This is a continuation of “The Great Escape” interview with Eric Thiele. Eric is working with Sean Terry and Flip2Freedom.com to learn how to start up a successful wholesaling business. In this section, Sean and Eric discuss scaling your business with marketing.
Sean: Send an e-mail blast out to them, call the people that actually call, and go from there. The first thing I can tell you, for people listening, is that a month has passed, and there was a delay point there because of finances. Then he went out and got some motivation and got the property bid recently.
So, there are two things we can do. We can do the approach when there’s no money; and I’ve been in situations where there’s no money to do any marketing. So what do you do? Basically, because there’s that time he’s going to call the asset manager, he’s going to get the contact in, and then he’s going to start putting out the property. But also, there are other things he can do that are free methods to be able to create a momentum, and as soon as you get a deal, and he closes this HUD deal, or gets another deal under contract that we can sell, then you can take 15% and plow it back into marketing, whatever that number might be. Then that gives you the ability to scale your business. So, from this point, that’s what’s going to . . .
Eric: Sean, can I interrupt? Just for a second?
Eric: The biggest impact of this whole weekend was when you went through that spreadsheet demonstrating feeding in 15% of marketing back in month after month, and just how the numbers add up. That was so powerful, and it illustrated to me, “Why am I waiting?” Why did it take me a month to keep going forward? You know, the phrase is beg, borrow, or steal. I’m not going to steal, but I need to do whatever it takes to get past this month-long holding period that I’ve been waiting for, because I didn’t have enough money to invest in my business. There’s no excuses. I just have to move forward. I’ve got to find a way.
Sean: Right. So we’ve got to give you the way. And scaling the business is amazing because, in that particular spreadsheet, if you’re scaling it correctly, you could be at $30,000 a month, by the third month. Well, $30,000 a month would make a big difference for you because there’s such an inconsistency when it comes to wholesaling. I know my first year, I was inconsistent when it came to wholesaling in the business because I would deploy marketing and then I would call them back and follow up, and then a month or two would pass, and I’d put out some more marketing. When you scale the business to create a consistency, the consistency is continuing to scale bigger and bigger.
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