Can you imagine doing 10 hours of work and earning $15, 500 for your efforts? In the wholesaling world, it is possible! And the story of today’s guest is a testament to that.
CJ Love joined the tribe November of 2017 but he’s been wholesaling for over a year now. So far, he has already closed 5 deals and earned a total of $50, 000 in assignment fees.
The rockstar rhino from Dallas, Texas shared so many gold nuggets in today’s podcast so be prepared to list them all down. More importantly, don’t hesitate to implement the tips and techniques he shared so you can duplicate his success!
Following the TTP (Talk to People) program, CJ and his team has been actively making cold calls to a bunch of different lead sources.
- One of his outbound callers found a motivated seller from the absentee owner equity list.
- Seller is very motivated since tenant left the property trashed and he was overwhelmed by the amount of work the property needed.
- CJ’s acquisitions guy set an appointment and went to see the property the next morning. However, they didn’t strike a deal since seller was being unrealistic with the price he wanted.
- CJ waited for 2 weeks before making a follow-up. By then, they were able to agree on a price.
- He was able to put the property under contract for $78, 000 and marketed the property as a rental for $91, 000. After all was said and done, he walked away with $15, 500 in assignment fee!
If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!
Subscribe to Wholesaling Inc
Cody Hofhine: Welcome to another episode here on Wholesaling Inc. My name is Cody Hofhine and I’ll be hosting today’s podcast and I’m super excited to be with you today as we have a rock star rhino down in Dallas, Texas that is absolutely lighting it on fire. Look at the smile already ready to go I love this. And we have with us today CJ Love and he’s been wholesaling for just a little over a year and in that time he joined the Tribe about and since November. So it’s been about all four, five months and since then this rock star has already closed five deals since November. Those five deals have brought in a little over $50,000. Now everyone listening to this podcast today, whether you’re new or whether it’s something that you’ve listened to, multiple podcasts in the past, today we’re going to be talking about wholesaling, wholesaling real estate. And so wholesaling just for those that are new listening is simply the art of finding deeply discounted properties and then you turn them for a profit. And CJ is going to talk about one of the ways that he was able to find a deal, put under contract and how he’s able to make some money.
Now I’m not going to share the numbers because that’s going to be CJ’s story, but we are going to deep dive this deal. So everyone listening today, please, please, please take out a pen, take out some paper, write down these gold nuggets. CJ is going to share all of the gold nuggets around this deal. He’s going to share how we got to deal, how we found the deal, what list he was calling, and he’s going to share everything in depth. So get ready to jot down all of these tips, tricks, and gold nuggets and implement it. This podcast will do nothing for you unless you take massive imperfect action and implement what CJ is going to talk about today. So without any more to say, CJ Love, how the heck are you doing my man?
CJ Love: Cody, I’m awesome. How about yourself?
Cody Hofhine: Doing, doing well. I love this podcast. I love that we’re now doing video podcast so people can start to see people. We’ve only been doing this by the way, for like maybe the last, I’d say five or ten so you’re at the beginning stages of video love podcast.
CJ Love: Oh, wow.
Cody Hofhine: Pretty soon CJ’s going to be a big hit on YouTube and ready to go.
CJ Love: All right. All right. Well, Cody, I’m very excited and thank you for giving us the opportunity to get on and talk to you.
Cody Hofhine: Yes, absolutely. So let’s deep dive this. Kind of give us maybe a background. What was it that got you into wholesaling in the first place?
CJ Love: So I have been a real estate agent and property manager for three, four years now. And so I’ve been involved with investment real estate because of my dad. He’s a landlord, he’s been a landlord for 27 plus years. So I started out at a young age in apartments doing porter jobs and as a maintenance hand. And then as I got older I just learned more and more about the business. And at some point in time I decided it was time for me to go ahead and take the jump into becoming an agent, learning more about investments. And then I found wholesaling.
Cody Hofhine: Cool.
CJ Love: And we started wholesaling about a year ago.
Cody Hofhine: About a year ago. And you do this, when you say we, you and your dad, I’m assuming.
CJ Love: Yeah. Partnership.
Cody Hofhine: Dude, so cool. So cool. So many people get into this by the way, not having a dad that knew this stuff, that knew the ropes and knew how to get into this. So this is pretty unique and pretty special. The fact that, here you had your dad raise you up into this investment game, it intrigued your mind, you didn’t leave it, you didn’t stray from it, which I’m so glad you didn’t. And now here you are, you get to work with your dad continuing forward doing this real estate gig.
CJ Love: It’s awesome. And again, I’m spoiled just because of the 27 years of knowledge that he’s been able to let me soak up.
Cody Hofhine: Sure. No, that is-
CJ Love: So that’s been great.
Cody Hofhine: That is huge. And I remember meeting your dad at the Orlando event. It was awesome to see you guys. You guys were front row every single day and it was just awesome to see both of you there and working together side by side. So let’s get right to it. Let’s share with our listeners, Rhino Nation. Let’s help them understand how you just did a recent deal. So of all the deals you’ve done, we’re going to be breaking down his most recent deal. Let’s go right to the beginning. Let’s break it down granular. What was the method of marketing for this specific deal?
CJ Love: So we started the TTP program and so we are actively making cold calls to a bunch of different lead sources. But this particular deal, we were calling an absentee owner equity list.
Cody Hofhine: TTP cold calling still works. Are you kidding me?
CJ Love: It’s fantastic. It’s been taught as a realtor, the cold call expired listings, Fizbo, stuff like that. So, I mean it really came natural as an investor to cold call.
Cody Hofhine: So with that TTP, for those that are listening, they’re like, “TTP, what the [inaudible 00:05:36] is this? This like toilet paper? Like what is it?” TTP is Talk to People. So it’s just a program that a gentleman by the name of Brent Daniels does. And this guy is an absolute beast at the cold calling. By the way, we’re doing this in our own business. We love TTP. It’s been amazing. So you cold call these lists and what list did you say were calling on?
CJ Love: So this particular list we got the most recent deal was the absentee owner equity list.
Cody Hofhine: Okay, so absentee owner, these are people that own a home but don’t necessarily live in the home.
CJ Love: Exactly.
Cody Hofhine: Okay, perfect.
CJ Love: Exactly, right. Mostly landlords or sometimes every now and then it’s someone that just relocated and ended up becoming an accidental landlord.
Cody Hofhine: Okay. Now with that, is this list something that you can get for free at Dallas and you pull it from like a County or is this something you’re purchasing this list?
CJ Love: So this is something that came from list source. We purchased the list and we just inputted some specific criteria and list sources able to filter out what it is that, exactly what we’re targeting and what we’re looking for.
Cody Hofhine: And hopefully you got to add a Tribe discount my friend.
CJ Love: Of course we did.
Cody Hofhine: Perfect, perfect. Otherwise you’re paying way too much for that list. Awesome. Awesome. Okay, so absentee owner list, you buy it from listsource.com for those out there, this is a place where you can put in different filters, criteria and purchase that list. What does it look like when you get on the phone and you start calling because this is unique approach. Normally a lot of the people that are on this are doing maybe direct mail or bandit signs and people are calling them. So this is unique. You don’t even know who the heck you’re calling and you don’t even know if they’re even wanting to sell. What does that come across like when you get on that phone and you talk to them, is it really easy to make a conversation with these people? Are there, how does that work?
CJ Love: So at first, no it’s not. I mean, you got anxiety, your nerves are a ticking, you really don’t know how the conversation is going to go from prospect to prospect. But over time what you realize is they’re just people just like you. If you call somebody up, people have their good days, they have their bad days. Everybody that we are calling, they’re all targeted and they’re targeted for a specific reason. These individuals for the most part, they’re investors, they’re landlords, they have a house that they don’t live in.
And so it’s been interesting trying to figure out why we’re calling these people and then bring up some of those topics that we can relate on. Our property management background, you know, we talk to a lot of landlords and investors. So even if we’re talking to a seller that’s not interested in selling a house at all, typically they’re fairly nice. They want to talk about real estate, they want to talk about different returns, they want to talk about what’s going on in the market and stuff like that. And then of course you have the individuals that are not trying to hear anything that you have to say, immediately turned off from the phone call in general. But it’s a numbers game at the end of the day.
Cody Hofhine: It is. And tell me this, so when you’re talking to these people, is it that these guys are for the right price they’re looking to sell or is this something that hopefully you’re striking someone that maybe they’re going through an eviction process and they just kick someone out because someone just smoked meth in their home or something like that. I mean, what is it you’re looking for to know what motivation sounds like?
CJ Love: It’s funny because all three of those situations we’ve had. It can really be anything. Number one, the first thing that you said was, they want to know what you’re going to offer. They’re just curious. They’re not necessarily motivated and can those be deals? They could be, but you’re really forcing it. You don’t want to force anything. The next one is the eviction process, [inaudible 00:09:10] landlord’s nightmare. Nobody wants to have to go through an eviction and then what if they don’t leave after the eviction? What do you do next? So we’ve dealt with that before in the past. And then of course you have the unknowns, what’s going on with your property and it’s boarded up, but there’s people living there, they have weird activity going on in the back. So you never know. You get all kinds of stories and backgrounds.
Cody Hofhine: Cool. Cool. So let’s go right into this one. So you called this absentee owner, what did that conversation sound like? What made you know that, “Hey, there could be a deal here?”
CJ Love: So actually one of our outbound callers made this call.
Cody Hofhine: Okay, so you didn’t even have to make the call.
CJ Love: I have now, I get on the phones too. But this particular deal, no, I was not on the phone for it. So I listened to the recording and it was great from the initial introduction, you can tell that he was ready to get rid of the property basically. He was an absentee owner. He had tenants that had recently been evicted and they just kind of left the place trashed. He was a little overwhelmed with all the work that the property needed and he’d just rather sell it than have to deal with another make ready, put another tenant in place, talk to our realtor about listing it. All of those weren’t options. He just wanted the easy way out and get his money quickly.
Cody Hofhine: So he hadn’t repaired or anything. He left it the way the tenants left it?
CJ Love: Exactly right.
Cody Hofhine: So frustrated that the tenants just trashed his home and now he’s like, “You know what, I’m done. Thrown in the towel.”
CJ Love: Pretty much.
Cody Hofhine: So from there you have a cold call, you have someone on your team that makes this call. Does that person take it through all the way to the end or is there a point where they transition it over to you or what does that look like?
CJ Love: So after they got off of the call, the recording was maybe 10, 15 minutes. I got a text message, “CJ heartly get on it.” And this was actually right before we left to go to the Orlando trip. So we had an acquisitions guy go out and set the appointment the next morning. He went, took pictures of the property, he spoke with the home owner, they talked about a price point. So we kind of, before going out to the property, we already knew a range that we were looking to be in. The home owner was unrealistic. His expectations, he was way too high and so we waited. We waited a couple of weeks and then ended up following back up and he was motivated at that point and ready to go.
Cody Hofhine: So crucial. CJ you can share it like liquid gold brother. So, so many times we are so worried about the deal, the deal, the deal that we’re willing to square-peg round hole deals and you shared something that is just absolutely brilliant. This guy was unrealistic with his pricing. It wasn’t going to add up. It didn’t make sense. So you put it under contract. There’s so many times I hear the story of, “well that’s as low as it goes. So I put it under contract,” and like, “Why? Why? It’s not a deal.” And you just said, so I waited. I love this, guys, listen to this and write this down, if it’s not a deal, it’s not a deal. And he knew it was not a deal. And so he waited, but he didn’t just wait and say, “Oh, let’s see if happens to be that he’ll call me back in the future.” He waited a couple of weeks and then followed up to say, “Hey, how are things going?” And typically what does that follow up call sound like so they can get an understanding of what you do?
CJ Love: Right. We spoke a couple of weeks back about the property that you had us visit and we took a look at. We’re still interested in it. Has anything changed? Have you thought anymore about the numbers? And either they’ll say, “no, I’m still going to hold onto it” or “yeah, I’ve been thinking about it. This is something I’m really wanting to put behind me.” Those are the keywords, “put behind me” or “get rid of” or whatever it may be. And then, okay, well, either we’re going to meet in person and typically if we meet in person we’re going to get ink or we’ll do it over the phone.
Cody Hofhine: So cool.
CJ Love: Let’s talk about the numbers. What works for you, what works for us and let’s move forward.
Cody Hofhine: I love it. So you go out to this home and did you end up doing this one face to face or did you do this all over the phone?
CJ Love: So after we initially went to the property and looked at it, our acquisitions guy, and it didn’t work out that first day, a couple weeks later we called him up and we did it all over the phone.
Cody Hofhine: So it was all done over the phone. Was he a local investor that lived in Dallas as well or did he live out of state?
CJ Love: He actually lived in Dallas as well, but he was an older gentleman and he’d really go above and beyond to sign any paperwork, go to the title company. So we actually sent the contract to him with a notary, had him sign it, and then the same day took it up to the title company after we executed it.
Cody Hofhine: I love it. I love it. See, don’t waste time. You made it convenient for the seller and you sent a mobile notary over to his house, get it signed, get it up to title work, man all of these things are adding up to a really good process, a really good deal, and taking care of people. And that’s really what it comes down to, is as I’m asking these questions, CJ, you’re nailing them out of the ballpark. This is exactly why you do business and why you’ll continue to do business. Is because you continue to serve people and the byproduct is you get a contract that lets you buy their house. And so many people are so worried about the deal, the deal, the deal, that that’s all they talk about but you’re really one of those unique individuals that works with the people and the byproduct is they end up selling you their house or getting a contract that lets you buy their home. So, so, so, so crucial. So what did you end up putting this home under contract for?
CJ Love: So we got the property under contract at $78,000.
Cody Hofhine: Okay, $78,000 if it was all fixed up, what would it be worth?
CJ Love: This particular property was on a street in between two separate neighborhoods. And so you have camps over here, you have camps over there so they were all different. Our opinion on value was that the ARV or the after repair value all fixed up in retail condition, it would’ve been about $135,000.
Cody Hofhine: Okay, $135,000, so you put under it at $78,000 and then did you guys sell this to a fix and flip or did you sell it to a guy that wanted it as a rental for himself or how did you market, ultimately, what were you looking for when you marketed this contract?
CJ Love: So we were marketing it as a rental and so we put it out at $91,000. We had a inspection period like two days after we got it under contract. We had maybe 10 to 13 people come out and look at the property.
Cody Hofhine: This is a good deal. This is a good deal.
CJ Love: Yeah. We actually ended up selling it to the highest offer. It was $94,000 but it was to another wholesaling company, which was interesting.
Cody Hofhine: Yeah. So 10 to 13 people come out there. Of the 10 to 13 people, how many people actually said, “Hey, I’m making an offer on this.”
CJ Love: Everybody made an offer.
Cody Hofhine: Everyone made an offer, you took the highest which was $94,000 and then ultimately what did you make after everything was said and done to close, what were you able to make on this one deal?
CJ Love: Closing happened like four days later. So it was, all together it was about a week process and we closed at 15.5 altogether.
Cody Hofhine: Oh, CJ you know what’s coming up. Hold on one second.
CJ Love: Awesome. Awesome. Awesome.
Cody Hofhine: There’s the victory bell from CJ Love.
CJ Love: I’ll take it.
Cody Hofhine: Dude, 15.5. So here’s what I want everyone to realize that’s listening right now. Rhino Nation is sitting there and there’s so many people. I was once one and maybe you were too. I was once a nine-to-fiver. I was working for a construction company for my dad and then I tried to do stuff on my own and I failed miserably. And then I went into insurance and made $19,000 my first year and it was awful. And here you are in one deal, in a week’s time doing $15,500 in one week’s time. So if you had to break it down in hours, because a normal work week is 40 hours a week, how many hours would you say was involved completely around this deal?
CJ Love: Completely a max 10 hours.
Cody Hofhine: 10 hours. And I am a going to break this down before I say something dumb on this podcast and show you that my math is awful. Divided by 10, that is $1,550 an hour you made from being just good at marketing for properties marketing for sellers that want to sell their homes, being good with these sellers, putting under contract and then ultimately having an exit strategy of a ton of cash buyers that wanted this property and they offered more than what you’re even asking for. And $1550 an hour, not $15 and 50 cents, $1,550 an hour. There’s so many people, CJ out there that need to hear this, that it’s possible. I mean if you look back a year ago, two years ago or three years ago, would you even think this is possible?
CJ Love: No, not at all.
Cody Hofhine: And I mean, you probably saw your dad do good with real estate and do good with his rentals, but at what point did you like, “Oh man, like this is really happening?”
CJ Love: I don’t know. Listening to the podcasts, reading books, it was kind of one of those things where you actually had to see it and go through it before you actually believe that stuff like that is possible. I thought assignment fees of, 1500, 2000 bucks were a lie and that’s a good amount of money.
Cody Hofhine: Sure.
CJ Love: It can really get up there.
Cody Hofhine: So were you once a listener of the podcast saying, “Oh man, I wish that could happen. Man, I wish I could …” I mean I really am trying to sit here and think because I was once one of those people listening to the podcast saying, “Oh, man, that’d be so cool. I don’t know if I have the guts to do it.” Like, there’s so many people listening right now thinking, can they do it? Can they do it CJ? Can everyone do this or is this like, nope, only one out of 500 can do this?
CJ Love: Oh, anyone can do it. Anyone can do it. The great thing about the Tribe is that the steps are right there. If you can follow a cookbook, you can follow this process and it’s not bad at all.
Cody Hofhine: I love it. So if you were to say to Rhino Nation, all of our listeners today, and you said if I was starting over all over again from square one, what would you tell them would be a good word of advice saying if you had to start over, I would’ve done this differently or maybe I would’ve done this the same because it works so good. What would that look like?
CJ Love: Me, I would have talked to as many people as I possibly could every single day until my tongue is worn out until I age. It’s too late to call people until there’s nobody left to talk to for the week. I would call Craigslist, I would call all the free sources and then just take action. That’s the biggest thing and you can prepare and prepare and prepare but if you actually don’t jump out and take action, you won’t ever get there.
Cody Hofhine: Such good advice. So get on the phone and just start calling people. Call homes that are listed for sale by owner on Craigslist and just see what you can make of it to the point of taking action. I’m telling you, taking action is key. Everyone, I think is it Arnold Palmer that said, “the more I practice, the luckier I get?”
CJ Love: Yeah.
Cody Hofhine: And that’s the whole point, is you cannot get lucky or you can not succeed until you go out and actually do it, do it, do it. And so you’ve got to go out there and take action. What about books? If you were to tap into a book that has recently maybe meant a lot to you that has changed maybe mindset or helped you in your journey, what book would you recommend to the people listening today?
CJ Love: I’m going to do actually a video recording. It may be a book, it may not be a book, I don’t know. I know it’s on YouTube. It’s about 30 minutes long. It’s called The Strangest Secret by Earl Nightingale. It’s a recording about our mind and thinking and just taking some time away each and every day to think. Come up with ideas and stay focused on what it is that you’re looking for. Goals, all that kind of stuff. So that recording, I listen to at least once a week, if not more.
Cody Hofhine: That’s awesome. Well, CJ, my man, thank you so much for being with us. I will tell you, this has been an awesome podcast. I know there’s plenty of people listening right now that this will resonate with and help them realize they can do it. They can do this.
CJ Love: They can.
Cody Hofhine: So I appreciate your time being with us today and sharing with us your gold nuggets, your wisdom. This is good stuff and your smile. Every time I look up, you’re just smiling big, ear to ear. That is a smile of a wholesaler that’s succeeding. So thanks again for being with us today.
CJ Love: Cody. Thank you for inviting me and Rhino Nation, good luck. Charge on.
Cody Hofhine: I love it. Rhino Nation, this has been an amazing podcast. CJ Love just shared so many amazing tips, tricks, and gold nuggets right here. This was something that I would be downloading nonstop and rewinding, listening, listening, listening. There was so much value given here of just picking up the phone, calling people. He even has a team now take these calls where they just go out and they call people, call people, call people, talk to people, talk to people. His ending advice was call people until literally your mouth wears out, like talk to people. Get out there and just ask questions, make offers. Without those offers you can’t get deals. This is so much value CJ, I’m telling you this is going to be one that will be downloaded quite a bit because there was so much value and if you guys need help leading and guiding your 2018 with wholesaling, click on over to wholesalinginc.com. That’s wholesaling I-N-C.com and you can listen to so many stories just like CJ’s where you can go click on our, just the testimonials tab and you’ll see how many people are doing this all around this great nation.
You can do this. If you want something different, it’s you that has to do it. If you want life to get better, it’s you that has to get it better. If you want life to get just better than what the nine to five presents, you’ve got to do it. You’ve got to make the jump. It’s not going to present itself for you, so click on over to the website, go click on that and see that you can do this. This is really what the power of this podcast is, to let you know because these stories are not our stories. These stories are like CJ’s and all the other stories that we have on the podcast. This is what we love to share so that you guys know you can do it. That is the message today. You can do it. Anyways, thank you so much Rhino Nation for joining us. CJ, you are the man and we’ll see you guys on the next episode.