One of the most pressing questions new wholesalers ask is the length of time needed to close their first deal. If truth be told, the answer to this can vary from one wholesaler to another.
However, the length of time should not be your main concern. In this episode, our very own Cody Hofhine shared what your primary focus should be!
In addition, Cody also talked about the one thing you should work on daily, why you need to be relentless, and what you can do to attain your wholesaling goals in record time. Short but meaty, this episode is exactly what you need to hear to get your wholesaling business off to a superb start!
How Long Does it Take to Close Your First Real Estate Deal?
I am frequently asked the question, “How long does it take to do my first deal?” I’m going to break down the process of the timeframe what it takes to do a deal and some of these things might surprise you. That’s the big thing. Get that first deal and it builds that confidence. It builds that whole desire to keep pushing forward and putting even more energy into it. You see that compound effect and that momentum starts to work on your behalf.
Let’s break this down so that you can understand how long does it take. When I’m usually asked that, here is the response I would rather give but this is probably the question I would rather see. Think about this. “How long does it take to do a deal?” This would be, “As long as it takes to get your first deal.” I want you to think about this. If I had two people standing here in front of me, I have Jim and John and I say, “I want you to all make 10,000 calls. I’m going to give you 30 days. I want to see what your results are after the 30 days. After the 30 days, I want to see how many deals you have done.”
After 30 days goes by, Jim and John, come back to me. Jim’s like, “I did all 10,000 of my calls.” John says, “I only did ten calls.” Listening to the story, you would already be like, “I know who has the likelihood of getting the deal. I know who has the higher chance of landing a deal. Jim, the one that did 10,000 calls.” They were given the same amount of time frame.
Your imperfect action will get you your result faster than anything else out there.
They were both given 30 days. One did all 10,000 calls and one of them did 10 calls. The timeframe is the same. They both had 30 days. Instead of asking, “How long does it normally take to get a deal in real estate?” The better question would be, “How many does it take? How many times are you willing to pick up a phone? How many times are you willing to knock on a door? How many mail pieces are you willing to send out? How much money are you willing to spend on pay-per-click or whatever marketing channels out there? How many are you willing to do?” Think of the greatest basketball players out there. Some of you are like, “I don’t care for basketball.” Maybe soccer players.
Think of whatever sport it is you like and think of the greatest person in that sport. Who is your role model or idol in that sport that you are like, “This individual is good.” Why are they good? Is it because they have been in the sport the longest? There are rookies out there that are killing it. I’m from Utah, so we have Utah Jazz. We have Donovan Mitchell.
He was a rookie a couple of years back. He killed it right out of the gates. He didn’t have longevity. He didn’t have time in the NBA but what he was willing to do is the how many. Be in the gym longer, be on the basketball court longer, take more shots or practice longer and harder. It developed him into an incredible rookie.
Think of Steph Curry. One of the greatest three-point shooters in NBA history. This guy can drain threes from everywhere. Is it because he has been in the NBA the longest? Far from it. What this guy does is take the most shots. He practiced those shots more than anyone. This is the direct relation to why he is the best three-point shooter in the NBA because he takes the most shots. Here is the question I would have you asked if you were thinking like, “How long is it going to take because I would like to leave my job.” That was one of my answers. I was like, “I don’t want to do this job anymore. How long will it take me to do a deal, so I can leave this job as quick as possible?”
The better question that I could have asked at that time is, “How much am I willing to do? How many times am I willing to fail? How many times am I willing to go out there and start taking massive imperfect action, not trying to build a perfect plan but get out there and fail my way forward?” I would ask each one of you to do the same. Don’t look at how long will it take to do a deal because it varies for everyone. For me, it was day 39. I have had a student do it in seven days. Spencer from Memphis, Tennessee goes through the program, picks up the phone, and happens to get a motivated seller within seven days of joining the course.
He goes out there and makes $7,000 in seven days. That very rarely happens. Most times it’s not going to happen but remains true that Spencer killed it on the phone. He was relentless. He didn’t just dip his toe in. He jumped all in and pounded those phones when he was practicing the script that we have. He kept pounding the phones, calling Craigslist ads, using the script and he came across a motivated seller. It wasn’t that he lucked out in his fourth call. It was many phone calls that he made that allowed him to get this deal super quick.
The time frame can vary. It could be your 1st day or 12th month. It could be never. Your imperfect action will get you your result faster than anything else out there. Focus on what your actions are. I would have you think and jot down, “What can you do? How many hours will you give? What can you sacrifice?” If building a real estate business truly is something you want to do, then your calendar better reflects it.
It better not be scrolling through Facebook or Instagram. It better reflects that you spent four hours picking up the phones, dialing people on Craigslist, you were building your cash buyers list, making offers or you went on X amount of appointments. Your calendar should reflect that. Whatever you want to come true in your life, whatever goals you want to accomplish, it better also be mirrored on your calendar.
Don’t build perfect plans. They don’t exist.
Take a look at your calendar. What’s on there? Does it show any involvement that you do want real estate to work for you? Your calendar should reflect that. Make sure you jot down what it is you can do. What are the action steps? Don’t think about, “How long is it going to take me to do a deal?” Think about, “How many times am I willing to do something so that I can get a deal as soon as possible?”
This will lead you on your path to get out there and do your first deal or your next deal so that you can move it from faith to fact and be able to keep moving forward and have that momentum working on your behalf. Get out there. Take massive imperfect action. Commit to failing your way forward. Don’t build perfect plans. They don’t exist.
I hope this training has been of value to you. If you need help building your real estate business, head on over to WholesalingInc.com where we would be glad to hop on the phone with you to see if it’s a fit and then get you into the tribe. Until next time. Get out there and take massive imperfect action, and we will see you on the next episode.