Overcoming Inaction, Direct Mail, and Becoming an Successful Wholesaler | BP Podcast 67

TL;DR

Tim Gordon shares his journey to successful real estate wholesaling.

Transcript

are you looking to become a better real estate investor and hang on because you're about to experience another episode of the world's most popular real estate podcast the BiggerPockets podcast but before we get to this week's show I wanted to invite you to become part of our community bigger pockets calm the real estate investing social network the... Read More

Key Insights

• Tim Gordon transitioned from inconsistent efforts to treating wholesaling as a business, leading to increased success.
• Effective use of CRM systems like Zoho helps in organizing and tracking leads, crucial for consistent deal flow.
• Building strong relationships and understanding the market dynamics are key to succeeding in wholesaling.
• Tim emphasizes the importance of follow-up and persistence in converting leads into deals.
• He highlights the need for awareness and adaptability in business practices to achieve success.
• Tim's approach involves targeting absentee landlords and using personalized postcards to generate leads.
• He stresses the significance of having cash reserves as a landlord to handle unexpected property issues.
• Tim advocates for a lifestyle business model, focusing on experiences and personal satisfaction over sheer financial gain.

Questions & Answers

Q: How did Tim Gordon get started in real estate investing?

Tim Gordon began his real estate journey after being introduced to BiggerPockets by a friend. Initially, he treated it as a hobby, which led to inconsistent results. However, after a challenge from a friend to take it seriously, he started treating it as a business, investing in marketing and organizing his processes, which led to his success.

Q: What changes did Tim make to become successful in wholesaling?

Tim shifted from treating wholesaling as a hobby to a structured business. He developed a marketing schedule, utilized CRM systems for lead tracking, and committed to consistent follow-up. These changes, along with investing in higher volume mailers, significantly improved his deal flow.

Q: Why does Tim prefer absentee landlords for his marketing efforts?

Tim targets absentee landlords because they often have properties they don't want to manage, making them more motivated sellers. This approach requires fewer mailers compared to owner-occupied properties, and absentee landlords are more likely to be open to wholesaling deals.

Q: What is Tim's strategy for dealing with competitive markets?

In competitive markets, Tim emphasizes knowing the numbers well and understanding the buyers who pay the most for deals. He builds relationships with big players and ensures he delivers on promises to gain the trust of sellers, which helps him succeed over competitors.

Q: How does Tim handle property inspections for wholesale deals?

Tim places the responsibility for property inspections on the buyer. He requires a $5,000 non-refundable deposit from buyers to secure a deal, ensuring they are serious and have done their due diligence before committing to the purchase.

Q: What does Tim believe sets successful investors apart?

Tim believes that awareness is crucial for success. This includes being aware of one's actions, mistakes, and understanding personal motivations. Successful investors are adaptable, continuously improve their processes, and maintain a high level of self-awareness in their business practices.

Q: What are Tim's views on building a buyers list?

Tim suggests that finding a deal is more important than building a buyers list. While having a list can be beneficial, he believes that the focus should be on securing deals first, and then finding the right buyers for those deals, as the deal itself attracts serious buyers.

Q: How does Tim balance his wholesaling business with a full-time job?

Tim manages his wholesaling business alongside his full-time job by leveraging his sales skills and utilizing systems to streamline operations. He is working towards transitioning to full-time real estate investing while ensuring he maintains financial stability through his current employment.

Summary & Key Takeaways

• Tim Gordon shares his journey from inconsistent wholesaling efforts to building a successful real estate business by treating it like a professional venture. He emphasizes the importance of CRM systems and consistent marketing strategies.

• Gordon discusses his approach to wholesaling, focusing on building relationships, understanding market trends, and the significance of follow-up. He also highlights the value of awareness and adaptability in achieving success.

• The podcast delves into the importance of cash reserves for landlords and Tim's preference for a lifestyle business model. He stresses the need for personal satisfaction and experiences over purely financial objectives.