In today’s awesome episode, you’ll get a rare glimpse into what a private mentoring session with Tom looks like. You’ll also get to listen as Tom provides expert wholesaling guidance and shares unconventional (but highly effective) strategies when dealing with cash buyers. As if not enough, Tom also shares what success as a wholesaler really means (hint: it’s more than just closing deals and making money!). Truly, this is one episode you can’t afford to miss!
Jackie Pearson was once an apprehensive wholesaler from Utah. However, with Tom’s adept guidance, she has conquered her fears and totally changed her mindset. Even if she’s still a new student, Jackie has already accomplished something massive—she already got 2 properties under contract and on her way to closing her third one!
- Jackie started out by sending mails to her local market. After that, she explored other avenues and reached out to local wholesalers to check if they have properties that need help moving. Her resourcefulness worked like magic. From her strategy, she got a call from someone who told her there are 4 properties she might be able to help him with!
- When dealing with properties with tenants, Tom recommends sending out one property at a time and starting out with the one with the biggest assignment fee.
- While it’s easy to get lost in all the excitement of closing multiple deals, Tom highlights the importance of staying focused. In other words, there’s no time to be complacent and rest on your laurels. Every day, always aim to take things up to the next level!
In the wholesaling world, expert guidance and advice can make all the difference. And Jackie’s case is a testament to that. Invest in all the expert help you can get and you’ll be closing one deal after another before you know it!
If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!
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Tom Krol: All right, we have Jackie on the phone from Utah. Jackie, what’s going on in Utah? Tell me something good.
Jackie Pearson: Okay. I have two properties under contract now. I just did what you said. Just go as low as you can, and I was like, okay.
Tom Krol: Bam. I love it. Jackie, I love it.
Jackie Pearson: They’re the right next to each other and there’s a possibility of grabbing the duplex right next to it, so I could get all three of them.
Tom Krol: Awesome. Okay. How did you find these properties?
Jackie Pearson: Tax delinquent in the County. I just moved from Salt Lake County into Weaver, because that’s where I moved.
Tom Krol: Okay.
Jackie Pearson: I just started mailing to my local market. When I first got the list, I told myself, I wrote myself a letter and I said, when I mail to this County, I’m going to do really well, I’m going to lock up several deals, and be very successful. So, as soon as I mailed it, I knew I was going to do awesome because I told myself, I did.
Tom Krol: I love it. I love it. Jackie, you sound like a whole new person. You are totally out of that whole fear based thing. You are on fire. I love it. You’re exactly where you should be. I never had a doubt. You’re doing awesome. First of all, before I give you any recommendations, tell me first of all, any questions at all? Or anything about how to move these properties? What’s going on with that?
Jackie Pearson: No, I’m going to put my email together and send it out to my buyers today.
Tom Krol: Awesome.
Jackie Pearson: Another thing I did, is I reached out to some local wholesalers to see if they had any properties they needed help moving.
Tom Krol: Okay.
Jackie Pearson: One of them called me back and said, yeah. I think he said he has four properties he needs help moving.
Tom Krol: Got it. Beautiful.
Jackie Pearson: So, properties out as well? Now a question. How should I space these out? Should I space them out at all?
Tom Krol: Yeah, you should.
Jackie Pearson: What should I do with the timing?
Tom Krol: Here’s the deal. First of all, I love it. I love it. Awesome. Great job. I couldn’t be happier for you. You are right where you should be. You got over that first hump. Now, you’re still going to have a few more hurdles and that’s totally okay, but I just want you to remember this victory. We have to get good about how we define success. Success is or, not end. What I mean with that is success isn’t, Hey, I want to make a million dollars, and I want to have a million dollar house, and I want to have a great relationship with everybody I know, and, and, and… Success is small little wins. Success for me is, I woke up this morning, it was too cold outside. Logan, my son, wanted me to drive him to the bus stop. I drove him. It was awesome.
I’ve had a successful day already. So success is, or. I can spend some time with my kids, I can do some mailings, I can get a house under contract, I can ring the victory bell. These are all success. Redefine success. Remember where you are right now. This is so key for you. Just remember right where you’re at, and it’s awesome.
Here’s the answer to your question. Because you’re one person, you’re a one man show right now. Are these properties vacant? Or are they… Do they have tenants? Are they, owner occupied?
Jackie Pearson: Most of them are occupied by tenants. The owners are being very, very, careful about letting the tenants know that they’re selling.
Tom Krol: Okay, so here is the deal. When you have a property where there’s tenants or owners, and it needs a little bit of white glove treatment, I would send out one property at a time, to my list. And, I would do the one with the biggest assignment fee first. Now, if you have any… Are any of them vacant? Or, no?
Jackie Pearson: One is vacant.
Tom Krol: Okay, I would do the vacant one first, actually. This way you can get all the sellers in, all the buyers in, get to know them, and then say, listen, Mike, you didn’t win this one. I have another one right in the same area, it’s coming up tomorrow. I’ll give you access to it, and then, boom, boom, boom. Do another one the next day.
Jackie Pearson: Okay.
Tom Krol: Now here’s the challenge. The challenge is this. When you have a property under contract with a buyer, I don’t want the buyer who gives you the highest and best bid for the first property, to know about the second property. Do you understand what I mean by that?
Jackie Pearson: Yeah. How do you do that?
Tom Krol: That’s where you’re going to have a hiccup. You’re going to have to do it manually, unfortunately. You’re going to have to find out their phone number, their email address. I wish that there was a better way. The bottom line is, if you were using Podio, there is a better way to do it but on High Rise, this is one of the limitations. But, believe me, you did the right thing by not going with Podio, and going with High Rise. But, this is one of the limitations, is that you have to do that manually. You’re going to have to manually and temporarily take their phone number off the text blast list, and their email as a email. Make sure that you have the property under contract with earnest money deposit, and that they can’t back out of the deal. Because, of course, what’s going to happen is they’re going to have buyers remorse. They’re going to say, Oh Jackie, I wanted one, two, three but then you put out one, two, four. If I would’ve known about one, two, four, I would’ve bought that one, instead of this one.
Jackie Pearson: Ah.
Tom Krol: Yeah. That’s the only hiccup with multiple properties. Is you don’t want to have buyers remorse.
Jackie Pearson: I would have not have thought of that. Okay.
Tom Krol: That’s the way we do it. Now, we come across this problem occasionally. We just tell them, Oh, Kim, that one’s not the right fit for you. You got a much better deal. We do that. But just keep it in the back of your mind because sometimes when you have one, and then you have another, you knock out both. And you’re like, Oh man, no, no, no. So, just move methodically through that issue. That’s all I’m saying.
Here’s the most important thing. Here’s the most important thing. When you have all this potential and excitement with multiple deals, do not lose focus of what got you those deals. Every single day. Jackie, right now is the time for you to step it up and take it to the next level. This is not the time to sit back and relax. Right now I want you to punch the gas, and take it to the next level. This is the time right now, to build the business. This way of a hiccup happens, or if you lose one of the deals, it’s not like you focused so much on the deals, that you have no more leads. So, whatever you’re doing to produce these leads, make sure you keep doing it. Does that make sense?
Jackie Pearson: Yeah, I can do that.
Tom Krol: Awesome. Jackie, awesome. Any questions at all or?
Jackie Pearson: No. I still did and I think I’ve refocused. I’m in the right mindset and definitely, I feel like I was in that stump, or that overthinking and analyzing paralysis, and everything, forever.
Tom Krol: Yeah, yeah.
Jackie Pearson: I feel like through that first deal, and that whole experience, it was not the best experience, and I learned so much from it, that I don’t want it to happen again. That I’m just bulldozing through it. Like, no, I can do this. There’s nothing I can’t do.
Tom Krol: I love it. And, no more talking to that other person. Right? Whoever that guys was?
Jackie Pearson: Yeah, that’s good.
Tom Krol: Yeah. Good, good, good, good and good. Because that guy is not a good fit. So, do these on your own. God made you into a strong, independent, perfectly sound mind woman, who can handle this on her own. Awesome job. I couldn’t be more proud of you.
If anything comes up, let us know. Jump on Facebook, or just wait till next week. But yes, you know what you’re doing. Just keep doing what you’re doing that got you the leads, that’s the key.
Jackie Pearson: All right, perfect. Thanks Todd. Take care.
Tom Krol: All right, Jackie. Talk to you soon. Bye-bye.