Posted on: May 27, 2019
WI 276 | Wholesaling

 

In today’s awesome episode, we brought back a dynamic husband and wife team from Green Bay, Wisconsin, and checked how their wholesaling business has been doing since the last time they were on the show.

Corey and Carrie Reyment are two wholesaling rockstars who joined the tribe in December 2017. When they first appeared on the Wholesaling Inc. podcast, they could close three deals and had several more in the pipeline. It is an understatement to say they have achieved a lot since the first time they appeared on the show. Why? In 2018 alone, they were able to close an impressive 31 deals! 2019 looks exceptionally amazing, and they’ve already managed to close 17 deals. And it’s not even half of the year yet!

Consider this episode a must-hear if you’re looking for effective wholesaling tips, tricks, insights, and wisdom. Our rockstar guests candidly shared many of the strategies that worked for them. Who knows, you might find the secret sauce that will help you achieve the level of success they’re now enjoying!

 

RESOURCES:

Leaving A Comfortable Job To Go All-In On Wholesaling With Corey And Carrie Reyment

Episode Transcription

This episode is brought to you by the good folks over at Audible. Audible is offering our readers a free audiobook and a 30-day free trial. To take advantage of this special offer, go to www.AudibleTrial.com/WholesalingInc. Download your title free and start listening immediately. It’s that easy.

We are bringing back, for the second time, absolute rock stars that are going to share what has gone on since the last time they have been on the show. We have Corey and Carrie Reyment from Green Bay. They are rocking and rolling. They are doing great things. I want to welcome you guys, first and foremost, for those that are brand new readers, reading Wholesaling Inc for the first time, welcome.

We are going to be talking about wholesaling real estate. We always interview individuals that are doing deals so they can break it down step-by-step how they are doing it so you can get your tips, tricks, and gold nuggets to implement instantly to get your first deal. Back to our guests, Corey and Carrie Reyment from Green Bay have been wholesaling for a few years, and some change. 2018 was an amazing year for them. They did 31 deals total. They are already at seventeen deals for 2019.

They are going to share some of their tips and gold nuggets on what is helping them grow and get to the size of a business, and then ultimately, how it’s turning into a business that is serving them versus them always having to serve it. Get your pieces of paper, journal or whatever you take notes on. Get that ready and jot down a ton of actionable that you can take and implement to make your business get ready for that autopilot so it starts serving you. Corey and Carrie, how in the heck are you two doing?

We are doing awesome, Cody. Thanks for that introduction. It’s good to be back.

You are seriously my favorites. You are awesome individuals. It will be fun. You are coming out to Salt Lake here in the near future, and which is going to be fun to see you guys here again. We need to see each other again. This will be awesome. Carrie, how are you doing?

I’m good. Thank you.

You guys had a little baby. How old is Hayden?

He is three and a half months.

You are able to have kids and still grow a business. Is this for real?

We always joke that if you want to grow your business or start systematizing your business, you should have children. It’s because that was the deadline for us. For me, to hire an assistant was when Hayden was born. That pushed us into action.

This is what I love. There are events in our lives, such as children that force us to, “We got to get uncomfortable because I can’t work these many hours.” It’s nice to have something push you that way because our natural side holds us back saying, “No, let’s hold on. We don’t want to pay out money to employees. Let’s keep going a little bit longer.” Sometimes we have these beautiful little kids and it’s like, “Nope. Now is the time. Let’s do it.” Fill us in. 2018 was huge. You said 31 deals. Are the majority of those straight wholesale assignment deals or did you do some fix and flips? What does that look like?

Most of those were wholesale deals. We had eight flips in there. The rest of them were wholesales.

Eight is too many, as Tom Krol would say.

I would normally say that but I have been doing some fix and flips. I don’t talk about it much, and you will see it more on our YouTube channel but when it’s not going to be a distraction. I make sure that if I am going to do it, it doesn’t disturb the wholesaling business, the process or make us lose traction. We’ve done some things in the past where we’ve lost traction.

If I do it, I’m very methodical in the fact of how to do it so that a wholesaling continues to be on autopilot, which has been nice. I’m assuming that’s when you are looking at it. You are looking at it more of like, “It’s not going to distract us but it’s also going to help maximize the return.” Is that the mindset behind that?

In 2018, we were still pretty new to real estate, in general. We tried a lot of different things before we got into the tribe. We were looking into lease options, subject tos, and all these other crazy things. We did a couple of flips, and we liked that but we also made a couple of wholesales, and then we really like this wholesaling thing a lot.

“This middleman stuff where you get in and out. See you later.” I love it.

I dated it in 2 weeks instead of 4 months. I’m like, “This is way cooler.” That’s when we found the tribe and signed up with you guys. Throughout that, we still had some trailing deals in 2018. We started them in early 2018, and it took a little while for them to close. We had a couple of them that are outliers outside of our normal buyers’ radius that we did well on it but it distracted us a little bit. Now, we are in the same mindset as you. It’s almost more of like a wholetail deal, where we take it down, clean it up a little bit, and then list it. It’s pretty easy. It’s in and out in a couple of days instead of four weeks.

Break it down a little bit for those reading. What is a wholetail deal? What does it mean to do a wholetail deal versus a wholesale or retail?

The definition varies depending on what state or market you are in or your business model. For us, what we will do is we will look at a deal, and if there’s not a lot to do, if it’s outdated a little bit cosmetically but the bones are good, and everything is great, a retail buyer could easily qualify for a conventional mortgage for it.

Sometimes, we will get private lending or use a commercial bank that will finance the deal for us. We will buy the deal, clean it up a little bit, stick it back on the MLS, and gear more towards a retail buyer than to an investor to try to maximize the profits because the retail buyer can pay a lot more than an investor can.

For those reading, that is already one of many gold nuggets you can receive. How to maximize your profits? There are three essential categories for your buyers. You got your rehabber that fix and flips. You got your landlord and retail buyer. Your fix and flip, because they are going to have to put so much work into the homes, were probably typically your lowest paying. Your landlords don’t have to put as much into the home, so they can afford to pay a little bit more than the fix and flip or the rehabber. Your highest paying buyer is always going to be a retail buyer.

Working as a couple, you will have challenges working together on a business, but for all the struggles, fears, and everything, the benefits and the joy that comes from it outweighs those fears.

This is an awesome model that they are talking about here called wholetailing, where you simply clean it up and maybe fresh paint or none of that. Maybe it simply has a crew go through it and clean it up and put it on the retail market to get your highest paying buyer. I love that stuff. That’s a model we use here in our Utah business as well. To do 31 deals that are not easy. You are doing over one a month. You are doing over two a month on average. What does the business look like so that you are able to handle that deal flow?

For us, Carrie and I pretty much figured it out. I was still working full-time before we came out to see you in San Diego. I left my job last March, and we did the episode right around then.

It has been a little over a year since we did that episode, and that was when you had left Corporate America and said, “I’m done. I’m doing this full-time.”

Since then, it’s that fear when you leave a good-paying career like, “Can I do this? Am I going to be able to support my family?” I was the only one working a normal job. Carrie was working a job, but that was taking care of the house, and the kids, which is more than a full-time job on that. When I left my company, we looked at our numbers, and the growth that we had was costing us money to have me work.

In hindsight, what does that look like? This is the better part to share because there are so many people in your shoes now. They are like, “I got this good-paying job, and it comes with benefits and insurance. Can I do this on my own?” I want to know your perspective. I know our readers are wanting to know this perspective because there are a lot of individuals in this same situation. They are like, “When do I pull the trigger?” What has it done for you because you left Corporate America?

In the lifestyle we live, as you had mentioned, we are building an actual business where we can work on it and not in it. As we are doing this interview, we have a team of people out there those meeting sellers, setting appointments, and doing these things. Prior to that, when I was in Corporate America, I was working full-time plus doing all of that myself. Carrie was on the other side, generating the leads, sending the marketing, and trying to get us organized.

Now, we are fine-tuning, tweaking, and improving our efficiency and profitability. It’s a lot of fun. With a newborn, it allows us to be able to raise our newborn together. We both still work on the business but it’s a lot less. If I look back at my workload several months ago with my full-time job plus our wholesaling business, it was insane compared to now in how many hours Carrie and I put into the business. It’s a night and day difference.

We follow each other on social media. I get to see some of the fun stuff that puts a smile on my face. Didn’t you guys go to Disney World?

Yes.

I look at your lifestyle, and it’s awesome and fun to watch. We always make fun of the Airbnbs we choose for San Diego or some of the things that you’ve done. They stayed almost like a farm, and the kids got to play with the horses and everything. I still remember some of these posts. You guys’ lifestyle was pretty fun but Carrie, tell us a little bit about the lifestyle now that you have him away from corporate America.

One of our big life goals has been to homeschool our kids and travel with them to show them the world. We have three kids, for those of you who don’t know. Corey worked from 5:00 PM until midnight or 1:00 AM. When they were in school, they would go to school all day, and then he would be working at night, so they didn’t get to spend a lot of time with him. I’m not saying that was anybody’s fault but our dream and vision for our life was much bigger than the fear of, “What’s going to happen if he quit?

That’s one thing that a lot of people have this big fear about you leaving a stable job but what we’ve found is that since he’s left, we traveled 60 full calendar days in 2018. We will be able to homeschool our kids, bring them to places, show them the world, and be a very much full-time family. That has been one of our goals. With him working a normal job, that wasn’t feasible for us. It’s a vehicle that’s helping us achieve our bigger dream.

Has it been comfortable? I want to even emphasize on, was it like, “This has been so easy. Once he quit, it was like unicorns and rainbows, and everything was amazing from that day forward?”

Working as a couple, there are challenges when you are working together on a business but for all of the struggles, fears, and all that, the benefits and the joy that comes from it outweigh those fears.

Also, as the struggles, trials or challenges.

We had been wholesaling before I left. We had been with the tribe for a couple of months before I decided to leave my job. We had some deals that we had flipped previously and accepted offers. It was a matter of waiting for them to close as long as nothing fell through. We had a little bit of that cushion built up that, “Let’s say we make $0 in wholesaling for the next several months, which we knew was not going to happen but if that was the case, we at least had a chunk of money set aside.”

I evaluated it. I was in sales and one of the top sales guys in our company. I always said, “What’s the worst case that could happen?” I can always go back. They would hire me back in an instant, and I had a good relationship with the company. I didn’t leave on bad terms or anything like that. That helped me with my anxiety because being the breadwinner in the house for however many years that’s always the big stress I put on myself, “What happens if I don’t produce? What’s going to happen to our family?”

With faith, trusting in God, and knowing that no matter what, he’s got it, so leave it up to him. Whatever doors he opens, we try to be intuitive to that and follow those. That was when we felt pretty strongly. We had the mentorship of you, and we had all the signs pointing that that was the way to go. We haven’t regretted it since.

I want to take a second so everyone knows that it doesn’t come easy. It’s not something that it’s, “Voila. You make the decision, and it’s going to be easy. It’s going to go down this awesome road.” One thing that has been great about the two of you and watching you two is you are willing to mirror other people that are already doing it.

WI 276 | Wholesaling

Wholesaling: We always joke that if you want to grow your business or start systematizing it, you should have children.

 

You are willing to surround yourself with individuals that are already at the destination that you want to be at, and that has been huge in your success. You two work hard. You do great things. You have your faith in place. You’ve got all this great stuff going and always still looking for, “How do I get better? How do I do more? How can I turn this into a real business?”

Many times, what’s easy to do is you get a couple of deals, and it’s easy to fall into almost a plateau or a trap where you think, “There’s got to be another way. Maybe I do this and try this out,” but you guys have always been willing to go out there and not ask how but who. I’m not saying something that sounds so outside the box to you. You are right on the same page. You’ve never asked how. You just look at who. “Who’s doing it? How can I surround myself with those individuals and copy or mirror that and do that to a team?” That’s where you continue to grow so much faster than so many other people out there.

That’s a big testament to the program. When we thought about coming out to see you in Salt Lake, it was so funny because we started growing a team. It was Corey and I working and trying to make it happen. It was happening but we weren’t building a business. Now, we have an acquisitions manager, a full-time admin-marketing girl, and a cold caller appointments setter. We are like, “Who is running a great business that we want to do the same thing as that?” It’s so true. That’s exactly what we do in every aspect of our life. We look at who is where we want to be and how can we surround ourselves with them, so I shot you a text like, “Can we come to see your operation?”

It’s going to be awesome. I’m honored to be amongst someone that you want to mirror. You are going to come here and be like, “What? This is the business. This is it? Come on, guys. We paid for some flights and a cool yoga room for an Airbnb.” This is an inside joke. They rented a yoga studio that they thought was an Airbnb. We always have good jokes about this in San Diego.

That’s why you guys grow. I love that you have an acquisition manager and a full-time marketer out there working for you, bringing in the leads. You are starting to turn this into what is a business. Many times, as entrepreneurs, we want to call it a business but in most cases, when you talk to people and hear how hard they work, it’s just a job. It’s a glamorous job that you may own but also owns you. You are starting to turn this into an actual business where a team comes in, still keeps, and maintains that same quality, care, and kindness that the two of you have, and now get to the point where you are working on your business more versus in your business.

It’s the right people in their right seats on the bus. It’s phenomenal. We have two more hires that we want to make, and that will probably be other than just building our bench, in case any of them leave or something happens to them so that we can plug somebody else in. We owned some apartments and rental units. That’s what got us into real estate. Our original goal was to own rental units to replace by income. We then found out about wholesaling and we are like, “This is way cooler.”

“No tenants and no toilets. We are in and out. See you.”

We always wanted that passive income. That’s something as passive as you can get in real estate. We had a revelation looking at our next two hires and we are like, “We will still have to work on the business and continue to make sure it grows and does what it is but for the amount of time that we will have to stick in, it’s about as passive investment as you can get.”

Someone else we never realized, one of our local mentors challenged us to grow a business where it’s not reliant on Carrie and me, where he could take it over, and it would still run, systematized, and everything else. He said we got it to a certain level. There was a nice number that he would even be willing to buy the business from us. We were like, “We never even thought that you could sell this big. This is cool.” A lot of other avenues have opened up when we started looking at it more as a business, instead of like you said, just an income source.

You are nailing something perfect here. This is another thing to jot down Rhino Nation. They are talking about taking action by getting out there, taking your imperfect action, getting involved in real estate or whatever vehicle you choose, and the principle remains the same. Go out there, take massive imperfect action, and you start to see these doors and different opportunities open up.

This is the case for a lot of successful wholesalers. It starts with wholesaling, and then pretty soon, it turns into passive income. It then turns into apartments, and then it turns into investing in other businesses. There are so many things that this opens doors to. This is perfect. If you were to tell someone that’s maybe right there and they are looking at bringing on their first hire, what would you recommend their first hire to be and why?

I thought you were going to say, “What should they do?” I will say, “They should get pregnant.”

Get pregnant, and now you have to hire someone. Let’s go a little bit more solid than this, Corey.

The easiest hire for us was my assistant. She ended up taking over all the marketing because that’s so much easier to direct and coach somebody and to automate marketing because you have a process, and then you teach the person the process it, and then they do it. She will run our revenue and campaign reports and then report those back to me. In my opinion, that took twenty hours a week off of my plate. It took me like three weeks to train her where she knew how to do everything that I was doing.

Is this someone in-house or a virtual assistant?

We had tried using a virtual assistant, and for me in my level of comfort, I wasn’t comfortable giving her a lot of tasks. This one is a complete rock star, a gem. We are so lucky to have her but she’s local. She came and trained with me in my office. She now works from her home. I’m doing all of our marketing and stuff but she’s full-time, 40 hours a week. That, for me, was probably the easiest, most life-changing hire because she can do anything. She’s detail-oriented. She can do reports and show me how our business is performing. That is key. I would say the other ones are acquisitions and our cold caller, and it was way more training and ongoing training for Corey.

Let’s go back to this first hire. Over time, it looks like she’s worked herself into a full-time and freed up a lot of hours but instantly, out of the gates, when you brought her on, how many hours a week did that free up for you?

At least twenty.

What were you able to do with those twenty? Did you use it so that you could be with the kids and be a mom, or did you use that in another way to grow the business because you can now have twenty hours to do something else? There’s no wrong answer by the way. This is to help people understand what you can do with those twenty hours.

Go out there, take massive imperfect action. You start to see these doors and different opportunities open up.

I trained her. She was fully trained by mid-December. I had Hayden at the end of December. We had Christmas and all of that. I was able to focus on having a newborn and not worry about having the marketing go out the door. That is completely life-changing because if I hadn’t hired her at the right time, our business would have seen a huge dip when I had him. It let me focus on being a mom.

It was funny because I was used to working those hours and do like working in the business. He’s getting to be more fun but he’s getting more of a routine now where I’m working on our business about three hours per day, and during that time, instead of using that for marketing, I’m able to look at our budget. As they say, “It’s not about how much money you make. It’s about how much money you keep.” I’m able to go through and say, “Where can we cut spending? How can we maximize this revenue source?” I look at those higher-level problems instead of being in the day-to-day if that makes sense.

You are rock stars. You are continually pushing forward and getting better and better at what you are doing. You are always looking for the next way to get to the next level. I see nothing but good, and it has already been great. Not to say like, “Good is coming your way. Great. It’s already happened,” but it will continue to happen because of great people. You are a great heart behind it. It’s not out there to go make a ton of money. It’s out there to serve individuals. The by-product is you can make good money.

Now, you’ve got the point where you are building the business. It’s going to be something that serves you versus you always have to serve it. Ultimately, start living more towards that dream life that you want, even though you are already living a great life but what do you see your future being? What’s your five years out from now? Why are you doing this? Why are you making this a business?

There are a couple of reasons. I wrote them down and had been listing some stuff from Todd. It’s interesting you asked that. The big why is being able to obviously spend more time with the family. That’s a lot of people’s goals. That’s cliché to say sometimes but it is. I wrote down, “So I don’t have to live with financial anxiety.”

I have always been driven but I’m driven out of fear a lot of times to be successful. The more that we build this business, acquire assets and train our team to make it become almost like a machine that runs, the less anxiety I have every day about whether or not the financial walls are going to cave in on us. We are building that safety around us.

In five years, we love giving back. Tithing, as we know in the tribe, is a huge thing. Seeing that number able to grow over the years is fun to see. Imagine what that’s doing in the world. Impact our family generationally. Having our kids being able to grow up, see us working a business, hiring people, and growing it and that stuff. I’m not saying they must be business owners if that’s not what they want. Being able to provide that example for them and show them what it’s like for us to be working together, married, and those types of things is important to us.

Carrie, anything you want to add to that?

No, he nailed it. One of my huge passions is I want to homeschool our kids. In the next five years, I see our kids learning about things on the East Coast, and instead of reading them out of a book, we can go to the East Coast. That’s one of my big why and my driving factor behind what I do.

“Your kids missed Spanish class. It’s because we are in Spain speaking it. I’m so sorry.” Let’s end this with a couple of things. We have a lot of people still at the beginning stages. Even though we talked about how to turn this into a business and what it can be future phasing, some of the people that are thinking about it now. For those that are getting involved and learning about wholesaling, knowing what you know now, what would you do differently or what would you have done the same if you were starting all over day one, again?

If you are not a member of the tribe and on the fence about, “Is it worth it? Is it not worth it?” you guys seriously catapulted our business. Anybody who joins the tribe you got to get invested in has to do what you guys teach to do. Anything you guys put out there for training, we scarfed it out like, “We will sign up. We don’t know how we are going to pay for it but we will figure it out.”

“This ten pushups and pull the hair off a camel’s back.” I don’t understand what that is but let’s do it. They said it. “We got to find a rhino. This is weird.”

That was our biggest thing. We had a local guru or mentor guy that we signed up with, and I don’t regret it. It got us into massive action because we paid a lot of money to do it. We are like, “We got to get this money back somehow.” The difference between that program to what we experience with Wholesaling, Inc, and the coaching, mentoring, and training you guys provide is a night and day difference. It’s given us the blueprint to exponentially grow our business.

If we didn’t do the Wholesale Inc program, our 31 deals, we probably would have done maybe 10 to 15 deals. We still would have done deals but we would have been fumbling through, and there are probably have been a lot more headaches, and our deal size would have been a lot smaller. It’s catapulted us a ton.

Thank you for the shout-out now because you guys are so kind, and both of you are here. Let’s do this. I want 2 books, 1 from each of you. What about a book that has been game-changing or awesome on the mindset, or has helped you grow to be better individuals? What book each of you would you share with the Rhino Nation?

Hands down, no questions about it. It’s a two-book series, Rocket Fuel and Traction by Gino Wickman have been completely game-changing. I reread it, and it has so many marks. I’m obsessed with it. That’s good.

I had to hire someone to read that because that’s the stuff you love. I’m like the guy that’s like, “I want to go talk to people. I love people.” You are like, “I love the nuts, bolts, and numbers.” I’m like, “No way. Someone, please read Gino Wickman’s book because I don’t even know how to read it.” It’s like in Mandarin. It’s weird. It’s a language I’ve never heard.

I read the part I needed to read in Rocket Fuel, and it was a little more dumbed down but as I started getting into Traction. I was like, “I can’t do this.”

Carrie, this is where your relationship is so good because your guys’ strengths are opposite, which is killer because that’s how a partnership should work. That’s how it is with our Utah wholesaling business. Mark and I were complete opposites. He loves the nut and bolts. I’m like, “It’s a book. I think his name was Gino Whitley, Wickman, Wiggle or something like that,” and he’s like, “No, it’s Gino Wickman. It’s Traction and Rocket Fuel that he teaches you how to do this and KPIs.” I’m like, “You spoke a language. I don’t even know. Come on.”

WI 276 | Wholesaling

Wholesaling: Being the breadwinner in the house always has this big stress, and it was, “What happens if I don’t produce? What’s going to happen to our family?”

 

I always joke with Carrie that Mark’s Carrie soul sister.

That’s so true, though. Let’s hear what Corey’s book is.

Mindset-wise, I’m a big Grant Cardone guy. It’s The 10X Rule. It’s big. It’s opened my mind to bigger possibilities. When I start thinking about, “We should do ten deals. Why can’t we do 100?” It forces me to create problems in our business that helps us grow, whether or not we hit that ten X goal. It’s helped us push the envelope to what we thought was possible. I read it right before 2018 on New Year’s and all that good stuff. Carrie put a goal out there for us and I was like, “No, let’s ten X it.” She looked at me like I was crazy. We came with $56,000 for hitting the goal.

He’s like, “Forget Gino Wickman. I’m going ten X, baby.”

“We will figure it out. We don’t need details. We will make it work.”

You guys are complete rock stars. I want to thank you so much for being on this show. I cannot believe the growth that has taken place in a year’s time but I also wouldn’t expect anything less than this from you. You are go-givers. You are incredible individuals. You are always looking to better people’s lives and serve individuals.

Those characteristics that you have will continue to show you more growth to come in the years to come. Thank you so much for taking some time out of the day to share your story and let it be shared with our great nation, so they can be inspired and motivated to do the exact same thing that the two of you are doing.

Thanks for having us, Cody, and thanks again to you, the tribe, Todd, Tom, Brent, and the whole crew for helping us get to this point.

This has been another amazing episode. I love these guys. You are going to want to read this over and over again. I know some of this might be future-pacing where you can be in the future but read this episode over again. There are so many things that they shared that will help in your growth as a wholesaler, and it will open up so many different doors and possibilities of what this will be if you will get uncomfortable and take that action.

If you are looking to get into wholesaling and it sounds like something of interest to you, head on over to WholesalingInc.com and book a call with our team. See if it’s something that sounds like a fit and if so, we would love to help you well on your way to getting on that journey so that you can get your first wholesale deal and ultimately, get to the point where you are doing 31 deals a year. What would that look like? What would it be like? You can do that. Every one of us can do it. If the Reyment’s can do it, you can do it. If Hofheinz’s can do it, you can do it. The Krol’s could do it, my heavens, anyone can do it. Let’s rock and roll and let’s keep doing it. Take care. We will see you in the next episode.

 

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About Cody Hofhine

403Cody Hofhine, a multiple Inc 5000 Business Owner. Co Founder of Wholesaling Inc. the #1 Real Estate coaching program across the nation. Co Founder of Joe Homebuyer the leading Real Estate Franchise. A successful Real Estate investor/mentor and sought after Speaker.

Cody has coached over 3 thousand students on how to successfully Build their Real Estate Business through his real estate training as well as help individuals perform at their highest levels with his one-on-one mentoring.

Cody used his background in sales to quickly build multiple 7 and 8 figure Real Estate Businesses that all start on the foundation of clarity or Vision and Purpose.

Cody loves being with his family and doing crazy tricks behind a boat.

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