Spencer Shadrach used to be a realtor, but he has been Wholesaling full-time for the past two years, and he’s made more than 50 deals in that time. He has built an awesome process, from marketing to close, and he’s kind enough to share it with the tribe.
IN THIS EPISODE YOU’LL LEARN:
- The mindset shift that pushed Spencer to go full-time
- The streamlined, repeatable process that helps Spencer make so many deals
The Wholesaling Mindset
While working as a realtor, Spencer was contacted by a Wholesaler looking to sell a number of similar properties. They locked up the deals but, as a realtor, Spencer had to give 25% of his fee to a broker.
That’s the moment when Spencer saw the freedom that Wholesaling offers.
Finding & Making the Deal
Spencer has a great process for finding deals. When he was starting up, he put in the man hours to make the deals. After reinvesting the profits of his first few deals (which is critical when you’re first starting a business), he was able to grow the business, start outsourcing, and close more deals.
Spencer finds most of his leads by posting bandit signs.
- He purchases the signs from DirtCheapSigns.com.
- He outsources that job and pays $1/sign, and he uses the SimpleCrew app to track those signs are being posted. In the three days before this interview, he had about 500 signs posted.
- In total, it costs approximately $2 / sign to get them delivered and posted.
- He’s constantly repeating this marketing process, so he’s constantly bringing in more deals.
Spencer tracks his calls and leads carefully.
- Calls come through an application called CallRail, which integrates with the Podio Customer Relationship Manager (CRM) platform.
- On the call, their goal isn’t to learn more about the property – they want to learn why the caller wants to sell their property.
- He outsources most of these calls to VAs, who either answer calls live or respond to voicemails.
- They build in 10-12 followups, with automated reminders, over the next couple weeks.
Spencer doesn’t like to put the property under contract with his own money
- Spencer’s investor will put up the cash, and then Spencer pays interest until the deal is closed.
- It’s a win-win opportunity because Spencer doesn’t risk his own money, and the investor doesn’t have to do any work to make more money.
- Profit First by Mike Michaelowicz