Wholesaling Steps: The Great Escape Episode 1 (Part 8)

Wholesaling Steps

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 staying committed to your wholesaling business and staying committed to getting the best deal.

Sean: Now the exciting thing is, here, you guys get to listen to Eric’s journey, which is phenomenal, but he’s kind of on the line. He’s got hundreds of thousands of people that listen to this podcast. He’s on the line now to actually perform, which is phenomenal because he doesn’t have a choice. He will become successful doing this in a public view, which is awesome because you get to follow along. Guess what? He’s going to run into struggles. He’s going to run into fears. He’s going to run into things that don’t work, but guess what? He’ll work through it.

Do you have any questions about that? Do you think you can get that done by next week?

Eric: Yes, I will. I’ll tell you, Sean, my experience has been if I don’t make this a priority, if I don’t commit to it mentally—not to you, but to myself—then it doesn’t get done because your analogy about “This is the year I’m going to lose weight” is exactly right. If you don’t commit to it, all the other things that have higher priority are going to replace that goal, if you don’t commit to it. I am all in. I don’t want to continue getting calls at 3:00 in the morning. The only way out of that is to develop plan B as fast as I can.

Sean: He’s got his assignment. Are you guys following along? If you are brand new and getting started, now is the time. Get started with us, start committing, and follow along with these assignments. Work through them, commit to them, and follow along during the process, so you can go out and jump-start your business as well.

Now that is the how-to side of it. We’re going to analyze it, we’re going to check out and see what’s going. Next week we’re going to deploy marketing. Next week we’re going to analyze the data and talk about that.

Then it’s going to get exciting because as soon as he goes out and deploys marketing, then he’s going to get calls coming in from people who want to sell their house. With real estate, there are so many variables that make this business so exciting. There is no one deal the same. I’ve got a property that came from a bird dog in yesterday that we sold. It was in the tax records, 2,100 and something square feet, but there was an addition on the property that wasn’t permitted for an extra 400 square feet that needed to be ripped down. The price we were putting out to two of my best buyers, they came back and said, “I can’t make it work because of this extra addition that we’re going to have to tear down. We’re going to have to try to reconfigure the property.

We’re put in a situation where now we’re squeezed on the deal because it didn’t work. What do you do, what do you do in that situation? You go back and renegotiate with the seller. We renegotiated and the deal turned out better than it did in the first place. We got the buyer to commit at a price and we negotiated even further down. Instead of being a $10,000, it turned into a $30,000 deal, and guess what? Knowing how to do those things . . .

See “The Great Escape Episode 1″ Part 9…

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