Jay Malloy has been Wholesaling for almost five years. He didn’t know everything before he started, but he jumped in and took massive imperfect action every day until he learned the business.
Jay didn’t make his first sale for six months – now he’s closing deals every month, and he wants to help you do that too.
IN THIS EPISODE YOU’LL LEARN:
- Why mentorship matters
- How to make your deal a win-win-win
- How Wholesaling can empower your life
Jay is a doer. He’s willing to go out and take action, and that doesn’t always end in a sale. However, a lost sale is just another learning opportunity.
Jay worked for six months before he made his first sale – after hiring a local mentor, it only took him three weeks.
This is the essence of Jim Rohn’s ubiquitous, but sometimes misunderstood, quote: “You are the average of the five people you spend the most time with.”
It’s not about surrounding yourself with like-minded people. It’s about finding people who are where you want to be and surrounding yourself with them.
Real Winners are Win-Win-Winners
For Jay, the most important part of a deal is doing it in a way that adds value to everyone in the transaction. You don’t want to be a taker – you want people to be excited when you call them, because they know you will make them money.
The best deal isn’t just a win for you, but also a win for the seller and the buyer. This is how Jay approaches the win-win-win:
- Get a call and look at the property.
- Establish that the property is held by a motivated seller.
- Contact buyers on his list that he knows will be interested in the deal. He does all of the legwork, and then some. He wants the buyer to feel like they are walking into a candy store.
- Create a big (and accurate) vision for the property, if the buyer doesn’t see one.
In one instance, Jay had to bring a design and build company to a property so that he could show the buyer the resale potential.
The property was under contract for $275,000 and the seller closed at $300,000, so he made $25,000 putting the home under contract and the seller was able to pay her bills.
The buyer spent another $450,000 to build out the property (a total of $750,000 invested in the property). He listed the renovated property at $950,000 – in less than two weeks, it was sold for $1,200,000.
The Joy of Wholesaling
Wholesaling changed Jay’s life. It gave him the freedom to take off the suit and pick his child up from school.
It also gave him so much more. When Jay’s wife suddenly discovered she had a brain tumor that had to be immediately removed, Jay couldn’t go out and make sales for a couple months. However, he built a business that operated without him.
Jay’s Wholesaling business allowed him to support his family every day, and still make money.
“Get started. Don’t Quit. Stay steady.”
- The Master-Key to Riches: The World-Famous Philosophy of Personal Achievement Based on the Andrew Carnegie Formula for Money-Making by Napoleon Hill
- The Go-Giver: A Little Story About a Powerful Business Idea by Bob Burg
- The 4 Disciplines of Execution: Achieving Your Wildly Important Goals by Sean Covey