Are you considering a career in wholesaling but wondering if being a real estate realtor can get in the way? Wonder no more. Today’s guest has the answer for you!
Jennifer Tolbert is a real estate realtor who decided to give wholesaling a try. Jennifer’s story is solid proof that being a realtor is not a hindrance to your wholesaling success. Just a few months in, she has already closed her first deal and walked away $12, 000 richer!
If you’re a real estate realtor who would like to give wholesaling a try, you’ll surely find today’s episode very helpful. So have a pen and paper handy as you have plenty of gold nuggets to take note of!
Jennifer Tolbert : Can Being A Realtor Hurt Your Success In Wholesaling?
If this is your first time reading, welcome. If you are one of our loyal Rhino Tribe members, thank you so much for making this incredibly special. Each week, Tom Krol, Cody Hofhine, and I bring you thoughts and interviews from around the country for one single purpose. That is to give you the instruction on how to go out and find the absolute best real estate opportunities in your marketplace. That leads me to our incredible guest on the show. This wholesaling woman is out of Mississippi. She’s going to break down her incredible journey with her wholesaling business. It is my pleasure to introduce to you, Jennifer Tolbert.
Thank you so much.
Thank you for being on here. This is incredible. The best part about this show is we get different people from different places, different markets, some big, some small but all with the same common theme. Go out and find those opportunities that nobody else knows about. When did your journey in real estate start?
I became an agent at about the end of February 2018. I started on the retail side. I started out with a team, put my foot down, went at it, and tried to learn as much as I could about the retail side. As far as getting into the investment side, my husband does investments. I kept sitting and I was looking at him. He was doing deals and I was like, “You’re not even putting that much work in. What is going on?” Anyway, it was interesting to watch that. I watched that and learned what I could about retail. The first is when I started diving more into the investment side and that leads me here now.
The question I get all the time is, “Should I or do I need to get a real estate license to start wholesaling and be in this business?” I’ve been licensed since 2004. My answer to them is, “You don’t but it’s your personal preference.” What do you think? It seems like you got your license first, then your journey towards wholesaling came after. Is that right?
That’s right. I was all about retail. I wanted to work with the buyers and the sellers. I had no idea that I could go as far as I’ve gone now on the investment side. It was interesting. After a while though, I was like, “Maybe driving around with the buyers all day is not for me.” Sometimes you never put anything under contract. When it comes to the investment side, you don’t have to have your license. It is an advantage in a sense.
I’ve noticed that. I always have to disclose that I’m a realtor. I’ve found here that it makes people feel a little bit more comfortable. I’m not trying to steal their house from them or whatever. I am serious about this. I don’t think it’s necessary. I have to run comps and stuff like that, so I have that at my fingertips. It depends on how you want to take it or where you want to go with it.
Don’t let getting a real estate license stop you from starting your wholesaling journey. It is a huge advantage that you get access to the MLS. You get access to all the free training you could possibly believe. Brokerages are trying to train and teach you about all the processes and how to comp properties and how to use certain tools well.
Plus, it gives you some credibility when you’re reaching out to other real estate agents that say, “I’m with this brokerage. I am a buyer myself. I’m not going to waste your time. I know what you go through and the ups and downs of representing buyers. I want to be the easiest buyer that you have. I speak the language.” It is that type of thing. There is an advantage there. If you’re reading this, do not let it stop you.
If you were a real estate agent, you have stumbled onto this show, you’re reading the first few episodes, you’re getting excited, and you’re a little bit nervous. “Can I be the buyer in wholesale or should I stay in this comfort zone of representing buyers and sellers and work it that way?” As an agent, I made 2.7% on average for the sale for commissions. That was between buying and selling. With wholesaling, I make 16%. It’s not even close.
The interesting thing is every week, you have a new boss. The sellers and the buyers are your bosses. They’re telling you what they want to see and what they expect from you. They want this and that, especially if you’re listing a lot of properties. You’ve got a lot of bosses with a lot of different personalities and situations. It can wear on your soul, at least for me.
It can wear you down. You have all these bosses everywhere. I found that I was in control of that one deal that I completed. It’s their house but like, “I’m offering you this.” It’s a lot of work keeping up with all the buyers and sellers. This person wants that and this person wants to go here. It’s a lot.
You joined my TTP program. How do you adjust? You still do traditional real estate and wholesaling. What does your schedule look like to be able to handle all that?
I was with a team. The team was structured. We’re up at the office at 8:00. We make calls. We cold call for two hours. Coming into TTP, I was like, “I can do this.” Not everybody has that to fall back on. I don’t get up quite as early because I don’t have to be at the office now. I usually spend about an hour and a half, especially prior to this deal, making cold calls. It wasn’t every day. It was probably 3 or 4 days a week. It was in here, letting it rip. I use Mojo to let it go.
Having a real estate license makes sellers and buyers feel more comfortable, but it’s not necessary.
How was the first time you started? I remember the first time I started. I made one call. I pressed go on Mojo. I talked to one seller and all of a sudden, I was like, “No.” When I first started, like you, I was doing traditional real estate. I was calling these canceled and expired listings and these for sale-by-owners. They yelled at me. I’m getting 50 calls on this listing. They call me everything in the book. I was like, “I’m so sensitive to this. I can’t do this.” Finally, I got in and built up the endurance for it. How was it when you first started?
When I first started, I was nervous. Even though I had already done cold calling, I was still nervous because it was new. It was different. I stuck with it. I made that first call and stuck with your script. Your script is perfect. It opens it up. I got a few people that were like, “Who are you? How did you get my number?” For the most part, everybody was able to open up. Maybe my previous cold calling experience helped that. I was nervous at first but after that first 2, 3, or 4 phone calls, the person hangs up or they fuss me out, I keep going.
It’s important to get everything set up. Get your list in there. Get your dialer set up. Even if you’re starting out and hand-dialing these things, have your list ready. Don’t have anything in your way to press go. If there’s any little thing that’s going to distract you for twenty seconds or more, it is going to stop you from starting.
All of a sudden, we start coming up with these crazy ideas in our heads on what to expect and what’s going to happen. We play these mind games. We don’t ever take the action. That stunts our growth in this business. It’s interesting. I found personally that the calls when you’re calling as the buyer is way easier than calling as a real estate professional. For any real estate agent out there that’s grinding on phones, doing it, and calling all these people for listings or buyers, I’m telling you, wholesaling is the way to go. You would go 1.5 to 2 hours a day. Do you still do it now?
Not as much. I’ve got some other things going on. I would start out either in the morning time or the afternoon time. I did find out that the afternoon time worked better as far as getting people on the phone. I’m here.
Was it harder or easier to be consistent in the afternoon?
I’m not a morning person. It was a little bit easier for me to be consistent in the afternoon because the kids were not here and things like that. I got a better response rate in the afternoon.
I always tend to do it in the morning because the afternoons became crazy and things happen. The best cold caller in the country, Luke Rotvold, who I’ve done a video with, doesn’t start cold calling until 1:00 in the afternoon and crushes it until 4:00. It’s a personal preference. If you know that you’re going to have a lot of distractions in the afternoon, then get it done in the morning. If you’re feeling that vibe like I only like exercising in the afternoon. I like my body warmed up.
I’m not a morning person. Every time I get injured, it would be in the morning because I wasn’t warmed up enough. I like it in the afternoon. That’s the same thing with our brains and with making these calls and our ability to communicate and talk to people. If it’s better in the afternoon and you have the self-awareness to know that, rock and roll. I fully encourage that. We’re going to break down your first wholesale deal. This is so incredible. I’m so excited to share this with everybody. You started out with a cold call, right?
It was a cold call. I’d spent time making phone calls. I was using a particular list, which was delinquent tax and absentee owners. I called a couple of times. I didn’t get an answer. I got a call back from the property owner. It wasn’t the actual wife. It was the husband. I spoke with him and let him know, “I’m looking to buy your property.” At that point, he had seen my missed calls. Maybe he felt like, “Let me talk to this girl.” I talked to him. We had made an appointment for the next day or maybe two days later.
I made the appointment, went out to the house, and met with the husband and wife. The house was in great condition. I feel pretty blessed to have gotten a house that didn’t need a ton of work. We met. I checked out the house, came back, and ran numbers. I ran comps. I called them the next day and gave them an offer. He said, “We’ll take it.” I was like, “Was it that easy?” I was blown away. He was like, “We’ll take it.” I was like, “All right.” The next day, I went back out, signed the contract, and got it locked down. We closed in three weeks on that one.
Why did he want to sell it? What was his motivation?
The wife had owned the house for years. She was married previously and didn’t want the house anymore. They kept all the maintenance up on it. All the utilities are still on. They came over and cleaned up the lawn. They came over and kept it up. She didn’t want it anymore. They didn’t want to pay the taxes. They lived another county over. She got remarried. She didn’t want it.
Was it vacant?
It was vacant.
They didn’t even rent it out? They just kept it up?
They didn’t want to rent it. They didn’t want to fool with any renters. They just kept it up. It was in move-in condition. It was ready to go.
This is an interesting niche because every time when people get divorced, the assets get split up. Somebody gets the house. There are maybe some bad emotions about the house or they’re like, “I want to start over. I want to start fresh. I want to move out.” Did she own it free and clear?
She owned it free and clear. She had a son that she had raised there in the house but he didn’t want the house either. It was in great condition. It was in a great spot. There were other renters in the neighborhood. They knew the neighbors for years but they didn’t want it. I was there. The wife was apprehensive because she was like, “I don’t want to deal with all the paperwork and listing it with the realtor.” She didn’t want to deal with all that. I was like, “That’s fine. We don’t have to go through any of that. I am a realtor, in case you need.”
Give us some specifics. What did you put it under contract for?
We put it under contract for $57,621.
When you put it out to your buyers, what did you put it out for? What did you get?
We put it out for $73,000. My husband was already working on the investment side. We have a business phone that we use. I was able to go through his phone and locate a buyer that way.
He had some peers and people in his network that you reached out to and they wanted it?
Yes. We negotiated on it. We ended up negotiating at $70,000. I still walked away with a little bit over $12,000.
What was the timeline from the first conversation to getting that check?
Being a woman in wholesaling is an advantage. People are more willing to talk to you and trust you.
I talked to them on like May 15th and we closed on June 7th.
Did you make $12,000?
$12,379. It was pretty awesome. I was pretty stoked.
I’m stoked. I love it. That’s the thing. Sometimes when you make these calls, people are ready to go right away. They called you back. Did you leave a voice mail? Did they see a missed call, call you back, and you start that conversation?
I had called 2 to 3 times. They saw that missed call and called me back. I didn’t leave a voice mail. I can’t remember if I did a text message because some of them that I called, I did text messages. It was a cold call. Had I not called, I wouldn’t have gotten that deal. The husband was a retired state trooper and was a judge for a little while. It was great to work with them. They were able to trust me. I disclosed the fact that I’m a realtor. “I’m going to take this off of your hands.” It was great.
As a woman, in the real estate business, I truly believe that you have a huge advantage. Both my acquisition managers are women and my number one cold caller is a woman. That is not just because. That’s purposeful. The women in this industry are extremely powerful. People trust you a lot easier. More women need to be inspired to get into wholesaling and feel confident that they can go out and do this, especially if they come from a real estate background. What do you think?
I agree. At first, initially, even getting into the retail side, I was thinking about all these crazy scenarios. Being a woman is different. Sometimes I do think more about where I’m going or who I’m talking to on the safety aspect. I do find that people will talk to me, so that’s a good thing.
We go into some rough neighborhoods. We do all of the legwork. The only time they go to the property is when they’re going to sign a contract and get the pictures taken. If it was a guy doing it or me doing it, maybe I would rush out to the property and try to build face-to-face rapport then not get that deal. They’re getting all these deals over the phone. It’s been so powerful because I can give them more leads because they can stay in the office like you, make the calls, follow up, get it to the point where you go, sign a contract, and then sell it. It’s a huge advantage. I love it.
That’s more so what we’re doing. I don’t go out as much. Maybe I should. That’s more what we’re leaning to. I’m okay with being on the phone, making those calls, getting people on the phone, and building rapport. I’m great with that. It’s crazy because initially when I went into retail, I had no desire to go into investments and to wholesale. I told my husband. He was like, “Maybe you should think about this? Look at this and look at the numbers.” I’m like, “I’ll stick with retail. That’s your thing, you do it.” I’m a believer now.
It’s not even that you believe you can do it. It’s a fact that you can do it. You’ve got the closing, the funds, and the process. You know that you can do this again and again. What does it look like? Do you have a pipeline of leads that you’re following up with? What are you doing now?
I’m working with my husband on things. We have a pipeline of leads that we are working on. We’re trying to feed more leads into it as far as the tax delinquent. Those have been pretty awesome to work with. We’re working on that and trying to keep it going.
You said that you’re not being consistent with your calls as much as you were because you got other things going on. What does that mean? You make calls. You get $12,000.
I’m working on some other business deals. School is out. The kids are here. There are so distracting.
Speak now to somebody starting out, maybe to a woman that’s thinking about wholesaling, life, and a career in wholesaling or real estate. What advice would you give them starting out?
I would say, don’t be afraid. You can do it. It’s so much to it. Reach out to other women who are already doing it. See what they’re doing and what they’re not doing or you know what I mean? Just because it’s a male-dominated field doesn’t mean that there are no women out there that are rocking it out. Dig into it. Go for it.
How would people reach out to you? Do you have an email, an Instagram, or something that you would be able to communicate with?
Email is fine. Reach out to me at JenniferTolbertHomes@gmail.com.
Thank you, Jennifer. It has been phenomenal. We need a lot more powerful women like you in the wholesaling business because you guys would beat us dudes like a drum. You guys have such an advantage. I want to encourage as many women as possible to think about it, make sure that it feels good in their gut, then go for it because this business is life-changing. I love that you lead us down your journey on this. That’s incredible.
Thank you. If you are interested in joining the most proactive group in real estate with Jennifer, it is the TTP program. Go to WholesalingInc.com/TTP. Check out what it’s about and the testimonials. If it feels good in your gut, set up a call. It will be the best call of your year. I look forward to working with you personally. Jennifer, you are the best. Thank you so much for being on here. I appreciate it. You are Biloxi, Mississippi.
For everybody that’s out there in or around Biloxi, Mississippi, or anywhere, reach out. Any woman, any guy anywhere, that’s interested and inspired, reach out to her at her email. You’re the best. Until next time, guys. Keep reading. Go and take action. These shows mean nothing if you don’t take action. I encourage you to talk to people. Until next time. See you.
- Jennifer Tolbert – LinkedIn
- Luke Rotvold – past episode
- Be sure to join the Wholesaling Inc Facebook group
About Brent Daniels
Brent Daniels is a multi-million dollar wholesaler in Phoenix, Arizona… and the creator of “Talk To People” — a simple, low-cost, and incredibly effective telephone marketing program… Also known as “TTP”… it helps wholesalers do more, bigger, and more profitable deals by replacing traditional paid advertising (postcards, yellow letters, bandit signs, and PPC) with being proactive and taking action every single day!
Brent has personally coached over 1,000 wholesalers enrolled in his “Cold Calling Mastery” training, and helped 10,000’s of others who listen to him host the Wholesaling Inc. podcast, watch his YouTube channel, and attend his live events…
A natural leader, Brent combines his passion for helping others with his high energy, and “don’t-wait-around-for-business” attitude to help you CRUSH your wholesaling goals as quickly and easily as possible!