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I've done a lot of deals over the years. Almost every deal, if not every single deal that I've ever done, I've always partnered with somebody else. If you don’t have a ton of money to invest in marketing or you don’t have enough time, partnering with someone else who has those things and splitting the deal makes all the difference. And you don’t need to make them a formal business partner, you can simply do it on a deal-by-deal basis.

When you can partner with other people, you make more money. You can do more deals, and you can make more money faster than you could doing it on your own. Isn't that amazing? I love that. I want to challenge you to think bigger. Don’t think that you have to do it all yourself. Find others who can help you fill in the gaps and watch your business skyrocket.

Watch and Learn:

Listen and learn:

What’s inside:

  • Why you should partner with others on deals
  • How partnering on deals helped me grow my business
  • Different ways to partner with people to close more deals

Mentioned in this episode:

Download episode transcript in PDF format here…

Joe:   I've done a lot of deals over the years, and almost every deal, if not every single deal that I've ever done. I've always partnered with somebody else doing the deal, whether it's they bring me the deal, I partner with somebody on buying the deal, or they help me sell the deal on the sales side of the deal. So I want to teach this because I was doing a coaching call this morning and I was talking about with my students and some of them, they don't have a ton of money to do a lot of direct mail, right? So people either have money or they have time and sometimes they don't have both. They have one or the other. Right? Well, if you're somebody who has a lot of time but no money, what have you partnered with somebody else who has the money that can do the direct mail for you and you split the deals? Let's say you have a bunch of money for marketing, but you don't have the time to handle all the leads. What if you find somebody else that can take you, do the marketing, and then get somebody else to work the leads for you, and you can partner with that, right? I'm not talking about creating business partners necessarily, but you can partner on a deal by deal basis. So back in 2012 ish. So this is about 10 or 12 years ago we were doing a lot of deals and I wanted to do more. Now when I say a lot, I was doing a couple deals a month, but I wanted to do more. And so I thought, well, I need to hire an Acquisitions Manager. So I hired an acquisitions guy. I also hired a local assistant, and now I had two people on my team. The acquisitions guy was mostly commission, but I still had to pay him a little bit. But I thought, great, I want to hire an acquisitions guy, and that's going to free up a lot of things, get off of my plate. Well, the opposite happened. We actually started doing more deals and I was more busy than ever. I thought, and acquisitions manager would help me have more free time, and it didn't because we were doing more deals. So I was signing more checks, sending more money to the title company, signing more documents, going to the title company, worrying about, you know, and deals fall through at the last minute or whatever. But every deal was different. So was constantly talking to the acquisitions manager about what we should do with this deal, what we should do with that deal or the deal falls through or whatever. And I found that, like, man, I'm working harder than ever, and I'm making the same amount of money that I did before. This is a little weird.

Joe:   So I called my coach at the time. I said, hey, you know, I want to do more deals, but I'm work. I'm working way too hard. What's going on here? And he said, you know, you need to reverse the process. He said, it's called reverse wholesaling. And the guy's name is Kent Clothier. He's been in the business a long, long time, and I hired him as a coach back then. And he said, you need to reverse the process. And he said, you need to find the buyers first and then go find deals for them. So we were doing a bunch of marketing, spending tens of thousands of dollars a month on marketing and, you know, being profitable, but just working way too hard, right? Spinning my wheels, I felt like and the acquisitions manager was good, but it didn't help any in terms of my time, and we weren't making any more profit. He was obviously making more money, right? Instead of focusing on finding sellers first, we started finding buyers first. Okay. What we do is we send letters to buyers that we're buying in other states outside of those states, and they were buying rental properties, for example, Shelby County, Tennessee. A lot of investors buy rental properties in Memphis from outside of Tennessee. So if anybody bought a property the last six months and send him a letter said, hey, we are the premier real estate investing company in Saint Louis, we see that you're buying a bunch of properties in Memphis. If you'd like to see some of our properties, give us a call. And we started doing a lot of that, those letters to about 4 or 5 different counties. Well, we didn't get a tremendous response rate, but we got enough. And those letters, the phone numbers went to our cell phone numbers. So we were talking with these guys directly immediately when they called. That's a big tip right there too. All right. So anyway what happens? We started getting so many buyers. You know, we would ask them like how many deals are you looking to buy? How much money do you have to invest? You know, how quickly are you looking to buy deals. And we would find out from them and all of a sudden we had 4 or 5 buyers and we had over $1 million saying, hey, we want to spend some money. So now we pretended to be the big hedge fund in town with $1 million burning a hole in our pocket, and we started spreading the word. So we started calling every realtor, property manager, wholesaler, investor, everybody we knew in the business, in the game, in Saint Louis saying, hey, bring us your deals. We've got money. This is what we're looking for. The light bulbs coming off here.

Joe:   All right, so this is what happened. We started getting tons of people bringing us their deals, and we stopped all of our seller marketing again. We were spending 10,000, $20,000 a month on seller marketing. Within a couple of months, we stopped doing any of that because we had so many other people bringing us deals. So this is where now we are partnering with other wholesalers on buying deals. But we weren't buying them, we were just assigning them to our other buyers. Okay. And the crazy thing was, and this blew me away, still blows me away today because I see it all the time. We had wholesalers and realtors and property managers that were bringing us great deals, but they didn't have the buyers, they couldn't close on them. And they're like, Joe, I don't care if I don't make anything. I got to close on this deal. Can you buy it? Can your buyers buy it? And then, some realtors would say, listen, if I could just make $500 commission, 500 bucks, some would say, like, you know, I was hoping I could make. $10,000 commission or wholesale fee. But if I could just make 1000 or 2000, I'd be happy with that. That's the crazy thing, because now we have other people bringing us deals. Sometimes the deals weren't that good, and we would say to the guy, hey, listen, that's not a good deal. You probably need to be at this price. So we knew what our buyers wanted, right? And we would say, no, you need you're trying to sell this deal for 65,000. We could buy it for 50,000. So that wholesaler now would go back to the seller, negotiate a lower price, and we would have a good deal. So we went from doing 1 or 2 deals a month, maybe three deals a month, to doing 8 or 10 deals a month just with this little switch. Okay. And guess how much more work I was doing? Practically none. Okay. My acquisitions manager now was the liaison between our buyers and sending out even once a week. Once a week, he'd send out an email to our network list of maybe 100, 250 people. Again, wholesalers, realtors, investors, property managers. And all we would do is send out these emails and he would go to local real estate clubs and say, hey, do you have you got any deals? Do you have anything? So that's just another example of how you can partner with other wholesalers on buying deals. There's a lot of people out there who have good deals but don't know how to sell them, don't have buyers for them. And when you can come in and say, hey, bring me your deals, I'll buy them, or I have buyers that will buy them or I'll help you structure owner financing or lease option or subject to bring me your deals. There is a goldmine out there. There's a lot of guys from YouTube University, God bless YouTube that are doing a lot of this marketing right now and have no idea what to do with these deals that they have. So you need to present yourself now as the expert. You need to present yourself as the hedge fund with $1 million burning all in your pocket if you have buyers and if you really do, okay, or you can present yourself as the least option expert, the subject two expert. The guy or gal that can put together creative deals. Maybe you put yourself out there as the land guy, right? Like I can do land deals, send me your land deals, or I can do subdivides or I can do entitlements. I can do big deals. I can do 100 acre deals in Texas, whatever it is. Right? Put yourself out there and say, I've got the money, I got the expertise. Send me your deals. We'll partner on them.

Joe:   Guys, listen, I have people in my Facebook group that are partnering with other people, and they're just, you know, I partner with people too, but I'm letting my other students and clients and friends partner with my other clients and friends. Right? I'm just letting everybody do deals together, because sometimes when you're new, you're like, man, I want to do I want to do deals, but I don't have the money to close or I'm afraid that something bad is going to happen, or I don't know how the whole process works, but somebody else out there does like you, and you can put the deal together and partner with other people who are bringing the deals that make sense. So part two of this now is how do you partner with other wholesalers or other investors on selling your deals when you have the deal yourself? Okay, this is really easy. Now, I came up with this because we have four kids, we homeschool the kids and we wanted to travel more. We wanted to go to Europe for three months. We wanted to go in an RV for three months, and we did. So I had this business. Now I'm doing a lot of deals and at this time I was doing more, lease options, more creative financing deals or something like that. And I was not working with this acquisition guy anymore. So this is maybe five years later. And I started thinking about, like, I don't want to do anything anymore, right? Like I made a list of all of the steps on how to do a deal. And I said, how can I do none of this? But I got I want to do any of this stuff right. I want to focus on $500 an hour activities, not $5 an hour activity. So, like my friend Jerry Norton says, I don't want to. I'm not just interested in doing deals. I want to build a business that does deals. Do you understand the difference? I want to just do one deal a month. I want a business that does three deals a month. How do you do that? Well, it starts with asking bigger and better questions. So this is what I did. Well all right. Marketing that's the first thing I can have this company do my marketing for me. All right. And then I had an assistant. I said I want the assistant to manage all of the marketing for me and to track all the leads for me. All right. So I got that figured out. Now I need somebody to answer the calls. I wanted to be different than everybody else out there, so I wanted somebody that would answer the calls. Live hired a VA from the Philippines with good English, and she answered all the calls live now. All right, all right. So I need a system to handle all these leads. At the time we used Podio. Don't recommend it anymore. Recommend Freedom Soft. Freedom Soft Joe.com to get my customized signature edition of Freedom Soft.

Joe:   All right. So anyway, all of the leads came into a CRM. Now what? Who's going to handle the leads? I'm doing all this marketing. So I started thinking about who are some friends that I know that do a lot of real estate deals. And so I called them. These are guys that I know and trust I have a relationship with. I said, hey, listen, I'm doing a bunch of marketing. I want to go travel to Europe. I don't want to do this anymore by myself or, you know, I don't want to hire teams of people. Do you want to partner on these deals together? I said, I'm going to do the marketing. I'll prescreen the leads. I'll put them in. The CRM in the database and I will give you a var. All you need to do is take these prescreened leads. Call the sellers back. Go meet them in person. Talk to them and make an offer and wholesale the deal. We'll split them. Net profits 50/50. I'll pay for the marketing you do at the time. And guess what? It worked. I started doing deals in about four different states with about 3 or 4 different wholesalers. 4 or 5 deals a month. Okay. And I did zero work. Zero. They did everything now. Was it fair? Of course it was. These are wholesalers. You know what they're good at? They don't want to be behind a desk buried in post-it notes on the phone, dealing with unmotivated sellers. I'm looking for wholesalers that already have the money to close these deals. They're good at what I'm not good at, which is talking to sellers, negotiating deals, going to look at the house, building rapport with sellers. I don't like doing that. I'm not good at it. I want to get somebody else to do it. I don't want to drive around town looking at houses. I know I'm not good at negotiating with sellers, so I would find people that were and they were not good at the marketing, the systems, getting the leads, prescreening the leads, doing virtual assistants and stuff like that. So it was a dream, a match made in heaven. They're like, oh my gosh, this is awesome. You're seriously going to do the marketing. You're going to prescreen the leads. You're going to give me a VA to do the data entry stuff and to do the follow up and all of that. And all I have to do is take your prescreened leads and go meet with the seller and get it under contract and sell it to my buyers that I already have with my money, that I already have with the title company that I already have in the team, and all of that. Yes. Do you see how this is just a win and match made in heaven? I loved it, I got so excited about it. So like even though I'm splitting the pie, it's a bigger pie. And there's more of them. There's more pies because the wholesaler is better at negotiating with them than I am. The seller can go meet them in person, which I couldn't do. And, he can negotiate a bigger discount. Right. And he has better buyers. So guess what that means? He can sell the deals for more than what I can sell them for. So even though I'm splitting the pie 5050 with them, still make more money at the end of the day.

Joe:   You see the power of this, guys? When you can partner with other people, you make more money, you can do more deals, you can make more money faster than you can doing it on your own. Isn't that amazing? I love that, so ever since then, I'm always partnered with people on deals. Either they bring me deals or they bring me buyers for my deals. So I want to challenge you to think bigger, think bigger, and don't think that you have to do it all yourself. You don't. You don't have to do it all yourself. You need to find other people. Now some people ask all the time, well, what if the wholesaler goes around your back and cuts you out of the deal? Well, there's a few things that we did to safeguard that. Number one, I picked the wholesaler first and then I went to the market that they in. So these are people that I knew and had a good relationship with. The second thing is we did everything in one CRM where everybody could see everything. We agreed in advance that they would keep all their notes in this CRM. I would see the A to B contracts, and I would see the B to C contracts and all the closing documents in that file. So there was no just me trusting them if they would get what they wanted. You know what I mean? So everything was open book in one CRM. And the third thing is you got to remember these wholesalers that I was partnering with. I'm the goose laying the golden eggs, man. I'm the one doing the marketing. I'm the one with the systems and the VA's prescreening the leads. That's the last thing that these wholesalers want to do. There is  1 or 2 guys I worked with who were like, this is awesome, Joe. I know what to do now. I'm just going to do it on my own. I said, okay, fine, go ahead. Every single one of them that did that and I did this. I helped a lot of clients do this as well. Every time I heard this happened, that wholesaler would come back a couple months later, like, okay, can we do this again together? Because I didn't realize how hard it is to send out the marketing and prescreen these leads, etc., etc..So I love this strategy. You can do it too for their houses or for vacant land or commercial properties. If you're not good at one thing, find somebody else who's good at it. Here's the here's the main point. I'll wrap it up with this. All right. Stop trying to fix your weaknesses. Outsource them. All right. You might not be good at talking to sellers. Find somebody who is. You may not be good at the computers and stuff like that. Find somebody who is. Stop asking how and start asking who. All right, that's all I got for now. Listen, if you want more information, you can go right now to get my land kit for free. It's Simple Land kit.com. I'm going to give you another resource too. If you want to learn how to do deals with me, go to Deals with Joe.com, Deals with Joe.com and you get a whole bunch of information there. I have a $7 course on how to wholesale houses. Pretty soon I'm adding in content like a fast start guide to wholesaling land in Deals with Joe.com. Check that out and if you want my free land kit, it's only free for a little bit because I'm going to start charging for it. Simple Land kit.com. We'll see you guys I appreciate y'all, bye bye.

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