The REI Live Podcast is a real estate education podcast that focuses on interviewing the top real estate investors in markets all throughout the country. Our guest experts will provide you with the skills and tactics necessary to succeed at buying rental property, rehabbing, wholesaling, and any other creative form of real estate that exists.Read more »
The REI Live Podcast is a real estate education podcast that focuses on interviewing the top real estate investors in markets all throughout the country. Our guest experts will provide you with the skills and tactics necessary to succeed at buying rental property, rehabbing, wholesaling, and any other creative form of real estate that exists.Read Less
Cody Hofhine, one of the owners of Wholesaling Inc., joins Brian on the show to share some serious value and actionable items on getting started in your wholesaling business. In addition to steps you can take today, Cody talks about the importance of mindset, finding a mentor, and consistency!
Key Takeaways:
[2:10] Cody’s Story: He started in construction working for his dad’s company, but when the market crashed in 2008, he transitioned to a job in sales (fencing, and then insurance). Fortunately, he became a member of a local REIA, insuring real estate investors, and that happened to be a stepping stone to his next venture — wholesaling. He was a student of Tom Krol, and now is his business partner with their company Wholesaling Inc.
[6:50] Tom and Cody became business partners when Cody came to Tom with some key things that were bringing him success. They merged together to add even more value to their customers. Their company’s goal is to help people get to their first deal by providing value and sharing experiences of students that have gone through the program.
[11:10] People want more than a deal, they want a consistent business that’s automated. At Wholesaling Inc., they also have “the Tribe” where people can celebrate their success with others.
[14:20] There is a mindset shift when you consider your value added. Rather than looking at it as “how can I make a living,” look at it as “how can I make a difference?” We are directly compensated by the value we bring; if we bring a lot of value, we’re going to get paid well.
[16:00] Cody has an automated wholesale business. He works 3-5 hours a week on the business, and he has a team in place to help. The key to his success is making a process for every step he did and putting it into a manual. If you can record yourself doing the process for every step of the deal, onboarding new people into the business will be easy and you can focus on the things you need to do. If you put in the work and have systems and processes in place, you can be successful in this business.
[20:30] It is crucial to invest in yourself. It can be a hard jump into entrepreneurship, but it’s worth it because your life, your goals, and your dreams are worth it. Real estate investing is hard, and not for everyone, but if it is something you are willing to do, you have to do it 100%.
[28:25] To do your first deal, it takes imperfect action. Each one of your mistakes, if you allow them, are tuition for your future successes. A mentor will help keep you from making costly mistakes, but you’re still going to makes mistakes as you head out on your venture.
[30:35] The first actionable step to take is adopting the mindset that you have to become what it takes to be worthy of your first deal and continue to do good deals. It’s not necessarily what you do, but it’s what you become. At Wholesaling Inc., their mindset is “readers are leaders.” You have to prepare yourself for what is to come before you can try to do it.
[34:22] Cody approaches his deals more as problem-solving rather than real estate. His strategy allows him to figure out what his customers need, what problem he can help them solve, and that leads to the contract that allows you to purchase the real estate. Go into it serving individuals, not to bag the deal.
[41:05] It is very important to be prepared for what is to come. Pick five people that are where you want to be, and start living their principles. This applies to all areas of your life; find people who are already in the destination you want to be.
[43:05] Once you have the mindset, the next step is to get the right mentor. You have to submit to instruction, not education. Their first instruction is to build your cash buyers list. This will make it easier to turn over a property quickly and get the most for it. Cody and Tom make their students get 150 people on their cash buyers list before moving on.
[50:05] To build a cash buyers list, you can 1) Get on Craigslist and look at homes for rent. You may be able to propose an offer. 2) Go to your local REIA and let people know what you’re doing. Use these as networking opportunities. Brian suggests 3) Going to foreclosure auctions.
[57:35] In terms of marketing, it’s all about consistency. If you want to consistently make good money, you have to have consistent marketing. This will give you the momentum you need to get started, and you also have to be consistent about follow up.
[1:01:56] There are going to be doubts but instead of doubting yourself, doubt your doubts. Keep moving forward. If you will jump into it, you can build on actionable items.
Mentioned in this Episode:
Meetings
Daily REIA Show
Facebook Page
Wholesaling Inc.
Wholesaling Inc. Podcast
Wholesaling Inc. Facebook Page
Wholesaling Inc. YouTube Page
Utah Sell Now