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: I know when I first got started I had this fear of if I get a property under contract and someone is a buyer, or portrays to be a buyer and is kind of messing me around and backs out on the closing day, what happens? I was always scared of that, but if you know someone is proven, and you know that they have actually closed transactions prior, within the same specific area, that is a no-brainer if you can find those people.
Now, you call them up, right? I’m sure you call probably five to ten different buyers, or do you just call a group of two or three and it’s a first come first served type of thing?
Kent: It is a first-come, first-served. What we don’t do is we don’t just turn around and throw properties out across a list of 10, 20, 30 buyers. We are picking up the phone calling a very specific buyer, because of this very specific scenario that fits into what they are looking for.
In other words, we are not trying to just say, “Hey, by the way, I’ve got this house, I think you might be interested.” It’s, “We’ve got this house, you told me that you are looking for this kind of cash flow, you told me you were looking for this kind of return; this one fits into that scenario. We need to move fast; you have got about an hour before this is going to be gone.”
And, because our buyers know that our buyers react. I think that’s very important. Because, any time that you are in this business, one of the things that I think is critical is that you can establish with your buyers, very early on and make them take you very seriously, if they know you’re not going to waste their time. But, if you’re just going to throw stuff at them and just kind of hope and cross your fingers that it is going to sell, then you are probably not going to get the kind of reaction that you’re looking for. We have really dialed in on this, our buyers jump when we need them to jump.
Sean: So, you train your buyers on a specific expectation on, “Here is a property. It fits your criteria you have purchased before. We are calling other investors. You’ve got about an hour to make a decision on this thing, yes or no?”
Kent: You got it.
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