Posted on: November 13, 2017

Nana Nyarko attended the Investor Grit Salt Lake meetup, where we talked a lot about Talking To People. Nana didn’t just listen to this advice – she took action on it, and it’s already helping her close deals.

 

Brent’s Business Book Challenge

Do you want a successful business that gives you the freedom to live the life you want?

Well, there is one commonality between almost every successful business person: they read a lot of books.

This practice has really helped us out and we think it will help you too, so we want to challenge you to take action today:

  1. Buy the physical books you want to read
  2. Schedule a time to read at least 10 pages every day (it’s a small number of pages, but the habit will have a big impact)
  3. Highlight the most interesting or important parts

 

You can find a ton of book suggestions in the Investor Grit Facebook Group, and in the resources from previous podcast episodes.

 

The Deal

  • Nana found this property via the county’s tax delinquent list, and she was able to find it online after some digging.
  • Nana hired someone who used LexisNexis to skip trace the phone numbers associated with each property.
  • Using Mojo Dialer, Nana’s VA cold called numbers and followed the TTP script.
  • Nana found her VA through a Craigslist ad, and the VA is cold calling people 8-12 hours a week. She enters important info into a web form, then it’s imported into Podio.
  • When talking to this particular property owner, Nana’s VA found out that he A) recently had health problems and B) had negative memories associated with the property. It was a really hot lead, so she contacted Nana directly.
  • After she had the property under contract, Nana texted her extensive list of buyers using CallFire.
  • Nana put the property under contract for $120k and sold it for $140k. After a realtor’s commission, Nana made $15,000!

 

RESOURCES:

 

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Episode Transcription

Brent Daniels: Hello Rhino Nation. It is Brent Daniels, again. Thank you. Thank you. Thank you so much for listening to this podcast. Each and every time we get on this podcast, we are trying to bring the best, the most user friendly, the most take action now information that is on the podcast. So, thank you so much for listening. One thing that I want to start today out with is, I want to start out with a thought of reading business books. Okay?
If you talk to anybody, that is making an extreme amount of money, or has been the mentoring a lot of people, one commonality that they will all tell you is that they read a lot of books. So my challenge to you is this. This is something that’s really, really helped me out. The first thing is, buy the books. Now buy the actual books, the actual, tangible hold in your hand books, okay? And then get a highlighter out, and just try to read ten pages a day. Just try to read ten pages of day of really, really good business books. And if you want a resource for those, they are all over the Investor Grit Facebook page. So please try that out. Ten pages a day. I am telling you it’s going to impact you incredibly.
The second part is, I have been told that if you want to increase your vocabulary, what you want to do is you want to read out loud for 30 minutes a day. It sounds kind of crazy. You might sound like a crazy person. Get by yourself. Whatever you need to do. Go sit in the car in a parking lot. I don’t care, but read out loud. It is so powerful. So try that out.
And the third thing that I want to touch on before we get into this incredible interview, is something that Todd [Toback 00:02:51] had shared with me and my whole team this week. That is, he teaches all of his people in his company to have certainty and likeability. So what does that mean? Certainty in the process of buying the property. Certainty in the price that you’re offering to the home sellers. I know oftentimes with myself, with my staff, with everything that’s going on, sometimes you’re thinking that this number is going to be so low that you almost sabotage it before it gets out of your mouth. You say something along like, “Well, this is just the starting figure. I’ve just thrown something out to see where you’re at.” No, go with certainty. Go with certainty with the numbers that you want to give people, because it’s going to really, really reflect on the way that the sellers respond to you.
And likability. Do you have that likability? Are you just stone cold out there? Are you nervous? Are you anxious? Be likable. Be yourself. Laugh. Make them laugh. Really, really be likable.
So those are the three things. One, get business books and get them in printed form, and highlight the passages or the sentences or the gold nuggets that stick out to you. Two, read out loud, to increase your vocabulary. And three, work on your certainty and your likeability. Okay? Now, it is my absolute pleasure to bring in from Baltimore, DC area, Nana [Nyarko 00:00:04:25]. Nana are you there?

Nana Nyarko: Yes. Hi Brent.

Brent Daniels: Hi. Okay, excellent. So you were at the Salt Lake meetup that we all had with Investor Grit, correct?

Nana Nyarko: Yes, I was.

Brent Daniels: Okay. And in that meetup, we talked a lot about the TTP process, right? We talked about being proactive, picking up the phone, making calls, reaching out to homeowners, and seeing if they would consider an offer. And, not only were you there and listening, you actually took action on it. Is that right?

Nana Nyarko: Yeah, I did. It’s been a really awesome experience just from that one event.

Brent Daniels: Excellent. So walk us through this. Let’s talk about a specific deal. Let’s talk about what you did, and how this all unfolded. Let’s look at this through a microscope and bring as much value as we can. Okay?

Nana Nyarko: Okay.

Brent Daniels: Okay. Let’s talk about where the property is. What was the situation? What was the motivation? What was the timeline? Let’s go through some of the meat and potatoes.

Nana Nyarko: Okay, sure. So this was a property in Maryland. So I live Washington, DC but we’re right between Maryland and Virginia. So I work both areas. And this was a property in Riverdale, Maryland, right on the border of DC. It’s a single family home, and it was owned by an older gentleman. He found off the tax delinquent lists in Prince George’s County. So he’s behind on taxes. And we just cold called him, reached out to him, and used your TTP script, and just kind of got some information from him. Found out that he had recently, unfortunately had two strokes in the last year, and he had two wives who had passed away in the home. So he really wasn’t living in the home anymore. He was kind of staying with friends and family. So, when we called, he said, “I’m definitely ready to sell. I’m not doing anything with the house. It’s basically just sitting there, and it’s vacant. No one’s in it.”

Brent Daniels: Okay. So let’s rewind a little bit. So, you said you got them on the tax default list. How do you get that in your area?

Nana Nyarko: For me, for this area, I just found the list online so the county actually has it. It took a little while to find it. It’s like buried deep somewhere on the web. But, I did find it earlier this year, so I just kind of downloaded that list. And it’s just a list of all the properties in the county that have defaulted on taxes, and haven’t paid them in, I think, the last year.

Brent Daniels: So, did it come from the county? Did it come from a third party resource that scrapes the county for information? Do you remember?

Nana Nyarko: It came directly from the county.

Brent Daniels: Oh perfect. Perfect. And something for everybody listening out there, the county typically will have that list. I know here in Phoenix, you literally have to go into the treasurer’s office, and they will give you a CD of all of the tax delinquents. That CD is usually written in some crazy language that you need to have like a secret code for. So, I highly suggest that if it’s the same in your area, you take that CD or whatever they give you, you make sure that you put it onto like a Google drive, and you share it with somebody on Fiverr or Upwork, to crack the code so that you’re not looking at this with cross-eyed because you have no idea what the addresses are, or the homeowners or what type of property it is.
Just have somebody figure that out, make it simple for you, and then you can reach out and either mail them, or call them, or whatever you want to do. Door knock, whatever you want to do. But that’s just some advice there with tax defaults, because tax defaults are very, very excellent to target and to go after. It’s a great list. I know that ReboGateway does a really good job of taking those lists and getting them really clean for you. So that’s a resource as well. Okay, so you got their number. How did you get the number for the tax defaults?

Nana Nyarko: So I skip traced for their numbers. So I reached out to someone who uses LexisNexis, and just sent them the list and they did their thing, and found all the phone numbers, or as many as possible for each address, and just reached out to them that way.

Brent Daniels: Okay. Did you hand dial them? Did you put it into a dialer? If so, what did you use to call them?

Nana Nyarko: Yeah, I use a dialer. Mojo dialer or Mojo cell. So I uploaded the list into the dialer, and it kind of cold calls all the numbers for you. So, we just kind of went through, and it just was dialing the phone numbers as we go.

Brent Daniels: Got it. Are you doing this full time? Is this part time? Kind of tell me a little bit more about you.

Nana Nyarko: Yeah, it’s part time for me right now. I’m also an attorney, and I do contract work, settlement work all over DC and Maryland. So, I have times where business is booming, and times where things are a little slow. So things are slowing down just because it’s the fall season. So my goal is to transition totally to full time doing wholesaling. But right now, it’s still part time,

Brent Daniels: Full time wholesaling as opposed to being an attorney. Wow. That tells you right now, I’m telling you people out there, the potential for this business is so incredible. I am telling you, telling you, telling you it’s not only super exciting, right?

Nana Nyarko: Yeah.

Brent Daniels: Isn’t it just so much more exciting than the slow day that you’re having just being an attorney.

Nana Nyarko: Yeah. For me it’s a lot more exciting. There’s so much potential. Of course being an attorney, you’re helping people, but with wholesaling you are reaching sellers who really might not have any alternatives, or just might be in a bind, and need help immediately. And it’s really great to do that. And then also the financial rewards are outstanding as well.

Brent Daniels: For sure. So, were you making the calls or did you find somebody to make the calls? Who reached out? Who was the initial contact with this gentleman?

Nana Nyarko: So for this, I did hire someone to help me make calls. So, a young lady, Angela, she’s on my team now, she’s awesome. And so she reached out to him. She was doing the cold calls.

Brent Daniels: That’s awesome. Is she in your office with you? Does she live with you? Is this somebody that you see on a daily basis?

Nana Nyarko: No, she’s totally remote. She actually lives in California.

Brent Daniels: Wow. Okay. So how did you find her? Everybody wants to know, how do I find people to make calls for me?

Nana Nyarko: I found her on Craigslist. I just put out an ad.

Brent Daniels: Right. you put out an ad.

Nana Nyarko: Yeah. And I loved her energy, because she also found my company phone number. So she called me several times. And I was like, “Okay, this is awesome. She’s good at calling.” So yeah, she’s been amazing.

Brent Daniels: So how much time does she work for you? How much time is she making calls for you right now?

Nana Nyarko: Right now she’s doing about two to three hours a day, four days a week.

Brent Daniels: Awesome. Awesome. Awesome. And what happens, does she talk to people and then she gets the lead, and just emails it to you?

Nana Nyarko: Yeah, so she talks to people and she was emailing me like the hot sheet in Mojo, which has all of the seller information. But now I also use Podio as my CRM, where I’d kind of keep all my leads, so I made a web form for her so she can kind of just enter all the information there. And then, if it’s a really hot lead, she’ll also just give me a call about it, and talk to me about what’s going on. And that’s what happened with this particular deal. She sent it to me, but she also called me and said, “Hey, this gentleman really sounds like he is ready to sell kind of immediately.”

Brent Daniels: Excellent. And explain a little bit how competitive is your market in Baltimore, DC area?

Nana Nyarko: It’s extremely competitive, especially DC and right outside of DC there are lots of wholesalers, lots of rehabbers, fix and flippers. And then the retail market is banana pan crazy. It’s really hot right now here. So it’s pretty competitive.

Brent Daniels: And you said your colleague’s name was Angela, is that right?

Nana Nyarko: Yes.

Brent Daniels: Is Angela running up against a lot of competition when she’s calling people. Do a lot of people say, “Hey, I’ve been called five times. Why are people calling me?”

Nana Nyarko: No, not at all. They always say, “Oh I’m surprised to get a call. I hadn’t even thought about it, or I was thinking about it and you call it the perfect time.” So, no she doesn’t have that sort of competition with the calls, because I guess a lot of people are doing mailing. So we’ll, we’ll have people say, “Oh yeah, I’ve gotten a lot of postcards about this house, but not calls.”

Brent Daniels: I am telling you, everybody listening out there listen to what was just said. I am telling you, there is no competition out there. Nobody consistently is making calls to homeowners. And it is so profitable. Listen, be proactive. Just listen to what’s going on here. If you’re going to go out there, every single day and try to find opportunities and talk to people every single day, you will win. It’s just picking up the phone and making the calls. You need to have that courage to be able to do it. I absolutely love this. So let’s get back to the actual transaction. So, what did you put the property under contract for with this gentleman?

Nana Nyarko: So we put it under contract for $120,000.

Brent Daniels: And then, what did you sell it for?

Nana Nyarko: We sold it for $140,000 and a realtor brought the buyer, because I do have some investor agents on my buyer’s list. So, I did pay him a portion of the [inaudible 00:15:14] commission. We made about $15,000.

Brent Daniels: Here’s the deal. You are the first one, Nana, that’s going to get the new bell that was actually brought to me. Up until now, everybody’s got a diner bell. So hold on.

Nana Nyarko: Oh, excited.

Brent Daniels: Oh, that feels so good. I hope everybody felt that.

Nana Nyarko: I’ve been dreaming about this bell ever since I started the program or join the tribe. I’m like, “Oh my gosh, one day I’m going to get the bell rung just for me.”

Brent Daniels: Absolutely. And you’ve got it. So, you got the very first one from [inaudible 00:15:55] hosting it. So that is awesome. I am so happy it was you. So, you reach out. How big is your buyer base? How big is your buyer’s list?

Nana Nyarko: So, right now it’s around 13, 1400.

Brent Daniels: Holy cow. And how’d you build that?

Nana Nyarko: So, I had a VA add some investor agents, and then I’ve gone to REIA meetings over the years, because I’ve been interested in real estate and wholesaling and investing for a while. Even when I was in law school, I was kind of playing around with it, but I wasn’t consistent, didn’t really have deals going. Every time I go somewhere where investors are, I’m just collecting business cards, and I’m adding cash buyers. And then also from Craigslist, and just reaching out to auctions going foreclosure sales, and seeing the buyers that are there. So it’s just been a lot over the course of the last year I’d say.

Brent Daniels: Sure. So you mentioned there that you have a VA finding buyers for you. What does that mean?

Nana Nyarko: So I have a virtual assistant who does a few different tasks for me in terms of finding cash buyers. So, she will go online and see cash transactions. She’ll find real estate agents who work with cash buyers.

Brent Daniels: How does she find them?

Nana Nyarko: Well, I’m also a licensed agent, so I have access to the MLS in my market. So she goes on as an assistant, and she’s just pulling the last, the recent cash transactions in the last, I think, three months or so and reaching out to those agents.

Brent Daniels: Awesome. Awesome. Awesome. Oh and she just builds it. And what do you pay for her?

Nana Nyarko: I paid $4 an hour.

Brent Daniels: Yeah, to build up your cash buyer database. Everybody take note of that. That is huge. I’m telling you, the bigger your cash buyer database, the bigger your assignment fees will be. It is an absolute fact. So when you got this property, do you email it, do you text blast it? Like you let people know of the opportunity?

Nana Nyarko: So I do a couple things. I email and I text blast initially. And texting has been really phenomenal especially with this last deal. So I text blasts out the details, and I also email them.

Brent Daniels: Who do you use to text?

Nana Nyarko: I use CallFire.

Brent Daniels: Awesome. CallFire. Okay great. And and you just put in the numbers and the contact information there, and then press a couple buttons and it sends out?

Nana Nyarko: Yeah, exactly. I just put what most buyers are looking for, where is the property located, the asking price, what it would sell for renovated, and how much I think it repairs might costs. Just basic details so that they know what the property is. And I have similar information in the email blast that I send too.

Brent Daniels: Got it. Love it. This property was probably like really, really clean. There was probably no personal property there. He just picked up and grabbed his clothes and left, and it was just totally clean, right?

Nana Nyarko: No, not at all. He had lived there over 30 years and he had over 30 years worth of items in the house. I’m not sure if I mentioned he had had some deaths in the family over that time. So, it was tons and tons and tons of stuff in the house. Old furniture, just a lot of stuff. So we ended up… Because our buyers were expecting it to be delivered vacant, so we ended up helping him, because he was an older gentleman on his own. He did have some family, but they weren’t helping as much as he would like. So we did end up helping him get rid of a lot of those things. We hired a service out here to kind of come collect a lot of his belongings that he wanted donated, or just didn’t want anymore. And it was several trucks worth of things that just had to be moved out.

Brent Daniels: And you had to help with all that?

Nana Nyarko: Yeah. So we got a service out here called 123 Junk and they’re amazing. And they came by. We explained to them what was in the house. They came by, and also didn’t estimate. Initially we thought it would be about two trucks worth of stuff, but it ended up being about 10.

Brent Daniels: Oh. Holy cow.

Nana Nyarko: Yeah. So it was quite a bit. But, we helped him out with that, just so that he could have peace mind, because he was doing a lot of this on his own. He just wanted to be able to get in and get the personal effects of his previous wife, and kind of go from there. And there were a lot of RVs and vehicles on the property. So, it was a lot of stuff for him to try to deal with by himself.

Brent Daniels: Sure, sure. And, here’s the deal. You need to find a good junk person. In this business, you just need to find… And if it’s 123 Junk, that’s phenomenal. If it’s just a guy that junks out properties, find him. I’ve got a guy here that will junk out anything, and he loves it because he sells it all at like the recycled metal place, I guess. So, he loves it. But find that person, because you’re going to run across it, time and time again. So, Nana, first of all, now you’re just talking to somebody that’s brand new, had never done a deal, is so excited about wholesaling, listens to the podcast religiously, is really just getting as much information as possible, what advice would you give somebody that has never done a deal?

Nana Nyarko: Well, I would say, and I know a lot of people say this on the podcast, but definitely get a mentor. Because like I mentioned before, I’ve been interested in real estate and kind of played around with it for years now, and every time I actually have a mentor, or a coach that I’m listening to what they say, and I also listen to what they say and do what they say, my business skyrockets. Otherwise, I’m trying to reinvent the wheel. And starting from ground zero, it makes it a lot harder. So, if you have someone that who resonates with you, or that you resonate with that it makes sense for you to work with them, I would say definitely do it, because it makes a huge difference in cutting down the amount of time that it takes you to get to that first deal. And you can always ask them questions, and just get that feedback that you wouldn’t be able to necessarily on your own.

Brent Daniels: Absolutely. Well thank you so much. That was so, so, so wonderful. Thank you so much. And everybody out there listening. Here’s the deal. If you are looking to get into the wholesaling business, you absolutely have to go to wholesalinginc.com and request a call. If you want to talk to me, that would be great. You need to get into Wholesaling Inc program. Join the Rhino Tribe, take it seriously, invest in yourself, and take action now. If you want to make cold calling a major, major, major marketing channel in your business, you absolutely have to go to www.wholesalinginc/ttp. It’ll schedule a call with me, and we will get you going. The path is already laid out for you. Let me put you in the rocket ship and shoot you down there. Okay? So again, thank you, thank you, thank so much for listening. Thank you, Nana, for being here. You brought so much value and I really, really appreciate it.

Nana Nyarko: Thank you so much.

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