Posted on: June 15, 2021

In the story Acres of Diamonds by Russell Conwell, the African farmer sold his land in hopes of finding another land that holds diamonds. Unfortunately, the land he sold was already holding the biggest diamond ever to be found. That story taught Brent Daniels the lessons he should keep in mind when wholesaling.

Listen to Brent as he reveals how you can find unlimited “diamonds” even without searching far and wide. He will also discuss how you can never run out of inventory and why you should not be afraid of competition.  Once you get in the right mindset, you will have endless opportunities in wholesaling.

Key Takeaways

  • Find distressed properties instead of discounted properties.
  • Know how to have a quality conversation with distressed property owners to get the best deals.
  • Learn how you can polish “stones”—distressed properties—into “diamonds”.
  • “Diamonds” are everywhere—you just need to know where to look and utilize your skills and tools.

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Episode Transcription

Speaker 2:
I want to get into the right head space, okay? I want to get into the right frame of mind, because I remember as a brand new real estate entrepreneur, and I was so excited about the idea of finding discounted properties, of finding the diamonds out there that nobody new about. They were sitting there, there was opportunities out there and I was going to absolutely find them. But it took a long time, it took me some time to figure out exactly how to do that, and I want to cut all that time out for you so you can get right to these opportunities right away.
And it reminds me of when I was 22 years old, I remembered that I listened to this recording by Earl Nightingale called The Strangest Secret, and I listened to it, and I listened to it, and I listened to it and it was absolutely incredible. And it was old school, it was from the 50s, and he had this deep, gravely voice. But he talked about this story about Acres of Diamonds, Acres of Diamonds by Russell Conwell, and I thought that it was so impactful because the story is, there is an African farmer. In Africa at the time, diamond minds were getting discovered all over the place. So this farmer was like, “I need to sell my land and I need to go and I need to find one of these mines.” And he went out there and he sold his land and he went out there, and he was searching, and he was searching, and he was searching for these diamond mines and he just never ended up finding them.
Well, the moral of the story was, the guy that he sold his land to, his farm to was walking around, skipping around in the river that was on the land, pigged up an ugly rock, and put it on his mantle. He thought it was interesting. He thought it was just an interesting, shiny rock. And he had a guy come in one day who was a diamond expert, and that diamond expert look at this thing on the mantle and says, “Do you know what that is? Do you know what that is? That is the biggest that has ever been found.” And he’s like, “Are you kidding me? I have these all over the place.” So the guy that sold his farm to look for a diamond mind, he already had it. He already owned it, it was there. He just didn’t know how to find it and he didn’t know how to polish the stone, he didn’t know how to discover what it was that he was looking for.
And I think that that’s really impactful and I think it really hits home when you think about what’s going on in our head. We’ve got everything that we need. We’ve got all the tools. We just need to know how to polish the stone, we just need to know how to find those diamonds. And this Acres of Diamonds just an appropriate, appropriate title for it because literally in our business, the crazy thing is not only is it a wonderful story about mindset, but it’s literal. There is literally acres of diamonds in our community at all times and they’re called distressed properties.
Everywhere in every community around the country, we literally have acres of diamonds. We just have to go out and we have to find them. That’s what leads us to the theme of this show, is driving for dollars. All right? This is how most people start out, this is how I got my first deal, this is how the most successful wholesaler, Jamil Damji, just talked about it on her show on Monday, how he was walking for dollars, he saw a sign out in the front and he made a call. That’s how we get started. All of these real estate books that we see and all of these YouTube videos that we watch and podcasts that we download. It all comes down to finding distressed property owners, distressed properties, and having a quality conversation with that distressed property owner. And I’m telling you now, in 2021, we have the tools. We have everything we need. There is literally no excuse to finding these diamonds, these acres of diamonds that are sitting there, right there in your community at all times.
Listen, when the day comes, when every single house in your marketplace, in your city, your county, your zip code, your state, when those are all fixed up, when there’s nothing, it’s just utopia, then it’s done. It’s over. But guess what? It is a conveyor belt. That’s never going to happen. Properties get older every single day. The elements beat up properties every single day. It’ll go on forever. The ability to find discounted properties, to find distressed properties will go on forever. You could do this forever. That’s the beauty of this thing. There’s no end in sight. There’s no, “Oh, I’m going to run out of inventory. Oh, there’s too much competition. Oh, this, this, and this,” no. That doesn’t exist. That’s only in your head. In reality, there are acres of diamonds everywere.
Think about it. What does the average diamond sell for? $2,000, $5,000, $10,000, depending on what it is? And we can find deals in the smaller markets, in the less expensive markets that earn us $7,000, $10,000 every single deal, let alone getting into we average $42,000 a deal in Phoenix right now. Diamonds. Diamonds, diamonds, diamonds, they’re littered all over the place, but it is our job to go find them. And the advantage you have when you get out into the streets and you start looking, that is your inventory. This is your store. You’re looking on the shelves, where is the inventory? Where are these properties that you are going after? Yes, it’s fantastic to pull lists. Yes, it’s great to filter for distressed with probates and pre-foreclosures and inherited properties and whatever, tired landlords. That’s fantastic. But we could literally go out and find distressed properties right now with zero budget to $60 a month. That’s how phenomenal it is and that’s how, over time, our business has evolved to be able to give us the tool to be able to do that.
If you’re interested in joining the most proactive group in real estate investing, it is the TTP program. Go to wholesalinginc.com/ttp. I personally mentor you, you get my cell phone, we text, we call. It’s crazy. It’s bananas, right? But it’s the truth. Because I want you to be as successful as possible and I want to work with you and I love you. So if you’re interested in that, wholesalinginc.com/ttp, check it out, scroll down, keep scrolling. The little scroll thing’s tiny because there’s so many testimonials. Nobody, nobody has more testimonials. Check it out. If it feels good in your gut, sign up for a call. Until next time. You’re the best. TTP.

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