Do you have a dream you want bad enough that you’re willing to burn the boats just to achieve it? If you answered yes to that question, then the story of today’s guest will surely resonate with you.
Jason Renatti is a gracious and committed new rhino from Denver, Colorado. While he has worked as a mortgage banker for 6 years already, he burned the boats by quitting his job and venturing into wholesaling full-time. Fortunately, with the way things are going right now, there is no doubt it was one of the best decisions he has ever made.
While he didn’t magically close one deal after another when he first started out, his commitment and his ability to build rapport with sellers eventually paid off big time. He was not only able to close his first deal in just 48 hours, his wholesaling business has also been thriving since then.
If you’re considering venturing into wholesaling full-time but still mustering the courage to quit your job, you owe it to yourself to listen to today’s episode. Jason’s story might just be the motivation you need to also burn your boats and make a killing in the wholesaling world!
- Jason drove for dollars and found a seller from there.
- After talking on the phone and building rapport, he was able to close the deal 48 hours later.
- He bought the contract for $100,000, was able to sell it for $110,000, and walked away $10,000 richer. Truly a handsome reward for his commitment and the exceptional value and service he provided!
- Download your Free Audio Book
- Wholesaling Inc – TTP
- The Driving For Dollars app
- Flip This Real Estate List
- ICOR: Colorado’s Premier Real Estate Investors Association
- Mojo Dialer
- Brent Daniels – Real Estate Coach
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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Brent Daniels: Welcome everybody, to the Wholesaling Inc podcast. This is Brent Daniels, your host and the Wholesaling Inc podcast is the number one podcast on planet Earth because our audience takes action, baby. Our audience listens to these podcasts and pulls out all of the golden nuggets and is able to implement it right into their business. So this podcast is going to be amazing for everybody that is paying attention, everybody that is taking notes, everybody that is taking the knowledge, and the instruction that come out of these interviews and uses it.
So I first wanted to say thank you to all of our audience members. You have been amazing, and I want to start this podcast off talking about the four C’s of success, the four C’s of achieving any goal. Number one is commitment. You got to have the commitment to be able to do this business. You’ve got to be committed to this business. The interview that you’re about to listen to, you are going to hear the epitome of what commitment means. It is going to be perfect. You’re going to understand exactly what I mean when I say the word commitment.
Number two, you’ve got to have the courage. The courage to keep moving forward, the courage to take action. That’s where the magic happens. Number three, you got to have the competence. You got to understand what a deal is and what a deal is not. You got to understand when a buyer is and what a buyer is not. You got to understand what a distressed seller is and what just a regular seller is, and then you’ve got to have the confidence. You got to have the confidence to keep doing this day in and day out and make this an incredible business for you. So without further ado from Denver, Colorado, I want to welcome Jason [Ronati 00:03:11] to the podcast. Say hello Jason.
Jason: Hello. Thank you for having me on man.
Brent Daniels: You got it. It is my absolute pleasure. I’m excited to do this with you. So Jason, give us some of your background. How did you fall into, or how did you find wholesaling?
Jason: Sure. Well I come from a sales background. I was a mortgage banker here in Denver for the last six years. Heard about wholesaling a few years back. We had purchased a program, from another coaching system and kind of got in my own way with it. Got a little nervous, didn’t think we could pull it off and Wholesaling Inc podcast, man. Started listening to that thing a little over a year ago. Got the, wife to start listening to some of the podcast as well. And I really think that was the catalyst to get us going. I saw you or heard you on there and the TTP formula just made sense to me. Coming from a sales background, I was used to pounding the phones, so I was like, “Hey, here we go. This is something I can put into action tomorrow.” And here we are.
Brent Daniels: So you are in Denver, Colorado, and Denver is very similar to Phoenix or San Diego or some of these major markets where there’s a lot of gentrification, right? There’s a lot of taking older properties and flipping them and prices are going sky high. And I mean, it’s just a market that has a lot of action in it, right? A lot of attention on it, a lot of people that are trying to find opportunities in your marketplace. Is that right?
Jason: That’s absolutely right, yup. I think we’re starting to see a little bit of a leveling off, but yeah, the last five years in Denver have just been appreciation through the roof.
Brent Daniels: Yeah, absolutely. So you said, what was your background? You were in mortgage banking?
Jason: Yeah. I was a mortgage banker, here in Denver.
Brent Daniels: So you were a loan officer?
Jason: Yes. Yeah, when you work for a bank, they give you a fancy name, right? But yes, I was an LO. Yeah, I was involved in not only bringing in clients but application, following the deal all the way through closing. So yeah, definitely. So I’d say I had a little background if you will, is an LO. You’re in the real estate world, but obviously what I do day to day today is a lot different.
Brent Daniels: Awesome. So you just, you heard the podcast and then you, did you start with anything else? Did you start mailing? Did you start putting on banded signs? Did you start with anything, did you have a good size budget to get started?
Jason: The budget? No. I did well as a mortgage banker or LO rather, but kind of seemed like our bills kept kind of catching up with our income, right? So there wasn’t a ton in the coffers, but we started our LLC. We kind of took that approach, right? We got the business set up into August and we did, that was our first stop, Push was 50 bandit signs. So we drove around at night with the two year old in the back of the car and I was jumping out at intersections and putting bandit signs down. We got a few calls there, but I remember looking at my wife when we were driving home. It’s just like, “TTP’s the way.”
Brent Daniels: There’s got to be a better way.
Jason: I got to get on these phones, man. I got to get on these phone. So yeah.
Brent Daniels: Got it. So then you started back, you would join the TTP program in August, September of 2018, right?
Jason: September 5th.
Brent Daniels: Got it. And tell me how that went. Once you started getting to the point, you went through the program and then right before you’re about to make your first calls, right? How did that feel?
Jason: It’s a blend of so many different things. There was some nervousness and excitement. I was really, the thing I was most excited about was just to hear people’s reactions, right? I was used to cold calling agents. They were my bread and butter really, agents for my clients. They would refer us, the buyers. So, going direct to the homeowners, direct to the sellers, I was just kind of excited to find out what the reactions were going to be and actually had some pretty good luck the first few days on the phones landed some leads. I think after three days on the dialer I was sitting in my first living room, kind of having those conversations. So yeah-
Brent Daniels: It happens that fast. I mean, it can happen that fast. Now that doesn’t necessarily mean that you locked it up, and you sold it and you made a ton, but you get the opportunities to one, to get out there and actually be in front of a live seller, right? And two, to build up that experience. So how did that first appointment go?
Jason: Again, a blend of all those emotions, nerve and excitement. I’m not a contractor, right? So I was just kind of in there with a notepad pretty much winging it. But what I know I do well is, kind of putting people at ease and having those conversations. So I just really dialed in on having that conversation with the owner, right? Talking about what their next move was, where they saw themselves after selling this property. I focused in on that a lot more than I was concerned about, “Hey the HVACs messed up”, kind of thing. So that was a great lesson for me to understand that you don’t have to know everything about property evaluation and all this stuff, right? If you can dial in and get on the same level as somebody that has that need, you’re off to the races.
Brent Daniels: That’s it. I think so many people, it’s like they need to prepare themselves for every aspect of being a real estate professional. They need to know how much things cost to repair, they need to know what the title company does, they need to know what private lending does, they need to know all these things. No, just know the seller. Just talk to people and find opportunities, because that’s where the money’s at. I mean everybody, if you’re not taking action every single day talking to new people every single day, then what are you doing?
That’s the business. Either they’re going to call you right off of marketing and if you have a good marketing budget, go for it. But if you don’t, or if you want to be proactive or be on offense, then you reach out to them, you start those conversations. Then all of a sudden, three days into making TTP calls, you’re sitting in the living room. So that is absolutely phenomenal, but at the beginning of this podcast I talked about the commitment part because it took some serious uphill work for you to get to the first check, right? So talk us through September through December. What did that 90 days look like for you? Real life, let everybody be real.
Jason: Yeah, absolutely. So that first living room I sat in didn’t get under contract so that kind of went on. We actually ended up putting I think one property under contract in that first 90 days and we weren’t able to move it, but again, it really showed me the process of… I was familiar with title and things that affect being in the mortgage world, but really this was brand new. How to get my assignment piece written up and just some of those things.
So even though we didn’t get it done, I learned, I grew so much from September five to December one, right? And then it was really interesting kind of how it started to snowball from there. We got a call… I’m a date guy, so I kind of remember these dates off the top of my head, so-
Brent Daniels: You are, you’re incredible.
Jason: Yeah, so December 9th we got a call and it was from a seller that we had reached out to, but a D4D deal, we’re Driving For Dollars and had left a voicemail, got a call back and next thing you know we’re at the property, I think we had it under contract about 48 hours later. And I knew a general contractor that was interested in that type of deal. So we ended up closing that thing the week before Christmas. So, yeah, we got to put one check in the bank before the end of 2018 and that changed-
Brent Daniels: In the first 90 days. So in that 90 days, how many, were you doing it as full time or were you doing it as a part-time? Were you still doing your mortgage job?
Jason: Nope, full time. So I-
Brent Daniels: Full time? So you just went for it.
Jason: I did. Yeah, I started having, my wife, had her listen to the podcast and she knew this is something I had wanted for years, so we kind of both agreed, “Let’s burn the boats, and go all in on this.” So yeah, it was my full time gig. Don’t get me wrong, come Christmas time, and the only closing one deal things were getting a little tight, but again, I felt like that was just more fuel to keep it going and that’s what kept me on the dialer day in and day out.
Brent Daniels: That’s awesome. And how important is it to have your wife listening to the podcast supporting you, being… I assume she’s your partner in this thing?
Jason: Yes she is. She still has a full time job, she’s a professional, has a great career. So it is our goal to bring her on full time. We always wanted to make this kind of a family affair, right? And when we dropped the… She’s three years old now drop her off and I’m like, “Daddy’s going to go buy some houses today” and she gets really excited about that, so-
Brent Daniels: That’s the best! I love it.
Jason: Yeah, man. So We want to make it a family thing but she does, she helps out after hours with marketing the properties that we have under contract. I’m not good at that stuff. I’m a 50,000 foot guy. So she has been an absolute huge key in us getting to where we are right now.
Brent Daniels: So and Jason, there was a couple of things that you mentioned there. One for everybody listening, he drove for dollars, he got the addresses of those properties. Do you use an app for that or do you just write them down, old school?
Jason: Yeah, no I had an app the Driving For Dollars app.
Brent Daniels: Which one do you use?
Jason: Driving For Dollars.
Brent Daniels: Driving For Dollars, okay got it.
Jason: Yeah. And I actually had reached out, I know there was one you guys had [crosstalk 00:13:05]-
Brent Daniels: Deal Machine. Yep. We use Deal Machine here that makes it easy for the whole team to go out and go get all the worst properties out there, which are the best properties for us, but… So you get Driving For Dollars and listen guys, he didn’t get a hold of them, he left a message. I highly recommend you leave messages for Driving For Dollars, for probate and for some multifamily. Get those people calling you back and be on it.
He got a call back on this and put together his first deal. So leading up to that though, I want to talk about this, because I think that, it’s that make or break, it’s the keeping your confidence high. It’s really seeing how committed are you to this process, right? Because when we start this business, we have a belief that we can do it. When we actually close the deal now it turns into a fact, which is where we want to get to as quick as possible, but sometimes it takes a lot of commitment to keep going. So what did you do mentally? How did you protect yourself mentally to make sure that you stayed committed to it? How did you have the courage to keep going?
Jason: Yeah, I think it came back to one, having a great support network, but I understand that not everybody has that. So what you can do to be kind of introspective and keep yourself going forward was just, I had, I don’t know if you’re big on vision boards and things to that effect, but I had this goal I could see my life, when I close my eyes at night, really where I wanted that to be in one year, three years, five years. And I knew just even before we close the first deal with how many contacts I was having, how many great conversations I was having.
It really just became more of an if not when, and I think that’s something that, especially the TTP program really gets you understanding right out of the gates, that you’re like, “Listen, this is going to happen if I keep picking up the phone every day talking to people.” It just became an if not when. So every night we’d have dinner and talk about how things were going, and it just was that constant kind of, “It’s going to happen. It just may not be tomorrow, but it’s going to happen in sooner than later”, right? It was really just that, the day-to-day activities really what kept me going, knowing that I was one day away from a breakthrough.
Brent Daniels: Yep. I love it. And then it came. So on that deal Driving For Dollars, they call you back. Tell me about what the… So we talked about the four pillars of pre-qualifying, right? We talked about the condition of property, their timeline to sell, their motivation and their price, okay? So what was the condition of the property of your first deal?
Jason: Bad. It was a hoarder house kind of situation. The gentleman had lived there since he was born I think in 53, 1953 and he had accumulated a lot of stuff. It was on a larger lot. There were rundown trailers, all this kind of stuff. So condition was bad.
Brent Daniels: Yeah, okay. His timeline, when did he want his money?
Jason: As quickly as he could get his hands on it.
Brent Daniels: Yesterday. Right, yeah I understand. Was he in a position that, was it vacant? Was he living there? Was there tenants? I mean, was it in a position where he could close quickly?
Jason: Yeah, he was living there and we actually closed, we found some great buyers for it that actually allowed him to do a 30-day lease back on the property. Yeah, so it ended up being a win-win for him. The motivation piece was he had run into some legal trouble and needed to get access to cash fast. I think he was probably in a position where there were some liens on the house. I think he was going to, he was pretty close to losing it anyway. So he just tried to be as preemptive as possible and get his money before I think the bank got their hands on it, so.
Brent Daniels: Got it. Yeah. And it’s really interesting. So you mentioned something there a 30-day lease back. Some people, guys, when you’re out there, they need the money before they can move, right? They just don’t have enough money to move, especially hoarders that collect a lot of things that they want to move with them, but they get rid of a lot. They need some time. So what he’s talking about is a 30-day lease back is he put in whatever language or verbiage in the contract that after a closed, after a transferred title to the new buyer, that he had 30 days to occupy the property. And probably, sometimes we let them do it for free.
We try to get them to pay something. What we like to do in our business is do an escrow hold back where the escrow will hold 5 – $10,000 of the seller’s funds, to make sure that either the tenant or themselves, depending the situation, will get out of the property in the time allotted. And it usually gives them incentive to do that. So really smart. I think it helps out a lot of these sellers that traditionally, they just couldn’t do it. That’s why they come to us. That’s why we’re such a value to them is because we help them sell their house. Now they have some money in their bank, now they have the means to move, and it makes it really smooth for them and it really saves a lot of anxiety and stress from these sellers. So really cool. So then you’ve got timeline. The motivation, so his motivation was he was going to lose it?
Jason: He was going to lose, yeah. He had some liens. I think one was from a divorce and she was, there was some money there, right? In the settlement. And I think she was getting ready to, start the pre-foreclosure process on the house, and so he was just trying to get in front of everything. Great guy. It was interesting. It was a couple that had bought the property and at closing… They were a little younger, the girl actually felt pretty bad. She was like, “Hey, I’m sorry to take your house.” And he had lived there since he was a kid, but he was just so thankful to them, right? For basically, the problem that he had before we walked into the title office was now remedied when we left. So it was a win-win.
Brent Daniels: Awesome. And then price, what did he want for it?
Jason: Yeah, so we had started out, it’s kind of up in the mountains, just West of Denver in a place called Golden. So he initially wanted 120 for the property. I locked it up at 100 and we assigned it at 110.
Brent Daniels: Oh right. So you made, how much?
Brent Daniels: Hold on.
Jason: Oh yeah, I got to get a bell.
Brent Daniels: Ring that bell. That is awesome. So you made $10,000 on your first deal ever.
Brent Daniels: Awesome. So let’s move forward. So you close that. How we looking now? How’s your business looking now? Are you building the momentum? Are you keeping this going? Are you keeping talking to people?
Jason: Yeah, things have gotten a little crazy. We probably need to grow a little bit more. So I need to get… I brought on our first employee. He’s actually somebody that I worked with prior, good buddy of mine who I knew had the sales chops. Really smart guy. He’s a lot better with technology than I am. So we brought him on right after the new year and since then things have gotten, pretty wild. So we closed, we only had one deal closed again in January and we pulled 9,000 out of that one.
Brent Daniels: Awesome.
Jason: And then, but now February’s are real grandiose ones. So we actually have four closings slated for next Friday the 22nd and we already closed-
Brent Daniels: Four?
Jason: Four, yeah. And we already closed one this month, so I think we’re looking at a total, February revenue of 35.
Brent Daniels: Oh awesome, man. And it’s just going to keep growing and growing. It’s just consistency, right?
Brent Daniels: It’s consistence. What are you finding, just to give some more value on this podcast, what are you finding is the best list that you’re calling?
Jason: Yeah, so we still do the D4D we Drive For Dollars, right? We’ve had a lot of luck. I think I kind of told you before we got going, there’s a smaller city just South of us that I grew up in that really, it’s an older community. So we actually pulled the absentee owner and retired landlord list from down there. And it’s been, I mean, really it’s been gold. So there’s a lot of people down there and because of the price points, a little smaller down there than Denver, a lot of our buyers lists that we’re building up here, every time they get our email blasts they’re like, “Hey man, let me know what properties you’ve got going down there.” Cause they can pick up two to four houses for the price of one here in Denver, right?
So that’s been good, but yeah, absentee owner, we do have a code violation list that we’ve been calling on. I think we picked that up from a flip that list or-
Brent Daniels: Flip this real estate list, yep, .com.
Jason: So Eric, yeah. So that one we’re building good leads. What I’m excited about now is just the pipeline, right? We’ve got follow up, we’ve got offer calls. When I get off with you, I’m going to be back on, making offers. So yeah, that’s the exciting part, but yeah, the absentee owner lists, I know it’s a pretty general list, but it’s definitely been bearing fruit for us.
Brent Daniels: Awesome. Love it. And just to put you on the spot, what would you say is the three best ways to find cash buyers?
Jason: Let’s see. REIA meetings. Yeah, real estate investment meetings. Got to go to those [crosstalk 00:22:39] –
Brent Daniels: Do you find those on meetup.com?
Brent Daniels: Okay.
Jason: Yeah, meetup.com, we have another group here in Colorado, iCore. So, but yeah, if you just Google real estate meetings, right in your community, you’re going to find him.
Brent Daniels: Okay that’s one.
Jason: Yep, that’s one. We run the looking for cash buyers on Craigslist and there’s a direct link to our Carrot websites, right? So they can fill out the lead form and then we throw those in the CRM.
Brent Daniels: So do you post to Craigslist with a link and then they go and register?
Jason: I do, yeah, and we’ve actually had quite a bit of success with that. I would say probably the majority of our buyers list right now has come from just posting on Craigslist consistently.
Brent Daniels: That is awesome. So what do you post on there? Do you just say, what do you say?
Jason: Yeah, cash buyers wanted, and it’s a picture of our logo and then we kind of have a little information in the body, nothing overwhelming, but basically just like, “Hey, if you’re looking for discounted properties, Mountain State RE-Solutions, we’re the go-to to come find them.
Brent Daniels: That’s awesome. And it’s got a linked to your Investor Carrot website?
Brent Daniels: Investor Carrot is a platform, guys, if you’re not familiar. You can go check them out and they have a really proven websites for wholesalers essentially, right?
Brent Daniels: Yeah. I’m really powerful stuff. So it goes there, they register, boom. You got a new cash buyer.
Jason: Yeah. And number three, this may be… I actually remember hearing this in one of the podcasts. So for my mortgage background, again, I had a pretty good agent database. Some of those agents worked at brokerages that also act as property management companies. So I got them on the phone, took them out for coffee and said, “I know you’re already managing a thousand doors for these landlords. What do I got to do to make sure that each one of my properties gets in front of those people?” And there we go. They blast them out when we have them come up.
Brent Daniels: Awesome. Absolutely love it, man. That is just incredible. And you’re just building and building. You’re building your cash buyer database, you’re building your pipeline of leads. 2019 is your year, man.
Jason: Yeah, no, we’re excited, man. I’ve got some pretty grandiose visions and… But yeah, I think if we just keep plugging away, don’t lose track, TTP, the dialer. That is always going to be the bread and butter of our-
Brent Daniels: And all your deals are TTP?
Brent Daniels: My man. That’s what I’m talking about. Stay focused… And how much are these costing you? What’s your marketing budget?
Jason: Oh man. So my dad, he’s becoming more and more interested in the process. He’s kind of getting to that retirement age. He freaks out on how little our overhead is. And that’s what I’ll tell anybody, kind of starting off. If you do have a big marketing budget… And I think you know this as well. Direct mail, sure it’s proven, it’s still works, yes. But if you’re a little tight and you’re just looking to make something happen right away, our overhead is really the dialer, minimal amount to pull lists. Skip tracing right now is probably our largest expense. We are going to bring on two dialers this month. We want to bring in house dialers in. But when you compare it with other business models, it’s actually ridiculous how much we keep in the pocket.
Brent Daniels: Yep. And that’s the point, right? I mean wholesaling is a business to set us up to buy assets, right? It’s a cash machine and gives us a healthy bank account that then go and buy whatever it is, whether it’s apartments or it’s duplexes or it’s houses or it’s land. You know what I mean? It’s just to buy those assets, that’s to create the wealth. Wholesaling is to create money so that we can create wealth. That’s the beauty of this business, and that’s what’s so incredibly powerful about it. And you’re going to work for yourself and you going to work with your wife and you’re going to drive around with your daughter in the back. You know what I mean? It’s just so incredible. So, just to end this, to put a bow on this podcast, give everybody out there listening that maybe has never done a deal before, give them just one little piece of advice.
Jason: Yeah, absolutely. So, I think what got in our way, and I actually remembered a quote for this that, I think it was from Tony Robbins who said, “Complexity is the enemy of execution.” And that’s kind of what I loved about TTP, is just, it’s not necessarily easy, but it’s simple, right? And those two things are different, right? So just for me, I would just tell everybody, keep the dream in front of your face, dangle that carrot for yourself, right? And then execute. You guys have said it so many times, failing forward, consistent, imperfect action. Once I got out of my own way and just kind of let myself be completely engulfed in the process… And I don’t deviate from the scripts. I don’t do any of that stuff. They’ve already figured it out. I don’t want to reinvent the wheel. So I would just tell people to, get out of your own way, believe in yourself and keep putting one foot in front of the other, man. That contract’s coming.
Brent Daniels: Awesome. Absolutely love it. And guys, if you are interested in joining the TTP program, being part of the most proactive group in real estate, go into wholesalinginc.com/TTP, set up a call, it’ll be the best call of your year. Love to coach you personally. Also, if you’d like to watch this video, this interview, go to Brent Daniels Real Estate on YouTube. Awesome channel, we’re putting a ton of stuff on there. So check that out.
Jason, thank you so much. You gave so much value. You talked about finding cash buyers, you talked about what apps you’re using and what resources you’re using, what your budget is, and how it took that 90 days to get going and now you are rolling. You’re like a train. It is amazing. So thank you so much for participating, being on here and giving so much value to the listeners and everybody out there, until next time, until the next podcast, I encourage you to talk to people. Love you. See ya.