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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 times, because of course it was the brokerage that was the problem, it was not me. I mean, I was making 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 personal loan company an uphill battle. Backtracking a little bit on that point, I think that came from, I 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 how easy is it to inquire loans 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 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 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, fast online cash loans your athleticism is your mind.
I want to dive in for a second and have you talk a little bit about how you developed your cold call skills. Part of success is getting better at shooting because you shoot so much. For people payday advance loans in new port tn that want to cold call, what advice can you give that you learned about how to do it better, how to build rapport, how to recognize motivation, that type of stuff? We train our cold callers, when they get on the phone with someone. When I was cold calling, to really do the best they can, to adapt to that culture and find out what the real reason that people are selling is.
Really, not being in a rush to just get a quick number and move on. We really take the time to get to know … We try to get to know every single person.
How has it changed over the last couple 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 loans for very bad credit 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?
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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 personal loan company 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.
I think I actually heard that at the Mastermind for the first time, someone said that. Cole:That finally clicked, because I was not doing any of the personal loan company stuff then. 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 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 california online payday loans 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 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 important thing.
We just sold a house two blocks from yours, got a really good price for it.
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 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 personal loan company checks is not always better, slow down a little bit. We were spending 40 to 60 grand a month on marketing at one point, across cold calling and mail and everything. Our foundation, I had to go back down to the ground and patch holes, pretty much, before I built back up. We got all the way down to me and my new business partner, because me and my other business partner had separated, so we got back down to two people, and we were still doing deals and making it happen.
Then the right way, putting KPIs in place, making sure that we were actually taking home money at the end of the month, and then somewhat enjoying what we were doing. We started putting the pieces back together really really slowly and carefully. Then what our operation looks like now is, we have a sales manager.
We financial companies in personal loan company boston have me, I still run dispositions, just because I love doing it, and I like having a challenge for me to wake up and do.
Like what I was talking about before, we have everything segmented, whereas before- Cole:Yes. Versus before, it was 12 guys in an office, running … It was like a frat house. We literally had something called Wine Wednesday, where people payday direct lender would bring in bottles of wine on Wednesday mornings.