Posted on: September 10, 2018

Many wholesalers (rockstars and newbies alike) agree on one thing: while wholesaling can be highly lucrative, it’s always not a walk in the park. Sure, you will have countless moments of triumph. However, there will also be frustrating times where you’ll feel like you just can’t get things right.

Contrary to popular belief, you don’t fail at wholesaling because you lack the will, the effort, or the desire. So what exactly do you need to work on? That’s what this episode’s guest is here for—provide expert guidance so you can clearly identify whatever it is that’s holding you back and give you actionable steps so you can effectively overcome it.

In this special episode, Tom talks to Patrick Precourt. Patrick is brilliant entrepreneur and an industry leader in sales and leadership, marketing, coaching, and business development. He is also Tom’s trusted mentor.

If you’re looking for expert advice, tips, wisdom, and insights on how you can bridge the gap between where your wholesaling business is right now and where you want to take it, this is one episode you shouldn’t miss!

Key Takeaways

  • The 3 fundamental things that keeps people from making progress
  • The part where most people get stuck at
  • The fear that’s most crippling
  • The antidote to the fear of not knowing
  • The difference between knowing and not knowing
  • Why focus is not the opposite of distraction
  • The importance of focusing on a determined outcome
  • Why people are vague about their goals
  • Why momentum is your ally
  • Two key ideas that can keep momentum going

RESOURCES:

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Episode Transcription

Tom Kroll: Hey everybody. Welcome to one of, what is going to be, the most amazing episodes of Wholesaling Inc. I am so excited to be here with you today. I have one of my personal mentors on the phone, a mentor who gets my thinking right in line every time I need it. I can’t tell you how excited I am. My name is Tom Krol, America’s number one wholesaling real estate coach. And if you don’t know what wholesaling is, wholesaling is a way to make a fortune by finding discounted properties and turning those deals quickly for income. You could start anywhere and there’s nothing better. So today on the podcast I have the man, the myth, the legend Patrick Precourt. He is a personal mentor to me. I had an issue I was dealing with where I was trying to overcome a hurdle just recently, and he gave me exactly the right advice, right at the right time when I needed it.
And I am so excited that he’s agreed to share his information with us and be on this podcast today. This podcast is all going to be about getting results. How to get results and not how to get results through the vehicle, but through the mindset. Who you have to become, be to have not what you have to do to have, but be to have that as the key here guys with this episode. This is going to be getting the result that you want no matter where you’re starting. So without further ado, Patrick Precourt. Patrick, can you you hear me?

Patrick Precord: I can loud and clear. Thank you for that. Awesome intro brother. And so happy to be here. So excited to share some cool nuggets over the next few minutes here.

Tom Kroll: This is going to be awesome. I can’t wait. The audience is going to be completely moved, and I can’t wait. I’m so excited. So I’m going to just let you go ahead and take the show here cause you’re my mentor, so I listen to you. You don’t listen to me. So tell me what are we going to be discussing today?

Patrick Precord: Awesome brother. And I’ll share with everybody. You know, I usually do this over a couple of days, three days. And one of the first things that Tom told me, coming on, he says, “Pat, the more brief, clear, and concise to the point with actionable steps you can give my audience, the better they’ll enjoy it.” So I’m going to do that for you today, Tom. We’re going to break this down. And, here’s the thing, right? When we want something different in our lives, we always start with the idea of what do we have to do and how do we do it? We put all our time, energy, and effort in to that study. And we go on and we get books, we go seminars, we buy courses, and we start learning more about what to do and how to do it. And more times than not, we start realizing there’s more to the puzzle. Because they’re not exactly getting the results, that we set out to get in the first place.
What I want to do today is fill in that gap. And I guarantee just knowing where people sit, and especially in this whole game of real estate, it can be frustrating sometimes, right? And I know there’s some listeners right now that are frustrated. And it’s not due to a lack of effort or lack of desire or will and all these other things that you know, people always throw around. All that stuff’s there. Yet, things still aren’t falling into place. And I want to share with everyone listening today, and this is the one of the really, really cool things, that there is a very good chance you’re a lot closer to where you want to be then you can ever imagine. It’s almost like we’ve built a bridge, two-thirds of the way across the river and we’re just having a hard time finishing that last little piece. I’m here today to bring that last little piece, Tom, and I’m ready to bring it up. With all guns blazing.

Tom Kroll: Well, I can’t wait because I know there’s a lot of people who they start and stop, or they’re still in the comfortable area of collecting information and getting education. But they haven’t actually pulled the trigger, they haven’t taken the action that they know is necessary. There’s something holding them back and they don’t know what to fill that gap in with. So, how do we help these guys get to the next level? The first level? If they’re just starting out?

Patrick Precord: Yeah, so what all, I’m going to break this down to three. There’s three things that fundamentally interrupt progress, right? And they can be described as shared in different ways, but I’m going to really make this very simple for our listening audience, so it can be ingested very simply. But then actually put into action, right? Because quite honestly, if we’re just here throwing around cool words and training, but it’s not actionable, it’s really a waste of everybody’s time. And I totally respect the time that you all are spending listening to this right now.
I’m going to break this down to three pieces right here. Number one is action, number two is fear, number three is focus. And I know you’ve heard these words before, but I want to share some insight into them. How you can identify if that’s the issue that you got. And then more importantly, how do you overcome it now? So let’s start with the action side of it, right? So you hear…and this is the funny…Now, you know I work in a space of personal development, right?

Tom Kroll: Right.

Patrick Precord: The funny thing about personal development, you always hear things like, you know, affirmations and positivity and vision boards and incantations and all this kind of stuff and law of attraction. And for those if anybody who was, you know, read anything on the law of attraction, the typical takeaway is, you know, if we can think about it and we can feel it and speak about it, think, feel, speak, we can manifest it into our lives. Well, I challenge everyone listening right now. Sit down in your seat, put your feet down, plant them on the floor in front of you, fold your arms across your chest, and think about what you want. Feel what it’d be like having it and speak out loud and let me know if that stuff shows up.

Tom Kroll: Right. I love that somebody has the audacity to actually say that and challenge it. Yes, I love it. So yeah, keep going.

Patrick Precord: And be positive that it will the entire time.

Tom Kroll: Right.

Patrick Precord: And let me know how that works for you. And the challenges, although all of that stuff is awesome and oftentimes necessary, it’s not the whole thing. As a matter of fact, it’s not the most important piece. You should be thinking about what you want it. That has to do with the focus side, which we’ll talk about in a moment. Feel the emotional side of that’s the space of. Once your body can emotionalize what it’s like to have what you want to have, then our decisions are altered and work towards achieving it. Great. Fantastic. And then speaking about, well, if you speak against it, you’re spreading a message that, well, it’s conflicting. And guess what? When, when the stars don’t align, things don’t fall your way. So those three do have to fall in place.
But the biggest step, the most important part, is the action part. Taking action towards what you’re thinking about, feeling, and speaking about. And this is a part where we get stuck at, right?

Tom Kroll: Right. Absolutely.

Patrick Precord: So let me simple use a simple GPS analogy, right? So we’ve all done this. We’ve been in a parking lot, a strange parking lot we’ve never been to, and want to know, which way to get out of it, to go home, right?

Tom Kroll: Right.

Patrick Precord: So it’s from our GPS, the GPS has no idea where we are. We’re like GPS, please. I’m coming to the exit here. Tell me right, left, right, or left. It doesn’t know because, well, we’re not going anywhere. We’re not taking any action.

Tom Kroll: Right.

Patrick Precord: But the second we start taking action, we start moving. It starts giving us feedback, specific feedback. On A) exactly what not to do. Does not. You should’ve went right, when you should have went left, but we’re going to redirect you.
Or B) keep going, you’re in the right direction. And such is the universe, such is life. Action produces, results, produces feedback, produces specific instructions on exactly what not to do or exactly what to do in order to achieve the result you desire. And both of them move us forward. And that’s the important takeaway here. So, the thought, or the concern, about what if I take a left turn when I should have taken a right? No big deal, no problem. It still moves you toward the desired outcome, because it gives you the feedback and the direction you need to correct your course. Just like the GPS does. Now let’s say you continue down a wrong path. Wrong decision, after wrong decision, after wrong decision, guess what the GPS will do? Say, rerouting.

Tom Kroll: Right.

Patrick Precord: It’ll create a whole new plan for you, but never lose sight of the outcome.

Tom Kroll: Right.

Patrick Precord: The specific goal that you’re trying to achieve. So our whole fear, of making the wrong decision or making the wrong turn, is exactly what prevents us from making any progress. So that’s a fear side of it. And I’ll add to this, right? And this is the interesting thing about fears and we don’t have the time to go deep into fear today. But there’s of course, you know the fear of loss, and that’s a fundamental fear that we have. Then there’s a fear of rejection or judgment. And that’s another one that’s loud and clear, it’s in our face all the time. But those two are very, very clear. They don’t sneak up on you. You know them going in. Your fear, you may lose what you’re putting on the table. Your fear that you know your coworker, or your spouse, or your friends, are going to call you a loser for trying to do, what you’re trying to do, right?

Tom Kroll: Right.

Patrick Precord: Those are obvious. The one that creeps up though, Tom, and the one that’s more crippling and it’s silent, is a fear of the unknown. And this is like an underlying fear, not knowing. This is how powerful it is, right? If I told you, Tom, if you do that, you will fail. And you’ll get instructions on what to do next, that’ll guide you towards a desired outcome.

Tom Kroll: Right.

Patrick Precord: You are more inclined to take that action, knowing that you’ll fail and get instruction and move forward, than if you knew nothing.

Tom Kroll: Right. You know Patrick, I am so thankful for you, that you are saying this. I want everyone, if you’re driving, you should pull over and you should rewind the last 60 seconds or so of this and replay it. This is the number one showstopper. Because I find in this tribe is that if someone is struggling and they know that they should take action and they have this fear, a lot of people talk about fight or flight, but it’s really frozen. They just don’t take any action. What Patrick is saying here guys, what I’m interpreting is take action. Take the action. Because it is that movement that actually will lead you to the next right decision. But yeah, I think the fear of the unknown, I would rather know I’m going to fail than to have the fear of unknown myself. So I’m totally with you 100%.

Patrick Precord: It’s built into our DNA. We do not like not knowing. And I’ll give you an example and then I’ll give you kind of a little antidote to it, right?

Tom Kroll: Okay.

Patrick Precord: So if I said here, Tom, I got the suitcase full of $10,000 cash. All you have to do is walk to the end of that tunnel. Now, here’s the only caveat here, Tom, number one, I can’t tell you how long the tunnel is. Number two, it’s pitch black in there. You will see nothing the entire time, you will not know you’re at the end until you’ve come out the other end. So as soon as you walk in, I close the door, pitch black, you keep walking until you get the other end.

Tom Kroll: Right.

Patrick Precord: I’ll tell you what, after 10 minutes of walking, the little talk starts in our head, right?

Tom Kroll: Right.

Patrick Precord: Man, how long have I been walking? How far have I gone? Is this ever going to end? Is it really true? Am I ever going to get the money? Maybe he lied to me. Maybe this is a death trap. Maybe I fell for something. Maybe this whole thing is a fraud. The voices, just start overwhelming you. Now, as I use this analogy, I want everyone in to compare this to real life. Whenever we’re doing something new, right? Where we don’t know the outcome and we’re along the journey. We don’t know when we’re going to get to the desired space we’re trying to get to. The power of the voices, man can be brutally crippling.

Tom Kroll: Right.

Patrick Precord: Now that’s 10 minutes. Now picture half an hour in. Now you’re still fully capable of walking straight for half an hour. By now, dude, your body is almost frozen.

Tom Kroll: Right.

Patrick Precord: You’re so overwhelmed with the emotion. You brought up the fear of fight or flight. It’s physically starting to incapacitate you.
Now you’re almost going into like a panic mode all because the little voices inside your head. Now stop there for a moment and let me walk you over to a parallel tunnel. Same deal, same tunnel, same length. The only difference here is this one has a tiny, tiny, tiny, tiny little bright light at the end of the tunnel. Maybe the size of a dime.

Tom Kroll: Right.

Patrick Precord: And every step that you take towards that bright light, not a huge change, but you can see it gets a little brighter, gets a little bigger. Now, the difference here at the first tunnel, every step becomes more crippling. In the second tunnel, every step becomes more invigorating.

Tom Kroll: Right.

Patrick Precord: The desire increases the motivation increases, the intensity. The inspiration gets bigger. Every step, before you know it, you’ve been walking for two hours. But now you’re in a full out jog walking into a sprint,

Tom Kroll: Right.

Patrick Precord: Because you can’t wait to get it. You see, you feel it, you taste it, right?

Tom Kroll: I love it. Absolutely. Yeah.

Patrick Precord: That’s the difference between knowing and not knowing. Now you say, well, how does that relate into the real world? Well, here’s the truth. When you get clear on your outcome and the steps it takes to get there, you can see that type of progress the entire way. And the challenge is, we lack the focus from the very beginning. And that’s going to get me into the other part here. So the antidote to that right there, Tom?

Tom Kroll: Right.

Patrick Precord: Is create the light in your tunnel.

Tom Kroll: Beautiful.

Patrick Precord: Don’t just tell me you want something, but create the light in your tunnel. We know you got it in you and we know the systems that you’re taught, work. That’s proven again and again and again. The challenge is, when we don’t see the light, we get lost in a tunnel. And we’re there with ourselves, only ourselves, and that voice will cripple us. Happens to everyone. Don’t think there’s anything wrong with you. Its human nature and the answer isn’t well, I’m stronger than that and bigger than that. No, quite honestly, that’s BS, right?

Tom Kroll: Right.

Patrick Precord: That little voice can beat the crap out of us. The antidote is to humble yourself to [inaudible 00:15:56]. Now, let me just use some mind hacks here and defeat it before it gets going. So let’s get into focus and this is the third one. Remember we started with action and got into fear. Now we’re going to get into focus. Challenge with focus is everybody thinks that focus is the opposite of distraction. And it really isn’t. And let me explain that for a moment, right? Distraction is an outcome of a lack of focus. Distraction is not the opposite of focus.

Tom Kroll: That. I just want to, everyone should just re-. Can you just say that again Patrick? Cause I think that is so key. What you just said, is earth shattering. I need everybody to really just listen. Put your listening ears on and really listen. Patrick is, just so you guys know, he is a game changer and what he just said is an absolute. If you can adopt this philosophy into your life. If Patrick, can you just say that again for everybody’s benefit?

Patrick Precord: Absolutely. And then I’ll put it in a cute little analogy for you, right? So distractions are not the opposite of focus. Distractions are an outcome and effect of a lack of focus.

Tom Kroll: Right.

Patrick Precord: They are a result of. You create a void when you lack focus and distractions fill the void. You know you’ve heard the idea that nature cannot stand a vacuum. It’ll always fill those spaces.

Tom Kroll: Right.

Patrick Precord: And when your bucket of focus is empty, it’ll fill it with distractions. So picture this, all right? So picture we’re at one end of a football field when everybody to kind of envision that for a second, right? And down at the other end, I set up a target, I don’t know, say 24 inches across. It’s your typical round target with rings and a red center dot, right?

Tom Kroll: Okay.

Patrick Precord: Cool. Now I set it down here, Tom. Look at the target. Now in your sight of vision, right? If you were to take your hands and put them at an angle at the side of your face. You know, you make this big triangle exiting your vision. You’ve got a huge line of sight. It goes from hundreds of yards across. By the time you get down a football field, lots of stuff in that vision, right?

Tom Kroll: Correct.

Patrick Precord: If anything happens, like let’s say kangaroo bounces across the football field, it’s going to distract you from your target. Which is your vision down the way. Picture of the center of that target, that’s our vision. Right?

Tom Kroll: Got it.

Patrick Precord: Yeah, if a dancing gorilla comes out in the middle of the field, bam, right there, you’re staring at that thing, right?

Tom Kroll: Right. I see three of those a day.

Patrick Precord: Now let’s narrow our vision a little. Now let’s grab some binoculars, right?

Tom Kroll: Okay.

Patrick Precord: We focus them in a little. Now, binoculars are not like a microscope, right?

Tom Kroll: Right.

Patrick Precord: But it will reduce the vision. Now maybe we have a 10 yard span and we can see our target better, which is awesome. But the challenges, we’re still not there. Anything that walks into that space, albeit we’re narrowed it down to distractions. Anything that gets in that line of sight will still be a distraction to us.

Tom Kroll: Right.

Patrick Precord: Now. Picture you’ve got a high powered rifle in your hand and you’ve got a highly magnified scope on it. And you look on those crosshairs and those crosshairs are dialed in on that little red dot. That little red dot is, in effect, about three quarters of an inch across. And that is the only thing in your sight right now with a crosshair on it.

Tom Kroll: Right.

Patrick Precord: Now as distractions cross the field, they come in and out of your sight so fast, dude, you don’t even know they’re there.

Tom Kroll: Right. Right.

Patrick Precord: They don’t have an opportunity to show up in your lives.

Tom Kroll: Right.

Patrick Precord: And that’s how important it is. They have to be clear and focused on determine outcome. Now, here’s the challenge, and this is where adults go wrong. We don’t like being held accountable. I mean, just talk about this for a second, right? And if we get crystal clear on our outcome, which means it’s extremely well-defined, we think about it, we emotionalize it, we speak it to anybody and everybody all the time, and we take action on it every single day. So everybody knows what our purpose and our outcome is. Guess what? We are now accountable to achieving that.

Tom Kroll: Right.

Patrick Precord: We don’t like that. That’s discomforting to us. So we subconsciously, vaguely define the outcomes that we desire.
I’m going to lose some weight. Well, Tom, how much weight you’re going to lose? When are going to lose it by? And when are you going to start? And how are you going to track it?

Tom Kroll: Right.

Patrick Precord: That starts adding clarity to it.

Tom Kroll: Right?

Patrick Precord: You follow me on this?

Tom Kroll: Oh, brother, I cannot even tell you as you are saying this, I come across this. So a new student will come in or somebody who’s new to wholesaling and one thing we always say is get clear on one goal that is attainable. And if my nine year-old daughter Lacey, doesn’t understand it, if she can’t see it, taste it, touch it, feel it. If she can’t explain it to one of her friends, it’s too complicated, it’s not focused enough. And yes, so I am with you 1000%. I think that I didn’t realize until I just heard you, that people are doing that intentionally. They’re doing that intentionally to not be held accountable. And I love that idea cause now I’m going to even double down on this approach.

Patrick Precord: Oh yeah. We do it subconsciously to protect ourselves from, again, fear of failure, fear of rejection, fear of the unknown. All of those creep back up. And that’s why I brought those up first. They all just plop right back into place. But now we see how they actually derail us from going. And you mentioned something at the very beginning of this call about the start, stop, start, stop, start, stop process. I got to bring something up on that because that is the one thing that will crush an entrepreneur. The amount of effort, emotional currency, mental focus, physical, right? That it takes to go through that process. Picture a locomotive, a train on a set of tracks, right?

Tom Kroll: Okay.

Patrick Precord: Now picture a hundred cars behind it. All filled with coal to the top. You’re talking about hundreds of tons. Now, picture this thing, dead on the tracks.
That’s our starting point.

Tom Kroll: Right.

Patrick Precord: Think about the thousands of horsepower it takes to get that thing moving.

Tom Kroll: Right.

Patrick Precord: Tremendous. Amazing,

Tom Kroll: Right.

Patrick Precord: Right?

Tom Kroll: Yes, yes.

Patrick Precord: Once it’s moving, it’s not gliding, but it just takes a fraction of the horsepower to keep it moving. Now this is where this gets important, right? When that thing is standing still stuck on the tracks, right? Picture a railroad crossing, one of those arms coming down across the tracks like a skinny little two-by-four across the tracks. For that train to get through that skinny little two-by-four. It’s still going to take thousands of horsepower because the damn thing’s sitting still.

Tom Kroll: Correct.

Patrick Precord: You’ve stopped. It takes everything you’ve got and then you’ve got to borrow some just to get moving. That hurdle, that challenge, seems insurmountable.

Tom Kroll: Right.

Patrick Precord: Now picture the flip side. Once you’re moving down the track, you’ve refused to stop. You know that momentum is your ally and important, and the one thing that’s necessary to get you across the finish line. Now picture that barrier, that hurdle, that challenge that you were up against the other day, that skinny little two-by-four across the tracks.

Tom Kroll: Right.

Patrick Precord: Are you even going to recognize it anymore as a challenge or a hurdle?

Tom Kroll: No.

Patrick Precord: When you’ve got momentum? The answer is no. Right?

Tom Kroll: This is, if I can just for a minute, there are so many golden nuggets about what you just said. I cannot even believe it. I mean you guys, this is where when I have a call and a student will say, you know, they’re on a roller coaster of income, right? It’s work, work, work, marketing, marketing, marketing. Then a deal or two and then all of a sudden it goes back down to the valley. Then work, work, work, and then maybe deal or no deal. And then, and it’s this roller coaster.
One of the things, just to bring this down to where we’re at, is this is why you do not want to be responsible for your own marketing. Because marketing for wholesaling deals is exactly like the start and stop of a train. Every time you get distracted to go work on a deal and you stop your marketing, it’s exactly what Patrick just said. Momentum is your ally. Momentum is your ally. That’s why you need to outsource for $2 or $3 an hour to [inaudible 00:24:04] your marketing. So it goes out every single week with or without you. You know, and this is that starting and stopping. It’ll kill you. Cause if you have to keep putting all that energy, into restarting that train that Patrick is talking about, it will kill you. And that’s exactly what you’re doing. The start and stop of marketing. So yeah, I absolutely, I love that idea. Very cool.

Patrick Precord: Tom, I know we’re at a kind of timeline. Here’s, I’m going to wrap this up just with two final thoughts here for you guys.

Tom Kroll: Sure.

Patrick Precord: Okay. I know we went to a lot of stuff, touched kind of on some ideas two things that are so important to this whole process. Number one, begin now. Change can only happen in the present. Can’t happen in the past and it can’t happen in the future. Tomorrow’s nothing more than a reflection of today, magnified. It has to happen now.
And second, never miss a day. Once there’s momentum man, you got to keep it going, even if its tiny steps. Now there will be days like you and I tell them we get up. Because not every day is perfect, right?

Tom Kroll: Right.

Patrick Precord: Some days we’re just off our game, but I’ll tell you right now, even if you fall flat on your face, you made the effort, you took a step, you fell down, flat on your face, you still have fallen forward. You’ve made progress. It’s impossible to fall on your face and fall backwards. At the end of the day you can say, you know, it wasn’t my best day but I made progress and it keeps momentum going into tomorrow, man.

Tom Kroll: Beautiful. I love it. Bam! I’m ringing the victory bell. Here we go. Here we go. That was so beautiful. You guys. Patrick is a game changer. Patrick, if people want to learn more about you, you guys, Patrick is somebody that I speak to. I seek mentorship from. He is a game changer. Every time I am stuck I need to be moved. I want to go to the next level. I grab his ear and he gives me exactly what I need when I need it. I know Patrick through collective genius. He’s a rock star. So Patrick, if people want to find out more about you and learn more about you, or get some of the resources that you have, how can they do that? What’s the best way to contact you?

Patrick Precord: Just my local domain. So Pat at then my full name, Patrick and then my last name Precourt, which is P as in Peter, R-E-C-O-U-R-T.com. Pat@patrickprecourt.com. And there’s some cool free downloads. There’s some cool eBooks if they’re interested in, you know, one we have this whole live big campaign and lifestyle. It’s super cool and fun to follow. Been a pleasure, brother

Tom Kroll: Patrick. I can’t thank you enough. Thank you for sharing your time with us. I know you have a busy schedule and I really appreciate it. The entire tribe appreciates it. All the rhinos, we’re giving you a rhino salute right now. So thank you brother. I can’t wait to see you again soon. The next event and yeah, this is going to be a great adventure, so thanks again. Everyone is going to use this and you guys, everybody should head over to, I just want to be clear, it’s pat@patrickprecourt.com, right?

Patrick Precord: Yes sir.

Tom Kroll: Awesome. All right guys, enjoy the day. And Patrick, thank you again. I appreciate it brother.

Patrick Precord: All right, you as well. Peace guys.

Tom Kroll: Have a good day. Bye bye.

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