A Simple Strategy for Doing 25 Deals a Month with Brett Snodgrass | BP Podcast 231

TL;DR

Brett Snodgrass shares strategies for wholesaling 25 houses monthly.

Transcript

This is the Bigger Pockets podcast show 231. You're listening to Bigger Pockets Radio, simplifying real estate for investors large and small. If you're here looking to learn about real estate investing without all the hype, you're in the right place. Stay tuned and be sure to join the millions of others who have benefited from biggerpockets.com, yo... Read More

Key Insights

• Brett Snodgrass emphasizes the importance of integrity in wholesaling, advocating for transparent and ethical practices.
• Direct mail marketing, PPC, and networking with other wholesalers are key strategies for acquiring deals.
• Wholesaling is a transactional business, akin to running any other type of sales business rather than traditional real estate investing.
• Brett recommends new wholesalers partner with experienced mentors to learn the ropes and avoid common mistakes.
• Building a strong buyers list is crucial, but Brett suggests that even a few reliable buyers can suffice for consistent deal flow.
• Brett's business model involves closing on properties before reselling, which simplifies the process and builds trust with sellers.
• The importance of a morning routine and focus on one main business strategy is highlighted as a key to success.
• Brett's ultimate goal is to use the profits from wholesaling to fund his passion for ministry and community impact.

Questions & Answers

Q: What is Brett Snodgrass's approach to wholesaling?

Brett Snodgrass's approach to wholesaling involves buying properties outright before reselling them. This method avoids the complications of assigning contracts and builds trust with sellers by ensuring that the transaction is straightforward and transparent. Brett also emphasizes the importance of ethical practices and integrity in every deal.

Q: How does Brett find his deals?

Brett finds his deals through a combination of direct mail marketing, pay-per-click advertising, and networking with other wholesalers. Direct mail targets specific lists, such as tax delinquent properties and absentee owners. Networking with other wholesalers allows Brett to access a steady stream of potential deals without the cost of marketing.

Q: What advice does Brett give to new wholesalers?

Brett advises new wholesalers to partner with experienced mentors to learn the business and avoid common mistakes. He suggests starting with free or low-cost methods like cold calling or networking and emphasizes the importance of building a strong buyers list. Brett also stresses the significance of ethical practices and transparency in building a successful wholesaling business.

Q: What is the role of Brett's team in his business?

Brett's team consists of acquisitions specialists, a closer, and a dispositions team that handles sales. The acquisitions team manages incoming leads and evaluates properties, while the closer handles all aspects of the closing process. The dispositions team markets properties to potential buyers and manages relationships with investors. Brett also employs virtual assistants to support various functions.

Q: How does Brett handle closing costs in his business model?

In Brett's business model, his company covers the closing costs when purchasing properties. However, when reselling, the buyer is responsible for the closing costs. This arrangement allows Brett to maintain a transparent and straightforward process, minimizing confusion for sellers and buyers.

Q: What are Brett's long-term goals for his wholesaling business?

Brett's long-term goal for his wholesaling business is to use the profits to fund his passion for ministry and community service. He views the business as a means to an end, providing the financial resources necessary to make a positive impact in his community. Brett is focused on building a sustainable business model that allows him to pursue these goals.

Q: What challenges does Brett face in the wholesaling market?

Brett faces challenges such as increased competition in direct mail marketing and the need to continually build and maintain a strong buyers list. The market dynamics require him to adapt and find innovative ways to source deals, such as leveraging relationships with other wholesalers and utilizing various marketing strategies.

Q: What is Brett's perspective on work-life balance?

Brett values work-life balance and strives to be present in the moment, especially with his family. He has structured his business to allow for flexibility and emphasizes the importance of effective time management. Brett believes that maintaining a balance between work and personal life is crucial for long-term success and fulfillment.

Summary & Key Takeaways

• Brett Snodgrass runs a successful wholesaling business in Indianapolis, completing around 25 deals per month. His approach focuses on closing deals ethically and transparently, which builds trust with sellers and buyers alike. By purchasing properties outright before reselling, Brett simplifies the process and avoids common pitfalls associated with contract assignments.

• The business utilizes direct mail marketing, pay-per-click advertising, and networking with other wholesalers to find deals. Brett stresses the importance of having a strong buyers list but notes that even a few reliable buyers can ensure consistent deal flow. He also highlights the significance of partnering with experienced mentors for new wholesalers.

• Brett's wholesaling business is a means to an end, providing the financial resources necessary to pursue his passion for ministry and community service. He emphasizes the importance of focus, integrity, and effective time management in achieving success, drawing on lessons from business books like 'Traction' and 'The One Thing.'