Make Your Rules & Reduce Your Risk (John Jackson)

06/21/23 • 24 min

As someone who embraced legal lease options in Texas, John took advantage of the opportunity the regulation created. From working with one or two FSBO sellers to eventually scaling up and moving hundreds of properties every year, John was named the King of Lease Options by Joe McCall himself.

But all of that business success set John up for some painful failures, so John thought back to his time as a stock trader came up with these 3 rules to live by.

Your ego ain't your amigo - When entrepreneurs hit the Million dollar mark in gross revenue, it's a dangerous place. The success builds the ego, the ego underestimates risk, and the risk breaks down the ego.
Gross doesn't buy groceries - Tracking your gross revenue is almost pointless, because it's the profit the business generates that actually matters.
It's OK to make a mistake ONCE - Every mistake should teach you a lesson, learn the lesson and create a rule to prevent yourself from repeating the mistake.

⏰ KEY MOMENTS ⏰

00:00 John Jackson - Lease Options / Rent to Own Houses

01:00 Joe McCall names John the King of Lease Options

03:20 John Jackson & Joe McCall & Naked-Investor.com

04:46 Lease Options Explained

06:02 Are Lease Options Legal in Texas?

07:43 Downloadable Free Real Estate Contract PDF

08:30 John Gets His First Lease Option Contract

12:34 Creative DIY Bandit Signs

14:07 Sandwich Lease Options Explained

15:02 #1 Person You DON'T Want to be in Real Estate

16:53 Don't Break the Rules of Real Estate

18:31 Roadmap for Scaling a Business

20:05 Russ Whitney's Real Estate Training Business

21:47 KPIs & Gross Doesn't Buy Groceries

But all of that business success set John up for some painful failures, so John thought back to his time as a stock trader came up with these 3 rules to live by.

Your ego ain't your amigo - When entrepreneurs hit the Million dollar mark in gross revenue, it's a dangerous place. The success builds the ego, the ego underestimates risk, and the risk breaks down the ego.
Gross doesn't buy groceries - Tracking your gross revenue is almost pointless, because it's the profit the business generates that actually matters.
It's OK to make a mistake ONCE - Every mistake should teach you a lesson, learn the lesson and create a rule to prevent yourself from repeating the mistake.

⏰ KEY MOMENTS ⏰

00:00 John Jackson - Lease Options / Rent to Own Houses

01:00 Joe McCall names John the King of Lease Options

03:20 John Jackson & Joe McCall & Naked-Investor.com

04:46 Lease Options Explained

06:02 Are Lease Options Legal in Texas?

07:43 Downloadable Free Real Estate Contract PDF

08:30 John Gets His First Lease Option Contract

12:34 Creative DIY Bandit Signs

14:07 Sandwich Lease Options Explained

15:02 #1 Person You DON'T Want to be in Real Estate

16:53 Don't Break the Rules of Real Estate

18:31 Roadmap for Scaling a Business

20:05 Russ Whitney's Real Estate Training Business

21:47 KPIs & Gross Doesn't Buy Groceries

Previous Episode

Hey Wholesalers, Shut Up! (Noah Gilliom)

The #1 thing wholesalers need to do is shut up and LISTEN!

Sorry if that sounds harsh, but most wholesalers usually race to the contract instead of being quiet, listening, and building an actual relationship. We all know "The fortune is in the follow-up", but most wholesalers call their sellers to "check-in" or "follow-up" and sound like a stereotypical salesperson. 🤮

When you listen to your potential sellers' problems, it makes following up so much easier. It takes more time, but that will pull out the seller's motivation and help you to make sure you address their problems and find the win-win solution for both parties.

Noah Gilliom trains his real estate wholesaling team to focus on listening, connecting, and following-up. That's how they've increased the amount of deals they're doing from the same marketing budget, getting contracts from an average of 2-6 weeks after their initial contact.

PS: Converting more of your cold calling leads is a pure increase in PROFIT, because you've already paid for the motivated seller lead.

00:00 #1 Mistake wholesalers make

01:30 Noah Gilliom on getting started wholesaling real estate

06:43 Beating "Analysis Paralysis"

08:08 Flipping a Mobile Home / foundation issues

11:18 Lessons learn from the Mobile Home money pit

12:37 Ballpoint Marketing and Direct Mail for Real Estate Investors

13:01 CallPorter the answering service for real estate investors

15:25 How Wholesalers can follow up with motivated sellers

17:09 How long you should follow up with a seller

Next Episode

Red Flags & Real Estate Scams (Dean Rogers)

Scammers are just a part of life, but Dean Rogers learned how to do 'deeper' due diligence after he got burned by a known criminal. Dean lost $180,000 but sees how he could have avoided it by trusting his gut and making a few more phone calls to other people involved in the deal.

Con-men (and Con-women) know that most people want to trust other people, and they abuse that trust to scam people. To avoid scams in real estate (or anywhere) just remember this quote:

"Trust, but verify." - Ronald Reagan

⏰ TIME STAMPS ⏰

00:00 Dean Rogers - Real Estate Investor

01:43 Football Career & NFL Signing

09:54 Deciding to Retire

15:30 Corporate Life Letdown

16:20 Getting First Wholesale Deal

22:19 Real Estate Investing 101

23:47 Co-Wholesaling to Going Solo

28:08 Real Estate Due Diligence

29:31 Red Flags & Real Estate Scams

38:02 How to Expose the Scammer