Posted on: June 29, 2022
WI 983 | Power Of Radio

 

Why do so many investors like radio? Because it flips the wholesaling process on its head. Instead of having to cold call and compete for cold leads, highly motivated sellers call you. Today’s guest, Nick Kamrada, knows the power of radio firsthand. A student of REI Radio 2.0, Nick has used what he’s learned to make hundreds of thousands in a few short months from the radio. Nick joins Grace Mills to describe his journey from college student to making over $200k from his first radio deal. To learn the exact systems and tools Nick did, apply to join REI Radio 2.0 today.

The Power Of Radio – How This Student Made Over $200k On His First Radio Deal With Nick Kamrada

Why do so many investors like radio? Because it flips the wholesaling process on its head. Instead of having to cold call and compete for cold leads, highly motivated sellers call you. Today’s guest, Nick Kamrada, knows the power of radio first.

I’m so pumped for our guest. I’m so excited to have him on. I am pulling on an actual radio student because I want you to hear where he’s at with his wholesaling business, the type of deals he has been able to pull off the radio, and how well it’s working for his business in the way he’s able to truly scale his business to his heart’s desire. Our guest is no stranger at all to the show. He got his start in building his wholesaling business during COVID. Imagine how scary that was.

If you’re out there thinking that this isn’t going to be super realistic or this is a move that you can or cannot make, imagine starting a business during COVID. He set his mind to it and has been killing it ever since. He was previously in TTP. He hopped on a show there as well. Check our older episodes if you want to listen to that one. I’m so excited and pumped to be able to talk about his radio journey. Our guest is Nick Kamrada. Let’s go ahead, dive in and get started.

Nick, how are you doing? Welcome back to the show.

I’m good. Thanks for having me, Grace. It’s a blessing to be back.

You’re doing some big deals. You have been since joining the Wholesaling Inc. Some people are a little bit newer to the show, so maybe they didn’t have an opportunity to listen to your initial run-through. Do you mind giving a refresher to the audience on your background, where you started with TTP, and then where you are now in your business?

The way it started for me is I was in college until COVID started. Long story short, I was planning on going into the medical field but then once all that stuff happened, I decided that wasn’t where I wanted to spend the rest of my life. I did a little bit of soul searching and decided I wanted to get into real estate. I had always been pretty interested in it. I looked at the different avenues and the ways that you could establish a career in real estate.

Initially, I went to go get my real estate license. While I was in the middle of getting my real estate license, I came across Brent Daniels on YouTube. I started learning about wholesaling and immediately fell in love with the concept. It was a light-bulb-going-off moment for me that this is exactly what I need to do. After that, I enrolled in the TTP program. I’m originally from Michigan. I moved down to the Tampa Bay area after joining the TTP program and started making cold calls.

WI 983 | Power Of Radio

Power Of Radio: When cold calling or texting somebody, you’re getting them weeks, months, or years before they want to sell their house. With radio, if somebody hears your ads, picks up the phone, and calls you, they have a reason that they want to sell their house.

 

I went through that entire thing and the whole process. It took me about three and a half months to get my first deal. It all snowballed from there. I did a handful of more deals in the next couple of months. I started hiring some people. Now we have a full team. I’ve got four full-time employees that are working with me. We’re cranking out deals here in the Tampa Bay area. It has been an absolute blessing.

That’s an amazing journey. I would love to be able to dive into that a little bit deeper on the growth side. What was that like getting to the point where you’re like, “I’m doing enough deals.” Where did you notice that it was time to bring on help and team members?

When I realized that it was time to bring on team members was when I got too busy to do everything myself. I didn’t have time to be cold calling, going on appointments, managing the transactions and all of the stuff that comes with a wholesale deal. Once my plate got full enough and I had enough money in the bank and reserves to be responsible for not only my financial well-being but other people’s as well, that’s when I decided to take that next step. Every time I hired somebody, it has brought the business up to the next level to where it pays for itself. I’m making more money because they’re working with me. I’m able to focus more on higher-level tasks. It’s hiring by necessity.

I understand that. For a lot of investors that are a little bit newer, that gets to be tricky. It’s like, “When do I know I need actual help? Is it worth bringing it on?” At some particular point, you have to establish working on the business so you can run your business. If you’re in it day-to-day and you’re doing all the administrative tasks, follow-ups, calendars and appointments, it gets to a point where you’re not able to focus on what you need to focus on, which is making money.

That’s exactly where I was because I was making all the phone calls myself. I was doing all the follow-ups and going on all the appointments. It got to a point where I didn’t have enough time in the day to do everything. I always had a vision that I wanted to create a full-fledged company. I didn’t want to just be running and gunning myself the whole time and doing it that way.

I wanted to build out a company and a team to where the wholesaling company was something that would fund the other ventures that I want to get into like picking up rental properties and getting into development, Airbnbs, and that sort of thing. It was all by design to build out a team. It has been amazing because, at this point, I don’t ever talk to our sellers.

I can’t tell you the last time that I talked to a seller other than the creative finance deals that I’m closing and personally buying myself. Those are the only times that I have to talk to a seller anymore. The only thing that I do now is sell our deals. I have an entire acquisition team. They put the property under contract and everything like that and I sell it. It allows me to work on the business rather than in the business.

The radio program gives you the roadmap to go out and find sales reps at radio stations and how to negotiate the rates you should be looking for in a radio deal.

In terms of your radio journey, at what particular point as you were cold calling did you go, “I’m probably wanting to play with something else.” What was that transition into the radio side?

I always knew that I wanted to get on the radio in a strange way. When I first started with the program and I was cold calling, I remember hearing episodes with REI Radio and thinking it was interesting. At the time, I didn’t have the funds and the system to get all that set up. Radio is quite a bit more costly of marketing than cold calling is. I always knew that I wanted to get into that.

Once the cold calling was consistent and we were getting consistent deals coming in through the cold calling, door knocking, driving for dollars, and all that kind of thing, I said, “I need to take this to the next level and get some leads coming in rather than having to go out and find all of those leads.” It added to the cold calling production that we have been able to do, but in a pretty major way. It has been a good move so far. That is for sure.

You started your radio ads in March.

I enrolled in the REI Radio program in January. We started running our radio ads in the first week of March.

What was that process like of giving an actual ad recorded and hearing the actual ad on the radio? What was your entire experience with getting that set up?

I got lucky because the program gives you the roadmap to go out and find sales reps at radio stations, how to negotiate the rates, and what you should be looking for in a radio deal. I got pretty lucky because I made a connection with a person at a radio station here locally. We clicked immediately and had a pretty good relationship just off the bat. He was able to help me out with some pretty decent rates on the radio ads.

WI 983 | Power Of Radio

Power Of Radio: What makes my company different from the other wholesalers is that we go out of our way to ensure that the seller knows we’re there to help them.

 

It all came from talking to people and coming from that place of trying to build a long-term relationship rather than a transactional one. I was like, “I want this to be a long-term thing. I would like to eventually be on every radio station that you have, but I want to start with one and build from the ground up from there.” It has all gone smoothly. It has been a blessing.

You hit on something key there. I can’t preach that enough. There is value in developing long-term relationships and making sure that the opposite party understands that you see the value as being more than money. It’s like, “I’m not just coming in to make money or spend money here.” This is something you kick out long-term. That’s even a bigger point when you’re dealing with a radio sales representative because you’re hitting at one of their biggest pain points. They deal with a lot of inconsistency. Some people jump into radio and want to test it.

They kick it around. They leave as soon as they come in. You went from having a new advertiser, and then they’re gone and out of the door because they weren’t committed to the relationship nor were they committed to trying their hand at radio. I’m sure your sales rep would pick up on that. With you being able to say, “I’m long-term,” that means something to them. That relationship has a lot more value because they know that you are planning to be there long-term. With getting started on radio, did you record your ads and go to the studio? How did that process come?

I went into the studio and met my sales representative and their team. It was simple. I was in and out in probably 15 to 20 minutes. I had a script written up. I came in and recorded that. Within 4 or 5 days after that, we had radio ads planned. They made it a very simple process for me for sure.

What everyone wants to listen for is the numbers or the actual deals here. Can you give us a breakdown of what you experienced in terms of deals from the radio so far?

We started running the radio ads the first week of March. I should have the number of how many deals we have closed since but it has to be at least 7 or 8 deals that we have closed since that point. I do have the numbers here. Our first day of radio ads was March 3rd. Since then at the date of recording, we have closed $332,000. It has been great.

We didn’t have a whole lot going for the first couple of weeks, but I had expected that because even in the program, it talks about how you need to build up momentum just like any other marketing channel. You have to give it a little bit of time to start working and gaining a little bit of credibility. I remember we didn’t have anything going the first week that we started running radio ads. In week two, we got one. It compounded after that. Within 30 days, we had our first deal under contract.

There is value in developing long-term relationships and ensuring that the opposite party understands you see the value as more than money.

You have to give people a moment to get familiar with who you are and your actual service. Believe it or not, some people are very unfamiliar with cashoffer companies. Depending on the market, maybe they did try their hand at it previously and the person they worked with wasn’t a great experience. Sometimes people are sitting there and going, “I’m hearing this ad about this new person I’ve never heard of for a service I’m not super familiar with.” It takes a second for credibility.

As soon as that credibility gets built up, it starts to compound because people go, “I can trust it.” The callers are usually contractors, “I heard your ad a couple of times. Do you want to add me to the list of vendors if you have someone who could use my services?” You start getting your actual sellers. The most amazing thing about radio is all the opportunities that you will get. Once you establish that credibility, people are going to trust doing business with you and assume that you can solve all of their problems.

Are you going to ask about the automatic credibility thing?

Absolutely. I definitely want to pick your brain on what you were seeing so far.

That’s something that I remember hearing about in the past podcast that I listened to before joining the REI Radio program. It was that it puts you in a different place in that seller’s mind and the people that are cold calling them, texting them or mailing them. Not everybody is willing to go on the radio and pay for radio ads. This is a bad connotation.

I don’t want to make it sound like a bad thing because we still cold call and do all that, but it’s spam marketing where you’re reaching out to everybody and hoping to find somebody willing to talk to you. With the radio, first of all, you’re getting people that are ultra-motivated. Most of the radio leads that we get, we lock up either that day or the next day because they’re ready to go.

When you’re cold calling or texting somebody, a lot of the time, you’re getting them weeks, months, and potentially years before they want to sell their house. With radio, if somebody hears your ad on the radio, picks up the phone and calls you, they’ve got a reason that they want to sell their house. To vouch for the automatic credibility thing, we have probably locked up at least two of the deals since we started running radio ads.

WI 983 | Power Of Radio

Power Of Radio: We do an excellent job of conveying that we come from a servant’s mindset. We’re not trying to cash checks and get deals done. We’re trying to help people out of situations they might not be able to help themselves.

 

Somebody specifically said, “I’ve got people calling me and texting me. I’ve got a whole bunch of offers but because you’re on the radio, I want to sell to you.” They don’t say that verbatim but it’s along the lines of that, “You do business because you’re on the radio, whereas everybody else is calling, texting, mailing, and that sort of thing.” Little do they know that we’re calling as well. It puts you in a different place in the seller’s mind over the other types of marketing channels.

They trust you. Hearing your ad is very comforting. When people decide to dial the actual phone number, in a crazy way, they all most already feel like they can relate to you. You’re not dealing with people with the cutest situations. These are not cookie-cutter scenarios. People are going through real things. Sometimes it’s death, financial issues, and things that are uncomfortable to talk about with a complete stranger. In hearing an ad run on the radio, you get familiar with the voice.

When they go, “I’ve heard this voice a few times now,it’s comfortable. When they dial the number, they’re like, “I know that there’s an actual human that I’m going to reach to.” They know that they’re going to reach a person that cares to help them through their actual situation. You have done about 7 or 8 deals in radio so far. For your business mostly, are you focusing on wholesale? What else are you playing with? How is that playing out in your radio marketing or your wholesaling business in general?

Most of what we are doing is wholesaling but in the last few months, we have gotten heavily into the creative finance side of things. With the changes that have been coming to the market, that’s going to be a very powerful way to transition. Not that we’re going to get away from wholesaling and the cash deals by any means. I closed on my first rental property that we got through seller finance. That was a cold calling lead, but I do have another one that we’re closing that was a radio lead.

I’m not only getting the wholesaling checks from the radio leads but I’m also getting rental properties. That’s how you ultimately build wealth. Wholesaling is amazing but it’s a treadmill. When you stop doing deals, you stop making money, whereas these rental properties will pay for the rest of the time. Hopefully, I never have to sell them and keep them forever.

It’s the transaction treadmill. If you’re not continuing to pump out deals and something stops or slows down, so does your actual money. It’s to get to a balance of at least starting to build up a rental portfolio. What are your actual goals there in terms of your original portfolio? Is this something that you want to continue growing? Do you have a set number of doors that you would like to own?

I want to buy as much as I possibly can, especially with the creative financing side. It allows you to buy properties so much more easily than getting a loan from a bank. I can’t even qualify for a mortgage yet because my business isn’t old enough. The only way that I’m able to buy rentals and houses is through creative finance. It opens possibilities for you. I wouldn’t say that I have a number of doors that I want to get to. I would like to own hundreds of houses, apartment buildings, and all that stuff. It all starts from buying one house, buying another house, and then scaling up from there like anything else.

Once you establish that credibility, people will trust doing business with you and assume that you can solve all of their problems.

You’ve got a rental from an outbound marketing channel like cold calling and now you’ve got a deal that came in from an inbound marketing channel being radio. Did you notice any difference between the two? Sometimes we may think that there is a huge difference in the marketing channel that you’re using, the type of conversations that those are going to have, or maybe the type of deal that you’re going to get.

When you’re cold calling, texting or mailing, half the battle is convincing the seller that you’re legitimate. It’s convincing the seller that you’re not going to try to scam them out of their house. At least in my market, which is very saturated with cold callers, I’ve found that wholesalers are almost synonymous with the calls that you get about your car’s extended warranty and stuff like that.

Half of the battle when you’re doing outbound marketing is trying to convince the sellers that you’re legit, whereas if they’re calling you off a radio ad, then they know that you’re legit because you’re paying for radio ads. You can get straight down to talking business rather than having to dance circles around trying to explain to them how you’re different from all the other people that are cold calling. When they call, it’s more of, “I want to sell. What can you do for me? Let’s talk business.”

That’s also the beauty of inbound marketing. You’re dealing with someone that is super happy to contact you. There are people who will answer your cold calls, and there are still people that will respond to your direct mailers. In this crazy world, you can convince someone to give you a call so you don’t have to hunt them down. They’re perfectly fine once they’re comfortable, “Here’s my situation. Is there any way that you can help me with this?” Are you on one station so far or are you growing into additional stations?

My sales rep would regularly give us bonus spots. Originally, we were running five a day but then there were some days where he would say, “We’ve got extra. I’m throwing in 2 or 3 bonus spots on this day.” We always saw a direct correlation where we are getting more calls on those days when we had more ads running instead of going onto another radio station after the amount that we have closed. I upped the radio leads to 8 per day on that station rather than 5. We’re still waiting to see. We’re going to have to wait a little while to see the effect of that. I wanted to experiment with upping the frequency on the one that we’re on instead of getting onto another radio station. That’s what we’re in the middle of right now. It is seeing if that’s going to work out.

Once you’re out of the initial 90 days, that is a perfect time to tinker if you’re going to play with switching up your ad and some of the pain points. In your case, maybe I am starting to build up an actual pattern of value in conjunction with the actual number of ads per day. That’s the perfect time to do so. Your initial 90 days of radio is trying to fill itself out and find its own ebb and flow. It takes 90 days to reach any conclusion on any marketing that you’re doing, especially since time and pain points are shifting out there with sellers as well.

You want to give yourself at least 90 days. That’s a great thing to keep your eye out on and go, “How many different ways can I play with this before growing into an entirely new station?” Look at the station you’re already on and go, “Am I playing with all the resources here potentially? Am I getting max profits out of this?” Speaking of max profits, with your actual radio deals, you did about $200,000 on one radio deal alone. How did that come into play?

WI 983 | Power Of Radio

Power Of Radio: When you’re cold calling, texting, or mailing, half the battle is just convincing the seller you’re legit. It’s convincing the seller you’re not trying to scam them out of their house.

 

That’s our first radio deal. In the Tampa Bay area, we’re right next to some of the best beaches in the country. With that comes a lot of those neighborhoods that are on aisles, canals, and stuff like that. It’s our very first solid lead. We had a couple of calls earlier but they were either contractors or buyers that probably figured that we are wholesaling.

We got somebody wanting to bird dog for us through the radio ads. One day, we had this couple call us that lived in a house right off of St. Pete Beach, which is one of the best beaches in the country. It’s named the number one beach in America. This house is not even five minutes from it. It sits right on a little canal in the water. It was a hoarder’s house. On this street, 2 or 3 doors down, they had Rays players, Lightning players, and Tampa Bay professional sports players in that neighborhood. It’s a very affluent neighborhood.

Over the years, they accumulated so much stuff that they were embarrassed about the condition of their house. They didn’t want to list it on the market because they didn’t want everybody to see what the inside of their house looked like. Their biggest motivation was that they wanted a fast under-the-radar sale. When people call off the radio, you don’t have to dig for any information.

They call you and they pretty much spill the beans. You find a way to help them out of their situation the best way that you can. He called us and we set an appointment for the next day. We went out there, took pictures, and did our whole process and everything. We locked that property up for $1.17 million and assigned it for $1.37 million. The ARV on it was $2.1 million. It was a nice little spread for sure.

Your description of their property is the perfect sense of you found the worst house in the best neighborhood at the best price. The perfect neighborhood is right there. The location is everything. The sticky situation is that it’s not the prettiest on the interior, which created a different pain point for that seller to go, “I don’t want anyone to see it. I don’t want to have to show it. I would rather go ahead, get out of Dodge quickly, and take a cash offer there.”

That’s amazing for the first deal in radio. In terms of your wholesaling business, especially out there for new investors, is there anything that you’re doing that’s a little contrary to what others are doing in your market? You can say to a new investor, “Maybe you want to keep your eye out on X, Y and Z,” or potentially play with this thing that you see working for your business.

The best way to explain what makes my company different from a lot of other wholesalers out there is that we go out of our way to make sure that the seller knows that we’re there to help them. There’s a very big negative connotation with wholesalers that we’re trying to steal equity, take advantage of people, and that sort of thing. We’re straight and honest with people.

Wholesaling is amazing, but it’s like a treadmill. When you stop doing deals, you stop making money. 

We tell them where we need to be. We tell them all the time, “You can probably make more money if you were to put this on the market with an agent. We’re not always going to be the highest price tag, but we can promise you that it’s going to be the smoothest transaction in your life. We’re going to take care of you the whole time.” People appreciate that honesty.

We do a good job of conveying that we’re coming at it from a servant’s mindset. We’re not trying to cash checks and get deals done. We’re trying to help people out of situations where they might not be able to help themselves out of it. With that, I tell my guys all the time, “We’re not looking to cash big checks and close deals. We’re looking to help people.” We’re known for having the best deals in town around the buyers and stuff.

That’s a byproduct of what we do, but the way that we go about it is instead of being a wholesaling company in the sense that we provide good deals to fix and flippers, we’re a solutions company for the sellers in our market. We solve problems for them. Usually, the result of that is a pretty decent-sized check. Instead of chasing checks, we’re chasing problems to solve.

That’s exactly where you should be positioning yourself. Anyone can jump into real estate and make money. Everyone knows that. To take it a step further, you are dealing with people. In terms of wholesaling, these are not the cutest situations. It’s not very comfortable for people to have to explain. As Nick mentioned with his first deal for radio, their house is hoarded. There’s a ton of junk in there.

Some people out there are going, “Who is going to want to deal with me in my situation? Who is going to deal with me and the junk in my house? Who wants to deal with me in maybe the recent death that is prolonging the action?” There are so many layers to getting an actual wholesale deal done. You don’t want to miss the fact that you are taking care of people.

That has to matter. That’s a very big thing, “I couldn’t spend any money but I’m here to help you.” That might be something small. I have students all the time that say, “To make sure we close on time, I went and paid a moving company. I went there physically to help them move their things out of the actual home because they were dealing with some issues at the time. That was the least that I can do.”

The baseline has to be valuing people and you’re genuinely going to help them. You can’t go around saying, “I help people. I like to be able to help people,” but when it’s time to do so, you’re not there. People can pick up on that. They can also pick up on the fact that you are trustworthy and they can take your word for it. Credibility has got to matter in this business.

Unless you plan on coming in to make a couple of checks, then feel free and disregard everything Nick and I said, but if this is something you’re looking at to truly grow into a business, something that you want to be proud of that’s almost like a legacy, or something you could leave behind that your family could grow into an actual business, then you want to make sure that at the baseline, you’re always taking care of people.

The money will always be there when you’re taking care of people and truly solving their actual problems. It has been a pleasure talking with you, Nick. Before we wrap, as much as I’ve enjoyed talking to you, I’m sure someone out there wants to be able to get in touch with you should they need to. Where can they reach you?

The best way to reach me is going to be on my Instagram. My handle is @Nick_Kamrada. I’ll respond to DMs there.

There you have another jam-packed episode. I’m super grateful to be able to have Nick on. If you’re still going, “I don’t know if this is doable,” it is. This is not as difficult and complicated as you may be thinking. We’ve got every tool that you need to be able to get this set up correctly so you can be like Nick. I want to be able to help you get those same big deals as well. It’s all possible and doable.

We have everything that you need on this side. All you have to do is hop over to the website and get signed up. That’s WholesalingInc.com/radio. It’s the marketing channel that everyone knows about but no one is using. That will get you absolute credibility, help you to get some max deals, and build and scale up your business. Thank you so much, Rhino Tribe. This is what we do. It’s being able to provide you with value. We will catch you on the next episode.

 

 

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About David Dodge

David Dodge is a real estate coach, author, and investor with over 17 years of experience. David specializes in using the BRRRR Method to acquire Rental Properties with NONE of his own money and has taught others how to generate passive income using his systems. He’s also the co-author of the book “The Brrrr Method” and currently has over 90 properties in his rental portfolio with a goal to grow to over 200 properties in the next 24-36 months.

 

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