Posted on: March 24, 2020
WI 390 | 2020 Wholesaling Tips

 

If you’re like many people, you’ve probably decided 2020 is the year you’ll crush your wholesaling goals. To help you out, we’ve invited a serial entrepreneur, wholesaler, mentor, coach, and podcaster to provide the much-needed guidance!

Let us state the obvious—today’s special guest has a stellar resume. Steve Trang owns Stunning Home Realty and is a partner at Max Cash Offers. He is also the host of the popular podcast Real Estate Disruptors and the creator of the OfferFast Homes app.

In this episode, join Steve and our very own TTP guru Brent Daniels as they share powerful insights, tips, and techniques that can help you dominate the market and crush every single one of your wholesaling goals.

You’ll be learning from two of the industry’s best, so you owe it to yourself not to miss this episode!

 

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 two 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!

Steve Trang’s Top Tips for Crushing it in 2020

 

Episode Transcription

Before we get going with this episode, I want to make sure you’re aware of the contest that’s going on for all of March 2020 where three lucky winners are going to have a wholesaling business experience of a lifetime. For the whole month of March 2020, what we’re doing is special ratings and reviews contest where we’re going to select 3 lucky winners where we’re going to take care of all their accommodations, flights and hotels and will spend 2 full days with the head rhino himself, Mr. Tom Krol. Imagine what this would be like for your wholesaling business, whether you’re beginning or have already done some deals. Think of what it could do for you if you’ve spent two full days with Tom Krol in sunny Florida and all the accommodations were taken care of. What would your year look like?

To enter this contest, we want you to go over to iTunes and give us a rating and review, five stars, please. Take a screenshot and send that screenshot of the review to Darrin@WholesalingInc.com. If this isn’t enough, we’re also going to feature the three of you on this show. While you’re down there, Tom is going to put you in the hot seat so get ready. Head on over to iTunes, do the ratings and review and simply take a screenshot of the review. Send it over to Darrin@WholesalingInc.com so that we can pick out 3 lucky winners to go head down and spend 2 full days with Mr. Tom Krol. Let’s get going with the episode

I am so excited for this episode because I’ve got in the TTP studio the host of one of the biggest podcasts out there, the Real Estate Disruptors Podcast, where this guy interviews the top real estate professionals from around the country. I want to bring the warmest and the hottest welcome to Steve Trang.

Thank you so much for having me. I’m excited. I’ve been looking forward to this for a very long time.

This is exciting. We’re going to flip the script a bit because usually, you’re used to digging into people, breaking it down and seeing how they do their business but not only that, how do they keep their mindset and strengths. For this episode, let’s bring the most important tips that you’ve learned from these top interviews, your business, being in Phoenix and around all of us crazy people. What are the top things that people need to be aware of in 2020? Let’s start with mindset. What is the mindset of the people that you have coming in and interviewing?

There’s a certain amount of tenacity and grit. We talked about persistence and these are people that don’t take no for an answer. You watched the movie Pursuit of Happyness. You heard a lot about the Mamba mentality. These guys don’t know when to quit and can’t understand no. When they’ve said, “I’m going to do this,” it’s going to happen. There’s none of that like, “I hope this wholesaling thing works for me. I want to quit my job.” It’s like, “I’m doing this.” The world is on notice. They’re like, “Either you can like me or hate me but you won’t ignore me.” That’s that mindset it takes to dominate.

On this show, we talked about the huge difference between wanting to do wholesaling and making it happen. You want to do it. You’re going to do a couple of deals here and there. It’s going to be inconsistent. Your job and things are going to come in. Your schedule is going to pop in. It’s going to distract you but the people that are like, “I must not have a 9:00 AM to 5:00 PM job, not be average and not have $1,000 in my savings account,” those are the people that are exploding, whether it be in the TTP program, this program or the general real estate industry. It’s interesting. You wonder if they were born like that or if this is something that they’ve adopted.

I’m going to confess for your audience. I don’t have a six-pack. I’ve said for the longest time that most people will want to become successful like I want a six-pack. That’d be pretty cool if I had a six-pack but am I going to say no? There are always special occasions like the Super Bowl. I ate terribly. Are you willing to make a sacrifice? The other thing I was talking to someone about was the give-up list. It’s not what I am willing to do to be successful. It’s what I’m willing to give up.

Here’s a crazy story. I’m a big nerd. I’ve been playing fantasy football. In 2020, it would be year twenty. I told my friends, “In 2020, I’m out.” They said no. I was like, “Fine.” I still signed on, paid my money and then delegated my fantasy team to somebody else. I legit did not watch a single football game for the whole year of 2020. I gave up football so I can pursue my dreams and passions.

The give-up list hits home, especially when you’re looking at your schedule or everything that you’ve got going on. What are you wasting time doing? It’s a Gary Vaynerchuk type of thing where he’s like, “Go and hustle from 6:00 AM to 2:00 AM.” It’s interesting when you look at how much time we have. I always break this down. We have 168 hours in a week. How much are you willing to commit to your real estate business to change your life? Is it ten hours? Can you find ten hours? It’s getting the focus, having a community behind you and not feeling like you’re on an island. It’s feeling like you have some support there. That’s what a lot of people get out of private groups. A lot of people get that through a YouTube or social media group.

If you look at ET, the hip-hop preacher, he talks about you want to be rich as much as you want oxygen to breathe. An example is you have to be at the beach at 5:00 AM. Pace and I call it the Wholesale Run Club. We run at 5:30 AM on Monday, Wednesday and Friday in Gilbert. We post about it on social media. If you want to be successful in wholesale, you would find a way to get to the park because we’re posting where we’re running. You think you would find a way to get there. I would. When I was young, I would find a way to get there. Most people want to be successful like I want a six-pack.

From 2014 to 2019, it was about getting the right information in front of the seller. It has changed.

Be persistent and don’t take no for an answer.

I started buying properties in 2012. It was me and Sean Terry. He was number one and I would be where I needed to be number two. I didn’t want to spend more than number one. At that time, I was a terrible salesperson. I’d go, “Your house is worth $150,000. I could pay $115,000.” I would buy deals that way. It was terrible. Now, that wouldn’t work and fly.

If you were to pull up any neighborhood, you could very easily with Batch, find all the rental houses that are distressed that need a cash offer and then very easily get their phone number or even their email. You could call, text and send them ringless voicemails. The challenge is not how to get the homeowner or find the distressed houses. That is the easy part. Now that everyone’s chasing the same guy, we’re all using the same list and pretty much using the same service provider. How do you get the homeowner to pick you to be one of the 6 or 7 that they’ll even meet with? From that 6 or 7, how do you get them to pick you to be the guy? That’s where the game is won or lost.

When you’re saying that, something interesting is playing around in my head. This is from our business. I am seeing a lot more success when we’re going on the appointments and building real face-to-face rapport whereas before, we could have sent the DocuSign, told them we’re ready to go, they sign it and we’re open escrow. Now, when you send the DocuSign, you keep waiting. They’ve seen it but they’re not signed. How important do you think it is to get to the appointments? How do people do that if they’re in a virtual market or if they’re virtually wholesaling?

It’s tough. I go back and forth at this because I believe wholeheartedly that you got to get face-to-face but then we locked up three deals virtually in Tucson. I still believe that it’s important to get face-to-face because the deals are won and lost on a fine edge. You can meet someone face-to-face, shake their hand and look them in the eye. I’m a very big believer in that. As far as how you get them to pick you, you’ve got to manage expectations and set the ground rules of what Max likes to call the Rules of Engagement. When we’re meeting, it’s either going to be, “I’m buying or not buying this house.” That’s it. You’re not allowed to think about it, call sister Susie or call uncle.

How do you set that up? There’s got to be some advanced or upfront agreements that you go through so that they’re primed to make a decision during this time.

The first thing is saying, “Thank you for inviting me into your home.” A lot of the homeowners that we’ve met are curious as to what this process looks like, how much they expect to walk away with and when they can get their money. For me, I’m going to ask you some questions. Some of them may be personal and then naturally, at the end of our time together, one of two things is going to happen.

We’re either going to do business together or not. Either of the outcomes is fine. If the price we’re offering doesn’t make sense for you, you can go ahead and tell me it’s going to be a no for you. Likewise. If I’m not sure this is one of the houses we’re going to buy, then would you be all right if I told you we’re not going to buy your house? If it does make sense for us to work together, then what we’re going to do is we’re going to put out in writing what we talked about. That’s it.

Why do you think it’s so important to stiff-arm me a little bit and think about it? We’ve run across this. People will say, “We need to pray about it overnight and make sure it’s the right decision.” What we do is we go, “Sign the contract. You agree. You like the price, the terms and us.” We always break everything down to price, terms, you and then me. It all comes down to that. We go through that.

We get a confirmation like, “We do like and trust you. We’re going to do business.” We’re like, “Sign the contract. I’m going to take it. You call me at 8:00 AM. If you want me to tear it up, I’ll tear it up. It’s not a problem.” They go, “I don’t know if that’s the thing.” We’re like, “I’ll leave it here and show up here tomorrow at 8:00 AM. If you don’t want to do business or you don’t think that this is the best thing for your family, then we’ll tear it up on the spot and figure something out.” That’s a couple of techniques but you go and you want to get them to make the commitment or you’re going to move on.

There are a couple of reasons why. It’s called the campfire effect. We’ve been to seminars. We were excited and stocked. We were like, “Our business is going to change. This year is going to be the year.” We get on the plane still pretty fired up. By the time Monday rolls around, we’re like, “That was a stupid idea. What are you talking about? Why are you trying to get us to make these changes?”

WI 390 | 2020 Wholesaling Tips

2020 Wholesaling Tips: Today, the challenge is not how to get the homeowner or find distressed houses. That is the easy part. But, now that everyone’s chasing the same guy, how do you get the homeowner to pick you to be one of the six or seven that they’ll even meet with?

 

We were so fired up and now cooled down. The same thing happens when you lead the seller. They’re sold and you got bonding or rapport. By Monday, they don’t remember your name. That’s reality. It’s human nature. I wish it weren’t the case. I’m not saying that we don’t get it afterward. We get deals afterward but do you leave where it’s 90% no? If you look out the path of your career and all the times you left without a contract, it’s not a very good percentage. It’s pretty lousy.

There are a couple of different things there. One, you have to have lead generation to have shots at it or get to the plate. What are you seeing as the most effective way to generate leads? We’re going to get into pre-qualifying in the appointment.

The biggest thing is texting. We do a combination of texting and voicemails. We’re always looking at it but that’s what we’re doing. It is an RVM. If it lands, it says, “I left you a voicemail.” If it doesn’t land, it says, “We tried leaving you a voicemail. It didn’t work,” as our message. We get a lot of callbacks from that so that’s been good.

Where do they go?

When they call back, it goes to CallRail, which goes into our Podio. Our guys work inside Podio.

By our guys, do you mean acquisition managers or sales guys?

Our sales guys. Our virtual assistant is setting this all up. We’re sending over 10,000 text messages a day.

What’s the response rate?

Our response rates are somewhere between 20% and 30%. These are not positive responses. These are like, “Yes. Who is this?” They’re always mentioning our moms. It was a very interesting conversation. Some people even send photos from under the belt.

Let’s say you send out 10,000 and 2,000 or 2,500, come back. Those get filtered based on some common responses and then you’re seeing the ones that seem like there could be potential. Are you jumping on the phone with them?

If you really want to succeed in wholesale, you will find a way to get there.

There’ll be 1 text or 2 and then it’s a phone call. It’s a pickup. It worked. We had conversations but the more we did it and the more people are doing it, these people on the other side are way less patient so you got to pick up the phone. Talk to people if you will.

Who are you using for both of these services?

Max has a friend in Mexico that has a call center so he’s using her. They’re calling about medical and student debt so this is an improvement.

What’s the platform you’re blasting things out on?

Slingshot.

What about voicemails?

Slingshot.

I don’t know about Slingshot but it has been pretty effective for you. Does it cost reasonably?

I wouldn’t say it’s the cheapest. It’s cheaper than TextMagic by far, which we were using until we broke it. I’m hearing that the BatchService is cheaper. We haven’t explored it yet but Slingshot worked for us. Until something stops working for us or I hear someone else having this crazy success, we’re going to stay on the path because there are more than enough things to constantly tweak in our business.

You’ve got them to the point. Their timeline is short. They’re ready to sign a contract. You’ve got your acquisition manager that’s going to pre-qualify them and see if you’re even close. What do you use as your indicator of whether or not you go on an appointment?

WI 390 | 2020 Wholesaling Tips

2020 Wholesaling Tips: It’s crucial to have face-to-face interactions because the deals are won and lost on a fine edge.

 

We qualify for only one thing. I know a lot of people qualify for different things. For us, it’s pain. If there’s motivation, we’re coming.

Even if the house is nice?

Yeah. We got guys in our office that are licensed so there are other opportunities. I go back to my pay-per-click days. If they would call you like, “My house is beautiful. I’m not in any hurry,” it’s a crapshoot. We’ve got other ones like, “I am super motivated. I’m very reasonable,” but they want $30,000 over Zillow. I have learned that people lie. As long as I know there’s motivation, we will come.

How are you pulling the motivation out of them? Are you asking specific questions? Are you pre-qualifying them so that you understand? Some people are like, “Why are you selling the house?” If you’re reading this, make sure you go to the Brent Daniels – Real Estate Coach on YouTube so you can see this in action.

We have our whole cold calling script but in the middle of it is, “I’m curious. What’s happening? What do you think about selling your house now? Is this call the first time or is this something else?” If the call was for the first time, it’s a dead lead but if we hear, “This was going on,” we’d be like, “Tell me more about that. How long has that been going on? What did you try to do about it?” It’s similar questions but we’re trying to develop pains.

People are going to read this and implement it. We have the most unbelievable audience of people that read this show. What did you say exactly?

It’s like, “I’m curious. What is it that’s prompting you to sell your house?” If they’re like, “It’s not this call that prompted that,” we’d say, “Can you tell me more about that?” They’ll tell us more about it and then we’re like, “How long has that been going on? What do you try to do about it?” We don’t want to dig deep here. We want to save that for the appointment. We just want to know that something is going on.

I assume you are going on appointments all the time.

Not as many as we would like. If a lot of people are like, “If the offer is right,” it’s a no. That’s it.

That’s classic. We’re like, “How much will you give me?” They’re like, “For the right price, I’ll sell.” We’re like, “What’s the right price?” They’d be like, “You tell me.” Those never close. You got to dig deep into their motivation and find out what their problem is because truly, people will trade equity for speed and convenience but the only time they do that is if there’s a problem that you can solve.

You can’t win if you’re not the best version of yourself.

This is something that Cody Hofhine talks about all the time on the show. They’re the masters of it in Salt Lake. It’s finding out what the problem is, getting in front of them and seeing if you can get the price and terms ironed out. Let me hit you with this. This whole show is about things to do in 2020. First of all, you can’t just want this. This has to be a must. Number two, you need to go on these appointments more than ever. They need to be pre-qualified and you need to understand what the problem or motivation is.

I’m going to throw out three. If you were not out there door-knocking pre-foreclosures, you are leaving hundreds of thousands of dollars on the table. I’ll tell you why. You and I both are around Pace Morby every single day. He’s in this office. He’s got a whole team of door knockers but he started with himself. You get in front of these people because typically, they’re not answering the phones. They do not respond to texts because they’re stressed out. Not only that but they’re getting bombarded.

It’s easy to hide because everyone’s calling them. They are on everybody’s list. Anything you need to wholesale and pre-foreclosure is on your list. You’re on everybody’s list but odds are, you’re probably not only behind your mortgage. You also might be behind your car utilities or maybe you borrowed money from your aunt to get caught up. Who knows who is calling? You’re hiding and under the covers. The only way to get in front of that person is to knock on their door.

It’s amazing. People are answering or you can leave behind there a little note trying to get them to have some sort of communication with you. It’s huge. It’s not forgetting wholesale deals, which trust me, there are plenty of pre-foreclosures that have equity but the ones that don’t, you can lock them up on terms or as a subject tool. You can sell those or wholesale those to people that are building their rental portfolios that can’t get any more loans because they got too many loans on their credit. That’s a deep dive. I don’t get into it. I do big wholesale deals.

We have a friend that’s doing it that’s having a lot of success with it so you should be checking that out.

That is something that people need to go after in 2020. What else do we have?

I can’t say for 2020 but you’ve got to get better. Reading shows like this is huge. I spent over $250,000 on personal development. You can’t win if you’re not the best version of yourself possible. You’ve got to keep getting better.

Invest in yourself and in getting better not just in real estate but as an entrepreneur.

Also, something that we’ve had the benefit of is upgrading your circle. I’ve seen it. We’ve had the benefit of having this great circle. We’re blessed but there are other people that I’ve talked to who are guilty by association. They’re reaching out to me like, “Can I see who you’re hanging out with?” I’m like, “I’m not sure.” If you’re not careful about who’s in your circle, it can help you but it can also drag you down. You got to be very careful about who you allow yourself to be surrounded with. It affects your brain, mindset and heart.

It could also affect your morals. I’ve seen people teach other people how to wait until the last moment of a transaction and try to get a dramatic price drop or they’re not going to close it. The homeowners have already moved, already got a lease somewhere else and got it all. Everything’s tied up but they’re putting the pressure on them because they know that they’re in a tough spot. I’m telling you that does not last. You can’t be around those types of people. You got to be around the people that are truly out there trying to make a difference in your community.

WI 390 | 2020 Wholesaling Tips

Protecting and upgrading your circle is huge.

You interviewed the top guys from around the country. It must be pretty easy for you.

It’s easy now. You were number eight. You gave me the push. I told you my vision. I was like, “I’m going to have this show. Everyone’s going to fly in from across the country.” While everyone else was like, “You’re crazy,” you were like, “Do it. Hold the line.” For a couple of times, I thought about giving up but in the back of my mind, you were like, “Hold the line,” and it has made a tremendous difference.

Let’s talk about your 100 millionaires.

One of the books I first read was Think and Grow Rich. It’s an incredible book. There was a journalist that asked Andrew Carnegie, “You have eighteen millionaires that work for you. How’s that even possible?” The 1930s was not a prosperous time. He said, “You’re asking the question the wrong way. These people weren’t millionaires until they worked for me.”

For me, that and Zig Ziglar’s, “You can have anything in life that you want so long as you help enough people get what they want,” have always been in my head. When I started the brokerage, I wanted to create eighteen millionaires. We’re well on our way but once I had the show, I was like, “With the reach we have, there’s no reason why we don’t create 100.” Honestly, I’ll probably be close to 1,000 by the time we’re done but that’s the mission. We can help people.

The opportunities that have been available to me that were not available until I started the show. It’s The Go-Giver. I can’t remember if it’s part 2 or 3 but the amount of money that you make is directly proportional to the number of people you help. It’s not even a little bit related. It’s directly proportional. It’s crazy.

People like it when I ask this question. I give you $500 and drop you in the middle of nowhere, how do you get your first deal?

I would probably go find a title company and get a free list. I’d get the pre-foreclosures and probably start door-knocking. I haven’t done a lot of door-knocking but I feel pretty comfortable. If all I have is $500 to my name, it’s going to happen. Working at McDonald’s is not an option.

How do you find a buyer for it? Let’s say you went that far and got the list. You door-knocked and still have $450. How do you find a buyer for that? Knowing what you know and interviewing all the great people that have built the biggest cash buyer database of all time, how do you sell a deal?

Protect your energy from negative people.

Social media is such a powerful weapon that’s free. Whatever city I’m in, I can have a brand new profile. Every wholesaling community has a Facebook group. I’ll be posting in those groups. You can Google who the top wholesalers are. Probably some of those would be fluff but you’ll find one of them. You can DM them. That’s free. It doesn’t have to be like, “Can you move this deal?” You’re like, “I got this property. It’s worth this. Here’s what’s going on and what I’m looking for.” If you’re brand new, then you better lock it real deep. It’s a no-brainer. Put a Zillow link in there. Even though we don’t care for Zillow, if you’re brand new, it’s something to at least validate your numbers versus a little out-of-the-reach ARVs.

Get a Dropbox account, Google Drive or something shareable so that people can see the accurate photos of it. Make sure you put your pictures in there. You got to look for a cash buyer that’s going to put down a non-refundable earnest deposit. This happened to me the first couple of times that I wanted to wholesale. People committed to the deal but I didn’t realize that they just wanted me to assign it to them so that they could find a buyer and shop for it. They didn’t put their earnest in. Now, we don’t even send the assignment until that earnest is at the title company. It’s non-refundable and $5,000 minimum every time. That’s going to show you who’s real.

It’s going to be pretty hard though when you’re brand new to pull that but you should get there.

Why is it harder? It’s the same. The only reason it’s hard is that they think in their mind that the buyer’s going to be mad if they ask for all of these things so they’re going to think they’re new or they don’t know what they’re doing.

That’s true. It’s head garbage.

Stick with it. Make sure people are going to commit with funds. Then, you’ve got a cash buyer that you can rely on. Build a relationship.

There’s another place you can post the properties too. It’s my app, Offer Fast. It is free in Arizona and Texas. We’re also going to be in Georgia and Florida. I’m a wholesaler. My cousin is a flipper. One of the frustrations is you get all these emails about these properties where it seems like if you get it and it’s a good deal, you would try calling it, then the guy never answers. You reply but there’s no response or you saw it and then three hours later, it’s gone. We created it so that we can consolidate all the wholesalers in one place and create an MLS. If you’re like, “I want to buy something at 85018,” then it’s only 85018. You get a push notification based on your saved search.

How many people are in it?

In Phoenix, we’ve got about 1,000. In Texas, we have about 300 people.

Build it up. Join Offer Fast and then that way, people can start selling their deals quicker.

WI 390 | 2020 Wholesaling Tips

2020 Wholesaling Tips: Social media is such a free, powerful weapon.

 

It’s free. We’re doing deals in there. It’s an untapped resource because when we post it in there, it’s selling. People are missing out on that opportunity.

How does it feel to be on the other side of this?

It feels great. I love it. It’s a different conversation.

Let’s recap here. It’s a must versus want. The top people must win.

No is not an option.

Two is to make sure that you are pre-qualifying, going on strong appointments and making sure that they sign while you’re there.

You have to have good sales. One of the things that we didn’t talk about enough or I didn’t get a chance to expand upon is if you watch those movies where someone’s shot and they’re trying to get the bullet, it sucks. It’s painful. They get their buddy in there digging in it and trying to get the bullet out. That’s when we do the appointment. If you’re hurting, we’re going to find out where it hurts. That’s how part of the ways we’re able to compel them to work with us.

Hurt them to heal them. Increase sales skills, understand the sales process and go on the appointment with some intention. Three is door knock pre-foreclosures. Four is to expand your circle but also watch the negative influences in your circle.

If you’re negative on Facebook, I don’t want to follow you. I don’t have time for you to bring my energy down. I’ve got to protect my energy. It’s so important. I can’t have people whining.

Steve, thank you so much for being on the show. To everybody out there, if you are interested in joining the most proactive group in real estate investing, it is the TTP family. Go to WholesalingInc.com/TTP. Scroll down and check out what it’s about. Check out all the testimonials. If it feels good in your gut, sign up for a call. I look forward to working with you. To everybody out there reading this, as always, I encourage you to talk to people. I’ll see you next time.

 

Important Links

 

About Brent Daniels

WI 390 | 2020 Wholesaling TipsBrent 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!

Leave a Reply

Your email address will not be published.

[class^="wpforms-"]
[class^="wpforms-"]