How to Make Big Profits Wholesaling Real Estate 🏠💸 | Founders Club ft. Cory Boatright

Explicit content warning

02/15/19 • 51 min

Motivated sellers are usually dealing with some kind of distress, be it an illness in the family, a divorce, or a financial emergency. If you can step in and provide a solution, not only will you be a hero to the homeowner, you will be several thousand dollars richer. So, what does the process look like? How can you give people peace of mind AND score big profits wholesaling real estate?

Connect with Founders Club Host Oliver Graf on Instagram

Cory Boatright is an expert in the realm of wholesaling, completing more than 100 deals in 2018 alone. He is also the founder of Real Estate Investing Profits and Phenomenal Results Coaching, serving as a mentor for high-achieving entrepreneurs and their teams. Cory has played a role in buying and selling over $75M in real estate and realizing 1000 transactions, and now he is pursuing multifamily syndication.

Today on the podcast, Cory joins Oliver to explain how he earns big profits by way of wholesaling real estate. He discusses the fundamentals of the process, sharing some of the reasons why a homeowner might be motivated to sell and how he serves as a solutions provider who can take their pain away. Cory describes how he finds deals, how he relates to sellers, and how his team gets paid at closing. Listen in for insight around a few of Cory’s biggest wins to date and learn his proven system for wholesaling real estate!

Key Takeaways

[1:29] Cory’s ability to hunt and capitalize on great deals

Found wholesaler, sold Ginsu knives online
Filling 500 orders/day from stock in garage

[4:49] The fundamentals of wholesaling

Get property under contract, resell immediately
Solution for those who need to sell quickly

[9:36] Why a homeowner may need to sell quickly

Illness in family, divorce or inheritance
Ask questions to connect on human level

[14:55] How Cory finds deals

Data scientist on staff
Direct mail, PPC, niche lists and referrals

[17:12] The approach Cory uses with motivated sellers

Script to gather basic info (e.g.: location, mortgage)
Ask price AND what accept if close quickly for cash
Set appointment on first call

[20:44] How Cory determines an offer price

WMRP method (worth, market, repairs and profit)
Speak with seller in person to read body language

[23:44] Cory’s insight on contracting a property

Focus on gap between offer and asking price
Walk through your numbers using comps

[26:03] The role of the title rep in the wholesaling process

Clean and marketable title to end buyer
‘Assume that all homeowners are liars’

[28:04] How to proceed if the seller won’t accept your offer

Option-to-purchase agreement
Seller usually end up compromising

[30:21] How the double closing works in a wholesale deal

Cash buyer puts money in escrow
Payout seller, spread goes to you

[33:17] Cory’s biggest wholesaling wins to date

Paid $11K for property, sold at $70K
$300K profit on apartment complex
Single-family short sale profit $160K (negotiate liens)

[42:08] How Cory’s team gets paid at closing

Simple cash transaction, net wire distributed to team
Marketing spend of $25K/month, $3K/deal

[44:11] Cory’s take on the benefits of investing in multifamily

Wholesaling provides cash now with little risk
Multifamily affords passive income indefinitely
Incredible tax benefits along with cashflow

Connect with Cory

Cory’s Website

Cory on Facebook

Cory on Instagram

Real Estate Investing Profits Master Series Podcast

Connect with Oliver

Resources

Connect with Founders Club Host Oliver Graf on Instagram

Key Takeaways

[1:29] Cory’s ability to hunt and capitalize on great deals

Found wholesaler, sold Ginsu knives online
Filling 500 orders/day from stock in garage

[4:49] The fundamentals of wholesaling

Get property under contract, resell immediately
Solution for those who need to sell quickly

[9:36] Why a homeowner may need to sell quickly

Illness in family, divorce or inheritance
Ask questions to connect on human level

[14:55] How Cory finds deals

Data scientist on staff
Direct mail, PPC, niche lists and referrals

[17:12] The approach Cory uses with motivated sellers

Script to gather basic info (e.g.: location, mortgage)
Ask price AND what accept if close quickly for cash
Set appointment on first call

[20:44] How Cory determines an offer price

WMRP method (worth, market, repairs and profit)
Speak with seller in person to read body language

[23:44] Cory’s insight on contracting a property

Focus on gap between offer and asking price
Walk through your numbers using comps

[26:03] The role of the title rep in the wholesaling process

Clean and marketable title to end buyer
‘Assume that all homeowners are liars’

[28:04] How to proceed if the seller won’t accept your offer

Option-to-purchase agreement
Seller usually end up compromising

[30:21] How the double closing works in a wholesale deal

Cash buyer puts money in escrow
Payout seller, spread goes to you

[33:17] Cory’s biggest wholesaling wins to date

Paid $11K for property, sold at $70K
$300K profit on apartment complex
Single-family short sale profit $160K (negotiate liens)

[42:08] How Cory’s team gets paid at closing

Simple cash transaction, net wire distributed to team
Marketing spend of $25K/month, $3K/deal

[44:11] Cory’s take on the benefits of investing in multifamily

Wholesaling provides cash now with little risk
Multifamily affords passive income indefinitely
Incredible tax benefits along with cashflow

Connect with Cory

Cory’s Website

Cory on Facebook

Cory on Instagram

Real Estate Investing Profits Master Series Podcast

Connect with Oliver

Resources

Previous Episode

How to Find Off-Market Properties 🏠🏆| Founders Club ft. Kent Clothier

Technology has made finding off-market properties more straightforward than ever. What used to take weeks of research sifting through public records can now be done in ten minutes or less with the right software! And the beauty is, you can layer the data to generate lists of potential clients who meet very specific criteria—and personalize the associated marketing directly to their particular motivations.

Today, Oliver is joined by Kent Clothier, President and CEO of Real Estate Worldwide, a multifaceted real estate education company. REWW offers its customers the proven systems used by Kent and his team and provides them with national data on cash buyers and private lenders. In all, Kent has bought and sold more than 5,000 houses, and his family’s property management business, Memphis Invest, boasts 5,000 properties under management. He also owns and operates Real Market Experts, 1-800-SELL-NOW FREE, Find Cash Buyers NOW and Find Private Lenders NOW.

On this episode of Founders Club, Kent shares his real estate origin story, discussing how he applied his background in the grocery arbitrage business to the process of wholesaling houses. He explains how he started 1-800-SELL-NOW to gain a competitive advantage in a hot market and eventually turned it into a national brand that supports aspiring entrepreneurs. Kent also addresses how his team came to develop a first-of-its-kind software product that uses datapoints to generate a list of vacant properties in the US and how they continue to layer data to make information more and more valuable. Listen in for Kent’s insight on marketing directly to the motivation of an investor, agent or mortgage broker and learn how you can leverage his strategies to find off-market properties and generate results—as quickly as possible!

Key Takeaways

[2:23] Kent’s real estate origin story

Successful grocery arbitrage business
Shift to real estate in December 2002
Apply similar concept (wholesaling)
Flip 90 houses in first year, made $1M
Focus on stable markets after crash

[11:00] How Kent got into marketing and education

Started 1-800-SELL-NOW for competitive advantage
Business in licensing brand to other markets
Support aspiring entrepreneurs in first transaction
Used public records to build cash buyer database
Able to grow business despite market collapse

[16:31] Kent’s innovative approach to real estate

Go to buyers and ask what they want
Create inventory based on response

[20:44] The origin of Kent’s real estate software

Public records for motivated sellers/private lenders
Pitched algorithm to identify vacant properties
Layer data to make more valuable

[25:53] The marketing piece of Kent’s software

Find vacant homes based on criteria
Marketing baked in to system
Speaks directly to motivation (e.g.: investor, agent)
Run campaigns to find buyers AND properties

[29:29] How Kent’s software works for multifamily

Select commercial or residential + # of units
Use flag to gauge vacancy

[30:51] Kent’s insight on leveraging technology

Mail to 1K, only 10 need to raise hand
Create outcomes as fast as possible

Connect with Kent

Kent’s Website

Kent on Facebook

Real Estate Worldwide

Connect with Oliver

Resources

Next Episode

Close More Real Estate Deals By Doing This... 🏠🔥 | Founders Club ft. Kevin Markarian

Real estate agents need leads to do business. And if you don’t have a robust sphere of influence, your business will flounder without a reliable pipeline of prospects. So, what are the best (and most cost-effective) online lead sources? Are there any no-cost strategies for attracting clients? And once you have built a database of online leads, what are the best tools to use for follow-up and conversion?

Kevin Markarian is Broker-Associate at Marker Real Estate, a San Francisco-based team of 55 agents that close an average of $3M each in business every year. An expert in online lead gen, Kevin is known for building the systems necessary to grow a database and automate follow-up, leveraging technology to compound results.

Today on the podcast, Kevin joins Oliver to explain how moving to a new city inspired his interest in online lead generation. He shares his favorite lead sources, offering insight into how he structures $2 Facebook lead ads and nurtures those leads long-term. Kevin also discusses the automation tools he uses to follow up on leads, hold agents accountable, and nurture his database. Listen in for Kevin’s FREE Craigslist and Yelp lead gen strategies and learn how to convert online leads at a high level!

Key Takeaways

[2:13] What motivated Kevin to master lead gen