Storage Wins EP084: Frank McGovern on Making a $75,000 Profit with One Wholesaling Deal
Frank McGovern is a real estate investor in the Philadelphia area. Frank recently closed a deal where he made $75,000 net profit, but how did he do it? Find out on today's episode! Alex swears if you use just one of Frank's strategies from today's interview, you'll see some fantastic things happen in your real estate business.
Key Takeaways:
- At the time of this call, Frank is about to make $75,000 on a wholesale deal.
- Frank never had a doubt in his mind that this was what he wanted to do for a living.
- Frank had to overcome a lot of adversities in his life, in order to make his real estate business work.
- Frank's backstory did hold him down in the past, and kept him from achieving success.
- You can do anything if you have the right mindset and work ethic.
- For this $75K deal, how did Frank get in touch with the homeowner?
- This property came into Frank's lap two years ago.
- What is skip tracing?
- What is Frank's follow-up process?
- How long did the homeowner own this piece of land?
- How many times did Frank have to follow up with the homeowner?
- Frank stresses that you should not follow up with every lead so aggressively. With this case, Frank knew it was a very valuable 6-figure property, and the owner was in debt.
- What was the homeowner's motivation for selling the property?
- Follow-up is key in this business.
- Frank believes time makes people come to their senses.
- You can learn wholesaling in a week, but knowing your market takes years to accomplish.
- Don't give up! Frank started when he had kids and it was a struggle, but he knew he could do it.
Mentioned in This Episode:
Join our Facebook discussions via Flip Empire Private Facebook Group
Connect with Frank at Frankbuysphilly.com, or on Facebook
Get Help with Legal and Professional Solutions at Lexisnexis.com
Skip Trace your leads via Tlo.com
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