Wholesaling Real Estate 9 to 5 | The Key Steps to Successful Business Automation
Wholesaling Real Estate 9 to 5 | The Key Steps to Successful Business Automation
Wholesaling Real Estate 9 to 5 | The Key Steps to Successful Business Automation

Charles Nguyen describes his journey from investment banker to real estate investor while detailing exactly how he scaled from a one-man operation to a powerhouse wholesale real estate company.  Outlining the steps and tools he used to grow a successful real estate business while still working a 9-5 job, he shows how financial freedom is within everyone’s reach.

WHO IS CHARLES NGUYEN?
-Spent 17 years in corporate IT.  The last 13 of that was in Investment Banking.  The hours were very long.  He was spending so much time away from his family.  He looked at franchises, businesses and real estate.  He investigated real estate, saw that money could be made, and did it.
GET EDUCATED WHILE TAKING ACTION
-Figure out how people make money in real estate.  There are endless educational sources regarding making money in real estate. The education is ongoing.  He wanted to get started fast as possible while minimizing mistakes.
HIS FIRST DEAL WAS A SUBJECT TO THAT HE SOLD ON A WRAP
-Tell everyone you know you are getting into real estate.  One of his friends sent him a lead of a vacant house.  Bought it sub 2 and sold it on a wrap.  He had no experience, just what he had read, but he TOOK ACTION and learned through the process.  ASK QUESTIONS TO THOSE WHO DO KNOW!!!!  He was still employed during this time.
WHAT IS A SUBJECT 2?
-Example:  House owes $100,000, you, the investor, makes payments on the current owner’s behalf.  That way you do not have to get a loan.  Then sell it to someone else for, say, $130,000 wrap.  This makes the payment to the bank and additional profit.
HOW TO PROTECT YOURSELF
-You must have all the right paperwork, disclosures.  The correct type of insurance is critical.  You must put you or your entity on the insurance policy as insured.
YOUR FIRST DEAL, NOW WHAT?
-Different types of people:
–Just getting started in real estate:  Focus on the “How to get started” part.
–Have a job and want to get into it:  You can do it faster than he did.
–Experienced investors:  Learn from his story.
WHOLESALING BUSINESS – WHITEBOARD
-Wholesaling business consists of Marketing and Sales Business.  Everything else are just tools used to accomplish these 2 components.  Marketing – Phone – Records – Sales
-Can you generate leads and convert them to deals?
FOR BEGINNERS – USE FREE TOOLS, AS YOU GROW, USE PAID SERVICES
FREE SERVICES:
Marketing:  Zillow, FSBO, CL, D4D
Phone:  Get a gmail and google voice
Records:  Somewhere to store your information, notepads, google sheets, excel
Sales:  You (You are free)
SALES:  WHO IS TALKING TO THE LEADS AND CLOSING
-In the beginning, it will be you.
FIRST HIRE WAS A LEAD MANAGER
-Could hire a VA or a freelancer.  He used a VA and that is what he would recommend.  The benefit of a VA company already had a system.
SCALING STEP ONE
PAID SERVICES:
Marketing:  Direct mail, SEO, PPC, Bandit Signs, Telemarketing
Phone:  Call Rail, Nextiva, Grasshopper, Vumber
Records:  Podio, Freedomsoft, REI Pro, Zoho
Sales:  1. Lead Manager (can hire a VA).  2. Acquisition Manager
YOUR SECOND HIRE
-Once you hire a lead manager, you must hire an acquisition manager, who is responsible for going to the houses and securing the contract.  You must free up your own time.
DETERMINING COMPENSATION
-Can pay percentage of deal.  The ones who just want a percentage are the hardcore salespeople.  Could pay per month ($2,000 – $3,000 per month) with smaller commissions.
PARTNER OR JV WITH SOMEONE IF YOU CAN’T PAY STAFF AT FIRST
-Starting out, Charles still had a full-time job, so he had to JV with people to learn and because he could not hire and manage staff while working fulltime.
EMPLOYEES MAY HAVE MULTIPLE ROLES IN THE BEGINNING
-The Acquisition Agents may have to be disposition agents as well.
SCALING TOO FAST CAN LEAD TO PROBLEMS
-However, if you grow too fast, you can fix what breaks and grow from it.
DON’T LET THE ACQUISITION AGENT RUN THE COMPS
-A good way to motivate an acquisition agent, is to make sure that they are not running the comps.  Have the lead manager run the comps, so that the acquisition manager is not aware of the “value” of the house, they may negotiate better.
QUESTION:  LEAD MANAGER IS NOT CONVERTING, WHAT SHOULD BE THE FOCUS TO HELP, TRAINING, PAY, INCENTIVE, ETC?
-The lead manager is typically not trained on converting the deal.  You need an acquisition manager.  Determine if you need a lead manager or someone to close deals.
HAVE AN OPTION TO MAIL OUT A CONTRACT DIRECTLY
-For individuals who are not internet savvy and may want to sign a paper copy.  You may also have to send a notary to their location to get the document signed.
QUESTION:  WAYS TO AUTOMATE
1.Automate all the contracts
2.Automate Price Estimates
3.Automate Outgoing Emails
4.Automated follow ups, texts, emails, etc.
QUESTION:  IS THERE A SPECIFIC THING TO SAY TO CLOSE OVER THE PHONE?
-Build trust and rapport quickly, honestly.  Use reverse psychology.  For example, say “I don’t think you are going to like this offer.”  That will prompt them to want to hear it.
QUESTION:  HOW DO YOU SCREEN POTENTIAL EMPLOYEES?
-Use personality tests, DISC test (https://discpersonalitytesting.com/free-disc-test/), Predictive Index (https://www.predictiveindex.com/our-solutions/assessments/behavioral-assessment/)    , Kolbe (www.Kolbe.com) You must know how to market, you must know how to sell.  They are different skill sets.  Be able to fire quickly.
PEOPLE AND CULTURE ARE KEY TO COMPANY GROWTH
-Don’t be afraid to fire your best people if they are not contributing to your culture.
TELL ME HOW TO MAKE THIS BETTER FOR YOU
-Give employees freedom so that they own their actions.   
QUESTION:  WHERE DO YOU SOURCE VAs?
-MyOutDesk
-RevaGlobal
-iVas
 

MARKETING PHONE RECORDS SALES
Free:  For Beginners
Zillow Gmail Account Notepad You
FSBO Google Voice Excel
Craigslist Google Sheets
D4D Streak
Scale Step 1:  You will have to pay for services
Direct Mail Call Rail Podio Lead Manager – Hired a VA
SEO Nextiva Freedomsoft Acquisition Agent – Secures Contracts
PPC Grasshopper REI Pro
Bandit Signs Vumber Zoho
Telemarketing

QUIZ
1.What was the structure of Charles’ first deal?
2.What are the 2 components of a wholesale business?
3.What is the best compensation structure for an acquisitions manager?
4.What are 4 ways to automate?
5.What are 3 tools to screen employees?

Get The Answers

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