Today’s special guest is Corrie Moore. She hails from Topica, Texas and she’s only been wholesaling for 6 months. However, the smart wholesaling neophyte has already closed 7 deals! And she’s just warming up. If you want to bring in some cash and you’re looking for motivation and inspiration, consider listening to Corrie’s story a must!
Corrie is a mother of 6 and has been a stay-at-home mom for 15 years. She stumbled upon real estate while looking for ways to earn money without leaving her home. A friend told her about the Wholesaling Inc. podcast and from there she found the push she needed to give wholesaling a try.
- One of the most lucrative deals she has closed was from a call she got from a bandit sign (yes, bandit signs still work!).
- Seller was motivated since the property was in distress and is already 6 years behind taxes.
- The owner asked for $60, 000 but she offered $37, 000.
- While she was not able to close the deal that same day, owner eventually called her a week after and gladly accepted the $37, 000 offer.
- She was able to turn the property for $46, 100. That means she got a whopping $9, 100 assignment fee!
Other gold nuggets you will learn from this episode
- How she successfully pulled off her first deal even if she didn’t have cash buyers
- Why letting people know what you do is key
- The things she would do differently
- The book that has helped her master the art of negotiations
- The importance of having a mentor
Truly, Corrie’s story is nothing short of inspirational. And it also clearly shows how invaluable mentoring can be especially in wholesaling. Given you are courageous enough to take massive, imperfect actions and you have the expert guidance of mentors backing you up, you will be unstoppable!
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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Cody Hofheinz: Welcome to another episode here on Wholesaling Inc. my name is Cody Hofhine and I’m super excited to be here with you today. If you are new to our podcast, we deep dive wholesaling. Wholesaling is simply the art of finding deeply discounted properties that you can then turn for quick profits whether it’s through just simply assigning it to cash buyers or some people may choose to keep them and pull them out of the pipeline and keep them for long term buy and hold rentals. Exit strategies, there’s quite a few but we deep dive how to find the deal.
When it comes to real estate, it’s all about finding the deal and that’s what we’re going to deep dive and we have a rock star rhino with us today. Let’s get a deep dive how she has done seven deals. We’re going to go specific on one of her deals that she’s able to find this deeply discounted property and talk about ultimately how much she made on this deal. Her name is Corey Moore and she’s from Topeka, Kansas, and she has been wholesaling about six months now. She joined the tribe a little over three months ago and she does quite a few bandit signs. She’s prepping for a big mailer to go out and just things are starting to go together. She’s already done seven deals. So let’s bring Corey on and let’s learn all of us here at rhino nation, exactly what you are doing. So Corey, fill us in on the gaps a little bit about yourself and let’s start deep diving this deal.
Corey Moore: Okay. So I’m a little bit about myself is I’m a stay at home mom and I’ve been at home for 15 years out of the workplace. My husband and I have six children all under the age of 13.
Cody Hofheinz: Holy smokes. That’s awesome. That’s a lot. I have four and I’m like, how’s she doing six? That’s awesome. Yeah. Tell us a little bit more. Keep going.
Corey Moore: Yeah, so I’ve been home with the kids and was really looking for a way to make money without having to leave the home. And so I kind of stumbled across real estate as you know, hey, you can exponentially make money, you know, the equations look different as far as hours equal dollar. And so I had learned a little bit about real estate and was kind of checking it all out, just reading a lot of books and getting more informed. And then I was, you know, to get started with no money. I was hearing about wholesaling, but I was like, I don’t even know what that is. And then one of my good friends was also looking at real estate and he told me about the podcast or the Wholesaling Inc. podcast. And so I started listening in that …
Cody Hofheinz: I love that [inaudible 00:03:52] That guy’s awesome.
Corey Moore: So I started listening and pretty much, you know, just hearing it over and over and over and progress, not perfection, I think was what got me just to go stick a bandit sign out in the ground. And then my phone started ringing. I couldn’t believe it.
Cody Hofheinz: Like, holy smokes, this is actually working, son of a gun. What do I do?
Corey Moore: Then what do I … now what do I do now? Yep.
Cody Hofheinz: That’s so cool. So really, everyone listening right now, especially stay at home moms, this is going to ignite you. If you are looking for something on the side to start offsetting, start bringing in some income, this podcast is going to resonate with you today. I didn’t even think about that perspective. You’re like, first of all, I’ve been out of the workforce. I’m a full time stay-at-home mom, which is absolutely a job that is too hard for me to do. Like I tell you, you are amazing for the fact that you’re a stay at home mom, but I love the fact that you took on the challenge to find something over and above, just be in there serving and loving your children, how to bring in some extra income so you can ultimately have a lifestyle that you want to live. So everyone listening, wow, like tune in, especially you stay at home moms, you can do this.
Corey is going to show you exactly how to do this. So let’s talk deals. Let’s kind of get through this. So you started putting out bandit signs. You took massive imperfect action. Progress, not perfection. The phone started ringing. And let’s kind of deep dive one of your favorite deals. So you’ve done seven so far. Let’s walk through, you said all seven of these deals have come from bandit signs, so hint hint everyone. Bandit signs are still working, but let’s go through, let’s pick one of your favorite deals and let’s deep dive that, maybe where you placed these bandit signs and then from there, what did the phone call sound like when it called bam.
Corey Moore: Okay, well first of all I want to say that the first deal I did, I didn’t even have any cash buyers. So, but what happened was I called another bandit sign for wholesaling and touched … just communicated with that individual and we ended up joint venturing that deal. So I had the deal, he had the cash buyers.
Cody Hofheinz: I love this already. Holy smokes. Nothing’s stopping you.
Corey Moore: Yeah, so that was fun.
Cody Hofheinz: What made you think outside the box? Like what you, you weren’t even like part of the tribe. You weren’t really even in a mentorship program. Like ultimately, what was it that made you think outside the box and think, man, I’ve got this deal when I have no cash buyers, I better start looking for bandit signs, to call at other wholesalers. Like what made you have that idea? Cause that’s brilliant.
Corey Moore: Yeah, and I didn’t get that on my own either. I heard that on the podcast. One of the other …
Cody Hofheinz: I love it. Holy smokes!
Corey Moore: One of the other guys was talking about it and I said, you know what? Why don’t, why not? You know, I’ll just give him a call.
Cody Hofheinz: Corey, you’re like, like the dream candidate of all candidates to be like interviewing right now. This is so awesome because everyone listening right now, even myself, even though I’ve heard this time and time again, it literally just helps remind me, Cody, go out there, make offers, find deals and if your cash buyers don’t want it, think outside the box like Corey and just keep pushing through it because you had no cash buyers and so you end up calling another wholesaler, joint venturing, meaning you guys did the deals together. What were you able to make on that, that first deal that really got you into like, Holy smokes, I’m onto something. I think I like this.
Corey Moore: I think we made $3000, $3200 so split that down the middle. So then it’d be $1750.
Cody Hofheinz: Wow, that is awesome. So I’m already going to ring the victory bell. Hold on … I already like this, but we’re going to deep dive yet another deal. Because that’s kind of just like your first deal you did this. Since then, six other deals. What does that look like? What deal do you want to deep dive? Like when someone called in, let’s go for all the way through to the end.
Corey Moore: Okay. So the deal I want to talk about was the most recent one I did because to me it just made so many lights go off because I’ve been going through the tribe and I’ve been learning all the things that I wasn’t doing that I could have been doing. So I’m like, okay. And honestly, when I joined the tribe, when we started focusing on having cash buyers, that was kind of a hard step for me because for whatever reason I just had trouble slowing down because I wanted the revenue to keep coming in. So I actually quit putting bandit signs out so I could focus on being on the phone with cash buyers, not being on the phone with sellers.
Cody Hofheinz: And that’s a huge shift, right? That’s a huge shift because in your mind you’re thinking, gosh dang it, I’m missing out on an opportunity in deals. And hopefully this leads to like a pro as well, that what you did actually did something good for you. So let’s keep going.
Announcer: Yeah. Yeah. So what I did was I got on the phone, I sent out some mail to people that had purchased for cash and started actually, I say actually talking to cash buyers because I got people that were calling me and going, you know, and I’d say, yeah, I’m a wholesaler. And finally I had people going, oh, you’re a wholesaler? Oh my gosh, put me on your list. Like I didn’t even have … I’d have to explain myself. I didn’t have to feel bad like, well, this is what I do or whatever. I was like, man, these guys want me. And they were like … I don’t know. It just, it just changed my perspective on things. Once I actually started talking to what I call real cash buyers, it just, the lingo started changing and I felt like I was entering through a door into another world of, oh this is what this looks like. So [crosstalk 00:09:42]
Cody Hofheinz: Well, you’re sharing a gold nugget like crazy. So everyone listening, I think so many times we think of, direct mail the cash buyers or we think of all the different ways. It still comes down to when it comes to networking, but just letting everyone know, like when your neighbor says, what do you do? Don’t be embarrassed. Like this is what you do and this is, it’s so key. So everyone listening, this is such a gold nugget because so many people fail to do what Corey just said. And that is just let people know, let people know what you do. I’m a wholesaler, I find deeply discounted properties and then I have cash buyers that buy these properties from me at a deep discount so they can either fix and flip them and all sudden you’ll find out your neighbor’s going to be a cash buyer.
There’s so many people on our cash buyers list here in Utah that are people that are friends and family that I had no idea had any kind of cash sitting around, but these are people that are like, okay, well I’m sick of making a half a percent in the bank, which is actually making me no money because inflation is going up 5% so I’m actually negative four and a half percent.
Like these are the conversations I’m having with my neighbors and they’re telling me that and so I’m like, oh, okay, well yeah, I’ll let you know about it. And these same neighbors or friends or family are actually all my cash buyers list and actively buying the deals that I’m finding. It’s just, that’s so key, Corey. It’s just letting people know what you do. So what did that, when you started building that up, how many cash buyers are you at currently?
Announcer: I’m still close to a hundred and I’m finding, even as I’m going through it again and again and kind of honing it, that there’s people that I thought were cash buyers but really, you know, weren’t, or you get people that may have been interested, that kind of drop off. So it does continue to ebb and flow. But I think the key of it is, is I figured out that that’s something you always need to focus on as well as, you know, talking to sellers and marketing to sellers. So [crosstalk 00:11:39]
Cody Hofheinz: Yeah. You’ll find out a lot of people are going to start coming to you. The more you’re doing deals and sending them out, you’re going to hear people now reach out to you. It’s like, hey, I heard you do this. Can you add me to your list? And you’ll see this happen all the time, where now cash buyers are coming to you. They’re seeking you because they heard from 10 other people. Oh yeah, we got it from Corey. Oh yeah, we got it from Corey. Okay. Who’s Corey? I got to call Corey.
Announcer: Definitely. Yeah. So this deal that I did kind of changed that and shifted that for me because … So when I got the call it was a bandit sign and we had spoke on the phone and I can’t really remember if there was anything critical or you know, that she said on the phone other than, “Oh yeah, I do remember.”
I knew the home was in distress and I think I had pulled up while I was talking to her, I had pulled up the property and found out that it was six years behind on taxes and so I was like, man, there’s definitely something going on there. So she was telling me about the house and how she had actually taken care of the people who lived in it during their latter years in their life. She was a registered nurse.
And so in return they had willed it to her when they passed. And so she had had the home and you could just tell that she … It was a very distressed home and so the tax isn’t … so I went and took a look at it and when I met with her I could tell it was in very bad shape. The whole yard was overgrown and …
Cody Hofheinz: Did she also have signs of like even when you’re talking to her, like I have no means to fix it, I don’t want to fix it, I don’t have the time, I don’t have the money. I mean what was, even above like this house being inherited, was there some key things also that she was saying that was like, man, she really wants to get rid of this home?
Announcer: There was several projects in it that were halfway done and there was some materials laying here and she just was telling me that … I think I was getting the impression from talking with her, she was getting ready to be married and she had had this place rented out. And when you have a home that’s kind of on a verbal agreement kind of rental, like it’s run down but you’ve got people living in it. It just, I just knew, I just knew that her timeline was winding up with her and especially the taxes. I was like, why aren’t the taxes paid? I mean even if it’s rented and then it just, it had had so many problems that had patches on them.
Cody Hofheinz: So is it a [inaudible 00:14:27] house behind on taxes, distressed tenants that weren’t that consistent because there was really no underlying contract to keep them consistent. So it was kind of just an all out mess.
Corey Moore: Yeah, she was telling me that too. They were month to month because I made sure and ask the tenants, will they be ready to leave if you sell? And yeah, I knew that I wasn’t going to be able to offer very much. I think she wanted 60,000 the County had it worth like 110 maybe.
Cody Hofheinz: And that’s probably fixed up right in, in good shape. It’s worth the 110.
Corey Moore: Well yeah, that’s obviously … I don’t know how the county works, but you know the county will put a value on something regardless. So yeah, you kind of take that with a grain of salt, but a lot of people …
Cody Hofheinz: What was the after, if it was all fixed up, what do you think it was worth?
Announcer: Well, other homes in the area that I was kind of looking at, had sold for around between 90 and 100 with less square footage than this home. So I was thinking it could sell for one. Yeah. Because it would be one of the better homes.
Cody Hofheinz: Okay. Okay. And then she wanted around 60 and what did that look like on your end? Was that something like, oh, because of what needs to be done and I don’t even know if I can do it. What number were you thinking?
Announcer: Oh yeah, definitely. And I made no qualms about it. I was like, I cannot do 60. There’s no way. And I was really, at that time, and I’m still in that place of trying to be prepared when you’re negotiating with someone. And I just decided that I was going to negotiate right then and there with her. And so I just told her. I said, “I really think the best I can do is like 37.” And …
Cody Hofheinz: Typically… Now, here’s the thing that I love about this. So everyone listening, please, please, please hone in. This is so key because sometimes we end up being a motivated buyer and listen to what Corey is saying. She’s not a motivated buyer. She’s looking for motivated sellers, but she’s a wholesaler. She’s an investor, right? And so she’s not a motivated buyer. She didn’t just say, oh yes, sounds good. That’s a motivated buyer. So you start at 37,000. What was her response to that?
Corey Moore: Her response was, well, that’s a lot less than I expected and I’m really going to have to think about that. And so we ended up leaving and I just thought, yeah, she’s not going to sell. I don’t know what she’s going to do, but I just knew that I wasn’t going to come up on my number to try to grab her or anything. The house was really needing some work. So yeah, I went home and I didn’t hear from her. And then a week later she actually called me up and said she was ready to sell, kind of surprisingly.
Cody Hofheinz: And was she already like also saying, hey, if you can come up a little bit or she was like, you know what, 37 is fine.
Corey Moore: Yeah. When she called, she was like, I’m ready to sell. And actually 37 would be the exact amount that I need to pay off some bills that I have and so there you go.
Cody Hofheinz: Wow. Wow. So you met with her, put under contract for 37 and then just like everyone of the rock star rhinos, you start marketing out to a cash buyers list that you now have, which is awesome. And what did that look like? How many people did you have interested?
Corey Moore: This one, I had a lot of people interested. It was a good neighborhood. So yeah right away I had people. What I did differently since joining the tribe was I set up this inspection time or I’m like, this is when I’m going to be at the property to [inaudible 00:18:18] it up for inspection.
Cody Hofheinz: I love it!
Corey Moore: If you can be there, then great. So it turned out to be, I had a lot of interest. I think I had four or five people texting me throughout the day, just kind of saying, hey I’m going to be there. But then it … we know once there were people that just showed up that had not even contacted me to say they were going to be there. So I think there were probably eight or nine people.
Cody Hofheinz: Oh, this is starting to get good. Cause when there’s a lot of cash buyers it turns into a feeding frenzy.
Corey Moore: Yeah. And so, you know, several people you could already tell there was just a lot of interest and a lot of, what is the asking price? And count me in, like right away they just walked right through.
Cody Hofheinz: And what were you asking when you send it out there, what did you send it to prep them like, hey, I’m selling this agreement that allows you to purchase this home. And what was that price?
Announcer: I think I said it at 43, 43,600 or something like that.
Cody Hofheinz: And you’re at 3,700 contracts, so about a $6,300, $6,400 spread.
Announcer: Yep. So I had three people that gave me the offer price, the asking price that at night. And then I just let them know. I said, you know, great. By the end of this night, I’ll be at this point, I’ll just be opening up for your highest and best offer.
Cody Hofheinz: I love this. I was hoping you did that when you have eight or nine people out there.
Announcer: And then I got two. One declined giving any further offer. And then I had two that gave me a second offer over text and ended up getting 40 … Yeah, we got 46 … 46,100.
Cody Hofheinz: 46,100. Tell me, is this 9,900? Is my math, right?
Corey Moore: 9,100. I think I got 9,100.
Cody Hofheinz: 9,100. Okay. Hold on, hold on! All right, so $9,100 assignment on this property. What did that from there result … What does that do for you? What does that do for your family? What does that do for you as a stay at home mom? What is your focus now?
Corey Moore: Well, what it has done for me has given me a tiny bit of breathing space for sure. Because when you’re …
Cody Hofheinz: That’s huge!
Corey Moore: Yep, yep. You’re having to hustle. I mean sure, the assignments are usually better than paychecks, but you know, a $9,000 assignment gives you a moment of pause.
Cody Hofheinz: It’s a different ballgame! That’s awesome, from 1300 or maybe you said, oh 1750 on your first assignment that you split on a JV deal, joint venture, to now this one you own up all on your own, $9,100, what does that look like for 2018? Have you set goals now? Where it’s like, oh man, like I’m going to be consistent on bandit signs, consistent on mail. Like what kind of goals do you have now?
Corey Moore: Yeah, definitely. I’m really trying to, in spite of the fact that I can’t utilize ListSource, I’m really trying to hone in ways to still pull lists, like garage sales and all of that and for sure it all just changes. I don’t plan on going to Disneyland or anything and spending all that money.
Cody Hofheinz: You’re so smart!
Corey Moore: A lot of it’s going to … Yeah, I did when I first joined the tribe and I’ve heard other tribe members talk about it. I read Profit First and I agree that it helped me tremendously to just slap a formula on there and go, okay, this is how much is going to go where and I’ll be putting a lot of probably close to 35% of that back into operations.
Cody Hofheinz: Oh, that’s awesome. That is absolutely awesome. If you had to think back, we always love to do this so that people can learn from your experience. If you were to start over six months ago, what would you do differently knowing what you know now?
Corey Moore: I would definitely would have gotten cash buyers for sure. I would’ve gotten on the phone and figured that out, but I didn’t and it worked out anyway. But I think joining the tribe, getting that mentoring, really propelled me to, because you still get, I still get moments where I’m lost in the … what I call being lost. I’m like, man, which direction do I go? What do I focus my energies on? And then I just kind of think towards the tribe. Like somebody here has got some directions, some help here, and sure enough there’s always something.
Cody Hofheinz: So crucial. So Corey, one thing that you nailed that I absolutely love is the fact that even beyond mentorship, I love the fact of the tribe. Like I would put this group of people, this community of people up against any community because it’s such an abundant mindset. It’s not just relying on one person or two people. If you have a question, you have a tribe of people, a community of people to post that question out to and you get so many different perspectives. That’s what’s huge about a community and that’s what I love. What we have here at the tribe is the fact that here you are learning things from other successful wholesalers because it’s Jim Roan again, at its greatest, you are the sum or the average of the five closest individuals you hang out with. Who are you surround yourself with?
Now, I’m not saying drop your friends that you currently have, but what I am saying is if you want to be a wholesaler, surround yourself with successful wholesalers and that’s what we’ve been able to do, all of us within the tribe, is we are now surrounding ourselves with people that are go givers, that are out there from the abundant mindset, that are out there, wholesaling.
We’re out there crushing our goals and now because of that, anyone that comes to be part of that tribe, that community, it’s so hard to not catch that fire, that bug to do it yourself.
Corey Moore: Yeah, and you need that help because there’s just so many little ins and outs of things that it would take you so much longer to wander around and stumble upon it.
Cody Hofheinz: So true. So true. What about reading? Are you much of a reader? We do love to have a good promotion from you of what is one of your favorite books that would help people, whether in life mindset, something that’s a good read that would help people?
Announcer: I do read a lot. I like to read a lot of historical fiction. I like to get my brain out of work and do just recreational reading. But as far as just real estate, and because I’m kind of focusing in on trying to learn how to better negotiate, it’s been helpful. One of the books that came across my path, and we’ve already talked about this, was the book by Chris Voss.
Cody Hofheinz: Oh. Never Split the Difference. Oh man. So what have you learned from that book?
Announcer: Well, when you first read a book and you just take it all in and go, this is all extraordinary. But he breaks it down so simple that some of the things when you’re negotiating with people … I think the biggest thing is that people are emotional. And I kept hearing it in the tribe. We make decisions emotionally, not rationally. And I kept hearing, get into their why and figure out their pain and you know, and that’s how you get to the deals.
And I was like, but how will he know? How do you, how do you do that without sounding like a, I don’t know.
Cody Hofheinz: Like prying it out of them.
Announcer: Yeah. Yeah. I don’t know. I don’t know how to put it into a good paraphrase because his take on it is he’s from the … being a hostage negotiator, so you can’t split the difference. And I’ll just tell you that before, when somebody would give me a number and say I want this much for my house, and I was thinking a different number and then I would try to meet him in the middle. I had so many deals that, you know, they just weren’t great wholesale deals because I was splitting the difference. I was meeting them in the middle. And so he … In the realms of hostage negotiating, you can’t meet in the middle because that means somebody’s going to lose their life. But in the realms of wholesaling, when you’re meeting in the middle, oftentimes you have no deal. And so it became crucial to me that I’ve got to figure out how to still have my plan, still get what I want out of the deal. That’s all I can say. I don’t, I don’t have the …
Cody Hofheinz: No, that’s perfect. That is absolutely perfect. That is a great book for anyone out there. Never Split the Difference by Chris Voss, V O S S. Awesome book. Corey. This has been an amazing episode with so much value, so much gold bombs is what I’m going to call it, gold nuggets galore. And I want to thank you for your time and being on the show today.
Corey Moore: Sure. You’re welcome. Thank you.
Cody Hofheinz: Oh, right. Rhino nation, you have heard another amazing episode of how someone just like each one of us, we’re all in this. We’re all in this. Not one of us is better than the other. We all put on our pants one leg at a time and Corey has shared yet another way how she was able to come across deals and how you can implement those same exact things by simple bandit signs and then taking imperfect action, not having a cash buyer in place, and so now she just thought, man, go find other wholesalers and let’s, let’s split this together.
There’s so many ways. If you’ll just get uncomfortable, get out of that comfort zone and just take imperfect action. There’s no such thing as a perfect plan and there’s so much value in what Corey shared, because it goes right in line with progress, not perfection. So if you guys need more help, you’re looking to explode your business for 2018 which is anyone’s goal, you can do it. You can do it just like Corey did it, just like the other students and other individuals that have been on this podcast. You can do this.
It is all up to you. How uncomfortable are you willing to get so that you can move forward, reach out to us, set up a strategy call. You can find us at wholesalinginc.com, wholesalinginc.com, and if we like what you have to say, we just might invite you to be part of the tribe so that you can crush your wholesale goals for 2018.
Thanks, rhino nation, and we look forward to seeing and listening to each one of the future students on here and being with each one of you on the next episode. Take care.