107: 5 Offers Daily for $10k Monthly with Cole Stephenson

Cole Stephenson shares his experience of making $10,000 on his very first wholesale deal. He started by consuming free content from Jerry Norton and participating in his challenge to make five offers a day. Cole used online platforms like Facebook Marketplace and Craigslist to find motivated sellers. He developed a texting script and focused on building rapport with sellers to identify their motivation. Cole secured his first deal by offering 70% of the estimated after-repair value (ARV) and negotiating with the seller. He found a buyer through a contact in the industry and closed the deal successfully. Cole plans to scale his business and acquire 20 properties for long-term rentals.

Takeaways

Consuming free content and participating in challenges can provide valuable knowledge and guidance for getting started in wholesaling.

Building rapport with sellers and understanding their motivation is crucial for securing deals.

Negotiating skills and the ability to analyze numbers are essential in wholesaling.

Finding a reliable buyer and closing the deal successfully are key to making a profit in wholesaling.

Key Talking Points of the Episode

00:00 Introduction

00:51 How did Cole make $10K on his first wholesale deal?

01:45 How did Cole find his first wholesale deal?

02:37 What was Cole looking for when he was reaching out to leads?

04:38 How did Cole run the numbers for his first wholesale deal?

06:31 What is the importance of building rapport with sellers?

08:57 Why is due diligence critical in real estate investing?

10:36 How did Cole find the buyer for his first wholesale deal?

12:51 What was Cole’s first JV experience like?

16:13 What does Cole’s strategy for finding sellers look like today?

19:10 Why did Cole decide to get into wholesaling real estate?

21:35 How much has Cole’s life changed since getting into wholesaling?

23:47 What is Cole looking forward to in 2024?

Links

Podcast: 097: 6 Ways To Help Someone In Foreclosure with Devin Robinson

https://podcasts.apple.com/us/podcast/097-6-ways-to-help-someone-in-foreclosure-with-devin/id1667656532?i=1000641409769

David's Social: @dlecko

https://www.dealmachine.com/pod