Everyone knows it’s tough to find deals in today’s real estate market — but somehow our guest today, Tom Krol, didn’t get that memo! In his first 18 months, Tom closed over one hundred wholesale deals and has continued to dominate his market. In this explosive and highly entertaining episode, Tom goes into incredible detail on the exact methods he used to build out a highly automated real estate acquisition machine. And don’t miss the in-depth discussion on nine specific lists that Tom mails to; it just might change your business forever. Hang on tight — this show is about to rock your world!
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We just wanted to give a shout out to our podcast sponsor on today’s show: RealtyShares. RealtyShares is a crowdfunding platform that allows you to invest in professionally managed properties without leaving your living room!
Learn more by visiting RealtyShares.com/biggerpockets!
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We just wanted to give a shout out to our podcast sponsor on today’s show: PATLive. PATLive’s team of superstar receptionists will always leave your customers delighted. Every agent goes through a rigorous training course before they can answer calls, and we’ve got quality assurance down to an art.
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In This Episode We Cover:
- How Tom got started in real estate
- Why he had to sell his golf cart
- The biggest mistakes he made when starting out
- How he closed 100 deals in the first 18 months
- The attitude successful wholesalers have
- How to avoid “shiny object syndrome“
- How he finds real estate deals
- What “the list” is
- What a motivated seller really looks like
- Tips for buying owner-occupied deals
- How Tom became successful in this kind of investing
- What you should know about “the rule of 5“
- Tips for using a virtual assistant
- Why the money is in the database
- How much he spends on direct mail
- How many mailings per month he sends out
- A discussion on bandit signs
- How to get comfortable with making mistakes
- How many hours he works per week
- And SO much more!
Links from the Show
- BiggerPockets Calculators
- Amazon Echo
- BRRRR Strategy
- Dreaming of That 4-Hour Work Week? This App Will Help You Get There! (Blog Post)
- BP Podcast 151: Finding Your “Freedom Number” with Clayton Morris
- BP Podcast 173: Flipping 100+ Houses in an Expensive, Competitive Market with Steve Jones
Books Mentioned in this Show
- The ONE Thing by Gary Keller
- Getting Things Done by David Allen
- The Millionaire Real Estate Investor by Gary Keller
- The 4-Hour Workweek by Timothy Ferriss
- The Four Spiritual Laws of Prosperity by Edwene Gaines
- Traction by Gino Wickman
- “Progress not perfection.” (Tweet This!)
- “Imperfect action instead of perfect planning.” (Tweet This!)
- “Every single real estate deal, no matter what you do, starts with a good deal.” (Tweet This!)
- “You’re going to make mistakes whether you have 4 years of education in real estate or none.” (Tweet This!)