Alex focuses on an important subject in today's episode and that's mindset. Instead of answering a question this week, he asks you a question about where you want to go in life. Do you wake up everyday expecting success? Alex is a firm believer that you get what you expect in life, so what are your expectations? Define them and then go get them.
Key Takeaways:
Mentioned in This Episode:
House Flipping Business Analyzer Tool: Take the test. Fix your business. Flip more houses. Make more money!
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This is part-two of a question Audrey asked last week. Be sure to go to episode 23 to catch up on how to hire a great acquisitions manager, and to find out when it's the right time to hire certain people depending on the stage of your business. Today, Alex furthers the conversation by going into detail on how he finds his talent and pre-screens them. It can become costly hiring the wrong person for your company, which is why you want to take precautions to make sure the person you hire is the right fit for the job at hand.
Key Takeaways:
• Once you begin to fill your business with rockstar people, you'll begin to get back your time and have more freedom.
• Alex loves hiring talent on Upwork.
• You want to have your applicants jump through some hoops to weed yourself out of the lazy ones who didn't read the job description.
• If you find a great person who you're already doing business with, reach out with that person and build a connection with them.
• Avoid playing email tag when trying to setup a time to speak to someone on Skype. Get a scheduling system.
• What kind of things can you do to pre-screen people?
• You want your job applicant to answer around 5-7 questions on the interview form.
• Get your job applicant to post a 2-3 minute video talking about themselves on YouTube.
• If the person doesn't complete these hurdles, you know they're not the right person for you.
• When they've passed the initial interview phase, have them take a Kolbe A Index test.
Mentioned in This Episode:
Here's a great resource to find pre-screened, trained Real Estate Virtual Assistants!
Ask Alex A Question:
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“5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less)” video module training course.
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Ryan Paliukaitis has had a ton of success in the real estate industry, but admits he's had some big, big failures too. This episode highlights how real estate flipping can go incredibly wrong. Ryan opens up and talks about his lawsuit, going against the planning board due to zoning restrictions, and more. It's important to learn from the mistakes of others, so be sure to stick around until the end to find out what were some of Ryan's biggest takeaways after recovering from his mistakes.
Key Takeaways:
• How did Ryan and Alex first meet?
• Don't be afraid to reach out and connect with others in your market!
• What kind of challenges/mistakes has Ryan faced?
• It took a whole year before Ryan was able to land his first deal.
• Don't let Ryan's mistakes paralyze you from taking action. Learn from him.
• Ryan shares his second biggest mistake!
• Despite an attorney's recommendation to not go through this particular deal, Ryan and his partner moved forward anyway.
• To fast forward a little bit, the deal begins to turn sour and Ryan needs to lawyer up.
• The lawsuit itself lasted over a year, but Ryan was being squeezed from every angle.
• Although Ryan had a lawsuit going on, he knew he still had to keep moving forward and think positive.
• Ryan shares his third biggest mistake! Let's talk about how to handle contractors.
• You never want to go in front of a planning board. Ryan had to do it twice.
• Don't let Ryan's mistakes freak you out. When you have challenges, you have to fight through it.
• Let's boil it down, what were some of the biggest lessons Ryan has learned?
• Make sure you're using the right paperwork.
• Don't pay your contractors upfront.
• Never stop learning.
• It was a very tough time for Ryan, but he's become a better wholesaler because of it.
• These mistakes can happen to anyone, which is why it's so important to have good mentors and advisers on your team.
Mentioned in This Episode:
Learn How To Flip Anywhere
www.FlipEmpire.com/episode1
Download the "Blind" Postcard That Got Me 20%+ Response Rate
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Alex received a question from Audrey asking when it was a good time to hire an acquisitions manager. He breaks down the people he hired, and in what order, to help give the audience a better idea of how he structured his business during the first few years. Some business owners might be afraid of sharing or splitting the profits, but Alex argues that it's a necessary part of scaling and growing your business. You can't do it alone! You need a team of all-stars!
Key Takeaways:
• Have a question? Feel free to message Alex!
• When is it the right time to hire an acquisitions manager?
• What kind of company culture do you want to build?
• Alex's business has gone through several pivots over the last five years.
• In 2013, Alex realized he couldn't wear all the hats if he wanted to scale his business.
• Alex was able to duplicate himself the moment he hired an acquisitions manager.
• Ask yourself, “What's the first hire you need to make?”
• Can't afford an acquisitions or sales manager? There's different types of compensation structures you can offer your team.
• You have to get over that money hump. You need to invest in people to give yourself more freedom to grow the business in other ways.
• Remember, the first step in all of this is figuring out what you want your business to look like.
• Alex breaks down each of his team's responsibilities.
• What are some of the things you should avoid in the hiring process?
• Hey! Do you like the show? Give Alex a review on iTunes!
Mentioned in This Episode:
The E-Myth Revisited by Michael Gerber
Ask Alex A Question:
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“5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less)” video module training course.
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Michelle Murray is a straight shooter who started her co-wholesaling business in 2009. Michelle has found great success in posting consistently to Craigslist, and shares some tips on how you can crush it there. She also has this ability to answer tough questions from buyers with grace. At the end of the day, honesty is the best policy. Be upfront with your buyer and always approach your relationship from a long-term perspective to keep getting deal flow.
Key Takeaways:
• What kind of deals is Michelle doing?
• Michelle says about 70% of her business is due to co-wholesaling alone.
• What is co-wholesaling?
• What are some of the best ways to build a buyers list in today's market?
• Craigslist has helped tremendously with lead generation. If you can, outsource this part.
• Did you know most people are marketing on Craigslist all wrong?
• What's the right way to market on Craigslist?
• What does Michelle's ad look like?
• Alex highly recommends that you get a real estate license.
• Aside from Craigslist, how else does Michelle get her leads?
• Take the time and invest in your SEO now.
• What parts of Michelle's business does she outsource?
• What is Michelle's follow up process?
• Michelle shares a bit advice on how not to be a 'copy and paste wholesaler'.
• Michelle would rather make a little less money and build a long-term relationship than charge more and burn bridges.
• Honesty is the best policy. Michelle tells the buyer the truth when they ask if it's her deal or not.
• Buyers aren't stupid!
• Final piece of advice? Keep being consistent!
Mentioned in This Episode:
Grab Your Free SEO Bible Here
Ask Alex A Question:
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“5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less)” video module training course.
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Alex shares quick tips on how he has remained productive over the years. It didn't start out that way though, Alex realized he would wake up with anxiety most mornings and this was because he had no structure, no plan or a to-do list of what he should do next. We need structure in our lives, especially when we're running our own businesses. Don't let procrastination or the feeling of 'what next' take over in your life.
Key Takeaways:
• Thanks for listening everyone!
• Alex realized he didn't have any structure to his day.
• When Alex started working with a mentor, he realized why these things were happening.
• Please be sure to listen to episode 15!
• Alex has his assistant set his to-do list the night before in Google Docs.
• You want to time block your tasks. Alex explains further.
• Alex loves working in sprints.
• Take a break!!!
• Not sure what you spend your day on? It's time to track your hours.
Mentioned in This Episode:
Episode 15 of The Flip Empire Show (Setting Yourself Up For Success w/ a Morning Routine)
EntreLeadership by Dave Ramsey
Ask Alex A Question:
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“5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less)” video module training course.
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Dolmar Cross has successfully implemented strategies where he can now run both his wholesaling and rehabbing real estate business virtually. How did he do it? He built the vision for his dream lifestyle first and then worked on the business to support his dream. He realized in the beginning that he could not automate his business overnight, so he broke down each piece and task the business needed and found ways that he could replace himself from it. Find out more about his story and how he does what he does in today's show.
Key Takeaways:
• Dolmar has been able to successfully automate his business and only invests in properties virtually now.
• Dolmar has been in the real estate business for the last 12 years.
• There wasn't a course that was teaching Dolmar this stuff. He had to figure all this out on his own.
• How does Dolmar do all this virtually?
• Dolmar relies heavily on systems so he can spend more time with his family and less time worrying about the business.
• Build your dream and ideal lifestyle first and then build your business around that lifestyle.
• Start with the end in mind.
• How did Dolmar setup the right systems for his business?
• Dolmar says you need to start by working on a mind-map. This mind-map took him about 2 months to create because he kept adding onto it. Check out the mind-map here.
• Do your market analysis on the area you want to break into.
• Put everything that needs to be done in your business down on paper, and then see what it takes to remove yourself from each of those tasks. Can you automate it? Can you hire someone to do it?
• When you're just starting out, understand you won't be able to remove yourself from the business overnight.
• Dolmar breaks down the marketing and lead generation side of his business.
• Dolmar is breaking into radio as a new form of marketing.
• It's important to hire rock star people who can handle themselves and their own tasks.
• How does Dolmar find his talent?
• Dolmar breaks down the three major challenges for people who are just starting out.
• Commit to your marketing strategy for at least three months.
Mentioned in This Episode:
14-Day Free Trial of FreedomSoft Here
Check out Prospect Master Here
Rich Dad Poor Dad by Robert Kiyosaki
Ask Alex A Question:
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“5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less)” video module training course.
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Alex would like to retouch on a topic he discussed a couple of weeks back. People have since reached out to Alex, asking him how they can improve their deal flow. But one of the things Alex has noticed the most, is that there is a lack of consistency in how many offers they're sending out. Alex believes people tend to get caught up in the technical aspects of their business and do not follow up with tasks that really matter – like sending out offers.
Key Takeaways:
• Alex and his wife just started doing an 'awesome jar' where they put one thing that happened that day that was awesome into the jar.
• Alex encourages you to do the same thing. There's something powerful about being able to reflect on the positive things that happened in your life.
• Challenge yourself for five minutes at the beginning of the day to write down everything you're grateful for.
• Alex wants to re-elaborate on a topic he spoke about a couple of weeks back, on consistency with your marketing.
• How many offers are you sending? How many offers are in the hands of your sellers?
• Make a goal to send out at least five offers a day.
• Get a virtual assistant to help you.
• Too busy to send five? Then start with one.
• Don't get bogged down with the technical details.
• It all boils down to consistency. Sending 1 offer a day is better than sending 50 in one day, and then doing nothing.
Mentioned in This Episode:
Get Trained Real Estate Virtual Assistants Here
Ask Alex A Question:
Have a question you want featured on an upcoming Flip Empire Show?
Head over to the Ask Alex page, and record you question. We’ve made it super easy for you, so let us know what challenges you are having, and Alex will answer it personally!
Did you get your FREE Online Course?
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“5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less)” video module training course.
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Justin Wilmot is a real estate investor first, and a real estate educator second. On today's expert interview, Justin discusses how you can build strong relationships with your cash buyers. Despite having thousands of cash buyers on a list, Alex only personally deals with about 15-20 people consistently, and Justin is also in the same boat. You need to develop strong relationships with these people, and that means you have to stop spinning your wheels and pick up the phone! Listen in for more to learn how.
Key Takeaways:
• Alex shares a bit about who Justin Wilmot is.
• What is co-wholesaling? What about JV wholesaling? Justin explains.
• In order to be successful in this type of business, you need to have a strong relationship with your cash buyers.
• Justin has invited two of his main buyers to his kid's birthday party. He really means it when he says build a relationship.
• How do you actually go about and build relationships with your cash buyers?
• Too many people are out there for themselves, but you have to lead with other people's interests first.
• Get on the phone! Get some deals in the pipeline first, before you worry about FreedomSoft.
• Once a quarter, Justin reevaluates himself and his company.
• Don't like making phone calls? Go ahead and outsource that task.
• The things you cannot outsource, are your vision and your management.
• What does Justin's team look like right now?
• How does Justin compensate his staff? Justin isn't afraid to give up a piece of his business to have more freedom.
• Where does Justin find his talent?
• You have to know how to pre-qualify your talent!
• Last piece of advice - You need to focus on the retail cash investor and start building relationships with them.
Mentioned in This Episode:
Download Your Assignment of Contract Here
14-Day Free Trial of FreedomSoft
Get Cash Buyers On Demand
Ask Alex A Question:
Have a question you want featured on an upcoming Flip Empire Show?
Head over to the Ask Alex page, and record you question. We’ve made it super easy for you, so let us know what challenges you are having, and Alex will answer it personally!
Did you get your FREE Online Course?
Text the word EMPIRE to 67076, and we’ll send you a link to get instant access to the
“5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less)” video module training course.
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