Wholesaling Houses Full Time
This is the continuation of the Flip2Freedom podcast transcription. In this episode, Sean interviews the nation’s #1 wholesaler, Kent Clothier, and finds out how he created a wholesaling empire – averaging over 50 deals a month.
Sean: How did you get started in the game?
Kent: Pretty much like a lot of people do; I was looking for a quick way to flip a few houses, make a little bit of extra cash. Wholesaling fit that bill. When I got involved in real estate back in late 2002, early 2003, down in South Florida, I just happened to hit a market that was very, very hot at the time. I was very fortunate that wholesaling not only appealed to me, but it was a technique that worked very well for me, very quickly.
The nice thing about wholesaling is that it doesn’t require a lot of cash, experience, or really much of anything. If you’ve got some good information, a lot of will power, and the fortitude to go after it, you can make a lot of money very quickly. I got into it just to feed my family, start making some paychecks. I had just come out of a very difficult business failure, so I needed to get back on my feet, and real estate just happened to be the thing that landed in my lap. It was one of those late-night infomercials that many other people see. I got hooked just like everybody else.
Sean: What is amazing about real estate, or even just the nature of wholesaling, is you can literally come from nothing. I don’t care if you have a bad credit score; I had terrible credit. I had a job that I hated, and I was just sick of the whole game. Then there’s this concept of wholesaling where you can tie up property, on a contract with a motivated seller, and then turn around and flip it and make the spread; and you’re making $22,000 average per deal is just phenomenal. To be able to do that, be able to go from doing maybe one deal a month, and then scaling in to where you can do 50.
When you first got started and you saw the idea, you must have had a big picture in your mind of where you wanted to go to have ramped it from 2002, to where we are now, within ten years of being able to consistently do that. How did you do that? How did your business look the first year you got started?
Kent: Well, I think probably one of the unique things about my experience is that I had previously built a very successful business in another industry. So, I had seen what a big business looked like from the ground up, and experienced that whole thing in building it up. But, as I was in the real estate entry getting started, I was so caught up in the transactional part of it, buying and selling, how much money you could make so quickly. Being very honest, very candid here, I wasn’t thinking about the big picture; I was trying to get paid as fast as I could.
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