Posted on: October 02, 2020
WI 528 | Wholesaling Success

 

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!

The Truth About Wholesaling – Why Most People Fail . . . and How to Set Yourself Up for Success in Wholesaling

Episode Transcription

We’re going to get down to business on helping you set those expectations. It’s something that I would call taking care of the home base. Let’s get into this so you guys can understand why it’s so crucial to know what to expect and what will take place to succeed in wholesaling. If you can have those expectations right this second out of the gate, 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 had those expectations. Let’s first and foremost get this out of the way.

Wholesaling is not easy. It never is going to be easy. It won’t be easy today, tomorrow and in the distant future. Entrepreneurship is very tough. It’s something that’s going to take a lot of time, effort and energy. 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 have ever experienced. It has been amazing. I absolutely love wholesaling.

I don’t think there’s a simpler business that produces the results and income you can do with wholesaling in any other industry. It is hands down the best way to make a fortune, but it doesn’t make it easy. Knowing what to expect right out of the gate is going to help you. Let’s talk about some of this stuff. It’s going to be hard. It’s going to take money. I know there are a lot of people that will say, “It doesn’t take any money. There’s no money.”

Your time is money. Even if you’re driving for dollars, that gas that you put in your car, that’s money. The time you’re spending away from your family is valuable to me. That’s money. There is some money involved. 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 would get motivated sellers to come to you, it’s going to take some money. It’s not easy in the sense of, “This is something that you can start with no money.” Anything worth it is going to take time and money. Expect that.

Here’s something I want to share with you that was right out of the gate that worked for me to my benefit and to my wife’s benefit. When I was on the phone with Tom, I was 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. They were running around and super loud, much like this office. The kids were running around crazy. I told my wife, “I’m going to hop on a phone call with Tom Krol. I want to learn about wholesaling and see if he is a good coach for me.”

Wholesaling is not easy. It’s not going to be easy, and it’s never going to be easy.

I hopped into the trailer on the side of the house. I was sitting there talking on the phone and he was like, “Cody, why are you getting into this?” I was like, “I’m getting into it because it seems like something I would love to do. I’m passionate about it. I have always wanted to get into real estate. I feel like this is the way to do it.” He was like, “I agree with you. Those are great answers. Did anyone ever tell you it’s going to be tough?” I was like, “I know it’s going to be tough. I’m an entrepreneur at heart. I had gone through building an insurance business and it wasn’t easy. It was tough.” He was like, “You know it’s going to be tough.” I was like, “I know it’s going to be tough.” He was like, “Perfect.”

Here is what happened. He told me all the things to expect. I went inside and here is what I would tell each one of you. Those that are married or have a boyfriend, girlfriend, spouse, partner or whatever it may be, set that expectation and take care of what I call home base. I went inside and sat down with my wife. I said, “Wendy, here is the thing. It’s going to be tough right out of the gate. Anything with entrepreneurship is tough. I’m going to be going on. I’m going to be still working insurance full-time. In the evenings, I’m going to set my appointments.”

“There are going to be times where I won’t be home for dinner with the family. There are going to be times that I won’t be there to put the kids down for bed. There are going to be times that I would miss some of the sports activities, maybe Bentley’s basketball game, Kenley’s piano recital or Hayden’s soccer game. I might miss these things because I have to wear all the hats out of the gate.”

I don’t have a ton of money to start hiring people right out of the gate, which I wouldn’t even recommend even if you did have the money. “I want you to know that I’m doing this for the short-term so that we can turn this from a job into a business in the future. We’ll get a team in place to start doing these things for me, but I need to do this.” I set that expectation with my wife, so 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 of appointments in the evening and I would miss dinner, sports activity or help to put the kids down for bed, I was able to come home to a supportive wife. I was able to come home to Wendy, saying, “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?”

I sat down with him. I said, “Bentley, remember we sat down as a family and we decided that dad was going to do this and work hard for the short-term so that he could get this working?” Right out of the gate, I had their buy-in. Bentley was like, “Yes, I remember that.” He never was mad. Our kids weren’t mad at me for being gone. Wendy was so supportive. I would come home to a wife not saying, “You missed putting the kids down to bed. You missed family dinner. You missed the sports activity.”

WI 528 | Wholesaling Success

Wholesaling Success: Before you even get involved in wholesaling, have those crucial conversations with the individuals that you love and let them know what it’s going to look like.

 

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 true to it. We’re going to support you and we’re going to have this happen.” Entrepreneurship is already tough. Remember this, getting into wholesaling is going to be tough. With the toughness, punches, blows and hard things that come with entrepreneurship and starting a wholesaling business, I don’t need to come home and add on top of that difficulty of a ticked-off family, spouse, boyfriend or girlfriend. I don’t want to add that extra stress to me.

The more you can have those expectations set right out of the gate, not, “Sorry. This is what I should have 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 you love and let them know what it will 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.

If you can set those expectations right out of the gate, you will see the chance of you succeeding will also go up. That’s ultimately what I want for each one of you. I want you to get your first deal. I want you to succeed. It doesn’t mean it’s not going to be tough, difficult or one of the hardest things you have ever done. It’s going to be difficult, tough and one of the hardest things you have ever done, but you can do this.

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 support you. I’m excited to be with you. If you need help, head on over to WholesalingInc.com, where we would 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. We’ll see you in the next episode.

Important Links:

About Cody Hofhine

Cody Hofhine is the founder of Investor Grit and Utah Sell Now. A few years ago, he was selling insurance. He liked what he did and made a decent living doing it. One day back in 2015, he was introduced to Wholesaling Real Estate. People in his area were making a fortune doing it so he got curious and decided to jump in. He made a TON of mistakes but he was committed to making it work…and he did!

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