):
Here's the thing that happens.
Those in buyers are alsorunning their business.
Life's going to change, dealsare going to go south for them.
Maybe their money sourceschange.
You're going to reach out.
That end buyer is going to sayI'm going to pass right now.
I'm not looking to buy any moreproperties at this time.
I'm overwhelmed, my crews arebusy, my funders are out of

(08:14):
money.
Whatever it looks like Now,where are you?
You're back to establishing morerelationships inside of that
market and so you might have agreat deal, but you don't know
where that end buyer is insideof their business and you can't
put all of your eggs in that onebasket.
So from a dispositionstandpoint, you are always going

(08:37):
to be working to establish newrelationships, get as many
buyers as possible.
So if you do get a good deal,you're not relying on that one
business to support yourdispositions efforts.
Now newer wholesalers getreally disgruntled about this.
They don't understand that.

(08:59):
In my opinion, the dispositionsearly on should be the vast
majority of the work and theeffort that you're putting into
your wholesale business.
Now this upsets new wholesalersbecause normally the first
thing that we're focused on ishow do I get leads and how do I
contract deals?

(09:19):
How do I talk to sellers?
Can I get a contract?
And then they get a contractand then it's like well, now
you're to the hard part.
Dispositions is where it'sgoing to take some time because
you don't even have priorrelationships.
This is why I tell every singlenew team member when they come
in you should absolutely JVthose first several deals to a

(09:44):
known dispositions powerhouseinside of the community.
Do not kill your wholesalebusiness because you don't have
any relationships.
You're relying on a software todispo your deal because it's
not going to, and if it does,it's a shot in the dark.
The dispo softwares are amazingbecause it gives us the access

(10:06):
to who the end buyers are.
It doesn't do the work for you.
It's very similar to back inthe day when we used to pull
lists for lead generation skip,trace.
Those motivated sellers,promptstream and Batch Leads
didn't give us the contracts.
We then had to reach out toevery single one of those
motivated sellers to get acontract.

(10:28):
It's the same thing now withthese dispo softwares.
It allows us to know who theend buyers are and what their
contact information is, but wehave to actively work that every
single day and it takes time.
There are certain locations inthe United States that we have
been virtually wholesaling infor the past five years and we

(10:50):
still don't have go-torelationships Just due to the
lack of volume of deals, wherewe are not consistently
disbowing deals that now we'llgo get one.
We just had a deal in ColoradoSprings Colorado by all means,
that is a pretty decent market.
We ended up having to terminatethe deal because we could not

(11:13):
find an end buyer that wouldcome in at the price point that
we needed it to.
We did have offers, they werebelow where we needed it and the
seller was not willing to comedown.
Now I say all the time we don'tterminate deals, now we do, but
mindset-wise we will doanything and everything in our
power to not terminate a deal,and we tried on that.

(11:37):
We worked our ass off to getthat deal moved and it could not
get moved.
Now, that being said, what didcome from that?
The positive side was we endedup establishing several
different relationships withthem buyers and were we able to
move that deal?
No, but now, if we were to geta deal, we would at least be

(11:59):
able to reach out to thosebuyers that we did establish a
relationship with.
That property needed asignificant amount of work and
what we found out was themajority of flippers inside of
that Colorado Springs marketweren't willing to take on the
amount of work that thatproperty had.
So if we were to get a leadthat had a little bit less rehab

(12:19):
on it, we now have thoserelationships with four to five
different known buyers.
Have those relationships withfour to five different known
buyers.
Sometimes the best thing thatcan happen to you is you have to
terminate a deal.
The next time we go get a dealin Colorado Springs, I foresee
that making it across the finishline.
It's not the end of the world,but newer wholesalers think I

(12:41):
got a good deal, we had a gooddeal in Colorado Springs.
Did it make it to the closingtable?
No, well, the next four to five, probably.
And that's where we end uplanding in that 70% of contract
to close ratio, which is thenumber that we're always aiming
to lie in.
Is it perfect?

(13:02):
No, is it frustrating at timeswhen you work your ass off and
you had a good deal and you endup having to terminate it?
Yeah, it is.
The facts are not every deal isgoing to make it across the
finish line.
Don't hold yourself to astandard that is unrealistic.
Don't sit there and rely on asoftware to do the work that you

(13:25):
should be doing inside of yourwholesaling business.
In my opinion, dispositions iswhere the work has to be done by
the wholesaling operation andthen in the future, when you
have established volume andyou've done deals, dispositions
becomes easier.
And that's when your businessstarts running like a machine.

(13:48):
Now we're already there, but itstill has kinks in it, just
like that Colorado Springs deal.
Were we upset?
Sure, is it going to cripple us?
No, will we leverage thatfailure for success in the
future?
Absolutely.
That's where new wholesalersneed to find themselves.

(14:08):
Focus on every single action.
How are we leveraging that tobe better in the future?
Show me some love, like today'svideo.
Let me know what you likedabout it in the comments.
We'll see you guys tomorrow.