In this video let Jerry Green and Jay Conner teach you the steps in running a successful virtual wholesaling business.
Jerry Green is a native of Ohio and currently lives in Germantown Ohio, with his wife of 17 years and their 4 children.
He started in the REI Business in 1994 after going through bankruptcy in Springfield Ohio. He began by wholesaling properties and then merged into Fix and Flips.
Since that time he has been involved with doing over 1,500 deals including fix and flips of single and multifamily rentals, and commercial properties.
He soon realized there was a big difference between just being in REI and actually running a real business. So after multiple failures, millions of dollars in mistakes, and through personal tragedy, he was able to build a true, scalable, REI Business.
Now he works as the CEO of his REI Business but is operationally removed from the business as a whole. He does a high volume of wholesale deals, which are all done Virtually.
Jerry now spends his time helping others learn the REI Business. He teaches them how to build and scale their businesses and show them how to master their Acquisition.
Click on this link to watch the complete episode: https://youtu.be/Kg7PfFcm_aQ – “ Virtual Wholesaling in Real Estate with Jay Conner & Jerry Green”
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Jay Conner has been investing in Real Estate for over 15 years. He typically makes 2 deals a month. He has bought and sold over 400 homes.
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Jay Conner:
So how about go over the, so like what’s the checklist or what’s the steps to having and running a successful virtual wholesaling business? What are the integral parts moving parts?
Jerry Green:
I think the number one thing, Jay, right out the gate is first of all, it’s the mindset piece. And that is people have to be willing to understand that you actually can put deals together right over the phone with somebody that is a big limiting belief for a lot of people. And I was in the same boat Jay for many years because I did all the acquisitions myself for a lot of years, went on thousands of appointments. And I realized something, Jay, that I thought, well, you know, if I can do this in the field, why couldn’t I do this virtually? And I really eliminate belief really more than anything. And what I really tied it down to Jay, was this whole virtual side of things was that when you go into a sales process, the biggest problem with most people is they stop the sales process.
So if you think about it, we’re talking a seller on the phone and then we have a great connection with them. We’re flowing through things. And then also then we pull back to set up an appointment to take a look at the property and what I’ve learned. And I train my team as well as others that I train in my acquisition side of things is I’ve learned to continue the flow of the sales process. So what we do then is basically just continue it like I’m meeting with you in person. And we just do that virtually. So to me, that’s one of the key things right out of the gate. First of all, is mindset going. You’ve got to change that. Then I really look at is you’ve got to understand your metrics too. That’s a big component of things. And I know some of you listeners on here might just be doing nothing themselves.
That’s fine. Still measure your results. Because if you measure those on a daily basis, you’re going to understand, you know, where you need to improve that. And it’s typically what I find Jay, it’s most of the time it’s tied in to just either not enough leads or it’s a lack of something in the sales process that you’re skipping a step. But if you really work on that, you can do this from anywhere. Then the other component I look at is understanding the operational side of the business and looking at that, when it comes to wholesaling, you think about it’s just a matter of executing everything in a virtual basis instead of doing it in person. So I look at it as like a production line process. That’s how we look at our business. We look at it, here’s an assembly line that we have going on.
So we look at anybody that’s starting in the virtual wholesaling side. You just start looking at all the different moving parts within that business. Okay, And what you started looking at is how we can basically execute that without us personally, being involved in that in every area. So we just start assigning out me, but we have some BA’s maybe we have like if we’re doing a complete different market, we set up somebody else to be boots on the ground. Okay. Where they’ll go out to the properties we have found Jay, one of our big things is we have been, we just hire local inspectors, wherever we go. And then they go out and they become our eyes for the property. So they’re going out.
Jay Conner:
So you hire home inspectors, but you’re not ordering a home in a traditional home inspection. Right. What’s the arrangement with, that’s really a brilliant idea. I mean, who else better to look at a property than a home inspector. Right.
But what’s your arrangement look like with the home inspectors when they’re like doing you know, your eyes for you and like estimating repairs?
Jerry Green:
What we do on that, Jay is we have a set up where they, we actually sit in them, have to do a big, long report. We actually have a report already made up. And they just fill that document out. We actually have a whole inspection process that we share with our students. Like they go in, we give them the ad that they run. They actually find people that way. Then we have a little agreement with them that they sign with the inspector and then we have a document they fill out. And we also detail on there, how many pictures and what pictures to take. We require a minimum, a hundred photos and everything is submitted electronically. And we, and this is done through that process over and over again.
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