The wholesaling journey of this episode’s guest has been nothing short of monumental. He joined the tribe less than 2 weeks ago and he has already closed 2 deals and has 2 more waiting in the pipeline.
Sure, it might seem like he merely lucked out. However, once you listen to him narrate his story, you’ll realize it took more than just luck for him to make a killing in the wholesaling world.
Matt Lyerla is a steadfast rhino who works hard and is not afraid to take massive imperfect actions. While the Paducah, Kentucky native already has real estate experience running rental properties, he’s still finding his way around as far as wholesaling goes.
However, his story proves that lack of experience is never a hindrance to wholesaling success. If you are looking for that much needed inspiration to move forward with your wholesaling journey, this episode is for you!
Wanting to achieve financial freedom and spend more quality time with his family, Matt decided to join the tribe and give wholesaling a go.
- Aside from meticulously structuring his time and hitting the phone, he also drove around the neighborhood in search of properties he can buy.
- He eventually found a distressed property, pulled over, and talked to the owners.
- After building rapport with sellers and finding out their motivation, they were able to agree on a price for the property.
- After all was said and done, he walked away $10, 000 richer. And that’s not even the most amazing part. The best part is he earned a payback as massive just putting in a total of 3 hours worth of work. Undoubtedly, that’s ROI only a few industries can match!
- The Follow-Through Factor by Gene C. Hayden
- Start with Why by Simon Sinek (Audible)
- Wholesaling Inc Reviews
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Cody Hofhine: Woowoh, Welcome to another episode here on Wholesaling Inc, my name is Cody Hofhine, our host today is podcast episode, and today we are going to be talking about wholesaling, so those of you that are new out there, listening maybe for their first time, or just new to the term wholesaling, what we’re talking about, is the art of wholesaling, Wholesaling simply finding something, at a deep discount. Now today we’ll be specifically talking about what we focus on, is wholesaling real estate, so finding properties at a deep discount, that you can then turn for huge profits.
And today we have with us, one of our rock star rhinos, and you’re going to be just as baffled and jaw dropped as I am at this moment, his name is Matt Lyrola from Paducah, Kentucky. I hope I said that right, Paducah Kentucky, married, six kids, has a background in real estate doing, rental portfolio and already has a pretty good base of, rentals under his belt, really good at it, and he joined the tribe now, here’s where the jaw dropped goes, “Join the tribe, less than two weeks ago.” So here he is, doing rentals, wants to get into wholesaling, and two weeks later, he’s already closed on two deals, and he has two more in the pipeline, ready to close. So let’s give it up, for my man Matt, and let’s learn how we can really throw gas, on wholesaling and get this flame going super quick. Matt my man, how the heck are you brother?
Matt: I’m great buddy, how are you doing Cody?
Cody Hofhine: Well, I’m floored still, I announced this and have to pinch myself, wondering what the heck is this guy doing, because I love it. We always talk on the phone, with all potential students, that are looking to get into wholesaling. We’re always what? I told you to write something on a sheet of paper, what did I tell you to write on a sheet of paper less than two weeks ago?
Matt: You told me to write the number 45.
Cody Hofhine: And what is the number 45 represent?
Matt: You told me at my request, I asked you if I had a voice for podcast, and you laughed and you said, you write down 45 and then if you take action and do the steps and close a deal the way that we teach you, you would feature me on a podcast in 45 days.
Cody Hofhine: In 45 days, and so Matt took on the challenge, wrote the number 45 on a piece of paper, and here we are, less than two weeks. And to be quite honest, the first one went down in seven days or less, from joining the course, so here’s what’s incredible to me, you’re a massive action taker. I’m not saying that this is going to happen to anyone and these roles are normal because they are not normal. This is beyond normal, that’s why my jaw is just dropped. I love it because you told me on the phone a couple of weeks ago, I remember like is yesterday because it almost was, that I am going to be doing this, I’m going to be doing deals and I’ll be on your podcast, and I’ll be doing, and I’ll be your next episode. And here you are in short of two weeks, already have closed on two deals. Now totally, because we won’t tell the whole entire story yet, but totally in those two, what have you made on those two deals so far?
Matt: About $18000.
Cody Hofhine: $18000 which is absolutely mind blowing, in fact you’re going to get a double victory belt today. So here’s your first one.
Matt: All right.
Cody Hofhine: All right, so, let us now deep dive, kind of give us a fill in, what was it that got you interested in wholesaling and what made you make this shift to actually get involved?
Matt: Yeah, so my background is, I’m a military guy. I’m a disabled for the military, got out the military, and went right into being a financial advisor. And I’ve been a financial advisor about the past 11 years, so I believe in Math and hate taxes, so, a real estate seemed like a great transition.
Cody Hofhine: Wow.
Matt: Yep, so I have six children, one of which about a year ago we found out he’s autism, and it kind of really was an eye opening experience for me, to really be able to have the freedom that I wanted to be able to do things with him, and with the rest of my family. And the real estate seemed like the Avenue to be able to do that. So.
Cody Hofhine: [inaudible 00:05:07] kind of giving your background to all of our listeners out there, which I think is pretty dang cool, is the fact that you’ve already got a good, portfolio of rentals on your belt that brings you in, more than enough money already each month, to live on. You’ve already got what, $14,000 in passive income coming in each month from your rentals, which is absolutely admirable. Not many people can say that, and then, now you’re ready to take wholesaling on by the horns and you did exactly that. What was it that you ultimately had to start doing right out of the Gates? What is it that, if someone wants to have a shot, at wholesaling and doing their first deal, what was it that you did two weeks ago, that got you two deals super quick? What was your mindset behind this? And we’ll kind of deep dive into the actual deal here in a minute, but what did you do?
Matt: Yeah, I call it the Nikey mentality, man. Just do it!
Cody Hofhine: Now, here’s the thing, you did it, but you must have done it at a high level. You must’ve done it at a level, here I go, I’m all in, I’m not dipping the toes. You know as well as I do, it’s not an easy ball game, it’s not something that’s just unicorns and roses, and something that comes out easy. So what did that look like out of the Gates?
Matt: Yeah, so, you know, the steps are really simple, especially after joining the tribe. I see the, do this and do this, and right out of the gate in the first few days, there is some training on, how to find potential, cash buyers and how to find, potential homes. So all I did, I know it sounds like beating a dead horse, but I took the action and I did it, and it was relentless. So I got in the car, I hammered out the phone, I made sure I structured my time, that in this time I’m going to make calls, and hammered out the phone. And then my first deal, I found a driving for dollars. So I got in the car, was looking for homes that look distressed, and if you could see this house, I’ll have to send you a picture, it was definitely distressed. And it’s just a matter of having the courage to get out of the car, and walk up to the door and knock. So.
Cody Hofhine: Wow, so here you are already taking action that’s over and above, even what was probably asked of you. The fact that you just got in your truck, and started what we call, driving for dollars. You go out there, you found distressed homes, started knocking doors, so let’s now, switch gears, and let’s go to the no fluff, no BS zone, and let’s help individuals that are listening right now. Why they first and foremost listeners, get a pen and piece of paper out, get ready to jot down some incredible gold nuggets, if you want to find a deal, and be able to find the success that Matt has found, he’s going to share with you right now, step by step, exactly how he did this deal, so get ready. So Matt, let’s go through this. Let’s find out, because you didn’t have much time, you didn’t send out a bunch of direct mail, because you’re probably not even at that stage in the course. I want to say that it’s like at day 18, 19 or 20 in the course.
Matt: I’m not there yet.
Cody Hofhine: You not even there yet. You’re just out there, taking massive imperfect action, you’re knocking doors, let’s walk every listener through this deal, so they can start to see what it looks like, if you want a shot at this ballgame.
Matt: Yeah, so, you know specifically on this deal, I’m driving, and again I’m in rural America, I’m definitely not, I’m in a town of about 37,000 people, and I’m driving, I’m looking at the property and I can tell that the property, it’s got a, “For Sale,” by owner sign first of all, so… I pull in, I can see that there’s some cars there and I pull in and knock on the door, I began to talk to him about the house, and they said yeah, we’re really needing to move, we found another place and, we really need the money to make the move and so forth. And I could tell by looking at the property, it’s not even probably liveable. But I can tell that it’s a big lot, and then a nicer part. So, I began to talk to the owner, they show me around, and the biggest part, Cody in this, is probably just the fact that I listened. And I was listening for, what they were saying and how they were saying it.
Cody Hofhine: What were some of those things that you listening for?
Matt: Yeah, so I’m listening for, you know, like Simon says, I’m listening for the why. The most important thing, “Why do you need to move?, Why is your house for sale?” And he’s not saying we’d like to move, and we’d like to relocate he saying, we have to relocate, we have to do this. And the other thing is when you knock on the door, and they’ll show you around within 30 seconds, and they don’t even know you, you can tell that they’re motivated. So, those are the key points I’m trying to do, and I’m asking questions like, we’ve got our house for sale, Why is that? And then I listen, I call it the golden silence, rogers shut my mouth, and listen to what they’ll tell you exactly, what’s on their mind and the why.
Cody Hofhine: One thing Matt that I want to capitalize, that I think it’s huge that everyone not listening right now can gain a lot of wisdom from and knowledge from, is the fact that deals don’t fall in your lap. It’s never going to be that way, it never is going to happen like that. You went out there and you took massive imperfect action. You went up and you saw a, old distressed home,, and you go get out of your car and you knock on the door. All of this, just so that everyone’s very aware of what I’m trying to get to, it’s all results of action, action, action. You’re out there, creating an opportunity. Will every opportunity to be like this? No, but you will never have the chance of it if you don’t start today and at least take that action today. So you took action, so I got to give you huge props. You happen to knock on a phenomenal door that’s ready for someone that’s wanting to sell, but, you took massive action, so let’s keep going.
Matt: Yeah. So I said, well what do you think the property’s worth? And he said, well I think it’s worth about $10000 and I didn’t blink and I just immediately, I said well, I can give you $5000. And he didn’t even bat an eye, he says, I’ll take it. [crosstalk 00:10:54] so I took a blank copy-
Cody Hofhine: It was riveting, it was really quick.
Cody Hofhine: It was very little negotiation, went in there, just established relationship, listened to him, listened to his story, he tells you the price, which, I think is key. He says the price first loses. So you asked him for the price and then you came in and says, I can’t do $10000, but what if I could do $5,000. And he says, I’ll take it. Now, this is like your golden goose man. When I hear this story, I’m like man, everything’s going way too perfect here. All right, let’s hear it.
Matt: Yeah, so during the course of that, so we make the deal, they signed the contract, right there standing in the yard, and, it was just me, the homeowner and his wife, and their 17 and a half dogs. But anyway, so we’re signing the deal, and during the course of the conversation, again it’s just listening, and he says, you have my neighbor about two doors down, has been wanting to buy this house forever. And I thought, Whoa. I said, “Which house is it?” And he pointed, and we wrapped up. I told him we’d be in touch for a closing date,, and so forth. I pull out, I see they pull out right behind me and all I did was whipped my truck back around, I go to that neighbor’s house, get out of my truck, knock on his door and said Hey.
Cody Hofhine: This is getting so good by the way. I feel like I’m reading like the most incredible book right now.
Matt: So I get out of the car or truck, I knock on the door, and I said Hey, I introduced myself, I said, I just want to let you know that I’ve got a contract on this property down here, and rumor has it, that you may have interest. He says, I’ve been waiting for a for sale sign to go up in that yard. [crosstalk 00:12:30] He said, what do you-
Cody Hofhine: Did you catch this right when it got up the property side, because I’m sitting here thinking, man, he was the neighbor and he didn’t even take opportunity to that For sale sign, or there was no [crosstalk 00:12:40] for sale sign, right, or was there?
Matt: No, there was a for sale by owner, that’s how I found it.
Cody Hofhine: Oh goodness, this gets awesome. [crosstalk 00:12:46]
Matt: Yeah, they haven’t had it for set, that sign wasn’t there a day or two, I don’t know if he just didn’t see it or what, but at any rate, he said, well what are you asking for the property? And Cody, so you know this house, it’s not un-happeable, it’s going to have to be torn down, et cetera, but I knew the land was worth money. So I said, well, I said, I’ll let you be the first guy to pay me $15,000, that way you can just have a house, and I’ll be out of your way. And he goes, you just tell me who to write the check to, and where to be.
Cody Hofhine: Wow.
Matt: And we’ve closed on that property, we closed two days later.
Cody Hofhine: Two days later, so, if you’re looking for ways to get deals super quick, it may not go as smooth. I want to put a disclaimer out there. This type of results is not typical, it may not happen to you just like the way it’s happening to Matt. Now with that being said, you went out there, you took massive action, you get this under contract, he tells you there’s a neighbor down the street that wants it, you turn around, you knock on the door. He says yep, tell me where to sign and let’s go. You take it and two days later, you’re closing on this property. Now.
Cody Hofhine: With that being said, you put under contract for $5,000, sold it for you said $15,000.
Cody Hofhine: Here you are, in less than 10 days of learning wholesaling, your first deal, and how much time involved, start to finish for that deal?
Matt: Oh, the drive was longer, 45 minute drive, I wasn’t at the house 30 minutes. I wasn’t with the owner for another 30, I’d say with drive time, three hours if that.
Cody Hofhine: Three hours, for a payday of $10,000. Hold on, you already know it’s coming, so you’ve heard it once today, but let’s hear it a second time.
Matt: [inaudible 00:14:36]
Cody Hofhine: So, here you are with a payday of 10 grand for three hours of work, and since then, have done another deal for an $8,000 assignment, and then two more in the pipeline, ready to close. My man.
Cody Hofhine: What does your future look like?
Matt: Well, you know I can’t move to Utah, but.
Cody Hofhine: You would fit right in with us, you’ve got six kids, brother. Come on.
Matt: Man, I’m just excited. I originally got into wholesale wounded, I thought, well that’s a way I can fund some of my… my end game is holding property, and.
Cody Hofhine: So smart.
Matt: Yep, so I used wholesale to fund it, but with these two contracts, if they go through, I’m less than four weeks total. By right at about four weeks total and wholesale, and I’ll be upwards of $40000 something, when they all close, so yeah- [crosstalk 00:15:33]
Cody Hofhine: In 30 days of work and putting your nose to the pavement and just grinding.
Matt: Yeah, and I’m an advocate and always have been. It’s simply about doing it. Will you do it? Will you get the phone to ring and the door to swing baby? Will you do what you have to do, to get it done, and that’s what separates everybody else.
Cody Hofhine: I love it, man. I absolutely love it. So tell me this, this is so sure to goes, this is going to be so easy for you, but if you’re now starting all over again, which is only two weeks ago, if you’re starting all over again, but you have so many listeners right now that are listening that are, maybe this is their first time listening, they’re like, wait, what? What just took place? What just happened, and now they’re now interested. They’re Holy smokes. If Matt can do it, I can do it. And if all these people across the nation are doing it, I can do it. But what would be the first thing that you’d tell them? If they’re at the very beginning stages, this is something I’d make sure you do. What would that be?
Matt: Yeah, I would join the tribe now. I would stop what I was doing and join the tribe because you’re trying to figure something out, that’s already been figured out. It’s in place, it’s simple, it’s step by step, everyday spot, it’s all about taking action. You guys are involved, you’re listening to this podcast right now, but the first time I called Cody, I talked to you on the phone. I got a card from Tom yesterday. It’s a family, it’s a group. It’s great. I would join as fast as I possibly could. I’d be relentless in my pursuit to be in the tribe and wholesale.
Cody Hofhine: Dude, you are the absolute man. Now, are you much of a reader?
Cody Hofhine: Okay, what would be a good book for maybe mindset, or for action, or whatever it may be, what would be a great book for our listeners, to read and why?
Matt: Yeah, following through, I can’t remember the author. I’m looking at it, but I can’t see it from where I’m sitting. Yeah, following through, just talks about doing it. In other words, you think about it, you do research on it and you do this, you do that, but will you follow through? You set a goal, but will you follow through on that. When it’s Friday, you know the best part about wholesale and in this career is that you set your own schedule. The worse part about the career, is that you set your own schedule.
Cody Hofhine: So true.
Matt: Yeah, so on Friday, when it’s two o’clock in the afternoon and you haven’t made your calls and hit your goal, are you going to follow through and do what you need to do? Are you going to be relentless, because no one will ever care, about you and your family, and your income, and your career, more than you will. So will you follow through?
Cody Hofhine: So true, Matt my man, I am absolutely floored, this has been an incredible podcast, where people get some tips, tricks, and gold nuggets, instantly out of the Gates, because it wasn’t so long ago that you were out of the Gates. You are so fresh into wholesaling, and you’re already doing things, that people that have been trying and attempting to do it, for four, five, six months, maybe some people even over a year, but it comes back to, your relentless drive, to go out and just take massive imperfect action.
You knew you’re going to make mistakes, it’s okay, that’s part of the game. Getting the bumps and bruises and hitting the roadblocks, that’s all part of the game. But that you don’t let it stop you, you don’t let it tell you, that you’re not worth it, that you’re going to quit, that you need to quit. But that you look at it and say I’m in this for the long haul. I am ready to go, I’m ready to take action. I know I’m going to make mistakes but I’m going to adjust rapidly, and I’m going to pull down deals. And that’s exactly what you did Matt.
Matt: Absolutely, I appreciate it. Thank you guys. I’m proud to be a Rhino.
Cody Hofhine: Well my man, get ready for a victory bale that’s coming on its way. We are shipping it out today, because that my friend is the quickest, I’ve ever seen, someone start getting into wholesaling and then do their first deal. Less than a week, already pulled down your first deal. So get ready for victory bell so you can hang it up on your wall, and ring it every time. Multiple times that you’re going to be doing these deals each and every week, because it sounds like you are going to take action and not give up on just one a month or two a month. Sky’s the limit for you, brother.
Matt: Hey buddy, I appreciate it, thank you.
Cody Hofhine: Okay, guys, listeners, righto nation. This has been an amazing podcast. That is so simple. It’s not easy but it’s so simple. If you’ll just take action, there’s been so much value given here by someone so new to wholesaling. Someone that just barely got into it, took massive action, went and knocked on a door, and found a deal that paid him $10,000. How many doors are you willing to knock, to have a payday look just like that? And it could be that first door, it could be that second door, and it could happen super quick like it did for Matt, but the whole thing that comes down to this, and that I can’t stress upon any more than this, is take action. You’re going to make mistakes, it’s okay. Learn from those mistakes. But as you take action, you too can knock on that door. That leads you to a $10,000 pay day.
For those of you that are looking to be, motivated, inspired, go look at some of the reviews that Wholesaling Inc.com, Wholesaling I-n-c.com, where you can click on the review tab and see people just like Matt, doing this all across this great nation, so that you can see that you too, can do this. And if you want personal help and building your successful wholesaling business, click and book a call with our team, and if we like what you have to say, we just might invite you to be part of the tribe. Until next time rhino nation, we will talk to you soon, God bless.