This is a continuation of “The Great Escape” audio podcast reality show with Eric Thiele. Eric has been given assignments each week to help him get his wholesaling business started. In this episode, Eric catches us up on the challenges he has faced and the successes he has achieved over the last few months.
Sean: So what are the inventory levels there?
Eric: Inventory in Austin, I’ve actually given up on Austin Proper, because it’s like nothing. They are gone to owner occupied buyers rather than investor.
Eric: So, I haven’t seen any investor quality HUD properties in Austin for several months. It’s not that I check every day, but probably once a week. And I have a realtor that I’m working with who’s real heads up about HUD. The properties I’m finding are in the vicinity of Austin, but they’re not in Austin.
Now they’re in neighboring suburbs.
Sean: All right. So starting Tuesday, what you’re going to do is pull the absentee owner list. Start there. If you can get inheritance start there. Start blasting as many people as possible. What’s great about this business is that you can do it all. HUD is just one source of getting deals. Or, you can do it all. Whereas, for me, I get deals from so many different sources that if one dries up I just push the lever on the other one. We did a blanket mailing, 40,000 mail units that just went out. We got 300 plus calls so far and we’ll probably get ten deals out of it because we saw that the inventory on HUD was kind of dried up. We just said, “OK, we’re just going to do a blanket mailing for any property that fits this criteria.” And it’s just crushed. So, what’s good about it is you can move to the market where there’s a niche, like inheritance or absentee owners and stuff like that.
Eric: Well I tell you. I mean if I’m honest with myself, really my biggest failure has been not committing or dedicating a fixed number of hours every single day to real estate. I have not been consistent in my effort. Nobody has called me with an emergency with a computer, so I can focus on doing email, or I can focus on looking for properties. So really what I need to do is take a page from your notebook or Philly Mike’s notebook, on how to outsource and delegate certain functions, so that I don’t have to do everything. I feel like that’s my biggest downfall; it’s been sort of hit or miss in terms of my focus on making this happen.
Sean: Yeah, but to give yourself credit, you went out and took action. A lot of people have procrastination or the analysis paralysis, where they’ll just analyze it to death until eventually the excitement kind of fades.
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