“I knew I was going to be a winner… I knew that my core, who I am and who my identity is… I will be a real estate investor and I am going to be very successful, and I was convicted that I was going to win”
In this REI Uncovered podcast episode, Greg will share…
- Who’s Greg
- Greg’s journey
- How to start on wholesaling
- How to choose a new market
- The entrepreneurs in social media
- Greg’s today and his next steps
Greg is a full-time real estate entrepreneur since 2015. He has closed over 100 deals, most of them wholesale properties. He made the big money in Texas, he wholesaled 40 properties within 2-3 years. Greg reinvested most capital back into New York and New Jersey area which turned out very successful with many opportunities arising. Now that he’s acquired his expertise in the field and owns rentals both condo units as well single-family houses across different markets.
He’s a man of action. He believes that the key to success is a combination of persistence and learning from your failures – “persisting,” because you are going to get no matter what many times in life, but without taking time out every now-and-then or after each failure; also making sure it doesn’t happen again by paying attention towards why things went wrong when mistakes were made so they can be fixed quickly before an accident happens next time around (longer-term). It’s about staying committed while maintaining focus on reaching goals.
Greg started his business in New York, where he didn’t know the market or have any experience. Still, Greg managed to make a few wholesaling deals which earned him about $30K in the first year, with only an expenditure of around $5 for marketing efforts thanks mostly to how little time it took before making so much money again
He started doing deals every couple of months in NY making $5K-$15K per deal. He was still a college student and pretty much unknown, but what ended up happening was that he decided to find another market instead: Dallas Texas! He picked this random location without even knowing why at first – just because it seemed like an interesting place with lots going on…and then things took off from there. His strategy: mailing and cold calling.
In 2018, he started making calls and it started working almost immediately. 1 out of every 6 leads, was a deal. His first deal was for $18K. The next week $30K deal. Every other week for the next 2.5 years he got deals. He was making $30-$40K a month and buying houses at prices that were unbelievable.
“The biggest problem why most real estate entrepreneurs don’t succeed in the beginning is because they have no skills, they have no clue on how to market and sale, they have no idea what a real estate deal is, which is knowing how to analyze a property and see what makes sense”
How to Start in Wholesaling?
If you want to succeed, then it’s time for one thing: getting really good at generating leads. You can either do this by learning how through PPC or SEO and mastering them both equally well! Pick whichever channel suits your needs best- mailings are easy when compared with cold calling but hard on stamina; paid ads like Google Adwords versus organic listings such as Facebook Ads. You have to do one thing long enough to know if it is successful.
When you see patterns of success repeat themselves, it can be a beautiful thing to watch. When something that was supposed to work doesn’t end up working as planned and there’s no obvious reason why the result changed from one instance or trial run with an idea into another where things went wrong- then try going back over what happened in order to figure out what caused these deviations, so they don’t happen again.
“If you understand how to generate leads consistently, you understand how to convert a qualified lead into a customer, and you understand how to monetize that customer. You have real tangible skills. “
If you want to learn more about this business check out this blog post
Choosing a New Market
- How much money you can realistically spend for the next 6 months without expecting to make any money?
- What is the realistic exit strategy? Can we wholesale profitably? You have to question yourself how you are going to get your marketing money back or recycle the capital to keep it operational.
- Who are you going to hire? you will need a realtor, an inspector, an attorney, a property management company, basically the operations.
- How saturated is the market? How much money do you have to spend to get a deal?
The Entrepreneurs in Social Media
The world of social media and internet marketing is a tricky one. There’s so much misinformation out there, it can be hard to know what information you should trust especially for those who don’t have any experience.
To be successful in this business you must deal with uncertainty. There’s a lot of it out there, but if your heart is set on being an entrepreneur then the only way to succeed will come from taking risks and navigating through difficult times as they arise so don’t lose hope.
Greg is settling down in San Diego with his team of three people. He’s doing deals with margins that make him happy, and he chooses the hard-to-reach cities like San Diego and New York because they offer higher profits for him.
San Diego throws huge deals at you. If you can get a reputable deal in San Diego, your wholesale fee or flip profit will be about 4-5 times higher than if it was on the regular market so I would say that’s worth fighting for! The cost to get a deal in San Diego is about $6K to make a $50K deal, which is a very good ROI. In New York, to get a deal it costs like $7K, and the average profit is 30k.
Greg’s Next Steps
Greg knows he needs to hire someone who can give his company an edge. He wants to earn a 7 figure net income. He knows that to reach the goal, he needs to spend more money on marketing too. And take some risks which is what got him there in the first place.