Wholesaling From Your Cell Phone with Justin Wilmot
Episode 297: Wholesaling From Your Cell Phone with Justin Wilmot
Doing more of what you want, doing less work, and making the money you need all at once is everyone’s goal. This was something that Justin Wilmot was able to do. What’s his secret? The creator of Mobile Wholesaling shares the tool to flipping real estate contracts, not houses, using any mobile device and none of your cash or credit. With a surfer’s analogy, he believes in grabbing opportunities like waves – it will always be worth the wait. Learn everything you need to know to become a virtual wholesaler and the kind of team you need to get your boots on the ground. On the side, discover why virtual assistants are your yellow brick road.
Watch the episode here:
I’m here with Justin Wilmot. He’s over there in Flagler Beach, Florida, down around the Daytona area. He’s a surfer guy who loves surfing so much that he figured out how to make money and surf more than he works. This is going to be a good interview because everybody would like to do more of what they want and less work and still make the money they need. It’s a topic that we’re going to be talking about is virtual wholesaling or he likes to call it mobile wholesaling. You can be anywhere in the world and do whatever you need to do: hunt, fish, surf, whatever it is you do and still be able to make money from wherever you’re at, as long as you have an internet connection I’m going to assume. How are you doing?
I’m doing great. I’m stoked to be here with you too.
I’ve got to pay some bills here, so I’ve got to mention TaxFreeFuture.com. If you don’t have a tax-deferred or tax-free accounts where you’re growing your retirement or your financials, then you’re missing out on a huge advantage. Please go to TaxFreeFuture.com because you have no idea what your financial advisors are not telling you, and they’re not telling you a lot. Justin, you’re doing virtual wholesaling, mobile wholesaling is what you’d like to call it. We’re going to be giving away a flash drive that has an hour’s worth of training with all the contracts, all the scripts and even where he’s getting his VAs to help him out. It’s an inside look at how to wholesale virtually from A to Z. We’re going to give away a link to that. Let’s do some little background on Justin Wilmot. Tell us where did you come from and how were you raised? How did you get into this business?
Everybody’s got a long background, so I’ll put it in short as much as possible. I came from a very middle class but hardworking family. My grandparents owned a campground up north in Foxborough, Massachusetts, which became New England’s biggest campground. At a young age, I learned work ethics there because there was nothing cooler for me then to start working on that campground, to wear the collared shirt, to be able to drive the golf cart around at ten years old, eleven years old. There was something in me that drove me to work. That’s where I got my spirit from, my work ethic but then we moved to the beach, the parents got divorced, became a surf bum hanging out under the pier, smoking weed all day. I lost my motivation. There’s nothing wrong with either of those things, but if you do it too much, I lost my direction.
I married my high school sweetheart and I knew I had to become more. I knew I was capable of more, which was the biggest thing. I had decided to change my lifestyle. I became an entrepreneur and started off washing cars, detailing cars. That company called Epic Detail became successful and turned into a yacht management company because when my dad moved down here, he became a yacht captain. It became successful and that was another problem. I didn’t know how to deal with all the money, so I was an idiot there. I blew the money, spent it in the wrong places. When the economy turned, your yacht is the first thing that you stopped spending money on. My business tanked and it tanked like a sinking boulder. I threw whatever savings I did have at it and it did not work. Probably how most people got into real estate is exactly what I did. I hit the old Google. My company’s failing, I got no income coming in, all my income’s going out. The saving grace was actually I sold that company to at the time who was my manager. At the peak, I had fifteen employees, three crews.
My main guy, he bought the company from me for pennies on the dollar. I gave him a counselor. He was at a positive ROI from day one. He was killing it. He bought it for me. I started my real estate in endeavors through Googling things. I spent a year and a half trying to learn the real estate game. I bought every course under the sun with whatever credit and debt I had available, and never made it happen. As a matter of fact, the first two deals I’ve put in a contract, I lost both of them because I wasn’t paying attention to the location. I was looking at big square footage, small price, must be a deal. It was in crack town. It was across from all kinds of stuff going on. I did not lose hope and myself, I did not lose hope in real estate. I knew real estate was the key. I knew real estate was the answer. All my clients and that yacht management company, we’re all in real estate in some way or the other. As I’m watching the boats and buffing their boats, I realize all these guys are crushing it in the real estate game.
I want to take a pause to thank you for your honesty and being so transparent because some of the things that we go through to get where we’re at, they’re not pretty. I think we need to hear that side of a person. I wrote this book, My Life & A Thousand Houses: Failing Forward to Financial Freedom. I was asked by a lot of people, “Are you sure you want to put this out?” I said, “What’s the problem?” They said, “You’re saying a lot of things that aren’t very glamorous and don’t look very well on you.” I said, “It’s the truth of what happened.” I had to go clear it with my wife and a couple of business partners too that we’re pulling their pants down, showing their heiny too. It’s not very pretty but they all said the same thing and they weren’t in the same room.
They all said, “It’s the truth of what happened.” It’s not very pretty but it’s the truth. I think the truth is important. What everyone related to and what people are going to relate to in your story and what they related to my story was it’s about a time in the woods and everybody goes through that time in the woods where there is nobody. There is no support system. There are bears out there and there are things that will eat you alive and you’re out there with maybe a sharp stick and you’re trying to figure out, “How am I going to kill something to get a leg up so I can move on and get better?” and it’s scary. I don’t think there’s a person worth their salt that hasn’t been through it. The poor bastards that inherit the trust fund and all that, I’m sure that they’re the lucky ones. I think the lucky ones that spend the time in the woods and find their way out and they’re their own man and they’re their own person.
I’ve had people tell me that they were very successful, but normally they were second or third generation family members who inherited a business or in a company that they were brought along in. People tell me, and you’ve probably have had to, that they’ll never know what they would have been on their own. We know this and there’s a very big power in that. We did this from the bootstraps up. We did it scraping the bottom of the barrel and figured it out by the shoestring. There’s a lot of power in that. You must have great pride that you’re I say self-made man, but I always cringe when I say self-made man, because behind every self-made man is some people that gave a damn about him and supported him. You did it with no money and no one gave you.
I flipped my first house with literally $10 left in my name. That $10,000 check was $9,800 and something. It was life-changing. I’m self-made. You’re right.
The point of the first deal is not necessarily how much you make. It’s the proof of concept. It’s like, “I took $10 and I made $9,800. I saw it. I killed it and ate it.” Sharpen the stick a little bit more.
I love the hunting analogy because that is so true. I use a lot of surfing analogies or with water. I’m a water guy. Your analogies are like me, but in the hunting game. Without question, it was the hunt. I killed it myself.
What would the surfing analogy be? You’re out there looking for a wave when there was no wind?
No wind, no storm. I still somehow got barreled. You wait long enough that once that wave might come through.
You thought it was a wave, but it was a shark.
It’s perseverance. I kept pushing and pushing.
You thought it was a wave when it was a shark.
You’re still right on that, at least in my own life experience. One of my partners, I’m obviously not going to say his name, was a lender. I got into wholesaling and then I went into what I thought was the cool thing. I watch too much HGTV. I got heavily into fix and flips and so I’ve literally bought and sold hundreds of foreclosures and renovated and re-develop them built and now we’re back in the wholesaling. That’s another story. As I was doing that, one of my first partners was very successful. He came from money, but he was a sharp guy. He became an airplane pilot to stay busy. Long story short, he had three kids. I won’t go into that. You probably have imagined they all got into bad stuff. It’s a tough life for all three kids. They think that their wealth is the biggest curse that’s ever happened to them.
There’s a lot to be said for coming up, getting it a little bit at a time and learning how to handle what you’ve got. One thing that I’m very thankful for is that my wealth came over 22 years and it didn’t come easy, it didn’t come fast. I know what to do with it. I know how fragile it is. I know how easy it is to lose it. I don’t take it for granted at all because I fought so hard for so long and I’m the same guy. It doesn’t matter what strategy you pick in this industry or any industry for that matter. The trick is to figure out a good strategy that will work in your market, wherever that is. Make it pay and make it big and then try to automate it so that after forging this and working 24 hours a day and trying to figure out everything about it, that at some point you can automate it or systematize it and get people to help you so that you can get your freedom back. I think the only reason we make money is so that we can buy our freedom. If we can buy our freedom with jelly beans, we’d be discussing how to collect jelly beans right now, but that’s not what we’re discussing. You picked virtual wholesaling obviously because your freedom was important to you. When anyone says I’m a virtual wholesaler, immediately I say, “This guy is probably out doing something all over the country or he’s got this thing that takes him away from an office a lot.”
I got off starting wholesaling because that was the path of least resistance. “Make money in real estate with no money, no credit,” the gurus said. I said, “That’s me. Sign me up for that.” I thought the big goal here was to become this big fix and flipper, in which I became. I didn’t know anything else about systematizing my business, about delegation, about any of these things I know and teach now. I ran myself literally into the ground. I found myself in a hospital getting CAT scans at 24 years old. I still don’t remember what exactly it was, some stressed-induced hernia and I couldn’t even swallow. I was thought I was going to die. The doctor’s like, “What are you doing?” I’m like, “I’m a real estate investor,” and he’s like, “Whatever you’re doing, you can’t keep doing this because look at you.” I’m getting a CAT scan, MRI and I am a healthy surfing 25-year-old. I’m like, “I’ve got to change this.”
In addition, before that event, I also was realizing that I got all this money and I got all these things and I got the condo on the water and the gated community and there are badass cars and boats. What was more important to me was experience, traveling. It’s way clearer to me. I know I’ve got a cool car, but I’m not a car guy. I want experiences. Central America’s my favorite place on the planet and I couldn’t go. To even think of leaving for a week was a joke. It’s impossible. You probably know this, but when you’ve got three or four renovations going on and you’re babysitting all the contractors and your money guys are waiting to hear from updates and all these things going on, it’s not happening. There was no way I could physically leave. I go, “I created another job for myself and I can’t ask for time off. I can’t ask for a vacation. I can’t ask for anything. I’m stuck.” That’s when virtual wholesaling came back into play.It's hard to relate to successful people if you're just getting started. Click To Tweet
I had a nervous breakdown at 24, the same basic situation.
Every time I share the story, someone tells me, “At that age too.” That’s crazy.
I was raised by Marines. I was in athletics and football and we didn’t cry about anything and if you hurt, you sucked it up. I didn’t know you could break this. I had a lot of work. It wasn’t in the house business at a time, but I had a business and it was a 24-hour day business. I worked myself into a broken state. My mind was stronger than my body and my mind would not go to sleep. My mind would not finish the job and my mind would keep going. It would overrule the body. One day, my body said, “The hell with you.” It sat down hard. It took me about a year to get over that. It’s learning the hard way. It’s not about how hard can you work or can you outwork everybody you’ve got to be. You’ve got to outsmart everybody and be the guy that works the least.
My uncle was a very successful web designer, web developer. I knew what he meant. Everybody intrinsically understands what that means at the surface. To dig and to work smarter, you have to make mental connections and what that means. I think experience is going to help people do that. It’s a good topic. I feel like when you come saying, “This is what I do, here’s all the money I’ve made and this is my life,” it’s hard to relate if you’re getting started. This is a good conversation for people to understand that and then everyone puts their pants on the same way.
I hope we haven’t spent too much on this because I want to get into the virtual wholesaling. We’re going to do that right now. There’s always a back story and in the back story, it’s almost as important as how you’re doing the real thing because until you understand where someone comes from or what they’re doing, and then maybe you can plug yourself into them. Did you graduate from college? I’m a high school graduate.
I’m a high school graduate. I only went to community college for about a year and a half because it was my dying grandfather’s wish.
I went for two semesters. My business professor told us how he was going through bankruptcy and then he made $60,000 a year. I said, “Why am I here listening to this?” I walked out like, “This is the stupidest thing. I’m paying this guy to learn how to go into bankruptcy.” This is wrong. Let’s get on the topic here. Virtual wholesaling. Tell us, start from the beginning. You already said the most important thing.
Let’s define wholesaling. Wholesaling is simply putting a property under contract at one price, marketing the contract to a cash buyer for a higher price and selling that contract for a profit. That’s it. I live in Flagler Beach. It’s a very small market. We’re still doing a lot of deals here, but it’s a small market. I’m going to go to Orlando, Florida. Everybody knows Orlando, Florida, the world of Mickey Mouse ears and all that, Disney. That’s an hour and a half away or two hours away from me. What do I need to do? What systems do I need to generate so that can have leads there, boots on the ground there because there does need to be a human element to this? When people think virtual, they think literally technology, which is 90% of it. You’ve got to have boots on the ground. This technology helps you get the boots on the ground.
I’m going to guess, then you target towns and you build some boots on the ground. You’re not bouncing to a different city all the time. You’re picking cities you like, building a little team there so that you’ve got some support so that you’ve got to have a team in every other town. How many towns have you virtually wholesale in?
Years ago, when I started this product called 10-Hour Wholesaler, it was twelve. I was like, “This is too chaotic.” I’ve brought it down, a small handful here in Florida.
Not so far that you couldn’t drive to them if you had a problem, you could get your own butt in.
If I had to, without question, I don’t. It’s too easy to get somebody to assess the property. It’s interesting. Insight is so powerful because through hundreds and hundreds of houses, I was like here’s a simple thing. Now I have the home seller do more of the work. If I need to see live video of the inside of the property and live video of the exterior of the property, then I make the seller, if it’s owner-occupied, do it. I never used to think that I could ask for those kinds of things.
You can ask the world now, especially with the internet. I always tell everybody, “Ask the world for what you want and don’t be surprised if someone shows up and then you negotiate your price for it.” You can almost ask the world for anything you want right now. To ask someone, “Can you go by and video the inside and outside of my house and please pay particular attention? I want to see the worst parts of it the most.”
Literally that one sentence, you can become a virtual wholesaler because when you’re going to a property, you’re going to check it out.When people think virtual, they think literally just technology which is 90% of it. Click To Tweet
Looking for what are the problems in this house.
Let’s say worst case scenario, they purposely avoid that big stain in bedroom number three. When you put it under contract and you still don’t know about it, this is again learning through experience, when my buyers go to walk through that property, I will learn about it. “You have a gigantic hole in the ceiling.” I’ll go, “You’re right, because I didn’t know about it.” What do I do? I go back to the seller, I go, “You might have left that out. I know we agreed on $67,000 but the new number is $42,000.”
You’re getting the seller to video the house for you.
If it’s vacant, which happens a lot then we get a few managers. That could be another wholesaler that will have signed another non-compete. There are a handful of things that we’ll do.
If you can’t get the seller to do it for free, then you pay someone to go over there and do it for you.
The other part of the virtual aspect is obviously seller lead generation, buyer lead generation and we can delegate all that stuff. All those days of us taking it through our local county property appraiser’s website, looking up who’s buying cash and non-entity and all that stuff. That’s all done through a couple of pushes or buttons these days. On top of that, there’s probably a lot of work to do to take that cold lead and try to turn you a warm lead. Delegate that too so that anything that I’m doing is following up with somebody that says, “Yes, I do want to buy more investment properties in Houston, Texas and Atlanta, Georgia and Orlando.” That’s the only job I have. As long as I can do that, I’ve got an internet connection or cell phone or a phone connection, I can do that.
Delegating out the mundane tasks, probably using VAs to do a lot of that stuff because they don’t even need to even speak English that good to get you information from the courthouse. I have six VAs that work for me in six different companies that are related.
One of the things I tell everybody, “You can tell I’m a very transparent guy,” because I feel we’re in a transparent world these days. There’s no more hiding. Everybody’s going to find out anything they want about you. Transparency in regard to even when it comes to the information, when you want to become a virtual wholesaler, having a VA, virtual assistant, the yellow brick road without question. I’m sure you know this since you have six, that is a job in and of itself. If you don’t know how to find VAs, filter VAs, motivate VAs and keep them on deadlines, it’s not going to help you. VAs are the answer, but now you need to know how to deal with them. Who do you hire? There are people like me that already spent years finding the right people.
To get your flash drive, we want you to go to 1000houses.com/freeflashdrive. There you’re going to get a one-hour training on the insider look at how to wholesale virtually from A to Z. You’ll get the contracts, the scripts and you’ll get to learn a lot about where he gets his virtual assistants and how he deals with them. It’s $7.95 to get this thing delivered. I think there’s no way in the world that you’re going to be underserved. I think it’s a great thing. Let’s get back on the task here. You’ve found some cities you wanted to deal with and then you go about setting up your team. What kind of people are you looking for on the boots on the ground in that town? You said you’ve got to have about 10% deals with boots on the ground. Who are the boots on the ground in these favorite cities?
I’ll look at three things. One I’ll say, “Is there an agent?” Not a broker, but an agent that is young and hungry, but they don’t have the money or they haven’t got the marketing ability to do what they want. They got five listings. The truth of the matter is I forgot the statistic, but you might know it. 70% of all commissions are earned by the top 10% or 8%, right?
80% of all the commissions are earned by 20% of the agents.
We know we have a big pool of hungry people. We’ll look for that pool. The other thing is every major metropolitan has a local REIA, which is always a hub. For me, I look at it as a hub of people. I say, “Who here is hungry and trustworthy?” Literally what you and I are doing, “You’re an aspiring wholesaler? My name’s Justin. Do you mind jumping on a quick Skype call with you? I’m going to teach you the real estate business and you can earn some income along the way. One day if we wash hands and you go do your own thing, awesome. If not, maybe you can work with me in this market for next year or two.” That’s a hub. Find other aspiring wholesalers. Now that you have a have non-compete, non-disclosure agreements that you should sign. Although I’ve done plenty of field manager stuff, none of that.
Let me say personally, I would feel better finding someone in town that needs a side hustle that doesn’t want to be in real estate, doesn’t know anything about it. Give me the pictures, let me send you a check. I don’t want to get in or have to worry about are they going to snake my lead. A lot of times when they’re in a house, the neighbor is going to come up and talk about the house they have three blocks over and I’d like to reserve that for mine. It’s in the business. He’s going to say, “I’m doing this. That’s not his lead. That’s mine.”
I would launch into the third pillar that we’ve found that it’s been helping. This is a good little golden nugget tip for your readers because I didn’t even do this until I started coaching and mentoring people because it’s one of my students that did this years ago. I was like, “That’s genius.” I started joining all the Uber groups on Facebook and started asking all the Uber people who there were hungry, why are they there? You start interviewing people and choose people that you jive with. It was like, “You seem a trustworthy guy. Set up a PayPal account. I’m going to send you a training video in a moment on what and how to do this,” and that’s it. That was his boots on the ground and I still use them to this day. He’s an Uber guy.Pick a niche that makes the most sense for you and go after it and go all in. Click To Tweet
I’ve thought about using Uber people for that myself or even to deliver some documents. I need to teach a couple of how to go file things at the courthouse because timely filings are important to me. This is off topic but why would an Uber driver ever drive Uber? If you’re Uber driving, you’ve got to have something else for sale. You can put in 25 people a day in your car, got a house to sell. Ask me about the house you want to sell. Find a different side hustle. You’re meeting 25 people a day. You need to put it on the back of the two headrests, in the back seat and right on the dash and sell something else.
It’s so simple. Someone like you or I, if they got us a lead by asking somebody, with no other work, you and I would pay them $500, $1,000, $1,500 from that one lead.
You’ve got a house in Orlando you need to sell quick. Ask me about it. If they don’t ask, but it’s right there on the dashboard and it’s right there on the two headrests. If they have a house in sale, they’re going to tell you. Can you make an extra $500 for giving the lead to me? I don’t understand guys in Uber that aren’t selling something else.
What we’ve found is when we have this very conversation with them, some of them are totally on board with this because I’m already doing this. I’m already driving around. I’m already in this neighborhood. I’ve already driven by these properties all the time.
They do what you may not in neighborhoods all the time, so then you can expand it. I thought about this. I’m thinking about talking with the Uber guys on San Antonio and saying, “Put these placards on the back of your head rest on your vehicle.” They got these little sticky things that are rubber and they don’t leave any film or anything. You can put them on or off. I say, “When you go through the neighborhood, take the long way out. If you see a house that’s vacant, take a picture of using this app. I bet you I pay you more than Uber. Two or three months in when you got some leads in my CRM system, I bet you they make equal to what you make driving.”
They’d make more. They would end up doing the Uber thing as a good excuse to continue looking for leads.
I told some of my guys, some of my students that were flat broke. I said, “Get an Uber thing and use it to find deals to drive through houses to whatever and then get a little jingle in your pocket every day so you’re not broke.” You’ve got these boots on the ground in these little towns. You would say, “Now you only do about four or five towns,” or how many towns?
Four towns at this point, counties.
That’s all. You don’t need a lot of towns especially if they have a big population.
That’s why I say counties I focus on. I focus countywide. Orange County has two million residents. It’s big. I used to be thinking a lot, doing a lot in a lot of different places especially when I became an educator. I was doing more partnering with students and stuff, but I narrowed it all down. I became so lifestyle-driven at this point. It’s like whatever requires the least amount of resistance and bandwidth and still continues to grow the bottom line of the income, that’s the route that I go.
Kim D’Angelo, the Founder of Home Investors, told me that the entrepreneur will rarely end up with the business he starts. He always morphs to the most amount of money for the least amount of work. That ends up usually being a completely different business than the one they started, which is exactly what you’re doing. Here’s a point I want to throw out there. With lots of strategies, you need cheaper houses. A lot of strategies, if you’re having to put up the money and everything, it’s hard to go to Orange County and buy houses where every house is worth $600,000 or $700,000. When you’re wholesaling, it’s better to be in the more expensive parts of town. You can clear yourself bigger margins easier when there’s a lot of money changing hands.
My theory on that though is people ask me, “What’s a deal, Justin?” My students ask what to do. I say, “A deal is whatever your vetted cash buyer considers a deal.” When I say Orange County, I should’ve been clearer. I say Orange County, Florida, which is in Orlando and all that stuff. They might think it’s Orange County, LA or California but it still has expensive real estate in there. To me, a deal is whatever my buyers consider a deal. What do I consider a buyer? I consider them as a friend, a relationship. I tell people all the time, “You want to the point where you can literally call your buyer as a friend. You spoke with them on conversations.”
Which means you can’t glean the field on him on every deal you do. You’ve got to leave him enough room to make some money. I’m not friends with people that want to sell me stuff and tell me that it’s worth something, then I find out is not. I’m friends with dealers who at the end of the day that brings me consistently great deals and they’re fair.
A deal as a wholesaler is only what a buyer considers a deal. That’s it. What are you considering a deal? That’s what I go and I get. That’s it.Business is a mental war game. You just got to push. Click To Tweet
I want you to go to 1000houses.com/freeflashdrive and get an insider look at how to wholesale virtually from A to Z. You get to contracts, you get the scripts, you get even some insight on how to find and train your virtual assistants. He’ll send it to you for $7.95 to cover his drop shipping costs. People go, “It doesn’t cost $7.95 to send a hard drive.” It doesn’t if you’re going to do it yourself, but this guy’s probably worth $800 an hour. You don’t want to pay him to do it. He’s got somebody drop shipping this somewhere and it costs more than the postage.
I got my staff right here at the office doing it, plus we have to buy the envelopes. Literally, we did the math. When it’s all said and done, I’m losing on shipping and I’m losing about a penny and a half.
You’ve got to buy them. You’ve got to buy the drive, you’re going to buy the envelope, you’ve got to buy the postage and he’s going to pay the people to put it all together and all that.
I’m losing a penny.
He’s giving this for under cost. Go to 1000houses.com/freeflashdrive. Check this out. This would be great for handicapped people, for people that are disabled, for veterans that have trouble holding a job because maybe they have PTSD. There’s a whole realm of people out there that have their self painted into this crap can, that they can’t do anything. It’s completely bull. If you can understand English, if you can learn and you can get in front of a computer, then there are a lot of people out there that desperately need an opportunity like this for other reasons than they want to go chase their dreams. Some of these people may want to have some freedom enough to make a living so that they’re not dependent on the government or SSI or something like that. There are things you can do.
Real estate doesn’t need to prove itself to anybody. That’s what I tell people. Real estate’s out here for you. Pick a niche that makes the most sense for you and go after and go all in and continue to push and push.
I’ve talked to some people about it, about getting some certain strategies that veterans who don’t have legs or arms, the things they can do to make a great living from the home. You and I, we come from the real estate side, so I’ve only thought about it from that. Maybe this virtual wholesale’s a way that people can re-train themselves and find a way to make a living that you don’t need two legs to do this.
As a matter of fact, what you would call it a disability is actually an asset because if you don’t have the ability or the opportunity or whatever, you don’t have the drive here like someone else does. You’re forced into doing what I call it the correct way, the ritual way. You’re being forced into doing it the right way.
I have six students that are moving from Los Angeles to different parts of the country because Los Angeles is not a conducive environment to be able to flip houses or to be able to owner finance houses, which is what I do. They’re living in one part of the United States and they’re setting up shops. I tell them the same thing. You’re forced into this corner. You’re going to be forced to make a real business. A real business is one that you work on from the top down or that you work on it. You don’t work in it. You don’t drive, you don’t paint, you don’t mow. This is a perfect way to get a real business. A business is the one where you’re not even the CEO. You’re the owner. A CEO is a job. You want to be the owner that has a CEO under him.
A POW told me one time, “This is the most adaptable thing in the world. If you give it enough water and enough protein, it will figure everything out.” I bought it so much that I took having a job off the table in my life. I said, “I’m never going to have a job again. I’m going to figure out what this does. I’m going to make this figure it out.” He said, “The only thing that has to happen is you’ve got to keep your mind.” In any case, he was a POW. He had to keep his mind from going insane because they beat him every morning and they starved him all day long and they did horrible things to him. All I had to do was keep my mind and not go cave in to having a job. It figured it out. If you’re a disabled vet or you’ve got yourself painted in this corner, it may be your greatest asset because if you’ll give it a chance, this will figure everything out. Whether you have two legs or whether you don’t have two legs, it will figure out what to do and there are options.
I couldn’t agree more. You’ll figure it out. You’ve got to push. I would say it’s a mental war game. The business is so simple like the actual mechanical partner. Put it on contract for one price, market the contract to a cash buyer for a higher price. You should know your numbers to know what makes sense for buyers. Market them to either a fix and flipper or a landlord, higher price. Send those two contracts into your title attorney and wait for your profit. The difficult part is all the BS that we tell ourselves on that journey. I don’t know what to say to buyers. I don’t know how to find buyers. I don’t know how to make offers. I don’t know how to negotiate enough. I don’t know how to do a closing. That was one of my excuses. I don’t want to do a simultaneous closing. Simultaneous closings are illegal. Wholesaling’s illegal. You’re grabbing these excuses. It’s mental war. You hear something, it’s like, “Now I’m not allowed to do it. I don’t know how. I’m not allowed because that agent told me I couldn’t or that title attorney told me I couldn’t. I finally have an excuse to quit.” It’s the mental war. The business is so easy. Real estate is.
That is what you said. We don’t need to prove that real estate works. I don’t need to prove that my strategy works. He doesn’t need to prove his. We’ve got people. We’re doing it and there are people all around the country doing it. What’s not working in this formula is you, so change your attitude, change your deal, go get this. If you don’t know where to start, start here and get this flash drive and listen to someone who knows how to do it. Here’s one good piece of advice no matter who you pick. If you don’t pick Justin or you don’t pick Mitch, find someone who’s doing what you’re doing and is good at it. I would say you do some research on them because make sure they’re the person you want to be on and off the field. It can only be one guy and somewhere, the worst of the guy is going to show up. Make sure that you’re dealing with a guy that you want to be on and off the field. When you’re sure that’s the strategy you want, that’s when you write a check.
It’s when you’re sure that’s the guy because you’d be foolish to jump into an F fighter jet and think you’re going to figure it out on the fly. You want to call sitting behind you that stays with you, get you all the way in and it will be a lot less anxiety. You’ll spend some money. You won’t be second-guessing yourself. You may even have a little bit of a cheerleader in your background going, “Mitch, you started talking negative crap. Shut up, get focused, come back over here. Don’t go in the other negative side of the fence. You’re crying like a little baby now. Get your butt over here and let’s get going on the good stuff.” Anything else you want to say about virtual wholesaling?
Just reminding people that it’s mechanically a very simple business and you’ve got to jump in and get started. Whether you’re wanting to look out for something to add to your existing business or if you’re trying to get started, giving this virtual thing a shot is well worth it. Honestly, it’s almost too hard to believe but if you want to get started, everything you need is on here. The contracts that I use, plus the training on how to do an hour and a half long training.
People don’t know what to say. You’re giving them the scripts and then when you get ready to get some help, helping you with who these virtual wholesalers are.
It does actually give you the virtual systems that I use to generate buyers and seller leads. It is a no brainer.
You’ve got to start somewhere and you’ve got to get educated if this is what you’re going to do. If you want to fly a plane, you’ve got to get educated on how to do that. Pick a starting point and the sooner you start, the sooner you get there. I’d like to thank everyone out there, all the readers for stopping by to get you some Justin Wilmot. He’s over there in Flagler Beach doing business in about five or six different cities, making a tremendous living and has a real lifestyle. It can’t get any better than that. I’d also like to thank my sponsor for the show, TaxFreeFuture.com. Please visit TaxFreeFuture.com, watch the 37 videos because you will not believe what your financial advisers are not telling you. See you later, Justin. Thanks for being on and I enjoyed you very much.
It was awesome. It’s great being here. Thank you.
- My Life & A Thousand Houses: Failing Forward to Financial Freedom
About Justin Wilmot
Before Justin Wilmot became a Real Estate Mogul buying, renovating, wholesaling, developing properties and teaching others how to gain financial freedom by doing the same, he had his share of obstacles. To being raised in a toxic environment, barely passing grade school, dropping out of community college and bankrupting his first company, Justin’s story of overcoming these brutal obstacles is real proof anyone with a burning desire can make it in life.
Fast forward 10 years, he has become a real estate powerhouse flipping hundreds or houses valued over $100MM, has thousands of students across the nation gain financial freedom, and was named most noticeable real estate investor under 30 (at the time).
He is a lifestyle entrepreneur, high-performance real estate coach and educator. A former Pro-amateur competitive surfer, world traveler, father of three and husband to his beautiful high school sweetheart. He now owns 3 successful companies in the real estate space allowing him to not only live his ideal lifestyle traveling the world surfing but to help others achieve their ideal lifestyle as well.