Seasoned and neophyte wholesalers will surely agree on one thing—honesty and building rapport can get you far in the wholesaling world. And Stephen Akindona’s wholesaling journey is a testament to this.
Stephen has been involved in the real estate space for over 4 years now. However, it was only recently that he joined the tribe and tried wholesaling. Barely 2 months in, he’s already achieved something truly impressive—he has closed 6 wholesale deals and earned a total of $54, 000 in assignment fees!
While his success can be attributed to several factors, he’s been doing two things consistently: he builds rapport and is always upfront.
Regardless if you’re looking for your first deal or your nth one, you’ll surely benefit from the wisdom and insights shared in today’s episode. Plenty of gold nuggets and actionable tips to take note of so don’t miss it!
- Stephen got a lead from cold calling people on the absentee owner high equity list.
- After setting an appointment, he visited the property. However, rather than merely assessing the property, he chose to build rapport with seller and found out how he can be of help.
- While they encountered a few setbacks along the way, his honesty and the strong connection he was able to establish with seller definitely helped. Eventually, he was able to sell the property and earned $8, 000 for his efforts.
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Cody Hofhine: Welcome to another episode, here on Wholesaling Inc. My name is Cody Hofhine. I’ll be hosting today’s episode and I am super excited for what is going to be delivered today. There’s going to be some gold nuggets and there’s going to be value given. So for those of you that are listening, I want you to take out a piece of paper and get a pen or pencil and get ready to jot down some notes. Now if you’re driving, no, I do not recommend that, but if you are not driving, you better get ready to take down some notes because it’ll be those notes that you can then review and start taking action. Remember, this podcast will do nothing for you unless you take what you learn from it and implement it, taking massive imperfect action.
Now for those that are new to the podcast, we’re going to be talking about wholesaling. And wholesaling is Simply finding something at a discount. We specifically talk about real estate. Finding properties at a deep discount that you can then turn for huge profits. And so we have with us today, Stephen Akindnonna from Memphis, Tennessee. He is married and he’s a musician in the evening and wholesaler by day. He joined our tribe in about February of this year, so a little over two months and he has already done, get ready, six wholesale deals, which have amounted to $54,000. This is huge and it’s happened so quickly. So get ready to really jot down some of the gold nuggets that he’s going to share as we deep dive one of those deals step-by-step, so that you too can put it to work and do it for yourself. All right, my man. Steven, how in the heck are you brother?
Stephen: Man, I’m doing great, Cody. Thanks. I’m so excited to be here on a podcast with you and be sharing with Rhino nation. So I’m thrilled man.
Cody Hofhine: Well, you have a heart of gold, a heart of a servant, and I’m looking at your a picture as we talk. As you know, we’re not doing like a live face to face lifetime, but man, big old, nice pearly whites. The huge awesome smile I’m looking at right now. So I excited for them to learn a little bit more about Steven and what Steven’s doing in his territory in Memphis, Tennessee to find six deals in two months. This is absolutely amazing, my friend.
Cody Hofhine: So let’s talk about it. What got you into wholesaling?
Stephen: Well, I’ve been involved in real estate for about the last four years. I knew wanted to get in investing about four years ago and so I started doing some research, reading up on how to get started and I met a mentor who is still my mentor today, who has a turnkey real estate investment company. So, I came and started working for his company and I’ve been doing that and I still do some of that working in his company, selling turnkey real estate investment products to clients. I just started recently in the last six months or so, started feeling, I was making good money doing that, but I was still an employee, you know, I worked for someone and I was really just trying to look to build my own thing. Something that I could call my own. And that’s when I decided I was going to try my hand at a wholesaling.
And so started researching how I could, I knew I wanted to get a coach and knew I wanted to get things working in a systematic way. So, that’s how I found a Wholesaling Inc. And just the reviews man of so many people that were so successful. I just bought in and I just went in with the attitude that, even though I’m experienced and I know cash buyers in the city and I’m kind of know what I’m doing, I just went in, I’m going to be a complete beginner and try to learn and implement everything. And that’s what got me to where I am now.
Cody Hofhine: Well, Holy smokes man. Already dropping bombs right out of the gates. I love the fact that you want to succeed. You wanted to get into it super quick. There’s great coaches in anything in life. If you want to be fit and be able to do that at a super fast pace, you can get a mentor for that and get in with mentors that teach you that nutritionist. Things like that. So, I love the fact that whether it’s us or anyone else, the fact that matter has, there’s mentors. I had a mentor, Tom had a mentor, all of us have mentors, and it truly is a proven way, a proven system to get into the game super quick and you found success super quick. Now, don’t put all the joy right on a mentor because you had to take massive action. Man, you did amazing things right out of the gates.
Like I said, six deals. There’s not many people that can say in two months of just getting into it that they’ve done six deals and almost $55,000 of gross revenue on that. That’s absolutely incredible. So, let’s go right into it. Let’s step right into the meat and potatoes. Well, let’s step right into the Memphis barbecue meat and potatoes. Let’s go right into the rib rub, right from rendezvous. Even though you don’t like this place. I love it. So, let’s talk about it. Let’s go in and deep dive one of these deals and let’s go through the whole thing of where did you find this lead how did this lead and you get in contact with each other and let’s go right from the beginning.
Stephen: Yeah. And I really do want to start off by saying I had tons of experience and I still made a ton of mistakes. Things that you would think someone with all of this experience wouldn’t make. And I just want to point that out. One, the biggest mistake I made was the Tax Delinquent list. The almighty Tax Delinquent list. It was in fact very difficult to find. I had to, rhino that to get that list. I finally got it and man, I was so excited that I got the actual list. I didn’t even look at the list and scrub it. I didn’t look at the list and say, man cause in Memphis you have some areas of town that are just really run down that just really aren’t great places to invest. Nobody’s really buying there. And I knew this, you know, I’m an experienced investor. I know where people are buying.
I didn’t even think to scrub the list and get some of those addresses off the list. I didn’t think about vacant land. Getting the vacant land or the commercial buildings off the list. I just mail the whole list of 10,000 people cause I was so excited that I got it. And then the calls just started coming in. I mean I was slammed, inundated with just because of stuff that I was never going to buy. Guys were calling me on 10 million dollar commercial buildings downtown and not just this is not really what I’m looking at wholesale. So, that was a huge mistake I made that man really took a lot of time trying to filter through all those calls that started coming in. But to get into to this deal here that we’re going to talk about, I got the lead through actually cold calling.
So I’ve been in the tribe and people started talking about Brett Daniel’s program, TTP. And I didn’t join that program, but I got enough information in the tribe just about how to get started with it that I thought I would just try my hand with it. So call this lead, spoke to him on the phone.
Cody Hofhine: What list did it come from?
Stephen: That came from the Absentee Owner Equity list.
Cody Hofhine: High equity list. Okay. Perfect. Perfect.
Stephen: So that’s where that came from. Spoke to him. He really wasn’t super motivated. I mean he wanted to sell and he wanted to sell at a pretty good price. So I just thought I’d worked the lead anyway even though I couldn’t really sense extreme amount of motivation. So I went and met with him. Instantly, we kind of hit it off. You know, we talked about so many other things other than the house and real estate as we walked the property, we weren’t talking about the property, which I know Is.
Cody Hofhine: Oh Stephen, right there my man. I got to have you stop and capitalize on this moment.
Cody Hofhine: Listen to what he said. He did not talk about the property. This is already value in itself where if you push stop on this podcast, which I don’t suggest cause he’s going to deliver even more, but I’m telling you that one golden nugget right there, you just hit it off. You were able to just sit there and talk to him and we weren’t really talking about the property he says. This is absolute perfection, right there. I love when people say, we just sat down and we’re just talking. We’re talking, build a relationship, building rapport. Keep going, man.
Stephen: Yeah, so we ended up finally after about an hour of just chatting with him about life, his wife and everything in between, we ended up saying the house, he wanted $100,000 for the house. It needed, in my estimation, anywhere from 30 to 35 K in repairs.
Cody Hofhine: What would it be worth if you put in that type of money?
Stephen: I ran the comps on it and I felt like it was going to be worth about 170.
Cody Hofhine: Okay.
Stephen: So, there was some room there, but I just felt like I wanted to get a little bit lower. And I kind of told them, I employed all of the techniques that you hear about in the tribe, just about, backing away and just, man, if you really want that you might want to list it with the realtor. Have you thought about that? Man, it’s a great property. Why don’t you just fix it up and get it rented? That kind of thing. And he just kept on saying, no, I don’t want to do that, man. Really I just want to sell to you. Then he asked me something that really just kind of shocked me and he was just like, well, if you’re going to buy it, what do you need to buy it at? And let’s just do that.
Cody Hofhine: Wow.
Stephen: I was, I’ve never really had a seller.
Cody Hofhine: Don’t count on that probably ever again. No, just kidding.
Stephen: So I was just. And then immediately I felt a bunch of anxiety because I’m. Do I just go extremely stupid low or do I try to be reasonable? I just didn’t really know how to respond to that. And so I just kind of threw out, well you know, I probably need to get this house for about 70,000. And I threw that out and he kind of balked at that a little bit and said, man, could you do 80 and then I felt like at 80 it was a pretty good deal. So I said, yeah, sure, let’s do 80 so we locked it up at $80,000.
Cody Hofhine: Okay, so here you are and you are delivering value as you keep progressing through this podcast episode is here you are talking to the individual and he who says their price first loses. We always know that from even sales books, negotiation books. But I love how you took time, you took time at building rapport and then him thrown out a price and then him coming back to you because you probably just sat there and silent like, Oh, can I do 100. And then he says, well where do you need to be at? But I think you dropped something key that I want to capitalize on. And the fact is your anchor price, your first price that you throw out there, it does have to be low because that’s just the beginning of negotiation. And I think so many people, they’re afraid of the word no, that they try to just give a comfortable number like, oh, what if we did 97 and you’re only $3,000 less or whatever, but you went uncomfortably low, which is good because it just sets a ground for negotiation.
If he would’ve said no? No is just a great opportunity. That’s like we’re negotiating finally starts is when you hear no. Where so many people are so maybe seasoned in there and they’re so worked up to always hear, yes, yes, yes, yes, yes. And I’m just not a believer of that. I would rather hear no, because then it starts the grounds for negotiation. So you’ve done some amazing things. You threw out 70 he says, ah.` I can’t do that, but are you guys willing to come up to 80 and now you’ve created not only a win for you, but you created a win for him because he also got you to come up from your anchor price, your low offer. And so this is where we’re creating what we call win-win. And what you did was absolutely brilliant, my man.
Stephen: Yeah, thank you. I appreciate that. I did not feel like I was being brilliant in the moment. I just felt so uncomfortable and so anxious and nervous and, and it’s crazy because I talked to sellers and buyers all the time and just doing something new always elicits these new emotions that you, even if you are experienced when you’re doing something new, it’s just uncharted. You have these emotions that go with it that you just kind of got up, rhino through. And so, yeah. So we locked it up at 80 and then I shot it out to everyone at a 90,000 I was just looking to make like 10,000 on the deal. And man, I was really excited because one thing I just wanted to pride myself on as getting into this, it’s like I just didn’t, there’s a lot of wholesalers in my market and a lot of times they’re shooting out stuff that just isn’t a good deal. There’s not enough room. They’re overestimating rents or after market value.
Cody Hofhine: Under underestimating repairs.
Stephen: Right. And so I just didn’t want to be one of those guys. I wanted to try to be a guy that, just every deal I send out, it just gets a reputation of, man, open that email because it’s going to be a good deal. So I’ve been very protective of that and so I’m not, certain that I could have shot it out for more, but I felt like man, 10 grand was good. And I felt like I could move it pretty quickly at that price. And so I shot it out at 90,000 and I started getting feedback from some of the guys that have bought deals from me and they were all just like, nah, the ARV isn’t 170 over there. It’s kind of going to be like 140 and. I just got a bunch of negativity from it. And a bunch of people were just. No, that’s not a good deal. No, that area is not good area, blah blah blah.
And I’m just thinking to myself, I’m looking at the comps from driving the area and I’m just thinking. Man, I just don’t see what everybody sees so maybe I’m just missing something. I let it stay. I sent it out and was to getting a bunch of negative feedback on it and asking for price drops. I went back to the seller and was try and tried an attempt to get a price reduction and he was pretty firm that 80. Felt like he that that was a good deal and I agreed. And I just couldn’t understand why we couldn’t move it. And so gave it a couple more days and then after about seven or eight days, I just decided, okay, I’m not getting any traction on it. Maybe this is one that I’m just going to have to cancel the contract and then move on to the next one.
So I called the seller up and I say, Hey man, and we’re like friends at this point. So it wasn’t hard at all to make that call because I was up front with him and just told him. Hey, this is exactly what I’m doing. It wasn’t like I was trying to pretend to be the end buyer or something squirrely like that.
Cody Hofhine: Oh, I love this. I love this.
Stephen: Now I’m trying to use. Oh man, the condition is I’m not using any of those excuses to try to back out. It’s just simply I could not get it sold at that price so I have to cancel the contract. And I mean he’s super cool. Was like, yeah man, no problem. And here’s where it just gets ridiculous. An hour and 30 minutes after I canceled the contract, which I didn’t want to do, which I felt nervous about because it’s the first time that I was going to be canceling a contract even though he was super cool and knew everything. I just didn’t know how he was going to react to that. I canceled the contract and hour and a half later I get a text message from a buyer who says, hey man, sorry, I’ve been out of town in the last couple of days. Just saw this deal come through. Man, I’m very interested. When can I see the property?
Cody Hofhine: Ouu Ouu. Hahah.
Stephen: So I’m just like, okay. In my mind I end up just, what do I do here? Do I tell him it’s no longer available for sale? Absolutely, that’s not going to be the best move to make. The best move to make is to just tell the guy what’s, I’ve been upfront with them the whole time. Let me just be upfront with them again. So I literally call him an hour and a half after I canceled the contract and say, Hey, and I don’t even remember how I said, I really think I said, can we uncancel the contract?
Cody Hofhine: Hah.
Stephen: And he laughed and I laughed and I was just like, man, I don’t know what happened. But in the ninth hour here, I got a guy who’s interested and wants to look at it. And he said, yeah man, that’s not a problem. No worries. Let’s meet him over there and see what he thinks.
Cody Hofhine: So awesome.
Stephen: And so, yeah. So I canceled the contract, called him back an hour and half later to uncancel the contract. Uncanceled the contract. Met the buyer over at the property. He walks the property. He take some photos. He does his thing. He calls me back an hour later and says, yeah, I’m going to offer you 88,000. Would you take 88,000 for it? And I didn’t want to just say, yeah, I’ll take 88. I said, well, let me get back to you. Hung up the phone and about an hour later I called him and said, yeah, if you can do cash and close it in 10 days, we’ll do 88 K. And so I sent him over contract, he signed and it’s in escrow now and it’ll close into next week. Some time.
Cody Hofhine: Awesome stuff. Well, let me first of all give you a victory bell, but then I want to capitalize it. Some things said so. It looks like a 80,000 sold it for 88 an $8,000 assignment. Is that correct? Yeah, my man. [inaudible 00:18:04] You’ve been needing that victory bell well before today because six deals with your seventh going to pay you eight grand here in the next little bit. A little over 60 K now when that closes. I am seriously floored as I hear these things, just how well you’re doing. How early out of the gates and you’re just doing it.
But one thing I wanted to capitalize on was the fact that you’re always a truth seeker and a truth teller as what one of our mentors, Todd Toback would say is a truth teller. Because you’ve been so honest and upfront with your seller, it was so easy for you to go back because you’ve always been telling the truth from the get go and there’s so much wisdom and value in what you said. If everyone would take this approach, I think so many times we think, Oh, they don’t want to hear that. I’m actually going to be trying to get other investors involved to actually buy the home. I’m telling you, if it’s a deal to them, they don’t care what you do for it. They don’t care what you’re doing with the home. They just want to get their money and be gone and they know you’re going to make money on it. That’s what we’re in the business for. We’re investors. We have to make some money.
So I love what you did there and it’s just another lesson for those learning. And not even just beginners. I’m seeing seasoned people that are listening to the podcast. What an amazing lesson to learn right now, wherever you stand in your wholesaling business to remember, be a truth teller. Tell the truth and you will go so much further in life because there are so many people out there that might be doing it wrong. That might be doing it with deception and it’s just not the way to go and you don’t need to do it.
Stephen: Yeah, I totally 100% agree. And I listened to a podcast and I think it was actually Todd Toback talking about, being a truth teller and how he just told the seller, I’m not going to do anything to this house. I’m not going to fix it. I’m just going to turn on and sell it. And I remember listening to that podcast and thinking, gosh, that just takes off so much pressure. Because I’ve tried to wholesale before and I always thought you had to go in there and try to pretend to be the end buyer. And then now when you have to do an inspection and you’ve got all these people coming through, you’re trying to, Oh yeah, these are my rehab crews and you know, some of my business partner and then you’re having a shade tree, everything and try to, hope that they don’t find out what’s going on. And that was so freeing to me that no, I don’t have to pretend. I don’t have to not disclose. I can tell them exactly what I’m doing. And like you said, when somebody is wanting to sell, they don’t care. They just want to sell.
Cody Hofhine: So true. My man. Well, I want to personally thank you for spending time on this podcast, to help all of our listeners out there of how they can get a deal and some of the key principles. The core principles of a wholesale business. How to find success. And it’s these things of truth of honesty, integrity, going out there and building relationships of trust and not just worry about the deal. The deal or the money or the money, but you’re truly going out there and getting to know individuals and then finding out about their home. And those are some of the secrets. Those are the little things that make big differences. Thank you for sharing some of those gold nuggets for our listeners today.
Stephen: Hey, thanks for having me. I was super excited to do this. I remember when I started listening to podcasts, I told them, I told myself, man, I’m going to be on that podcast one of these days and they’re going to be ringing that bell from me. So it’s like a dream come true, man.
Cody Hofhine: I love it. Well, before we let you go, I do want to ask you if you were starting brand spanking new, and I guess, for you it’s like almost not well, you’ve been in the real estate game, but it’s not too long back. But if you were looking back and we have a lot of listeners that may be at the beginning stages or maybe you’re stuck in their business right now, looking back, if I was getting into this or stuck, what would you tell me? What advice would you give that would help me if I was just beginning,
Stephen: I would say just know that it’s not going to just be easy and you’re going to be uncomfortable and you need to be courageous. And I always define courage as doing something in spite of the fear. Not trying to say, don’t have fear, have fear. Fear is you’re going to have it, have fear, be anxious, be nervous, be all of those things, but be courageous and do it in spite of those things.
Cody Hofhine: Love it.
Stephen: And that’s what I would say is. There’s so many things that I could just look back on my life that I just allowed the fear to stop me from taking the next step. And this was one of those things, I was making good money just doing what I was doing, but I felt like I wanted to own something and I wanted to build something that was mine and that could be taken away from me. And I was so afraid to do that, but I’m just so glad that I just jumped in and did it in spite of.
Cody Hofhine: Man. Such good words. Such good wisdom and a proud of you. Super, super, super proud of you. That is awesome. And I agree with ya. You’ve got to overcome some of those fears. You’re going to fill them, but you still go for it. Such good words of advice. I love that. What about a book? Any recent books that you’ve read that have helped you in your personal life or in your whole selling life that you’d want to share with the individuals listening today?
Stephen: Yes, absolutely. The five Spiritual Laws. I read that book as joining the tribe and that book was incredible. So I would definitely recommend grabbing that book and reading it. And then another one that I read that really just, it was Profit First and man, that book just changed my bank account and what it looked like. Cause even as I was making money in real estate and doing these other things, I am employed that system to all the income that was coming into the house. And man, it’s just, it’s has been just a dramatic change instead of making a ton of money and then being like, man, what did I spend that on? You know? And just it’s gone.
Cody Hofhine: Like the NBA and NFL. [inaudible 00:24:06]
Stephen: Right? it’s so, now you know what you’re doing, when a check comes in, regardless of how much you know the allocations and it’s just so empowering.
Cody Hofhine: Profit First. And it’s Michael Michalowicz, I believe that’s how you say the last name, but such a great book. We started our business exactly from that and I learned that book from actually Tom Kroll. So great book and I’m glad you’re at it because it’s true. It teaches how to just allocate those funds. Well, my man, Steven, I want to thank you for being on this podcast episode. It’s been awesome. There’s going to be a lot of individuals listening to this that are going to have hope and be inspired to know they can do it. Their dreams are worth it. Yes, it’s going to be taught. It’s okay guys, everything in life that is worth it and have been your greatest joys and successes have come from the tough road. It’s never been the easy road. So this too, if it’s going to bring some great successes, great joys, know that it’s also going to come with some difficulties, some trials, some challenges some struggles. So such great wisdom. And again, thank you so much for being on the podcast today.
Stephen: Hey Cody, thank you man and I appreciate it and man, let’s take over the world.
Cody Hofhine: Let’s do it. All right. Rhino nation, you’ve listened to an amazing episode from Steven in Memphis, Tennessee. What a incredible individual that’s out there serving individuals that’s out there, getting to know people and creating win-win situations. If you are looking to build your wholesaling business and you’re a little bit stuck, you don’t know what to do or you don’t know if wholesaling’s for you, go over to Wholesaling Inc dot com that’s wholesaling I N C dot com. Click on the reviews and look what people are doing all across this great nation.
It’s individuals just like Steven that are in their own territory doing deals left and right and lets you know that you can do this. It will inspire you, it’ll build hope for you. It’ll give you the courage to know that you can do it, your dreams are worth it. And if you want help building your personal wholesaling business, you can click on and book a call with our team and see what it looks like for us to help you in that journey. And if we like what you have to say and if we end up being a good fit, we’ll invite you to be part of the tribe. Until next time rhino nation, keep listening and we’ll see on the next episode. God bless.