Are you a new rhino looking for that seemingly elusive first deal? Then you’d surely love what today’s guest has to share!
Quinn Thomas is a brilliant new rhino from Louisiana. While looking for his first deal, the determined 25-year-old devised a creative way to find deals and he candidly shared the tricks he used in today’s show.
If your search for that first ever deal has been futile, you owe it to yourself to listen to this episode. Who knows, the tricks Quinn used might just work for you too!
- How he found a motivated seller
- The list he sent mails out to
- Number of mail pieces he sent out
- The response rate he got
- How he got the seller to sign the contract
- One of the things that can kill a motivated seller deal
- The best thing to do after going for the lower number
- What he did to sell the property
- The number one point of failure for new wholesalers
- The importance of courage
- One of the hurdles that kept people from moving forward
- Book he recommends
- Profit First by Mike Michalowicz
- The Toilet Paper Entrepreneur by Mike Michalowicz
- The Pumpkin Plan by Mike Michalowicz
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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Tom Krol: Hey guys, welcome to another awesome episode of Wholesaling Inc. I have got a new wholesaling rhino on the phone, a new student who just had some success and I am going to pick this apart because he did something a little bit differently when he found this deal. And this is a little niche that if you are looking for a hot list to find motivated sellers so that you can get a deal under contract and make some money today, this podcast episode is going to help you. It’s a little trick and I don’t think we’ve ever spoken about this in the history of the show, so I’m really excited. My name is Tom Krol from wholesaling inc America’s number one wholesaling real estate training program. Number one real estate training program in the country. If you look at our testimonials, I think we are absolutely number one, which I’m excited about and we are talking about wholesaling real estate.
If you don’t know what wholesaling is, wholesaling is the art of consistently finding discounted properties. It is my favorite business. It should be your favorite business. And this is the no fluff, no BS zone, so we’re not here to brag. We’re going to get all of the garbage information out of the way and we’re going to get straight to putting our guests in the hot seat so that you can copy their results and get the same results for yourself. So there’s no fluff, no BS here. We’re going to get right to it. We’ve got our guest today, Quinn Thomas in Louisiana. Quinn, can you hear me?
Quin Thomas: Yes sir.
Tom Krol: All right. Well Quinn, it is awesome to have you on today’s show. I am so excited to be with you. We are going to put you in the hot seat and pick your brain. I know you just had some really great success and I want to ask you about that. So number one, are you okay if we put you in the hot seat and we kind of pick your brain a little?
Quin Thomas: Let’s go and do it.
Tom Krol: All right. And before we do that, tell us just briefly, because our students, our listeners, they don’t care about you. They don’t care about me, they only care about emulating results. But just for anybody who’s interested, tell us just a little bit about yourself before we get started.
Quin Thomas: Okay, so again, my name is Quinn. I’m in Louisiana small town and I’m only 25.
Tom Krol: Oh, I love it. I love it. 25 if he can do it, you could do it. If I could do it, he can do it. You can do it. I love it. 25 years, young man. I would love to trade places. Yeah, I just turned 40. So awesome. That’s enough information. Let’s get to it. So I know you just did a deal and everyone in the tribe, all the rhinos were super excited for you, you made $7,333 if I’m reading my notes correctly, is that right?
Quin Thomas: Right.
Tom Krol: Awesome. Now I know… Take us through this deal if you could, for anybody who’s listening, if they want to do the same type of deal, can you first of all, just take us through, how did you find this deal? Because I know you have a little bit of a unique way, a little bit of a niche way to do this that I don’t know if we’ve ever discussed before. So can you kind of take us through the steps of number one, how did you find this motivated seller? How did you know they were willing to sell at a discount and what did all of that look like?
Quin Thomas: Okay, so great. The first thing it was direct mail. So just following you guys’s direct mail system using a post-course that you guys provide. I sent that out to an absentee owner list. I narrowed down that absentee owner list to out of state owners.
Tom Krol: Got it. So let’s talk about that because this is the little unique piece. So you pull the list. Where did you pull the lists from?
Quin Thomas: From ListSource.
Tom Krol: Okay. From ListSource. So awesome. So I will say you guys in the tribe, I hope Quinn you used the discounted price for ListSource.
Quin Thomas: Yes indeed.
Tom Krol: All right, awesome. So, so in our tribe we get a special code that you get from us, which gives you a very deeply discounted price for ListSource. It’s the lowest in the country. This way doesn’t cost you a lot of money and you pulled that list absentee owners. So absentee owners guys, that means that the homeowner does not live in the property. And what it really means technically is that the homeowner has a different mailing address and the address of the property. So let’s just go slow here. Now you’re saying that of the absentee owners, they’re absentee owners who are in the state of Louisiana and then they’re out of state… There are absentee owners who don’t live in the state. So you pulled the out of state owners.
Quin Thomas: Right, because going to the REIA meetings and just talking to people and some of the buyers and asking them about their marketing strategies, a lot of them stay away from out of state owners. They feel like it’s a headache.
Tom Krol: I love it. So that’s a good point because essentially what you did is you kind of like found a little like niche inside there, which is key. Now did you just pull that list on its own or did you already have the list and you kind of separated from the mailing address or how did you actually do that, technically.
Quin Thomas: So I pulled the list. It was a regular list of absentee owners with everybody. So if you lived in Louisiana or if you lived out that I pulled in November. And then I went and basically filtered out all the ones with Louisiana addresses and I sent to those again. So I sent them one before in around November, but then I sent another one to them, just to them in. We sent that out on March 3rd.
Tom Krol: Same postcard.
Quin Thomas: Right. The exact same postcard.
Tom Krol: Okay. So you sent the out-of-state absentee owners in your County in Louisiana. How many mail pieces was that?
Quin Thomas: It was 880.
Tom Krol: That’s awesome. So 880. I remember one of my very first students in Louisiana and I remember him me he’s like, “Well I know you got,” he had to have very heavy accent. And he was like, “I know you guys always say like it takes a certain amount of mail to get a deal.” And he would tell me his numbers in Louisiana and like to get a deal. And they were always… I was like, “Why am I not mailing in Louisiana?” That’s awesome. So 880 mail pieces. So you sent out the mail and then what happened?
Quin Thomas: Then I got 27 calls back within the next probably 15 days. This particular one, she called me back on the 13th. And it was a property that she inherited from her mom who passed away in 2015. So when she was telling me about how her husband basically rented it out without asking her. And she was ready to get rid of it.
Tom Krol: Okay. So I just while you were talking to her, I was just doing the math. You guys have just for the listeners that is over 3% response rate on phone calls. 27 calls out of 880 mail pieces. That’s really, really, really good. I mean you could build a massive business off of that number. So pretty impressive. So it was an inherited property, which we already know. That’s actually a list that we mail. So very cool there. So the husband rented out, was he on the title at all or no?
Quin Thomas: No, he was not.
Tom Krol: Okay. So you called her and like how did you know like what did she say? Where does she live? Like how did you even make this work?
Quin Thomas: She lived in Pleasanton, Texas. A place I’ve never heard of, but she said is about about an hour from Dallas.
Tom Krol: Got it. So she said she wants to sell or what was her motivation?
Quin Thomas: Yes, I wanted to sell. She’s had three tenants in it since she’s been the owner and all of them basically we’re not paying the rent on time. So when I actually went view the house, the lights were cut off.
Tom Krol: Oh really?
Quin Thomas: Right. So she was having an issue with getting sustaining the income, especially being with her living out of state. She kept saying that her problem was that she couldn’t really maintain the property. And get this her main thing was that her mom had a cat and she wanted the cat to get back to her.
Tom Krol: Oh, so I just want to stop for a second because what Quinn did there was, that was probably the number one motivating piece is this is what wholesalers understand is getting that cat back to Pleasanton or Pleasantville, Texas was probably one of the number ones. Do you have a frustrated landlord? But she cares about the cat, she wanted to get back home. That’s interesting, did you helped facilitate that.
Quin Thomas: Yes.
Tom Krol: Yeah. Phenomenal. That is so key. I love it. I would have known that cat’s name. I would’ve been changing its litter. I would have been given it cat food. I love that brother. So she’s a frustrated landlord. She wants her cat back, but she’s out of state. So you guys agree on a price right. Now what happens at that point? How did you… Did you email her a contract? Did you send them via mobile notary? How did you get her to actually sign the contract?
Quin Thomas: So what I was, I started a 30 day free trial on DocuSign.
Tom Krol: Okay.
Quin Thomas: So I didn’t have to pay for her to get the contract. And then when I brought the contract over to the title company, they said, “Hey, this is going to work. But when we do closing documents, she’s going to have to be in person.”
Tom Krol: Oh really?
Quin Thomas: Right. So I asked them, is there any way we can make it to where she’s not in person? And they said, “Well, the only other thing is if she lives next to a UPS or close to a UPS, UPS has a notary that also does business with the title company that they can accept.” So I immediately called her and was like, “Hey, do you happen to have a ups?” And she was like, “Yeah, I’m there all the time.” I was like, “Great, because that’s how we’re going to go ahead and do the closing.” So she initially wanted $50,000 for, it came back to around 90. But I did the tribe, it says like when you’re doing the script you kind of have to have that… Moment.
She told me 50 and I was like, “Ah…”
Tom Krol: Oh I love it.
Quin Thomas: “Is that the best you can do?” She said, :Well I can let it go for 40. I can let it go for 40.” So she immediately dropped down for $10,000 from which she initially wanted for the property…. Go ahead.
Tom Krol: [crosstalk 00:10:21] I just want to… For our listeners because a lot of our… Not all the listeners are in the tribe. But I just want to… You know, so what Quinn is talking about is on our script on question number nine, one of the things that we teach is, and this comes from Dan Kennedy, Shock And Awe, it’s called, which is… Basically what we teach is at the end of question number nine, you’re asking for a number. So question number nine is a two positives ask for the number, two positive statements. And then you ask for the number of whatever they say, you always pause, you go slow, you actually pretend like you’re writing it down. As you’re writing it down, you go, “Hmm, is that the best you can do?” Which Quinn just did better than I did. So I love it and you will almost always find that they drop… One fifth price drop is significant. But that is phenomenal. So I hey, I love it. That’s very, very cool.
Quin Thomas: And so after she did that, I figured like she was really ready to get rid of it and we maybe stayed on the phone for probably an hour and a half. And after we did that I went to go look at the property the very next day because it was around nine o’clock that night when she actually left my voicemail. So I called her back like five minutes after that because I went to listen to the voicemail and I wanted to put her in the system first before I called her back. So I got off the phone with her like 11 I Googled it to see kind of the outside and then when I was here the next day…
Tom Krol: This was at 11 at night.
Quin Thomas: Right.
Tom Krol: So you guys listen to what Quinn is saying. These are the guys and girls who are doing deals. The call comes in at 9:00 PM he’s on the phone for two hours and he’s closing the deal. Speed is one of the only things that can kill or lack of it. Lack of speed, lack of response time is one of the only things that can kill a motivated seller deal. So I love, love, love the fact that you had the grit, determination, perseverance to take that call. I remember doing the same exact thing when I first started, so I love it. So go ahead. I didn’t want to interrupt you.
Quin Thomas: So when after I seen it and I was like this is actually a really great property, it can really be sold as is. Like it was in great condition. And it was on an acre lot. So I was like I can definitely get more than 40 for it since she dropped it down to 40. But I was like, let me throw out just some random number. So I called her back and I said, “Hey, I’m over here at the property. I was actually standing in the driveway at the property and I’m looking at it and I do see that this is a great property. You know, I really can’t believe that you’re selling it, but I understand being in Texas and had been in Louisiana, how it can really be a hassle for you, especially if it being that you want Pearl back.” Pearl is the cat.
Tom Krol: That’s great.
Quin Thomas: So she said, “Yeah, so do you think you can do something with it? And I was like, “I’m not making any promises, but what if I was able to give you $32,573 for it? And I would also pay for Pearl to get shipped back to you.”
Tom Krol: Got it. Okay, awesome.
Quin Thomas: And she said, “Ah, you put me on the spot.” I was like, I didn’t say anything.
Tom Krol: I was just going to say, so you guys… What Quinn just said is gold because he asked for the lower number and then he didn’t say a word. So as she’s kind of going through this, if he would have spoke, he would have showed weakness and that he was negotiating, not making a deal and then she would have not accepted the offer or you know, whatever. And I don’t know what Quinn’s about to tell me. But speaking in that moment or choosing not to is so powerful and so awkward, but great job brother. Awesome.
Quin Thomas: Yeah, it was very awkward.
Tom Krol: Oh, I could imagine.
Quin Thomas: Yeah. So she said she was like, “Okay, oh, that was a little low. Do you think you can do 38.” So she only dropped it down $2,000 from the $40,000. And I told her, I was like, “I really want to help you out. I really do. But it has to make sense for me. And I’ll tell you what I can do 35,500. And would you accept that?” And she said, “I’ll take it.”
Tom Krol: Bam. Awesome. Okay, terrific.
Quin Thomas: So once she did that, I sent her the DocuSign, she emailed it back to me like the same day and the next morning I brought it to the title company. The day after that I realized that I still only had 23 names on my buyers list.
Tom Krol: Don’t let me coach you on this call now. Well I do want to say one thing, one thing for next time is you can use that… You know the mobile notary service that we have in the tribe, you can use them to close those deals with the out-of-state buyers. Because sometimes when you send an email or DocuSign or a paper contract in the mail, which I definitely would not recommend. What you would see is sometimes it’ll cause a delay. So you know, thank goodness it didn’t this time.
But sometimes when you send the DocuSign, then she’ll say, “Oh, let me… My grandmother who was a real estate attorney 50 years ago, wants to look at it before and she wants to know why you’re putting down such a small deposit or you know, my brother in law saw it and he said he would give me 42,000 for the property. So if you can match it…” So what happens is when you use a mobile notary, they go to the house, it becomes like a closing event in a sense. Right. So they have your paperwork, they go to the house, they open up a file that says sign here, sign here, sign here. They sign, they close it up and they go away. Definitely consider that if you have more of them coming off of this list. Not a bad idea.
Quin Thomas: I definitely just took notes of that fail. So yeah, I will. So after she signed out, within a week, I text out my buyer’s list and I sent emails. I realized that no one was responding except a couple of people to my text messages. So I decided to call everybody
Tom Krol: Beautiful. Cool. You should always call everybody. Yeah. Your first few deals and especially if you have under 200 real estate investors with cash. Absolutely. Good idea.
Quin Thomas: And on top of that, I actually went online and typed in who buys houses fast in Louisiana. And there was a guy here who I called him and he was like, “Hey, I’ll give you 42 for it and he was willing to use my contracts and everything.” So I was like, okay, great. But the only issue was he wanted me to change one line in my contract. I forgot what you wanted it to say, but I didn’t want to change it. My mom’s an attorney and she was like, “The contract that you guys have,” she kind of did a couple of tweaks to it to fit for Louisiana and she was like, “No, don’t change it.” So I listened to her. So she was… But at the end he decided that he wanted to, but this is what made him want to go ahead and use my call, after my third call on my buyers list, it was a guy named Kay and I met him at one of the REIA meetings and I was like, “Hey, I met you at the REIA meeting.”
He had no idea who I was because I didn’t meet him… It was like November whenever I initially talked to him. And I didn’t contact them after that. But I act as if he knew me forever.
Tom Krol: Oh I love it. Good, good.
Quin Thomas: So he was like, well great, I’m actually out there because sheriff sails out here or on Wednesdays and Thursdays. So he was actually out here. It was a Wednesday. And I told him, I actually have an offer on it now, but if he wants to see it he can go by. So he went by, he called me back within probably an hour and he was like, “Okay, so what was the other for?” And I told them it was for $42,000 he was like, “How much over that do I need to be to get it?” And I told him, honestly, if you’re over a dollar I will give it…”
Tom Krol: Oh man, we’re going to talk about this in the next coaching call, but all right, but go ahead, I’m listening.
Quin Thomas: So he was like, “You sure?” I was like, “Yeah.” So like, well I’ll do you one better and I’ll give you 43,000 fold. So I was like, “Great. Here’s the contract.” And he knows exactly what I’m doing. He knows I’m a wholesaler. He knows that the assignment fee is coming to me and everything. And he was perfectly fine with that. So he signed, the setback I had was that they had tenants in the house whose lease agreement wasn’t up until last Friday. At the close, about a 15 so if she took a payment in April, we technically couldn’t make them leave. So I went over there and I asked them, I was like, “Hey, what do I need to do to help you guys leave by the 12th.” Because she told him that she wasn’t renewing the lease and they were like, “We can’t find a moving truck.” I have a truck. So I helped him.
Tom Krol: Perfect. I mean, this is what it takes to get it done. Yeah.
Quin Thomas: They were like, “Okay, cool.” So after that it was really very smooth. And on the closing day, which was Monday, I received three more calls and I went on an appointment yesterday and I just sent another offer from the exact same list. And this one we’ll probably make around a 20K assignment because of how much he’s asking for it.
Tom Krol: Oh, that’s, I mean… Is this not the… I’m buying a house on Monday and it’s worth about $225 maybe, $235. And I’m going to pay $147 for it. And it’s the greatest business in the whole world. I mean, it’s just not the greatest business. And I mean this is even people say, well you know, you win the lottery. No, winning the lottery is a nightmare because you don’t work for it. And I’ve seen like lottery nightmares. I have a family member who won a very big jackpot and it doesn’t work right. Lotto is no good. This is the best way to be on purpose, you know, to have a purpose to go helping people. You’re essentially running a pawn shop for houses. I mean this is insane and once you really get going. We’ll have you on the podcast when you’re making $50,000 a month. It’s awesome. I mean a business that runs without you produces a ton of money. It gives you a pipeline of deals that you can cherry pick for even longterm rentals and things like that. I love it.
Quin Thomas: It is really awesome, especially after like when you actually see it and you see like wow. And my issue, which I did some self reflection and I was like the reason why I wasn’t getting any results earlier on was because I wasn’t consistent.
Tom Krol: Absolutely. Say that again. I want everyone to hear that. So this is one of the number one points of failure for new wholesalers is inconsistent. Inconsistent marketing, inconsistent effort, inconsistent… Yes, I totally, I see absolutely 100% that’s true.
Quin Thomas: Right? Because I made excuses every time I was like, “Well, I need to make sure this is done. I need to make sure this is done. Or well, what about this? And it’s like I just kept making excuses on why not to do it. Why not to send the mailers, why not to call these people back or afraid to talk to people and stuff like that. And it was like, I need to get out there.
So I prayed on it. In January I was like, “I’m not going to keep letting fear hold me back.” So I just went all in. Like I work in insurance. And I talk to people all day and I realized, and this is where I actually got one of my other leads that is probably going to go under contract. I’m waiting to hear back from him, but I have a list with who I work for of houses that are being canceled because the owner no longer lives there. And I realized that my list of that, because I work, the homeowner’s list is a lot of like 140 names and that’s another 140 people I can talk to.
Tom Krol: Well I will tell you that you’re right. I mean I just spent a lot of time with a lot of rock stars and I can tell you one of the keys was courage. They all have courage. I remember myself, I was down once. And it takes… The consistency takes courage because to stop doing what you’re used to doing and do something else is courageous. And I was sitting in a car with one of my mentors once and I said, “Oh I don’t need to deal with this.” And he was talking me through it and he said, “Well Tom, it sounds like you just don’t have any courage.” And I said, “Oh man.” When my mentor told me that, I was like, ah, I shrunk down.
And he was right. And the results that you get are from… If there’s one common thread with the 1% or the 1% of the 1%. Number one, they all read. Number two, they’re all courage. All of them. Big thing with courage is not caring what other people think about you. And you know, people downplay how important that is, but it’s huge. So I think that that’s. You know, the best people, the most interesting people, the happiest people, they don’t care what everybody else thinks. They don’t have to buy a Lambo. It’s like they have a whole different set of values. So, hey, you brought up praying for this. So since you did, I will tell you you’re going to tithe on that check. Correct?
Quin Thomas: Already did.
Tom Krol: Now you’re my favorite rhino. I love it. All right, move over Martine Jackson it’s Quinn Thomas is my new favorite rhino. I love it. That’s awesome. Well good, good, good. So a few quick questions. Biggest hurdle and how you overcame it? Like what was something that you, you had to fight to overcome during this deal or so far on this journey? Besides what you’ve already brought up, is there anything else that if someone else is just starting out that advice you’d give them or anything like that?
Quin Thomas: One of the hurdles.. It wasn’t so much in this deal, but it was one of the things that made me not want to keep moving forward. And that was going to the REIA meetings without an agenda. I think going there you can really get overwhelmed because they were bringing up so many different things. It’s almost like a sales pitch.
Tom Krol: It’s not almost like a sales pitch. It is absolutely a sales pitch. If anybody’s confused about what a REIA is, it’s basically an evening sales pitch. So someone’s trying to make money off of you. Absolutely.
Quin Thomas: Right. So what I started doing was, and I noticed that I was more productive when I did this, was I would write down like either on my hand or a piece of paper or something and say, “Okay, I’m going to this meeting to get lenders.” Or “I’m going for this meeting to get cash buyers.” Or I want to see who does fix and flips on this meeting or stuff like that. And it made me more targeted on what I wanted to do. So I didn’t go there feeling like out of place. I would just go talk to one person. I’ll say, “Hey I actually find discounted properties. Do you know anybody else this looking to do a fix and flip? Or do you know anybody else that’s looking to do rentals?” Anybody? And they’ll say, “Oh yeah, my friend Justin is doing that.”
And then I’ll be like, “Well, is he here today?” And they’ll be like, “Yeah, that’s him over there.” And I’ll go over there and then when I get there I’ll tell him, “Hey, Dave just told me that you do a lot of rentals and you’re looking for rentals now and I actually have a couple available if you would like to see them.” So I go there only whenever I have things under contract. So, which I’d never had an issue with getting them under contract. My issue, another hurdle was knowing the right prices. Because the ARV really didn’t mean anything to anybody.
Tom Krol: You can say that again. You know what we say in the tribe? What ARV stands for rights. Have you got gotten to that module yet?
Quin Thomas: Assumptions reduce victories.
Tom Krol: That’s it brother. You got it. Assumptions reduce victories. I could tell you this nobody cares what you think the ARV is if you’re a new wholesaler. So if nobody cares what you think the ARV is, how do you find the right valuation. When you’re embarrassed to tell the seller the number, that’s when you know you’re at the right price.
And here’s the key with valuation, right? Is that if you’re wrong, you cancel the contract. And if you’re right, you just make too much money. So what happens is it’s really the feedback from the real estate investors with cash that is going to tell you where your right number is. And that’s a system that you can use. But you know, wasting time trying to become like a professional appraiser or if you’ve never rehabbed the house and you’re trying to figure out like people… Some coaches have this like ARV sheet, like on what it’s going to cost.
I’m like, “Oh my goodness, could you…” You know what’s so funny about ARV is that if you asked five agents, five brokers, five appraisers and five landlords to give you the current market value of 123 Main Street, you’d have 20 different prices within $100,000. So if they can’t tell you the current market price, there’s no way that anybody could tell you the ARV. The only person whose number of batters is the, the real estate investor with cash. That’s it. Everybody else is totally inconsequential, mine included.
Quin Thomas: Right. And that’s what I was doing when I would get things under… I canceled maybe 12 contracts. Yeah, so, and it was because I would get them too high. And so what I started doing was I would ask the 23 cash buyers, I had like, “Hey, what would you have paid for this?” And they’ll tell me like $30,000 or you know, maybe 40 or something like that. And then I’d be like, “Okay, well that’s why it wasn’t selling because I had it at 50.” You know? So then whenever I went back and negotiated, it was like now I at least knew where I needed to be. And that’s where… That’s whenever now is like I’m getting more positive feedback and my numbers are actually making more sense to me now.
Tom Krol: So that’s so important because you guys, I can guarantee you I know this tribe of rhinos and these wholesalers and I can tell you Quinn is going to be a rock star in here. You could hear he has another deal on their contract. Looks like he’s going to make $20,000 on that one. The reason is is because in his gut… And don’t let me speak for you Quincy, you tell me if I’m wrong, but in his gut, he now knows in his belly what the right price is because he had to go through the pain and agony of canceling 12 times. And when you have to cancel a contract, it’s not easy. The sellers are not your biggest fan when you have to put a house under contract and then cancel it.
So because he went through that and he became tough doing that, you’re going to now see a rocket ship take off because now he knows what to do because he knows what his real estate investors are going to pay. And that’s going to be key. So yeah, I love it. Very, very cool. All right, so Quinn, one other quick question. A resource, a book. Obviously we know you’re Wholesaling Inc rhino, which is awesome and we appreciate that. We are honored to be on this journey with you. But what would you say is like a resource, a book or whatever you would recommend to somebody who’s like you, they’re starting out, they’re in their 20s and they want to start doing deals. Anything that you’d recommend for our listeners?
Quin Thomas: Yeah, I think the one that kind of shifted my mindset so far is Profit First. And I’m trying to remember who is it by…
Tom Krol: Mike Michalowicz.
Quin Thomas: Yes. And it talks about how you build your business based on profit and then everything else falls under it. And when I was reading it, it kind of had me thinking like I need to stop going like in these appointments with a I need to get this otherwise like I’m a failure. I need to go in this like I don’t need to buy this. You really need to sell it. And it kind of clicked to me while I was reading it. I was like I’m not making a profit if I’m taking on that person’s problem. I’m making a profit if I’m creating a solution that fits both of us.
Tom Krol: I love Mike Michalowicz. He was on the podcast recently. He’s a total rock star. I totally agree with you. Profit First. What I love about Profit First is every entrepreneur builds their business with they make money, then they take out their expenses and then they try to pay themselves. And that is not a good, what profit first did for me is it taught us that hey, if we’re going to go out there and do a deal, when we get paid, we get paid our profit first. And then we make our expenses fit into what’s left over. We don’t try to make our profit fit into what’s left over. So it’s very empowering and it puts you… Really it puts the crown on your head as the entrepreneur and you are the head of the business and your responsibility is to make a profit.
And without that what are you doing? So I love it and hey, if it got you out there and doing that Mike Michalowicz, is every book by him is great. I love Toilet Paper Entrepreneur. And what is the other one that he has? That’s great. Oh, The Pumpkin Plan. It’s kind of like Gary Keller’s, The One Thing. And then he has a great, great book about delegating. You know, there’s so many complicated books, so if you’re a fan of Mike Michalowicz, check out his other book. It’s called. Oh man, I can’t think of it… It’s called clockwork. He just sent me a copy of it actually, I think, where is it? Ah, I can’t see it on my bookshelf from here, but I think it’s called… It’s called Clockwork or something like that. And it’s all about delegating responsibilities.
So going, that’s an awesome recommendation, brother. 20K. When is that going to be the door? What are we closing that deal?
Quin Thomas: I was checking my phone just now. It looks like he countered, so I’m going to have to call him and see.
Tom Krol: Oh, there we go. Well, awesome. Well you go out there and you kill it, brother. You’re doing awesome. I’m honored and I’m proud to have you in the tribe along with us with as one of the rhinos. So I’m giving you a rhino salute right now, so God bless and thank you for agreeing to be on this show with us here today. I’m sure you’re going to have a lot of big fans out there because that is a big check and that’s phenomenal. So congrats on your success, man.
Quin Thomas: Thank you and also thank you for…
Tom Krol: Oh right.
Quin Thomas: Amen.
Tom Krol: Absolutely the victory bell. I love it. Beautiful sound good, good, good. Well you enjoy it. Use it in good health and go out there and close a lot of deals and we’ll get you on the podcast again soon.
Quin Thomas: Thank you.
Tom Krol: All right, Quinn. God bless. I’ll talk to you soon, brother. Bye. Bye.