Posted on: November 06, 2020

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!

Key Takeaways

  • Why you don’t need a perfect plan
  • Breakdown of an early deal he did
  • What happened when he went with an imperfect plan
  • How much he was able to get from the deal
  • How to succeed in wholesaling and entrepreneurship

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Episode Transcription

Cody Hofhine:
Hey guys, Cody Hofhine with Wholesaling Inc. And 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 really just take a lot of time aiming, and then 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 and then 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 trying to get into all the, what if scenarios. Like, what if this happens now? Because that could happen, I might get on YouTube right now and start looking through all this and making sure that I’ve got all the scenarios busted out. And pretty soon you’re on this 20 year journey of just information overload, YouTube university overload.
And I want to have you break that cycle. It’s okay to not have a perfect plan. In fact, I’m telling you right now, 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 just took place. I shouldn’t say just took place, but it took place at the beginning of wholesaling, and it taught me some incredible, incredible lessons that have helped me progress and become who I am today. One of the first deals that I went on, I sent out direct mail and this guy called, he’s like, yeah, me and my wife, we’re really looking to sell our home right now. And I was thinking, man, 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. Enough for me to say, hey, I’ve got to get out to that house, and I’ve got to get out there today.
So I called him. I said, hey, I would love to come out. Make sure that I set up a time. I put a time for later in the afternoon. And he says, perfect. Now, it was going to take about a half hour drive, 45 minute drive to get to this home. So he’s like, yup, that works. I talked to my wife, we’re ready for you. I go out to the home. He answers the door and he’s like, oh, Cody, you know what? I should’ve called you. We’re actually not interested in selling our home anymore. And I’m thinking there, I just drove 35 minutes to get out here. Couldn’t you have given me the courtesy to at least tell me, hey, I’m not interested. So I didn’t have to drive all the way out here? But he didn’t stop there, he says, but I do have a piece of land that I’m really trying to sell right now. And here’s how the story goes. I knew nothing. Absolutely zero about land. I knew nothing 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 knew nothing, and I had no knowledge about it. So what I did is I just sat there with an imperfect plan. And because I knew nothing about it, I had this almost attitude of, you prove to me why I should buy your property. And it’s because I genuinely did not know anything about land, and I didn’t want to get involved in anything that I didn’t know, but this taught me something in the back end. We’re going to go through this. So I just sat there. I’m like, hey, I don’t know if I’m the best fit for your land, because I know nothing about it. And all of a sudden he’s like, well, it would be a great deal that I could get rid of it, and I could sell you at a great price.
And I’m like, listen, I know nothing about land. And for me to be comfortable about it, it would have to be a smoking hot deal, because I know nothing. And you’re telling me right here on the spot and I know nothing about it. Now, I could have guys, I could have said, yeah, tell me a little bit about it. I’m going to go home and do some research on it and then I’ll get back with you. But I didn’t. I just sat there and said, I know nothing about this land. I know nothing. So it would have to be a smoking hot deal. Well, then all of a sudden it triggered him to be like, well, I can give you a smoking hot deal. And I’m like, okay, well tell me about it. He says, well, it’s about three quarters of an acre. It’s sitting in this city and I would sell it to you for 10 grand.
Already in my head I’m thinking, oh, 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? What if it’s not a land that’s even desirable? What if it’s something that the city has a big old lien on it? I knew nothing. I knew nothing. So I said, yeah, again, I’m sure that’s a great deal. I think that sounds awesome. But I just don’t know anything about it. I don’t think I’m your best fit. I think if you wanted me to buy it, I’m talking maybe a thousand bucks, that’s how smoking of a deal I would need on this one. And he’s like, well, I can’t do a thousand bucks. I’m like, I don’t expect you to. I think you should list it or do something else or find someone that loves land. I don’t love land and I know nothing about it.
He’s like, well, hey, how about this? If you buy it for me today, I’ll give it to you for 3,000. And that’s when I was just like, what the heck? So in my mind, even though that was still a lot of money for me at that time, I thought, man, there’s a good chance. Yes, 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 just not even valuable? Not even worth the 3,000? Yes, but I also saw that the potential, if it was buildable, I saw the potential that if it was a good lot, that maybe it could sell for 20 grand, maybe sell for 50 grand, maybe except for 100 grand. Who knows?
So I moved forward, even though it was a lot of money at that time, I knew the risk behind it was, yes, I could lose $3,000, but the reward could be Holy smokes. I don’t know. Let’s see what we can do. But here’s what I learned guys, because I went in with an imperfect plan, I was able to just on the spot, truly talk to this individual with my true heart of, I know nothing about this. It’d have to be a smoking deal. And because of that, the guy was able to just sit there and talk. And he’s like, yeah, okay. Well, yeah. I mean, I want to sell it for 10 grand. I’m 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 with you. Let me do some research on it. And now all of a sudden I spend a week studying about, okay, 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. Well, he A, could sell it in that time. B, he could change his mind that he wants to sell it, or C, I could find out and get myself into this pigeon hole and talk myself out of this deal. But what I did is imperfectly I moved forward. Ready, fire than 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, huge win, but it’s because I went in there with an imperfect plan.
So if you are stuck on YouTube university, if you’re stuck with that mindset saying, but what if this happens? What if this happens? What if this happens? Okay, let’s go research that. And when things go to this, let’s research it. Get out of that right now. Don’t do the approach where you’re ready, aim, aim, okay. No, let’s wait a second. Okay, fire. No. I’m saying, get out there. Ready, fire, and then look at it and say, oh, I missed. Now, make your adjustments. That’s how you succeed in entrepreneurship. That’s how you’re going to succeed in wholesaling. If you’re looking for help to build your wholesaling business, head on over to wholesalinginc.com and that’s where you can book a call with our team, and be able to talk with our team members and find out if it is a good fit for you guys to be in the tribe. Thank you so much guys. And we’ll see each one of you guys on the next episode. Take care.

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