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
If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!
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Cody Hofhine: Welcome to another podcast episode with Wholesaling Inc., powered by Investor Grit and folks, I am telling you right now Rhino Nation today is the day that if you are driving, you stop driving and you pull to the side of the road or a parking lot, whatever. But if you’re at home, this is one that I want each one of you to have a pen and a pad of paper ready because there’s going to be some moving and shaking done in this podcast.
I am super, super, super excited to introduce you guys to just one of my favorites. His name is Jay Malloy and he is from New Jersey and he has been wholesaling for just under five years and he joined the tribe about a year and a half ago and he’s very experienced. He knows what he’s doing and he’s going to drop some gold nuggets that’ll help you in your own personal wholesaling business. Now the key thing is, is as you listen to this podcast, listen to some of these gold nuggets that are going to be dropped and write them down, and the power is not just writing these things down, but then implementing them instantly in your business, then take massive and perfect actions. So without any more to say, let’s bring on Mr Jay Malloy. How you doing, Jay?
Jay Malloy: Hey Cody, how you doing?
Cody Hofhine: I am not too bad. I absolutely am excited about today’s podcast. We’ve been kind of chatting a little bit before this podcast started and I am just absolutely excited for what Rhino Nation gets to hear today. Like super, super excited. So let’s kind of have you fill us in a little bit about yourself, maybe a little bit about your background and maybe some of the gaps that I might have missed to help our listeners understand a little bit more about who you are.
Jay Malloy: Sure. I, like you said, I’m in New Jersey, Northern Jersey, just outside of New York city. So from where I live you can basically see, you know, the buildings. I’m not that close where it takes me more than, you know, probably takes me by a half hour to get into the city, but I can see it. So that’s cool. I used to work there and I used to manage government affairs for real estate and development part projects for a transportation company. When that was over I found wholesaling fortunately, and I’ve been running ever since and it’s changed my life and I’m thoroughly thankful that I found it.
Cody Hofhine: So when that ended, is this something that even was like a career change or was this something that they are laying off people, lost a job, what does that look like?
Jay Malloy: What I’m allowed to say is that I was no longer needed and it wasn’t buying anything that I needed to do. Let’s just say that that situation was resolved, but it wasn’t by choice.
Cody Hofhine: I absolutely love, I love your way of letting people know the… I Love the verbiage on that. That was awesome. Okay, so.
Jay Malloy: Yeah, I’ve been practiced.
Cody Hofhine: You have the change of career, whether by design or not, and you’re in the New Jersey market, you, you ran into wholesaling and then let’s kind of go through what that’s been for you. So over the five years, has it been a roller coaster? Has it always been rainbows and unicorns or is there been some hard times, down times? What does that look like?
Jay Malloy: Yeah, it’s not all sunshine and smiles, but I mean it’s been great. I mean for me, I got in at a time where I had time and you know, so that was fortunate for me, but I didn’t have any understanding of what I was trying to do. My dad handed me a postcard to one of these weekend seminars. I went, somebody mentioned something about buying a property without your own money and it was legal. And I said, wait a second, I can do that. And I said, Hey, I’ll just be a dummy and listen to whatever the heck they tell me to do. I’ll do it and I’ll see what happens and I’ll adjust and you know, I’ll be flexible with it and, and I’ll, I’ll make it work. I can make this work.
So that’s what I did. And it took me probably, and it’s embarrassing to admit, but it took me probably about six months before I found my first deal. But, I learned so much in that six months and quitting was never something that I was ever going to do them because I told myself I’m not getting another job because what happened at my last job could happen again. So I was going to make it work.
Cody Hofhine: Now just to be you and you and be in control of your own time, your own freedom and everything else.
Jay Malloy: You better believe it. So yeah, so that’s what I did. So I found my first deal, took that money, found a second deal shortly thereafter. And you know, I had the bug, I decided to get good at it.
Cody Hofhine: That is absolutely … so here’s the thing that I, I want to kind of point out. I didn’t learn this way. I learned from a mentor, I learned from Tom himself, like everything step-by-step right from the beginning. So the fact that you just grabbed some here and there little knowledge and then just went out and did it speaks high volume to me because trying to do this without a mentor for me probably would have been pretty dang difficult man. Like it would be difficult-
Jay Malloy: Cody, Cody, I don’t mean to cut you off. It’s stupid. I mean literally. I mean, as I said, it took six months to find a deal. What I didn’t say it was it wasn’t until I paid somebody in the local area to sort of help me and sort of just tell me what to do. It wasn’t until then I found a deal within three weeks after that.
Cody Hofhine: Holy smokes. That’s where the power of not being a trailblazer, but just literally learning from someone that’s already there and that’s the power of that concept. When I talk to people all the time, or I hear this phrase by Jim Rowan, that you’re the average of the five closest individuals he hang out with. I think sometimes we can understand that the power of that saying a little bit wrong and sometimes we think, Oh, we’re just like minded individuals. We both want to be wholesalers, Jay, and so let’s start hanging out.
That’s not what Jim Rowan meant. What he meant was find people that are already there. Where do you want to be? Find someone that’s already doing that, that’s already there. Then go hang out with that individual. It’s not to get five individuals that are like, Hey, one day the five of us want to be the president of the United States. Like so let’s hang out. Cause all five of us aspire to be the president. No, it’s saying go hang out with the president. He’s already there and he’s going to teach you what it takes to get there. Does that make sense? There’s the power of it.
Jay Malloy: Yeah, that’s exactly right. Success leaves footprints and follow them.
Cody Hofhine: Perfect. So let’s do this cause I want people to understand kind of the power behind this. You get a mentor, then you start going through this, you’ve done this for about five years and then a year and a half ago you get into the tribe and you, you go even to higher levels. Like I absolutely love watching your success and watching when you post stories about the deals and everything around it. I absolutely love it. And so let’s deep dive maybe a deal or two that can help our listeners understand what could they do today to be better at wholesaling.
Jay Malloy: Okay. Well, you know, first thing I could probably say is that even though I paid that first mentor and helped me find some deals, that was really like the skeleton version of mentorship. And so as I progressed and I did more deals, et cetera, I’m an advocate of education. You know, I used to be a teacher. I used to, you know, I love teaching. It just didn’t pay well. I went to graduate school. I love education, so I’m a proponent of it, but not in the formal way. I believe that, like you said, if somebody’s been down that path and they’re where you want to be, that’s the person you need to be learning from. So that’s where I came into the tribe and we said we wanted to talk about a couple of deals. I would say that the important part of doing a deal is doing it in a way that you add value to everyone in the transaction.
You’re not there just taking, you’re the one, you’re the person who if somebody sees you calling them, they pick up the phone. That’s who you want to be. If see a text message from you, whether or not they know the property or the area or whatever, they know you and they know that you’re bringing them a deal that they can make some money off of in all likelihood. So they pick up, that’s who you want to be. So that’s just how I am with everything I try to do. I try to do things with excellence. I try to teach my daughter that. So I had to be that example. Here we go, I-
Cody Hofhine: That’s good prepping ground, cause I know where we’re going, what deal we’re talking about. And this is something key, Rhino Nation, that I want you to key in on listen is he truly is going to explain something that is powerful and that’s making it a win-win. Not just for himself, not just for the seller, but also making the win for the buyer. So he’s going to talk about how powerful it is to make this a win, win, win for everyone. All right. With that being said, let’s walk us through it.
Jay Malloy: Okay. So I get a phone call and this is when I was still taking all the calls. It’s a woman who was the, I believe she was the assistant to the homeowner. The way it worked, her name was Caroline. Caroline worked for this doctor, she was her assistant. She was her actual power of attorney. She got one of the mailers she calls. Okay fine. She wants me to meet her at the property. The story of the property is that the doctor has retired, she owns a bunch of different properties, but because she’s retired her … and she hasn’t raised a rent on these properties, the cashflow is not paying off her taxes.
So in order to pay off her taxes, she wants to sell this property. Okay, great. I get them to negotiate the deal, get the property under contract for a price. But this was sort of when I was beginning and I didn’t have a great list, but I’d met some people and they liked me cause you know I listened to them, I tried to make them feel good about themselves. So anyway, I called the folks that I know, another wholesaler brings me a buyer. All right? The buyer likes the property. But what he was happy about was the fact that the paperwork was filled out. I can fold the deal completely. There was no other wholesalers involved. He liked the fact that the title work was run. So really he felt like, and I think the quote is he was walking into 7-Eleven to buy a candy bar. There wasn’t much he had to do.
Cody Hofhine: Just walk in and buy the candy bar, I love it.
Jay Malloy: I mean, listen. That’s what I keep telling people, my buyer I say, listen, when you walk into 7-Eleven to buy candy bar, you buy it and you walk out. I want to make your purchase of this property that easy.
Cody Hofhine: Such a good analogy. I love it.
Jay Malloy: So long story short, he buys the place, but he didn’t have the vision of what was happening. Let me just paint a picture to the left of this property was a 3,500 square foot house that was worth $850,000 to the right of this property was probably about a 2,700 square foot house that was worth $750,000 across the street was a [inaudible 00:11:55] that was worth, you know, $1.1 Million. This particular house was 1,200 square feet if that one level. And it sat on about a half an acre, half to a quarter to a half an acre.
Cody Hofhine: So did you have to help out? Kind of, cause here’s the thing. I’m looking at this and I’m listening to this and if you don’t create a vision for what the outcome can be, sometimes a lot of cash buyers might come to this and say, you know what? I don’t even know what the crud to do with this. Or some might come to it and say, Oh like I love this property cause I already have the vision. What was it for you? Did this guy already have the vision or did you have to provide that for him?
Jay Malloy: Absolutely. He did not have the vision. He argued with me about the vision and to the point where I took the extra steps of having a design build company come to the property, price it out, tell me everything I needed to know about how much it was going to cost to fixed and overbuild and with the expectation of timeframe would be at that point. I then had my buyer walk the block with me and I gave him the same description I just gave you in terms of this costs X it’s this big, this costs Y it’s this big, this costs Z, this little thing on this plot of land should look like one of them and then it will be worth X, and he fought me on it, fought me on it, talk to his hard money lender, did whatever he had to do, but ultimately he bought it and did what I told him to do.
Cody Hofhine: So you create the vision, he ends up doing this. What does this look like so that our listeners can kind of see, here’s what it is and this because of what it looked like before. It’s just a single level home, very small, surrounded by some bigger homes. What were you able to put the home under contract for? What were you able to sell this to your cash buyer for and then ultimately going through this build process, were you able to follow him to the end and what did it look like on the resale side?
Jay Malloy: Yes, so the property was under contract for $275,000, he closed at $300,000
Cody Hofhine: So you made $25,000 on that deal just for putting the home under contract. Right?
Jay Malloy: Yeah, and I shared a portion of that with the other wholesaler because you know … actually, she was a real estate agent. She wasn’t a wholesaler, she was a real estate agent. So I shared some of that with her. Then he overbuilt and I think, and this is a large number, but don’t get scared by it because when it makes sense, it makes sense to do. He spent $300,000 on and let’s just say $350,000 for the sake of argument, $350,000 on building it out. So he was all in at $650,000 but let’s say holding costs were another hundred which they probably weren’t, but it can be close. So let’s say he was all in $750,000.
Cody Hofhine: Okay.
Jay Malloy: He listed the property at $950,000 within a week or two it was sold at $1.2 million.
Cody Hofhine: Hold on, hold on, [inaudible 00:14:51] hold on, hold on, hold on.
Jay Malloy: Let’s do the math. No, don’t ring it yet, don’t ring it yet. This is the part you got to ring it, the part there you got to ring it was, after it closed. He calls me back into his office. He’s like, “Hey Jay, could you come by the office?” And I love this guy, to this day. I talked to him yesterday, matter of fact, because I sent out another deal. He said, “Hey, when you send it out, I’m calling.” And you can see why, but alright, so he calls me back to his office and he goes, “Hey Jay, could you come to the office?” No problem. Dropped the bonus on me.
Cody Hofhine: Oh, so, hold on. You deliver such value. You get $25,000 upfront. Some of that you split with a realtor now, are you able to share what you did on the bonus?
Jay Malloy: Yeah, I think it wasn’t that much, but I think it was like five, six grand.
Cody Hofhine: $5,000 or $6,000 he makes another $300,000 over and above what he even projected that this thing would sell for. But because you delivered such value, he thought it was right to just bring you back in and say, my man, like bring me another one of these and here’s a $6,000 check.
Jay Malloy: Well it was taken even a step further, he called me back and I forgot to even mention it. Like he called me back and we had another meeting where he was considering, mind you, this was before I had, you know, a good size marketing budget. We talked about potentially him fronting the marketing costs for me to do my marketing and you know, I’d still make my wholesale fees, but he just wanted me to bring you know, things to him first. I didn’t wind up doing it with that particular investor, but I did wind up doing that with somebody else, which boosted my marketing even more. I was able to do more deals if he didn’t buy them. I sold it to somebody else and gave him a little piece of what I made. So yeah, I mean, just having one good relationship starts a million conversations, which can all be revenue-generating and help you out.
Cody Hofhine: That is … Okay. Now, hold on, now, hold on.
Jay Malloy: Alright.
Cody Hofhine: Alright, so Rhino Nation, there’s the whole thing that you’ve got to listen to, how he delivers value to not just the seller, not just a win-win situation for him and the seller, but to deliver value and a win to his cash buyers as well. And if you can create value for each one involved in the transaction, like Jay said, this is where you succeed, but this is also where people continually want to be around you, continue wanting to buy your deals because you’re creating so much value for them. This guy made more money than he could ever dream on one deal. All because Jay presented a vision that he at first couldn’t see, but because he went with that vision and because Jay took it to the next level, not just saying, Oh, and here’s this, this, this, but actually got a design crew out there to say, yeah, if you did this, this, this, and look like this, here’s what it would cost.
Put this package together. He was able to, the actual buyer is able to put this into action. Do it, make a ton of money and because of it will love you for the rest of his life. That is absolutely awesome, Jay. I love it. Absolutely love it. Okay. So let’s fast forward a little bit. I know with recently you’ve done some amazing deals. I want you to be able to share maybe what is the joy behind wholesaling now? Cause I know at first I think everyone gets involved for the point of you have a need to have money coming in to take care of a family, but it gets to a point where you’re able to now look past that and be like, okay, I’m now here to help individuals. What does that look like for you? Why do you wholesale now and what has wholesale been able to do for you if you look at your life now?
Jay Malloy: Yes. So I mean, Cody wholesaling, and I can’t answer it without getting personal, but wholesaling has changed my entire life and existence. I used to wear a suit every day and hate it. Now I wear sweatpants and sneakers and a polo and cargos and boots and I love it. Pick my daughter up every day at three o’clock. She’s my hero because she’s awesome. And I see my wife and I can’t mention my wife without saying that she’s the strongest, most beautiful, most amazing woman I’ve ever met. And I love her dearly. So wholesaling basically … And Cody, I think we met in last September, the end of last September.
Cody Hofhine: Yeah, back in Memphis.
Jay Malloy: Yeah, in Memphis. And about a month after we left, so I’ll never forget this day, November 3rd I get a phone call from my mom and my mom said, “Hey, you need to meet your wife at the hospital.” And I didn’t know what was happening. I was probably just coming out of a house. I believe I was. I rushed over to the hospital. As I get there, I see my wife and her coworker pulling up and my wife gets out the car. As it turns out, she had a migraine and she had had a migraine a month earlier, but she had a migraine and her hands started getting numb, whatever .
We get to the hospital. Long story short, we were amazed to find out that she had a brain tumor and the brain tumor had been there for a long time and it needed to be operated on. I mean, she had surgery within 10 days of us finding it out. It’s hard for me to remember what I was doing before that moment. The day before this happened, so November 2nd, one of my largest deals ever had closed $60,000 deal done, 24 hours later, hospital brain tumor. My life stopped at that moment and I did nothing in wholesaling for two whole months and actually made money while I was doing nothing.
Actually hired at the end of that period two new people that work with me. Isaiah and Kevin working with me now are awesome and that was the end of it. But in that period after hearing my wife, her diagnosis and going through her surgery, and let me say first of all, right now she’s doing great. She’s going through radiation. She’s a champ, she’s herself. The doctor said she might not have feeling, she might not have, she might be partially paralyzed, she might lose some of her personality. My wife told the doctor in the freaking emergency room and in the hospital after he admitted her, looked him in the eyes, said, “I’m going to walk, I’m going to talk.” And an hour after surgery, the champion she is, she was talking the next morning she got up and walked and it’s …
Cody Hofhine: Wow.
Jay Malloy: Truly a miracle man. And I wouldn’t have been able, if I had to go to work every freaking day, if I had to sit in a dang old office like I used to. If I had to go to these stupid … well they’re not stupid community meetings, but they weren’t … It would’ve been compared to my wife’s life, if I had to do that and I didn’t have some money and some time to go arrange for my daughter to be picked up to drive from where I live, Philadelphia, where she’s being treated is an hour, 20 hour, 30 away.
She’s there every day at this point and through some family support with my in-laws and my folks and her sister and friends, we’ve gotten it done. And I can tell anybody that’s listening to this right now. If you’re doing this business and you’re farting around with it and you’re just kicking, this thing can change your life because one day you might actually need it. And if you don’t need it now and you’re playing around with it, something out of your control can make you have to need this thing. So why don’t you build it now when you don’t need it instead of waiting till you do need it. If I would’ve had to build this business while all this was going on, there’s no way I could win. There’s no way I could win. But now I still made money and I didn’t do anything.
Cody Hofhine: Jay, my man, like I sit here and I listen to this and just knowing who you are and meeting you in person and just knowing the individual you are. I sit there and I seriously consider myself a blessed man. A, knowing you but B, yet another reason why it’s so awesome to be part of wholesale. And as I listened to your story, like I didn’t know all this stuff was going on. Like this is like the real life stuff.
I want Rhino Nation understand like this is real life stuff and he’s telling you right from A to B on how he did this from B to C and C to D and then it gets real, and he says but because I’ve had this wholesaling business up and running, when life hit me and his wife was diagnosed with a brain tumor, Jay was also able to step away and have time and money and everything needed everything in place because of wholesaling. He’s been able to take care of his champion, his hero, his sweetheart, and be there at her side every single day because he has his wholesaling business up and running. And I’m telling you, I guess I’ve … man, I tear up a little bit, Jay, my man, I told you this could happen.
Jay Malloy: Yeah, Cody. Cody you told me to [inaudible 00:24:05] you back.
Cody Hofhine: I tell you, man, I sit here and I sit here and look at it and … man, thank you for sharing that story because here’s the thing, I look at what wholesaling’s done for me, but I think I’ve never take … I think I’ve taken it for granted because I’ve never had life hit me like it’s hit you. And I’ve never thought about what would happen if this did hit me. But I will tell you after hearing your story that because of wholesaling, I’d be able to step away and do the exact same thing you’ve been able to do. And so it makes me that much more grateful that I do excellent businesses.
Jay Malloy: To anybody that’s listening to this, Cody, to anybody that’s listening to this, Cody, anybody that’s listening to this could do the exact same thing. Anybody. I mean, I like to think I’m reasonably intelligent, but even I couldn’t do this until somebody helped me do it. So, but anybody could get some help, go through the steps, learn what they got to learn, take some action, don’t be a punk about it and just try and something good’s going to happen. And once it happens once, oh my gosh, come on, you’re going to do it.
Cody Hofhine: I love it. I absolutely love it. And I love that your wife is a fighter and she is just a rock star and holding solid to this and you continue to grow your business. So Jay, tell us this to help our listeners here today. Looking back, if you were to start all over again, what would be your gold nugget, your gem that you could drop saying, I would make sure that I did this or that I did this differently. What would that look like?
Jay Malloy: The first thing I would do, bar none, is I would pull my resources and find the best mentor that I could, and I’m not saying that because you know I work with you and Tom, I’m saying that because it’s just the truth. Alright, that’s the first thing I would do and then I would also pool my resources and make a budget for about 90 days to do whatever I could do and if I didn’t have any money, I’d scratch and crawl to figure out how I could do those things without money because you can. The next thing I would do is I would get started, I would not quit and I would stay steady
Cody Hofhine: Being consistent. I love it. I absolutely love it. And there’s the power behind that. There’s a power behind A, getting a mentor getting taught. That’s how I learned. That’s exactly where power started taking place in your life with wholesaling. Although you did do quite a bit before you got the mentor, which is awesome. I absolutely love that drive cause not many people will do that and the people that do do it, a lot of them fail, but it’s not because they are failures. It’s just sometimes they just don’t have the right instruction to go do so I love that.
Jay Malloy: You don’t know what you don’t know.
Cody Hofhine: That’s right, but staying consistent. So with that being said, you stay consistent. You have a mentor. Let’s also help them with like mindset. Is there any good books that you recommend where you say, when I read this, this puts me in the right place. The right mindset for wholesaling.
Jay Malloy: Yeah. Last year I committed to reading 30 books, which now I laugh at, which I did. I read probably about 35 and the one book that I read probably I read it hard copy. Then I audibled it about, and this is going to sound crazy, but don’t worry about it. I listened to about 14, 15 times. I tried to listen to it once a month. It’s The Master-Key to Riches by Napoleon Hill. I loved that book because the Master-Key to Riches, I’m not going to tell you what it is, read the book, but the ability to understand, you have control over things and to control that which you can control. The only thing you can control is important. I’m not going to give away the secret. You got to read the book. I read it 15 times, probably 30 times over my life. So you got to read it once.
Cody Hofhine: I love it, and that is, name the book one more time, by Napoleon Hill.
Jay Malloy: The Master-Key to Riches.
Cody Hofhine: The Master-Key to Riches by Napoleon Hill. Check that book out. If you want to be a rock star like Jay Malloy. I love it man.
Jay Malloy: Yeah, I loved that book. I read the old school ones like How To Win Friends and Influence People. Cody, I loved that book. I read the new ones, you know, Grant Cardone, Ten Eggs, one of my favorite books at this moment and actually one of our rock stars, Brent Daniels and I talked about it-
Cody Hofhine: The Go Giver, right?
Jay Malloy: Yeah, that’s my dude The Go Giver. And there’s another one called The Four Principles of Execution, which has changed my life. Just because you thought process there is, you don’t check results, you can’t control the results, but what you can control is the actions that lead to results. So in our business if … can’t see it, but I have a whiteboard on my office and there’s four lead measures that I track. These are the four actions of my business that tell me what’s going to happen for the most part, and it’s how much marketing goes out, how many calls have we processed, how many appointments have we set, and how many offers have we made? You track those four numbers and those numbers grow in your business, your business is going to grow. That’s it.
Cody Hofhine: Absolutely love it. Those are four key items that I think every successful wholesaler or people that are just getting into wholesaling should know their numbers. Data is crucial, and again, those four items are ones that I myself include in everything that I do is marketing, how many calls, how many appointments, and how many offers. Because if you can do those things, each one of those four lead to contracts, contracts, contracts, and contracts lead to money, money, money.
Jay Malloy: Right, and you can do the same thing. You should do the same thing with your buyer list as well. You should have the same type of lead measures for developing your buyers list as well.
Cody Hofhine: Perfect. Well Jay, my man, thank you so much for joining us on today’s podcast. I am forever grateful already to have had you on this podcast cause I have a whole new perspective and mindset of wholesaling that I never had before. I’ve never had the life hit me where I now will realize just what wholesaling has done for me. So thank you for giving me that perspective because that is something that I have taken for granted and makes me that much more grateful with what I do and what I have with this wholesaling business. So thank you so much and thanks for joining us on the podcast today.
Jay Malloy: Anytime. My pleasure. You have a great one.
Cody Hofhine: Okay, so Rhino Nation, we’ve had Jay Malloy with us today dropping amazing gold nuggets that each one of you should have been able to take at least one of these things. Write them down and you should be implementing that in your business today. And if you will do these things and just take massive imperfect action. Jay didn’t know what he’s doing when he first got into this, but it didn’t stop him from doing action and it was because of his action that led him to his first deal, to where he consistently does deals every single month. That’s how you do it. It’s action, action, action, progress, not perfection, massive imperfect action. If you will be, commit yourself to these things. That’s how you can be a successful wholesaler.
Until next time Rhino Nation, you can go onto our website WholesalingInc.com. That’s our brand new website up and running and you can hear many, many testimonials of students out there that are rocking it, doing wholesale deals nationwide, so it will motivate you, inspire you to let you know that you can do this too. Until next time, take care Rhino Nation.