Forums/Groups/(dare I say, coaches?!) for scaling a wholesale biz

Matthew Bailey · 2020-08-26T06:31:50-07:00

Hey BP folks! I run a real estate wholesale business. Technically I wholetail vacant land, I.e. I buy and sell parcels of land (not assigning the contracts). Year to date (~8 months) I've sold 22 properties and the business is in great shape fundamentally. It isn't quite where I would like to to be, I still work IN the business more than I need to and in order to really scale I need to get myself out of the trenches a little bit so I can do the high level tasks to really cram the acquisitions pipeline and scale.I currently have a few virtual assistants, one working acquisitions (talking to seller leads/negotiations) and one doing due diligence, marketing prep work, and posting properties for sale. I am currently onboarding a second person to due acquisitions (as I cannot increase direct mail volume any further on my current acquisitions VA) and another to handle sales (as I cannot keep up with the incoming buyer leads & follow up and still plan & execute mailers, my "one thing").I have excellent written procedures in place (per E-Myth and "Work the System books) and a fairly developed CRM to manage deal flow through all of the processes, now I just need to scale up.My question is this, is anyone aware of a good educational space, group, coaching program, course, etc to help me in this endeavor? I know BP is a great community but I'm looking for a more pointed space without the extra noise. I'd love to surround myself with people who've done it before, I.e. successful wholesaling companies who have experience determining compensation, KPI's, onboarding, etc for a wholesale team and manage large volume. The nice thing is that I won't be wholesaling houses, so I'm not direct competition to them and we could learn from each other.Thanks in advance for your time and consideration.

Luke Rorech

Real Estate Agent · Greater Tampa Bay · Member since 2017 · 392 posts · 290 votes

6y

@Matthew Bailey Congrats on the success. There are a few land business programs you may/may not be aware of. If you have the CRM and systems in place, not sure if they would be able to help but worth looking into if you're interested in a coaching program.

- https://retipster.com/

- https://www.thelandgeek.com/

- https://www.landtrainer.com/

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Matthew Bailey

OP

Wholesaler · Sunnyvale, CA · Member since 2016 · 106 posts · 58 votes

6y

Hey Luke, thanks for the quick reply. Yes I've been a member of REtipster for about 3 years now. Haven't messed with the LandGeek but he's not my cup of tea from my listening to podcasts and other investors (to each their own). There's a million "land coaches" and training programs out there but none of which feel like they've really scaled things besides just adding some efficiency but still working in the business to a very significant extent. I didn't mention this in my first post but I don't get the impression that too many of the successful land investors have scaled past that. Plenty of people have outsourced basic things to VA's but most people couldn't walk away from their business for any significant amount of time without it grinding to a halt. So I'm looking to folks outside of the land community for a fresh perspective.

If you know of someone who has multiple acquisitions people that they've onboarded, and has people managing sales, and due diligence, and even prepping mailers/comping properties (I'd still sign off on this stuff) then I'd love to hear about them. But from all of the land content I consume, the big names (even in coaching) still do significant work and have only a few employees, which is a great upside to the land business, but they still take buyer/seller phone calls themselves etc etc

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Braden C.

Real Estate Investor · FL · Member since 2011 · 586 posts · 360 votes

6y

@Matthew Bailey Mike Simmons was on the BP podcast recently and has his own podcast. On his podcasts he talks a lot about his mastermind group and encourages his listeners to get involved with their own. I'd check out his site and see if he can connect you with a group. There's also a virtual event in October called Flip Hacking Live that is supposed to address a lot of your questions. This will be my first time attending so I can't vouch for the event but for $300 I figured it was worth a shot if I can pickup a new strategy or two.

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Matthew Bailey

OP

Wholesaler · Sunnyvale, CA · Member since 2016 · 106 posts · 58 votes

6y

@Braden C.

Thanks Braden, I’ll check it out. I am a part of two masterminds and they’re great for sharing tips and tricks for working the land business and getting through day to day issues but not necessarily an ideal fit for scaling a business to the level that I’m intending.

I think the best way to grow into the next stage of my business would be to surround myself with people who have successfully built a team and scaled a business. Presently I’m trail blazing in my two masterminds on this particular front, “developing CRMs, processes, hiring practices, compensation plans, team building”. It’s the old “you don’t want to be the smartest guy in the room” and I won’t claim that I am the best/smartest land investor in either group, but when it comes to building a business I think I am. So if that’s where I want growth it’s best to seek out folks who have that goal and more importantly have achieved it.

I also think that I’d have value to add to the conversation with a conventional wholesaler as I have a lot of experience with Podio development and process development as well as a different perspective since I do land and presumably they do houses. And little conflict of interest since we’re in different asset classes.

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Mark Shaver

Specialist · Boston, MA · Member since 2020 · 125 posts · 40 votes

6y

Originally posted by @Matthew Bailey:

But from all of the land content I consume, the big names (even in coaching) still do significant work and have only a few employees, which is a great upside to the land business, but they still take buyer/seller phone calls themselves etc etc

Most investors manage virtual assistants using the top-down method. It's difficult for them to raise virtual employees who can completely replace them.

Our company has a department that deals with real estate investments. It consists entirely of virtual employees. The office in our investment department is built from bottom to top. Virtual employees take care of their own training, create written procedures, determine their salary, hire and adapt new virtual employees, etc. It is only a matter of time before our virtual employees learn everything. Then they will be able to call sellers and buyers themselves and conduct a wholesale transaction from finding a seller to finding a buyer.

You wrote: "I also think that I'd have value to add to the conversation with a conventional wholesaler as I have a lot of experience with Podio development and process development as well as a different perspective since I do land and presumably they do houses."

Matthew, I agree with you. The communication with people from other market niches allows you to look at your business from a very different perspective.

When I was choosing a CRM for real estate investment, I was surprised that so many investors choose Podio CRM. First, Podio is not a CRM, but a project management system. Secondly, Podio is little known even as a project management system, there are many more interesting systems - Asana, Trello, ... However, I trusted the investors' opinions and started using Podio. Now I understand why Podio is the honorable 1st place in Top 50 CRM for REI.

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Forums/Groups/(dare I say, coaches?!) for scaling a wholesale biz

Forums/Groups/(dare I say, coaches?!) for scaling a wholesale biz

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