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Episode 10: Everything you NEED to Know to Wholesale

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Show Notes

Welcome Back to the Discount Property Investor Podcast Episode 10! Thank you for sharing some time with us today. In this episode the hosts share with you everything you need to know to wholesale!

We really give away everything you NEED to know to wholesale in the free course. Check it out and give us your feedback!

To learn more about Wholesaling visit: https://www.FreeWholesaleCourse.com

Check out our Tool Kit to see David & Mike’s Secret Weapons:
https://discountpropertyinvestor.com/toolkit/

Welcome to the discount property investor podcast, where we show you how to buy real estate at a discount, so you can create wealth over time and income today. Our mission is to share what we have learned from the experience of others and help you make more money investing like a pro. We want to teach you how to create wealth by investing in real estate the discount investor way.

Thanks for tuning in.

David: Alright guys welcome back. Episode ten, discount property investor podcast. I am your host David Dodge with co-host Mike Slane and in this episode we are going to talk about everything you need to know to wholesale.

So in the previous nine episodes we have talked about a ton of information. Mike do you want to do a quick recap of what we have covered in the previous nine?

Mike: Absolutely. So in the first episode we gave you guys a brief introduction to the discount property investor team, which is David, me, and our two partners. We then wanted to get into — basically what our plan was for the podcast, we mention that as well. We started in episode two with what is wholesaling? So we just gave a definition of it, brief example of what wholesaling is. From there the when where and why’s of wholesaling, so basically answering all those questions for you, hopefully presenting it in a way that makes sense to you. And also, the main thing I want to hear on that why part is you have got to find your ‘why’ to drive your passion. If you are working a job right now full time, you got to do this wholesaling on the side, you got to be passionate about it and you got to find that ‘why’ so it extremely important.

David: Find it, define it — absolutely.

Mike: Yeah, so episode I think it was number four. We talked about marketing to sellers. So you got to find some motivated sellers in this business. You are in the business of marketing and we talked about some different strategies for that. The next thing is, when you are talking to sellers on the phone you have to make offers, so that was our next episode. Following that is the contracts, if you are making offers you got to be familiar with your contract. You are going to be the expert so you got to know how to help your seller with the contract, explain things to them. We also have the episode on selling your properties so wholesaling your properties are your inventory and once you get under contract you got to sell it fast otherwise you are going to have to close on it, so that’s really important. Once you get under contract you have done 40% of the work. You got to get that property sold and get it to the title company. Which is the next part, which is closing the sale, so episode eight we talked about closings, different types of closings, how to bring that to the title companies, how to find the title company, all that stuff. In the previous episode David and I shared with you some case studies; I talked about my most recent wholesale transaction. Dave had actually talked about his first wholesale transaction. So a bunch of good stuff.

So the reason for today’s podcast is so we really want to encourage you to get started. I think that’s the overall goal is that we have laid out all this information for you and the podcast and now we have the free wholesale course. I am super excited about it, I know Dave is too.

David: Oh man, this is awesome guys so; we have spent a ton of time and our own money to put together the free wholesale course for you all. All of the previous content that Mike just recapped on from these episodes is laid out in free wholesale course, as well as a ton of other additional information in there. So we invite you — and we have said this several times in the previous episodes, check out https://www.freewholesalecourse.com. But we invite you to come check out the course, it is free to — create a user account and log in, and the course is laid out in a very, very easy to you lay out. It is a step by step course, the process is very simple. It consists of video modules of me and Mike, talking about each individual step. We want to keep this very, very simple. There is also tons of content in there; we have contracts and calculators that you can actually download in the course for free. Then we have —

Mike: Download and use in your business. The whole point of this was to make it easy for you to get started. I feel like — as I have progressed in my wholesale career and Dave you as well. I have seen a lot of the free content that’s out there and a lot of it is really good. You can find videos on stuff and — on YouTube and other places. But it’s not all put together and packaged up for you in an easy and use able way.

David: That’s the biggest problem.

Mike: That’s the problem we were trying to solve and address with the free wholesale course. So that’s there for you.

David: That’s there for you — it’s downloadable, and again we want you guys to use this stuff. If you want to modify it by all means do what you want to do. The whole purpose of the free course is that we don’t want you guys to make the same mistakes that Mike and I made in the beginning. We want to give you the content in the nicest, easiest layout. Mike let me ask you a question, while we are on this topic. When you first started wholesaling, you dove into educating yourself, watching videos, reading books, listening to podcasts. How long did it take you from the day that you found your ‘why’, till the day you got paid on your first transaction?

Mike: I think I mentioned it in the past episodes, if I didn’t then I am happy to share that. So, I quit my job before I ever did a wholesale transaction. I mean I knew I was going to wholesale — I quit my job and it took me six months before I actually closed a deal. So again, I was doing it, I was fumbling around, I was doing this and that but it was difficult.

David: It probably took me between three and four months. That was me every day without an income, I didn’t have another job — I was watching video, after video, after video, reading books.

Mike: What’s funny about Dave because I know — obviously working with Dave day in, day out — is that he works 12-15-18 hour days it seems like. I can’t keep up with the guy, he’s relentless. So to hear that it took him three or four months —

David: It did, it took me a long time, but the problem wasn’t that — I didn’t have the information because looking back — after about three or four days of doing my research I know what I needed to do. All the things that I needed to know were there. But they were not laid out in a nice, easy — layout for me to follow step by step so that’s one of the major reasons why we put this course together, is because those people that are in what I like to call analysis paralysis mode — they have all the information, they just don’t know how to put it together in a nice easy way. So that is the main reason that we put this course together. We have a passion for wholesaling, we have a passion to help other people, to teach and also coach. Again, that is why we put this together, we want you to check it out, and we encourage you guys to check it out. It is an awesome course. Mike, do you want to touch on some of the course curriculum, some of the modules real quick? Obviously we don’t to break down every little piece because we want you guys to check this out —

Mike: Yeah and give us feedback too, we are always looking for feedback, hopefully we can improve it, make it better. I mean that’s obviously what our whole goal is to share this information with everyone. So I think one of the things I want to touch about in the program, I know we talked about downloadable stuff. We have given you a downloadable contract that you can use in your business as a PDF. But we also give you the word document so you can edit it.

Mike: You want your spin on it or whatever you want your out clause. Because, you heard this from someone else and that is the most important thing, or on your market. Like that could be something you need on the contract.

David: Same thing with the calculator it’s —

Mike: Exactly, so we have a calculator to help you make offers which is awesome. So you can download it and — you can edit it to fit your needs.

David: Yeah, if you don’t like the way it looks or you don’t like the way it’s operating, modify it, change it, do it your way but it’s a great start guys. You can use those in your own business, but — the main reason it took Mike five of six months, me three or four months — we don’t want you guys to have that same — hardship that we faced.

Mike: I am super jealous of people who —

David: If you can this from day one it would be amazing so — but we are kinda wanting you to do is — we want you guys to do your first deal in the first month. Two to three weeks would be amazing. I think it is very possible for you to do your first deal within 30 days. Absolutely.

Mike: 30 days is — that is a go getter for sure. One of the things with — with real estate is, you get a property under contract, then you got the title work and there is a time period so that’s another thing in our business we are trying to shorten that time period. But again, it does take time, it isn’t like you get it under contract, once you get it sold its done. You still have to get it to the closing line, to the closing table, to the finish line. So — to get it done in 30 days, that means you are basically — you would have something under contract in two weeks, there is no reason you can’t.

David: The reason we put the course together is to get out there and get marketing. Don’t forget guys, you are in the marketing business, real estate just happens to be — the product that you are buying and selling. But you are not really in real estate, you are really in marketing. Don’t forget that it’s really important so — one of the things we highlight in the course is that you need to start marketing today. You need to have a marketing budget and you need to get those mailers out, those bandit signs, whatever you want to do to generate leads and start immediately.

Mike: I think we have said on the marketing episode — you do need a marketing budget but if your market budget is zero to start, that’s ok, you can start posting ads online and reinvest back.

David: You might not have a marketing budget that’s all money; you can use your sweat equity and time. But you still have to have —

Mike: Just a different way to think about it. Your marketing budget is one hour a night of posting Craigslist ads and stuff like that. That’s the reason back to finding your ‘why’ you got to do that. So we have got everything laid out, I think it’s in a great order.

David: We will touch on that real quick; the first module is just going to be a little welcome video by us. Then we kind of break down what is wholesaling. So again, in previous podcast episodes we have talked about what is wholesaling? And that is going to be module one. Module two we are going to really break down the motivated seller aspect of it. So again, we are using really creative software called mind mapping. We didn’t even talk about mind mapping. Its awesome software, you can click through it and it just lays everything out in such an easy to understand, step by step form.

Mike: Its visual its super easy to use, you can — yeah they are great.

David: Check it out it’s really, really awesome, so we have those, we have some videos, some content in there as well. Then number three, module three will be making offers. Same scenario, tons of videos, we have some videos actually about how to use Zillo to pull comps if you are not an agent and you don’t have access to the MLS. That doesn’t mean you can’t do this business, there is tons of free websites out there Zillo, Redfin, — there is tons of them out there, you can use all those, you can figure out what properties are selling for in the area and you can figure out what the comps are. There is a video on there about that, offer calculators, it’s awesome. Module four, using contracts to purchase — again we have that free contract, the PDF and the work doc. Super awesome, module five, Mike take over here — marketing properties to investors —

Mike: Sure, marketing properties to investors, we got — there is a mind map in that one as well, basically kind of a marketing campaign layout for you. You are ready to go, do this, this and this. It is all in the mind map waiting for you to go. There is also — like a word document that kind of goes over specifics of this is what you should do, this is what you should do. Not necessarily specifics but it gives you guidance. You have to figure what is working in your areas as well.

The next module is closing deals. So we talk a little bit about different ways to close the deal as well as provide you with an assignment contract. So you have the purchase contract upfront at the beginning of the series. You can use that as a sales contract as well; same contract or you can assign it. Whether you are doing that double close or assignment. So we got the closing the deal module and the last one we kind of recap everything. There is a mind map in there that kind of shows the entire process from start to finish and really just a sincere thank you to you guys.

David: That is one of favorite mind maps we created was the recap mind map because it starts in the beginning and says you need to do this today. Tomorrow you need to do this and so on and so forth. As you progress through the steps of wholesaling it has the next step right there. Jam packed with information guys.

Mike: There is a reason we put that one at the end too. You got to do step A first, step B. Because if you start with that it’s a little overwhelming in my opinion. It could be, so start with step one and kind of work your way through it. I think you guys are going to do great. I am super excited, please visit https://www.freewholesalecourse.com and let us know what you guys think, it is totally free, just asking you guys to check it out

David: At the very bottom of the course there is a discussion forum. So if you have some time and you check out the course, we would really appreciate some feedback. We want to continue building on this course and adding more and more additional free content and provide more and more value. To our listeners, to our subscribers, to our viewers and of course our students — so please leave some feedback, leave some comments in there. If you guys are looking for more after you take the free wholesale course, we do have additional courses, we have the discount property university. Which is actually a paid course, so you can check that out on https://www.freewholesalecourse.com, there is a link at the bottom that will link you over to that. And that just takes the free course and puts it on steroids. So the free course is probably going to take you just a couple of hours to get through. The university course is going to take you — days to get through. However, you will be considered a pro, and expert. Because everything that we do in our business is in the university level course. Everything, and the greatest part about that is, we have some great technology here, some great cameras; I just bought some new microphones for us yesterday. So we are going to be showing behind the scenes of our business. How Mike and Dave are sending their offers. How Mike and Dave are doing their mailing campaigns. Where are they going? What do their letters look like? How are we working with VA’s? Where to find VA’s? How to train your VA’s? What we actually use to train them, what we have them do, where to start with that process —

Mike: I think the difference between the free wholesale course and getting started and the university is really — at least my plan but I think you said it. We want to show you how to make wholesaling a business. How to turn that into your business, not sure a side project or a part time job.

David: Yeah, because a lot of people — when they start doing it, it’s kind of a double edged sword. They get into wholesaling or getting into real estate in general because they want to have freedom. However they end up going from an 8 or 9 hour work day job to a 10 or 12 hour a day work schedule to grind — going from their secure 9 to 5 job into being an entrepreneur in real estate. But they have literally added 40 or 50% more work. So it’s kind of like wooah what’s going on here? Why did I just make this shift to try and eventually work less but I am working so much more now. So again, — in the university level course the reason that we have so much more in there is because it is not just about wholesaling. It’s about building a business, putting together a team and hiring some virtual assistants as well to help you. So that way you can actually make more money and work less.

The last thing I want to touch on in this episode guys is coaching. So Mike and myself and our two partners Bill and Ray who you met in previous episodes. We do offer a coaching program and a mentorship program. I don’t want to get into too much detail about that program, the reason is that we are going to continue to provide value with that program so I don’t want to lay out the specifics of it today because, in a week from now or a month from now it maybe a totally different program. But on the https://www.freewholesalecourse.com we have a ton of information on there as well as a form you can fill out to get more information or even schedule a call with myself or Mike. If you are interested in getting some information or talking to us about our coaching program, getting prices and all that information. So on the free wholesale course there is a form on there, fill it out, you can schedule a call with myself or Mike and as always, if you want to reach out to Mike or myself it’s David@discountpropertyinvestor.com, Mike@discountpropertyinvestor.com.

Mike: So again guys visit — your action item I think for this episode — we just ask you please go visit https://www.freewholesalecourse.com and let us know what you think of it. That’s the main thing is — I want to know if we have put out a good product. I am super excited I think it’s awesome.

David — obviously we have paid courses and we offer coaching, but you don’t have to do any of that. We are giving away a free course that we have spent weeks working on, tons of money, tons of time and we want to do this to provide value. So if we can pick up value from you all in return down the road then we are happy. Today go check it out —

Mike: I’m also happy about the course because when my mom or dad say, what do you do again? I can say go to https://www.freewholesalecourse.com. Check it out. Nobody understands it so this is a great way to kind of put that together.

David: Guys, thanks for listening today we really appreciate your listens and your views, leave us a review if you don’t mind online, on YouTube on ITunes or Stitcher help us reach a wider audience and get our free course out to the world. We want to share it with everybody and we want to provide as much value as we possibly can so. Thanks again for tuning in today guys, Mike you want to close us out with a quote?

Mike: Sure, we will wrap it up with — “A good plan executed now, is better than a perfect plan next week.” Thanks for listening guys.

David: Thank you.

Thanks for Listening

Thanks for listening to the discount property investor podcast. If you enjoyed this episode please like, share and subscribe to help us reach a wider audience. We would also appreciate if you left us a review on iTunes or Stitcher. Thanks in advance for your support and remember, you make your money when you buy and get paid when you sell. Now let’s go build some wealth.

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To learn more about Wholesaling visit: https://www.FreeWholesaleCourse.com

Check out our Tool Kit to see David & Mike’s Secret Weapons:
https://discountpropertyinvestor.com/toolkit/

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