Who says a newbie can’t make a fortune in real estate wholesaling? Brent Daniels’ guest for this show is Armando Olivares, a hardworking man who started his business in November 2019 and did 53 deals in 2020 in the very competitive DMV area. In this episode, Armando is an open book as he shares how he did all 53 deals, the strategies he used, how he found these opportunities. How did Armando manage to get 53 deals in just a short time? Join in and learn more about it!
How a Wholesaling Newbie was Able to Close 53 Deals in a Single Year!
Our guest for this show is a hardworking man who started his business in November 2019 and did 53 deals in 2020 in the very competitive DMV area, Armando Olivares. In this episode, Armando is an open book as he will share how he did all 53 deals, strategies he used, how he found these opportunities.
I am having a conversation with a gentleman that started his business in November 2019. In 2020, he did 53 deals in the very competitive DMV area. That’s DC, Maryland, Virginia area. It is my pleasure. We are going to break this all down. We are going to break down how we did it, what lists he’s using, how he’s finding these opportunities. He is an open book for us. It is my pleasure to bring on to the show, to the Rhino Tribe, Armando Olivares.
It’s a pleasure for me to be here. I have always watched your videos, buy your scripts. Your script brings a lot of success to my team. I started in November 2019. I used to work in the bank industry. I wanted a change. I always love being an entrepreneur. I always wanted to run my own business. I was never put on the right opportunity. One day, I found out on Facebook what was cold selling and I was like, “Do you need a license for this?” They were like, “No, you don’t need a license for this.” The next thing I was like, “Okay.” The rest is history.
I did 53 deals in 2020. I had a very successful 2020. We did and tried a lot of things in 2020. We found out that the best thing to do with this wholesaling business is about having a strong conversation. It’s about having the right script and be able to dominate. Be able to do a lot of volumes. My main focus, the main marketing tool in my business is a cold call. We have a team of seven, all we focus on is having a lot of cold calls.
Do you have a team of seven people that are making calls on your team? Do all of them make calls?
Six on my team, primarily, yes. We do make cold calls. I have a disposition manager who handles our buyer leads and makes sure that we get the deal and the deal gets sold.
How does that happen, Armando? You are working at a bank pretty much all of ‘19. You get into 2020, how do you grow a team so fast in a year to where they are making calls, getting trained, understand what to say and having those quality conversations with distressed property owners? How do you do that? How do you set that up?
It’s all about just bringing value to people and not being always involved in a sales job. For me, it was having been involved in leadership. I was the leader of my previous job. It all goes down to trying to help people out. In building my team, I always try to call my team out, trying to encourage them what works for me. We work a lot of having the conversation, the script. For us, it’s very important. We are making a lot of calls but at the same time, what type of training were you doing? If I’m there and I’m listening to them, we will have a role play. We will have a conversation about, “How did that conversation go? How do you feel about your conversation? What do you think you will do better next time?” That brings us a lot of closing.
You hit on something that’s important and doesn’t get talked about a lot, which is practicing, role-playing, building your skills up, sharpening your skills up in these conversations and not practicing when you are live with a property owner. Doing it in the office, as a team and having fun with it.
The way I see our business is, every time we have the owner on the phone, it’s our shot, our opportunity, where we can show off what we practice. Let them know the value that we are going to bring. Before we can bring that type of value, we do a lot of role plays to understand the situations. There are only a few things that an owner can say back to you and you master those things out. We will get a lot of motivated sellers.
When Armando is talking about the script, you can get this script at TTPInsider.com. A ton of tools, literally, everything that you could ever need at TTP Insider is free in the tools. It’s interesting when you ask a property owner if they would consider an offer on their property, there are only six responses that they are going to give you, “Yes. No. Maybe in the future. How much will you give me? Who are you? How did you get my number?” That’s the six responses that you are going to get.
If you learn the responses to those, you can open up the conversation. How did you recruit people? Are these friends? Are they family members? Are you going on LinkedIn? Are you going on some job searching website? How do you find people that are salespeople that are going to get on the phone, have a quality conversation in a very competitive market?
People that join my team are people that have reached out to me. I have this person, his name is Darius. He joined my team. I never had any type of relationship with this guy but he reached out to me through Facebook. At that time, I was looking for somebody and he happened to be very organic throughout the whole process. I have never been in a recruiting business but I have friends. They were like, “Can I see what you are doing? I’m going to come with you.”
The best thing to do in wholesaling is to have a strong conversation. It’s about having the right scripts and being able to dominate.
They joined my journey and they have been next to me ever since. Now it’s seven of us and everybody is on the same level. We all are trying to do something for our family, for ourselves and our community. That truly helps a lot, to allocate all their stuff to them and make it a win-win situation. Everybody in my team is making a difference.
Are you guys working in an office or from home? How do you manage them?
I have an office there. That’s where we primarily meet. There’s always like 3 or 4 of us there. We do have an office.
Do you have a market that you are finding that’s better than others? I know you’ve got three states squished together. Is there a specific area that you find you are getting more traction from?
The basic is we do hit other markets. We do have very specific leads that we hit. We always see the twenty-year vacancy owners that leave out-of-state. Those leads tend to be the most motivated lists for us.
Where do you pull them from?
We will pull them from PropStream. We will take those leads out. Once we pull those leads from PropStream, we will use Batch Skip Tracing to skip trace all our leads. We do have a DAO machine. We put it on our module system and we blast everything out. That’s what we do with every Safeco and repeat it. We also use Podio as our eCRM tool, where we want to make sure we do a follow-up.
You set the tasks and make sure that everybody is staying accountable. When you have a team that size, you’ve got to make sure they are doing their follow-up. I can imagine, if you’ve got seven people making calls all the time, you are going to get a lot of leads. Do you know on a weekly, monthly basis, how many leads you are generating that you have to follow up with?
My team generates about 1 to 2 leads a day. We do Monday to Sunday. Every day, we are entertaining a contract or an offer.
Are the leads somebody that you are giving an offer to or somebody that would consider an offer?
It’s for somebody that’s already considering an offer. My acquisition team are very strong about putting in an offer. We will talk about making sure that we are okay on the ARV value, making sure the price that we are buying is something that we are going to be able to deliver and make sure that our investors are going to make sure that they also make money if we bring this deal to them.
You must be filtering your leads like crazy because 2 leads 7 days a week are 14 leads. You are closing 1 out of those 14 leads. That is phenomenal. That’s almost unheard of. With us, it’s like 1 out of 50, 60 leads we close. For you, it’s only 1 out of 14, 15. Are you filtering it down? Are these only people that are ready to sell?
These are only people that are ready to sell. We also do have a strong up process. The way we do is, we will only entertain full leads that will make sense in the wholesale aspect. We don’t like to entertain deals that are not going to be wholesale deals. If those leads might go through an agent, we will refer those lists to them. We like my team to be as straightforward about the type of deals that we are buying. We don’t buy every house. We buy a very specific house. That way, we don’t waste their time. I don’t waste our time. We don’t entertain a lot of offers.
That’s a wonderful coaching point, to me. Honestly, for everybody out there reading, disqualifying leads is critical because if you have too many leads, they are going to hide the best leads then all of a sudden, you are going to get the warm and cozy feeling like you have a lot of leads. You are not going to get deals because all the best leads that are going to sign a contract with you are buried under 50 other phone calls you have to make to follow up with people that will never do business with you. Listen to Armando, when he’s saying, “Filter it out. Get rid of the properties that won’t do business with you or won’t fit into what you are trying to wholesale or buy.” Are you wholesaling or you are flipping as well?
We are flipping very heavily. We find out that there are these types of deals that we will prefer to go with it. We also have a goal. My team is trying to do 100 wholesale deals. I want to do at least twenty flips and buy ten rentals as a company. I’ve got to be honest, we have been aggressive about keeping a lot of our properties. We’ve got about six properties in a month. Instead of wholesaling it, some are combined, two of them as a rental and the rest were pretty much flipping the property. We see that we have some cash that we made that’s not earning a lot of interest in the bank, still wholesale but there will be deals that my team is also doing now.
Before we started this interview, you mentioned you stepped on a nail at one of your projects. That’s why you are doing this interview over your phone because you just got out of urgent care. Is that right?
Yes, I’ve literally got an urgent care because I was walking through one of my projects. My wife bought these shoes that are supposed to be a nail that they weren’t going to get on it but I stepped on a nail. It wasn’t that bad. I went to the urgent care, got a quick shot. I’ve got to still deliver what I’m here for.
Thank you for being on here. The question people are wondering is, how do you go from starting in November 2019 to having a team of seven people within a year doing 53 deals? Did you crush some deals yourself early on to build it up? Did you have money to start this business and start hiring people? How do you grow so fast, moving from a totally different industry to wholesaling real estate?
It has to be all a mindset. Before I’ve got into wholesaling, I was practicing self-developing. I was working on myself. A lot of people don’t have time to work on themselves. They want to subscribe to 1,000 courses and they are like, “That course is not good.” In reality, the information is there. It’s about you getting the information but what are you going to do with that information? It comes with about making sure that you spend time with yourself.
The biggest change in my life came when I started spending time with myself, ever since I found out about the things that I can improve if I spend more time with myself. That was a big life-changer for me. I’m in wholesaling. I’m a person that likes to do 10X. I like to make sure once I find something and I fell in love, I always like real estate if you are very passionate and helping people out. It has always been my thing about trying to grow, be my own boss, at the same time, help others out and bring some value to people’s life. As long as you are doing the right thing, that’s how that started.
The first month that you’ve got started, were you making the calls?
Yes, I still make calls. The first time when I’ve got into wholesaling, I did a JB deal. I was looking on Facebook. This other wholesaler had a deal on Facebook and I was very curious about it. That’s how I found out about wholesaling. He was like, “I’m selling this house.” I went through another Facebook page and I found a buyer that said that she wanted to buy a house and meet those criteria. I put 1 and 2 together and I made $5,000. That $5,000 was the best. Before I started wholesaling, I barely had any money in the bank account. I live paycheck to paycheck and ever since then, it has been life-changing for myself, my family and everybody.
Let’s break down a deal. That’s what everybody gets excited about. Are you ready?
Yes, let’s do it.
You don’t want to buy every house. You want to buy a very specific house. If you have too many leads, they’re going to hide the best leads.
The way that we do this is, I want to go through all of the pillars of pre-qualifying this lead. The condition of the property, the timeline to sell, the motivation to sell, and the price. If this is your first time reading, every time you talk to what you would consider a lead, an opportunity or you are speaking with a distressed property owner, you want to find out four things. Condition of the property, timeline to sell, motivation to sell, and their price. Why don’t you start with the condition of this property?
The condition of this property was not bad. It was a light rehab condition. The person can live out of state. The first time I’ve got in touch with this person, he came from a twenty-year vacant house that lives out-of-state. When I first initially reached out to him, it was like in July 2019 that I personally spoke to him, Mr. Larry. When we’ve got into a conversation, he said that he was motivated to sell but he was living in North Carolina at the time.
There were a lot of things going on. He was not ready for a commitment because he needed to come back to Maryland. I build a lot of rapport with him to understand what the main reason was he wanted to sell the property and how my company and myself can help ease this transaction. When he’s ready to sell, I’m going to make sure I’m there for him. This was July 2019. He said, “Keep in touch with me.” I kept in touch with him. I would call Mr. Larry once a month to check on him and say, “I know tennis game is coming out, I wanted to make sure you are going to spend it with your family.”
I would follow up with him here and there and he liked me. We built a rapport. We talked a lot about their personal life and how he was coming close to make a decision. It was January 2020, one of these-day, he called me up and was like, “Armando, I’m here in Maryland now. I’m ready to move forward. I wanted to see if you can meet me at the house.” I was like, “Yes, I can meet you today. I’m around there.” He’s like, “No, not today. Tomorrow.” I was like, “Perfect. I’m going to bring the contract.”
I came over to the house with him. He was there. I already knew about the price that I needed to be because of the analysis that I had done to the house before I’ve got there and I had a conversation. He never tells me about the price. He said, “When we are there, we are going to talk about the price.” When we’ve got there, I’ve got the contract.
Was this a vacant house, Armando?
Yes, this is a vacant house.
How long was it vacant?
It has been vacant for 5 to 6 years.
Why is he keeping it vacant?
The main reason that he was keeping vacant, was because he had a brother that was trying to buy the house. The brother always said, “My loan is almost ready.”
For five years?
This is a great coaching point. I am telling you some of the absolute biggest, massive, best deals are when the family member either lives in the property for free, they have no respect for the property and they are not keeping up or somebody like the tenant or a family member is going to buy the property once they get the loan going, back on their feet, get all this stuff. It’s fantasy land. Finally, the family members are sick of it. They are ready to move on with their life. They don’t want to deal with this thing anymore. Having a property vacant for five years, Armando, that’s bananas.
He was doing a good job of sending people over to keep the grass cut, to keep everything inside. He was doing a lot for the property. When he came over, I looked at the property and I asked him, “I know you said that you want it to close very fast and I have been following up with you for almost over six months. I’m ready to make a decision. I wanted to know if I give you a cash offer and we can close within five days, what will you consider? What will you take?”
He was the one that pointed out the price, which was a little bit less than I expected. It was good. I was like, “That’s fine.” I signed the contract, he signed the contract, sent it to my title company. I worked with a good title company that will get it done within three days. We were closing within four days from the time he signed to the time it closed.
The deal was good that I wholesale it to a buyer that I was working with. This buyer came because I bought one of her properties. She came with a lump sum of money and wanted to buy a few rentals in this area. She was very specific about her price point. When I brought this deal to her, she fell in love with the house and was like, “I’m going to buy it.” The next thing you know, I assigned that deal to her. It was within the next hour. In four days, we were all happy and closing. The seller got his money.
What price did you lock it up for?
I locked it down for $140,000.
What did you sell it for?
I sold it for $247,000.
Did you make how much?
That is incredible. How did that feel?
The biggest change in your life comes when you start to spend time with yourself.
That felt amazing. It was based on the value that we were bringing. We work hard. We close a lot of deals. One of the things that I was not aiming for but I was like, “I have seen a lot of people close six-figure checks. I have to one day close a six-figure check.” That was like a goal. I’m always doing my best for people. I never place down any price point. It laid down on its own. It was like a milestone for my company and myself.
Did you assign that? You didn’t double close it? You didn’t double escrow it? The buyer was fine with the $107,000 assignment?
Yes, we didn’t double close it. I’m pretty open about my assignment fee before I assign it to make sure I don’t come up with any issues. All they care about is the price. As long as the price that they are buying makes sense and doesn’t add up, then they are okay with whatever I make.
Armando, how do people get ahold of you? You’ve got a group in the area on Facebook. Talk to me about that.
I created a group in Wholesaling el DMV. It’s a Facebook group where I share about what I do from my business, from the leads that I get or where I source my leads. From time to time, I drove some value there. Another way to reach out to me is through Facebook, my company name is Homes4Dinero.
Can they find you on Instagram?
Under Homes4dinero or Armando?
@Homes4Dinero and Armando Olivares, too.
Thank you so much. That is incredible, $107,000 from one day. Was that a cold call? How did you find that deal?
He came from a cold call.
You closed this, right?
I closed it.
You had originally talked to him in 2019?
Yes, July 2019.
That’s incredible. That is the power of follow-up. That’s what you have to do. You have to make sure that when you get a lead, you are building a good relationship with them, staying in front of them. Do you know how many times you called him before he was finally in town?
At least five times.
Armando, thank you so much for being on here. A couple of resources that he talked about, PropStream. You can get it at TTPData.com. The cold calling script at TTPInsider.com. Check that out. If you are interested in joining the most proactive group in real estate investing, it is the TTP family. It is the TTP program. Go to WholesalingInc.com/ttp. Scroll down, check out what it’s all about. Check out all the testimonials. You are going to have to scroll for a while. If it feels good in your gut, sign up for a call.
I look forward to working with you personally. Armando, we finally did it. We did the show. Thank you for being on here. I appreciate it. All the best to you in the DMV area. Make sure you reach out to them if you want to squad up at Homes4dinero and Armando Olivares on Facebook and Instagram and that’s it. That’s the show. Until next time. I encourage you to talk to people. See you. I love you.
- Armando Olivares
- Batch Skip Tracing
- Wholesaling el DMV – Facebook Group
- Homes4Dinero – Facebook
- Instagram – Armando Olivares
- Facebook – Armando Olivares
- @Homes4Dinero – Instagram
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!