If you are a wholesaler struggling to land your first deal, the powerful story you will hear on this episode will surely provide the motivation and stimulus you need to get going. Today’s special guest is Alex Jandick, a determined and inspirational rhino from Tampa, Florida.
While he’s been a member of the tribe since November of 2016, he has only been doing wholesaling on the side. Thirteen months in and a $12, 000 credit card debt to boot, he finally reached his breaking point, realized his why, and took action.
If you are starting to doubt if wholesaling is for you, today’s episode might just change your mind. Alex maintains he’s a living, walking, and talking proof that it can be done.
- After reaching a breaking point in his wholesaling journey, Alex searched for his why and took action. He got the ball rolling by reviewing his tax delinquent list.
- Upon inspection, he realized he made a fatal error—he sent mails to the property address and not the owner’s address.
- After correcting the blunder, he finally got a good lead. Initially, he got the house for $115, 000 but eventually put it under contract for $85, 000 because it needed some repairs.
- While he was not able to sell the property right away, with the help of someone, he was finally able to do so and walked away $15, 000 richer!
Other Key Takeaways
- Discover how he financed his wholesaling business
- Why it’s important to follow the tribe’s courses to a T
- What he did when he couldn’t find cash buyers for the property
- The book he considers a game-changer
Alex did not only successfully close his first deal, he already has another one in the pipeline. Know your why and take action and just like Alex, you just might find yourself closing one deal after the other.
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 Hofhine: Welcome to another episode here on Wholesaling Inc. My name’s Cody Hofhine, and I’ll be hosting today’s podcast. And I am super excited to deliver what is going to be an amazing podcast. As we have been talking before we actually started pushing record, man, this story is going to connect with so many of you listening today. Now, for those of you that are new to the podcast and you’re listening for the first time, we are going to be deep diving and talking about wholesaling real estate. And wholesaling, for all those that are new to this, wholesaling is simply the art of finding deeply discounted properties and then turning them for a profit. And there’s various ways you can do that.
And this podcast is really to interview, step-by-step people that are wholesaling across this great nation. And you can learn gold nuggets on how you can just take massive action, follow these people’s steps, take the gold nuggets from this podcast, put it into action, and you too can get that much closer to your first deal. Or maybe it’s a way to add more deals to what you’re currently doing.
So today on the show, we have Alex Jandick, and he is married, no kids at the moment, but he does have two cats. He’s living currently in Tampa, Florida, where he just did his first deal. Now Alex, we met Alex about 16, 17 months ago when he joined the tribe in November of 2016, and he’s going to share a very, very powerful story on why it took the time it took to get his first deal. But now that he has his first deal, how he already has something in the pipeline. So, Alex, my man, I am so excited for you to be on the podcast. His story is going to just hit people at home. Let’s hear. How the heck are you my friend?
Alex Jandick: Cody, thank you. Thank you very, very much for having me on. Thanks for the great introduction. Thank you for all the wonderful things that you and the tribe are doing. I am doing fantastic. I’m so, so excited to be on the podcast today.
Cody Hofhine: Alex, I’m smiling from ear to ear, brother. As we were talking and you were sharing in depth your story, I literally am like, “Oh man. There’s so many people out there that are going to absolutely love what you’re going to share with them today.”
Alex Jandick: All right. Hey man, absolutely. So I hope this can resonate with those people that are really trying hard to get that first deal or trudging through the mud, because I am living, walking, talking proof that you can do it.
Cody Hofhine: Well, Alex, let’s go right to it. Let’s go back, November 2016. Let’s give them a background. What is it that you were doing and maybe still what you’re currently doing, like with the nine-to-five. And in fact, I don’t even know if it’s nine-to-five, it’s like 60, 80-hour weeks you were doing back then. So let’s give them a background of what you were doing and what your actual weeks look like.
Alex Jandick: Sure man. So my nine to five, or my five to nine, I should say, I’m a board certified hearing aid specialist. So what I do is I help anyone over the age of 18 hear better if they’ve got hearing loss. And how I got into everything, I had a receptionist a while ago. We kept on talking about real estate and how you can retire on it. So I looked online and I eventually took action with the rhino tribe in 2016 and went through all the courses. And at the time my wife and I were living in Illinois, but we had plans to move down to Florida.
So I go through the courses and I’m trying to virtually wholesale in Florida, and it’s not working out. I’m sending out the marketing and I’m not getting the responses back. I’m nervous, and most of all, I’m just not really following the business plan like I should have. That was the biggest problem. It’s weird, like you don’t follow-
Cody Hofhine: So you were just varying from the path. If we told you to do this, you were slightly going left or slightly going right? Or what did that look like?
Alex Jandick: Yeah, man, because I thought I had the answers to everything, and I figured, I can do hearing aids well. I can probably just do this the way I wanted to. But no, it doesn’t work like that at all. So and you’re working
Cody Hofhine: And you’re working a lot. You were saying like 60, 80-hour weeks doing the hearing aid job that you have, and so that gave you very little time to really actually put a lot of action into it.
Alex Jandick: Basically. I was getting up at 5:00. I was racing to get ready, racing to work, working on wholesaling for maybe an hour, maybe an hour and a half, and then getting right into hearing aids for the day. And that was Monday through Friday. Then on the weekends, with every ounce of energy left in me, I was trying to make it work. It was tough.
Cody Hofhine: What changed? I mean, there was something that changed, because you’re going through this and then it’s like, here we are. What do we say? 13, 14 months into the program, haven’t done a deal. What change? Did you … I know you relocated, you moved to Florida, but what changed? Something still had to change.
Alex Jandick: The straw that broke the camel’s back goes into how I financed my start in real estate.
Cody Hofhine: Oh man. Everyone please, please, please listen up to this. This is so key.
Alex Jandick: So I took out a no-interest credit, and at a 15 months no-interest term on it.
Cody Hofhine: By the way, I did this too. I love this already.
Alex Jandick: So I’m thinking, okay it’s 15 months, I’ll be just rolling in the dough. There’s no way it’ll take me that long. Well, month 12, month 13, the balance on the card is like $12,000 and I’m making-
Cody Hofhine: Now making this because of marketing, everything going on, the tuition to the course and then all the marketing to the time.
Alex Jandick: Yep. And I mean, I’m looking at it and I eventually do some math and I calculate it, and I’m like, “If I pay this off with what I’m making from my hearing aid gig, it’s going to take me several years.” And I started crying, and I said, “I just can’t fail at this. I can’t let my wife down. I can’t let all those people who said I could never do this, they’re going to be right.” I could not take it as my breaking point. I can remember, and I’m even shaking talking about it because it’s bringing back the feeling of-
Cody Hofhine: Bro, I have the chills right now just hearing this.
Alex Jandick: It’s terrible.
Cody Hofhine: So your why instantly changed. It’s the story in a different way of life when, Tom loves to use this analogy, like if I were to kidnap your kid today, or for your case, your two cats. If I were to kidnap your kids today, you would definitely, your why would change in an instant. And if I said you have 24 hours to get a wholesale deal done or you’ll never see your kids ever again, that why was just instantly … your why just instantly change and you will do anything and everything it takes to get a wholesale deal in 24 hours. And not to maybe that strong point, but just as strong, now you’re starting to see this financial burden and people saying, “I told you so,” and I want to make sure that I don’t fail to this. Your why changed instantly and now you knew, “I’ve got to do something.” Is that how it looked?
Alex Jandick: 110% how it looked man. That is right on the money.
Cody Hofhine: So was your wife aware of at this point? Is this something also like, “Man, me and my wife were looking at this credit card, and like son of a gun, there’s a lot of debt here.”
Alex Jandick: Every month we’d have our financial meetings and every month that balance was going up and every month I was getting yelled at more. And she just got to the point where she too, she’s like, “How are we going to pay this off?” She said, “This is more than we have to our name.” She said, “This is going to literally wipe us out.”
Cody Hofhine: Alex, what gave you the courage? Like this is absolutely amazing. What gave you the courage to move forward? Because you could either say, “Cut my losses while it’s $13,000 and just cut my losses, and yes, it’s going to take me time to pay this off.” What made you have the courage, faith and strength to say, “I am doing a wholesale deal?”
Alex Jandick: A couple of things. The first thing was looking at myself in the mirror and just telling myself verbally, I said out loud, I said, “You’re failing at this.” I had to admit that I was failing, because you know, you don’t want to admit it. You think you’re doing okay, you think you’re going to get through it. So that was one.
Second thing was, you know, sometimes when I’m put in these high pressure situations I just, instead of saying, “What’s the worst that can happen?” I just say, “I’m just going to make this happen. I’m going to make the best of the best happen here, and I’m going to reach out for help and I’m going to get there, and I’m going to solve this problem.” And I did.
Cody Hofhine: Wow! Now let’s go through this. You’re 13 months in, you see this debt. What action did you take? Was it a new … Were you doing mailings at the time now? Or what did it look like to now say, “Hey, I’ve got to get this ball moving.” What kind of marketing did you pick up on to start to find this deal?
Alex Jandick: I went back and looked at my list for tax delinquent mailers, which Tom is big on, and I looked at them and I realized that I had made a very, very fatal error on them, and that was, I just mailed them to the property address, not the owner’s address. So after laughing at myself, kind of like a nervous laugh, I said, “Okay, I’ve got to fix this.” So I fixed that, got the correct list, and then I went more into debt. I sent out more marketing and I said, you know what? I just about maxed out that credit card and I figured, “You know what? I’ve gone this far. I’m just going to keep on going. I know I have to be close. I have to be close.”
And one day the phone rang and it was a lead. It was a good lead too. So I went over and I’m like shaking, and of course I’m still not following the process because now I’m just so nervous. Something I … Whatever price you said, they got to get it under contract for. So I get this house under contract for 135, and immediately take pictures, send out to my list of cash buyers and I got a couple guys to come look at the house. And they were like, “This house is not worth anywhere near what you’re asking for it.”
Cody Hofhine: What was the proposed? Like once this is fixed up, it could be worth this. What was that looking like to you?
Alex Jandick: I think that it was around 270 or 280, but realistically it should have been 230. It should have been 230.
Cody Hofhine: And it sounds like it needed quite a bit then if it still wasn’t a deal.
Alex Jandick: Yeah, it needed a lot. It needed a whole lot of work from top to bottom. But anyway, so I have no cash buyers for it. So I’m like, “Okay, great. I’ve got this deal, I’ve got all this credit card debt and I still have no cash buyers.”
Cody Hofhine: Dude, you’re at the furnace. You’re starting to feel the heat. I love this. I love this.
Alex Jandick: Man, at this point there was a fire and this gas just got poured on the fire, and this fire is riding underneath me. So another month goes by and the contract expires and I’m shaking at this point. I’m like, I didn’t know what to do. Anyway, I texted this guy twice a week, every single week, and eventually he calls me back-
Cody Hofhine: This is the seller, right?
Alex Jandick: Yeah, this is the seller. Turns out he was going to try to fix up the house himself, took out a home equity loan, which was a predatory loan. He didn’t understand the terms of, and now he’s in a bind, and he says, “Hey, I need to get this house sold.” So I go back over there and I tie it up for 85,000 this time.
Cody Hofhine: So now you had to go back to renegotiate. There was no deal at 135. Now you’re going back and you’re putting it back under contract, a new contract, at 85, did you say?
Alex Jandick: Yep, 85. The most uncomfortable conversation I’ve ever had with a seller.
Cody Hofhine: I love uncomfort.
Alex Jandick: But he says, “I’ve got to be out of here.” So I send it back out to my cash buyers, again, and I have the same two come, again. And this time I’m like, “Hey, the numbers work this time.” This time both of them tell me, “No, this house is a tear down.” And I’m like, “You guys got to be kidding me.” I’m like, “What am I doing wrong here?”
Cody Hofhine: How many cash buyers are on your list at this point, to give our listeners a background?
Alex Jandick: When I was doing this there was 70. And the minimum that you should have is at least, I think, 125, which is where my list is. My list is above that now.
Cody Hofhine: Awesome. Awesome. So you’ve never really tested. So it’s like, “I have 70 on the list, but I really don’t even know if they’re really great cash buyers because I’ve never had a deal to present them.” And now you’re coming out. Of the 70, there’s not many players in there that are really doing it.
Alex Jandick: Nope, not at all. So I’m dying at this point.
Cody Hofhine: I bet. You got this credit card still lingering over your head.
Alex Jandick: Right? So we’re at pretty much the end of the line here, just about, and I’m like, I’ve got tunnel vision of paying off this credit card. So I call up one of the local guys from [inaudible 00:13:30]. He’s just a fantastic guy all around. I actually asked him, I said, “Hey, I need some mentoring.” And he says, “Well, do you have any deals?” And I said, “Well, I’ve got this one, but it’s really not much of a deal.” And he says, “Well, let me take a look at it.” He’s like, “I’ll take a look at anything.” Takes a look at it, and within 10 seconds, he’s like, “Why haven’t you sold this yet? I’m like, “I don’t know. Everyone’s said it was a tear down.” He said, “No, no, no, no. This ain’t a tear down.” He says, “I did a deal right down the street from this.” He said, “Do you want a joint venture on this?” And I said, “Sure, if you’ve got a buyer.”
Cody Hofhine: Share what a joint venture is. What does joint venture stand for, for those that are new to this?
Alex Jandick: So joint venture basically means that you team up with possibly another wholesaler, and let’s say that they’ve got someone that they know who buys properties in the area and really likes to buy property that you bring them. What you do is you team up with them, you sign a written agreement that says, “We’re going to split the assignment fee 50/50.” So they basically help get the end buyer.
Cody Hofhine: Okay, so you find the deal, they’ll find the buyer.
Alex Jandick: Correct. So my guy, my new mentor, he says, “Let me go ahead and make some phone calls.” And it brings it out a little bit more to the wire. So can I go over the numbers now? The exciting part?
Cody Hofhine: Yeah. Let’s see. So you’ve got this guy, he sends it out to his cash buyers. Ultimately, yeah. What was he able to find a cash buyer to purchase it for?
Alex Jandick: All right. So he finds a cash buyer purchase it for $115,000.
Cody Hofhine: And I’m chuckling here because I already know the math and so does everyone of our listeners. But you had all your cash buyers say no-go, not a deal. In fact, this is a tear down, and this guy’s connected to a solid cash buyers’ list where the guy says, “I will buy it for 115,000.” If my math is correct, $30,000, Which joint venture at 50/50 is a $15,000 assignment for you and for him.
Alex Jandick: Yes sir. Yes sir, it is.
Cody Hofhine: Dude, hold on one second. You know what’s coming. All right, so hold on. Here’s the better part, is you have a credit card due. How close were we to like deadline where mister credit card company says, “Oh, and now you owe us back interest for all these months,” and it’s going to equate to a lot of money.
Alex Jandick: So the 24% interest rate. I wasn’t like one month close, I wasn’t like three weeks close. I was five days away. Five days, man.
Cody Hofhine: Five days. So, Oh my gosh, I want all of our listeners to so soak this in. It’s not bad to leverage some good debt, maybe throw us up on a credit card. What’s bad is how you started at the beginning. There was not much motivation or dedication or action involved to it, but then when you had this complete shift in your life happen, that this reality is going to hit where debts come in, interest payments come in, and money is due. At that point, that’s when you’re like, “Oh man, I’d better do something different.”
And, listeners, Rhino Nation, I want you to realize this. This was 1000% tied to two things. It was tied to Alex’s why, and it was tied to his action. And when he had a why and a clear picture of what he needed to do and why he needed to do it, and then tied it to some action, it’s not magic or coincidence that ultimately Alex found this wholesale deal. This is absolutely liquid gold, Alex, that you’re sharing this stuff.
Alex Jandick: Man, to be honest, all I got to say is, follow the plan that Tom gives to a Tee. And anyone can do this in a lot quicker than 15 months. I don’t even know what to say.
Cody Hofhine: It’s unreal. No, that’s what’s unreal, is it’s unreal, $15,000. And you already have another deal closing, you said, or are in the pipeline for closing.
Alex Jandick: Yeah. As I’m saying this right now, I missed a call on this interview, but I’ve got, the guy just called me back.
Cody Hofhine: Get off this interview. Get back on the phone.
Alex Jandick: So we’re about to tie up that one. Same guy. I’m going to do another joint venture with him. It’s working out fantastic. And man, all I’ve got to say is wholesaling has saved my life and it’s making … My wife and I, we’re going to have just a fantastic place because of it. But follow Tom’s plan to a Tee and you will be successful.
Cody Hofhine: I absolutely love it. Alex, my man, I want to personally thank you for taking time out of your day, missing an important phone call to get on this interview and help bless other people’s lives that might be in the same situation. And it’s just that lack of why, or it’s that lack of action. But when you put those two together, how amazing it is that deals just start to come your way. And this is a perfect example. If you were to tell all the people that are just beginning, they’re new to this, because we have so many listening today. And you were to say, if you were to start over from scratch, right from one, zero ground, where would you say, what would you do differently or what would you have done the same?
Alex Jandick: That’s a loaded question. The same, I would have taken out a no-interest credit card again. Banks give away credit lines real easy these days. Get that no-interest credit card. I had zero dollars to start. I did it all in credit and it worked. So I’d do that the same. Differently, I would just follow the process. Do whatever it takes. Print out the process, hang it on the walls in your bedroom so you wake up and you see it every single day. Because until you do the process, you probably won’t do a deal. That’s at least how it was for me.
Cody Hofhine: So, so, so true. What about a book? What would be the one, if you’re saying, “Hey, this is something that I have read recently or in the past and it was game-changing.” What would you recommend?
Alex Jandick: Elon Musk, he has a biography. And they go through some of the challenges that he’s faced, and he has faced much larger challenges than you or I will ever face. But when he’s put under pressure, he gets it done. And that book was a game-changer for me.
Cody Hofhine: Is it just called like biography on Elon Musk, or what’s the name of that?
Alex Jandick: I want to say it’s just Elon Musk. I just got a new iPhone 8 so I don’t have it on my phone anymore. But if you just look up Elon Musk, it should just be his biography.
Cody Hofhine: Okay. And I’ll put it in the show notes as well.
Alex Jandick: Yeah, absolutely. I listened to that one on Audiobook when I was driving to and from work at 5:00 AM.
Cody Hofhine: So, so cool. Awesome. Awesome, awesome. Alex, I’m telling you, my man, really, thank you, from the bottom of our hearts, me and Tom, for being on this podcast, and Sharon. The cold, hard truth, it’s not fun to to say, “Man, I was 13k in debt, man, I was up against the wall with a rock pushing against me.” It was go time for you. And brother, I am proud of you. This is amazing. You had a why change and you put some action to it, and it’s not going to be the end for you. 2018 is going to be super bright for you. In fact, to the point where maybe work isn’t 60 to 80 hours a week anymore. Maybe it’s now more consistent of just 40 hours or less a week, because you’re able to make up that extra income through wholesaling.
Alex Jandick: Yeah, absolutely man. If I can leave off with one thing, for anyone out there who’s scared to go into 13 grand worth of credit card debt, do it. Just do it, because when you’re 80, 85, 90 years old, don’t look back in your life and just say, “Man, well, I was average. I just worked an average job.” Do it and don’t have any regrets and just get it done.
Cody Hofhine: Man, I love it. Everyone listening to that, there is so much more to live for. And even if it’s not wholesaling, what is it that you’re passionate about, and follow that. If you’re not passionate about your current job, I would 100% say exactly what Alex said. Follow your passion. When you’re passionate about something, you’re going to love your life. Life’s is going be a lot happier. Life’s going to be a lot smoother. And I’m telling you, whether it’s wholesaling or not, find your passion and get on that path. If it is wholesaling, alex has just shared some amazing gold nuggets on this podcast, and there is hundreds of stories of this going across nationwide in fact.
If you want to be inspired and motivated and uplifted, go over to wholesalinginc.com where you can listen to these different stories, reviews of people that are doing this nationwide. It’s going to motivate you, build you up, to let you know that you can do this and you can. And if you want some help, book a free strategy call with our team. We would love to get on the phone with you. And if it ends up being a great fit, awesome, let’s do it. Let’s get you going. Let’s build your wholesaling business and let’s make 2018 an amazing year for you.
Alex, my man, once again, thank you so much. I now need you to get off this podcast and get back on that phone and get that next deal, brother.
Alex Jandick: Got to make that next 10,000. Thanks a lot, Cody.
Cody Hofhine: I love it.
Alex Jandick: Take it easy, man.
Cody Hofhine: Alex, thank you so much. And listeners, thank you for joining us, and we’ll see you on the next episode.