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It seems like young real estate investors get more and more impressive every week.
Today we talk with Cole Ruud-Johnson, a wholesaler and flipper out of the Seattle area. After failing at a couple of real estate brokerages, he entered into a third and learned how they were creating their own inventory via cold calling. After three months, an agent brought them their first off-market deal. Yes, you read that right, six-figures on ONE wholesale deal. Simplifying real estate for investors large and small.
Stay tuned and be sure to join the millions of others who have benefited from Biggerpockets. Brandon:We do have some magic out of said shed today. Cole Ruud is our guest today here in the Sea Shed, and he is a good friend of mine, a phenomenal real estate investor, and … 22?
He is killing it in his real estate business, though. Sometimes on these shows we talk about terms that you might not know. You go up there and you click on it, and then you type in any real estate term whatsoever. By the way, wholesaling is basically where you find good deals, and then you instead of doing the work yourself, you find somebody else who wants that good deal, and you make kind of a fee for kind of being the middleman. So tell us a little bit about how you got into the wide world of real estate investing. Cole:A broad overview right now, we have an off-market direct-to-seller company, and rent in Washington. We have an office, 2000 square feet, sales managers, guys, a whole team. We have three flips going on right now, so transitioning into that slowly, but still primarily wholesale. Then tell us approximately how much volume in a year do you do? What kind of revenue numbers did you see this year? In the past year, we do about six to eight transactions a month in the Seattle area. I did I think three whole sales once in a five year period, and that was … I was impressed with myself.
My great-grandma started a brokerage called Ruud Realty, which is one of the first brokerages in all of Seattle. Rough instead of roof, magazine instead of magazine.
Cole:small loans for poor credit She was kind of the … She launched my whole family into real estate.
Then my grandparents, they did a lot of commercial stuff in Seattle. Then my mom got into the business, she became an agent, and my brother followed her. Growing up, any time I wanted to make money or be involved at all, I was going with her to open houses, putting signs out for the open houses. I was staging, just because we had a staging company on the side, so I was moving furniture around. Transitioning to when I actually wanted to make money, I naturally got my real estate license at 18, 19. When I left school, after a semester, and I absolutely hated, hated, hated being a residential real estate agent.
Switched brokerages three instant online payday loans times, because of course it was the brokerage that was the problem, using stafford loan to pay bills it was not me.
I mean, I was making instant online payday loans a couple hundred bucks a month just doing showings for other agents, yeah. Then for the next three months before we got a deal, we were just sitting up in that room cold calling every single day. This does not match up with where my passion is, what my identity is.
Calling 18, 19 year olds in your sphere, looking for people to buy or sell a house, was an uphill battle. Backtracking a little bit on that point, I think that came from, I money lending companies grew up a basketball player. I remember I was in 7th grade, I came home one day… Cole:I came home one day from 7th grade, from middle school, and I was like, I want to be the best basketball player, I want to play college basketball. I have a very similar story, where basketball literally created the foundation of, I can. Basketball was the first thing in my life that I worked at and got better, and I saw the relationship between action and working, and the result that I wanted. I actually am glad that happened, because I think that created a fuel that I used to do all the other stuff that I did. But I wish everyone else could have an experience like that, where you just see … Trying to take it all out in one shot is why people get discouraged. I had a few years of struggle, and then it kind of all came together. Brandon:Well what direct lenders for personal loans you did is, you went all in on something, right? You went all in on basketball, and you went all in on real estate. You were doing something, and you tried something else, and you were doing something. David and I will talk a ton about how you need to pick your bridge. I tried basketball, and then I leaned into it and I kept going. The how usually …If I look back at my life the past three years to sitting here right now, the how does not make sense. David:Well, you also are hitting on a point Brandon and I have been talking about a lot, which is the pivot, okay? You did everything you had, you threw it into basketball. That no credit payday loans was largely because this momentum you built, your work ethic, your belief system, the habits you had, were formed from basketball. I always tell people in business, your athleticism is your mind.
Your talent is your mind, and all of us have complete quick cash loans same day control over how that works out.
Like we just talked with Jim Kwik yesterday, explaining how to program your mind like your body. It was actually another three months until we got the next deal from cold calling, or it was our first cold calling deal. Six months of cold calling before we got an actual cold instant online payday loans call deal. Then from there, I hired another person to cold call, another person to cold call. When I was 19, after we were three deals in, we signed a three-year personal guarantee lease on an office, and rented and just went all in. Cole:Then we had to figure it out at that point, because we had some overhead.
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How has it changed over the last couple instant online payday loans of years, or has it? We niched down into absentee lists and higher equity, longer ownership, all that kind of stuff.
When Brandon and I give webinars for BiggerPockets, we have to talk about the LAPS funnel, which is just four steps to getting something in contract. Those first three steps, the L, the A, and the P, actually involve completely different skillsets, completely different resources. The biggest growth for us came when we really sectioned off every piece of our company, and put a really good leader in charge of every single thing. We have a manager of our cold callers who is really really … We trust the guy, we love him. Did you have a similar experience with Open Door Capital, splitting things up like that? What I mean by that is, for people who want to scale. That is the key to scaling, is you run your business like a business, you have your KPIs, you know what each person is doing. The great thing about real estate, especially things like wholesaling and flipping, is that you make money back pretty quickly, so that you can afford to hire people to do this, because the business generates the money for these people. Just like you, you look at the numbers at a high level. When we interviewed Jocko on the podcast, and in his book Extreme Ownership he talks about this lesson he learned, where he was on a team of operators that were … They were infiltrating a boat or something. He realized that no one knew how to direct any of the people where to go. He took his eyes off of the scope, he took a couple of steps backwards.
Now he can see all the troops that are on the field. But the ultimate goal is to get yourself in the position of general, just like Brandon said.
Then it rolls into a whole other … That journey to be able to actually do that is a whole other piece. Yeah, what Cole is talking about here is, we did a Mastermind thing, we called it the Maui Mastermind. Tarl and I led it, about a year and a half ago now. Yeah, everybody in that group is still close with each other and friends. Anyway, so I want to go back to cold calling a little bit more here.
What lists should they target, or what would you recommend their first steps for cold calling?
If I guaranteed payday loan lenders was just today going to … If I was right now starting in real estate and I wanted a deal in the next couple of months from cold calling, I would buy higher equity absentee lists for an area. Then you want to … They all have criteria, so you want to stack equity on top of that. Get a 40 plus equity list, and you get a skiptrace and you get phone numbers back.
Keep it as simple as you can, and leverage other people and real estate agents if questions come up through the process. We buy and sell properties in this area all instant online payday loans the time. We have some money set aside for another one this month. Are you open to talking more about potentially selling your property on blah-blah-blah Street?
But how important do you think … I mean, being genuine I think is such an instant online payday loans important thing. We just sold a house two blocks from yours, got a really good price for it. Just curious if you wanted to sell at all, if you had any interest. I think so much of it is how you position yourself and reference the seller.
Yeah, use a script, like kind of what I just went through.
But I would send out direct mail, and I would take the phone calls, right. When I did, I had a list … I had a piece of paper I kept with me everywhere I went when I was doing this more heavily. It was just all the questions I needed to make sure I got. If you walk in with low expectations … I use payday loans lewisville tx a snowboarding analogy.
I love that you put it up here, I love thinking that all the time. It highlights the big loss is that you never tried. You think everyone is thinking about you all the time, but everyone is thinking about themselves. David:Acknowledging human narcissism is the best thing you could ever do for your business, because they all care about themselves so much more than you. They were all like, more checks is not always better, slow down a little bit.