Is Wholesaling Real Estate Easy?
Many people say Wholesaling Real Estate is easy, but is it as easy as they say it is? In this episode, Cody speaks with Alandz Geffrard from West Palm Beach, Florida. He joined the tribe only a few months ago and just closed a deal that took him less than two hours, start to finish!
He talks about the many lessons learned on this deal and shares the “one thing” that ultimately made him realize, “Wholesaling is easy but it requires hard work.”
Don’t miss this episode where you will learn about the art of cold-calling, unique strategies for building your buyer’s list, and Alandz’ “Secret Weapon” that keeps him strong in this business (it’s probably not what you think).
IN THIS EPISODE YOU’LL LEARN:
- How Alandz got into Wholesaling and why he chose to work with a mentor
- The marketing strategies that led to this deal
- Easy (or not so much) negotiation with a motivated seller
- Easily finding the down payment
- Building your cash buyers list for dummies
- Spending money on marketing
- The importance of being “consistent” in everything you do
- Exactly how long it took to close this deal
- and so much more…
If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!
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Cody Hofhine: Woo-hoo. Welcome to another podcast for Wholesaling Inc, powered by Investor Grit. My name is Cody Hofhine, I’ll be your host today. And today we’ve got an awesome podcast for you to listen to. So please, please, please, listeners, Rhino Nation, get out a pen and a piece of paper, unless you’re driving. But if you’re stable and you’re in a place that you can do this, this would be the time.
We’ve got Alandz Geffrard from the tribe. And this guy lives in West Palm Beach, Florida, and he joined the tribe in October 2016, so just recently, and he’s already going to talk about a deal that he did, just falling upon it with cold calling. So without giving away too many of the secrets or too much of his show, let’s do this. Let’s bring on Alandz and have him explain a little bit, but Alandz how the heck are you?
Alandz: Hey Cody, how you doing today?
Cody Hofhine: Not too bad. Fill in the gaps and fill in the voids where I might’ve been to kind of explain a little bit about your background and maybe about what you’ve done for wholesaling. And kind of go from there and fill in the gaps for us.
Alandz: Well, my name is Alandz Geffrard like Cody had said. I’m in West Palm Beach, Florida. Not too far from Tom Krol, probably like an hour away.
Cody Hofhine: Woo.
Alandz: I started wholesaling back when… Actually, I got introduced to Wholesaling when I was in high school. A instructor of mine, he was a economics teacher and he made us read Rich Dad Poor Dad, and then actually he was wholesaling at that time. But I didn’t really get into it until after high school, after like two years. I was like, “You know what? I want to get into real estate.” So I went to… Made me go on a site and then that’s when I got introduced to wholesaling and then I was doing some research, that’s when I fell upon it and I loved it.
Cody Hofhine: Cool. So what’s interesting to me is, there’s so many people out there that read the book Rich Dad Poor Dad. It’s definitely a game changer for a lot of people. It helps people understand the mindset of real estate and what it can do for you and understand the concept of money and he had a huge paradigm shift in that book. But then living in West Palm Beach, not too far from Tom, do you hear that guy ringing a victory bell? That guy just is amped with the victory bell and I love it. And you probably hear him yell bam from where you’re at probably.
Alandz: Of course. He’s always ding ding ding bam!
Cody Hofhine: Bam! Yeah. I love Tom. Tom’s the man. So perfect. So you’re already in a local market. Pretty damn close to Tom. And then there was something about it that just jazzed ya, said, “Hey, I want this guy to be my coach.” You join the tribe and here we are in February 2017 and you’re ready to share us a deal that just recently took place. Kind of give us a step by step breakdown of how this looks, what you were initially doing and how it led to this close.
Alandz: Okay. Initially I was doing real estate, but I was door knocking at that time. I was going on pre-foreclosures, knocking on doors. I probably go on like five or 10 houses, knock on doors and maybe get rejected or, yes, I got a client, but they might be too far upside down, or I might have to do a short sell and do some other crazy things to just get that deal. And then I finally closed the deal. I landed upon Tom Krol and I was like, “You know what, let me get in the tribe, let me not hold back”. And once I got in it was a game changer.
Cody Hofhine: So here you have, now talking to even more specific, now to the deal we’re going to be talking about that you did with wholesaling. It’s kind of cool hearing this story because here you were trying to do one thing and it actually led to a very motivated seller. Tell us what that looks like and tell us what you did to get this most recent deal that you just did.
Alandz: Alright. Actually, I was doing what the tribe was teaching. I was cold calling. I was building up my buyers list and then as I was building up my buyers list, I fell upon a motivated seller when I was on gosection8.com. So as I was on Go Section 8, building up my buyers list, going over the script, I fell upon a motivated seller that says, “Hey, you know what?” Going over to script, and then she’s like, I’ll say, “Are you looking to sell? She was like, “Yeah, I’m looking to sell”. I said, “Okay.
And I started going over the motivated seller script and as I was doing that, I was doing the research on the phone and she’s like, “Oh.” I said, “How much would you like for your property?” She’s like, “Oh, I would like 125” and I look I’m like, “Oh my gosh, I’m right there”. I say, “When…” I drop everything, I said, “When can I see it?” She like, “Well, I’m in Miami and I don’t want to deal with the property no more. I was, it got inherited from my father, so I just want to give it away.” I’m like, “Okay, well then let me do some more research and I really would like to see it.”
Cody Hofhine: So Alandz, hold on one sec right there. So, originally this phone call, just start off, just to kind of paint the picture perfect for Rhino Nation, our listeners, essentially you’d go on to gosection8.com, a great place because it’s all landlords that are looking to place tenants in their properties. You’re calling out to these landlords, seeing if they are looking to add maybe more properties or rentals to their portfolio. And you ask them if you use a, like a script, whatever it may be, you call, you reach out to this lady and you ask them, “Hey, are you looking to sell this property?” And she actually says, “Actually I am looking to sell this.” And so what was one thing, and this is why I want the listeners to listen to, is just by doing action, just by doing step-by-step, by even, here’s the approach that Alandz took is calling for a cash buyers list, building this cash buyers list, getting it going.
And just by taking that massive action and doing what is exactly instructed to them, like just taking it step-by-step, he is able to now talk to a cash buyer that happened to be a motivated seller. So, that’s the key thing to get from this is you never know where the next deal is going to come from. In your mind, you’re probably thinking today’s a good day to build cash buyers list and then Holy smokes, nevermind, today’s a day to go close a deal. So, she talks to you, tells the numbers, it looks good. Take us from there.
Alandz: Yeah, thank you Cody. Exactly what you said. So from there I went to go look at a property and it’s located in Lake Park. Not too far from me, about 10 minutes away. So as I drive there, I met with one of her, I would say her handyman that normally do her property. So I was going over, building rapport with him and saying, how do he know the client? He was telling me, Oh he know her because he grew up with her from small. So as soon as I finish looking at the property, as I was leaving, one of my buyers actually called me and we just did a deal probably like a month ago. And then he’d call me, “Hey, you got a hot deal.” I say, “I got one just came from it. I think that’s your look.” So he’ll like, “Okay.” He says, “Send me the address, tell me a little bit about it.”
So I was telling him a little bit about it. I said, “Hey, it’s a two-two. You know what? Things are not that high [blast 00:07:32] so I will sell it to you for 125. He said, “Okay, no problem.” So he dropped everything, he said, “Do not show anybody this.” I say, “Alright, no problem I can meet you at the property tomorrow.” So later on, the next day we met at the property. He took a walk through and he said, “You know, I want it, let’s get it done.” So I thought, okay, you know what, about to do a deal. Quick, easy, bam, bam. But no, that wasn’t it. So as I called the seller, putting the property on the contract, like I normally do, use the property on the contract, use the as-is, FAR/BAR contract for Florida, because she wanted to send to her attorney. Well, I put $500 now. She said, “No, if you want this property, you got put $10,000 down.” And I’m like, “Whoa, that’s a big, big jump.” I’m like how am I going to do it?
Cody Hofhine: That’s a huge earnest money deposit. Absolutely.
Alandz: That’s because she says she wanted to make sure that I was very serious. I said, “No problem.” I call my buyer and say, “Hey, you know what? You’re going to have to put $10,000 down.” He said, “Okay, no problem. Let’s just do it.” So, he had his attorney sent money that he already has an escrow and we sent it to the lady. She like, “Okay, let me have my attorney look at it.”
So it probably took like three or four days, but, the thing about the game is you got to be persistent. And she said, “You know what? You’re very… You’re always following up. And I liked that about you.” So I kept on calling her, “Hey, have you looked at the contract? Hey, have your attorney sent it? Hey, well what else do we need to do?” So, long story short, we actually ended up turning this wholesale deal into a seller finance. So what seller finance is where the homeowner, we give them money down and the homeowner keeps the mortgage in place. With a little bit in the back payment. Well everybody’s happy, happy. So what she wanted was 80,000 in the front and 40 in the back end. With 10% with a year balloon payment. So we agreed to it and I structure the whole deal and my buyer was happy, I was happy and she was happy.
Cody Hofhine: Awesome. Awesome, awesome. So what had started out to be a great deal, but here’s the best part. As you can tell, and, he kind of went over this pretty easily, but you can also tell is like, no, no, no, it wasn’t easy. The big thing about this is there’s always going to be some road bumps and hiccups along the way, but it’s okay. That’s going to be part of life. If you can accept the fact that there’s going to be road bumps, not everything’s going to go together perfect. It did it in this situation. What started off being a deal like, let’s go. Then all she’s like, no, I need $10,000 earnest money. And Al has just looked like Holy smoke, like where am I going to pull 10 grand out of to put earnest money down on this? The best part, he thought outside the box, he got his cash buyers investor, right, to put in that 10,000 earnest money.
If you think outside the box and don’t let these little hiccups knock you too hard, you’ll realize that it actually is pretty darn easy. There’s nothing really difficult to it. We always say this all the time, Tom and myself, wholesaling’s easy. It’s typically the investor that’s difficult, so if there’s anything difficult about it, typically it’s the investor that’s difficult. So Alandz took massive action. He’d find these little bumps, these little hiccups along the way, but it didn’t stop him. He just created the scenario to make it work. So, “Hey, I don’t have the 10,000 but, this investor has 10,000, put the money down.” So he was able to accomplish that. So my man, Alandz, I’m telling you, that is absolutely awesome. With that being said, what did you end up making on that deal?
Alandz: Oh, on that deal, I ended up making roughly, I would say about 4,000 and some change.
Cody Hofhine: Not bad, not bad. You know what’s coming, right? Get ready, get ready.
Alandz: I love this part.
Cody Hofhine: Woo! So you got your four grand assignment and you were able to go from there, put some money back into marketing and now just put it on wash, rinse, repeat, and look for your next motivated seller.
Alandz: Yeah, actually. And actually, I forgot to mention that, actually I had the buyer on his toes because I like, “You know what, I got somebody that want it right now. So if you’re not going to take it, let me know and I’m going to give it to them.” And he’s like, “No, no, no! I want it right now, so please don’t give it to nobody.” I’m like, “Okay, if you’re going to go with it, I need to know right now because I got somebody that will put the $10,000 down and they will take the property and close next week.” They’re like, “You know what, I’m sending you all my information right now and it’s at the title company so, let me get that information to you.” And it didn’t take that long. Probably took like an hour to get that information-
Cody Hofhine: From start to finish though, we’re talking this probably took you like 250 hours, I’m guessing?
Alandz: Nope, it didn’t.
Cody Hofhine: Absolutely not. So from start to finish, from the first time you spoke with this lady on the phone to check in hand, how many hours are we talking that you put into this deal?
Alandz: I will say not even… I would say an hour and a half.
Cody Hofhine: An hour and a half. Holy smokes. That’s the best part of wholesaling guys, is listening to that an hour and a half. So let’s just round up two hours of work and he has a $4,000 payday. It’s absolutely phenomenal and this can be done nationwide. Wholesaling is awesome. It’s a great, great way to make an absolute fortune. And in turn, a lot of people I know cherry pick their best deals and they’re able to keep them for longterm buy and hold rentals.
And I’m telling you, it’s amazing. I tell everyone I come in contact with, I would always start as a wholesaler. Wholesaler is the best way to find deeply discounted properties that you can then find, whatever your exit strategy may be, to turn it for a profit. And so, you’ve chosen to use the simple, put the home under contract and then assign that and it’s an assignable agreement where you assign it to a end buyer that you’re able to do that and make some profit, make some money there. That is absolutely awesome. My man. Alandz, the head rhino, taking massive action. I absolutely love it. Good job.
Alandz: Thank you very much Cody.
Cody Hofhine: Okay, so Alandz, my man from here going forward. I know everything isn’t just easy and maybe I should ask you, is wholesaling just so easy that it’s just easy, easy, easy, easy?
Alandz: Wholesaling is easy but hard work.
Cody Hofhine: Hard work. That’s the main thing I want to get the message across so that everyone understands it is an easy principle. It is an easy concept, but it will require hard work. But if you’re willing to take massive imperfect action and go for like the progress, not perfection. Quit waiting for perfect plan, perfect plans just don’t exist. They just don’t exist. But those individuals that are willing to do exactly what Alandz did, look how he started. He talked as he was going and knocking doors, knocking doors, knocking doors. This guy’s not afraid of going out there and making things happen. Did he get a whole lot of deals from it? No, but he took massive action regardless to know that he could go find a deal. And here it has led him to wholesaling where he’s doing super well, he’s been super successful and 2017 looks pretty darn bright for Mr. Alandz.
So tell us if there was a bit of advice that you could tell the listeners. We have a lot of people that are just hearing about wholesaling. A lot of new beginning students. We have new beginning people that are just falling upon the podcast. What would be your greatest piece of advice? If you could give one piece of advice, what would that be? For our listeners.
Alandz: The greatest advice that I would give is you’re normally safe, sell yourself forward. If they tell you to do something don’t keep on, “Oh, I got to get enough information in order for me to get it. Or, I don’t know that much.” When I started I was only probably like 21, now I’m 24 but when I started I was like, “Okay, this is what they tell me to do.” I stopped everything and I just kept on pushing forward.
Even if I was very wrong, I was like, “Okay, you know what? I don’t know as much, but I will learn it in the future.” So just, don’t learn as much and just keep all pushing. So you basically just keep on pushing ahead.
Cody Hofhine: Perfect. Not the education, don’t get into the analysis paralysis. We usually call education cancer because it can get you just staying put in your track. So I love that you just said don’t just keep educating yourself, but just go out there and do it. Now, again, at 21 years old started into this he’s still young. He’s at a young age of 24 and here he is finding success in wholesaling. So you can do that. With that being said, what is a good book that you would recommend for our listeners that is like, “Man, this has been mind changing for me to read.”
Alandz: The Go-Giver.
Cody Hofhine: Okay, what about The Go-Giver that you absolutely love? Because here’s the thing. A lot of people do this. We just had an earlier episode with Brent Daniels. He reads this book every single week. What is it that you love about the Go-Giver?
Alandz: The Go-Giver, it just have a, it just shows you how to, I always had an abundant mindset, but I didn’t know what capacity that it could bring me to. So The Go-Giver just give you that mindset to be like, “Okay, you know what?” You can’t always be looking at to, “Okay, I got to find a deal. I got to find a deal to make ends meet.” But you’ve got to look at, “Okay, who can I help and how can I change their lives. And then also by changing their life, bring income into my pocket or my family’s pocket.”
Cody Hofhine: Super smart. Such a good mindset. Because that is the whole name of the game for wholesaling. Forget about real estate, forget about the home, it’s not about the home, it’s about the individual. And it’s about helping them. Remember, we make money helping people with their situations being the solution. So, that’s spot on, I love it. When you go with the mindset of helping and not selling, I always tell people, replace the four letter word sell with the four letter word help, and you will be so successful in anything you do. Whether you choose wholesaling, whether you choose fix and flip, whether you choose longterm buy and hold for rentals, whether you choose to work for someone for corporate America, the more you help people and serve people, the better off you are going to be. And quit thinking of the word sell. Always think of the word help.
“How do I help these individuals?” And I promise you that’s where success is found. Well my man Alandz, thank you so much for being on the show today. I know you’re a busy man and you’re going to get right off this podcast and go right back to work. So thank you so much for joining us today.
Alandz: Thank you very much Cody, take care.
Cody Hofhine: So Rhino Nation, we just had another amazing episode of Wholesaling Inc with Mr. Alandz Geffrard. And he has told us one simple, easy step to do to find your deals. And his came from a channel of just getting on the phone, building a cash buyers list and then realizing he just came across the landlord that was pretty darn motivated to get rid of one of the rentals that they had, that they had just inherited. They didn’t want it anymore. But he took massive action to get on that phone to determine that he is going to be building a cash buyers list that day and he found a deal.
This too can happen to each one of you, but it does take that first step of picking up the phone and start dialing. If you do that and you take massive action, you too will find success just like Alandz did. Again guys, one announcement is, awesome, is we are always saying go to investorgrit.com. Now we want you to go to a different website.
Get ready for this. It just barely, barely went live. It is wholesalinginc.com. So wholesaling I-N-C dot com, go over there, play around on the website and go look at the new videos, the new testimonials. You will get inspired and motivated like no other. You’ll hear amazing inspirational testimonials of people doing wholesaling around the whole entire nation. This is what we put together so that everyone could get inspired and realize you can be part of this. And if you want us to personally help you with your wholesaling business, you’re more than welcome to click on that coaching tab. Book a call with our team and if we like what you have to say, we just might invite you to be part of the tribe. Until next time, Rhino Nation, take care.