How To Integrate Spouse Into Wholesaling Business
Apologies in advance that this is so long.
Backstory:
I've been researching and learning about real estate wholesaling (listening to BP Podcasts, listening to Flip2Freedom Podcasts, etc.) for the last year and finally took the plunge and launched my business in January of this year by creating an LLC, starting a buying and selling website, and am in the process of figuring out a CRM (going to use the Enterprise paid version of ZOHO).
I purchased an Absentee Owners list from list source (40%-100% Equity, Last Market Sales Date 2010 and older, etc.) for my target market (which is about two hour’s away drive time) and came up with about 2,000 names. I sent out my first round of yellow letters in January and just finished sending out the second batch last month. Currently I am doing everything (printing out letters and stuffing envelopes, taking phone calls, viewing properties, negotiating the deals, etc.) plus I work a full-time job as an Outside Sales Rep. My target market is part of the sales territory for my sales job.
Currently I have closed four deals and have two more signed with a buyer and seller that should be closing within the next month.
My spouse has Bachelors in Marketing and a MBA but has predominantly been a stay at home Wife/Mom since my son was born who are now 7. We moved to Mansfield, TX last summer with the goal of her eventually going back to work in the Marketing Department of a TBD company. We talked last Friday about some of the struggles that she is facing with giving up the free-time and availability with our son and I had mentioned that she could work with me on the business in some form or fashion versus going back to a corporate job ( and the commute that goes along with it). Honestly I figured she’d blow it off but she actually took the weekend to think about it and said she would like to give it a shot over the summer and then touch base at the start of the school year and decide if she still wants to stick with working in the business or just go back to work full-time in the corporate world. She’s going to still work on her resume with the goal of being done with it by June 1st. At that point in time she and I will begin her training and figure out how to integrate her into the business.
With all of that being said, I have between now and June 1st to figure out how to use her and that’s why I am putting this out there to the masses to get some ideas. I’ve explained to her the basics of the business of how I obtain, prospect, and close deals and I have never been the best trainer. I want to start slow and basic as she learns how to do what I do and then eventually give her more tasks and responsibilities. I had thought about having her field the first round of calls and just fill out a basic questionnaire sheet to determine the “deals” from the tire kickers, update the CRM accordingly, and pass on the deals to me to follow up on, go out and see the properties, and close the deals. As she gets better and learns more she could start taking over and doing this as well and then ultimately we could expand into other markets. When I asked her what she would like to do in the corporate world she said contract negotiating, creating and managing marketing campaigns, and handling advertising campaigns.
I want to eventually expand to other closer markets and I think her and I together could be a powerhouse and make a lot of money but I’m just figuring out the best way to get started.
Ok I could keep writing but I think it’s best to hear some feedback from everyone and respond accordingly. Thanks in advance and my ears are open.
Most Popular Reply
Hey there @Account Closed! Stick with your strengths. Do what you're good at (better yet, do what you love and you'll never work another day in your life) outsource the rest. You obviously know how to negotiate and close deals. I have worked with hundreds of fledglings over the years and that is always the hardest part for them. You're good at it, stick with it, and use your Wife's skill set to open more opportunities to do what you do.
My Wife was an International Tax Consultant so she immediately took control of the books, expenses and all financial matters (Thank God!!). Her spread sheet skills got our unruly contacts system under control, and she systematically got me in front of more and more people so I could do what I do best, analyze and close.
Our business EXPLODED growing over 300% in one year. Now we have 2 other full time employees and 3 part timers. We scale as we go....
It's been 3 years that she has been working side by side with me and we have never looked back. We could not imagine ever working for anyone else, or away from each other again.