Every now and then, we encounter people who make job transitioning and a wholesaling business look easy. Today, you’ll listen to one of those people.
Join your host, Brent Daniels, and his guest Adeoluwa Oluta. Adeoluwa is a brilliant chemical engineer and a part-time wholesaler. While he only devotes 10 hours each week to his wholesaling business, he was able to make $42,000 in assignment fees. Talk about impressive!
If you want to know how Adeoluwa balances work, wholesaling, and life (with some video games thrown in), this episode is for you!
How A 22-Year-Old Chemical Engineer Made $42,000 Wholesaling Real Estate Part-Time With Adeoluwa Oluta
This show is all about one word and that is perseverance. There’s a saying that the difference between a big shot and a little shot, is a big shot is a little shot that just keeps shooting. What I mean by that specifically for the wholesaling business, I have a 22-year-old wholesaler out of Houston, Texas, that part-time made 22,000 cold calls before he got his first deal, and now he’s rolling. He’s done four deals over $40,000 in income, plus a deal that we’re going to break down that gave him a ton of equity because he kept it for himself. It’s my pleasure to introduce to the show, to the Rhino Tribe, Ade Olotu. How are you?
I’m doing great, Brent. Thanks for having me. This is a great experience.
This is incredible. You’re in the TTP Studio. You’re going to share your journey. You were in college. You graduated and got a full-time job as a chemical engineer. How do we get to this point?
It’s so amazing to be here. It’s so surreal because I remember the first time when I got on the phone with you and you’re calling me, and then we talked. We spoke on the phone, we outlined strategies and you’re like, “See you in 90 days.” I’m like, “90 days.” Fast forward, here we are. A little bit about me. I grew up in Lagos, Nigeria. I moved out to the United States for college. I got my Bachelor’s in Chemical Engineering from UL, Lafayette. After I graduated, I got some offers and decided to take my skillsets to Houston, Texas. I’m still working and do real estate after hours.
Why be a chemical engineer that does wholesale real estate on the side? What is your goal of being a real estate entrepreneur?
The difference between a big shot and a little shot is a big shot is just a little shot that just keeps shooting.
My goal is going to multifamily and that’s what started my whole real estate journey. It’s very typical like a lot of people. My real estate journey started with YouTube University. I got on. It was December of 2018. I didn’t have much going on. I was watching videos and it was Grant Cardone. I stumbled upon his videos. It was a lot of MFR content at the time, multifamily residence. I got very intrigued and I decided to buy his book, How To Create Wealth Investing In Real Estate, and then the wheels started turning in my mind. I went even further because I was on this Grant Cardone high. I went to the 10X Growth Conference and that blew my mind, 35,000 entrepreneurs. I was in an amazing place, and living that conference. I was absolutely sold that real estate was going to be a vehicle for wealth creation for me long-term.
How old were you when you came to the United States?
I was sixteen.
Was there something in you at sixteen years old that spoke to you about real estate or did real estate come in college? When did that spark get to you? You ran into Grant Cardone’s content. You went to the conference. You did all those things, but something had to have put you on that path to even start looking at real estate as an investment vehicle, a lifestyle or a goal that you wanted to achieve. You’re 22 years old. Is there something growing up that was like, “I want to own multifamily properties for whatever reason?”
If I look back, it was my dad. My dad is a legal practitioner, but he also focuses on real estate. He does legal fees and stuff like that. That was my first exposure to real estate. All my aunties, they buy real estate and make so much money off of it. I knew that I was going to get into real estate. At some point, it was a ticking clock.
Do they live in Houston?
They live in Houston. The auntie that actually inspired me, she lives in the United Kingdom. She will buy properties back home and make so much money off of them. Looking into the United States, where it’s more structured and you can analyze way better, it was a no-brainer for me.
Isn’t that incredible? One family member sparked an interest in you as a young man. Like you’re going to do this to younger generations of your cousins, children and family. That is what’s so exciting about this business because once you get this rolling, get past the 22,000 “failures” the faster you fail, the faster you learn. The faster you learn, the faster you grow. The faster you grow, the faster you win. Now you’re at that point where you build up your pipeline and that’s incredible. You’re rolling with it, but now you’re an example to the whole family, friends, network and people that around you, people that are in your world of what can happen if you dedicate yourself to learning how to find real estate opportunities.
Once I was sold, it was quitting on strategies, but never quit on the goal. I would restrategize, maybe test a new market or do some new marketing, but I always set on a goal. I knew I had to make it work.
Speak to your schedule. Do you have a traditional 9:00 to 5:00? Are you going into the office or not going into the office? What does that look like?
It was that I was going to the office a lot, but with the pandemic, I was able to get a home office going. I love it now because I wake up 6:00 and I roll out. I’m at my workstation. You don’t have to get ready or all of that. My schedule typically, I’ll wake up at 6:00 to start work. I like to start early, so that I’m done at 4:00 because once it’s 4:00, I’m trying to prepare for TTP and block my golden hours from 5:00 to 7:00. That’s when I prospect. After that, I prospect from 5:00 to 7:00 every day. After that I do regular stuff, play Call of Duty and hang out with friends, stuff like that.
At 22, you have the discipline to work as a chemical engineer and then from 5:00 to 7:00, make cold calls and look for opportunities. Find people that have a problem, somebody that has a distressed property situation that you can help them solve. Was it hard getting into that routine? Going from, “I’m working this full-time job to now, I’m doing this thing else and I’m building that.” Was it hard to start? Was it hard making those calls in the beginning? Twenty thousand nos essentially, calls that you made without having income coming in. Was it difficult to set up that habit?
It was difficult to start, but the goal was I wanted to gain freedom. I don’t want to go the traditional route of working and retiring at 65. It’s life. It’s always hard. You choose your heart. I chose to face it. Prospecting is hard and embrace it. Once you start getting into the routine, it was much easier. Once you start seeing some success getting yeses, it pushes and drives you to keep going.
You’re telling me, you call ten hours a week after you work your 9:00 to 4:00 or 8:00 to 4:00. Are you exhausted and excited at the end of the day? When you’re getting ready to slip the switch from being chemical engineer a day to real estate wholesaler a day. How do you make that switch? Now you’re using your skills as a communicator and talking, sales and understanding people’s communication styles, where chemical engineering, you’re working numbers. You’re working spreadsheets.
I think what excites me is the fact that with a phone call, you can create an opportunity. Once I transitioned from my 9:00 to 5:00, I start off with working the sales pyramid. That’s what excites me. You start with the people or prospects in my pipeline, close to getting out, and you work that first and that gives you pump to go rock and be a rhino. There are some tough days for sure. That’s what I typically use that time from 4:00 to 5:00 to be with my mentor Chinyemba to do these two hours. Then I put my mind on Call of Duty afterwards.
Is there something specific, maybe some tips that you could give to the readers that you do between 4:00 and 5:00 that helps you make that transition? Because of the transitions in life are, what really drain us of energy, we talked about time management. We talked about priority management, but what we’re all talking about is energy management. Energy management is everything. We know based on science that the transitions that we have in life are what really pull a lot of the mental energy that we have. Is there something specific that you do between 4:00 and 5:00 that gets you into that mode? Is there something you listen to? Is there something you watch? Is it nothing? It’s meditative chill.
You can quit on strategies, but never quit on the goal.
I don’t know that I have a ritual that I do before cold calling. I guess maybe I remind myself of the things I’ve read. Robert Kiyosaki would say that, “There’s a golden opportunity every week. You go out and find it.” Knowing what I want to create for myself long-term, I keep that in back of my mind is real freedom. That motivates me to grind out the hard days.
Are you writing down your goals? Are you posting things on the wall, sayings, goals or like a beach, a car or a house? Talk to me about what you do for your goals.
I do a whiteboard in my bedroom. I follow what Robert Kiyosaki says. I list out all my assets. I list out all my liabilities. I keep track of that, and the drive is keep building up the asset column. I have the goals. I have what I say every morning, because I got this from reading Think and Grow Rich by Napoleon Hill. You have to manifest that every morning. I have what I say, “My goal is by 30 years old to be a millionaire, and I’ll do this by being a Rhino also in real estate. This will allow me to build a rental portfolio and start a high-income business,” and so I say that every single day. I have it up on my whiteboard and that keeps me motivated.
What a great start to this whole financial journey for you because you’re tracking your assets and liabilities, which first of all, 86% of Americans don’t do. That’s the truth. Don’t track anything, don’t have a budget, don’t look at where they’re at, don’t have a goal that they’re tracking. It’s one of those things that it’s like, “If I make money, I’ll put it away. If I don’t, then I’ll get by and I’ll try to figure things out. Tread water for a little bit, but I don’t have a clear plan.” You have a clear plan, which is incredible. I think that is what is so important. That’s the message of this show is. If you have that goal as your foundation, as your core, you can make 22,000 calls and keep going, knowing something good is going to happen.
As you’re making these calls, as you’re going through all this, were you getting frustrated? Were you feeling like your skills were getting better? In my experience, I talked to people and they say, “Brent, I called for two hours straight and I didn’t get a deal.” I’m like, “Call more.” It’s going to take more than that, and then they go, “I’ve called for a week straight. I’ve called for a month straight and I don’t have a deal.” How many leads do you have? “I have eight leads.” Then are you following up? “Yeah.” It’s going to take some time. There is a rhythm to this. There is a process to the sales cycle from the first time that you talk to somebody until you get paid on that. That takes some time. For you, was it about 90 days? What was it from the first day that you started calling to you getting closing your first deal?
After I joined TTP, I would say it was a little over 90 days. More like 110 maybe, but it was worth it. I remember I called you several years. We walked through my pipeline. How many yeses do you have? How many maybes? Then you’re like, “I see five deals in this pipeline.” I’m like, “I’ll keep going at it.”
You’ve got four of them right now. Let’s break down the deal. First of all, what is your favorite list to call? Do you have a favorite?
My true favorites are of course, Driving for Dollars. That’s the greedy list.
Do you use an app?
I use DealMachine. It’s very easy to add properties and export them to Excel and skip tracing. The second one I like to call is the tired landlord list. All the parameters, high-equity or property has been like at least twenty years old and stuff like that. I think for my first deal, that’s what I did. I did the hot zip code strategy. I use ListSource as a research tool to pull all the zip codes and see where cash buyers are actively buying. I knew if I got a deal in that area, I was going to be able to move it. I did that. I got the zip code and then I pull the tire landlord list specific to that zip code. That’s how I got the first one.
Your first deal was with a tired landlord. You call up the owner and you asked them if they would consider an offer on their property. What did they say to you?
It was one of those that you get and like, “You’re calling about this property.” Give me X amount. She was like, give me $33,000, that’s it. Just straight ones. The lay downs.
What was going through your head?
This is real. I looked at the numbers before and the county appraisal was like $50,000. She said totally at $33,000. That’s already under what the county appraised it for. I was like, “Maybe there’s something on this.”
What do you do? Did you set an appointment? Did it take a long time to follow up with her? Was the timeline real short?
The timeline was short. I set an appointment three days after. I got Chi. It turned out to be somewhat of a probate, because her husband passed. It was good because it was at the point where she was still emotional, but at least at the point where she was ready to do something with the property. She told me her price and I was able to work with it. I got down the contracts, sent them to cash buyers and solve it in an hour. That was my first one. It was amazing.
Let’s unpack this a little bit for somebody that’s never done before. You got her down to $30,000. How did you build your cash buyer list?
This was my first deal. I told you I moved to the outskirts. I didn’t build much of a cash buyer list in that market. It was pretty much just Facebook cash buyers. Going on Facebook, typing cash buyers and insert in groups and scrubbing the list. I sent it all. It was like 200 people.
Do you go into the search bar on Facebook and put in cash buyers?
On specific groups in Facebook within the market at Houston, I had like the Houston Real Estate Group and type cash buyers.
You’re in the group and then you did the little search in the group and just put cash buyer, and then it pops up people say, “I’m a cash buyer.”
Pull your emails and that’s it.
You blast it out to that group and somebody emails and calls you back. What do they do?
Within an hour, I get an email response and I like this property. I bought one a street over. I want to look at it. 6:00 PM that day, we met at a property. He looked at it, he brought his realtor and contractor and they looked at it. He was like, “Can you send me an offer in the morning?” That was my first one.
$30,000, and you sold it for how much?
That was the first one and you followed that one up. How much did you make on your second deal?
What about your third deal?
$30,000, I kept for myself.
We’ll talk about that in a second, and your fourth?
Come on now, here we go.
That’s the magic bell.
That’s the deal bell. That is incredible. You’re talking $42,000, then you have another deal. This would have been a massive deal. We talked about this before we started the show. Break that one down.
Life is hard. Choose where your heart is.
This was a deal gotten off from the traditional like tired landlord list. This was an expired listing lead. I work with a realtor, who has access to sellers that the listing has expired. He sent me that and I do text blasted on those particular leads. I told him, “I saw your property on XYZ. I got off the market. I’m checking and see if you would be interested in an investor offer at this time.” That’s what I did with our property. The guy was like, “I will.” His offer was $190,000.
He had it on the market for $190,000?
No, he had it on the market for $200,000.
To explain a little bit to everybody, when a property is listed by a real estate agent, it goes on the market. If they don’t sell it within the listing agreement that they have, typically six months, sometimes it’s 90 days, it depends, then it goes. It’s called expired. The listing is expired and you can get a list of these. Typically, in the real estate investing world, it’s not really a very distressed list. Obviously, they were trying to get a certain price that was too high already. You have to typically get them way lower than what they originally listed for. Is that why you text them instead of calls so you can just get the low-hanging fruit?
That’s exactly why I do a text blast to those guys and see the ones that maybe we’ll consider an investor offer and then go from there. If they show interest, and then I’ll probably get them on the phone and talk more. That’s how I got that.
How much did he want?
When I texted him and he said, yes, you remember he listed it for $200,000, and then he said, he will take $194,000. That wasn’t much of a deal for me. I talked to him about maybe doing a seller finance or stuff like that. He was like, “Let’s meet at a property. See what you think about it, and then we’ll discuss.” I go up to the property. He tours me around. Good condition. It’s solid. It was listed on the market, new AC, new roof. We got to talk and he was like, “I like you. I’ll give you for $165,000.”
It’s because he likes you.
It’s amazing, what happens when you go on an appointment with certainty and likability. Those are your tools being certain that you’re going to help them out and likeability. That’s it. That’s you in a nutshell. You’re fantastic, but people don’t understand, “People will give me a discount because they like me?” Yes, they will. Here’s proof.
He had so many properties. It doesn’t really hurt him at all. When I got it under contract for $165,000, then I’m thinking to myself, do I wholesale this? This is a good price. I ended up keeping it for myself because I did some numbers. At the end of the day, I was going to be getting like a $600 cashflow from it. I felt like the equity wasn’t going anywhere. I have to build an equity. I was like, “Okay, I’ll close on it.” I closed on it, and two weeks after I closed, an investor calls me. I did an open because I wanted to rent it out. Two weeks after an investor, came to the open house and she was like, “I want to make an offer for this house.” She made an offer that was $55,000 over. She made $220,000.
Did she know that it was on the market before at $200,000?
She saw it on the market for $200,000. She said, she will give me $220,000 because she knew the market. She said she was interested in the property.
Is it because it’s in an area that people are expanding to? Is it an up-and-coming neighborhood?
It’s actually an older neighborhood, but it has a very good school district. All the schools were A plus and it was a great area. That’s a good rental market too, less than 5% vacancy. She was interested in it.
You could have almost $100,000 in additional income, outside of what you’re making as a chemical engineer in your first. You started May, June, when did you start?
Is there something in your mind where you go to this 100% full-time and you’re no longer a chemical engineer?
I don’t know. I’ve been thinking about it. I still like what I do.
I’m telling you, really successful wholesalers that are also engineers love being engineers. They don’t want to stop doing it. I have one group making over a million dollars a year in wholesale, still work full-time.
I do know that I probably get to the point where I’m maybe not learning as much anymore. Maybe I want to go into real estate full-time then, but I said, “No. I’m still learning and loving it.” I don’t think I’m quitting full-time just yet.
What is your family thing? Do you talk to them about these? Especially, your family that’s in real estate.
My parents are really very proud of me. They encouraged me and were very proud that I took this on. As parents, they’re happy that I have a good job and all, but this is like the cherry on the cake. They love it and are very proud of me.
If people want to reach out to you and be in your world, how do they get ahold of you?
The best way would be on Instagram. My name on Instagram is @GM_Ade. I’m really responsive on there.
DM him, especially if you’re in the Houston area. This is somebody that you want in your network. Your way that you want to. He’s only going up. You’re only taking off. It’s going to be incredible. If you were in Houston or wherever. If something in your gut is telling you to reach out to him, definitely reach out. He’s going to respond and that’ll be so good. Give some advice to people starting out. What do you think that they should do, their first steps so that they can get their first deal?
Whatever marketing channel you’re using, bandit signs, cold calling, door knocking, direct mail, whatever it is, think about it from two points of view. One is, how efficient is it and two is how effective is it? Efficient is how much activity are you able to generate within a set time block? The activity of being like you were, how many appointments are you setting? How much context are you making? Effectiveness is off those activities, how much has that converts or closes?
If you do that to test what marketing channel in different areas, because it’s different in different markets, you combine efficiency with effectiveness, you definitely get a deal. Don’t be held back by the three Ps. Don’t procrastinate. It’s easy to procrastinate will cost you a lot. Don’t try to be perfect because a messy success is perfect. We do equity every single day of the week. Don’t get stuck in analysis paralysis.
That’s it. The three Ps. You crushed it. That’s the absolute truth. I find it very interesting just from my side as coaching TTP. I have a lot of engineers or analytical type minds that join because they know without a doubt, it’s a numbers game. Once you understand that it’s a numbers game and it’s front loaded to where you’re building up your pipeline, you can keep doing it. It makes a lot of sense. I think that’s why, it attracts a lot of people that think about it. What is the best way, most efficient way and most effective way to get these opportunities? It’s picking up and talking to them directly.
There’s a golden opportunity every week. You just need to go out and find it.
Time and time again, hands down, it beats everything else. There are distressed property owners out there in the market, in our communities, and there are cash buyers that need to find opportunities to fix and flip to hold in their portfolio or to live in them, develop or whatever else they need deals. They do not want to deal with the emotions of a distressed property owner. A distressed property owner does not want to communicate with somebody that doesn’t care about it. That’s why we exist. That’s why we get paid so well. It’s a pleasure. Thank you for being on here.
Great for having me. I really appreciate it.
Thank you so much, and for everybody out there. If you are interested in joining the most proactive group in real estate investing, it is the TTP Family. Go to WholesalingInc.com/TTP. Check it out, scroll down. If it feels good in your gut, sign up for a call. I look forward to working with you personally. Thank you so much for flying in, sharing the TTP Podcast Studio here with me. Everybody in Houston, reach out to, Ade. He’s absolutely fantastic. Until next time, guys. I encourage you to talk to people. See you. Love you.
- Adeoluwa Oluta – Instagram
- How To Create Wealth Investing In Real Estate
- 10X Growth Conference
- Think and Grow Rich
About Brent Daniels
Brent Daniels is a multi-million dollar wholesaler in Phoenix, Arizona… and the creator of “Talk To People” — a simple, low cost, and incredibly effective telephone marketing program…
Also known as “TTP”… it helps wholesalers do more, bigger, and more profitable deals by replacing traditional paid advertising (postcards, yellow letters, bandit signs, and PPC) with being proactive and taking action every single day!
Brent has personally coached over 1,000 wholesalers enrolled in his “Cold Calling Mastery” training, and helped 10,000’s of others who listen to him host the Wholesaling Inc. podcast, watch his YouTube channel, and attend his live events…
A natural leader, Brent combines his passion for helping others with his high energy, “don’t-wait-around-for-business” attitude to help you CRUSH your wholesaling goals as quickly and easily as possible!