Are you considering hiring an acquisitions manager but unsure about the key considerations to keep in mind and how the process should go? Do you ever wonder if you are better off working with a partner? Are you taking your wholesaling business to greater heights by asking the right questions? Tom answers these questions and more in today’s second installment!
Today’s awesome episode is part 2 of a 2-part series and it will give you the special privilege to listen in as no less than Tom Krol himself dishes out expert wholesaling wisdom, insights, and advice.
While some of the advices Tom shares might seem unconventional and even counterintuitive, the fact that he’s one of the best in the wholesaling business is enough proof they work.
If you want to pick Tom’s brain and discover how he has become a force to be reckoned with in the wholesaling world, this is one episode you shouldn’t miss!
Other Key Takeaways
- Tom’s take and thoughts on a “non-compete”
- What your goal for your acquisitions manager should be
- How you should approach your relationship with your acquisitions manager
- What you need to have before hiring an acquisitions manager and the KPIs you should measure
- The importance of identifying the right problems
- Why zooming in on one thing is more ideal than focusing on different things all at once
- Tom’s take on partnerships / working with partners
- The downsides and challenges of partnerships
- Why you should aim to make the business operate without your daily involvement
- Rhinoceros Success by Scott Alexander
- The Pumpkin Plan by Mike Michalowicz
- The One Thing by Gary Keller
- 99 Percent Mine by Sally Thorne
- Wholesaling Inc. – Testimomial
- Wholesaling Inc. – Facebook
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Tom: And by the way, speaking of testimonials, I just want to make this quick though, because Anne is on this line, you guys, I am holding Anne accountable. So if she’s been calling you, anybody on this phone, like a crazy ex-girlfriend, because I told her to treat everybody like that. I said I want testimonials, we want to hit 200 testimonials before the end of this month. I’ve never asked for testimonials on this line before, but I’m going to make a unique request, which is if you are doing deals or just have done a deal, and if you’re in the course and you love it, make sure you get ahold of Anne, look her up on Facebook or Anne is going to reach out to you guys and definitely make sure you help us hit that goal.
But anyway, go ahead Garth. What were you going to say?
Garth: I just have one last question. I’m in the process of hiring my first Acquisition Manager, and I’m going through that whole process and I found a person that I really, really like, and my team is now in the process of interviewing them, to just followup questions and stuff. And I think I already know how you’re going to answer this, but I wonder how you feel about noncompetes.
Tom: Well, let me say this about a noncompete, so let’s get down to the brass tacks, what are you worried about?
Garth: Well, this guy comes from another company and he’s done some disposition and acquisition in the past, and what I’m worried about is, I’ve been working my butt off for two years and I’ve been selling for 20, and I’m going to download all that into him in three months, six months, whatever. I don’t want him going away in a year and taking all that information and then just starting his own company.
Tom: What’s going to happen if he goes away in a year and starts his own company?
Garth: Well, obviously then we’re going to be partners in doing a lot of deals together.
Tom: Yeah, here’s what I’m going to tell you. A noncompete with an AM is like a prenuptial agreement when you get married.
Tom: Which I didn’t have to worry about, because Julie and I slept on a twin bed for the first two years at my grandmother’s house. I didn’t have to worry about a, what do you call it? With my wife when we first got married. So here’s what I’m going to say, is that I don’t like it because it comes from the wrong place. And if ever, like my kids watch Kung Fu Panda all the time, and the turtle who is Master Oogway, he says, “On the road you take to avoid your mountain, you’re going to run right into it.”
And I think the problem is, is you’re actually going to cause a rift, it’s like a prenuptial. I think at the end of the day, if your Acquisition Manager wants to leave, you should high five them and see how you can help them, because there’s really truly no such thing as competition, only collaboration. And when you hire your AM, your goal in life is to make your am money. That’s your goal. Your goal is to make him wealthy because that wealthier he gets, and the better lifestyle he has, the more likely he is to stay with you and enjoy this whole adventure. But it’s like a scarcity thing, it’s going to be more difficult. So here’s the thing, I would go into it so vulnerable and not hold back and just encourage and build them up.
It’s exactly like how many times have you heard me say on this call, my goal, my obligation to you guys is to make you revenue. All the warm and fuzzy stuff, that’s good, but you paid me your hard earned money to make money. That’s when the AM comes to work for you, he’s there to make your life easier and wealthier. So if you can pour equally back into him instead of … It’s like when you do that, it’s like you have water in your hands and you’re trying to save the water by squeezing your hand tighter, which it just goes all out. So I don’t like noncompetes, they especially don’t work in Florida because it’s a right to work state. So it wouldn’t even work for me anyway. But just historically, I don’t like them. Most Acquisition Managers stay, I very rarely, and I’ve seen the best Acquisition Managers in the country, they almost always stay and even when they don’t stay, they usually come back.
Literally in my brain, I have a name of a person I’m thinking of who everybody on this phone line knows. It’s a very big wholesaler, and Acquisition Manager left and Acquisition Manager came back after about a year and a half and that’s what we’re talking about, like right now, it’s happening as we speak. So I wouldn’t be too worried about it.
Garth: Let me throw this, I do believe, like I told you the first time you and I talked, I’ve been listening to you for a long time and I do believe that I don’t have competition. I’ve spent hours before with other wholesalers helping them answering questions and then a month later they call me up and we do a deal together and I cash the check. So I believe in all that, so this is also where I just wanted to hear your wisdom because I personally don’t necessarily like it either. It’s just something that just started to think about it, just because this is going to be the first time I’m hiring somebody that’s going to be local, that’s going to, I’m going to be pouring everything I’ve learned and everything I know into this person. And it sounds like what I need to do is just be vulnerable and be upfront and try to make them as much money and give them as many options so they don’t want to leave. And I love that.
Tom: Yeah, and I think that the more vulnerable you are, you know, I heard a marriage counselor say once that a marriage is not 50, 50 it’s 110 and 110. So you guys just both want to be pouring into each other. And I think that with that abundance mindset it’ll be, I don’t want too, what do you call it here? Cody always says that he’s the Dad of the tribe and I’m the Mom. I don’t want to be too touchy feely, but I’m going to tell you that I just think the more love you pour into them and the more you just give him, what do you call it? I think the better.
Let me also from a business standpoint, say this, let’s go down right now for like 500 feet. So let me say this, the bottom line is before you get an Acquisition Manager, you definitely should have a marketing person who Is doing your marketing and getting that done, where it’s producing consistent results. The AM is not going to be exposed to that. The AM is really … Let me say this, you will make absolutely, you will make the most money and he or she will make the most money if the only thing that your Acquisition Manager does is on the phone or belly to belly with sellers. The only KPIs that you want to check with your, as a matter of fact, in an ideal situation, you should listen to the podcast I do with Joe McCall. We did a two part series where I taught him how to stay out of your CRM and how to have your VA on your CRM.
So the only time you’re making money, if I owed your business, the only thing I care about is, the KPIs are, how many phone calls did your AM make, and how many belly to belly meetings did they have? How many face to face meetings do they have? I want your Acquisition Manager in front of the seller at all times. That’s when you are making the most money. That’s when he or she is making the most money. So again, there’s so many other parts of the business, I don’t feel like it’s necessary or it’s not even logical where they would be involved in list management, marketing decisions, all of those KPIs and those sequences they wouldn’t really be involved with.
Garth: Right. Well that’s awesome, and thank you for that and I’ll end it with this, which I’m sure you’ll love to hear. I haven’t been in Podio in about a year.
Tom: Damn. It’s so funny, I had a meeting with one of my masterminds and he’s like, we’ll open up your Podio. Let me see. I’m like, open up my Podio, I’m like, I don’t even think I know, I wouldn’t even know the first day. I love it. I’m like, what are you talking about? That’s awesome man. God bless. I think that’s awesome. So very, very, very cool, great job, and awesome. I love hearing about it. So awesome, Garth, great job man.
Garth: Thanks Tom.
Tom: All right, talk to you soon. Good luck.
All right, we’ve got, let’s see, what’s going on, partner, how are you doing today? Are you there?
Speaker 6: Yeah, I’m here. Can you hear me?
Tom: I can hear you and I know exactly who you are. So how are you guys doing?
Speaker 6: Pretty good. Pretty good, man. We’re kicking back into it a little bit here, so starting to hop on these calls, kind of partnering up with my brother and he’s going to bring some of his sense of sales expertise into the company, so I’m pretty excited, man. I’m getting pumped again, which is good. It feels good to get excited.
Tom: Yeah, well have you guys had some success, so are you looking to, first of all, what is the arrangement with your brother? He’s going to be your AM?
Speaker 6: I think it’s going to be more partnership. And I say that because I run a construction company as well, and I really just don’t have the time, you say that, but anybody can find the time I guess when it comes down to it, but I want to build both and I’ve been sitting on this kind of stagnant for a while. It’s just been kind of one of those things where I did one deal and it was unconventional in a way with, we haven’t really done much with it so far, but I think it’s time we’re going to implement it. But yeah, it’s going to be more of a partnership with him.
Tom: Okay. So let me give you a few things to think about. Because yeah, you sound a down too, because I know you, so I just know you’re kind of a little down, so I just want to kind of lift you up a little bit and just give you some things to think about. Some times in this journey that we’re on, sometimes what we do is, you know, solutions that sound really good, and this could be a great solution, I don’t know, but sometimes what you’ll find is that it’s really the problem that is elusive, not so much the solution. Usually you’ll find that the solutions are very easy. Like even as a coach, you don’t really have to know a lot of different solutions. Solutions almost present themselves in a very obvious way when you try to solve the right problem.
So let me ask you this question, what exactly is the problem that you’re trying to solve by bringing your brother in as a partner? What is not working? It sounds like right now you’re not doing deals, so why do you think you’re not doing deals and how are you anticipating that he’s going to be able to help you? Tell me a little bit more about how you got to where you’re at with this.
Speaker 6: Sure. So I think the main problem, one, we’re not doing deals because I’m not marketing, period. So I’m not putting any kind of marketing out there. I haven’t been, I’m starting to get back into it, but, and that actually brings me to my question, but so one, I haven’t been doing any marketing, that’s why I’m not getting any deals, but two, I’ve been putting, and this is, the construction company is a really young company as well. So I’ve been putting a lot of effort into that, trying to build that up. And I actually just, I was blessed with a real good friend of mine that’s a lead carpenter, he came over and said, hey, I’d like to work with you full time. So I’ve hired him and right now they’re at the site doing what they need to do and making us money. So I’m going to a position now where I can start pulling away from that a little bit more and putting more effort into this, which is this is what’s going to catapult me to be able to provide for what I want to do in the future, This company, I think so, in my personal opinion.
So I guess time and his expertise with sales and he’s my brother and I want to see him succeed for his kids and this guy’s a killer salesman, man. And he can talk down, I don’t know, teddy bears at Walmart, he can get them for free. So I think bringing him on will catapult a lot of the business in a lot of different ways, and I’m more logistics and stuff like that. But I think he will compliment that from a sales standpoint, more so than I would. But also I just want to bring him on to jumpstart things and to … I don’t know. What do you take from that, I guess?
Tom: Yeah. Well, let me give you something to consider, and this is where you just want to be cognizant of making sure that you’re solving the right problem. Because that is like, if you look at the 99% of the people out there, almost all the time, they all have good solutions. They all have good solutions. The 99% have great solution, but when you talk to the 1%, if you talk to like Robert Kiyosaki, and you talk to the people who have, now they’re older and they’re well-balanced and they’ve made it, and where we’re all trying to get to, what you’ll find about those individuals is very often they’re more focused on identifying the right problem, not the solution.
So enough of that. Let me just give you something to think about. The first thing I would give you to think about is that when you are doing two things simultaneously, what always seems to happen, yeah, is this is like the number one recipe for having problem.
Speaker 6: Disaster.
Tom: Disaster, right?
Speaker 6: Yeah, because too many rabbits.
Tom: If you look at … That’s thing, right? What does Scott Alexander teach us in Rhinoceros Success? Only charge at one thing. What about Mike McCollough with on the pumpkin plan, You cut off all the other pumpkins and you let one pumpkin grow. What does Gary Keller, from The One Thing, just focus on one thing. What do the 99% teach us? The 99%, the whole herd, they see just being well rounded. Don’t put all your eggs in one basket, but what do the 1% think? Don’t do that. They say, don’t be well rounded, be OCD on one thing.
Speaker 6: Double down.
Tom: Right, you know someone that works, you go all in. So I think something that you really want to think about is that, and this is the best analogy I’ve ever heard, is the magnifying glass trying to start the fire. So when you have a magnifying glass and you’re on one spot, as soon as you move it, let’s just say you’re trying to get two spots to catch on fire, the thing that people don’t realize is when you move to the second spot, the first spot is cooling down. See, if the first spot was like, let’s just say you got it up a few degrees and then you move to the second spot and you stayed there for a little while, and the first spot stayed at the same temperature, then hey, no big deal. So the reality is when you keep moving the spot that you’re trying to catch fire with a magnifying glass, it seems like it’s very frustrating, it takes much longer if it ever happens at all, because what you’re not realizing is every time you move and you pivot prematurely before the fire is started, it’s cooling down the spot. Especially with wholesaling, and I’ll tell you why.
If you talk to wholesalers who have struggled in the past and then they started to do well again, one thing that they always say is like they stopped marketing, this is for sure 100% the advice that I’m giving you now. They’ll say what happens is I started marketing again, but it seems like things are slow. It’s the reason is because marketing for motivated sellers is like a train. So when you put all of your energy, you’re pulling the train and pushing it, and pulling the train and then it starts to go, if you stop the train, it takes just as much effort to start it again. And that’s the problem is that especially with wholesaling, because it’s a numbers game, it’s just one of those things that every time you take your attention away from it, if you cut yourself in half, you’re not 50, 50, at best, you’re like 20, 30 and the problem is that’s not enough. 20% or 30% of you is not really enough for the construction business or for the wholesaling business.
So if you’re thinking, well, I don’t have enough time. So if the problem is I don’t have enough time, the solution is I’m going to bring in my brother, because my brother has time. But the problem is you might be working on the wrong problem. The reality might be that not having enough time is really not the right problem. Again, I always say this, but there is no such thing as time management. The time that we’ve been on the phone has passed equally for both of us. We’ve been on the phone now for an hour in a minute. So that hour admitted has passed at the same wage for you as it has for me. There’s no way to control it. It’s totally out of your control. But some people who are on the line who are listening and they’re going to take a notes, and there’s other people who are not, it’s all about priority management.
Speaker 6: Yeah.
Tom: So if priority management is the problem and not really time, are you really solving the right problem by bringing in your brother? So I would just meditate on that early in the morning when it’s quiet, go someplace alone by yourself sit and just contemplate that.
Speaker 6: I might do that.
Tom: Yeah. The other thing I would say too, is just to kind of bring a little bit more, what do you call it? Into this-
Speaker 6: Positivity?
Tom: Yeah, a little more positivity, yes. As a little more context, I would say is this is that just really consider, well, here’s what I would suggest is I would just do one thing really, really, really well and just make it work and not do the other things until the first thing was working.
It’s just kind of like basic business advice, but I just hate having one foot in and one foot on something else. Wholesaling has enough challenges as it is. I think you might be making it a little bit more difficult. I do want to say one other thing though too, you may want to talk to people who have brought in brothers in Pennsylvania, they’re right near the Philadelphia area I think or Allentown, somewhere in that area. You may want to just reach out to them on the forum, and I would book a call with them, have either Lorena or Bill or someone work with you on that. Go to myrhinotribe.com. I would have a call with, there are two brothers who work together, they’ve had a lot of success, and they’d had some struggles. They’ve had a time where they were killing it and then they kind of, it dipped for a while and now they’re doing very well again, so they could give you a little bit of insight of what it’s like to work with a brother.
They’re very [crosstalk 00:19:16] so they’re definitely.
Speaker 6: Yeah, he’s actually a brother in law. I mean either way I guess, family is family. But yeah, go ahead.
Tom: Let me just say one thing about partners is just remember this, I happen to be very, very blessed to know some of the best wholesalers in the country, hands down. And I will tell you, I don’t know any of them who have a partnership, not one. I don’t know any who started with a partner. I don’t any who currently have a partner. When you take the top 50, 100 best wholesalers in the country, very, very, very rarely is there a partner involved. Now we do have some awesome partnerships in the tribe, so I would reach out to some of the partnerships, but definitely more rare. And all of those people are either married or actual siblings.
I don’t know of a partnership of friends that has ever worked, ever, that I know of personally. I don’t know. I can’t think of anybody who was not a married couple or actual siblings that have actually worked out with a partner. So something to think about, and let me say this about a partnership too, don’t forget every penny that you make, you have to make twice more as anybody else, because you’re only going to be getting 50% of the revenue, of the net revenue.
Speaker 6: Yeah.
Tom: So if you make a dollar and it costs you 10 cents, now you only made 40 cents, or 45 cents rather.
Speaker 6: Sure. Yeah, I get it.
Tom: That’s a huge difference. Not to mention the fact that it’s easy when you’re not making money with a partner, but when the real problems come with partnerships is when you actually start. So the worst thing about partnership is even if you are successful, it could be even a bigger problem. It might not be a blessing if you’re successful because it could cause a whole family dynamic. So you may want to reconsider that, and you may want to actually just hire your brother in law as a salesperson rather than putting bringing them on as a business partner.
Speaker 6: [crosstalk 00:21:04] Hire, bring him on instead of doing … Well, I mean, I don’t think it would have been 50, 50 either way, just because of what we got going on. But what would you suggest as far as, like basically a glorified AM, something that’s a little bit above and beyond what typical AMs are, but as far as compensation goes.
Tom: Okay, so now let’s talk about that.
Speaker 6: Yeah.
Tom: Yeah. So let’s talk about that. Here’s what I would tell you, and I’m only telling you this out of love because I have to do this as your coach. So this is not a way to beat you up, but I would say this, you have no business bringing in an Account Manager right now if you don’t have enough leads to get him or her, because that’s how they’re going to pay for their family to live. So you see how when you start to actually get to the real problem, do you see how bringing on all of these moves really aren’t logical?
Speaker 6: So I guess my question … My thought process that I guess in a little bit of a way is now that I got a few months booked out and I got kind of the lead guy to handle my construction company for the most part, that I can switch in and put more into this. But I still need, I need two magnifying glasses. So I need one other construction company, anyone on the wholesaling business, but I don’t have two magnifying glasses, I’m only one. So I think bringing him in, even if it’s a smaller magnifying glass, and I’m only getting so much profit or whatever we want to say at the beginning of this, until we can switch over to full time that it’s better than not having a magnifying glass at all, in my opinion I guess.
So I don’t want to just sit here and run on a treadmill, paying for everything that I’m paying for and putting down my hard earned money for not utilizing this course and not chasing my dream, I guess, when it comes down to it, So that’s kind of where my head is at.
Tom: Well this is … Yeah, Let me give you a few things to think about. This is very easy. You might be having self induced anxiety over this. This is what I’m going to suggest, if you want to make wholesaling work in your neck of the woods, you don’t need anyone. You don’t need your brother-in-law, you don’t need me. What I mean is you’re either going to make it work or you’re not going to make it work. What I want you to realize is, if your decision is when do I or how do I make that decision to go 110% into wholesaling, it’s going to be when you decide to either, one, completely dump construction 100%, or two, get construction up , well or this, or getting construction up to a point where it runs without you.
So here is how you know when it runs without you. When you can go to St Pete beach for three months and your construction business runs without you, continues to make money without your cell phone going off or laptop going off, or maybe like an hour a week.
But if your construction business needs you, I mean it’s hard to start a business. I don’t care what you do. If you opened a restaurant. It’s hard to start a restaurant. If you are saying, I want you to open a restaurant and have all those hiccups, but additionally, I want you to also open up, I want you to become an electrician and open up an electric business too, or a plumber. I want you to get your plumber’s license and I want you to become a plumber also. You’d be like, Tom, you want me to open up a restaurant and also open up a plumbing business? And I’d be like, yeah, that’s what I want you to do. Who is going to have more stress and who is going to make more money? The guy who just opens up one of those two are the guy who opens up both?
So I think that reality is this is a very, very simple business problem. This is not a complicated issue. This is not something that we have to wrap our brains around and try to figure out. We have to just say, okay, we’re going to have the discipline to just dump one and go to the other. And then when the one is automated, we’re going to go back, we’re going to go and then to the other one. I get it, I know that it looks similar, but the difference is between having a construction business and having a wholesaling business are as different as being a plumber and being an electrician.
Speaker 6: Completely different.
Tom: They’re both in the [crosstalk 00:25:08] business but they’re completely different.
Speaker 6: Yeah. So I guess that one is making profit for me to be able to put back into this one. And it’s the same thing as if I was working nine to five for somebody. I think once I have enough built up as far as cash reserves and I don’t mind dumping the construction business if I don’t need it, but until-
Tom: Let me stop you. Let me stop you, because I want to say something that’s very important. It is totally different from a nine to five job. I’ve never had somebody-
Speaker 6: Yeah, you’re right.
Tom: Except for one person who was, yeah, okay because Brent, what’s his name up in, what do you call it? He’s a doctor and he wants to stay working as a doctor. With that exception, I’ve never ever, ever had a student who said I have a nine to five and I want to keep it and be a wholesaler. So the people who have a wholesaler, they want to start wholesaling while they’re working, want to get out of, and I always encourage everybody, Hey, quit your job now. Who cares? You can always get a job later. So you are in a situation where you want to create a construction business that runs without you. So that’s totally, totally different. And I would encourage you to do that. I wouldn’t encourage you to dump the construction business, but I also simultaneously wouldn’t encourage you to try to build two companies at the same time. If you have money right now coming from construction, quite frankly, that money should be going back into the construction business to get that business to run without you.
Speaker 6: Yeah, and it has.
Tom: It shouldn’t be going to a separate business..
Speaker 6: I think that’s why I haven’t built anything with the wholesaling company as much as I should have, because I wasn’t putting any money into marketing, because it was going straight back into construction. But I feel like I’m now at a point where I have enough built up with the construction that it’s definitely a possibility to take revenue profits from that. But then realistically, man, I can work my tail off in construction. There’s just not the profit margins there are in wholesaling. So I could build it, but I’d really have to build it. I’d have to build it a scalable 20 times the size that I could do for a wholesaling company. So I think the stress of it being like, well I could build a fortune 500 company and then make the same profits as having 10 acquisition managers, and it’s like which one do I want as far as size-
Tom: Let me give you something to think about, yeah because the problem is you’re going down a road that’s very confusing. So here’s what I would suggest, because you’re construction business doesn’t have to be a certain size. It has to be able to operate without you. That’s it. So when you have a foreman and a salesperson and a, what do you call it? And your construction business is now running without your daily involvement, meaning it’s a business and it’s not a job, that’s when I would say move into wholesaling. So you don’t have to have a $20 million construction business. You may also want to have a conversation, he was in exactly the same situation you were in and you should book a call with him. Go to myrhinotribe.com, I believe he lives in Virginia or Maryland and you should have a talk with him, because he had a construction business. And he was in exactly the same boat. And you should talk to him about his journey. But yeah, you don’t have to build a $20 million construction business. You just have to get it to run without you, and then you need to open up. But here’s what I would not do, don’t run a wholesaling business and construction business and start both of them at the same time. It’s going to be frustrating. And it just is what it is. I can’t lie to you about it.
Speaker 6: The other one is started, and it’s by no measure is it able to run without me, but moving and it’s getting referrals and it’s building itself to a point. I don’t want to give up my dream.
Tom: Well then cross the finish line.
Speaker 6: I guess really when it comes down to it, that’s super depressing. Because construction is cool, I love it. And I think it’s a value that I could add to a lot of situations. Owning a construction company, especially in our business. But my baby and my host and my dreams all lie within wholesaling in real estate.
Tom: Right. So what’s preventing you from dumping construction and going into wholesaling full time?
Speaker 6: I guess not having the capital to run, and run out of funds with wholesaling [crosstalk 00:29:06].
Tom: How much capital do you need to go into wholesaling?
Speaker 6: [crosstalk 00:29:07] Well I need to be able to do market or at least. So I don’t know.
Tom: So what is that number?
Speaker 6: I should build that up.
Tom: To what?
Speaker 6: I’d run numbers on it, I guess.
Tom: Brother, now what are you doing? You’re finding the problem. You see what the real problem is? The real problem is you a number that you need to get to in order to get into wholesaling. Get there. Use your current job of construction, your current business, job, whatever it is, and let’s define that number, let’s crush it and let’s get to it and let’s exceed it and then let’s get our butts into wholesaling.
Speaker 6: Yeah. I like it.
Tom: Let’s go for the dream. That’s great. That’s really the problem. You’re just coming up with all these solutions, they’re not the solution, it’s the wrong problem. Your real problem is, you’re like, Tom, wholesaling is my dream. Great. But I don’t have enough capital to make the change. Great. What is the number? Well, my wife A, B, and C and D. We need three months of revenue, plus I need three months of marketing, plus I need to pay an extra 10,000 off of my truck, whatever. Let’s define that. Where is that written down on your whiteboard? Let me see your whiteboard. Send me a picture of it. Where is that? That’s what I need. That’s what is going to get you to the next level. That’s what is going to solve the problem. Right there, you just said it. That’s what we just got to, brother. I’m telling you, man, the solutions are easy, problems are illusive, let’s get that written down. I’m telling you, it’s so true.
Speaker 6: Yeah, I like it. I’m writing my whiteboard right now, Tom. Right now I’m writing it on my whiteboard.
Speaker 6: And I’m going to run numbers, and I’m going to figure it out.
Tom: I’m ringing the victory bell for you.
Speaker 6: And then we’ll figure it out, dude. Thanks, Tom.
Tom: All right brother. God bless, I’ll talk to you later.
Speaker 6: Appreciate it. So Hey, let me ask one question, though. The reason I raised my hand was that list you were talking about, the very beginning, the unknown. Can you deep dive that a little bit more and then I’ll pull off or whatever, but I was just wondering if you could deep dive it a little bit. I mean as far as like which equity? Does it matter which equity list you’re pulling it from? Does it matter any of that kind of stuff, or is it just-
Tom: Yeah, let me go back to the list. Hold on, let me send it to you here. It’s basically, I just want to make sure I don’t give you the wrong, oh, I closed the tab. Okay. Let me just tell you what it is. It’s basically called what we started with was a very hot list, but okay, yeah, go ahead [inaudible 00:31:24]. I’ll mute you, but yeah, I’ll answer that question right now.
Speaker 6: All right buddy.
Tom: And when we first started the call, I see there’s a few of you who logged in. There is a new awesome list. It started with what we called the unknown sale date list. That list is, we decided not to publish it to the entire tribe, and the reason was is because it was awfully expensive. It was just very, very, very, very expensive because you had a pull almost a whole County in order to get it. One of our tribe members, he found out that there was a way to do it, which is called length of residence, and we looked at that data. It’s very similar to the, it’s almost exactly the same list as the unknown sale date.
So the way you pull it is you go into list source, you go to your normal geography, then you go to the property type and you choose single family residential, and whatever you do for duplexes, triplexes or whatever. And then you go to under the property tab, there’s another tab says length of residence. And what you do is you just choose unknown, and that is a list, that should be a great list. It’s been tested very well and it should be a fantastic list for your County. So don’t worry about anything else. You don’t have to worry about equity or anything like that. I don’t want to get too complicated, but equity would be based on very often a lot of factors that would affect this particular list.
So if you do need to turn the list down, you want to go into geography and do it by zip code. There is a module in the course called hot zip codes, but I wouldn’t trim it down with equity or any other means. I would just pull the full length of residence unknown and go from there. So easy peasy lemon squeezy. Let me see if we have any questions. Okay, no other questions. I’ll give you guys a second here just in case there’s a last minute question. If somebody says, oh, I had one question but I couldn’t get on. Any questions, guys, it’s star two. Otherwise we’ll end the call today.
Okay guys. Well listen, don’t forget to pull that new list. I would do that today and don’t forget as soon as the summit is available, it’s Asheville, North Carolina, as soon as it opens definitely if you’re interested in going register right away, do not wait. I’m looking forward to meeting you all in person. God bless, be good. Have a great week everyone and we’ll talk to you soon. Bye everybody.