Posted on: September 30, 2021
WIP 787 | Close 80 Deals

 

In this episode, Brent Daniels interviews the incredible Christine Palm, who has been an entrepreneur since she was 7. At that young age, she made a total of $67 just by hustling and offering services, which her parents found amazing! What inspired her to do that?

Now, Christine wholesales real estate. Her brilliant mind and entrepreneurial skills have led her to successfully close 80 deals within a span of 3 years! Her real estate business continues to thrive, and in this episode, we will get the inside scoop on her journey and how it all started.

How A Former Acquisitions Manager Hustled To Close 80 Deals In Less Than 3 Years With Christine Palm

Episode Transcription

We have an incredible conversation in this episode with a wholesaler out of Lexington, Kentucky. I was first introduced through this wholesaler on March 8th, 2018. Years later, she has already done 80 deals. This is an incredible story because she started out as an acquisition manager for somebody else’s company and is now working for herself and growing her own business. It is my pleasure to introduce you to the show, Christine Palm. How are you, Christine?

I’m great. Thank you for having me. It’s such an honor.

You texted me, and you say, “Since joining TTP, I’ve done 80 deals,” and I was like, “How would we not put together a show? What is going on?” This is incredible. Why don’t you let everybody know who you are, what’s your life like and what was your experience before real estate?

I have been an entrepreneur since I was seven. I had a bike and I rode it everywhere. I loved it and I would leave it out in the yard and my parents would tell me, “You can’t leave it out in the yard.” Because I live in the Bay Area of California at the time, they’re like, “It’s going to get stolen,” and I was like, “Yes,” and then it got stolen. They told me that they would not buy me a new bike because I didn’t take care of what they had already given me.

I didn’t get an allowance and I hustled. I remember I made $67 and my dad was impressed and was like, “Let’s go get you a bike and you could pay me back what you don’t have.” I was like, “No.” I found one on sale, and I had some change leftover, and that’s what started my entrepreneur life. I tried many different businesses. I clean people’s houses, I babysat, I did beach body, and I had an Amazon FBA business, but all my entire adult life, I had been loving real estate and wanting to be a part of real estate. I’m very blessed that I get to have a successful business, finally wholesaling real estate.

What did you do to get $67 as a 7-year-old?

A lot of what I did was knock on the doors in my neighborhood and I asked them if I could rake the leaves in their yard because it was the fall. I went and I did that. I also cleaned people’s bathrooms. I didn’t babysit yet.

What gets you excited about real estate? What’s going on? What synapses are firing in your brain when you’re thinking about being a real estate entrepreneur?

Actually, I don’t know where I originally learned about real estate from because I cannot remember, but I remember I went to a Rich Dad Poor Dad Conference and I had read so many of his books and that got me started thinking about real estate. I’m like, “I want to own my own properties. I want to have rentals.” One thing I like about wholesaling rather than me getting my realtor’s license is I get to help these people who aren’t able to fix up the house and they might be in sticky situations. That’s what I like is being able to help those people.

It’s a blessing, it truly is. I was a real estate agent for a long time, from 2004 to 2013 is when I discovered wholesaling. I always wondered, “Who’s taking care of these rough properties,” because I wasn’t focused on them. I know that because I was going after properties that were way more expensive so that you could get bigger commissions and you can be around people that have more money and make more money.

It’s an unbelievably underserved market of people that truly do have distress. They truly have problems with these properties that lead to a lot of anxiety and stress. What Christine is talking about is we have the beautiful opportunity every single day to reach out to these people and see if we can help them out with a cash offer. It is a blessing. It sounds awkward without doing it, but once you go through it and you see the benefits that it brings to these people’s lives, it’s life-changing for them and for you. It’s incredible. You started wholesaling in 2018, is that right?

Most deals come from the follow-up list.

I did a couple of deals in the fall of 2013. I ended up wholesaling those deals to Jason. That’s how I started knowing him. I ended up paying my taxes and then I even had to pay for surgery. All the rest of the money I put towards more marketing and used it all up and didn’t get another deal. I didn’t know how to be a salesman or talk to people. When I joined up with TTP, I cold-called all the time. I remember this one girl was like, “Hello?” I was like, “Hi.” She’s like, “Are you a person, because you sound like a robot.”

We’re not taught. Our tone of voice and pacing that we ask questions and listen to people or active listening. These are all learned behaviors. We don’t wake up with them. I remember Christine that time in 2013, if we’re going to time-travel back then, I was knocking on doors because, one, I was broke and needed to, but two, I was like, “I need to get better at asking questions and being better at communicating or I’m going to keep repeating the same year over and over and not improve.” That’s what I tried to do. That journey that you went on in 2018 was something that I went through in 2013.

I understood that after you talk to 1,000 property owners, you start to get a rhythm, confidence and understand when to pause, when to ask questions and pull the conversation back so that you have control. That’s when you start seeing the need to move and see people opening up to you, which you’re doing an unbelievable job of that because at least 80 people have opened up to you since then, which is incredible. Do you look back and you’re like, “This is incredible?”

Yes. It’s interesting too because when I first started in 2018, a lot of people would say, “Nobody’s ever called me about my house before. I have so many cards, but nobody’s ever called me.” Now in 2021, people are like, “What is going on? You’re the third person this day and 21 people this week,” and I’m like, “Yes.” Then the people start asking me questions about it. They’re like, “The reason I’m asking you is because you’re nice or something like that.” I was like, “Okay.” It seems like they weren’t asking the other people. I think that’s from my experience of talking to people and it’s more natural. I give praise to TTP for that.

You’re the hero of this thing. If you didn’t go through countless conversations and countless hours of calls, you’re not having those conversations but you bring up an incredible point, a couple of things. First, when you are making the calls yourself, you’re going to be five times better at it than if you hire somebody to do it.

Even if they’re unbelievable, they live in the country, they speak English perfectly and they are experienced in making calls. You’re still going to be five times better because you’re going to get into a rhythm and these are your neighbor. You can sound like you’re the neighbor because you are the neighbor. There’s a big difference there.

The second thing is, it’s interesting. I’ve been watching the numbers and maybe you can enlighten us as well, but I was like, “Did I get too loud and there are too many calls going on?” We’re still getting deals every single month from cold calling and now the deals are getting bigger. I think that’s very similar to what you’re saying is. I’ve had the same phone prospectors making calls for me since 2018. They’ve got a nice rhythm and they get past what I call people’s force fields that people put up when you call them and ask them something and you’re a stranger. How has 2021 been so far?

This year has been pretty good. It was a little slow at first because I had to build up my follow-up list because that’s where most of my deals come from. Also, one thing that’s different about me making the calls rather than hiring somebody to make the calls is that I can hear a little bit of motivation or somebody says, “Not right now.”

WIP 787 | Close 80 Deals

Close 80 Deals: We help people who can’t fix up the house and who might be in sticky situations.

 

I think a lot of people, if they’re hired to be a caller, they’ll click, no. I’m like, “Not right now.” “Maybe later? Should I follow up with you later?” I’m expecting them to be like in the fall or next year. One guy was like, “Call me back in two weeks,” and I was like, “Okay. I will.” That’s one thing that’s so important too with wholesaling is the follow-up because I did have one deal that I closed in December 2020 and I got the house under contract on Halloween. I looked back, and the very first time, I talked to somebody was two years before on Halloween. Follow-up is key.

Absolutely and especially now because a lot of people are trying to get the lowest hanging fruit. I need it to happen right now. A lot of people naturally in our business are good at hunting but not good at gathering. The lead follow-up falls off because it’s always onto the next thing, next opportunity and next call.

If you stay in line and make sure that you’ve got some system set up so that you are following up with the people, you’re going to be successful. Christine is being a little bit modest. She has already made $91,000 this year. It’s absolutely incredible. One of those we’re going to talk about is because it’s a fantastic deal. Let me ask you about Lexington, Kentucky. What is the average price point there?

The average retail price point is around $230,000. That’s the average median house.

What are you on average locking these up for and moving them for?

We have a wide range of types of houses. I could buy a handful of houses at about $12,000 or $13,000 but those are in lesser neighborhoods or have need a lot of work, but then there are also ones that are in a little bit nicer neighborhoods where I get them under contract at $110,000, $130,000 and then I get bigger properties under contract at $500,000 but those aren’t single-family. Those are multifamily.

Some people, when they’re starting out, they’re very timid about going after multifamily properties because we all grew up in a house. We understand the house. Housing is something that’s the most likely property that a cash buyer is going to be looking for once you put it out to sell that property. Multifamily is it scarier? Is it different? What are your thoughts on multifamily?

It is a little scarier because it’s a higher price point. You have to do a little bit more due diligence and it’s not as easy as how old is the roof and HVAC?

If this is your first time tuning in, every time that you talk to a property owner, you want to get four things out of them. We call them the four pillars of pre-qualifying. That’s the condition of the property, their timeline to sell that property, their motivation or what their problem is and their price. When you’re asking in the condition, Christine, and you’re asking about multifamily, give people some tools for their toolbox that they can ask. If they run into something that’s a duplex, triplex or fourplex, and then we’ll talk about your mega project. What are some questions you ask?

First of all, how much do they get for rent? I noticed a lot of landlords want to buy the 1% or greater.

Explain 1% to everybody.

For example, your tenant pays you $1,000 a month. That is 1% of $100,000. I would want to buy the house at less than $100,000 because probably these properties need a little bit of work or something to that effect.

Make it very easy for your clients to sell their property.

How much is the rent and what’s next?

I do ask the same type of questions as a single-family. How was the roof? What was the condition? I might also talk about whether or not the tenants are under lease or not. When you get up into the bigger ones, what is your eviction policy? Also, that is different with COVID as well, because our town has had a memorandum for a long time. I’m not sure but it might not be lifted until September 2021 or so they say. Asking all those types of questions is important as well.

Finding out are they month-to-month renters, which typically don’t have the lease on it anymore. Typically what happens when a lease runs out, it goes into a month-to-month type of situation. Knowing the length of the lease will let you’re up against and how long those tenants are going to be in there. Another question that I like asking is seeing if each of the electrical meters is set up or if there’s a master meter.

Because it’s important to know with the utilities, gas, electric and water, are these the responsibility of the landlord because they’re on one master meter or they individual and the tenants have to pay for their own utilities. Obviously, that affects the bottom line and affects what you charge in rent. Let’s go right into it. Let’s talk about this juicy deal that is exciting.

I was networking in the BNI meeting and a financial advisor had said that he might need some help because one of his clients inherited a 40-unit apartment. I was a guest in the group. When it was my turn, I gave my little quick one-minute spiel about myself and I said, “I’ve closed a 32-unit before and I might be able to help you.” I did have a little bit of experience with a bigger apartment and I have to give a little bit of things of that to Jason because he’s a big apartment guy, when I had found that, I was able to get some more info from him on how to deal with that.

Now, I have a little bit more experience and he set up a three-way call for us and I was able to meet them. It was funny because two weeks before this or even a couple of days before this one, my buyer told me he wanted to flip an apartment or a hotel or something. The place was a little bit farther away. It was like an hour and a half drive from where I live, but we were able to go down there and get the repairs. It was a big repair. In one of the buildings, the ceiling had fallen in and it was like raining down. When it rained, it rained into the house or the apartment.

We made an offer and I have to say I was a bit worried because it was a lot less than the seller said that the place was worth. I had to do a bit of follow-up after making the offer because they were getting other offers as well. One thing at closing, they said that I made it very easy for them. I don’t know what their other offers were, but that’s one thing that I do like to tell people is like, “I make it very easy for you to sell your property. I’ll do everything for you to do this.”

What price did you lock it up in?

We got it under contract for $500,000 for 40 units.

Did you sell it to that buyer that wanted to do the conversion?

Yes.

It’s like the stars aligned. I love this business and what’d you sell it for?

$550,000.

How much did you net?

WIP 787 | Close 80 Deals

Close 80 Deals: When your clients tell you to call them back, call them back at that time.

 

$50,000.

That, ladies and gentlemen, Rhino Tribe, is what we call a massive deal. I love it. What did that feel like when that $50,000 hit your account?

It was awesome. It was good. I love closing days because I love seeing the deal go across the finish line and the buyers are happy, and then also like I get to cash my check. It was nice to get that extra boost in my bank account. One thing I do, though with referrals, is I give a $1,000 finder’s fee to someone who recommends a property to me.

I had contacted that guy from the BNI group and he said that he didn’t feel confident accepting it because he didn’t know if it would be against regulatory rules, but then his wife had a suggestion that we donate that money and so we were able to donate it to the refuge clinic, which helps people who don’t have insurance with medical. Doctors will volunteer to help people and it’s an awesome ministry that helps people. It was like so many win-wins.

Be honest, once you get that $50,000, where you were thinking, “I can do this again. Maybe $75,000 or $100,000 next time.”

Maybe $300,000.

That’s what we push in TTP in the Rhino Tribe is to do big massive deals because it literally changes your brain chemistry. It’s like all of a sudden, you start thinking bigger and you start thinking, “$50,000 used to seem like an unbelievable amount of money and I’m thinking I could do more. I could do $300,000 deals,” and that’s how it happens.

That’s the beautiful thing about the evolution of being an entrepreneur is you get these opportunities to do something like this. Make $50,000 get wins all across the board, and the biggest win is now you’re thinking bigger. You’re looking at bigger opportunities. Your mental antennas are tuned to find the next massive opportunity.

I’m telling you, you will find it. Speak now to anybody that’s getting started in this. Speak now to people that maybe didn’t feel they had all of the tools to be able to speak confidently to strangers over and over again and ask them if they would consider selling their property. Speak to those people and give them some advice.

I have to say, keep going and don’t give up. Even if someone says you sound like a robot, you need to make the next call. You got to talk to more people because the more people you talk to, the more confident you’re going to get in how you talk to people. Even though this deal didn’t come from cold calling, my skills of talking to people, making people feel comfortable and confident in me came from all my experience in cold calling.

Even if you do send out mailers or put out bandit signs, being able to talk to people is super important. Another thing is follow-up. If you hear that they have a slight motivation and they want to sell it later on, put it in your calendar to call them when they say that they’re going to be ready and call them and take notes. I take notes. If they tell me some little story, “I can’t do this right now because such and such.” Write it down.

One lady I talked to, she’d asked me to call her. I called her and she said, “I’m not ready because my son got COVID, and because he got COVID, we found out he has leukemia.” They think that he’s had leukemia for three years. I was surprised. Of course, this is going in my notes and I feel horrible for them. I want to be able to help them with this property.

She told me to call back at this time. I put it on my calendar. When that time comes, I’m going to call her again. It’s good to ask them, “When should I call you?” Because then they’ll tell you when to call. If I’m calling back tomorrow and they don’t want me to call back for six weeks, then I’m going to be bothering them. When they tell you to call them back, call them back at that time.

Keep going, and don’t give up. Even if someone says you sound like a robot, you need to make the next call.

Tell everybody how they can get in touch with you. Some way to maybe say, congratulations. If people in Kentucky want to do business with you and squad up or whatever else, what’s the best way for people to reach you?

I have two websites. One is my motivated sellers’ website which is www.SidewalkPropertySolutions.com. I also have my buyer’s website, which is www.OasisHouseBuyers.com. I have Facebook and Instagram. I have both of those. You could always find me, Christine Palm. I’m in Lexington, and then my Instagram for myself is @Whips55.

What are whips about?

Back in the day, I played roller Derby and I loved eating chips and salsa. My roller Derby name was Whips and Salsa because I also like to give whips, meaning somebody would grab onto my arm and I would swing them and they’d be able to go super fast.

Reach out to Christine, especially if you’re in the area. She’d love to help out, love to work with you and walk you through maybe it’s your first deal, the first couple of deals or have something that you want to joint venture. Make sure that you reach out to her. Christine, thank you so much for joining me. It’s been incredible. It’s wonderful. You started out building your skills live in action and now look at you. You’re doing amazing things.

It’s an inspiration. It shows to people that you don’t have to naturally be that interactive and expressive person to be able to be successful in this. You can use your own talents, own skills, own ability and own voice. Through some refinements and different resources, tools and training, you can get better and be productive.

Everybody out there, if you are interested in joining the most proactive group in real estate, investing it is the TTP family. This is the TTP program. Go to WholesalingInc.com/ttp. Check out what it’s all about. Keep scrolling and see the amazing, incredible, the best of the best are on there. Showing off what they’ve done, showing that they can do this.

It’s absolutely been a pleasure watching it all like Christine. Watching people do amazing things around the country and I’d love to coach you to do the same. Make sure if it feels good in your gut, you sign up for a call and then we’ll talk to you then. We’ll start on that journey. It’ll be fantastic. Thank you again, Christine.

Thank you. It’s been an honor.

Everybody out there, as always, I sign off by encouraging everybody to talk to people. Until next time. I love you guys.

Important Links:

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!

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