Episode 048: How To Find a Wholesale Partner • REI NETWORK
 

Having an investment partner that is in sync with you and your core business values is of paramount importance. Whenever I’m working with investment deals, I always have a partner; I’ve never completed a deal on my own. Everything I do is about collaboration with someone else. So how do you find a partner and what should you be looking for in a partnership?

First you should really identify what your core values and vision are for your business. You need to find someone who is aligned with these values and vision. If you are not aligned with your business partner, you will have huge problems. The core values and vision are at the base of your business and there is no “fixing” it if your partner doesn’t align with you. You need to be heading in the same direction.

If you are doing virtual deals, find a local wholesaler in the market you want to work in, so you have someone with boots on the ground. Look for someone who is wanting to increase their number of deals and increase their consistency. If you pair with someone who has many deals already, they may not want to work with you in the way you need them to. It also may not be good to pair with someone who has never done this before. If they don’t have experience, you’ll have to train them and that may not be what you want to be doing.

How can you find someone to partner with? Look on Facebook marketplace, local Facebook groups, other social media platforms, and Craigslist. Attend a meetup and see who you can network with. It’s about being social and making those connections. Talk with realtors and property managers. They have a pool of connections, or maybe they would even want to partner with you.

When I’m looking for a partner, I’m sure to bring something of quality to the table. Look for someone who compliments your strengths and weaknesses and fills in the gaps. You want to be working on the business, not in it.

Watch the Episode:

What’s Inside:

  • Why you need to find a partner with time, money, or both.
  • The importance of finding a partner in alignment with you.
  • The best places to find your ideal partner.

Hey, guys, welcome to the network podcast with me, Gavin Timms. Hey, guys, how are you doing? Welcome to the REI Network podcast. It’s going to be a little special episode today because I’m coming in from the RV. We just picked it up. We’re heading to a part we’re about to pull up. And I’ve got some awesome things to share with you today. OK, guys, so we just arrived. I’m just going to pop the slides out here real quick and then we’re going to dive in to this podcast. OK, something really interesting I want to talk about today is partnerships, OK? And how you need to form partnerships, what you need to be looking for. As you can see, that slides how quick and easy this is if you are watching me on YouTube to set this up. So what we’re going to do now is we’re going to head inside, so its as easy as that we’re ready to go. So follow me in. So let’s talk about partnerships now. I’m super passionate about this because as you probably all aware, everything that I do is all about collaboration. OK, I’ve never done a deal from start to finish on my own without partner with somebody in the deal. Whether I’ve been on the marketing side, the acquisition side or the dispo side, I’ve always got deals done with somebody else one way or another. OK, so I’ll talk to you about how do we find partners? What do we look for? What are the key things that you can kind of take from this and start implementing yourself? That’s kind of my goal through this episode. OK, so it’s different forms of partnerships. Sometimes you’re coming in with a business partner already or you might be going into a virtual market or even your own market and you want to find boots on the ground. And I do both ways. 

First thing I want to I want to talk about is kind of the core values and the vision of the business. All right. Because this is really important. If you have a business partner that you’re not aligned with, then you’re going to have massive, massive problems. You need to make sure whatever you are doing together, that you’re heading in the same direction, because if you’re not, it isn’t going to work. So don’t think we’ll get by. We’ll work on it. If the core values and the vision are not right from the get-go, then very rarely it will work at all. So I want you to remember that. OK, so that’s the first thing you need to do. Now, when you go into a virtual market, I’m going to use this as an example. Again, you could be doing it in your local market. You my, my strategy for you would be to find a local wholesaler, OK, you’re going to partner with on deals. Now, why? I want to take someone else in that market that already potentially has a buyers list, that’s ideally done a couple of deals and they need more leads. They need more consistency. And their strengths are being on the phone talking to sellers and actually putting deals together. Right. That’s the type of person that I’m looking for now. I’m not going to go to the wholesaler doing ten deals a month. Now, they’re good for the buyers. They’re great people to network with, but they’re not probably partner material. The reason being is, is that when you form a partnership, again, you need to be working together on the same goal. What happens if you have someone that’s doing ten deals? They are focusing on their deals and they will get to yours when they’re ready. Now, that doesn’t work, in my opinion. You need to make sure that they all treat in this business just like it is their own, because, again, you are partners on it. Right. And that’s a key thing I want you to take. So the guys, the wholesalers, the lead people in the industry, in your market, great to have on the buyers. It’s great to network with, but potentially not good for a partnership. Now we have the other side. Do you want something brand new that’s never read a book or took a course to do this? Probably not. Right. That might be building them into an acquisition role because there’s going to be training. So you don’t want that type of person to partner with. 

You need that that happy medium where they’ve done a couple of deals or they know how to do deals and they just need a bit better structure, more consistent leads. And that’s the thing that you can deliver on. For me, my business is all about working on the business and not in the business. Right. I can be more effective. I can scale into more markets. I can if I’m looking from a high-level view over the business, I can make moves when I’m not tied in it. And I suggest everyone listen to this has probably one of your goals is to work on the business and not in it. Or hopefully it is. Unless you love driving around in your truck or go see houses, then that’s cool because it’s part of your vision. It’s part of your marketing plan. It’s part of what goals that you’ve set. Then go and deliver on that. OK, so that’s how that’s what your type of person that you’re looking for now let’s say. Well OK, cool. 

How do we actually find these people now? There’s are numerous ways to do this. OK, you have obviously Facebook, you can look on Facebook marketplace. You’re looking for people placing ads if they’re placing ads, hey, I got a hot day or right now or hey, looking for an investor that’s going to be a wholesaler. Right? If they’re posting them things, you can contact them in Facebook marketplace. You want to be searching the big groups, the big Facebook groups like wholesale houses, full time, wholesale and elite groups like that, where you can actually search for your area keyword and see who is interacting on certain posts in that market. That would be another one. Then you can start to reach out and start a direct message and you can do that on all social media platforms. The other thing is, is local groups on Facebook, local Facebook groups like, OK, if you want to go to St. Louis, look at the local real estate groups in St. Louis and again, see who’s doing deals, see who’s active because the wholesaler is doing ten deals a month, probably not going to be active in some groups. Right. You’re going to get newer people or people who are trying to grow in that growing stage, the people that you need to be networking and bring on as part of your business. Also, bigger pockets is really good. It’s probably one of the lead sources for new investors. So you could go and check out that. You can go on, meet up dotcom, let’s meet up dot com and look at investor meetings through your area and get to them right. Go in, network at them or call the organizers and say, hey, do you have anyone that’s kind of enthusiastic that wants to do more deals? Anyone that I can connect with and see what recommendations you get there as well. Also, cash buyers actually research cash buyers and not only say, hey, are you looking to buy more properties, but do you work or know of any wholesalers in the area that you would recommend anyone that might be newer, but they want to do more deals and they will go actually, yeah. We go to this meetup and we meet this this guy, Jeff, and he’d be a great guy to contact, so, OK, get his name and contact him. So all this is relationship based and it’s all about networking. The reason I called our network was because I believe everything is about networking, right? Building relationships. The bigger and better relationships you have, the easier this business will become. OK, what else have we got? So we’ve got Craigslist, right? People say Craigslist is dead, but a lot of people that are really pushing out there are still listing their wholesale contracts, OK, or putting photos up of properties on Craigslist. So you again, you want to contact them. So these are a few things that you can reach out to. 

And we haven’t even touched base of realtors yet, OK? We haven’t touched base of property managers because guess what? They have got a huge network as well that you can tap into if you build the relationship with the with the realtor that is investor friendly. Do they know anyone could the real to be actually become your partner? Do they want to get more involved into the investment side? Do they want to list the properties that aren’t going to work as a wholesale or a lease option or creative finance deal? What about them listing them? So you’ve got to start thinking, how can I maximize the profits on these deals and bring in the right team to be able to do that? And then what are you bringing to the table when you’re bringing the system, you’re bringing the market in? That’s the way I’ve set it up, OK, and that’s what you’re bringing to the table. Maybe you’ll listen to this and go. Actually, I’m the guy that wants to be on the phone and driving around. I need a marketing person then go and search for that person because there’s so many people wanting to do this and things that they’re good at and focus on that. And then you need to come together. Right. 

There’s three things in this business we’ve talked about before. Time, money or both. That’s what you need. So if you don’t have the money right now, you need to put more effort in. You need to be working twice as hard as someone that does have money. And if you if you’re working a full-time job and you have money to invest, then you need the guy that has all the time but doesn’t have the money. And just think about it when they come together, that’s where magic can happen. That’s when deals get done. And I’m not saying this has to be forever, but go and get your first one, two deals this way and then grow from that. That’s what we did in multiple markets. Then we started to build acquisition. Right as partners. And then we started to go into the fix and flip. We started to go into the creative finance. And I have partners in different areas of the United States doing this. OK, while I’m in my RV, traveling around, OK, running the system and running a business from a high level. 

And if that’s something that you’re interested in doing or learning from me, reach out, go to REInetwork.com/join, REInetwork.com/join. We’ll have a conversation and see if we’re a good fit. We’ll plug you in. We have students constantly doing deals every single week. And what’s good guys is I have the testimonials for it. But there are also in the group in our group sessions where we’re going live three, four plus times a week. Talking about these deals is coming from their mouths, not mine. We just had a call yesterday and they’re dropping the forty-thousand-dollar deals like it’s nothing. Forty-thousand-dollar deals, do you think what would a forty-thousand-dollar deal do for you? What would a ten-thousand-dollar deal do for you? OK, and the guy who just dropped a forty-thousand-dollar deal is set up in exactly the same way as me. He has not spoken to the seller. He’s not talked to the buyer. He is running the VAs in the Philippines. He’s running the marketing and he’s delivering leads to the people on the ground. They’re going to close it out and it makes a win. Right. It’s a fantastic model. It’s one that I do in multiple areas, like I said. And if you want to learn it, then come on board and see what we’ve got going on, because I guarantee you won’t be disappointed, OK? And if you are if you spend the first week and you tell me that it’s no good or this is not what you wanted, I’ll refund all the money. Not even bothered. I want about the right people to work with, OK, and build in a community that’s going to dominate through the industry. I have people, clients doing in multiple states as well that you can come in and JV with immediately. Right. 

Get focused. What if I could bring you into my group and get you to focus on getting the contract and I already have someone that will partner with you or I will partner with you. My team will partner with you. OK, we can even help you bring in the money if that’s what you need. If you want to take it down yourself, maybe you want to do a buy and hold right. And the investment that it takes, you have to invest in yourself. And it may be I’m not the guy. That’s fine. If I’m not the guy, go with somebody that you like. You trust that you want to follow, but don’t go alone. When I started this business, I spent seven and a half thousand dollars and I’d never read a book straight into coaching. And here I am. It was a best investment I’ve ever made in myself. And you need to do that as well. You got to stop trying to go alone in this thing. Cannot start taking years to do. No, we need you. Should we go in within thirty to ninety days to do a deal. OK, on average or within six months you should be rocking and rolling with a few deals. OK, that’s kind of the goal. Unless you’re scaling, maybe you’re doing that already and you want to start in four or five deals. I have that in the group. I have people doing it and I’m doing it as well. Right. So we’re not asking you. The cool thing is we’re not asking you to do anything. We’re not doing ourselves, me personally or any of my clients. All right. So anyway, check us out. REINetwork.com/join. All right. 

And give us a like subscribes you watch. And if you listen to me on the podcast, give me a light subscribe. If you’re watching on YouTube, do the same job in any comments. If you have any questions about what I’m talking about or if this has been valuable or anything that I miss in on this partnership, because I could talk on this for hours, hours and hours. I want to try to give you simple action steps that you could follow today. But I this is kind of my subject. This is what I’m passionate about. And I could literally go for hours on this. OK, but I’m going to cut it short because we got another coaching call coming up when live from the park in Zoom. And I love doing that. It makes me happy. I don’t want to be in an office. Oh me and my wife travel a lot you know, with the dogs and that’s what it’s all about. Three-year last year we did three months while in the pandemic. I mean that’s crazy. Who else did that? And that’s because I had an RV, I had all my things with me and I highly recommend it. So anyway, check out of the videos, remember, www.reinetwork.com/join. Let’s have a conversation. Let’s invest in yourself today and let’s get results. Thanks, guys.

 

 

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