Posted on: May 30, 2019

Have you been running a business that takes so much from you yet yields very little in terms of revenue? About time you get into wholesaling! If you aren’t fully sold out on the idea yet, the heartwarming wholesaling journey of today’s guest should be enough to convince you to give wholesaling a try!

Bill Lookabaugh is a new rhino from Sisters, Oregon. After experiencing entrepreneurial burnout, he decided to join the police force. While training at the police academy, he listened to podcasts while driving and discovered wholesaling by chance.

Just like most people, Bill didn’t think wholesaling was a real possibility until he closed his first ever deal and earned close to $20,000 in assignment fee. What’s even more mind-blowing? He only spent a total of 6 hours working on the deal!

If you think wholesaling is not a possibility for you and you can’t make it happen, today’s episode is exactly what you need to hear! Bill’s inspiring wholesaling journey will give you a glimpse into the many amazing ways wholesaling can change your life and why it is one of the most lucrative avenues to achieve financial freedom today!

Key Takeaways

  • How he found his first ever deal and how he made it happen
  • Why building a referral network of real estate agents in your market is key
  • How he currently runs his wholesaling business
  • Sample of a good wholetail deal he did
  • What a wholetail deal is
  • What he thinks the biggest and the best cash buyer’s list is
  • Number of hours a day he spends making calls
  • How he stays focused and consistent
  • An incident that threw him off his game temporarily
  • The biggest instruction he can give to those who are starting out
  • Why he stopped reading sales books
  • The biggest takeaway he got from a conversation he had with Cody Hofhine

RESOURCES:

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Episode Transcription

Brent Daniels: Welcome everybody back to the Wholesaling Inc podcast. I am your host, Brent Daniels, and I am absolutely thrilled to be coming to on this podcast today because I think we’re going to have just an unbelievable amount of value to provide, but before we do this, I want to give you a tip. I want to give you some homework to do right off the bat of this podcast because I believe instruction is more important than education. I believe instruction is more important than entertainment, right? I talk about it a lot on this podcast because instruction is what you were looking for. When you’re listening to this podcast, people listen to it, they go out, they get deals going, and then they join the rhino tribe and then they explode their business. But this instruction right off the bat is something that really, really helped me understand why I had the goals that I had and what I needed to focus on to accomplish those goals.
And it is something that you could Google right now. So if you’re in the car, just do this later. But if you’re in a place at Google, seven layers deep, okay with this is a exercise where you ask yourself why you want a goal seven times. It is an unbelievable exercise. Now most people get a little bit uncomfortable at five and then they really start peeling back the layers because everybody goes into it and they talk about their why and they talk about they want to provide a legacy for their family. They want to provide opportunity, they want to provide all these things. And this really brings me to the interview today because I’ve got a phenomenal professional wholesaler out of Sisters, Oregon. Now, if you’ve never heard of Sisters, Oregon, nobody’s heard of sisters, Oregon because besides Bill and a thousand other people, nobody else knows about it.
But coming out of a small market, but it’s surrounded by big markets, but just a gentleman that has an unbelievable story to tell, an unbelievable wholesaling journey, a really a lifelong entrepreneur, if you will, that has really taken his time to figure out the right vehicle for him and his family. And he’s going to get into that. But without further ado, I’d like to introduce Mr. Bill [Lookava 00:03:33] , how are you?

Bill Lookava: Good, thanks Brent.

Brent Daniels: Bill, tell us about you. Let’s go all the way back. You know, I introduce you as being an entrepreneur. What started your journey as an entrepreneur and how did you find wholesaling?

Bill Lookava: I grew up in business. My dad was a business owner. My grandpa was a business owner, it was kind of natural for me to just kind of want to do my own thing. I actually joined the military right out of high school. When I got out of there, I realized I didn’t want to work for anybody else. I just started doing something that I was passionate about. I started a window tinting business. I loved working on cars. Then that grew to a large corporation where I was doing cars, tinting houses, tinting commercial buildings, but I was the solopreneur. I was doing everything on my own. I was burning the candle at both ends, didn’t have tons of time left. The money was okay, but it was just something that it did not take me long to get burnt out.
18 years later of doing the same thing over and over and over again, I finally realized that I need to change. It’s this as something that I can’t really do for the rest of my life. I turned 40 this year and at 39 just before that 40 year old mark, I was thinking, “Man, I need to make some changes.”
I was listening to podcasts. I thought that I wanted to be a police officer, so I joined a police academy and as I was going through that academy for nine months back and forth, I would listen to podcasts in my car and a lot of those podcasts, they started off with like Grant Cardone. Then I got into some other ones and then I found wholesaling Inc. Which I’d never heard of wholesale. I found that and it just blew my mind that that was a possibility to even do. I joined in and I’m typically good with talking with people, which I enjoy, which listening to the podcast hearing how you guys interact with people here and just your genuine nature. It really stood out above and beyond the way that other people wholesale, and so I jumped in with both feet.

Brent Daniels: That’s awesome. And you jumped in to the wholesaling inc program?
No, through those podcasts I had heard two other different wholesaling trainings and I actually started off with one, went through that one, and then I got got into the other one, went through that one, didn’t really do anything with either of those. I’ll tell you what it was. It was a ton of information and it really confused me Brent to the point where I had all this knowledge in my brain and I didn’t have any idea where to go because it was like, you could do this, and you could do that, and you could maybe do this method and you could do a little bit of all of those. But none of them specifically said, “Here’s what you do and this is what you do after that.” Through listening to those podcasts through Wholesaling Inc, I realized that this was a decision that I needed to make.
The difference was immediate. I think through the first two programs, I think I had like 12 cash buyers at the end of those. They were like, “Look, you only need four or five.” Yeah, yeah, yeah. And so listening to you and Cody and Tom driving back and forth to the Academy, I’m like, this is a no brainer. Being proactive instead of like sticking out one bandit sign and kind of hoping and praying versus talking on the phone with somebody being proactive about it. It just became a no brainer for me.
You joined the TTP program, when did you join it?

Bill Lookava: I joined I believe the end of January, beginning of February, 2019 yeah.

Brent Daniels: Right off the bat, I mean you were like a fish to water. I mean you were just, it was just really natural to you, right?

Bill Lookava: It was.

Brent Daniels: I think your combination of being an entrepreneur and doing customer service and talking to a lot of people and understanding that as an entrepreneur, like 80% of our life is on the phone right? You know what I mean? As a business owner, as a true business owner, you know, setting up things, organizing things, making sure that all your people are in the right position and that you’re doing sales, you’re doing customer service, you’re doing accounting, you’re doing all these things It’s always on the phone. So I think that just from an entrepreneur standpoint, you already have that endurance to be able to get on the phone. You were going to be a police officer because you’re a people person. You want to serve the public. You knew already had a communicate with people. I think with a combination of both it just went bananas.

Bill Lookava: I think honestly I was just looking for change and the police officer thing, it was just, there was some excitement, there were some newness. I mean who doesn’t want to drive fast and carry a gun? But the flip side of that is turning 40 and going, wow, I’ve done my own thing for 18 years and now I’m going to give up all of my nights. I love my weekends. I love my holidays. I have zero control just because I’m unfulfilled with what I currently do. That to me when I hit 40 I looked at my wife and I said I think I need to do something different. That was when we both decided that the full time police officer thing was just probably not something that I needed to do.

Brent Daniels: This came in and kind of, it was kind of like perfect timing, right? Because it kind came on the back of you locking up some wholesale deals or a wholesale deal?

Bill Lookava: Had I not joined the police academy and had to drive an hour and a half for nine months every single week to that academy. I wouldn’t have been listening to podcasts. I had to figure out something to fill my time. And so I had actually finished the police academy, had my applications and all over the place to get a full time job. And then by happenstance, wholesaled my first deal.

Brent Daniels: That’s what I was saying. It was like kind of perfect. It was serendipitous that it fell like right in that same window of time that you like had to either commit to the police or not right and then you got that deal right?

Bill Lookava: Exactly. Yeah. What really opened my eyes was, my first deal was $20,000 and it took me about six hours from start to finish. I started doing the math in my head going okay with my current career that I’ve had for 18 years, that takes me driving back and forth to about in different homes and doing the work myself, tying up probably two weeks worth of my time. And then as a police officer, $3,500 a month, that’s your take home. To make $20,000 it just opened my eyes and I’m like, why didn’t I do this sooner?

Brent Daniels: Talk about that first deal. Talk about, you know, because I think, you know, a lot of people listening, they’re working on their first deal or they’re thinking about this business. They stumbled across it and they hear you say $20,000 in six hours. What does that mean? Break down those six hours for us. How did you source it? What was the list like? Break it down.

Bill Lookava: Definitely what it was is this was actually just communicating with a realtor. One of the things that I was doing is I was trying to reach out to different realtors in my area. There was a podcast with a former Marine that lives in Sacramento that he uses realtors to his advantage. I started doing the same thing. I actually talked to him on the phone, sent out an email to a bunch of realtors. I got a few responses. One of them ended up being a guy that we had several phone conversations, told them what I was after and he called me out of the blue one day. He’s like, dude, I think I got the perfect setup for you. I’ve had this house listed for three months. It has fell through three different times to three different owners or three different buyers.
I need this off of my plate. She’s willing to take X amount of dollars for it just to be done with it. She was like four payments behind, so she was going to lose the home if it doesn’t get gone. And he was actually moving from one company to another company at the same time. So he’s just like, “Take it from me.” He’s like, “If you know what you’re doing, you can make this work. Just take it from me.” I talked to the owner of that house about two or three times, got her down to a good number. I believe I got her down to … I think that we were at 175, 176 something like that. I sent it out to the few cash buyers that I had, held an inspection and I got a couple of offers right there on the spot and I’m like, Nope, they’re all due within 24 hours.
I did exactly what Tom teaches in the program, what you teach in the program. In the end I had two of them that were tied for the top. I called them both and I’m like, look, you guys are at a dead tie. One of you needs to come up on your member or you know, I’m just going to basically roll the dice. And so they both came up a little bit. One of them came up a little bit more and I ended up doing, I ended up making, we’re about 23,000 on that deal. Then I, I actually gave the realtor back three grand for sending me that thing. And so he had some money in it. He did some pictures and stuff like that and he’d worked hard on it and I’m like, “Well what do you want?” And he’s like, “I don’t know, thousand bucks?” So I gave him three so it was a great first deal for me. I always remember it.

Brent Daniels: A couple things there before I ring this victory bell. A couple of things go … Great takeaways here for everybody listening. One, you have to build a referral network of real estate agents in your market because I am telling you there is a good portion of them that do not want to list really, really rough houses. I’ll tell you why. This from experience. I’ve been licensed since 2004 but I know that if they put it on the market at a really, really aggressive price, they’re going to have dozens of offers. It’s a lot of paperwork. It’s a lot of work. They don’t want to mess with it. Plus most of the time they got to pay the agent on the other side. Now agents if they want to get the full amount, typically what happens is agents split the commission with a buyer’s agent and with the listing agent.
That’s the person representing the seller, so when that listing agent can be both the buyer’s agent and the listing agent, they can get the full commission. Now, that didn’t happen in this circumstance, but whatever, I’m educating you too much. Basically what I’m telling you, the instruction is go out, talk to and get at least five referral basis … Referral agents in your database that’ll send you deals as they come across the really, really rough runs that they don’t want to deal with. The second thing that Bill did was beautiful. Did you hear what he did? He paid the agent triple what the guy wanted or what the agent wanted and for a reason, and I’m sure the reason is because you want him to send you more referrals. You want him to know that you’re fair. You’re more than fair, you’re more … You want everybody to benefit when they work with you. When you do those type of things up front, initially in a relationship, a professional relationship in the real estate industry, it carries weight forever. Okay. That is just absolutely fantastic.
What net bottom line was deposited into your bank account?

Bill Lookava: 19,986 and some change.

Brent Daniels: I love it. Not bad for a first deal. Right?

Bill Lookava: I will remember that first deal for ever.

Brent Daniels: That’s it. Let’s talk about now. Let’s talk about your business and as you’re growing it, and then let’s talk about how you’re balancing and being an entrepreneur for so long and family life and all these things. What are you doing? Tell me now. Obviously you didn’t just do one deal and quit, right?

Bill Lookava: Correct.

Brent Daniels: Okay. So-

Bill Lookava: I pound the phones a couple hours a day and I have been doing that consistently. I’ve done three wholesale deals just from TTP and they haven’t all been big like 20 grand. But you know, I’ll take a $7,000 wholesale deal all day long. So I’ve done three wholesale deals that it equaled about another 30,000 in income.

Brent Daniels: Love it.

Bill Lookava: The 30 and the 20 together … I mean I’ve already matched half of my normal income that takes me a year to make and just a few short months.
But the best one, the one that I’d like to talk to you real quick is this one that we just closed on it and it’s a wholesale deal, so it hasn’t settled yet, but it was a TTP from the tax delinquent list reached out to her and she was three years behind on taxes and had just a very genuine conversation with her, asked her if she was interested. She said yes, made her an offer on the phone. Then something that Steven Lee talked to me about was sending them a written offer as well. I did that as well. Three days later she called me because I put an expiration date on the written offer and she said, “We’re ready to go. We need to do this. I want to move to Las Vegas. My house is paid for, I’m just three years behind on taxes.”
This was a really, really nice house. Literally nothing wrong with it except for they were kind of closet hoarders. So there was a lot of stuff there, but everything was in great shape and I immediately knew it was a whole tail deal. So we went ahead. I saw-

Brent Daniels: Explain what what a whole tail deal is.

Bill Lookava: I could have wholesaled this and maybe made 10, 15,000 bucks. What I really wanted to do is open up the biggest and best cash buyers list, which is the multiple listing service. So I literally [crosstalk 00:17:14]. The MLS. I want people just beating down my door to get this property. Another realtor that I had made a connection with that I’ve been communicating back and forth with frequently, we have yet to do a deal together, but he’s an aggressive investor and a realtor broker. I contacted him.
I said, “Hey, I got a good one.” We partnered up on it. He actually had the funds, he had a helocs. He was able to just pull out all the funds buy the house. We’re 50/50 partners on it. I put 50,000 in, he put 50,000 in and we did the rest of it finance through him because he’s a realtor. He’s just going to market it and sell it. So we put 1500 bucks into it.

Brent Daniels: Cleaning it up. Getting it fresh.

Bill Lookava: Yeah, exactly. And we’re talking granite countertops, cherry cabinets, hardwood floors. It’s a phenomenal house in a great area. It’s going to probably sell somewhere around 390.

Brent Daniels: Oh I love it. Where do you think you will net? You said you would be, you could have assigned it for maybe 10 or 15,000 what will you net, because you’re 50/50 with your guy. What are you netting after it’s set and done.

Bill Lookava: We expect we’re going to basically split about 85,000. I probably paid closer to 40 to 45 on the deal and I’ll get my 50 back.

Brent Daniels: That was from one phone call?

Bill Lookava: Yeah, TTP, one phone call. I did go and steer in person. I got the assignment on track with her. I got the purchase agreement signed in person from her because I wanted to go see the property. It was great, the pictures online, but I wanted to go see it and here’s the thing. This lady, she was in a wheelchair, she couldn’t really reach the counters very well. So there was just tons of stuff piled on the counters. And she was a heavy set gal so she couldn’t stand for very long. What she didn’t want out of all of this, she didn’t want a hundred people walking through her house or a realtor saying, “Do this, this, this, this and this.”
She wanted to move to a warmer climate because we get some rain in Oregon. She wanted to move to a warmer climate where she would feel better. She could have a house that was paid for and that she’d have some money in the bank so she wouldn’t get behind on taxes anymore. It was literally, it was a win for her and it’s going to be a win for us.

Brent Daniels: Love it. Now, you mentioned that every day for a couple hours, you pound the phones, right?

Bill Lookava: Yes.

Brent Daniels: How do you stay consistent? Because that’s the trouble. Because here’s what happens. You start making calls, you start talking, having quality conversations with distressed property owners. All of a sudden you start getting deals. All of a sudden you stop making those calls.
All of a sudden things start distracting you and you kind of get out. How do you block all that out and stay focused on just keeping, keeping the engine going and keeping the funnel … Keep bringing in leads into your pipeline.

Bill Lookava: I think the biggest thing is just knowing that this is what is required to make this work. As a business owner for so long, I kind of have it ingrained into me that you can’t be afraid of just doing the work and if you don’t do the work, you’re not going to get the results. That was a big thing for me is to just know that you have to put in the time. If I can’t get to an appointment for a couple of days, you know what I might miss out on a deal. But if I don’t make those phone calls, I guarantee I’m going to miss out on deals.

Brent Daniels: I mean you, you lose every deal that you don’t talk to the distress property owner. You know what I mean?

Bill Lookava: The last two weeks sprint, I’ve actually, I haven’t been on the phone at all. So now that I’ve done a few deals, I think that’s my next thing that I’m going to do is I’m going to get that consistency with a, I’ll hire-

Brent Daniels: Hire somebody out.

Bill Lookava: Probably one of your Costa Rica callers, the U.S callers because they don’t have to be trained. You just have to make sure that they’ve got the right attitude and personality that you want talking to your customers. But for the most part it’s a done deal but my last two weeks have been kind of a whirlwind of emotion. It’s kind of taken me off of my game, but I am so glad that wholesaling has actually filled that bank account up for me so I could take those last two weeks off.

Brent Daniels: Well and tell us …. First of all, just to let you guys know, the callers that I use personally, my business that Bill is talking about is callmotivatedsellers.com. They’re the best. They’re Americans living abroad and they are the best. Anyway, that’s just a little plug for them because they’re incredible. What was the last couple of weeks? Cause you took the last couple of weeks off and that that’s normal for a regimented entrepreneur like you. So what, what happened?

Bill Lookava: We had some life circumstances happen and I’ve got two kids. I’ve got a 14 year old girl and a 10 year old boy and our boy has suffered with some headaches for many, many years. Sometimes they’re bad enough that he actually gets sick and he’ll just lay down in the bathroom and he’ll be there for three or four hours and then he’ll wake up and he’s fine. We’ve took him to several doctors and they’ve all said that it’s pediatric migraines and that he’ll probably grow out of it. About two months ago, one of them got so bad that we took them to the ER and they did a CT scan for him. That CT scan revealed that he had a mass in the front of his brain and that mass, we were scared that it was maybe a tumor. We went and saw a neurologist and they said that it was a, they call it an arachnid cyst and it is a buildup of spinal fluid in the frontal portion of his brain.
It has pushed his brain back probably two inches. They’re fighting for room in there. And so anytime he would have either too much activity or something, it would cause that headache, that mass to swell and give him headaches. At that point in time, everything got shut off. We’re like, we’ve got a 10 year old that needs brain surgery essentially. So life stopped at that point because nothing’s more important than the kids.
We took him to a OHSU, which is the best hospital in literally the state of Oregon. He had to have brain surgery. About two weeks ago, he went in, they went in through the side of his temple and they got that cyst taken care of to where it drains properly and then buttoned him up and he was home about 24 hours later. What that has done for me is it’s taken me off of my game because I had been making sure that he’s good.

Brent Daniels: Oh of course.

Bill Lookava: But what wholesaling has done for me is it has literally gave me the time and the income in my account that I could look at those two to three weeks and not even care. I needed to be here with my son. I needed to be here with my wife and my daughter. We needed him to be able to recover and Monday was his first day back to school.

Brent Daniels: Incredible. Incredible. Man, it’s just so inspirational. Not just the going through all of that is, I mean like I can’t even imagine even the years that he was going through headaches and all those issues and not knowing exactly what was going wrong so now that it’s drained is it-

Bill Lookava: It’s a one and done.

Brent Daniels: One and done.

Bill Lookava: We found out from talking to the doctor, it was something they was actually born with and that fluid built up and built up and built up and they say that they’re pretty common. They do like five of these surgeries a week, but they commonly cause headaches and so she made that incision, she cut that thing to drain and then as his brain fills that void, there’s no more issue.

Brent Daniels: Unbelievable. You have the opportunity to spend that time and not worry about your job or your finances or whatever because of this beautiful thing called wholesaling.

Bill Lookava: That’s right. There is nothing better than knowing that I could take that time off. I guess the second best part of that is literally the day before his surgery, I sold my business after 18 years. I went into that thing without that work phone constantly ringing and those customers constantly calling and I was able to shut everything down and just be in the moment with them at the hospital.

Brent Daniels: Absolutely incredible. So now are you back at it? Are you, I mean tis-

Bill Lookava: Monday was his first day back to school. I’ve got two days that I’ve been working on the wholesale deal. It gets listed today and I’m actually, I’m headed there as soon as they get off the phone with you. I’m finishing it up. They’re putting the lockbox on the door and it’s being listed. Tomorrow I’m back on the phones.

Brent Daniels: I love it. I love it. How long do you typically call for? How many hours?

Bill Lookava: Usually three hours. Sometimes I’ll push it to four, but it’s at least three hours. The good news is that from nine to noon is always open. My daughter’s at school, my son’s typically at school, so I’ve got that nine to noon just locked down with nobody here.

Brent Daniels: And you just call it from the house?

Bill Lookava: I call from the house. I don’t need an office.

Brent Daniels: I love it. Well, I love it Bill. I mean, just a unbelievable story and unbelievable just real life. This is what this beautiful business called wholesaling can provide for you and your family.
It goes to the intro that I did at the beginning of this podcast, it was really about deep diving the why’s. Why, why, why do you want to be an entrepreneur? Why do you want to do wholesaling? Why do you want to, you know, do this or that. Whatever goals that you have. I love getting that, asking seven layers deep because then you really get to the core of it. I think, you know, you’ve just explained it perfectly, where the core of this is you get the freedom to be there. The freedom during these moments that, and not only that, but to have the peace of mind and be mentally like there, present. the being being present and that’s such a huge relief because having your cell phone go off or having a million messages that you know are piling up behind or whatever. Even though you don’t want to think about it, it creeps into your head and you set it up perfectly to not have to worry about that.

Bill Lookava: Nothing concretes your why more than your kid being in need of your time.

Brent Daniels: For sure. Absolutely. Well give some advice everybody starting out, give them something to walk away with. Give them an instruction to do, not just, you know-

Bill Lookava: The biggest instruction I can give you is be consistent because without that consistency you are not going to have a business that’s scalable. You’re not going to have a business that’s sustainable. That consistency is literally everything. Now one more thing. I was able to spend about an hour in person with Cody Hochheim about a month ago. By the way, one of the best hours of my life. He was generous enough to, we sat down, we chatted face to face and he’s actually the guy that said, “You need to stop reading sales books.” Because I’ve never been a reader.
But what I was reading were books like Seller Be Sold 10 X and Be Obsessed or Be Average. You know, all these sales books that are like, you know … That’s not what this is about. I picked up Go-Getter. Read that cover to cover. I’m reading the Compound Effect right now and what Cody told me is you need to become the best version of yourself, not become a better salesperson. That’s another just a big takeaway is people don’t want to be sold. People want to know that you’re a genuine person and that you have their best outlook on your mind. They want to know that you’re going to take care of them. So that inconsistency.

Brent Daniels: I love it. Absolutely. Perfect. Well that is it guys. I mean just another phenomenal podcast. Bill talked about TTP. If you are looking to join the most proactive group in real estate wholesaling, it is the TTP program. Go to wholesalinginc.com/TTP, scroll down, look at what it’s about, look at all the testimonials and the videos and everything. If it’s the right fit for you, sign up, sign up for a call. It’ll be the best half hour of your year, guaranteed. Bill went through it. I’m so excited because everybody in the TTP program I work with personally. Bill has my cell phone number. He texted me all that stuff. It’s absolutely fantastic, but if not, here’s the thing. I just encourage you to go out there and have quality conversations with distress property owners. That’s the key to this whole business and like Bill said, be consistent. I appreciate you listening. Until next time, go out there and talk to people. See you guys. You’re the best.

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