While you are not expected to learn every wholesaling technique in one go, you’d be glad to know there is one thing that can get your efforts off to an exceptional start—building rapport. Not convinced? Just go ask Percy Robertson.
Percy is a remarkable new rhino from Milwaukee, Wisconsin. While he has been a mortgage broker for 10 years, it was only recently that he decided to venture into wholesaling full-time.
Amazingly, just 3 months since he joined the tribe, he has already closed his first deal!
If you’re a new wholesaler still looking for that seemingly elusive first deal, don’t miss today’s episode. Percy not only exhibited the importance of building rapport, he also dished out helpful wholesaling tips for good measure!
- Percy sent out postcards to the people on the tax delinquent list.
- He found a motivated seller who wanted to sell a distressed property.
- Rather than discussing the purchase of the property’s contract right away, he focused on building rapport first when he showed up for his appointment with the seller.
- After all was said and done, he walked away with $9, 500. Definitely a massive reward for building rapport and providing exceptional help and value!
- How Money Workers by DK
- The Four Spiritual Laws of Prosperity by Edwene Gaines
- Wholesaling Inc Reviews
If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!
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Cody Hofhine: Welcome to another episode here on Wholesaling Inc. my name is Cody Hofhine and I will be hosting today’s episode and I’m super excited for this episode today as we share yet another student that has done their first deal and actually done really well on this assignment fee. So we’re going to break that down.
Now, for those of you that are new to Wholesaling Inc’s podcast, first and foremost, I want to welcome you and then secondly, so that you’re understanding exactly what we’re talking about, we’re going to talk about wholesaling real estate. Wholesaling is just simply the art of finding deeply discounted properties, and then turn them for huge profits. Now there’s multiple ways when you exit for making that profit. It could be that some people want to fix and flip. It could be that some people want to keep them as a rental. It could be that someone just wants to simply assign it to a different investor that wants to fix and flip it.
We’re going to be mainly focusing on how you can find these deeply discounted properties, and then how you can turn them for huge profits through one of those strategies. Today we’ll be talking about one how you just simply do either a double close or an assignment. So today we have Mr Percy Robertson from Milwaukee, Wisconsin and he joined the tribe what about three months ago? Is that correct?
Percy Robertson: That is correct. It’s like the end of August.
Cody Hofhine: And you’ve already done your first deal, and here you are ready to just push forward. I always joke cause I love Milwaukee. I’ve been there only twice now. And the first time I went I had to go through the Harley Davidson museum there cause you guys are the home of Harley Davidson. It started in that little shed and built up to be this massive museum there, which was pretty fun to do. So Percy, my friend, fill us in, help us understand a little bit more about you, and really what got you into wholesaling. What were you doing prior? Or are you doing this part-time? Are you doing this full-time? Maybe let’s start there Percy. Are you doing this full-time? Or are you doing this part-time?
Percy Robertson: I’m doing it full time now.
Cody Hofhine: Full time.What were you doing and why you’re to getting into wholesaling?
Percy Robertson: Oh, actually I’m a registered nurse as well. I do a psych nurse.
Cody Hofhine: Okay, okay. And what got you into wholesaling brother?
Percy Robertson: Well, I’ve been doing real estate for a while, since about 93 and I was a mortgage broker for about 10 years and went through a recession as far as everybody else. And so I had to press reset and I had to go into something that was recession-proof. And so I ended up going back to school to be a registered nurse, but always love getting into real estate. Now it’s the time. I did registered nurse for about five years or so, and I figured this is the time that I can get back into it.
Cody Hofhine: Nice, nice, nice, nice. Well, perfect. Let’s kind of go right into this and let’s start talking. So again, those of you that are listening, Rhino Nation, here’s something I need you to do right this second. I need you to pull out a pen and a piece of paper or whether you’re digital and you want to do this on a laptop or whatever it may be. Unless you’re driving, I want you to be jotting down notes because these are going to be, there’s gonna to be some action items to take.
He’s going to literally share step-by-step how he found a deeply discounted property and then ultimately what he did to make a huge profit. So get ready, jot down these notes cause this podcast will be of no value if you actually don’t implement and take action. That’s what we want from each one of you out there, especially those new to this. We want you to take massive imperfect action. Percy, let’s go right to this. What is it ultimately, what got you to find this deal? What kind of list where are you going from? What kind of marketing did you do to get this person to call into you?
Percy Robertson: The first thing I did is I off the tax delinquent list. I was able to call down to the city and get a list and then I got a name. I got like 22,000 names.
Cody Hofhine: Holy smokes, that’s a big number!
Percy Robertson: But I had to separate the other businesses from the personal. So what I did is I got a VA in order to separate them for me because I’m IT challenged.
Cody Hofhine: I’m laughing because you are speaking my language. Me and IT are horrible friends.
Percy Robertson: So once they separated the list…terrible, I just get anxiety even talking about it. And so once they separated list, I was able to send out the, the postcard from a Modern Postcards, I think it was called.
Cody Hofhine: So went through them and the postcard to send out. So that’s your form of marketing, is by sending a simple postcard that says something to the fact of “Interested in buying your house at one, two, three main street for quick cash offer. Call this number”. Right?
Percy Robertson: Right. I actually got some good responses. Went on a couple appointments and I end up talking to this one lady who wanted to get rid of her house. She’s a older lady and she basically just got tired of the upkeep of her home, so she was looking for an a adult living facility to go into. So once I went to that apartment I could see by walking in the house that she was correct. She did not want to keep the, discontinue the upkeep of the house. It was very evident once you walk in.
Cody Hofhine: Was there, just to kind of help paint the picture, cause we come across people all the time who say, “Hey, I don’t want this house anymore.” But that could be a retail buyer saying this as well saying, or a retail seller, that’s looking for the highest and best. So what was it about this, when you went in the home, was it this perfectly immaculate house, or was it like a deferred maintenance distressed property?
Percy Robertson: Deferred maintenance, distressed property. And so once I walked in there, I knew what kind of situation she was in. And what I was dealing with. My concern at that time is what was owed on the property and what she would be willing to let it go for.
Cody Hofhine: Okay, ultimately you sit down in this home, you realize there’s motivation, you can see that it’s a distress property with some deferred maintenance going on. These are key notes, everyone listening right now, these are key things to be looking for. A lot of people getting into this, if you have a lack of a budget or lack of money to spend on postcards or marketing like Percy’s talking about, you can simply go and drive around the neighborhoods and look for these homes. This a perfect setup for this to let you know that it’s not the perfect homes, it’s the ones that are distressed and have deferred maintenance going on.
Tell me what it was ultimately that got her to call you versus just, hey, simply list this, or a real estate agent? Was it something that was, it’s so distressed that typical loan couldn’t even finance this because it was in such disrepair, or is it more of the convenience factor? What did that look like?
Percy Robertson: This is the situation is right place at the right time. Cause she said she had got plenty mailers but the postcard that I had got her just happened to hit her at the right time. She decided to give me a call. She never called any of the other ones back for whatever reason. So once I got there, I didn’t even talk about buying her home. I just sat there and just talked with her for a while. We sat for about 20 minutes to half an hour before I even talked about the house or anything like that.
Cody Hofhine: My goodness Percy, I’m going to keep putting on hold cause you literally are throwing out some liquid gold here. This is something I want to recap. I’m writing down these good notes already. First and foremost you spent 20, 30 minutes building a relationship where you didn’t even talk about the house. You were just simply sitting down with her seeing a way that you can help her out. Just seeing, talking to her, not talking about the home. And then 30 minutes into this, now you’re finally talking about the home. What did that look like? At this point did she just really like you? Tell me the whole method behind it.
Percy Robertson: Well, by the end of conversation she ended up liking me because at the appointment I actually brought my daughter with me. My daughter, she’s a 19 year old, so I kind of wanted her to know what I do and to kind of get the game herself. So, I have my daughter with me and just kind of explained to her, you know, what I was trying to do. But in the midst of the conversation, she pretty much divulged everything. So I really didn’t have a whole lot of questions. She was pretty much telling me everything as far as she’s older. And even when she bought the house, she never really wanted the house and wants the responsibility of having a house. And now she’s older, her kids are gone. So she’s ready to get rid of it. “And as you can see, I need some plumbing. I need this done”.
She started running down to everything what she needs and she doesn’t want to fix. And then a tree had fell on her garage, and she had troubles with the insurance company. They didn’t want to pay for it. And they told her that the garage wasn’t included with insurance, for the house. And so I was like, that’s pretty strange. Pretty much everything is included. So I basically just let her get it all out and ran. So I just was listening. I really didn’t have to say much cause by the end of the conversations, she pretty much told me everything.
So at that time I’m just thinking, well how much do you owe on this home? I’m formulating questions based off of what she told me so far. So I was like, I’ll just wait and then we’ll get to my questions later. And then by that time, like I said, by that time I’ve built a rapport, and have my daughter there, she started talking to her cause she had a granddaughter that’s about the same age. So they started talking. I just sat back. I just let her go and just took notes, mental notes while she’s talking.
Cody Hofhine: Cool, cool, cool. So hey, I love that as a dad that you involve your daughter. I think this is cool to just see, hey this is what daddy does. I think that is absolutely awesome. There’s nothing better. And I think it’s so unique that you’re bringing your daughter on this because it helps them realize there’s an entrepreneurial side that I think a lot of the school systems aren’t teaching that, they’re teaching more of like how you go work for someone, where this is something that you’re open your mind to a whole new world. What I just think is I got to commend you as a-
Percy Robertson: Right.
Cody Hofhine: That’s absolutely amazing. When you do this, you were talking to her, ultimately when you’re looking at this home, what was the neighborhood, if this home was in perfect condition, what would this home essentially sell for, if it was in perfect condition?
Percy Robertson: About 70,000.
Cody Hofhine: About 70,000 and so the reason I want this to understand is so that our listeners can really understand exactly what it is that we have to do. That you have to get it at a discount and especially with all these deferred maintenance, all this repairs that need to be done to the home, even more so. You can’t pay 70 grand cause that’s what it’s worth when it’s fixed up. So ultimately, what were you able to put this home under contract for?
Percy Robertson: I initially put it under contract for 25,000, and I hadn’t, at this time, I hadn’t, my cash buyers list wasn’t the greatest and I was still, I’m calling off Craig’s List, trying to get as many people on my cash buyers list, and just kind of probing the area, you know what they go for. But luckily, there’s a house right next door to hers that was up for sale for 70,000 you know, at the same bedroom count and so on and so forth. So that gave me a nice idea, plus the feedback that I was getting and kind of letting me know that it was about 70,000 as well. And so in the midst of trying to get my cash buyers list up, you know, so that was kind of worried about that at first. But I was able to put on a contract for a 25,000, so I knew I was in pretty good shape from the start.
Cody Hofhine: And then ultimately you said initially is at that, did you have to renegotiate because you ended up putting under contract at a too high of a price or what did that end up looking like?
Percy Robertson: Well, the first two people that came and looked at it, one of them gave me an offer at 29 and another one gave me an offer right at 25 and of course I’m like, well that 25, that’s not going to help me. So I was going to entertain the offer at 29, but in order to do that, she knew the condition of her home. So I actually had a couple of contractors come by to take a look at it. Their feedback helped me out as well. Once I got the feedback from the contractors, I knew it was going to be a little bit more work. Then I just went back to her and talk to her about the work that was going to need to be done. So I had to call her back and tell her that I, and I’m going to need to cancel the contract.
And so after I told her that, she was like, “Whoa, why do you need to cast a contract?” Well, from initially what we talked about, there’s more work that needs to be done, so, but in order for me to do this, I’m going to need it, you know, to get at a little bit lower than the 25, and so then at that time I just got quiet. Let her sit on it for a while.
And then she like, “Well, what do you need?” I was like, “well, you already know the garage needs to be done. That’s one of the things that we need to talk about.” Then I got quiet again, waited for a minute. She’s like, “well how much?” Like, well, “I’m not sure how much, but a garage that size, it could be anywhere from 5 to 8,000 to replace. But what I wanted to do with you. If we can go half on it, then that’ll help us out both. And then I think I still be able to do something as far as your house is concerned”, and I got quiet again. She was able to come back. She was like, “well, I can go down to 21 or 22”. I was like, “well tell you what”, and I got quiet for a while, just hem and haw. I was like, “well tell you what, if you do 22, you got a deal.”
So I was able to get it down to 22 and the good thing is actually maybe a day later had one more person go through that actually put in the offer for higher at 33,000. I was able to take that offer at 33,000 and not even entertain one at 29. It actually worked out in all areas.
Cody Hofhine: Okay, so here we are. You put a home ultimate under contract at 22,000 and then you said the offer-
Percy Robertson: Ultimately.
Cody Hofhine: Came in at 33, did you say?
Percy Robertson: Correct.
Cody Hofhine: Okay. 33, and then was there anything associated with that? Did you have to pay any fees or did the end buyer have to pay the fees or what did that look like? Ultimately, I guess, what I’m getting at is, when everything was said and done, what did you end up making on this deal?
Percy Robertson: I ended up making a 9,500, but there was actually a person in the middle cause when I went through the finding a cash buyer off of Craig’s List, I ended up, in the midst of trying to get some information about the area, there was a guy that I met, was pretty good guy. We talked for a very long time. He actually found that end buyer for me, and he got an assignment fee off of that, so that’s how I went from the-
Cody Hofhine: Able to give him a little bit-
Percy Robertson: 33 to the 22. Right, exactly, so he would find an end buyer. But the end buyer ended up paying all the closing costs and everything, so we did an assignment contract.
Cody Hofhine: Okay Percy. You know what’s coming brother. Hold on one second. We got a victory bell, my friend, so $9,500 Percy, which I think is awesome. The fact of the matter is you’ve done this in three months, which is just incredible. Is this something that you’re looking to, I mean, you’re still working right now, even as a registered nurse, right?
Percy Robertson: Yeah, they know, cause I can do staff, I pretty much can work if I accept the job. So it’s at my discretion.
Cody Hofhine: Oh perfect. Perfect. So here you are, $9,500 richer in your bank account. What is your plan from here? Is it to scale this, grow this, get more marketing out, go on more appointments, or is it more of just kind of stay consistent, do one deal here and there? Or what does that look like for you? What does the future hold for you?
Percy Robertson: Well, I plan to scale. I actually just hired a VA from Upwork to do all that stuff.
Cody Hofhine: A virtual assistant, for those that don’t know what that is, so a virtual assistant. And what are they going to do for you?
Percy Robertson: They’re going to talk to, well not talk to, handle the MailChimp and Highrise and CallRail and all of that stuff for me. And take care of that stuff. [crosstalk 00:15:40] Correct.
Cody Hofhine: In closing, I always have two questions that I really love for each one of our listeners to know. And that is a recommendation for a good book that you’ve recently read and why you liked that book so much. What would you say would be the book you would recommend that you’ve recently read and why would you love that book? Why would you recommend it?
Percy Robertson: Actually we went back to the basics. There’s a book called How Money Works, and everyone thinks they know how money works. But I went and this is basically a book for dummies, so to speak. How many words? Cause I’ve been hearing a lot about crowdfunding lately ,and I was like what is this crowdfunding about? So, it’s by DK. It’s about how money works though. It’s definitely especially the facts visually explain it. It has a lot of pictures for me. I took it back to elementary.
Cody Hofhine: This sounds like exactly the level I need my friend. Okay, so teach you how the money works and what you do with the money.
Percy Robertson: Right, exactly. But basically I really want through that the four spiritual laws of prosperity, though. I really been having that book by my side and trying to stay to that.
Cody Hofhine: I just love the power of that abundant mindset that’s taught in that book and the power of tithing, and what it does to a business. I love it for that reason.
Here’s the golden question that a lot of people look for. Is there so many Percy that are on this other side listening to this episode, they maybe haven’t even begun their journey in real estate, this might be even their first time even hearing about wholesaling. Knowing what you know now and looking backwards…usually it’s a 2020 vision. What would you have done differently or what would you have done the same to give someone a quick tip, golden nugget?
Percy Robertson: Mainly, it’s not too much I would have done differently because when you first starting something obviously you have the trepidation of can it work for you. But so what I kept doing to keep me going is I kept telling myself, why am I doing this? You know, so that’s the main thing. You’ve got to figure out why you’re doing it and it helps you stay focused. And another thing is, I was doing my best not to follow the shiny object cause there’s many different ways to do it. And when you and I very first talked, I had told you, I was like I want somebody to tell me what to do and how to do it. And so I wouldn’t have to think because if I started thinking I would get on YouTube and start going to many different-
Cody Hofhine: YouTube University!
Percy Robertson: And then I’ll, I won’t do anything at all. Which are with those, following this by the T, and not differentiating off of that, it definitely helped. I definitely would keep the same, stay focused, don’t follow the shiny object and know why you’re doing it. Cause my whole goal in this is I don’t want to work for anybody else.
Cody Hofhine: Fantastic.
Percy Robertson: I want to work for myself. I want to put in work.
Cody Hofhine: Fantastic. And I think there’s so many that agree and want to get to that point or are at that point. Awesome stuff. Percy, I want to thank you personally, and if Tom was on this podcast, he’d be saying the exact same words, but thank you so much for joining us today and sharing how you did your first deal and ultimately how you got $9,500 payday. That’s absolutely awesome. I’m excited for your future and excited to catch up in the future to see how things continue to go for you. So thanks again, Percy.
Percy Robertson: Not a prob, I appreciate you.
Cody Hofhine: Hey Rhino Nation, this has been another awesome episode of just simple step-by-step processes that Percy took so that he could get his first deal that ended up being a phenomenal payday $9,500, and this is something that each one of you can do. So if you’re sitting there hesitant, or you’re sitting there thinking, ah, I don’t know if I could do this. Listen to more of these episodes. That’s all our podcast is dedicated to doing is just simply showing you step-by-step, hundreds of people how they’re going through in all this great nation, finding deeply discounted properties and then turn them for huge profits.
If this podcast is just not enough, just go listen to more of them. They’re going to teach you that you can do it. If these guys can do, if Percy can do it, if Cody could do it, if Tom can do it, and all the other interviews that we’ve done, if they can do it, you guys can do it. It’s just you got to take massive imperfect action.
And if you want, you can also hear those great stories at wholesalinginc.com. It’s wholesaling I-N-C dot com. Click on the testimonials tab and you’ll be able to see over a hundred videos of people sharing their story on how wholesaling is changing their lives. And if you want help personally building your wholesaling business, just like Percy and countless others, you can definitely book a call from that website. Talk to someone on our team, and we’ll see if it is a good fit. And if so, let’s rock and roll and let’s get you going out there so you can wholesale your first deal. Take care guys. God bless.