The Secret Strategy That Saved My Company | Cory Boatright
Sep 19, 2024
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Cory Boatright, a seasoned real estate investor and entrepreneur, shares his insights on adapting to evolving market trends. He discusses innovative strategies like net listings and novation to enhance business efficiency. Reflecting on his entrepreneurial journey, Cory emphasizes resilience in the face of failures and the importance of personal discipline. He reveals his experience transitioning from door-to-door sales to real estate, highlighting core values in relationships and business. Tune in for valuable lessons and strategies to thrive in real estate!
Embracing innovation in real estate is crucial for survival, as relying on outdated strategies can hinder progress in changing markets.
The Retail Buyer Program enables wholesalers to connect with retail buyers and close otherwise unfeasible deals, providing a competitive edge.
Navigating rising interest rates requires wholesalers to pivot and explore alternative selling methods to address shifting buyer behavior.
Persistence and resilience are essential traits for entrepreneurs, as overcoming initial rejections can ultimately lead to success in real estate investing.
Deep dives
Importance of Adapting to Change
Many people struggle with change, clinging to outdated methods that no longer work. The podcast stresses that relying solely on previous successful strategies can be detrimental. This resistance can hinder progress, especially in fast-evolving fields like real estate. For instance, the transition from horse and buggy to cars illustrates the necessity of embracing innovation for survival and growth.
Retail Buyer Program (RBP)
The Retail Buyer Program (RBP) is highlighted as a crucial response to changing market dynamics. This program allows wholesalers to connect directly with retail buyers using financing options similar to FHA, VA, and USDA loans. The speaker notes that adapting to RBP helped their company move beyond cash buyers, allowing them to close deals that were previously unfeasible. This has provided a significant competitive advantage in the current real estate landscape.
The Shift from Cash Buyers
A significant challenge identified in the podcast is the decreasing willingness of cash buyers to pay high prices due to rising interest rates. As interest rates make cash purchases less appealing, sellers are unwilling to accept offers that do not meet their expectations. The speaker emphasizes the necessity for wholesalers to pivot and consider alternative selling methods to accommodate these market changes. This shift is essential for sustaining business amid evolving buyer behavior.
Understanding Loan Seasoning and Innovations
The podcast delves into the concept of loan seasoning, which prevents wholesalers from quickly selling properties to buyers using FHA or VA loans. This presents a challenge for wholesalers who might prefer to sell immediately for profit. Innovations like net listings or novations are introduced as solutions, allowing sellers to avoid lengthy processes. By facilitating these transactions, wholesalers can provide a service that reduces the hassle for sellers while ensuring their own profitability.
The Shift Towards Convenience
The speaker underscores that many sellers prefer convenience over negotiation or extensive processes when selling their homes. This preference shifts the dynamic from traditional listings to innovative selling methods that prioritize simplicity. For instance, just as people seek convenience in oil changes rather than doing it themselves, sellers desire a straightforward path to selling their homes. By catering to this need for ease, wholesalers can effectively differentiate themselves in a competitive market.
Leveraging CRM for New Opportunities
The speaker notes the untapped potential within existing customer relationship management (CRM) systems, emphasizing the need to revisit past leads. Many wholesalers may discard leads that didn't seem profitable previously, missing opportunities as market conditions change. Harnessing tools like RBP can revive these old leads, creating new income streams. By adapting to evolving market needs, wholesalers can enhance their effectiveness in closing deals.
The Role of Persistence in Entrepreneurship
The podcast emphasizes persistence as a key characteristic for success in entrepreneurship. Many new investors succumb to discouragement after facing initial rejections, forgetting that each 'no' brings them closer to a 'yes.' The host stresses that resilience and an unwavering belief in their abilities can lead to eventual success. This mindset is crucial, especially in industries like real estate, where challenges are frequent and unwavering drive is essential.
Balancing Personal and Professional Life
The discussion highlights the importance of balancing personal commitments with professional aspirations, particularly in marriage. The speaker’s experiences underscore how neglecting personal relationships for business success can lead to detrimental outcomes. Establishing open communication about priorities and expectations is essential for sustaining healthy relationships while pursuing business goals. This balance fosters an environment where both partners support each other's endeavors without compromising emotional well-being.
In this episode of the Wealthy Way podcast, I sit down with Cory Boatright, a seasoned real estate investor and entrepreneur, to dig into the latest market trends and how things have changed since our last conversation. We dive into the strategies Cory’s using to adapt to the current market and how he’s been navigating these shifting conditions. Cory also breaks down some powerful concepts like net listings and novation, explaining their benefits and how they can transform the way you do business in real estate.
We also discuss the reasons behind his recent business pivot and what it takes to expand a real estate business nationally. Cory shares insights on the importance of marketing, personal discipline, and mindful consumption, all while reflecting on his journey from selling Ginsu knives and TVs to dominating the real estate game.
Cory doesn’t shy away from the tough topics either—he opens up about handling failure, the costs of fame, and the value of strong business partnerships. We also touch on his entrepreneurial journey, how he founded Take Down Funding, and the vision he has for the future.
This episode is packed with wisdom for anyone in real estate or business, whether you're just starting out or already well-established. Tune in for strategies, stories, and some serious life lessons that will help you navigate both business and personal life with more discipline, conviction, and purpose.
--- If you want to level up, text me at 725-527-7783!
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About Ryan Pineda:
Ryan Pineda has been in the real estate industry since 2010 and has invested in over $100,000,000 of real estate. He has completed over 700 flips and wholesales, and he owns over 650 rental units. As an entrepreneur, he has founded seven different businesses that have generated 7-8 figures of revenue.
Ryan has amassed over 2 million followers on social media a...
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