Storage Wins EP142: Andy McFarland on Growing Your Wholesaling Business from One Deal to 30 Deals a Month
Andy McFarland has been a real estate investor since 2002. He owns a real estate wholesale company, a retail flipping company, and he also buys and holds. In Andy's wholesale business, he is in three different markets: Utah, New Mexico, and Indiana and does roughly 25-30 deals a month. On the show, Andy does a deep dive on how he scaled his business from one deal with just himself to 30 deals (per month) with a team of 18 people.
Key Takeaways:
- What does Andy's business look like today?
- Andy is in three markets. 80% of his business is wholesale and the remaining 20% is retail flips.
- How did Andy go from doing a couple of deals a month to doing 25-30 deals a month?
- The first thing Andy did was outsource his books.
- What does Andy's team look like today?
- Andy's acquisitions managers receive around 15% in commission on the gross profit.
- At what point should a business owner start growing their business?
- TIP: Hire for where you're going. If you're only doing one deal, then hire for five deals a month. You can always have certain team members wear more than one hat.
- How can you make sure you've got the right person on board?
- Would you want to work for you?
- Why did Andy decide to expand to a different market?
- What kind of person does Andy look for when trying to fill an acquisition manager position?
- How does Andy find rockstar talent?
- 70% of somebody is still better than 100% of you, the business owner. There's only so much of you that can handle the business and you don't want to get spread too thin.
- How does Andy structure his team's weekly huddle?
- What does Andy do when one of his team members has a problematic property and they don't know how to overcome it?
- When should wholesalers hit more than three lists?
- What is the advice Andy would give his 25-year-old self?
- What is "I Love Real Estate Stories" about?
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Mentioned in This Episode:
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Know more about Andy on Iloverealestatestories.com
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