Posted on: July 10, 2020

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!

Key Takeaways

  • The better question you should be asking yourself
  • Why you need to be relentless
  • What will help you get the fast results you are looking for
  • What you should focus on daily
  • Why your goals should be reflected in your calendar
  • How to get the momentum going
  • Why you don’t need the perfect plan

RESOURCES:

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Episode Transcription

Speaker 2:
Whoo-hoo. Hey guys, 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 just 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 now putting even more energy into it. And you’ll see that that compound effect and that momentum starts to work in your behalf. So let’s break this down so that you can understand how long does it take. When I’m usually asked that, here’s the response, I would rather, like this is the one I give, but this is probably the question I’d rather see. Think about this. How long does it take to do a deal? And the short answer, and we’re going to go long into this, would be as long as it takes to get your first deal.
But I want you to think about this. If I had two people standing here in front of me, I have Jim and I have John and I say, “Hey, Jim and John, I want you to all make 10,000 calls and I’m going to give you 30 days. And I want to see what their results are after the 30 days. After the 30 days, I want to see how many deals you’ve done.” So, after 30 days goes by, Jim and John come back to me. Jim’s like, “Dude, I did all 10,000 of my calls.” And John says, “I only did 10 calls.” Now here’s the thing. Listening to this story, you’d already be like, “Well, 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. Now, they were given the same amount of timeframe.
They were both given 30 days. One did all 10,000 calls and one of them did 10 calls. The timeframes the same. They both had 30 days. So instead of asking, “How long does it normally take to get a deal in real estate?” The better question would be, “How many?” How many does it take? Right? Instead of the, how long? How many? 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. Right? How many? How many are you willing to do? Think of the greatest basketball players out there. Now some of you are like, “Ah, 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’s your role model? Who’s your idol in that sport that you’re like, “Man, this individual’s really, really good.” Why are they good? Is it because they’ve been in the sport the longest? No. There’s rookies out there that are killing it, right? I’m from Utah. So we have Utah Jazz. We have Donovan Mitchell. He was a rookie just a couple years back. He killed it right out of the gate. He didn’t have longevity. He didn’t have time in the NBA. But what he was willing to do is the many, right? How many. Be in the gym longer. Be on the basketball court longer. Take more shots. Practice longer. Practice harder. And it developed him into an incredible rookie, right? 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 just has been in the NBA the longest? No. Far from it.
But what this guy does is take the most shots. He practiced those shots more than anyone. And this is the direct relation to why he is the best three point shooter in the NBA because he takes the most shots. So here’s the question I’d have you ask. If you were thinking how long is it going to take because I really need to know how long it’s going to take, because I really would like to leave my job. In fact, 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 just go out there and start taking massive imperfect action? Not trying to build a perfect plan, but really just get out there and fail my way forward.”
And 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’ve 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. And he goes out there and makes seven grand in seven days. Now that’s rare. That very rarely happens. In fact, most times it’s not going to happen, but still 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 he pounded those phones, pounded those phones when he was practicing the script that we have and he just kept pounding the phones, calling Craigslist ads, using the script.
And he came across a motivated seller. So it wasn’t that he lucked out and is like his fourth call. It was through many phone calls that he made that allowed him to get this deal super quick. So timeframe can vary. Timeframe can vary. It could be your first day. It could be your 12th month. It could be never. But what I will tell you is, your action. Your imperfect action will get you your result faster than anything else out there. So focus on what your actions are today. And I would really, really have you think and jot down, what can you do today? How many hours will you give today? What can you sacrifice today? Because if building a real estate business truly is something you want to do, then your calendar better reflect it. It better not be like scrolling through Facebook or scrolling through Instagram.
It better reflect that. That you spent four hours today picking up the phones, dialing people on Craigslist, or you were building your cash buyers list, or you were 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. So take a look at your calendar. What’s on there over the last 30 days? Does it show any involvement that you really do want real estate to work for you? Your calendar should reflect that. So 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. How many times am I willing to do something so that I can get a deal as soon as possible?
And 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 just keep moving forward and have that momentum working in your behalf. Get out there, take massive imperfect action, commit to failing your way forward. Don’t build perfect plans. They don’t exist. And I hope this training has been of value to you. And if you need help building your real estate business, head on over to Wholesalinginc.com or we’d be glad to hop on the phone with you. 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’ll see you on the next episode.

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