Podcasts

Episode 84: Learn from Our Mistakes

In just six months, Jeremy Beland started Wholesaling and closed four deals. We’re going to go back and dig into the first deal to see how he did, and share some of the mistakes he made so that you can learn those lessons, too.

The First Deal: Mistakes & Successes

Jeremy sent his first mailings (white, hand-written postcards) to a large absentee owner equity list… but he included the wrong phone number (Tom did this too!). Then he re-sent the mailing with the right number, and started getting calls.
He went out to look at a property with motivated sellers, but he ended up putting the property under contract for a little too much. He started marketing it to his cash buyers and… got nothing. He didn’t form relationships with enough cash buyers beforehand, which is an important but often-overlooked first step.
At the time, Jeremy had about 35 cash buyers on his list – now he has 150!
As Jeremy struggled to sell the slightly overpriced property, he got to learn more about the seller’s why by leveraging Question 4: “This looks like a nice property. Why are you considering selling it?”
Wholesaling has almost nothing to do with real estate. It’s all about finding why these individuals want to sell their homes. After discovering the why, you can help come up with a solution to solve their problem.
After developing better rapport, they lowered the contract to $140k and get more interested from cash buyers. Jeremy was able to assign it for $145k for a $5,000 assignment fee – and even more valuable lessons!