Posted on: September 24, 2020

If you think finding and closing deals during this pandemic is difficult (if not impossible), today’s unyielding guest will prove you wrong!

Greg Laborde is a one-man show. However, that’s not the only thing that’s impressive about him. Greg also went from being broke to closing almost $400,000 just the first half of 2020!

In this episode, Greg not only shared his amazing wholesaling journey, he also shared some of the techniques and tactics that has helped him succeed and close massive deals with ease.

If you need proof that deals are out there despite today’s uncertain times, consider listening to this episode a must!

Key Takeaways

  • His backstory
  • How his team looks like right now
  • Marketing channels he’s using
  • His thoughts on creating a team
  • Why having a VA is crucial
  • What his future business plans are
  • Breakdown of a lucrative deal he did
  • What an affidavit of intent is what it’s for
  • How much he netted from the transaction
  • His advice for those who have not done a deal before
  • The importance of listening to podcasts regularly
  • How people can get in touch with him

RESOURCES:

If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!

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Episode Transcription

Brent Daniels:
Welcome everybody, to the Wholesaling Inc podcast, America’s number one podcast for new real estate investors, where we know that finding discounted properties is the most proven path to financial freedom. I am your host, Brent Daniels, Mr. TTP. And I am telling you, if I can do it, so can yo. let’s get started. I want to start off this incredible interview with a quote from a book called, Ego Is the Enemy. Phenomenal book. It says, “The material we’ve been given genetically, emotionally, financially, that’s where we began. We don’t control that. We do control what we make of that material and whether we squander it.”
Which I think is the most unbelievable quote for this interview that I have. Coming out of Miami, Florida, I’ve got a one man show that recently has added some more but for the most part, a one man show that has done over $400,000 in deals in 2020. This is just the first half. It is my pleasure to introduce Greg Laborde to the Wholesaling Inc podcast. Say hello, Greg.

Greg Laborde:
Brent, how are you? I’m honored and absolutely excited to be here. Thank you for the opportunity.

Brent Daniels:
I’m excited to be on here because we’ve been chatting … Just off the air here or off this podcast, we’ve been chatting about some really exciting things that you’ve been doing but tell us about you. Take us back to young Greg and give us the backstory.

Greg Laborde:
The backstory, Brent, is in 2017, I had a startup I was involved in. Unfortunately, the company went under. I put years in, my heart and soul in it. I had friends and family invest. The company went under, it basically fell by the wayside. And basically, I was broke. I basically hit rock bottom and at that point, to make some extra money, I was driving Uber. And I had the opportunity to start listening to a lot of podcasts. I came across BiggerPockets. I found you guys. And obviously, the rest is history.
And I took massive action. I started to send out postcards initially. One of the gold nuggets I got, was to go to a local RIA and other networking events and meet people. I found somebody in my market, a very, very big wholesaler. He basically took me under his wing and introduced me to a title company, gave me his contract with somebody I could lean on. And then I just started sending out postcards. And then from there, the first mailing, we got a deal. It took nine months to close and then it just on and on. And the middle of 2018, I started listening to you and then I started cold calling. And that’s the story.

Brent Daniels:
I love it. I love it. And so it’s crazy because I remember when we first spoke, you were like, “I’m going to be on that podcast.”
And here we are. It’s absolutely incredible but so what do you do now? I introduced you. We had this conversation before we started that you’ve essentially been doing this by yourself, right. You do it all. You take the calls, you go on the appointments. You lock up the deals. You sell the deals. Why, at this point after what, two years, are you doing it yourself for the most part? I know that you’ve progressed from there and we’ll get into that but what made it? What’s going through your head? Are you just trying to keep more of the profits? Talk to me about it.

Greg Laborde:
At this point, Brent, I want to have a … I haven’t done a ton of deals but obviously, I’ve done deals that have been massive and made some good money with it but I really want to get to the point where I’m generating a business that’s consistently doing deals … In my definition, one to two every single week, getting out of the one a month thing.

Brent Daniels:
Sure. And that’s a big evolution. There’s a big evolution going from, “Hey, I do 12 to 25 deals a year.”
… to that 25 to 50 jump, to that 50 to a hundred deals jump. There are different levels to this for sure but you obviously have to get into a position where you’re leveraging other people’s time and efforts and talents by hiring them. And that’s what you’ve been up to, right.

Greg Laborde:
Right, right. I’m trying to put the systems in place. Basically, in January I did a very large deal. I reached out to some people in my local market that were having problems getting started. They had tried other mentoring programs, spent a lot of money. They didn’t get any results. I took them under my wing. And then most recently, I hired a full-time cold caller from one of the gentlemen that you had recommended on one of your recent podcasts, Mr. Max Fish.

Brent Daniels:
Yeah, yeah, CallingReps.com., yeah.

Greg Laborde:
Right.

Brent Daniels:
Phenomenal, so if you guys are … If you are going to go the route of getting a foreign color or a Filipino color, then Max … He’s incredible. He vets all these people, he makes sure that they’re qualified. He does a really, really excellent job, CallingReps.com … I don’t know if you have to use the TTP code but if there’s a coupon code, you’re going to get something for putting TTP in there. That’s awesome. Greg, so how many callers do you have?

Greg Laborde:
Right now, I have one full-time caller and I have two mentees that I’m working with. And the mentees have … One of the mentees has done two deals and the other one has done one. I basically help them, instruct them in TTP, take them under my wing. And I was training with them and then they’re also doing driving for dollars and then they get a piece of the action, basically.

Brent Daniels:
Love it, love it. When you’re not doing a lot of deals, do you feel frustrated? Are you feeling like, “One deal a month … Yes, I’m doing big deals. Yes, I’ve made 400,000 the first six months of this year but there’s more in here. There’s more that I can do.”

Greg Laborde:
Right, right. I think a lot of it is the function of the market that you’re in because I’ve heard a lot of … I’m a regular listener to all your podcasts. I think there was a lady named Lauren out of California. I think that’s … In my opinion, that’s my model going forward because this is a very, very competitive market that I’m in. And it’s very, very difficult to get deals. There’s a lot of competition. There’s a lot of … Like I like to do, I like to anchor low and I’m missing out on a lot. I’m missing out on people. I had somebody else call me, they gave me a better price but I’m aiming at making 30,000 and up on every single deal I’m going after. And it’s not easy to do and it’s anchoring low. And obviously when you get the deals, you’ve got to use a Tom Krol strategy, which is create frenzied competition, get the [inaudible 00:07:37] going.
And that’s really what I’m trying to do but I think the future in terms of what I’m doing, is I’m going to be testing other markets soon where you’re going to get more deals but obviously, the amount is not going to be the same but it’s good to get a check every week, rather than the way that I’ve been doing it. That’s really the only thing that I’m frustrated about. It’s not easy but at the same time, just continue to sell, continue to implement, continue to get the calls out. And I think everything’s going to fall into place.

Brent Daniels:
Are you doing mail and calling? What marketing channels are you using?

Greg Laborde:
Currently, I’m only doing TTP and I’ve found … I started TTP in 2018 and one of the things I found out when you’re doing both, unless you got the right systems in place, it’s not going to work because you’ve got [inaudible 00:08:25] and you’ve got outbound calls and you just can’t handle them. I think the next time when I start doing mail again, I want to have live answering versus what I was doing before, which was somebody calling and they would reach a message and then you get back to them. That’s not as good as you got a hot lead, boom, you get on the phone and you immediately get that person. You go out and see them.

Brent Daniels:
Yeah. And I think a lot of people are wondering, “Well, if you’re crushing it so much with the calls, why even do mail?”
What’s the potential there? Is it something that maybe you want to test out in different markets? Is it something that you want to get back to in yours? Is it just something that you’re waiting to get somebody to live answer? Why even try it?

Greg Laborde:
You’re right. You’re right. You got to do one thing. You’ve got to do one thing. The dollar [inaudible 00:00:09:14], it’s good but the number of deals I [inaudible 00:09:16], that’s really my sticking point in this business. I have to tell you, it’s not an easy market that I’m in. LA, New York, California, these are very, very difficult markets.

Brent Daniels:
Oh, Miami is top five toughest for sure.

Greg Laborde:
Right.

Brent Daniels:
Yeah, top five toughest all round for sure. I see a lot of people that start in Miami but start finding those virtual markets, start expanding their markets so that they can have that consistency.

Greg Laborde:
Yeah.

Brent Daniels:
Awesome, awesome. What about an assistant? What about lead manager? What about acquisition managers? What about all these things that we talk about and that most businesses your size start putting together? What’s your thoughts there?

Greg Laborde:
Definitely, I agree with you, Brent. I haven’t a VA in place, that’s a staple. You got to have a VA. When you make offers, you got to … What I like to do is follow up with a written proof of funds, email it out. You mail it out to them. The VA’s very, very valuable. She also does all the marketing. I don’t have a lead manager, it’s somebody I’m looking at potentially bringing in, in the next four or so.

Brent Daniels:
Awesome, awesome. And so do you just do this from home?

Greg Laborde:
No, no. I got an office in Miami gardens, Florida. It’s an area … It’s a lot of rehab activity, do some driving for dollars here. And I’m looking to expand the office and bring callers in. We got one caller now. We got the two reps. We’re looking to basically expand operations, obviously as the deals come in.

Brent Daniels:
Awesome. Well, of the 400,000, you did a really massive deal. When we talk about it in the TTP family, we talk about a massive deal being something over … Netting for yourself over $50,000, the 50K club. You [inaudible 00:11:03] that and you said, “Okay guys. Why don’t you just calm down? Let me show you what I can do here.”
Let’s talk about this deal because you had mentioned that early in January, you closed a big deal. Let’s talk about it.

Greg Laborde:
Okay. It was an absentee landlord. It was a vacant property. I pulled the vacant property list. I think it was $250. Got the list, skip traced it. This was in July. I call this gentleman, got them on the phone. This is September, 2019. Very, very hard person to reach. He mentioned to me that the person was living out of state. He had a property that he hadn’t been to, literally in 11 years. And he just didn’t know what to do with it. And he asked me to go see it. What was weird about it, he was telling me to go and go check out the property. And the door was open, “What do you mean the door is open? He hasn’t been there in 11 years.”
I show up at the property and it’s all these plastic containers from the city. And it was all these code violations. And I noticed that the city had locked up the door. I called the gentleman back and literally, it took me three months to get him back on the phone again.

Brent Daniels:
What’s going through your head? What was going through your head, Greg, when you were like, “Oh, my gosh. This is going to be an amazing deal. He’s not answering his phone.”

Greg Laborde:
Really, I had no idea. I had no idea what this was. I thought it had potential. The guy answered the phone. Finally, what happened was the Zillow was way off. I was using bill. I didn’t really comp the property. And I gave the guy an offer. It was 280,000 and it was too low. We settled on 310 and all right, so go back and forth. A couple of weeks later, the guy agreed to the 310. I sent a mobile notary to pick up the contract. The other gold nugget is, I like to file what’s called an affidavit of interests. You get the ID and obviously, you get a piece of paper that says, “Look, you will not negotiate. We’re under contract and that’s it. You can’t talk to anybody. And if you do, then obviously you’re in breach. And there could be a legal situation.”
I would like to get that and once they sign, everybody’s willing to basically do that. I got the affidavit back. I get [inaudible 00:13:25].

Brent Daniels:
Where did you get that? Where’d you get that idea from? Is that something that you got from an attorney? Is that something that you got from a title … where’d you hear about doing that because I think that’s a concern that a lot of people have, is that, “Oh, yeah. I put the property under contract but now they’re calling and trying to cancel it. What do I do?”
I run across that all the time from students.

Greg Laborde:
[inaudible 00:13:45] about people canceling because I’ve had situations where people … I don’t want to do it anymore. I just rip up the contract. It’s just a deal. What I’m concerned about, is … And I’ve had this problem. Literally, you put a deal on contract and you’re showing a property and then the person tells you, “Oh, by the way, so-and-so was knocking on my door. I can do better. Forget about this guy.”
That kind of thing. Like I said, this market I’m in, very competitive. And unfortunately, there is a lot of unethical people and basically, you have to protect yourself. I get this contract back and I didn’t even know what I had. I comp the property and I noticed that literally, a week before house across the street had just closed. Same property, same square footage, same lot size. Closed comp, I get this property 310,000. Close comp, 1,000,049.

Brent Daniels:
Oh, come on.

Greg Laborde:
Exactly. I know I had something, I put it out. I put it out at 500 and somebody took it at 510.

Brent Daniels:
And wait a second. Wait a second. Wait a second. Wait a second. Did you put it out as … Did you assign that?

Greg Laborde:
You cannot assign deals like that. What do you have to do, is you have to buy the property, okay. And resell it to somebody.

Brent Daniels:
What if people don’t have money? How do they buy it?

Greg Laborde:
At my title company, there is a gentleman that has a transactional funding service. I just go to him whenever I need money because like, “Hey, Nick. I need 300, I need 500.”
And two minute, one call, boom. And the money’s there.

Brent Daniels:
What does he charge you for it?

Greg Laborde:
He charges very, very reasonable. Well, actually this was another hard money lender that I use to actually … I’ve done two flips also but I have a partner that does flips.

Brent Daniels:
Sure.

Greg Laborde:
… to obviously placate them. They were charging 1%.

Brent Daniels:
Got it, okay.

Greg Laborde:
And it was going to do it for a thousand and they charged 3,100.

Brent Daniels:
3,100 bucks, plus you got title and escrow, both sides, right, when you buy and sell or did you have the buyer pay your closing costs on the purchase?

Greg Laborde:
It was a ton of fees. It was 25,000 in fees. And there was also … A friend of mine actually bought the buyer. Yeah, I gave him 15 grand.

Brent Daniels:
Wait, let’s see. You put it under contract at 310, you sold it for 510.

Greg Laborde:
Correct.

Brent Daniels:
There’s two hundred thousand. And then there’s about $25,000 worth of costs in there.

Greg Laborde:
Yeah, $5,000 [inaudible 00:16:19]. 175,000.

Brent Daniels:
Hold on a second. I’m going with the extra long ring on that because holy cow, 175,000. And wait a second, wait a second. This was a cold call.

Greg Laborde:
This was a cold call.

Brent Daniels:
One call, 175. I am telling you, I’m screaming it from the rooftops, guys. If you’re proactive, you run into deals of a lifetime once a week, once a month, once every quarter. What an unbelievable deal that is. I knew it took some time. I know that there was some lead follow-up. I know that the guy ghosted and couldn’t make decisions but you just did 175,000 net to you, dollar dip. What does that feel like, when that hits your account?

Greg Laborde:
It’s definitely life changing. You realize this could be a substantial business. This is something that could … Obviously, if you could just repeat that and keep going. You’re not going to repeat it but if you can consistently do 20s, 30s, 40s, it’s a nice business.

Brent Daniels:
Incredible business. And a business that … I’m telling you, you’re going to run across these deals once a year, once every couple of years, whatever it is, as you stay consistent, as you’re making calls. We’ve always done it. We’ve always had one massive deal every single year. And it’s like, “Oh, my gosh. If we could only do that every week but it’s an incredible business. Your life can literally change that quickly, if you’re being proactive, if you’re taking it seriously. You’ve been taking this business seriously for what, two years? Two and a half years, something like that.

Greg Laborde:
Yeah, it’s two years. Like I said, I started TTP full time 2019. I stopped sending out the postcards. Like I said, we’re getting deals. We got 10, 2019, six so far this year closed but now we’ve got the callers in and we’re trying to get the regular flow going.

Brent Daniels:
I love it. I love it. Talk to somebody that’s just starting out. What advice would you give somebody that’s just … They’re ready, they’re excited. They get inspired by your story. What advice would you give them if they’ve never done a deal before?

Greg Laborde:
Reach out, start networking, okay. Go to your local RIA. Go to networking events, find a mentor in your market. And the second and most valuable piece of advice … I probably could have shortened my learning curve, is if I were to join earlier.

Brent Daniels:
Sure.

Greg Laborde:
[inaudible 00:18:54]. And then the third, obviously listen regularly to podcasts.

Brent Daniels:
I love it. When do you listen? Are you in the car? Is it in your house?

Greg Laborde:
Every single day driving down to work.

Brent Daniels:
Yep. I’m telling you, I have not turned on unless my kids are in the car and my wife because it drives her nuts listening to podcasts all the time. I don’t listen to anything else. I listen to podcasts. I listen to audible, all the time. I haven’t turned on my radio to music by myself, in my truck in six years, maybe seven. You can learn so much in your mobile university, essentially.

Greg Laborde:
YouTube university, absolutely.

Brent Daniels:
Well, in the podcast and just driving around and doing all this stuff, there’s so much out right now, that it’s tough to get focused on. One, I definitely encourage … And Greg, in 2016, I did … In 2015, I did pretty well. And I did about a quarter million dollars in wholesale. And then I heard this podcast that we’re on now. And I joined the tribe because I wanted to be around people that were doing much more business than me and all of a sudden, boom, I tripled my income. 742,000 in 2016 and then it’s just million, million, million. It’s absolutely incredible but it’s because of what you were saying, the focus, the focus.
There’s so many other things. You can take the same message and it gets spun up and everything but the fact remains, the number one factor when it comes to lead generation, to finding opportunities, to sourcing real estate deals, is consistent quality conversations with distressed property owners. That’s it, that’s it. As long as you’re doing that, you win. You literally cannot lose. If you’re having quality conversations with distressed property owners every single day and keep it going and going and going, you’re going to build a huge, robust, profitable business, just like my man, Greg here because I’m telling you. You’re keeping almost all that money.

Greg Laborde:
Yeah but obviously like to make more. And that’s the thing about me, I’m a driven individual and I just want to try to get the systems in place and just replicate this and just keep going and just have more conversations.

Brent Daniels:
I love it. That’s awesome. What is your main goal? Some people that are incredible wholesalers, they want to build up this really big real estate portfolio with their profits. Some people just want to create this business that pays for their lifestyle and pays for them to invest in other things, whether that be gold or the stock market or whatever else. What is your master plan for what you want to do because you’re going to have that million dollar business. It’s inevitable, it’s going to happen. You’re going to be keeping a lot of that money. What are you going to do with it?

Greg Laborde:
What my main goal is, is to build a massive rental portfolio. That’s what I’m looking to do, okay but what I’m doing now, is like you said, focus. Focus, focus, focus. I’m buying this kind of properties. That’s what I do. All the other stuff, I got to get a property manager. I have a partner that does flips. If I get a deal on a contract, the exit is a flip, I give it to him. If I want a wholesale, I’m putting a nice lender in place this week. I’m going to have the ability to take down properties. And that’s it. And what I want to do, is I love selling. I love getting on the phone but you want to get recurring revenue. You want to get that mailbox money going in. And at the same time, you just want to have your systems in place. That’s really the reason why I haven’t kept any deals because I’ve had some unbelievable deals that in hindsight, when I looked at it, I should have kept these deals but …

Brent Daniels:
You’re staying focused. You’re building this business first. I’m telling you, I think you’re doing the right decision. I hear this all the time, “Well, you got to cherry pick the best deals that you find.”
Not initially. You need to build and you need to get the income in. You need to stack these wins. You need to start building up this company. This company is going to make you so much more income than that property ever will. I’m sorry but this business will make so much more than that. And being able to fund that early on with the revenue that you get from these deals, is absolutely critical. To each their own, certainly but I think in the beginning, sell as many as you can. Get as much income as you can. Put your systems in. Follow somebody that knows what the hell they’re doing. Be around people that are doing more than you and you are going to absolutely just have a cash cow [inaudible 00:23:30]. It’s a money machine. It’s an ATM machine. It truly is. Wholesaling is hitting the lottery. And it’s absolutely incredible. Obviously, 175,000, absolutely incredible. Greg, how do people get ahold of you? How do people reach out if they want a joint venture with you? Or just say great job or just talk to you.

Greg Laborde:
I’m going to give my cellphone, I never pick up the phone. You can text me. My cell phone is 917-309-3566. Alternatively, you can hit me up on Instagram @ghlacquisitions, that’s G-H, as in Henry, L acquisitions. My email is greg@ghlacquisitions.com.

Brent Daniels:
Love it. Absolutely love it. Well, Greg, thank you so much for coming on here, sharing your story, getting everybody inspired that you can do big, massive, huge deals, that this is a real business that just being proactive, just picking up the phone can absolutely change your life. Being there, talking to people. I love it. I’m really, really happy that you came on here. What an interview, what a great time. Thank you.

Greg Laborde:
Brent, I appreciate you and thank you for the opportunity.

Brent Daniels:
Awesome. And anybody out there that’s looking to join the most proactive group in real estate investing, it is the TTP family. Go to WholesalingInc.com/TTP. That’s WholesalingInc.com/TTP. Scroll down, check out what it’s all about. If it feels good in your gut, sign up for a call. It’ll either be with me or my right-hand guy. We look forward to working … I look forward to working with you personally but yeah, awesome. Again, CallingReps.com, that is Max Fish’s TTP family member’s company that has phenomenal callers for you, so definitely check that out. It’s what Greg uses himself. And I use, we both use it actually. Awesome. Well, thank you Greg. Until next time, as always, I encourage you to talk to people. See you.

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