Posted on: December 24, 2018

If you’re new in the wholesaling business, it is likely that you’ve heard stories of people earning money in a few hours that’s equivalent to what some people earn in a year. Understandably, it’s easy to dismiss those stories as nothing more than a gross exaggeration. However, today’s guest can attest it can happen!

Carson Fox has only been a part of the tribe for a mere 4 months. However, the tenacious wholesaler from Greenville, South Carolina has already done one massive deal that has made him $29,850 richer. What’s even more amazing? He only spend a total of 4 hours working on the deal!

If you’re looking for a story that can inspire and help get your wholesaling efforts to an exceptional start, today’s episode is exactly what you need to hear!

The Deal

  • Carson consistently sent out weekly mails to the hot zip codes on the unknown equity list.
  • On the 4th week, he got a call from a motivated seller who would like to sell his rental property.
  • After building rapport and establishing a good relationship with the seller, he was eventually able to purchase the contract.
  • While he paid only $8,000 for the contract, he was offered $37,850 for it. That means he walked away $29,850 richer. Definitely a massive reward for a deal he only worked on for 4 hours!

RESOURCES:

If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!

Subscribe to Wholesaling Inc

Episode Transcription

Cody Hofhine: Welcome to another episode here on Wholesaling Inc. My name is Cody Hofhine, I’ll be hosting today’s podcast episode. I want to say a huge welcome to those of you that are for the first time listening to this podcast. Welcome, welcome, welcome. We hope that you get a ton of value on this.
Now on this podcast, we’re dedicated to helping each one of you get one step closer to finding your first deal through wholesaling. So if you’re new to the podcast and you’re wondering what the heck is wholesaling, wholesaling is just simply the art of finding something at a discount. Now we talk directly about wholesaling real estate, so it’s how to find those deeply discounted properties. That’s where the money is made. And so we are dedicated on this episode, and every episode that we do, to interview individuals that went out there just recently, did a deal. They’re going to show you step by step how they did it so that we can deliver actionable items right now, in each one of your lives, so that you can get one step closer to your first deal as well.
So get a pen and get a piece of paper ready and start jotting down the action items that you’re going to take after listening to this episode. Today we have Mr. Carson Fox from Greenville, South Carolina. He has joined the tribe, just a few months back, so he’s been part of our coaching program for about four months, but just did a massive deal. I’m not going to say anything about that deal yet because that’s going to be his story. He’s going to share everything step by step how he did it and then ultimately tell you what that did for him in regards to a payday. He’s doing this full time and he is just ready to go. Like I said, we’ll be getting into this deal, that is just an awesome, awesome deal. So Carson, my man, how in the heck are you? And let’s start from there.

Carson Fox: Hey Cody. Yeah, I’m excited to be on here, so thanks for having me. Just been busy with a couple of things, but that’s great to be in wholesale and doing all of that. Thank you for having me on the show. I appreciate it.

Cody Hofhine: You are so, so, so very welcome. But it’s an honor to have you on the show because what’s going to happen on this podcast that you always realize, and what our guests are going to soon realize, is there’s going to be things that are unique about your story that’s going to help and resonate with some individuals that are listening to the podcast today that hopefully will help them realize that they can do this, it’s not just by luck. But when you put a process in place and you take massive and perfect action, it can lead to your first wholesale deal. So give our audience a background, a little bit about yourself and what really got you into wholesaling. What was it that you were doing, maybe, before you got into this full time and what made you do the jump?

Carson Fox: Yeah, so I actually just graduated college this past December from The Citadel in Charleston, South Carolina. My original plans were actually to go into commercial development and I was trying to interview for some different positions out in Denver, Colorado. It just ended up happening where things weren’t working out and no one would really take a chance on me. And so I … I actually didn’t really know about you guys at the time, I wish I did, but I found kind of a program to learn more about wholesaling. I got into that about the end of March. I did what they were teaching me for a while and I got some deals from it, but it just really ended up being very inconsistent. A lot of it was … I mean all of it, honestly, was my fault, but I just didn’t really know entirely what I should be doing. I heard of you all on the podcast and reached out to you guys and just knew it would be the best step to be able to ramp up my business even more. I have absolutely no regrets. I love wholesaling. I would recommend it to anyone.

Cody Hofhine: Well, you are super, super, super kind, but you have been someone that’s been dedicated as well. And what I love about this, and this can be a completely … What our guests are going to see is a complete honest background of everything. One question I’ll throw out there, has it just been completely easy? Has this just been a walk in the park?

Carson Fox: Not at all. I mean this type of business … I mean for all the listeners who are actually doing it will understand that it’s not really that hard of work, but you just have to be super consistent with everything. You have to have a head on your shoulders as far as … If you have a call from people and they’re not saying what you really want to be hearing from them, you just have to block that out and just let it go in one ear and out the other. I think that’s helps get through everything, just not letting others discourage you and just really having that end goal in your mind.

Cody Hofhine: Yeah. So Carson, maybe help some of the audience now, our listeners right here, rhino nation maybe what are some of the things that along this journey of before getting this wholesale assignment fee that we’re going to be talking about, what are some of the trials and challenges that you actually did face? What is something that someone new, possibly, could encounter because you encountered? What were some of the things that kind of made this like, “Oh man, this is a trial. Ah, this is a struggle.”?

Carson Fox: Yeah, yeah, for sure. So initially, once I wasn’t having wonderful mentors like you and Tom, I was taught that, of course, you get all your deals through marketing. But with that, there comes a lot of different streams as far as marketing. There’s bandit signs and there’s driving for dollars and there’s putting in offers to realtors. And so once I started I really didn’t have a lot of direction of what to do. When I initially started, I just tried to do a handful of all of them. I was pretty excited because within about the first 40 days I was able to do my first wholesale deal, which was through a realtor, but that was just giving offers and as time went on, I ended up doing six deals by juggling all the different parts.
But like you guys say, it just ends up being a roller coaster type effect as far as the income and properties closing and getting them under contract. And so that’s what I ran into and I really didn’t understand what my problem was with as far as lead flow, and all of that, until my first live call with Tom on one of the support calls. I described the situation like I am now and he said, “Well, how are you marketing?” And I told him I was putting [inaudible 00:07:50] signs’ on Friday and I was driving for dollars and this and that. And he stopped me and he said, you’re trying to do too many things at once. You need to do one thing, one marketing stream. It’s super good at it. And then once you know it’s effective and it’s in place, get someone else to help you implement the second one. So I completely stopped and decided to choose just direct mail and just been pushed and you know, forward with that and being really consistent with it. And so that’s really helped me a ton.

Cody Hofhine: Awesome. Awesome. That singular focus seems to always do it for a lot of us. It’s, it’s something that Tom and I even always have to talk about today, even with our own businesses. So it’s not just something for the beginner, but you always got to be reminded of, is this the one thing that we need to be doing? Is this the thing that takes our focus? And so I love that singular focus you got into, into direct mail. So let’s go right into the meat and potatoes and let’s start sharing exactly how you found this deal that we’re going to talk about today. Was this something found from direct mail?

Carson Fox: Yeah, it was. So I kind of in the tribe, Tom and you, Cody recommend, list of different types of a list to get and you know, one of them is tags to link [inaudible 00:09:08] and the next one is what are the, the first two ones?

Cody Hofhine: So you got [crosstalk 00:09:14] you’ve got code violation but-

Carson Fox: Code violation.

Cody Hofhine: Okay, perfect. That’s the one you’re not for!

Carson Fox: Yeah. Sorry about that.

Cody Hofhine: No worries.

Carson Fox: So there are both of those lists and I knew I needed to get those, but in the meantime, I didn’t want to waste the time trying to find these lists when I can mail something. So I said, what can I pull right now to send out while I’m working on getting these other lists out? And that was the unknown equity list. And in my County, the list was really large, at least for my budget at the time. So I chose, you know, the hot zip codes and I got the list and it was about 8000 or so people. And so I, since this was my real, you know, first marketing and mailer, I said, you know, there’s no way I can handle 8000 postcards and all the calls from, you know each week about that. So I split it up into six or seven different drops and I was sending out 1328 cards a week.

Cody Hofhine: Perfect, so you consistently sent out the same amount of number every week. It wasn’t like you’re skipping weeks, it was just every week this amounts going out.

Carson Fox: Yeah, I wanted to be just consistent with that, so I sent them out- [crosstalk 00:10:31]

Cody Hofhine: This is so good, [inaudible 00:10:33] by the way, this is so good. This is one job, like this is one note. Everyone should be writing down. Consistently send out marketing every week. So keep going.

Carson Fox: Yeah. So I’d send it out on Friday, start getting calls the majority of Monday and Tuesday with a few, you know, later in the week and the fourth week I got a call from this gentleman who owned a property. Him and his wife actually used to live in it and they don’t live in it anymore, but they kept it for a rental and all he really said was that it was in really bad condition. He was just really tired of messing with it. It needed repairs, it was paid off. So that was, you know, a really good thing. I always go through the script and he said he just really didn’t have the money to fix it up now and, and just, you know, wanting to get some money for it and not have to deal with it anymore. So that, you know, that really stood out to me.
And so we … I immediately, you know, said let’s take a look. I want to, you know, meet you, get to know you and take a look at the property. So we did. And about a couple of days later I met with him and as I get out the truck, this gentleman and lady come to me and you know, I introduced myself. I didn’t know if he was a seller or not or the owner of the property. And it turned out to be the tenants there. And once I said, you know, I was just taking a look and I thought they were someone different. Once they knew that he was selling the property, they kind of got upset kind of quick. Not at me but at him because they told or he told them that, that I was an inspector for the property. But of course they figured out that I was the one looking at purchasing the property.

Cody Hofhine: Sure, sure. [crosstalk 00:12:26] So what kind of kinks did that put in? So the actual owner didn’t even meet you there, you just were face to face with the tenants looking at the property?

Carson Fox: Well also I was, I got there about 15 minutes early. I always try to get to any of the appointments at least 10 minutes early because I’d just rather be early than late. So we were talking while he was pulling up and they weren’t mad at me at all, but they were very frustrated because you could tell by the place and you know what they were saying, they didn’t have a whole lot of money and they were just upset. So, you know, when the owner got there, I introduced myself and between him and the tenants that are there, they kind of started exchanging some words, which was really a-

Cody Hofhine: uncomfortable-

Carson Fox: Not really that comfortable with the whole thing.
Yeah. They in there. So I just kind of, I literally just took, you know, two steps back and kind of let them talk and, and so eventually they, you know, went inside and I started talking to them and of course he starts talking about that property. One thing I always try to do is immediately try to steer the conversation away from the property and just try to, you know, talk to him about, you know, his life and you know, what he enjoys doing, his family and I just think, just building that relationships really important.

Cody Hofhine: Sure.

Carson Fox: Yeah. We spoke for about 45 minutes and then started actually talking about the property we went in and you know, before I came to their property I said, I, I got what I would offer and it was going to be $13000 max.

Cody Hofhine: Wow, how did that align with it? Right out of the gate? So you, you’ve told them on the phone, you’re looking at $13000 what was the response when you said that? What was he expecting to get from the property?

Carson Fox: Well, so once, when I initially called him, he didn’t give me a number, so I went in there kind of blind as far as you know, what he’d be willing to sell it for.

Cody Hofhine: So, you know, you didn’t mention the 13000 that’s what you just knew you had to be at? Okay.

Carson Fox: Yeah, yeah. Just for clarification. So yeah, I knew going in there the most I could, you know, spend is 13000 or offers 13000 so we went in there, looked at it, it was very rough. And you know, I knew I could make some money at 13 but didn’t know exactly how much. So we, anyways, we went back outside, started talking numbers and you know, I asked him the question, what if I could pay all cash and close in 30 days? There’d be no real estate commissioner fees. And you know, what’s the best you’d be willing to consider? And so once I said the question like you’ll have on the prompt, he said, you know I need to get 15000 and I went back and I said well what if I could offer $5000 that probably wouldn’t work for you. And I got this negotiating technique from … it was someone in the tribe, I don’t remember his name, but this is how he does all of his deals. He was at the wholesaling summit and spoke. But anyways-

Cody Hofhine: Yeah, Todd [Kovack 00:15:41] does a lot of this, if that’s who you’re talking about Todd [Kovack 00:15:43] is always like that same way. He’s the guy that says well it’s the what if is definitely Todd’s that’s part of the just the script in general. But he always does like, “Hey but I could do five but does that work? That probably doesn’t work for you. Right?” And he’s always [inaudible 00:15:58] pull away, that casual pull away.

Carson Fox: Yeah, for sure. So I that’s how I do it now and I, and I like it a lot because what I’ve learned from it is that it, it turns it from less of a negotiating type, you know, situation. Because if I say five you’re automatically going to say 10000 so anyways, he said, no, I can’t do that. You know, maybe I can come down at 12500 but that’s my best offer. And I said, okay, I understand. Well what if I could offer you $7500 that would, probably wouldn’t work for you? He said, no, no, that’s, that’s just too low. I need 12 five and, and so I really just stood back and I wasn’t going to let you know this not work because I knew I could … I could even make it work at that price point, because he was asking 12 five and I said I could, you know, get it for 13. So I stood back and we started talking about different stuff besides the house and we walked around to the side and I mean it looked terrible, the side of the house.
And I said, you know, I really want to help you with this property. I want to serve you and, and get this off your back. I mean, what are you going to do with this if we’re not able to, you know, come to a conclusion. Are you just going to keep it and you know, put work into it and in your money? He said, no, I don’t really want to do that. And I said, well what if I could offer $8000 that probably wouldn’t work for you. And he was quiet and after about 10 seconds he said that’ll work. And I was like, awesome. This is like, this is awesome. I’ve never done that before. And I learned that, you know, recently.
So we got it under contract and I made a mistake because after we signed everything I went to … I told them I need a time to show my investors this property, because I told him, you know, I’m not buying it, my investors are funding the purchase and he was fine with that. So we went right then and there to the tenants to see a time to look at it. And when I told Tom this, he said, you right when you get under contract, you want to say, you know, I got a couple other things I got to do, we’ll talk soon and follow up on everything. And then, you know, just go. Anyways, we went to the tenants, we told them and you know, they said, well, what does that mean for us? And I told them, well, you know, typically the way it’s worked in the past, my, you know, investors is, you’re going to have to probably be out here in 30 days. And the lady just started crying and it just wasn’t, it was an uncomfortable situation.

Cody Hofhine: Sure.

Carson Fox: Yeah. It was, it was just not comfortable. And so we walked away, myself and the owner currently of the property said, I just can’t do this. You know, I can’t do this to them. And he said, please tear the contract up. And I was like, ah, no. I was just thinking up myself. So yeah. And, and it was quiet. I followed up with him a couple of days later and he said, you know, I’ve don’t want to mess with this, but I can’t just do this to them. And so then on a Wednesday you were on a support call and I asked you, you know what your opinion would be and you just said to sell it, you know, with them in there. So I, I told him the seller and he said, yeah, that’s fine. Just, you know, let’s sign the papers again. So we signed it and I reached out and sent my email out to all my buyers, which at the time was 260 and I sent it out to them, and-

Cody Hofhine: So you’re marketing the contract, your cash buyers, and you said, you said 260 so you send out this contract saying, “Hey, this allows you to purchase this home that has a tenant in it and then how to go from there?”

Carson Fox: Yeah. So I saw some properties on Villa that’s sold in and they looked a little bit nicer than this property. And so I thought I could sell it for more for around 17000 so I was, you know, going to make less than 10 but it was going to be pretty good. So anyways, I sent it out and I just started getting all these phone calls and texts and emails. A couple of people were like, “Hey, can I buy this now?” Like, you know, I’ll give you the money, we can close tomorrow. And I said, no that in … if you look in the email-

Cody Hofhine: I love this Carson, I love this.

Carson Fox: Yeah. So I said no, you know, in the email us and I’ll, it says, you know, showing a property or inspection of property will be Friday from three to four PM, all offers are due Saturday by four PM highest and best offer will be accepted. So you know, if you want the property you’re, you’re more than welcome to come to the inspection, but you just have to, you know, have an offer in by Saturday at four and you know, I’ll accept highest and best. And I had even a couple people that I had met in the past and he was all upset with me saying, you know, this is all about relationships and you know, I like it when people come to me and ask me first. And I said, well I understand if that’s, you know how you want to do it, but this is how I’m selling the contracts. This is how I will sell properties. And so, you know, he was kind of all fussy about it, but he ended up coming to the inspection. And so I start getting all these offers the next day and I got one for asking, which is 15000 then I got one for 16 five and then 18000, 20, 21000, 25000 I was like, man, this is awesome.

Cody Hofhine: Starting to sound like an auctioneer. Do I have 21, 22, 22 five, 25 we’ve got 25, 25 awesome, sold. What did you ultimately get? What was your highest and best ultimately?

Carson Fox: So then I get this text and I’ve sold a couple of properties from them before and I get a text from it and I’m in the mountains, literally just hiking down a trail and it says 37 eight 50 and I was like, I, my heart started beating a hundred beats a minute. It was insane. I was hot. I was like, is he serious? Did … I mean, did he not mean to put a two in front of that number? You know, like 27000 and so yeah, I reached out to them and that was the highest and best offer. So I signed it to them for 37 eight 50.

Cody Hofhine: And what did that end up bringing you as a payday?

Carson Fox: I made $29850 on this one.

Cody Hofhine: My man, you know what’s coming? You hold on one sec. There’s our victory bell, Carson Fox with a huge, huge close here. So $29850 and if you had to put a time to it, just so people can see this, they’re listening to podcasts and the first time that, yeah, but he must have just been so involved and he must’ve put 40 hour weeks in like tell them what does this look like in time frame so they can get a reality of really how much hours you put into this total from drive time, everything?

Carson Fox: Yeah, so I didn’t have a lot of time in this actually. I’d say I had no more than four hours in this deal.

Cody Hofhine: Four hours, so this is to show you what can happen, why wholesaling continues to be the best way to get into real estate because now you’re producing income that can give you opportunity to next time you find a deeply discounted property, you can take it yourself and keep it as a rental longterm buying hold. There’s so many exit strategies when you know how to find this deeply discounted properties over and over and over again. So coming to the end, this is huge. You’ve made 29850 bucks on this. Now let’s help them add, let’s add even yet a little bit more value to our listeners and let’s help them with the two questions that we always end our podcast with. And that is, what is a book you would recommend to those listening to the podcast today that has been a game changer for you?

Carson Fox: I think what really helps or helps me, especially … especially when I made this much money on it is the book, Profit First by Mike Michalowicz and it just really shows how to distribute your money and to take, you know, first money for yourself profit and you know what’s left over after you pay yourself and what you make on the property is the amount of money you have for your expenses. So that has helped me tremendously because now I know to allocate, 30 percent for all my marketing and so much goes and a 10 percent automatically gets ties.
And I think that is a huge thing, which helps a lot. And you know, one thing I kind of told you while I was at the summit is, before this deal, since I … within wholesaling but wasn’t very consistent with things, I wasn’t about to be able to, pay for rent and expenses. I was like, I don’t know how to do this Lord, but I’m trusting in you that everything’s going to turn out, the way you want it. And before that I was tithing as well and doing all of that and just out of the blue, this happens. And I mean, I don’t think that’s luck whatsoever. I think it’s honestly, the Lord doing his work and when you tithe, great things happen. So I’d highly recommend anyone to Todd for sure.

Cody Hofhine: I love it. I love it. And then ending this, asking the next question is, if you … now looking back and seeing everything that you’ve gone through, you’ve been through, what would you do differently? Or maybe what would you have done the same again to help our listeners?

Carson Fox: Yeah, so for sure. Well, one of the things I think that’s very important is just being extremely consistent with what you’re doing. If I would have sent mail out from the beginning eight months ago, I would have had a lot more deals than I already have. So this is my seventh deal so far for this year and eight months, and I’m working on one right now. But just being very consistent with a mail or whatever marketing you know you’re doing, because ultimately if you stay consistent and start sending mail, if I don’t get someone that calls me back from this week’s mail, you know, two weeks later they may call me back from the piece and then you know, that week that I sent out mail, people might call me then too, so it ultimately just builds upon itself.

Cody Hofhine: Sure. I love it. I love it. I love it. Well, Carson, I want to thank you so much for being on the podcast today. I know there’s so many people on this that are listening that this resonates with that this is something that each one of us can take action on and do. And you’ve given some great items to take action on today to help each one of us get closer to our first deal or our next deal. So thank you so much for joining us. You’ve added extreme value and I know this will be one that a lot of people are going to be listening to.

Carson Fox: Yeah, thank you Cody. I appreciate it. And if any of you all ever need, any help or have questions since I’ve done some deals, please feel free to reach out to me. My email is my first name, so CFox@clearwaterinvesting.com and feel free to give me a call or shoot me an email and love to see how I can serve anyone else.

Cody Hofhine: That is awesome. Such an abundant mindset. I appreciate that. That is awesome. So rhino nation, this has been yet another episode where someone just like Carson, so Carson was out there just working hard, taking massive imperfect action and he showed you step-by-step how he was able to come across a deal that paid him $29850 that’s so, so, so big. And this could be your deal. Maybe it’s 10000 maybe it’s 20000 maybe it’s 30000 maybe it’s 2000 but you are one phone call away or one mail piece away from doing this same thing in your life. You get inspired and motivated to let you know that you can do this. Head on over to wholesalingInc.com that’s wholesaling I-N-C.Com. Go over to the testimonials tab and you’ll see people just like Carson and all the other people that are doing this nationwide. Telling their story, how wholesale has changed their life and how they’re doing deals in their state.
And now this is all over the nation. It’ll motivate you, let you know that you can do this too. And if you personally want help build your wholesaling business, you can click in that website, the same wholesaling inc.com. Click on to book a call with our team and you can share your story. We can see if it’s a good fit and if it ends up being something you’re interested in, we can invite you to be part of the tribes so that you can go out and get this going for you. Until next time, stay moving and just get consistent as Carson Fox left us. God bless guys.

Leave a Reply

Your email address will not be published. Required fields are marked *

Wholesaling