Max Maxwell has been an active wholesaler for only four months, but he is already netting $20,000 in profits each month. In our recent conversation, he provided a few tips on how he was able to quickly achieve such a high level of success with wholesale real estate deals, even with very limited previous real estate experience.
Become Obsessed
When Max started out, he had to do something to compensate for his lack of experience and becoming obsessed with perfecting how to wholesale houses was his solution.
“Do whatever it takes. Become obsessed with the niche that you decided to pick…I mainly focus on probates in my market because after doing [it] for a while, I found that nobody else in my market is doing probates…I love probates, so I want to become the probate expert in my market so that I can answer anything that an attorney can answer and [be able to present] all the options that a person has…There are many nights where I have to force myself to go to sleep because I am obsessed with wholesaling.”
Reverse-Engineer It!
After finding his niche as a wholesale investor, and making the commitment (and giving himself the permission) to become obsessed, Max sought out a solution to reverse-engineer the wholesale process. “Find out the best deal in your market. A deal [that] your seller or another investor [has done] and say, ‘what’s the best deal you’ve ever had? Explain [it] to me in detail,’ and then find out what list these people would be one and what life events happened to trigger the sale, and [then] attack that. Go right after that and reverse engineer it and just make it your baby.” For Max, his baby is probates. What is yours?
Always Pick Up Your Phone
Max also provided invaluable and commonsense advice on why you should always pick up your phone. “I always answer my phone. I never let it go to voicemail because it takes a lot of guts for somebody to pick up the phone and call you. And most of the time, on the other line, you’re about to hear a problem, so you’ve [also] got to be a good listener.”
By following this advice regarding the last deal he did, he was able to go from phone call to close in 2 business days, which netted him $10,000 in profit. So, as a wholesale investor (or anyone involved in buying and selling real estate), next time your phone rings and you have the urge to let it go to voicemail, remember that there could potentially be a $10,000 deal waiting for you on the other line!