While wholesaling is hands down one of the best ways to build a massive fortune, it’s going to require time, energy, and resources. At times, it can also mean spending time away from your loved ones or missing a few important family events. This is especially true when you’re first starting out.
Fortunately, there is a way that you can set yourself up for success and even have your family root for you all the way! That’s what Cody covered in this short but really meaty episode.
If you want to lay the right foundation and set yourself up for future success, listening to this episode is a huge step in the right direction!
- How to take care of home base
- Why it’s not recommended to build a team when first starting out
- The beauty of setting expectations and getting the family’s buy-in
- How you can increase your chance of succeeding in wholesaling
If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!
Subscribe to Wholesaling Inc
Hey guys, Cody [Hoffhein 00:00:47] with Wholesaling Inc., and we’re going to get down to business on helping you set those expectations, almost call it something that I would call, taking care of home base. So let’s get into this, so you guys can understand why it’s so crucial to know what to expect and what is going to take place, to be able to succeed in wholesaling. Because if you can have those expectations right this second, out of the gates, it’s going to help you succeed a lot quicker. That way, when you get frustrated or when something doesn’t happen or there’s a hard time, you’re not too frustrated because you already have those expectations.
So, let’s first and foremost, get this out of the way. Wholesaling is not easy, it’s not going to be easy, it never is going to be easy. And it won’t be easy today, won’t be easy tomorrow, won’t be in the future, distant, it won’t be easy. Entrepreneurship is very tough. It’s something that’s going to take a lot of time, a lot of effort, a lot of energy, but ultimately if you’re willing to know those expectations and still push forward and fight for your first deal, it can happen and it will be the best thing you’ve ever experienced. It’s been amazing wholesaling, I absolutely love wholesaling. I don’t think there is an easier business, I don’t want to say easy. I don’t think there’s a simpler, let’s switch that word. I don’t think there’s a more simple business that produces the results and the income that you can do with wholesaling, in any other industry. I just don’t. I think it is hands down the best way to make a fortune, but it doesn’t make it easy. So knowing what to expect right out of the gates, is going to help you.
So let’s talk about some of this stuff. It’s going to be hard. It’s going to take money. I know there’s a lot of people out there say, “It doesn’t take any money. There’s just no money.” Your time is money, so even if you’re driving for dollars, that gas that you put in your car, that’s money. The time that you spend away from your family, gosh, that’s valuable to me. That’s money, right? So there is some money involved. And if you do it the way we teach people to do it, going with direct mail, to do all the heavy lifting for you, so you get motivated sellers to come to you, it’s going to take some money. So it’s not easy in the sense of, “Oh man, this is something that you can start with no money.” Anything worth it, is going to take time and money. So expect that.
But here’s something I want to share with you, that was right out of the gates that worked for me, to my benefit and to my wife’s benefit. When I was on the phone with Tom, so I was just a student, not too long ago. It was May of 2015. I hopped on a phone call. In fact, I was sitting in my camping trailer on the side of the house because my kids were home from school and they were running around and super, super loud. In fact, much like this office. If you’re hearing some noise in here, it’s because there’s a lot of activity going on today. But the kids were running around crazy. So I told my wife, “Hey, I’m going to hop on a phone call with Tom Kroll. I want to learn about wholesaling and see if he’s a good coach for me.”
So I hop into the trailer on the side of the house. I’m sitting there talking on the phone and he’s like, “Hey Cody, why are you getting into this?” I’m like, “Well, I’m getting into it because it’s just seems like something I would love to do. I’m passionate about it. I’ve always wanted to get in real estate. I feel like this is the way to do it.” He’s like, “I agree with you. Those are great answers. Now, did anyone ever tell you it’s going to be tough?” I’m like, “I know it’s going to be tough. I’m an entrepreneur at heart. I’ve just gone through building an insurance business and it wasn’t easy. It was tough.” And he’s like, “Awesome. So, you know it’s going to be tough.” I’m like, “I know it’s going to be tough.” He’s like, “Perfect.”
So here’s what happened. He told me all the things to expect. I went inside and here is where I would tell each one of you, those that are married or have a boyfriend, girlfriend, or a spouse or a partner, whatever it may be, set that expectation and take care of what I call home base.
I went inside and I sat down with my wife and I said, “Hey Wendy, here’s the thing, it’s going to be tough right out of the gates.” Anything with entrepreneurship is tough. I said, “It’s going to be tough out of the gates. I’m going to be still working insurance, full time. And then in the evenings, I’m going to set my appointments. So there’s going to be times where I won’t be home for dinner with the family. There’s going to be times that I won’t be there to put the kids down for bed. There’s going to be times that I miss some of the sports activities, maybe Bentley’s basketball game or Ken Lee’s piano recital or Hayden’s soccer game. I might miss these things because I have to wear all the hats out of the gates. I don’t just have a ton of money to start hiring people right out of the gates,” which actually I wouldn’t even recommend, even if you did have the money.
“But I want you to know that I’m doing this for the short term, so that in the future, we can turn this from a job to a business. And we’ll get a team in place to start doing these things for me. But I need to do this right out of the gates.”
Because I set that expectation with my wife right out of the Gates. Here’s the beauty, the by-product that came from this. When I came home and it was one of those long days at the office, as well as a couple appointments in the evening and I’d missed dinner or I’d missed a sport activity, or I missed help putting the kids down for the bed. I was able to come home to a supportive wife. I was able to come home to Wendy saying, “Hey, you told me this was going to happen. I knew it was going to happen. In fact, Bentley had a hard time tonight.” Bentley said, “Why isn’t dad here to help put me to bed?” And I sat down with him. I said, “Hey Bentley. Remember we sat down as a family. And we decided that dad was going to do this and work really, really, really hard for the short term so that he could get this working and right out of the gates, I had their buy-in.” And so Bentley’s like, “Yeah, I remember that.” And so he never was mad. Our kids weren’t mad at me for being gone.
Wendy was so supportive. I’d come home to a wife, not saying, “Oh, you missed putting the kids down to bed.” Or, “Oh, you missed family dinner. Oh, you missed the sports activity.” No, I came home to a wife that says, “I’m here for you. You told me this was going to happen. We’re here for you. I’m holding through and I’m holding true to it. We’re going to support you. And we’re going to have this happen.”
Now, entrepreneurship is already tough, remember this. It’s already tough, getting into wholesaling, it’s going to be tough. So with the toughness, the punches, the blows, the hard things that come with just entrepreneurship and wholesaling, starting a wholesaling business. I don’t need to come home and add on top of that difficulty, of a ticked off family or a ticked off spouse or a ticked off boyfriend or girlfriend. I don’t want to add that extra stress to me. So the more you can have those expectations set right out of the gates, not, “Oops, sorry. This is what I should’ve told you. This is what it was going to be like.” Have that before you even get involved in wholesaling, already have those crucial conversations with the individuals that you love. And let them know what it’s going to look like, so that you can come home to a supportive family and not a family that tears you down because it’s already going to be hard enough.
And if you can set those expectations right out of the gate, you will see the chance of you succeeding, will also go up. And that’s ultimately what I want for each one of you. I want you to get your first deal. I want you to succeed. Doesn’t mean it’s not going to be tough, difficult, one of the hardest things you’ve ever done. No, it’s going to be difficult, it’s going to be tough. It’s going to be one of the hardest things you’ve ever done, but you can do this. It’s going to be tough. All you need is that moral support and a supportive family that’s going to be behind you when those tough times come, to keep pushing you forward and being there to build you up and to support you.
Excited to be with the guys, if you need help, head on over to wholesalinginc.com, where 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.