Have you been using the “ready, aim, fire” approach in your wholesaling business? If so, this episode is for you!
In today’s show, Wholesaling Inc.’s Cody Hofhine shared his “ready, fire, aim,” philosophy and demonstrated how it has helped him reach the level of success he’s enjoying today.
You can also listen to Cody as he narrated a real-life scenario where he put his ready, fire, aim philosophy to the test. He also debunked the common notion about creating the perfect plan. If you’re really to win in wholesaling and in life, you can’t miss today’s episode!
The Real Reason You May be Struggling in Your Business . . . and How to Finally Win at Wholesaling
We’re going to break down how most people will take the soft approach or the safe approach of ready, aim, fire. Meaning you bring the gun up. You take a lot of time aiming. Finally, when you feel comfortable, you pull the trigger. You fire. What I’m going to tell you is if you want to succeed in entrepreneurship, you can’t sit there and wait for a perfect plan.
It’s now ready, fire, aim and see if you hit. That’s going to lead you to more success than the other approach of trying to overeducate yourself and get into all the what-if scenarios like, “What if this happens now because that could happen? I might get on YouTube now and start looking through all this and making sure that I’ve got all the scenarios busted out.”
Pretty soon, you’re on this twenty-year journey of information overload and YouTube University overload. I want to have you break that cycle. It’s okay not to have a perfect plan. If you want to succeed, don’t build a perfect plan because perfect plans don’t exist. I’m going to tell you a story that took place at the beginning of wholesaling. It taught me some incredible lessons that have helped me progress and become who I am now.
One of the first deals that I went on, I sent out a direct mail. This guy called. He was like, “My wife and I are looking to sell our home right now.” I was thinking, “This is awesome.” I started to find out there was motivation. He was behind on some bills and there was a lot of motivation going on. It’s enough for me to say, “I’ve got to get out to that house and I’ve got to get out there now.” I called him. I said, “I would love to come out. Make sure that I set up a time. I put a time for later in the afternoon.” He said, “Perfect.”
If you want to succeed in entrepreneurship, you can’t sit there and wait for a perfect plan. Perfect plans don’t exist.
It was going to take about a 45-minute drive to get to this home. He was like, “That works. I talked to my wife. We’re ready for you.” I went out to the home. He answered the door and he was like, “Cody, I should have called you. We’re not interested in selling our home anymore.” I was thinking there like, “I drove 35 minutes to get out here. Couldn’t you have given me the courtesy to at least tell me I’m not interested, so I didn’t have to drive all the way out here?” He didn’t stop there. He said, “I do have a piece of land that I’m trying to sell now.”
Here’s how the story goes. I knew nothing absolutely zero about land. I didn’t know how to price land. I didn’t know if it was in a great location. I didn’t know if it was buildable. I didn’t know if it was stubbed and prepped for building a home on. I had no knowledge about it. What I did was I sat there with an imperfect plan. Because I knew nothing about it, I had this almost attitude of, “You prove to me why I should buy your property.” It’s because I genuinely did not know anything about land. I didn’t want to get involved in anything that I didn’t know, but this taught me something in the back end.
I sat there. I was like, “I don’t know if I’m the best fit for your land because I know nothing about it.” All of a sudden, he was like, “It would be a great deal that I could get rid of it and I could sell you at a great price.” I’m like, “I know nothing about land. For me to be comfortable about it, it would have to be a smoking hot deal because you’re telling me right here on the spot and I know nothing about it.” I could have said, “Tell me a little bit about it. I’m going to go home, do some research on it and then I’ll get back to you,” but I didn’t.
I sat there and said, “I know nothing about this land. It would have to be a smoking hot deal.” All of a sudden, it triggered him to be like, “I can give you a smoking hot deal.” I’m like, “Tell me about it.” He said, “It’s about three-quarters of an acre. It’s sitting in this city and I would sell it to you for $10,000.” Already in my head, I’m thinking, “I don’t know enough about it. It sounds like it already is a deal, but I know nothing about it. What if it’s not buildable, if it’s not a land that’s even desirable and if it’s something that the city has a big old lien on it?”
I said, “Again, I’m sure that’s a great deal. That sounds awesome, but I don’t know anything about it. I don’t think I’m your best fit. If you wanted me to buy it, I’m talking maybe $1,000. That’s how smoking of a deal I would need on this one.” He was like, “I can’t do $1,000.” I was like, “I don’t expect you to. You should list it, do something else or find someone that loves the land. I don’t love the land and I know nothing about it.” He was like, “How about this? If you buy it for me now, I’ll give it to you for $3,000.” That’s when I was like, “What the heck?”
Win At Wholesaling: If you are stuck on YouTube University and with that mindset saying, “What if this happens? Let’s go research that. When things go to this, let’s research it.” Get out of that right now.
In my mind, even though that was still a lot of money for me at that time, I thought, “There’s a good chance.” Could there be something that’s wrong with this land? Could there be something that I can’t build on it? Could there be something that makes it where this land is not even valuable and not even worth the $3,000? Yes. If it was buildable, I saw the potential that if it was a good lot, that maybe it could sell for $20,000, $50,000 or $100,000. Who knows?
I moved forward, even though it was a lot of money at that time. I knew the risk behind it was, “I could lose $3,000 but the reward could be, ‘Holy smokes. I don’t know. Let’s see what we can do.’” Here’s what I learned, because I went in with an imperfect plan, I was able to on the spot truly talk to this individual with my true heart of, “I know nothing about this. It would have to be a smoking deal.” Because of that, the guy was able to sit there and talk. He was like, “I want to sell it for $10,000.” I was like, “No, I’m talking like $1,000,” because I genuinely didn’t care. I knew nothing about it and then he got it down to $3,000.
Here’s what I’m telling you, ready, fire, aim. Had I taken time to say, “I’ll get back to you. Let me do some research on it.” All of a sudden, I spend a week studying about, “I’m going to go to the city. I’m going to ask, is this billable? I’m going to go to the city and do this. I’m going to go to the land itself. I’m going to knock on the neighbor’s doors and then I’ll get back to you in a week.” A) He could sell it at that time. B) He could change his mind that he wants to sell it. C) I could find out and get myself into this pigeonhole and talk myself out of this deal.
What I did is imperfectly I moved forward. Ready, fire, then aim. I bought it and here’s the best part. We were able to sell that land for over $90,000. It ended up being a huge win, but it’s because I went in there with an imperfect plan. If you are stuck on YouTube University and with that mindset saying, “What if this happens? Let’s go research that. When things go to this, let’s research it.” Get out of that right now. Don’t do the approach where you’re like, “Ready, aim and aim. Wait a second. Okay, fire.”
I’m saying get out there, ready, fire and then look at it and say, “I missed.” Now, make your adjustments. That’s how you succeed in entrepreneurship and wholesaling. If you’re looking for help to build your wholesaling business, head on over to WholesalingInc.com. That’s where you can book a call with our team, be able to talk with our team members and find out if it is a good fit for you to be in the tribe. Thank you so much. We’ll see each one of you in the next episode. Take care.