How to Achieve Six-Figure Wholesale Fees at 20

TL;DR

Josiah Pott, a 20-year-old real estate investor, shares his journey of achieving six-figure wholesale fees through cold calling and strategic networking. He emphasizes the importance of finding a mentor, leveraging compound interest, and effective lead follow-up. Josiah's story is a testament to the power of persistence and the willingness to learn from failures.

Transcript

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Key Insights

• Josiah Pott is a 20-year-old real estate investor achieving six-figure wholesale fees.
• Cold calling and networking are key strategies in Josiah's success.
• Finding a mentor can provide valuable guidance and opportunities.
• Josiah emphasizes the power of compound interest in building wealth.
• Effective lead follow-up is crucial for closing deals.
• Persistence and learning from failures are essential for success.
• Josiah transitioned from college to full-time real estate investing.
• He uses a calendar system to manage his lead follow-up process.

Questions & Answers

Q: How did Josiah Pott start in real estate investing?

Josiah Pott began his real estate journey by working with his father, who was involved in real estate. He gained experience through various deals, including contract for deeds and tax liens. Eventually, Josiah transitioned to wholesaling and land development, leveraging his skills in cold calling and networking to find deals and mentors.

Q: What strategies does Josiah use for finding property owners?

Josiah uses five main tools to find property owners: GIS systems, Secretary of State websites, Register of Deeds, white pages, and Google search with quotation marks. These tools help him gather information on property ownership and contact details, enabling him to reach out to potential sellers effectively.

Q: How does Josiah handle lead follow-up?

Josiah initially used a physical planner to schedule follow-ups, flipping forward pages to remind himself to call back leads. Over time, he transitioned to using digital tools like calendar apps and alarms on his phone. Effective lead follow-up is crucial in his process, as it often takes multiple contacts to secure a deal.

Q: What role does mentorship play in Josiah's success?

Mentorship has been vital in Josiah's success. He found his first mentor through networking and provided value by finding deals. This relationship not only helped him gain valuable insights but also led to significant financial gains. Mentorship offers guidance, support, and opportunities for growth in the real estate industry.

Q: How does Josiah manage his real estate portfolio?

Josiah manages a diverse real estate portfolio that includes duplexes, single-family homes, and multifamily properties. He strategically uses profits from wholesaling to invest in rental properties, focusing on both cash flow and appreciation. His approach emphasizes the importance of building a balanced and sustainable portfolio.

Q: What challenges does Josiah face as a young investor?

As a young investor, Josiah occasionally encounters skepticism regarding his age. However, he overcomes this by demonstrating knowledge, professionalism, and delivering value to clients. Additionally, his age can be an advantage, as it attracts mentors and supporters who are excited to see young people succeed in real estate.

Q: What is Josiah's long-term goal in real estate?

Josiah's long-term goal is to achieve a billion-dollar net worth by the age of 65, leveraging the power of compound interest and strategic investments. In the short term, he aims to expand his portfolio to 200 units within two years, focusing on sustainable growth and maintaining strong relationships with partners and mentors.

Q: How does Josiah approach deal negotiation?

Josiah approaches deal negotiation with persistence and a willingness to learn. He often starts with a low offer and gradually increases it based on feedback and market conditions. His strategy involves building rapport with sellers, understanding their needs, and providing solutions that benefit both parties. This approach has helped him secure profitable deals.

Summary & Key Takeaways

• Josiah Pott is a young real estate investor who has achieved six-figure wholesale fees through cold calling and strategic networking. He highlights the importance of finding a mentor and leveraging compound interest to build wealth. Josiah's journey underscores the power of persistence and learning from failures.

• By dropping out of college to focus on real estate, Josiah has successfully put houses under contract and wholesaled them for significant profits. He uses these profits to invest in cash-flowing rental properties, demonstrating a strategic approach to building financial stability.

• Josiah shares valuable insights on his five tools for finding off-market property owner information and the significance of effective lead follow-up. His story is a testament to the potential of young investors who are willing to take risks and learn from their experiences.