Posted on: March 13, 2020

The first wholesaling deal of today’s hardworking rhino didn’t come easy. For starters, it took him 10 months before he found it. Not only that, he had to employ different strategies before he was able to finally close it.

Bottom line? Finding and closing his first deal has been challenging. Was it worth all the trouble? Definitely! In fact, he netted $14,000 just from that one deal alone!

Brendan Harvey is an ingenious new rhino from Brooksville, Florida. While he already had a job that paid well, he knew wholesaling can give him so much more in terms of revenue. So after wholesaling part-time for a few months, Brendan decided to venture into it full-time and the rest they say is history.

If you’re new to wholesaling or if you’ve been wholesaling for some time but have yet to find your first deal, today’s episode is for you. You’ll not only learn several effective techniques, you can also find a few action items that can help you find and close that first ever deal!

 

MARCH CONTEST ANNOUNCEMENT!

For the entire month of March, Wholesaling Inc is running a Ratings and Review contest! We’re going to fly out 3 lucky winners to Florida, paying for airfare and hotel, to spend to full days with Tom Krol!

Whether you are trying to land your first deal or scale your existing Wholesaling business, Tom is going to help you crush your obstacles and achieve your goals!

And the lucky winners will all be featured as guests on the Wholesaling Inc Podcast!

To enter, you must Rate and Review the Wholesaling Inc Podcast on iTunes (5 stars please:) and send a screenshot of the Review to Darrin at darrin@wholesalinginc.com.

3 winners will be chosen at random and announced on the Podcast in April! Good luck!

 

Key Takeaways

  • What motivated him to pursue wholesaling again after stopping for a few months
  • List where he found his seller and where he got the list from
  • Marketing channel he used
  • What he did when people didn’t respond to his email blast
  • How much he put the property in contract for
  • The highest offer he got for the contract
  • An effective way to get people interested
  • The huge impact closing his first deal had on him
  • Game-changing book he recommends
  • What he would do differently knowing what he knows now

RESOURCES:

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Episode Transcription

Speaker 4:
Hey guys, before we get started with the podcast today, I want to tell you about a very special contest. We’re running just for you, our listeners. I am so excited. So what we’re going to do is we are going to fly down three people to spend two full days with me in sunny, Florida, where we’re going to review either your wholesaling business, your current business, or we are going to work like heck to get you your first deal. And all you’ve got to do to earn one of those seats is so simple. It’s so easy. Just go to iTunes. I want you to find the Wholesaling Inc podcast and I want you to rate and review this awesome podcast that is changing so many people’s lives. And I want you to send a picture of that review to darrin@wholesalinginc.com. That’s Darrin, D-A-R-R-I-N @wholesalinginc, Wholesaling, I-N-C.com send a picture of that review and we’re going to choose three lucky people to come down to Florida and spend two full days with me. You guys, it’s going to be an awesome adventure. You can’t buy this seat. It’s only for reviewing the podcast. Thank you for your review. Hopefully we get five stars. Either way I will see you very soon in Florida.

Cody Hofhine:
You’re listening to another episode here at Wholesaling Inc. And I’m super excited to be with you guys. Let’s get going and rock and roll for those of you that are new to the podcast, first and foremost, I want to say welcome to the number one wholesaling real estate podcast in the nation. We call ourselves Rhino Nation, all the listeners here. So thank you for joining us. And we will be talking about wholesaling, which is simply the art of finding deeply discounted properties that you can then turn for huge profits.
So the main thing you can do on this podcast, because this podcast won’t do anything for you, unless you start learning to take massive, imperfect action. So while you listen to this podcast, I want you to do something. I want you to get out a pen, get out a piece of paper, or maybe get out your computer to write down notes. However you take notes, but I want you to write down one action item that you learned from this podcast today and get out there and start taking massive imperfect action. Don’t go research any more, then just what the action you write down. Don’t go to YouTube university and get stuck there. Just get out and take action.
So today we are going to be breaking down a wholesale deal. We have a rockstar Rhino that just recently did their first deal. His name is Brendan Harvey. He’s from Brooksville, Florida. And he’s going to share some stories about how it’s been for him. He’s going to get real with you. He’s going to get vulnerable with you. So let’s rock and roll and let’s get Mr. Brendan Harvey live with us. How you doing my man?

Brendan Harvey:
Good, Cody. How you doing?

Cody Hofhine:
Good. So tell me where’s Brooksville, Florida?

Brendan Harvey:
So Brooksville is about 40 miles North of Tampa.

Cody Hofhine:
40 miles North of Tampa. Perfect. And with wholesaling, you’ve been doing it for let’s call it what, 10 months?

Brendan Harvey:
Yes, sir.

Cody Hofhine:
And you just came across your first deal. What got you involved first and foremost? Listeners always like to know, what were you doing beforehand? And what made you think you wanted to get involved in wholesaling?

Brendan Harvey:
So I come from a construction background. I’ve pretty much worked construction since I was 18 years old, industrial construction. I had a great job, worked my way up the ladder. I mean, I was making 100k a year before this. I come from a family of nine to five hard working people. I’m the first entrepreneur, so that’s pretty much where I come from-

Cody Hofhine:
Wow.

Brendan Harvey:
… as far as career.

Cody Hofhine:
So let’s talk about this. Let’s start breaking this down and give them a real look. I mean, when you got involved in wholesaling, you decided to make the choice to jump in in February about 10 months ago. Has it been something that you did full time ran out of the gates or is it something that you did part time?

Brendan Harvey:
No, I had a full time job. Especially, right when I started out in wholesaling, I was working about 70 hours a week. So it was really tough. I remember I would be out in the field working and trying to listen to the weekly calls we would have and try to get involved with those. I got switched to night shift. I worked through a hard for one deal, I lost it. And that kind of made me back away for a little bit. I blew my marketing budget. I was pretty down and out about it and I pretty much felt like I had quit for two months.

Cody Hofhine:
Let’s hold on. Let’s dig into this a little bit. I think this will resonate with so many people to let them know that when you get involved in anything new, wholesaling, rentals, fix and flip, whatever is, a new Amazon drop ship business whatever, entrepreneurship is tough, it’s not easy. And so I don’t want to paint this like unicorns and rainbows story that, “Hey guys, you’re going to get involved in wholesaling and going to succeed. It’s going to be amazing.” Can you? Yes. Is there ways to make it your biggest chance possible succeeding? Yes. And so tell us what that looked like. You say you almost gave up, for how long did you pull away and say, “You know what? I can’t do this anymore”?

Brendan Harvey:
Well, it was probably for about three or four months. I pretty much didn’t do anything. I did think about it every single day. I was like, “What am I doing? I had a plan. I need to get back to it.” What really happened was I just had a lot of fear. I was scared. I got to where, when I was calling back, people from mailers, I would listen to the voicemail. And if it didn’t sound like a good lead, I just wouldn’t call them because I was that scared.

Cody Hofhine:
Holy cow. So let’s kind of stop you right there. I just know from my own business and just talking with many individuals across the nation, that in your mind, are you knowing, “Crap, I could have let go a lot of deals on the ones that I didn’t even call back”? Because sometimes you actually don’t even know the motivation until you start calling them. So do you feel like, “Oh man, now looking back, I bet you I lost out on some deals.”

Brendan Harvey:
Oh yeah. I’m sure I did. And even when I hopped back in it, I tried to recover the deals and the program I was using CallRail. They had lost. They had like a blackout period. So I couldn’t even get the info back, but I mean, I got back into it. I get some motivation.

Cody Hofhine:
Nice. Not so what got you back? So let’s say you’re at this moment, your budget is gone from marketing dollars. You’ve quit for three to four months. What got you back? Because at that point, sometimes it’s easier to just keep going down that road. And I think this would be beneficial for everyone listening on this podcast. There’s moments. In fact, even me, even Tom, even Brent Daniels, everyone, they have moments of doubt, they have moments of fear, they have moments of quitting and just saying, “I’m done.”
And the difference between the good and the great or the great don’t give up. So what gave you the motivation after quitting for three to four months to say, “You know what I got to get back in?”

Brendan Harvey:
Well, I would think about it every day. Something I thought about it. I’m like, “I don’t have a marketing budget anymore. How can I get back into this and actually follow through?” I was like, “Well, I have to conquer what am I most scared of.” That was really talking to people. So I didn’t have a marketing budget. I’m like, “How can I do this?”
So really I jumped back in and started cold calling just to conquer my fear of talking to people. I didn’t have a budget to market. I already had all the lists pulled from previous. So I just skipped traced them and started cold calling. And it was really scary, but I mean, once I realized it wasn’t that bad I just continued on with that.

Cody Hofhine:
That’s awesome. That’s awesome. Okay. So let’s start breaking this down. We are known for the no fluff, no BS zone. So now let’s break this down. Let’s break down this deal that you just recently did, let’s help our listeners understand what is it that they can learn and take away from your deal, that’ll allow them to get one step closer to their first deal. So let’s go with it. You ready for this?

Brendan Harvey:
Yes, sir. Let’s do it.

Cody Hofhine:
Okay, Brendan. So here’s where I’ll start. Where did you find this lead? What list was it coming from and what was your marketing channel that you were using to get to these individuals?

Brendan Harvey:
So this was a high equity absentee owner list and it was a cold call.

Cody Hofhine:
And where did you get the list from?

Brendan Harvey:
ListSource.

Cody Hofhine:
ListSource. So the beautiful thing for those that are listening members of the tribe that are listening, the biggest discount that ever exists with ListSource, we have. And so members of the tribe get that at a very, very small, small, small, like 97% off discount with ListSource. So you went out there, you get this list and then how did you market to them?

Brendan Harvey:
I would just cold call each individual on the list. This one in particular, it was actually a followup call. They didn’t answer the first time. Once I followed up with them, it wasn’t even the owner of the house who was her husband. And he pretty much acted like they had no interest in selling.
I just kind of said, “Okay how about you give me your email and I’ll shoot you an offer anyway and if you’re interested, you can email me back.” So he gave me his email. It happened to be the wrong email. So I had to call him back the next day and say, “Hey, this email, isn’t going through.”
Well, I sent it to him. I just sent him an offer at 60% of the Zillow price. And he wrote me back and said, “Me and my wife may be interested in this offer if you could come up to a few thousand.”
So I looked at it, I ran the numbers. I told them I’d like to see the property, “But if you can lock it up at this price, we can go ahead and lock it up.”

Cody Hofhine:
So all of this is taking place by just simply a cold call that did an answer. You cold call them again, they answer. And I love that you’re sharing this story because we’ve all heard this story. And there might be many on this podcast. Listen to that, “Crap, I’ve heard that story before, where they’re not interested. And I didn’t think about sending them and offer because they said they’re not interested.”
The fact that he gave you an email is interesting enough to say, “I’m not interested, but yeah, email me over an offer.” You’re not going to give your email to someone if there’s not some motivation there.
So you end up getting his email address that already starts to let you know, “Man, maybe there is something here, even though he said, there’s nothing here.” And then you did something simple. This is crucial.
I think the number one question I get from anyone at any given time is, “But I just don’t know. I’m doing comps and I’m doing this and I’m doing that. And I’m just making sure I’m doing the right offer. And I looked at it and I pulled this and I pulled this and I pulled this and now I don’t know what to offer.” And they start to over complicate it. And you did something so simple that I want each of you to write down. Now this may be different in every market. But the fact of the matter is you just did a simple, simple, simple process, 60% of Zillow and sent out an offer. You can’t get any simpler than this. That is the simplest way to just not overthink it, not over complicated and get an offer in front of them.
And gets you a response back saying, “Hey, come up a little bit and we might be able to do something with this.” So let’s keep going. But I just want to make sure I point out some incredible, simple steps that anyone listening can actually do today.

Brendan Harvey:
Yeah. And that’s kind of what it was. I just wanted to take action. I knew I had to get it locked up and I would learn from my cash buyers basically if I had made a mistake, but it looked like a good deal. But this is where the story kind of turns a little bit. I sent it out to all my cash buyers, email blast, and set up an inspection date a time. And I get nothing. Nobody shows any interest. And I’m like, “What the heck?”

Cody Hofhine:
Yeah, what are the feelings going through your mind at this time? Are you thinking, “Crap, I’ve done this at too high of a price.” Or, “Crap, I don’t have enough cash buyers on my list.” Like what was going through your head?

Brendan Harvey:
Yes. I’ve already had to cancel a contract before this, so I was definitely terrified that that was going to happen again. So what I do is I go through and check the see the open rate. And I keep looking through cash buyers that I know I’ve met personally that have told me they would be interested in specifically something like this. And I see that they haven’t even opened my email. So then I just start calling each one of them. If they don’t answer, I send them a text with the information.

Cody Hofhine:
Hold it right here. We’re still going to mark now another thing. Listeners, Rhino Nation, write this down. This is crucial what he’s saying. And I don’t want to go too fast over this. This is gold that he’s sharing right now. Go through, I’m assuming you’re using the mail service, maybe MailChimp. You’re looking through it. You notice that X amount of people haven’t even opened up their email and you didn’t take, “Oh, they’re not reaching back to me. So there’s no deal. So I better cancel. And I better walk away.” You’re taking this a step further. You’re saying, “No, no, no, no. There’s a lot of people that haven’t even opened up this email. I’m going to start calling these individuals one by one. And I’m going to text them one by one to let them know, ‘Here’s a deal that I have. Are you interested?'” This is crucial. Brendan keep going.

Brendan Harvey:
Right. So I, I get in contact with about 20 different cash buyers that have some interest. So I set up another inspection period, which now it wasn’t easy because there were tenants in the property. So I had to set it up at like 7:30 AM. I had to do an inspection like the following day, just in order to get People in there. I’m like, “Okay, some people aren’t going to show up, but let’s try it out.” Well, I ended up having about 10 cash buyers show up. And they all wanted it. You could tell, they were just whispering and grinning and fighting over pretty much. I ended up getting about four offers at the end of that day.

Cody Hofhine:
So let’s talk with what you put under contract for. What did you put the home under contract for?

Brendan Harvey:
110,000.

Cody Hofhine:
110,000. You get 10 cash buyers out there. They’re kind of like, “Oh man, this is a great little deal. I’d love to make an offer.” Four people make an offer. And what does that end up looking like? What was your highest offer for that particular property?

Brendan Harvey:
Well, I sent it out for 117,000 because I didn’t get any bites for the first time. So I lowered it a little bit from 120 to 117. So that’s what everyone had in mind when they came out to the property. And then at the end of the inspection day, I had my highest offer was 124,000.

Cody Hofhine:
Oh, I’m writing this note so I don’t forget a point here. Get them. You did a 14k if my math is right.

Brendan Harvey:
That’s right.

Cody Hofhine:
A 14k assignment on this deal, is that correct?

Brendan Harvey:
That’s right.

Cody Hofhine:
Bro. Brendan, before I point out this tip that you just shared, that is gold. I am going to do something that you know is coming and it’s coming for you my man. So you hold on one second.

Brendan Harvey:
Yeah, baby. Been waiting on that.

Cody Hofhine:
You have been waiting 10 months on this victory bell, and now you’ve heard it. But I want to point out something absolutely crucial. So first Brendan, this is amazing. You’ve done things on your first deal that probably many don’t even learn to do until they’re like 5th, 6th, 10th deal, 15th deal, 20th deal. And some people don’t even learn, ever, what you just shared. And that is you had zero interest at 120. Now listen to this. This is crucial. Zero interest at 120, no one showed interest. Lowered it down to 117, had some people now interested. And then 10 people come out to the property. And now here’s the interesting thing. It ends up assigning for more than what his first initial asking was. It ends up selling for 4,000 higher than what he was initially asking, which is 120,000. He sells it for 124.
Here’s something you have to learn from this experience from email, it’s hard to get people interested. So you’ve got to send it out at a price that just makes them get to the property. This is a true, true learning moment for anyone listening on the podcast, mark your price at a price that gets people to the property. Let the property sell the deal, not you through an email. You just have to make it exciting enough to get people to show up to the inspection. If you can get people to show up, get ready. That’s when the sky’s the limit on the price. And ended up going for more than what he was asking in the initial email of 120. Why? Because they got to the property. That is incredible knowledge. Whether you knew you did that or not, that is incredible knowledge that you just shared for our listeners. My man, 14,000. What does this do for your spirit? What does it do to your motivation, your drive, your determination going forward now that you’ve done your first deal?

Brendan Harvey:
Well, I mean, it’s like you all stay on the podcast all the time. It’s real now.

Cody Hofhine:
From faith to fact.

Brendan Harvey:
That’s right. I was able to quit my job. I made a commitment that if I get a deal over 10k, I was going to quit. And quit just poking the bear next to dive in. And that’s what I’ve been doing. I get to spend a lot more time with my family and I’ve got a lot more in the pipeline. It’s been amazing.

Cody Hofhine:
Now the goal is you’ve got a pipeline, but the goal is when you close on that deal, which you closed on, that you put some money back into marketing and double down and start getting this going. Especially now that you have this going full time.

Brendan Harvey:
Oh yes, sir. Absolutely.

Cody Hofhine:
Dude. I love it. I love it. So here’s what I want to do in ending our podcast. We always ask two questions. I know you’re aware of them. So I’m going to ask you the first one. What is a good book that you’ve read recently or over the last 10 months, since you’ve been in the tribe? That’s been game changing and with your mindset or helped you just improve who you are.

Brendan Harvey:
Really mindset on seeing the difference between everyone who is just rat race compared to people who do want to be an entrepreneur and make some real money and have some real time, I would say Cashflow Quadrant from Robert Kiyosaki. A really good book.

Cody Hofhine:
Phenomenal book. What’s the one gold nugget that you could share that would say why you liked that book so much?

Brendan Harvey:
It just takes perspective from being a nine to five worker, to being a small business owner, to being an investor and then actually working at a 10,000 foot level instead of working on your business instead of in your business. That’s really what I liked about that book.

Cody Hofhine:
I love it working from the left side of the quadrant over to the right side. So I love it. That’s a great book. We’ve interviewed Kiyosaki here on this podcast. And we had him on, we put that same interview on the YouTube channel. But amazing, amazing information in that book. I also would recommend Cashflow Quadrant. Now the second question Brendan is knowing what you know now, looking back, what would you have done differently?

Brendan Harvey:
Differently? I would have just done what you and Cody told me to do.

Cody Hofhine:
Me and Tom?

Brendan Harvey:
I mean you and Tom told me to do. I mean, that’s really what it was. Just forget about that fear and just do it. And it works.

Cody Hofhine:
I love it. I love it. So do you feel like you were your biggest obstacle that it was you that was actually in your way? It wasn’t your marketing, it wasn’t competition. It wasn’t anything other than you were in your own way.

Brendan Harvey:
Yes, absolutely. I was in my own way.

Cody Hofhine:
Awesome. Awesome. Well, Brendan, I want to thank you so much for being on this podcast. You shared some golden tips in here that everyone can take away. And I hope they did because that’s the power of this podcast. This podcast will not do anything for you, it’s not a silver bullet. What’s the silver bullet is what you listen to is acting on it and take the action, imperfect action for that matter and let it lead you to a result that will then lead you to your next question of what you need to figure out. But so many times we take this, we try to build a perfect plan and it doesn’t exist. How perfect was your plan to be an actual reality?

Brendan Harvey:
Yeah, it’s definitely about being imperfect. And just a little gold nugget for new listeners that are thinking about getting into wholesaling. Wholesaling in my opinion, you learn in school about gateway drugs. Well, wholesaling is the gateway drug into real estate. If you start wholesaling and you can find deals, you can do anything in real estate you want to do rather than be fix and flip, buy and hold. Does it matter?

Cody Hofhine:
It all starts with a discounted property. I 100% agree. Keep going. What were you going to say?

Brendan Harvey:
Yeah, I was just saying, if you learn how to find a deeply discounted property then you can do anything you want, build capital and sky’s the limit and real estate.

Cody Hofhine:
So, so, so true. Brendan, thank you so much for being on this podcast today. I know you’re busy. I know right now that it’s not going to air till after Thanksgiving. But right now, as we’re speaking to recording, it’s the day before Thanksgiving. So I know there’s busy times coming up with this holiday, but thank you so much for being on here, sharing some wisdom and helping our listeners know how they can get one step closer to their first deal.

Brendan Harvey:
Not a problem, Cody, thank you for having me on here.

Cody Hofhine:
Okay. Rhino Nation. What an incredible, incredible, incredible individual, Brendan Harvey. Who just shared step-by-step how he did his first deal. And because of that was able to share some gold nuggets that will help each one of you get one step closer to your first deal or even your next deal. So get out there, take massive, imperfect action and act upon the things that you heard today. Get out of your own way. It’s just you got to get over your fears. He had these real fears, but then he realized they were fake. They were nothing. He just had to get over, overcome them. He had to get out of his own way to go find his deal. So let this story sink deep with all of us to get out there and just take massive, imperfect action so we can go out there and get our first deal, our next deal. And if you want help, just like Brendan did, help building your wholesaling business, head on over to wholesalinginc.com fill out an app and get on the phone with either myself or someone on my team. So we can begin to have the conversation to see if it’s a good fit. And I will see each one of you on the next podcast episode, take care.

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