Strategy and Structure | How to set up for success. Call tracking, CRM basics, Website Templates, Legal Set Up, Team Structure

During this session, we will talk about setting up your real estate wholesaling venture, and the first steps everyone should take. The video is below and the notes are underneath the video. This is Week 1 of 10 from the Wholesale Real Estate Training Program. Make sure you bookmark the Wholesale Training Resource Center.

Video

Notes

• Tim’s first 2 years in the industry:
  • After leaving the Marines in 2001, Tim started selling life insurance before becoming a project manager for a real estate company
  • Around Christmas in 2002, he left that company and joined HomeVestors
  • In 2003, he contracted 111 homes and sold 87
    • He made a lot of money but was not prepared for the tax bill
• What is required to do wholesale in real estate:
  • Expectations: you are going to pay in one way or another
    • Wholesaler markup
    • Competition premium
    • Buying leads
    • Generating leads through advertising
    • Time
  • “Do not start anything you’re not willing to do consistently.”
    • Your numbers will always catch back up if you are consistent
    • Most transactions are the culmination of multiple touchpoints
    • Improvise, adapt, and overcome
    • Can’t, never could
  • Wholesaling is a means to an end
    • There will be ups and downs
    • Instant success is unlikely
    • Failure is good
    • You get what you pay for
• Assembling the right team:
  • Find where you fit in because you can’t take all of the roles
    • “You are the pitcher. Every play starts and ends with you.”
    • Talent assessment http://yourlivingtalent.com/
      • Red: go-getters, Type A, action-oriented
      • Blue: creatives, “what if” thinkers, problem solvers
      • Yellow: talkers, want to be involved, feelings-oriented
      • Green: counters, analytical
  • Team members every business needs:
    • Mentor – you need accountability
    • Legal counsel – if you have more than $50,000 to your name
    • Accountant/CPA/bookkeeper – they will help you maximize your deductions
    • Title company – make sure your bases are covered
    • Lender – debt is cheaper than equity
    • General contractor – give yourself time to work on your business
    • Sales rep – churn your inventory

• Assistant or answering service – customers shouldn’t have to leave a message
  • Field agent – someone to view the properties, approve the offers, and arrange the money for the deals
  • On-boarder – project manager for taking on properties
  • Condition manager – looks at each property once a week
  • Off-boarder – project manager for selling properties
• Get the right systems in place:
  • Call Rail or another phone service
    • Lead line
    • General line
    • Fax line
    • Marketing line
  • 30% off at GoDaddy – domains, hosting, and email addresses
  • OnCarrot Website Template
  • YouTube channel
  • Box, DropBox, Google Drive, or OneDrive
  • A good camera – smart phone or digital camera
  • MailChimp – leads, sales
  • CRM – Hubspot (www.hubspot.com/th)
• Use the right structure:
  • Your goal is asset protection and a tax attorney or tax advisor will be able to recommend the right solution for your situation
  • If you have more than $50,000 right now, look into forming an LLC or LLP
  • If you have less than $10,000 right now, get an assumed name certificate (dba) for your county and state
  • Open a new checking account and keep your funds separate

Books

Rich Dad Poor Dad

Richest Man In Babylon

Think And Grow Rich

Notes and Slides