Today we’ll be ringing the victory bell loud and clear because Adam Rae is a Rockstar Rhino who has made well over $500,000 in the past 12 months – and he’s on track to make $1M in the coming 12 months.
We put him in the hot seat and find out how he’s doing it so that you can do the same thing in your Wholesaling business.
A Big Deal
- “Pick it and stick to it.” Adam found this particular property owner through direct mail, using an absentee owner high equity list, and he responded after the second letter. Adam used to switch lists if he wasn’t having any luck, but he’s since learned the value of consistency.
- Adam is looking for motivated sellers, but he doesn’t consider his job to be buying their house – his job is to help these sellers figure out their options, regardless of whether or not he buys the house.
- Adam worked with and helped the property owner for over a month… and then the property owner decided to rent it out again. Adam said okay, and then he took a simple but often overlooked step: he asked if the property owner knew anyone else looking to sell a property.
- So Adam didn’t actually buy the property that he originally sent mail about, but, as it turned out, the property owner’s father-in-law was moving and he was looking to sell his house.
- This was a competitive situation, so Adam started eliminating other options; he suggested every other option, like using a broker to maximize the money they receive or renting out the property for recurring revenue. They didn’t want to pursue any of the other options, so the only thing left to do was work with Adam.
- Using sales tactics he learned from John Martinez, Adam “anchored” them to the lower price range of $200-235k. Ultimately, they agreed on putting the property under contract for $245k (current market value was ~$315k, and the after repair value would be ~$385k).
- After assigning the contract, Adam received a $50,000 assignment fee!
- At the time of our conversation, Adam had 6 properties under contract with an estimated gross revenue of $130k – and his goal is $1M in the next 12 months.
- Never Split the Difference: Negotiating As If Your Life Depended On It by Christopher Voss and Tahl Raz
- The Like Switch: An Ex-FBI Agent’s Guide to Influencing, Attracting, and Winning People Over by Jack Schafer and Marvin Karlins
- Rich Dad, Poor Dad