Posted on: May 02, 2019

Some people get the impression wholesaling is a difficult and complex process. In today’s episode, America’s #1 wholesaling coach Tom Krol proved that statement is nothing more than a gross misconception.

While wholesaling can seem a bit tricky for newbies, it often gets easy once you get the basics down pat. And in under 7 short minutes, Tom will provide all the fundamentals you need to know to win at wholesaling.

So grab a pen and paper and list down all the insights and wisdom that speaks to you. While short, today’s episode is packed with all you need to know to make your mark in the wholesaling world!

Key Takeaways

  • Why you need to get in front of the seller
  • Three things people choose from when selling their homes
  • Why you should be a deal finder as opposed to a deal creator
  • Why you should wait for the seller to give the price first
  • Why you should always reject the first price the seller asks for
  • Why time management is a fallacy
  • Why wholesaling is a numbers game
  • The importance of having a good real estate attorney
  • Why you should not get caught up in the details
  • The importance of reading books
  • Some of the best books you should read

RESOURCES:

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Episode Transcription

Speaker 2: We are going to crush it today. So I just want to give everybody a quick reminder that you only make money when you are in front of the sellers, right? So when you’re in front of the sellers, that’s when you’re going to make your money, so make sure today that you guys get in front of the sellers; have a lot of appointments, have … If you’re just starting off, make sure that they’re premature. If you have acquisition managers working for you already, that’s awesome.
So I just want to encourage everybody today. You guys, wholesaling is possible. We just ran some numbers. We’re figuring out how many deals we had to do in order to make our last one million dollars, and now, how many deals we’re going to have to do in the future to do our next million dollars. How can we lessen the amount of deals? And I want to tell you guys that if I can do it, you can do it. This is super, super easy. Remember, every single good real estate deal, it starts with a discounted property, and that’s all wholesaling is. It’s the art of consistently finding discounted properties in your neighborhood. That’s all. That’s all wholesaling is. It’s super easy.
If you speak to a hundred people, they’re all going to tell you to get out of here. And then the person, the rhino, who picks up the phone and calls that hundred and first person, that’s the one who’s going to find a seller who’s going to say, “Hey, I’m a landlord. The tenants are giving me problems. I’m old, I’m out of state. I don’t want to deal with it. Just take this stupid house.”
Always remember this, guys, wholesaling, there are three things that people get to choose from when they’re selling a house. There’s speed, convenience and price; speed, convenience and price. All across the country, every single day … That’s Lily whining in the background. Every single day, people are selling their homes. Are we looking for the people who want the highest price and the most convenience? No. Are we looking for people who want the highest price and the fastest speed? No. We are looking for people who want the most convenience, right? And we want people who are looking for speed, at the sacrifice of price. When you sell your home, you can only always get two of the three. You can’t get all three. So we’re looking for that latter category. The people who are looking to sell fast and conveniently, and they’re willing to give us a good price. Remember, today, be a deal finder, not a deal creator. You’re not going to convince anybody to sell their home at a discount. Just find those people. They’re already out there. It’s happening right now.
So here is the deal. Go out today, make offers. Remember, some of the golden rules of our tribe, always allow the seller to give the price first. Always remember that the seller give the price first. No matter what, when the seller gives you a price, reject the first offer. Every single time, 100% of the time. “Well, I want $146,000.” Nope, can’t do that. Don’t say anything, let them speak next. Reject the first offer, and then, shh, be quiet, right? This is very, very simple, guys, right? If I can do this, you can most certainly do this, right, you guys? If I can do it, I guarantee you that you can do it. So I want you to go out and make it happen today. Get in front of the seller, make it happen today.
Remember what Tony Robbins says, “We don’t get what we want in this life. We only get what we have to have.” So just make it happen today. Do not have any excuses. Don’t worry about time management. If you’re worried about your time, just remember, in this life, there is no time management. Time management is a fallacy. It doesn’t exist. You cannot manage something that moves at a measured pace without you. So there is no time management. There’s only priority management. So there is no … That’s Lucas by the way, in the background. So remember there is no time management, there’s only priority management.
If you don’t know where to start, get back into the modules. If you don’t have a 150 cash buyers yet, stop worrying about sellers, focus on your buyers. If you’re already doing deals, and you’re making a small amount of profit of like, you know, eight, nine, $10,000 per deal, and you don’t know why, you probably have too few cash buyers, right? Or you either have too few cash buyers, or you’re only calling one or two people to assign the contract to after you buy the house to sell it. So I just want to encourage you. These are the common things that we see.
Know that you can do it. Believe that you can do it. Believe that it’s a numbers game. Make it happen. Go out and do it. Every single person you speak to today in town, if you go to the grocery store, if you go to the movie theater, if you go to wherever you go, “Hey, are you selling your house? I’m a cash buyer. I can close quickly, I’ll pay all the closing costs, but I’m looking for a good deal. Are you selling your home?” “No? Okay, well do you know anybody who is selling your home?” Right? Don’t stop at the first stop sign, right? “Do you know anybody who is selling your home? I can pay all cash. I can close immediately, but I’m looking for a good deal. Do you know anybody?” “Oh, lady in line behind me, are you selling your home? Do you know anybody who might be selling their home?” Just make it happen. It’s a numbers game. Get through all the nos to get to the yes.
Make sure that you have a really, really good real estate attorney. In this tribe, we love attorneys. We love regulators. Regulators are our friends. They tell us what we can do, and what we can’t do, what we shouldn’t do, and what to do differently. So if you don’t have a real estate attorney, stop everything and get a good real estate attorney, so that they can update your contracts, your policies, your procedures, how you’re marketing the contractor sale, or whatever you’re doing as far as an exit strategy is concerned. Make sure your attorney knows everything you’re doing.
You guys, this business is simple. Go out and make it happen today. If I can do this, you can do … This is so easy. Don’t get caught up on the details. Progress not perfection. Make sure you understand what that means. If you’re not reading books, make sure you’re reading books. Start with The Four Spiritual Laws of Prosperity. If you’re in the tribe, and I call you, and I say, “What are the four spiritual laws of prosperity?” You better know them. Read Rhinoceros Success by Scott Alexander. Read books; Darren Hardy, The Compound Effect; Grant Cardone, 10X; The Surrender Experiment by Michael Singer is an awesome book; Good to Great; Tribes, Seth Godin; The Dip is a great book. If you’re just starting out, read The Dip by Seth Godin; make sure you read that book.
All right, guys. I just wanted to encourage everybody today. The bell rings. Here we go. [inaudible 00:07:11] The victory bell is going to be ringing in seven minutes, your day starts, so let’s make it happen today. All right, guys. God bless, and we’ll talk to you soon. Bye. Bye.

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