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!
The Weird Cold Calling Hack that Landed One Wholesaler a $175k Deal!
I want to start off this incredible interview with a quote from a phenomenal book called Ego Is the Enemy. 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.” It is the most unbelievable quote for this interview that I have. Coming out of Miami, Florida, I’ve got a one-man show that has done over $400,000 in deals in 2020. It is my pleasure to introduce Greg Laborde to the show.
I’m honored and absolutely excited to be here. Thank you for the opportunity.
I’m excited to be on here. We’ve been chatting about some exciting things that you’ve been doing but tell us about you. Take us back to young Greg and give us the backstory.
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 fell by the wayside. I was broke. I hit rock bottom. At that point, to make some extra money, I was driving an Uber. I had the opportunity to start listening to a lot of podcasts. I came across BiggerPockets, I found you guys, and the rest is history.
I took massive action. I started to send out postcards initially. One of the gold nuggets I got was to go to a local REIA and other networking events to meet people. I found somebody in my market, a big wholesaler. He took me under his wing and introduced me to a title company. He gave me a contract with somebody I could lean on, and then I started sending out postcards. From there, the first mailing, we got a deal. It took nine months to close and then it’s on and on. In the middle of 2018, I started listening to you, and then I started cold calling. That’s the story.
It’s crazy because I remember when we first spoke, you were like, “I’m going to be on that show,” and here we are. It’s absolutely incredible. What do you do now? I introduced you. We had this conversation that you’ve essentially been doing this by yourself. You do it all. You take the calls, go on the appointments, lock up the deals, and sell the deals. Why are you doing it yourself for the most part? I know that you’ve progressed from there. What made it? What’s going through your head? Are you just trying to keep more of the profits? Talk to me about it.
At this point, Brent, I haven’t done a ton of deals but I’ve done deals that have been massive and made some good money with it. I want to get to the point where I’m generating a business that’s consistently doing deals. In my definition, 1 to 2 every single week, getting out of the one a month thing.
There’s a big evolution going from, “I do 12 to 25 deals a year,” to that 25 to 50 jump, to that 50 to 100 deals jump. There are different levels to this, but you have to get into a position where you’re leveraging other people’s time, efforts, and talents by hiring them. That’s what you’ve been up to.
I’m trying to put the systems in place. In January 2020, I did a large deal. I reached out to some people in my local market that were having problems getting started. They had tried other mentoring programs. They spent a lot of money and didn’t get any results. I took them under my wing. I hired a full-time cold caller from one of the gentlemen that you had recommended on one of your episodes, Mr. Max Fisch.
CallingReps.com. If you are going to go the route of getting a foreign color or a Filipino color, then Max is incredible. He vets all these people. He makes sure that they’re qualified. He does an excellent job. 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. Greg, how many callers do you have?
I have one full-time caller and I have two mentees that I’m working with. One of the mentees has done two deals and the other one has done one. I help them, instruct them in TTP, and take them under my wing. I was training with them. They’re also doing driving for dollars and then they get a piece of the action.
When you’re not doing a lot of deals, do you feel frustrated? Are you feeling like, “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.”
A lot of it is the function of the market that you’re in. I’m a regular listener to all your podcasts. There was a lady named Lauren out of California. In my opinion, that’s my model going forward because this is a competitive market that I’m in and it’s difficult to get deals. There’s a lot of competition. 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 and they gave me a better price, but I’m aiming at making $30,000 and up on every single deal I’m going after. It’s not easy to do and it’s anchoring low.
Continue to sell, continue to implement, continue to get the calls out, and everything’s going to fall into place.
When you get the deals, you’ve got to use a Tom Krol strategy, which is to create frenzied competition and get the buyer’s list going. That’s what I’m trying to do. In terms of what I’m doing, the future is I’m going to be testing other markets where you’re going to get more deals, but the amount is not going to be the same. It’s good to get a check every week rather than the way that I’ve been doing it. That’s the only thing that I’m frustrated about. It’s not easy but at the same time, continue to sell, implement, and get the calls out, and everything’s going to fall into place.
Are you doing mail and calling? What marketing channels are you using?
I’m only doing TTP. I started TTP in 2018. One of the things I found out when you’re doing both is unless you got the right systems in place, it’s not going to work because you’ve got inbound and outbound calls and you can’t handle them. 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, get on the phone, and immediately get that person, you go out and see them.
A lot of people are wondering, “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 something that you’re waiting to get somebody to live answer? Why even try it?
You’re right. You got to do one thing. The dollar amount is good, but the number of deals is my sticking point in this business. It’s not an easy market that I’m in. LA, New York, and California are difficult markets.
Miami is the top five toughest for sure. I see a lot of people that start in Miami but start finding those virtual markets and expanding their markets so that they can have that consistency. What about an assistant? What about the lead manager? What about the acquisition manager? What about all these things that we talk about that most businesses your size start putting together? What are your thoughts there?
I agree with you, Brent. I have a VA in place. That’s a staple. You got to have a VA. When you make offers, what I like to do is follow up with written proof of funds and mail it out to them. The VA is valuable. She also does all the marketing. I don’t have a lead manager. It’s somebody I’m looking at potentially bringing in.
Do you do this from home?
No, I got an office in Miami Gardens, Florida. There’s a lot of rehab activity. I do some driving for dollars here and I’m looking to expand the office and bring callers in. We got 1 caller and 2 reps. We’re looking to expand operations as the deals come in.
Of the $400,000, you did a massive deal. When we talk about it in the TTP family, we talk about a massive deal netting for yourself over $50,000, the 50K Club. You’re with that and you said, “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 2020, you closed a big deal.
It was an absentee landlord. It was a vacant property. I pulled the vacant property list for $250. I got the list and skip traced it. This was in July 2019. I called this gentleman and got him on the phone. This is September 2019. He’s a 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 in eleven years. He didn’t know what to do with it and he asked me to go see it.
What was weird about it was he was telling me to go check out the property and the door was open. I’m like, “What do you mean the door is open? He hasn’t been there in eleven years.” I show up at the property and there are all these plastic containers from the city. There were all these code violations. I noticed that the city had locked up the door. I called the gentleman back and it took me three months to get him back on the phone again.
What’s going through your head, Greg? Were you like, “This is going to be an amazing deal. He’s not answering his phone.”
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 comp the property. I gave the guy an offer. It was $280,000 and it was too low. We settled on $310,000. I go back and forth. A couple of weeks later, the guy agreed to the $310,000, so 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 interest. You get the ID and you get a piece of paper that says, “You will not negotiate. We’re under contract and that’s it. You can’t talk to anybody. If you do, then you’re in breach and there could be a legal situation.” I would like to get that. Once they sign, everybody’s willing to do that. I got the affidavit back.
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 company? Where’d you hear about doing that? A concern that a lot of people have is, “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.
I’ve had situations where people are like, “I don’t want to do it anymore. I ripped up the contract. It’s just a deal.” I’ve had this problem. You put a deal on contract and you’re showing a property, and then the person tells you, “By the way, so-and-so was knocking on my door.” “I can do better. Forget about this guy.”
This market I’m in is competitive. Unfortunately, there is a lot of unethical people and you have to protect yourself. I got this contract back and I didn’t even know what I had. I comp the property and I noticed that a week before, the house across the street had just closed. Same property, same square footage, same lot size. I get this property for $310,000, close comp $1,000,049. I know I had something. I put it out at $500,000 and somebody took it at $510,000.
Did you assign that?
You cannot assign deals like that. You have to buy the property and resell it to somebody.
What if people don’t have money? How do they buy it?
At my title company, there is a gentleman that has a transactional funding service. I go to him whenever I need money. I was like, “Nick, I need $300,000.” “I need $500,000.” Two-minute, one call, then the money is there.
What does he charge you for it?
He charges reasonably. This was another hard money lender that I use. I’ve done two flips, but I have a partner that does flips. To placate them, they were charging 1%. They were going to do it for $1,000 and they charge $3,100.
Plus, you got title and escrow on both sides when you buy and sell or did you have the buyer pay your closing costs on the purchase?
It was a ton of fees. It was $25,000 in fees. A friend of mine bought the buyer, so I gave him $15,000.
You put it under contract at $310,000 and you sold it for $510,000. There’s $200,000 and then there’s about $25,000 worth of costs in there.
Unless you’ve got the right systems in place, it’s not going to work.
Was it a cold call?
One call, $175,000. I’m screaming it from the rooftops. 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 did $175,000 net to you. What does that feel like when that hits your account?
It’s definitely life-changing. You realize this could be a substantial business. If you could repeat that, you keep going. You’re not going to repeat it, but if you can consistently do $20,000s, $30,000s, $40,000s, it’s a nice business.
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, “If we could only do that every week.” It’s an incredible business. Your life can change that quickly if you’re being proactive if you’re taking it seriously. You’ve been taking this business seriously for a couple of years.
I started TTP full-time in 2019. I stopped sending out postcards. We’re getting deals. We got ten in 2019. Six so far in 2020 closed. Now we’ve got the callers in and we’re trying to get the regular flow going.
Talk to somebody that’s just starting out. What advice would you give somebody that is ready, excited, and got inspired by your story if they’ve never done a deal before?
Reach out, start networking, go to your local REIA, go to networking events, and find a mentor in your market. The second and most valuable piece of advice is I probably could have shortened my learning curve is if I were to join earlier. The third is to listen regularly to podcasts.
When do you listen? Are you in the car? Is it in your house?
Every single day, driving down to work.
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 years. You can learn so much in your mobile university, essentially.
The podcast, driving around, and doing all this stuff, there’s so much out right now that it’s tough to get focused on. Greg, in 2015, I did well. I did about $250,000 in wholesale and then I heard this show that we’re on now. I joined the tribe because I wanted to be around people that were doing more business than me. All of a sudden, I tripled my income, $742,000 in 2016, and then it’s millions.
It’s absolutely incredible because of what you were saying, the focus. There are 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, finding opportunities, sourcing real estate deals is consistent quality conversations with distressed property owners. That’s it. As long as you’re doing that, you win. You cannot lose. If you’re having quality conversations with distressed property owners every single day and keep it going, you’re going to build a huge, robust, profitable business, like my man Greg here. You’re keeping almost all that money.
I like to make more. That’s the thing about me. I’m a driven individual and I want to try to get the systems in place, replicate this, keep going, and have more conversations.
What is your main goal? Some people that are incredible wholesalers want to build up this big real estate portfolio with their profits. Some people 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? 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?
My main goal is to build a massive rental portfolio. That’s what I’m looking to do. What I’m doing now is focus. I’m buying this property. 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 and the exit is a flip, I give it to him. If I want a wholesale, I’m putting a nice lender in place. I’m going to have the ability to take down properties, and that’s it.
I love selling. I love getting on the phone. You want to get recurring revenue. You want to get that mailbox money going in. At the same time, you want to have your systems in place. That’s the reason why I haven’t kept any deals because I’ve had some unbelievable deals that, in hindsight, when I look at it, I should have kept these deals.
You’re staying focused. You’re building this business first. You’re making the right decision. I hear this all the time, “You got to cherry-pick the best deals that you find.” Not initially. 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 do so much more than that.
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 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, and be around people that are doing more than you, then you are going to absolutely have a cash cow on you. It’s a money machine. It’s an ATM machine. Wholesaling is hitting the lottery. It’s absolutely incredible. Greg, how do people get ahold of you? How do people reach out if they want a joint venture with you or say, “Great job,” or talk to you?
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. My email is Greg@GHLAcquisitions.com.
Greg, thank you so much for coming on here, sharing your story, and getting everybody inspired that you can do big, massive, huge deals, that this is a real business, that being proactive and picking up the phone can absolutely change your life. Being there, talking to people. I love it. I’m happy that you came on here. What an interview. What a great time. Thank you.
Brent, I appreciate you and thank you for the opportunity.
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. Scroll down, check out what it’s all about, and if it feels good in your gut, sign up for a call. It’ll either be with me or my right-hand guy. I look forward to working with you personally. CallingReps.com, that is Max Fisch, a TTP family member’s company that has phenomenal callers for you, so definitely check that out. It’s what Greg uses himself. We both use it. Thank you, Greg. Until next time. As always, I encourage you to talk to people. See you.
- Ego Is the Enemy
- Greg Laborde – LinkedIn
- Max Fisch – Previous episode
- @GHLAcquisitions – Instagram
About Brent Daniels
Brent 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, “don’t-wait-around-for-business” attitude to help you CRUSH your wholesaling goals as quickly and easily as possible!