We’re doing something a little different and fun for this episode (and the next one): a collaborative episode with our own Tom Krol and Joe McCall from the Real Estate Investing Mastery Podcast.
Tom and Joe’s Top Tips:
- Sometimes, the best automation you can get is a virtual assistant. When people talk about getting freedom from their business, they often get lost in terms like systems and automation. A good system creates freedom by giving you more time, so if you’re spending hours to save a couple minutes, you’re wasting your time.
- Focus on your highest revenue generating activities. Your Wholesaling business is only making money if someone is on the phone with sellers or belly-to-belly with sellers. Don’t get lost by creating a complex CRM. First name, last name, email address, property address, mailing address, telephone number, and callback date – that’s all you need.
- Buying courses and listening to podcasts won’t get you the deal – Getting up and taking massive, imperfect action will.
- You NEED to find your Why, and you need to be passionate about it. Willpower and discipline are finite, but passion is an unlimited resource… if you can tape into it. Passion will outperform discipline every. single. time.
- Keep it simple, and learn how to be brilliant at the basics. If you find that your business is an unpredictable roller coaster, and your revenue is going up and down every month, you may need to double down on the basics. Learn more with Joe’s free book, Brilliant at the Basics, by going to FreeBasicBook.com.
- Instruction over education. There are people like Tom and Joe who have already made a lot of mistakes and developed really effective systems… so use them! Follow the steps, take action, and don’t spend so much time anticipating what may happen that you don’t do anything.
- Be honest, and you will always win. You may not get the deal, but you’ll still win because that’s not a deal you’d want to have anyway.
- Connect with Joe: RealEstateInvestingMastery.com | Facebook | LinkedIn | Twitter | YouTube
- Get a free copy of Brilliant at the Basics: FreeBasicBook.com
If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!
Subscribe to Wholesaling Inc
Joe McCall: Hey everybody, this is Joe McCall and you’re listening to the Real Estate Investing Mastery Podcast.
Tom Krol: And Tom Krol with the Wholesaling Inc Podcast. Bam.
Joe McCall: Hey, so we thought we’d do something different and fun today on this podcast. Tom and I are going to record a show and put them on both of our podcasts, and I’m a host and Tom’s a host, so this’ll be fun and different. I think Tom.
Tom Krol: This is super exciting. We have a lot to share with you guys. Joe and I are going to share some information that is working right now for ourselves and for our students, so we’re super excited to be go givers and to just share and share and give you guys some awesome takeaways. You know, we’ll keep this the no fluff, no BS zone, right Joe? We’ll just give them tons of content to use right now.
Joe McCall: I love it man. I love it. So those of you guys on my show that don’t know, Tom, I’ve interviewed him several times before. I’d highly recommend you go back to Real Estate Investing Mastery.com and do a search in the search bar for Krol, K-R-O-L and you’ll find two or three episodes I did with Tom and they were just fantastic. One of my most popular episodes to date, Tom, I don’t know if you’d know this was the one where we talked about the best uses of virtual assistants. Do you remember that?
Tom Krol: Do I remember? It’s one of my favorite episodes. I listen to my podcast, and I listen to any podcasts that I’m on. That’s like my hobby. No, I didn’t know that. That’s awesome to hear though. But I do know that if anybody out there is a one man operation or has acquisition managers, it teaches you a little simple trick on how to get out from behind the CRM and actually go out and get deals.
We always say that if you want to find a really good Podio expert, find a poor acquisition manager at a wholesaling company because they know Podio like the best they can change fields and they can like move things around and create reports. So yeah, so it teaches you how to get out from underneath the CRM and do it. So awesome, that’s good to hear.
Joe McCall: Well, one of the coolest things about that episode, and I’ve been practicing and preaching this ever since, was, sometimes the best automation you can get is a good virtual assistant.
Tom Krol: Yep.
Joe McCall: And we all need virtual assistants. I mean, I’m torn sometimes when somebody asks, should I put all my money into marketing or should I get a virtual assistant first? My opinion, I think is put all of your money and time and effort into just hustling and marketing and finding buyers. Once you do your first deal, find a virtual assistant at that point. What’s your opinion on that, Tom?
Tom Krol: Yeah, I totally agree. I think that it’s automated for… First of all, I think a lot of people, they don’t understand, people like to use these fancy words like automation and systems. And really the bottom line is automation to me just means if I’m not doing, and it’s happening without me, and if I’m not doing it, it’s automated.
So really to me, systems and automation really is delegation. So that’s why VA’s are so powerful and can really provide you with freedom because the freedom doesn’t come from making money. It comes from the time, and I think that’s first of all, number one is most important.
You have to have a correct understanding of what automation is and then yeah, as far as where you should put your money first, I think that that automation or fooling around with a CRM is sometimes, it’s kind of like education where when you’re doing that kind of stuff you feel like you’re moving forward, but you’re not actually making any revenue.
So I love the fact that you said hustle because that’s the key is you’ve got to get out there and just get a deal. And that is the key with that system that Joe’s talking about that we put in place. And that’s something I used to do myself when I first started. That’s how it came about.
Joe McCall: I used to be Podio, Joe and people still call me Podio Joe and I was the guy who kind of introduced Podio to the real estate world in the US and that was really cool for a time. And I think it was something that was needed at the time because a lot of the CRMs were expensive and clunky and complicated and Podio itself, is supposed to be, is designed to be really simple.
But what I did and what a lot of people do is they complicate it. They spend way too much time tinkering around. They spend hours and hours trying to get it to save you a couple of seconds, which just does not make sense. And Tom, you bring up a real good point if you want to, if you want to see a Podio expert, I’ll show you a broke wholesaler.
Tom Krol: Absolutely. 100% and that’s the key is that a lot of people say, “Well yeah, but Tom you use Podio. So how can you say that?” Here is the reality. I used to use Highrise, HQ. I still love and in some ways I do actually still use Highrise HQ, which is a very simple database. And then when we needed the money, when my team had to automate the business for my house buying business, then we went to Podio.
But here’s the thing guys, is that if you said to be Tom, show me your Podio, I literally would have no idea where to go to show it to you. I have no idea. I’ve never been in to it or that’s not true. I shouldn’t say that because people have logged in for me and then I’ve looked at it, but I have no idea where it is.
I’ve been in it probably less than five times since we’ve had it. So the key is that a CRM is not meant to be a tool that you use every day. It’s supposed to automate processes that are getting done without you. As long as, one thing to think about, always remember, whether you’re a one man show, or you have acquisition managers, you are only making money when either you or your acquisition managers are on the phone with sellers or belly to belly with sellers and that’s it. So don’t let that CRM step in between the process. It’s a first name, last name, email address, property address, mailing address, telephone number, and call back date. That’s what you need.
Joe McCall: Yeah, I was going to ask you, I love the philosophy that you have.There’s only should be like five or six fields in whatever CRM you’re using. Right?
Tom Krol: Yeah. People are taking notes, it’s like you’ll see a acquisition manager have like six months of notes. One lady, she said that her son was moving out to college and then she would sell, and the next month that’s like she said that she is now really seriously thinking about selling. I’m like what is going on?
Joe McCall: But that’s okay, if you have a VA to do those notes for you, right? Like?
Tom Krol: Yeah. Yeah.
Joe McCall: I love and if you go guys, you got to go listen to that episode because in there we talk about using something like WhatsApp or Voxer. So again, you need to be focused on your highest revenue generating activities, which is talking to sellers, which is belly button to belly button. And some of us that’s more belly than other, but you got to get in front of the sellers and talk to them.
And you can do this virtually over the phone, but the idea is focusing on your highest revenue generating activities, talking to sellers, making offers following up. And so when you’re talking to sellers, you can chicken scratch your notes. I think Tom, you and I are the same boat. When we first got started, we were getting buried in post it notes and getting confused with all of our yellow pads of papers and notes. But when you talked about, well, you know what, just take those notes and send a voice message to the VA and have the VA update the CRM with your notes. Can you explain that a little bit?
Tom Krol: Yeah, I mean so the episode that Joe is referring to will really deep dive this, but essentially you want to be on the road in front of sellers and just from a 50,000 foot view, Joe, here’s the way everybody, if you’re listening and if you’re somebody who wants to do their first deal, or you’ve been struggling, and you are fooling around with the CRM, let me just say this, the bottom line is, and I always use this as an anxiety inducing type of scenario.
So Joe, I know you’re probably going to know what I’m about to say here, but guys, here’s the deal. If someone kidnapped your children or your loved one, and they said, “Hey your ransom to get your kids back is you got to go find a discounted property,” I guarantee you, you would not be fooling around with a CRM or Podio.
You would just go out, understand it’s a numbers game, talk to as many people as possible and you’d have a deal today is, I don’t know, today’s Thursday, you’d have a deal by end of day Friday, by tomorrow. I guarantee it. So I think that from a high level is key. But one of the tricks that we used in that scenario that Joe is referring to is we would use WhatsApp, and we get into more detail on this.
But essentially the viewer would send a task from the CRM and then we respond via WhatsApp. This way the acquisition manager or myself would never have to start texting or typing an email back. They would just say, “Hey, VA one, two, three main street, the one you just sent me, please do this next task.” And we really deep dive in that episode that you’re referring to.
Joe McCall: Man, when I heard you talk about that, that was just life changing for me.
Tom Krol: I love it. But yeah.
Joe McCall: Well I was knee deep in creating this Podio product and like helping people create systems and CRMs too. And I realized in my own business and just from students that I saw over and over again getting stuck and getting deep in the weeds and not spending time doing what was really important. So our advice I think we would agree is step away from the computer. Step away from the CRM.
Tom Krol: Right.
Joe McCall: And just focus on… It reminded me when you were talking Tom, there’s this video by a guy named Frank Kern and somebody asked him in this video, this is like seven years old or something and it’s not X-rated, it’s R rated because it’s got bad language, doesn’t have nudity.
It has bad language. But he says, someone asked him, what’s your best advice you can give to entrepreneurs? And he said, well I have two commandments, number one, and I’ll use the clean version of it. Stop farting around, number one. And number two, stop being a sissy.
Tom Krol: Right, right.
Joe McCall: And the point was, just like you said, if somebody told you and held a gun to you, if it was Osama Bin Ladin when he was alive, if he had a gun pointed at your head and said, you need to go make five offers. You would do it. You would figure it out. You would go to YouTube, you’d go to a podcast and figure out how to make an offer. You would find 1000 videos on YouTube about it and you would go make the stupid offer. Right?
Tom Krol: Well, let’s be honest here, Joe. Right? The reason that people are forwarding around with Podio is not because they’re really interested in Podio. It’s because they’re avoiding the discomfort of looking like an idiot in front of a seller because they’re just selling.
They’re just starting, right? They don’t want to get those uncomfortable muscles. Tony Robbins teaches us that in this life, we don’t get what we want. We get what we can’t live without, and this is the whole problem with real estate education and not that real estate education is bad, but putting it in the wrong place.
The way education works is you get instruction, you take action, you get a result, and then you learn it. That’s when the education comes in. But when you’re putting Podio, or education, or anything other than talking with a seller or taking action, what you’re really doing is you’re just avoiding the discomfort, that awkward conversation the not knowing what to say, and Joe, I know you agree, is get out there and get a deal as if you have a gun to your head.
Or what I like even better is as if someone has a gun to someone else’s head, someone you love this way you’ll definitely do it for… Some people were for themselves, some people won’t, but everybody will do it for the person they love most.
Right? So I think that’s really the bottom line of what we’re talking about. It’s just a methodology. It’s a tactic that they’re using. It’s an internal defense that says, I wanted to delay this uncomfortable action, so I’m going to fool around with how to figure out how to move a Podio field from the right side of the screen to the left, or whatever silliness they’re working on.
Joe McCall: Oh boy and the other… That’s really good stuff. The other aspect of this is stop being a sissy. You could go out and people will spend thousands and thousands of dollars on education, they get this crack cocaine high, when you buy a new course, and I’m guilty of that. I’ve probably bought way more courses than you, Tom.
Tom Krol: Well, I’m guilty of it too. I’m with you.
Joe McCall: But you get this really exciting feeling, like you’re accomplishing something when you buy a course and you start going through it, we will spend thousands of thousands of dollars on education, but we’ll be too scared to spend 1000 bucks on direct mail. Or we’ll be too scared to spend $10,000 on a probate marketing campaign or something like that.
Tom Krol: Yeah, I don’t know what you mean by that. Right, exactly. [crosstalk 00:13:38]-
Joe McCall: It doesn’t make sense. We need to stop being a little sissy. And get our big boy pants on. I’m not saying this to you, Tom.
Tom Krol: No, no, I know, but I will tell you this guys, is that I totally agree with Joe 100% and if you take my top 100 students, right Joe, if you line them up and you say, what is a common thread that runs through all of my top students? Here’s what I’m going to tell you. They get the most results the fastest. They understand there is no success or failure.
It’s just getting results and then getting more results and they are going to make it happen or they’re going to die trying. I always tell them, I always say, I want you to either send me a testimonial video holding a big check with a big smile, grinning and crying about how happy you are, or I want to go to your funeral because you tried so hard to make it happen.
You actually die trying. Here’s one thing that’s important about education guys like Joe or I or anybody, a course is not going to help. It’s not going to get you the deal. You are going to get the deal whether or not you take the course, the course is going to help you get the deal.
It’s going to help you avoid all the bumps and bruises and black eyes and it’s going to give you a set of instructions that are proven that you can follow, but you’re going to get that deal before you get the course. Not because of it, because you want it so bad that no one can stop you. If Joe and I stood in your way and locked arms and we said, we are not allowed to go out of the house and get a deal, you’d knock us out and you go and get that deal. That’s what it’s all about. That’s how you get it done.
Joe McCall: Man, I love the way you talk about that, Tom. I love that your emphasis on that stuff, that’s what people need to hear. They need a gentle kick in the pants to maybe even a little more stronger than gentle, but [crosstalk 00:15:27] they need something like that. They need to get pushed. People need to get pushed.
Tom Krol: That’s why a lot of people when they get a course, it’s like they want discipline to go through the course and do it perfectly. That’s another big mistake people make. Is like this, it’s better to have an attitude of progress, not perfection, but here’s what I can tell you about any course and getting your first deal, especially this is really targeted to some people, you know what I’m saying right now to the people who are, they want to get in, but they don’t know where to start. Here’s the deal.
Passion will outperform discipline every single time. That’s why we want you to insert in your brain a really strong why. Sometimes you’ll talk to a struggling student and you’ll say, well, what’s your why? why are you doing this? And they’ll say some like moral authority why.
Like, well, I just want to open up a children’s hospital. I’m like, what? What do… I mean, yeah, that sounds great, right? But here’s the thing, you don’t have to be a moral authority. All your why has to do is get your butt out of bed at four o’clock in the morning.
That’s what your why has to do. That’s why we insert that into your brain of, Hey, your kids are kidnapped, your ransom is to go get a deal today. I guarantee you, you will get a deal if opening up a free children’s hospital in your city or town doesn’t get you out of bed at four o’clock in the morning. It sounds great.
Like you’ll look good in church, but that’s not going to be a good why, and you need to have passion about your why to get it done and get that deal and just, you got to be like a pit bull. You got to see that steak and you got to be, I’m going to take a bite out of that steak. I don’t care if you hit me with a baseball bat. I’m taking a bite out of that steak or I’m going to die trying. That is the key to all of this.
Joe McCall: That phrase, you’ve got another Tom curl phrase there that I love, the passion and dis… What was that again?
Tom Krol: Well, yeah, the passion out performs discipline. It’s absolutely true. Every time, especially for the longterm discipline and a willpower are very, very, very small tanks of gaz, right? So a perfect example, if people don’t understand what I’m talking about, just think about people who try to lose weight. They spend a lot of time with the hope and the education, right? So they are hopeful. And then they pick a diet and then they buy all the stuff and then they never stick to it.
That’s because it’s disciplined. But if you are single and you really like a girl and you fall in love with her at love at first sight, and you feel like you’re too fat, I guarantee you, all of a sudden the weight just starts coming off because now it’s your driver. You have a passion about it. It’s not discipline, discipline very, very small tank of gas.
Very difficult, a lot of self motivation, a lot of willpower, passion is endless. Passion will outperform discipline every time. And that’s why you got to be really careful about which, why you choose, but not try to be like a moral authority with your why. Your driver.
Joe McCall: It reminds me of that rhinoceros success book that you talk about so much.
Tom Krol: Oh my favorite. I’m friends with the author. Can you believe that Scott Alexander is a buddy of mine? Joe, how did this happen? Even you, I’m honored to be calling you a friend. I remember when I first started I was out on vacation. I think I sent through Todd, Mike Toback is my stepbrother and I sent you a picture. I was listening to Joe McCall’s podcast when I first started this three or four years ago.
Joe McCall: Really?
Tom Krol: Yeah, I think, I don’t know if you remember this, but I sent you a text message of me sitting like my whole family’s in the pool and I was sitting under the cabana listening to your podcast taking notes furiously. I was-
Joe McCall: No way.
Tom Krol: Oh yeah, absolutely. By the way guys, just so you know, this did happen. Joe doesn’t remember it. And just to give you another Testament to Joe’s memory, and this is absolutely true. Joe and I have met now several times in several different locations and actually in one place we actually spent three days together sitting next to each other and like going out to dinner and breakfast, lunch every day. Every single time I beat Joe, he says, Tom Krol, it’s so good to finally meet you in person, which is like the funniest thing.
Joe McCall: And I wasn’t joking [crosstalk 00:19:24].
Tom Krol: Yeah, and he was not joking.
Joe McCall: I completely forgot.
Tom Krol: I’m not that memorable I guess. Well listen, I am looking forward to meeting you in person. Joe and I are going to be at the Wholesaling Inc. I know I’m not supposed to ever date these podcasts, but we’re going to be at the Wholesaling Inc summit and Joe is one of the speakers. I’m honored to have him and he’s going to be there January 25th, 26th, and 27th 2018 Wholesaling Inc Summit, bam. Love it.
Joe McCall: It’s going to be good.
Tom Krol: That is going to be epic.
Joe McCall: It’s going to be really good. Where can people go to get more information about that, Tom?
Tom Krol: Well, it’s only for tribe members. But yeah, if they do want to do that, it would be just go to Wholesale Inc, Wholesaling I-N-C.com. But I don’t want to like, yeah, let’s don’t worry about that. Let’s focus on, I don’t want to, this is not a podcast to pitch anybody anything. So let’s just talk about, let’s deep dive right now. How do we help people, Joe, right now, what are we seeing in the market?
Joe McCall: I think what we were just saying is super important. Just keeping it simple. And when we were at this mastermind together and we were hanging out with a bunch of people that do way more deals than I do that are just, they have these huge monster businesses, right?
Like 15 people working for them, doing a lot of deals, right? And sending a couple hundred thousand postcards a month type of people. Right? And one thing that I noticed is a common theme is everybody was kind of talking was that it’s the simple, basic things.
They are all really, really good at the basic things, right?
Tom Krol: Absolutely. I mean, I think this is something that you’re a master of is don’t you have a, what is it? Good at the basics or what is the-
Joe McCall: Brilliant at the basics. I was just reading that. It’s a book that I wrote. I was just reading that this morning and thinking I need to update this, but it’s, I don’t even know if I do actually need to update it because I wrote it about three years ago and maybe I think I need to rerelease it, but being brilliant at the basics. Don’t you love that phrase?
Tom Krol: I mean, I love it and let me say this as far as right to just give you a pointed response to that. First of all, anybody who’s listening, you guys, if you’re struggling or especially not even so much, this is good for the people who want to get started, but this is also if you’re listening and you are a wholesaler or doing lease purchase options or rehabbing or landlord, whatever you’re doing, if you find that your business is a roller coaster, right?
Where you make money and then you’re not making any money, then you make money and you’re on this constant roller coaster, one of the sure… That is a symptom of one of the problems, which is not being good at the basic.
So these people will normally not be good at the basics. So if you ask them things like when did their marketing go out last? You’ll find out that they’re the one responsible for the marketing and it’s not being consistent right? Consistent. If I want to know how you are going to do today, all I need to know is what you did 90 days ago and I’ll tell you exactly how much money you’re going to make today.
But that’s one of the symptoms. The other symptom of people who are on this roller coaster business and not being good at the basics is they find something that works. Let’s just say for instance, wholesaling. They set it up and then all of a sudden they think they have FOMO, fear of missing out, and then they start to complicate their business and start to have multiple exit strategies.
Well now I’m also a rehabber and I’m also doing this and I also do that and I do seller financing, and lease purchase options, and short sales and foreclosures and da da da. So what happens is now you become an expert. That will make you some money, but produce a job, have inconsistent results, very difficult to scale, and will produce that roller coaster income.
So to Joe’s point, if you are wanting to get consistency with your income and you want to have a business that runs without you rather than a job that you create that’s very demanding, get back to the basics. I would definitely pick up that book, Joe, where do we, I haven’t gotten the book. I want to read it myself. Where do I find it?
Joe McCall: Free Basic Book.com but I’m updating the website so as we’re recording this, but don’t go there yet, but in about a week I’ll have it up and running, but Free Basic Book.com. So one of the things I was thinking about when we were talking about education versus, or you call it instruction over education. Is that what it was? [crosstalk 00:23:37].
Tom Krol: Yes, absolutely. That’s how I learned and that’s how we teach.
Joe McCall: I love that because I had this one student who was a college student, is a coaching client now. He wasn’t originally, when I first met him, but anyway, he listens to a bunch of podcasts. He told me a couple of them that were his favorites and I was talking to him and he said, “I got to tell you something really cool.” And I said, “Okay.” He said, “I was listening to your podcast and somebody else’s.
And they said that I should put out bandit signs or something.” So he’s in a college town, didn’t want to do bandit signs. So he started putting ads on Craigslist, like we buy houses, ads on Craigslist. And those just don’t work. Right? They don’t work. Well, he does it anyway.
Gets a seller that calls him and says, yeah, I’ll sell my house. He doesn’t know how to negotiate. He doesn’t have any kind of script. He can’t afford a course. He’s a broke college student. So he just stumbles his way through it, gets the property. Well, he doesn’t have any contracts. Right? So he goes to one of those office supply stores, like Office Max or Depot, whatever it is, and buys one of these generic contracts that you can buy for five bucks. Have you seen these contracts? [crosstalk 00:24:47].
Tom Krol: Yeah. Well, I know what you’re referencing. Yeah. This is amazing. I love it.
Joe McCall: He gets it under contract. He tries to negotiate, but he has like, again, he has just no idea what he’s doing. And so then he goes back through and he listens, he looks around a bunch of podcasts like, okay, now what do I do? And one of the podcasts he finds talks about finding buyers. And so he just, he did a couple of signs, I think he did the sign in the yard.
And he did another Craigslist ad advertising the house or the contract for sale and made $15,000 on his first deal with no course. Okay? No contracts, no scripts, no magic secret questions. Just by massive sheer determination. He figures it out and makes 15 grand.
Tom Krol: That’s the key. And where was the education? Was it before or after he took the action? It was after. And here is the another key takeaway that you’re bringing up, Joe, which is so important. One of the other biggest killers of new wholesalers is anticipating. So what happens is they’ll play a scenario in their mind where they’ll say, okay, well even if I go and find a motivated seller, and I talk to them, the problem is I don’t have a contract so I can’t go talk to a motivated seller because I don’t have a contract.
So now let me go research and find the contract. Here’s what you should do instead. Go and talk to the motivated seller. And if you don’t have a contract, go to Staples or get a napkin and write on the napkin. Okay, my name is Sally Smith.
I agree to buy your home at $100,000 please sign here, bring that to the title company and the title company is going to say, I’m sorry you can’t use a napkin. Here’s the proper contract and go back. But those are the people who want it. Those are the people whose kids are kidnapped. They’ll do that, they’ll move a mountain, they’ll move a mountain, guys. That is the key is stop using education as a tool to stop getting results. You can get results right now. Don’t be anticipatory about step 10 and allow it to prevent you from doing step one. That is the key.
Joe McCall: Oh man, I see that over and over again. The anticipatory thinking, worried about what ifs or, yeah, but what if this happens? I call him. Yeah. Butters. Stop being a yeah butter and they’re worried about step seven and eight before they even start taking actions and doing steps one and two. And I’m constantly driving people back when they bring up these kinds of anticipatory questions. What about this? What about… I’m constantly driving them back to, okay, well how many offers did you make last week?
Tom Krol: Right? It’s so funny. My father-in-law who has like no business doing deals, right? Lives in the middle of nowhere, Pennsylvania, he’s been working at the IT department of a hospital for like 180 years. He’s like 250 years old, right? No business doing any wholesale deals is absolutely killing it at wholesaling. He said, he said to me just recently, we took the family to Disney. I said, well, how are you doing? He said, well, I took what you taught me and I just do.
Now when all these young ones come up to me at the REIA meetings and they want to know how I’m doing all these deals, I always ask them, how many offers did you make this week? And they’ll say, none. And I’ll say, well, if you’re not making the offers, you’re not… But there you go. Brilliant at the basics. I mean, it’s so true, right? Like I’m doing, I’m moving Podio… I’m not making any offers, but I know how to put the mailing address into Podio and automatically send out an email when they say no. I’m like, oh, that’s great.
Joe McCall: How many offers are you making a day? I mean, Tom, can you imagine if people just, if they made it their lifetime goal, well, okay, not lifetime, but like if they made it their mission, like right now, to talk to five sellers a day, that’s it. Don’t buy another course. Don’t listen to another podcast. Nope. We have courses and we have podcasts and coaching that we sell, but this is the truth. And there is a place for that. Okay.
Tom Krol: Absolutely.
Joe McCall: There’s a place for that. We’re not saying… Anyway. If you just talk to five sellers a day for three months, you think they might do a deal?
Tom Krol: Easy peasy lemon squeezy. I’m telling you, man, it comes to… And the other thing too that I will tell you since we’re kind of helping people who are getting into this or just starting or might be struggling, the other thing about not only anticipation and being anticipatory, which is a huge mistake, right? Not worrying about the hurdle that’s down the block, but let’s just get over the one or under it around it, that’s in front of you is assumption. I heard this once before.
I think in a movie line that somebody said assumption is the mother of all mistakes and this is another major problem because new wholesalers, especially, are trying to find ways around things that they think the sellers going to do. Like, well, why don’t you give the price? Well, because I thought that if the seller knew that I would wanted it for so low, they were going to be offended.
So you assumed, right? Like why didn’t you tell the cash buyer that you were doing an assignment? Well, I assumed that if this, so what happens is they spend all of their time, right? Like, why don’t you tell the seller that you are going to assign the contract? Well, because I thought if the seller knew that, that they weren’t going to want to sell me the house.
Assumption is the mother of every mistake. Here’s the best thing about it, this is something I learned from Todd Toback, be a truth teller and a truth seeker. Don’t assume anything. The sellers want to sell. They want to sell fast. And this is another really, really, really important point. Whenever people, you have to understand, you’re never going to convince anybody to sell their home for pennies on the dollar.
So you want to be a deal finder, not a deal maker, right? You don’t want to be a deal creator. People either are going to sell their home for pennies on the dollar or they are not. So stop wasting time with people who are not. And here’s how you know, every single homeowner, this is if you’re listening to this podcast, pull over right now and draw three circles on a piece of paper or on your hand right now because you will understand everything about real estate investing in three seconds.
Here’s the way it works. Every single person in the entire country, when they go to sell their home, they have two of the three pieces of criteria that they are allowed to have at the sacrifice of the other. It’s speed, convenience, and price; speed, convenience and price. And you can only have two at the sacrifice of the other.
So for instance, if a homeowner wants to sell their home and they want a lot of convenience and they want a very high price, that is going to slow down how fast they are going to sell their home, they’re going to sacrifice speed. These are not our sellers. These are people who say, “I don’t want to do open houses. Don’t bring me a buyer unless they’re totally vetted and you know that they already have the money and I only want this price and I’m not going to have budge.”
What’s going to happen is the agent is going to take longer to sell that house. Those are not our sellers. Our sellers wants speed and convenience and they are willing to sacrifice price. People aren’t stupid. You’re not tricking anybody. It’s not like they don’t know that they’re giving you a good deal. So when you take off that burden from your shoulders of trying to assume things and be anticipatory and what does this seller going to think and what… Instead slap people in the face with honesty.
When they ask you a question, be honest with them. Tell them, yes, this is what I do. I offer speed and convenience. Everything’s going to be done for you. I’m going to send you a mobile notary. You don’t have to leave your home. I’m going to make it happen immediately. If I can buy this house tomorrow, just tell me where to wire the money. We’re going to do it today.
I need to make money on this deal. When a seller says, “Well, you know, are you going to live in this house?” No. Is that going to prevent me from buying your house today? Be honest. As soon as you try to start to hide stuff or not want to tell them stuff, that’s when you weaken the whole situation. They lose their confidence in you. You ruined the whole process. So be a truth teller, truth seeker, and always remember the three pieces of criteria that homeowners have to choose from.
Speed, convenience, and price. That’s it. We’re looking for the people who want speed and convenience at the sacrifice of price. They’re out there every single day. People are putting them under contract and buying their houses. So just don’t waste time with the other people. Just focus on those people and if you’re honest, it helps cut you through all the fat really quick.
Joe McCall: That’s really good. Being honest, you’ll always win. So even if it means you don’t get the deal, then you’ll still win because that’s not a deal you would’ve wanted to have anyways.
Tom Krol: You guys, everybody should hear what Joe just said. It is so profound because he’s been in this industry so long, he may not even realize, Joe, what you just said, but you see what Joe just said was, it’s not even a deal. But in the new real estate investors mind, if you’re honest, you might lose the deal.
But what Joe and I know and experienced real estate investors and wholesalers and people in our spot is you actually are working out of the wrong space. You don’t have a deal. So you’re spending all this time and energy and focus and attention trying to save a deal, but you don’t actually have a deal. You’re still in trying to find a deal mode.
So when you’re like trying to hide and navigate these waters and not sure what to say and what not to say, instead, just take that burden off your shoulders. Put your shoulders down, take a deep breath and be totally honest. And then you’ll see if you actually have a deal or not, but that, Joe, you’re 1000% right. They’re spending time trying to save a quote unquote deal. They don’t even have a deal. There is no deal. They’re talking to somebody who wants a high price. It’s never going to happen.
Joe McCall: And it’s so good.
Speaker 1: Thanks again for tuning into Wholesaling Inc. This was Part One of our episode with Joe McCall. Tune in Thursday for the conclusion in part two.