• Home
  • |
  • 945 » Deals Gone Bad #9 – Trying To Wholesale A House With Tons Of Unexpected Repairs with Jazmine Gittens

A two-for-one package deal seemed like a dream come true for Jazmine Gittens. There’s already some difficulty finding properties in Newark, New Jersey, so Jazmine was thrilled when the landlord assured her that both properties, which were located near each other, were also in similar condition.

In fact, Jazmine was so confident about the houses that she scheduled both open houses within thirty minutes of each without ever having stepped foot in the second house. But the minute she walked into the second house, the smell just knocked everyone back and her buyers turned around and walked out.

Even though she was a newer real estate wholesaler, Jazmine had some amazing protections in place. She used every tool at her disposal, and you’re going to learn why you should:

  • Do your own due diligence.
  • Collect earnest money deposits.
  • Continue marketing in case of deals fall through.
  • Assume that every house needs a full gut rehab.

Deals can go bad, but when you put in some guardrails as Jazmine did, deals can also be redeemed. Even if you’re a virtual wholesaler like Jazmine, you need an inspection contingency to protect you in case a seller lies to you.

Watch and Learn:

Listen and learn:

What’s inside:

  • Having an ironclad contract protected Jazmine more than once when the deal kept heading south after unexpected contingencies kept popping up.
  • As a hardcore cold caller, Jazmine also makes sure that everything single seller gets an offer so she has something to follow up on.
  • Why you need to assume that every house needs a full gut rehab.

Mentioned in this episode:


Download episode transcript in PDF format here…

Joe:  What's up, everybody, Joe McCall here from the Real Estate Investing Mastery podcast, this is episode, I believe, number nine on our Deals Gone Bad series. And this is a series. If you haven't listened to the other ones, go check it out, subscribe to the podcast, go to my YouTube channel. And this has been a really interesting, fascinating series of podcasts. And I want to do as many as I can of these. And today we have a special guest. Her name is Jasmine Gittens. I'm sorry, Jazmine, I got your last name wrong. I forgot to ask you, but Jazmine, I'll bring her on in a minute. She's got a very, I want to say, unique situation, but it's happened to a lot of us. And she was able to survive. And this is what I love about this series of deals gone bad is we're talking to people who had bad deals that happened to them and what they did to survive get through it. And they didn't collapse them. It wasn't the end of their business. They're still successful today. They're still doing deals today.

Joe: And so these are real good lessons learned for the rest of us out there. Maybe you're new to the business. Maybe you've done a lot of deals and you already have a bunch of bad stories. And you listen to these and you're thinking, man, that's nothing. This is what happened to me. Right? Well, this is somebody said that smart people learn from their mistakes. Wise people learn from the mistakes of others. So I'm not trying to glorify bad deals or sensationalize this stuff, but I think it's important for us to learn lessons, learn from these people. Like what would you have done differently if you had to do this again? What would you say to people? So I'm hoping you get them eating a lot of value out of this. And what we've been doing is we've been capturing all of our notes and lessons learned from all of these episodes and putting them into right now they're in a mind map. We're probably going to turn them into like a PDF or a book.

Joe: And if you want the notes, text the word bad to thirty-onethirty-onethirty-one, completely free, no catch. They're free. So text the word bad to thirty one thirty one thirty one. We'll send you a link back. We can click on the link and then you get put in your name and email and we'll send you the actual mind map. It may not be a mind map if you're listening to this later on down the road. It might be a PDF or booklet or something like that. But all of our notes are in there. The lessons learned. I'm keeping notes here. My assistant Dana is also taking notes. We'll have a transcription of the links to the videos, the links to the other podcasts that we're doing. You can also go to JoeMcCall.com/bad. JoeMcCall.com/bad. You see it on the screen here and we will send it to you. All right.

Joe: One more announcement. We'll bring Jazmine on right now as I'm doing this. We're live on Facebook and YouTube, and some of you are watching us there. And if you have any questions or you just want to say hello and give a shout out to us, please type something in the comments in the Facebook or YouTube and we'll pop up like this. Cheryl, how are you doing? Cheryl You're welcome. She says thank you here. And then John, John Gooding, my man, he put in the comments bad. Thirty-one, thirty-one. But it's bad, text the word bad to thirty-onethirty-onethirty-one. Thank you, John. Appreciate that anyway. All right. So I can see your comments on Facebook and YouTube as we go through this. If you have any questions, please type them in, will bring them on. So I want to bring Jazmine on. Jazmine, how are you?

Jazmine: I'm doing fantastic. How are you doing now?

Joe: I'm doing real well, drinking my coffee. It's almost five o'clock here where I am. I had a crazy day. Where do you live?

Jazmine: I'm in Baltimore City.

Joe: Baltimore. So it's six o'clock PM your time. Yes. Do you drink coffee? Are you a coffee drinker?

Jazmine: You're. No, I'm not. No, I get it. I have, I have two little ones. I have a 10-month-old so I might need to start.

Joe:So it's just been a crazy day. But I appreciate your patience. I had to push back a little bit to get you on here. But thanks for being here, Jazmine. So you're in Baltimore? Yeah, it's a beautiful city. It's a great part of the country. I love that area out there. Have you been there all your life? Is that where you're from?

Jazmine: No, no, no. I'm from New York originally. I've only been in Baltimore City specifically for about a year and a half. I grew up in Maryland, also like Montgomery County, more suburban area, beautiful area in Baltimore City. I mean, there are a lot of transition happening here. So beautiful, beautiful area.

Joe: I've heard and correct me if I'm wrong, Baltimore is a very difficult city for investors.

Jazmine: Yeah, yeah, yeah. Yeah, definitely. Definitely.

Joe:So I've heard it's very like in the landlord tenant relationship, it's very pro tenant. It's hard for landlords. They've made it really difficult for rehabbers to rehab properties in Baltimore. Am I right?

Jazmine: In some cases they do make it pretty hard. But there's always you know, you kind of have to roll with the punches. I mean, there a lot of effort here and a lot of New York, New Jersey investors here, because the price here to them is beautiful.

Joe: This isn't, I wanted to bring this up, because when you hear people tell you, oh, it's too hard to do deals there. Yeah, it's like this is not a good investor friendly city like that should maybe pique your interest a little bit like, oh, wait a minute, there might be some opportunity here. Right. Like Illinois people everybody thinks it's illegal to do wholesaling in Illinois right now. And it's really not. Yeah, there's just different ways to do it. So what's happened to all the competition is virtually disappeared. Right. But the smart investors are still in Illinois. They're still wholesaling deals. They're doing it differently. Maybe they're getting their license. Maybe they're buying it and then selling it. I don't know. But so Jazmine is in Baltimore, one of the most difficult markets in the US to do. And just from rumors that I've heard, I don't have any firsthand experience, I hope I'm not generalizing or stereotyping. You know, just what kind of business do you have now? What is it? What does it look like?

Jazmine: Yes, a lot. So we virtually wholesale. We invest or we flip. We have rentals, but a large portion of our business is focused on wholesaling. That's one of our exit strategy. But we focus on virtual because like you said, so sometimes people may find that particular markets are not as investor friendly or, you know, buyers are not as aggressive in those particular areas. So what we've done is we find the hottest markets and we kind of dive into those markets.

Joe:So when you say virtual, you're doing these deals over the phone. You're not going to the houses and looking at them.

Jazmine:So we wholesale in Maryland, North Carolina, and New Jersey. Oh, cool. And we're in Maryland.

Joe: All right. All right. On average, over the last six months or so, how many deals do you average a month?

Jazmine: So we're doing about three to five deals per month.

Joe: Sweet. Good for you. Thank you. And then what's your favorite marketing channel right now?

Jazmine: Cold calling, cold calling. And that's our baby.

Joe: Who's doing the cold calling you or do you?

Jazmine: Not anymore. It used to me, but we have a team now. So we have a team of two virtual wholesalers in Philippines. They are our initial point of contact with the sellers. And then once a lead that goes to our sales acquisitions, who gets the deals locked up virtually.

Joe: By the way, guess what? We have somebody on Periscope, Latina Starling. Hey, watching from Houston. How are you doing? Latina. I would say that people are still on Periscope.

Jazmine: I love it. I love it.

Joe: Angelica says hi. Hello. OK, cool. All right. So, Jazmine, you had a deal. Pretty crazy story you went to. And maybe this is why you do deals virtual now with the look at the house. What happened?

Jazmine:So I was doing my cold calls. Right. I went to go look at a house. I want to say this is my second deal. I got a package deal for two properties, right? One seller, two properties. He was really well, he wasn't too eager. I had some follow up a couple of times to get this deal. Either way, I got the deal. We went to go look at one of the properties with the seller. Yep. Went inside, looked at the property. It was a complete renovation, completely. Right. And so leaving that house gone on to the second house, it was on the same block and we were going to the second half, it started pouring rain. I'm going just out of nowhere, like just pouring, pouring. So we ran to the other house to have like a little cover. So we're I'm trying to get inside for some reasons. He's like just not getting in the property.

Joe:So it's in the city of Baltimore?

Jazmine: No, this was in Newark. This was when I was in Jersey. OK, OK. This specific property was in orange. So a couple of cities down from Newark so we could not get in the property. Right. So I'm just like, look, is the condition of this property pretty much in the same condition as the other one? Right. He's like, yes, I'm like, all right. So based on that, in my mind, there's the same thing, the same owner. Right. Can't get too much different. So we got the property locked up at the price that I'm thinking based on the renovations that the first property.

Joe: Can you talk about numbers? What did you think the properties were worth and what did you know?

Jazmine:So we got we got the one property locked up. I want to say that that one loss of a sixty thousand and then we got the second one locked up. I want to say you did that one at seventy-five thousand. That was the one that we didn't see. And the reason we did that when I was a little bit bigger. So just based on the square footage and things like that, that one had to drive. We had a little bit different stuff, so we got to under seventy-five.

Joe: OK, good. I'm writing notes here. Yeah. We're not looking at you. I'm sorry. So then what happened?

Jazmine:So we get it on the contract. Signed it. We're good to go. Right. So a couple of days our market in the property without any pictures at this point I had the first property. I did not have any pictures of the second property, but I still market it came back in some deals, purchase of one property, other pictures coming soon. Very, very hot markets, extremely hot for buyers like forget the pictures. We want to come see the property.

Joe: This is a good lesson learned right here. Like you, this is a problem that a lot of people have for some reason, like they get a property under contract and they don't start marketing it right away. Yeah, they wait until everything is right. They got their website and they got all the pictures and they got the comps and the detailed reports and the like. I mean, you just start marketing it right away.

Jazmine: Right away. Right away. Posted right up, Facebook marketplace, Leadup.Com. And you got out there.

Joe: All right. So you when you wholesale do you double close or just assign?

Jazmine: We only assign.

Joe: OK, so, all right, now what happens?

Jazmine:So we got to the first property. We had a showing at twelve o'clock on Saturday for the first property show the property, got an offer right on the spot like thing. Right. I'm like, oh my goodness, this is amazing. Oh right. So we were there for about 30 minutes. Twelve o'clock. Thirty. We scheduled the second one for 12:30 right down the street, so we just walked..So we go to the next property. We finally got the key. Me and the seller, we connected prior to the showing, like, literally right before the showing, got the key. We walked in. I mean, literally when I opened the door. Like a smell of just, oh, my goodness, I can't even I can't even explain it to you. Right. I have buyers not even walk in the property. They literally turned right around and just said, we're good. Thank you. We love the other house. On this one, we're good. Right.

Jazmine:So I'm like, oh, my gosh. Right. So we had a couple of buyers go in. The entire basement was flooded with water, so the ceiling had been caved in from, you know, I guess years of whatever that the seller literally hadn't been in either one of the properties in 15 years. So roofs completely caved in. Water. The floors were very questionable, very questionable if we should even be walking on the upstairs floor, entire basement flooded. This property was in condition of being completely condemned. Like there was nothing that you can do but knock it down and rebuild that bad. But you could not tell that from the outside, you had to peek in. You couldn't see that. So we didn't get any offers. Excuse me. We did get one offer, but it was way, way off the price. So now we're stuck with the property. Got one but the same cellar and now we're stuck with not being able to close on the second property. So we just kept pushing that market in that deal. We eventually.

Joe: Did you try to negotiate a lower price with the seller?

Jazmine: I did. I tried to go back and negotiate. We negotiate with the seller. He was already a little bit difficult to begin with to get to that price. So he was not willing to renegotiate the terms. He's like, this is a package deal, but am I right? OK, so I keep marketing the property.

Joe: Do you normally have your normal inspection contingency on your contracts?

Jazmine: For the buyers or for us?

Joe: For you?

Jazmine: We have a fourteen day.

Joe: Did you see this before the your inspection contingency expired?

Jazmine: Yes. So I did. I thought a couple of like maybe five or so days after got out of that long. So I knew I had that time frame where I could pull out, but I really didn't want to because again, it's like it's kind of like I don't want to purchase one property and then not be able to purchase the other. So I ended up getting a buyer, thank goodness. Right. He puts his five thousand dollars down.

Joe: Now what was this new buyer willing to pay for it?

Jazmine: He paid, he came in at our price. I think we were at, we were at seventy-five. He came in at eighty, he came in at ninety so I wanted it. Yes. He was supposed to make fifteen on that specific property. We had made on the other properties. So and when I say that we were, we were open, I was, I was open just if I even made three thousand I would be happy about, you know what I mean? We are open to whatever price. But the buyer were coming in like way under what we had a contract for. So that was kind of a red flag. I guess the fact that he came in at our price, considering that no other buyer was even in that range. But I was brand new.

Joe: Sorry to keep on interrupting. Do you feel like he was a beginning, he or she was a beginner investor?

Jazmine: Yeah. Yeah. Hindsight he was absolutely new. Didn't know. He put his EMD down nonrefundable. Right. Everything. And at the last minute, his lender, the lender did not approve of what they did. Their inspection stopped the appraisal that the lender didn't approve. So we ended up closing on the first property and not closing on the property. So I felt terrible not being able to provide a solution. And actually I had to provide a solution, like I sold one. But we were not able to sell the other. So still leaving that homeowner with that property.

Joe: OK, so couple of things reminded me of a bad deal I had where it was. I was selling a house on a lease option, so I cleaned it up. I don't know, I put seven grand into it to like new flooring, cleaned it up, made it look nice, even staged it minor stage. Anyway, found a lady I still remember to this day her face. I found a lady who put down I think five thousand dollars and I was so hungry for cash I had already spent that five thousand dollars. It was an option. The lease option deposit. Right. Hadn't even moved in yet. So I need her because she wanted to view it one more time before she signed all the paperwork. Yeah, I open the door, let her in and all of a sudden the smell and there's a dead cat right there on the foyer inside the house. And it had been dead for like four or five days.

Joe: Oh, can you believe this? And so she's in tears and she turns around and leaves. She loved the house now all of a sudden just hated it because opens the door, sees a dead, decaying cat. This is horrible. I'm sorry I brought this up, but that smell is real. It was so bad. And then I had to give her her money back. Oh, my gosh, so I learned a valuable lesson on that one work, never deposit your money, your account, your eggs before they hatch, right. So I have to write her a check for five grand. And but I offered to clean it and she said, no, she was done. Did not want that house. Well it cost me about seven hundred eight hundred dollars to clean because I had to find somebody that was willing to go there and scoop up the dead cat and then clean all the carpets. And it took about two weeks just to find somebody, then to get them in there to get rid of the cat, to haul the cat got in the dryer vent and once it got in the house, it couldn't get out because he died like slow death. Horrible story.

Jazmine: I know, but that's the reality. And it happens and happens so that's what we're here to share. Right.

Joe: Reminds me of another story, Jazmine. You remind me of all these stories. I had an investor friend of mine who bought a property unseen, sight unseen from Idaho here in St. Louis, and he wanted to sell them and went to go look at the house. And they were in way, worse shape than he thought they were in and he had already bought them. So let's talk about lessons learned. What would you have done differently in this scenario? First, before I forget what happened with the seller?

Jazmine: I mean, I mean, my assumption is he still has that property.

Joe: So he wouldn't negotiate on the price anymore.

Jazmine: He wouldn't he won't negotiate on the price. He believes he would find another investor. I haven't. I haven't looked at it to see if they've got it sold, but we did close on the other property.

Joe: Was he mad at you?

Jazmine: I mean, he wasn't like aggressively mad. But I can tell you he was bothered of course, he was trying to unload these properties and really wanted to sell them as a package. But he was happy to at least get one sold and we moved on.

Joe: All right. All right, good. So let's talk lessons learned. What would you have done differently, Jazmine?

Jazmine:So one hundred percent do your due diligence, right? Not skipping any steps. But with that being said, I would have tried to maybe reschedule or maybe have some type of contingency in there with us being able to come back and see the property prior to us deciding on a price. Right. So one thing is not to say that the seller was trying to intentionally steer us wrong or lie, but you cannot trust the seller, right. You have to do your own due diligence. One hundred one hundred percent. So that was one major, major lesson for me there. Another lesson was continued marketing. Like you can keep marketing the property that we had once I got this property under contract. I'm thinking like there's no reason for us to keep marketing. So now, even when we get a property under contract, remember, this buyer had we had another contract with him, he fell through. Had we continued marketing the property, potentially, we could have had another buyer on standby ready to take the property.

Joe: The second buyer? Did you give him his earnest money back?

Jazmine:No, we didn't.

Joe: You kept it?

Jazmine: Yes.

Joe: Oh, how much was it?

Jazmine: It was five thousand dollars.

Joe: Holy smokes. Lesson learned.

Jazmine: It was in the agreement. So it wasn't to be like malicious or anything. It was just following the guidelines that we had. We had established upfront.

Joe: And it was in writing. He signed it? Poor guy.

Jazmine: The title company had everything. So they're the ones that handle everything, the communication, what was happening with the money. So the title company, they have of course lawyers and things like that title company. So they are the ones that handled the entire thing and made the final decision as to what was going to happen with the money.

Joe: Did you give an earnest money deposit to the seller?

Jazmine: I did. I did.

Joe: How much was that, if you don't mind me asking?

Jazmine: One hundred dollars.

Joe: One lesson learned. Never put more than one hundred dollars.

Jazmine: Yeah, no, that was actually an increase. So I initially gave I offered him ten dollars. We usually offer ten dollars for our earnest money deposits to the seller. But he felt that he wanted more. So I said OK, you can do a hundred and we did that so we know we just share with them. We have our money where we're flipping, we're doing I think we have our money in places we don't want to be tied up and they're usually OK with that.

Joe: There's another thing that's really important is make sure I'm writing this down. You have iron clad agreements. Agreements? Yeah, for sure. You get the earnest money, but you've got to remember, too, you had a lot of time and money tied up in the deal. You know, your title company put a lot of time into it. You put a lot of time into it and you also took it off the market. You could have found another buyer that you might have lost because this other guy tied it up. How long did he have it tied up before?

Jazmine: He had it tied up for quite a bit because we actually did an extension. So he had it certainly for probably about thirty days because we had it for the fourteen days. We did an extension and then we even went a little bit past that extension and I gave him a lot of opportunity. I was trying to be flexible to make a lot of opportunities to pay him because if it doesn't work, you know, I'm going to do it. We're good to go with it.

Joe: This is important because sometimes what I've done before is what I'm trying to negotiate an extension with the seller because I know I have a good buyer. Sometimes I will give him the seller part of that earnest money deposit. I'm getting from my buyer right to sweeten it up a little bit to give him more time. But it's important to get that earnest money deposit.

Jazmine: But it's important you get that on free and clear. So he was very happy to walk away with that sixty five thousand from the one deal. And he was very, very I mean, their closing costs. But he was very happy for that.

Joe: Any other lessons learned?

Jazmine:So do due diligence. Don't trust the seller. Continue marketing the property. Again, I think like you said, have an ironclad agreement. Those are pretty much the lessons learned.

Joe: And what is due diligence for you? What does that mean to you?

Jazmine: So now it's a little bit different because we virtually wholesale now, right? So we're not actually going into homes and looking at them like we used to. So now what does this look like for us is we are looking around the area, use the MLS we have of equity in each of the markets that we're in. And we we looked to see what investors are purchasing properties for cash in that neighborhood. And so we will not have to necessarily worry about the house at this point in our mind from that experience is like we think every house the full got situation. Right. So we definitely knew we find with the buyers are paying cash for and we get the property, you know, ten, fifteen thousand below that.

Joe: That is so simple. And people forget that, like, it's just as important to look at active comps as sold comps. Right. Because if you're going to try to sell your house for forty-five and there's a similar house for sale for thirty-five. Yeah. It's going to be too hard. So sometimes if it's hard to get comps you can just look at actives. Well all right. I was just looking at one today. The seller had it listed on the MLS for twenty-seven thousand dollars for fifty-six days. Almost two months. Wow. So if you're looking at that thinking. All right, well if they can't sell it for twenty-seven, what am I going to be able to sell it for? I was walking this guy through and I said if I were you I would try to sell it for ten. So you should offer three. What he's going to offer three grand chances of getting that accepted slim to none. But that's not what matters is what the buyers want.

Jazmine: Exactly. And that was a huge learning lesson for us. When we initially went virtual, when we started wholesaling, we were still living in New Jersey, so we're getting all these deals. When I how are we getting so many deals? Like we just didn't understand, but we were not able to to sell them because a lot of people use and it's OK. But despite the 70 percent of the ARV and that doesn't work in every single market, Baltimore City is one of those need to be closer to 50 percent for the buyers to be interested here. So that's when we decided, let's just use the facts. What our cash buyers buying properties for in the last 90 days in this neighborhood. And we just go below that number.

Joe: One of my favorite ways to find an offer for a property is I go to Redfin, I look up the address, and then I look up in the nearby area. Yeah, all of the homes that sold in the last six months. And I sort it buy low to high. Yeah, I take the average of the lowest four or five. Yeah. Multiply that by 80 percent. Take the average of the lowest four to five that have sold and multiply that by 80 percent and then you're going to get a number and then look at the actives. All right. So if I bumped that number up ten grand, am I still going to be less than every other property in that area? And if you can do that, you chances are pretty good that you're going to sell it, right?

Jazmine: Exactly. Exactly. I want to make sure that it was huge from then and now. That was our second view three and a half years ago. And we wanted to make sure from there we were getting deals when we were going to contract that we were actually going to be able to sell it. We never wanted to be in that situation again. We're not we haven't been one hundred percent, but we know we're a lot closer and that does not happen to us very often.

Joe: Bill is asking here, how are you marketing for your virtual deals?

Jazmine: We're cold calling. So we're pulling lists just like we would pull them locally and we're just we're calling on the deal. We're pulling the standard probate tax delinquents, pulling all those hot lists and just calling and making offers and everybody gets an offer.

Joe: So that's a good lesson. Let's write that one down. Yeah.

Jazmine: Yeah, that is good. That's one of my keys to my skills acquisition managers. Everybody gets an offer no matter their price. And so we've actually partnered with agents in each of the markets that we're in. So if we're not able to get it as a wholesale deal, we will refer them to our agent to list the property for us. And that actually helps us because, one, we're able to provide solutions for more people that we speak to and two the agent is incentivized to help us. So virtually they will take pictures for the property for us in nine hundred miles away from where we live.

Joe: The cool thing, too, is you can use these realtors to find your buyer sometimes, right?

Jazmine: Oh, yeah. Oh, yeah, definitely. The realtor that's like one of the number one ways we find our buyers.

Joe:So I love it when you make an offer to every seller, you do it in writing? Do you send it to them, email it, mail it?

Jazmine: No, we do. We usually make a verbal offer to every seller. We usually don't send the contract until we get a verbal agreement from them. And if they want the contract, yes, they need to review the terms or something. We'll usually send a contract for them to review what their attorney or whoever they need. And then when they're ready to sign, we ask them to get in front of a computer so we can we can go through it with them.

Joe: Well, there's a huge lesson learned right there, because I guess, Jazmine, you guys have had the problem before you signed the contract. And the seller ghosts and you have no idea what happened. I thought they were interested. I thought they wanted to sell their house. What do you do now?

Jazmine: We ask them now all the time. Are you in front of the computer so I can walk with you? So now conversions are much higher because we're actually sending it right to them. They're sitting there. We're going through the contract with them and getting them to sign it right then and there. So that has helped us a ton of time.

Joe: And so the other cool thing about this is if they want to review the contract or whatever you're sending them a blank contract is one of the things the sellers do sometimes they'll shop your number around.A and so you don't want to send a real contract with your real number on there because they're probably not serious.

Jazmine: Exactly. Yep. So we'll say you're not sure we'll send it to you. Go ahead, review the terms. If you need to change, you can change it. But there's no reason for us to put the price in there. Like you said, it's going to shop around. Or talk to Aunt Betty and cousin Susie and everybody has to figure out how to get them locked in right then and there.

Joe: Good, good. OK, so. And what kind of advice would you give? We've given a lot of good advice here, but if you were to summarize it into one or two things, what kind of advice would you give to a new investor listening to this that interested in doing what you're doing?

Jazmine:So my piece of advice would be two things that really helped me when I first got started would be consistent. So inconsistency is a huge, huge problem. Right. So once you're consistent, whatever that looks like. So it doesn't have to be this massive calling of eight hours out of the day. And when I first started, I was making three hours of call a day. My business, I built the momentum and I was getting deal after deal just with that. I've even had students that only have literally like a Saturday night. So even with that, as long as they're consistent added over time, you're going to win. And then the second thing is understanding the importance of following up. Following up is major.

Jazmine: We get most of our deals on our follow up and we're typically having to follow up five to seven times before we're actually getting the property under contract. So just having the right setting yourself up with the right expectation up front is major. And the last key and I always like to share setting yourself up for the right expectation is when you're doing cold calling, if you're cold calling, expect to make or set in your mind that you need to make at least two thousand calls before you decide that this doesn't work. I have some people make one hundred calls and they say this doesn't work. So set it in your mind, if you haven't made at least two thousand yet. Keep pushing, keep pushing. And you're almost there.

Joe: Now that sounds crazy, but you're using software, right?

Jazmine: I'm using software now. When I first started, I wasn't using software. I was hanging up and dialing. I was dialing. So with the hang up and I was usually making about twelve calls, 12 to 15 calls for an hour. So of course, that I can take a little bit of time. But now you use dialer so we can get through that.

Joe: What dialer do you use?

Jazmine: We use Mojo.

Joe: Yeah. And can I ask you, what's your favorite list to cold call?

Jazmine: Between tax delinquent and probate. They kind of like switch off.

Joe: Yeah. Cool. All right. So I didn't want to keep you very long here. Let's review the lessons learned. OK, I wrote things down. You always start marketing your property right away. Yes. Make sure you always have a good inspection contingency on these contracts. Make sure you do your due diligence. Don't skip any steps. Don't trust the seller. Sellers are liars. You didn't say that. I did. All right. I always continue marketing the property, right? Yeah. I'm always collect earnest money deposits from your buyers. Try to get five thousand dollars. Never put more than one hundred dollars down for your own money when you're buying the deal. Yeah. Make sure you have ironclad agreements. Absolutely. When it comes to due diligence, look around on the MLS. What are you need to look at what investors are put purchasing properties for in that area. Cash. Yeah.

Jazmine: And if you don't have MLS, you can use prop stream just for those who don't have access to the MLS.

Joe: Yeah, that's good. By the way, a good, good link. For that PropstreamJoe.com with a commission. When you do that, but the problem is amazing. I use it every single day. Yes, we did. All right. So you want to know look on the MLS propstream, Redfin, Zillow, you can get really good stuff sometimes from those sites. To get a proper stream is amazing. Find out what investors are purchasing properties for in that area. Cash and assume that every house needs a full gut rehab. OK, make sure you make sure everyone gets an offer.

Joe: Every seller gets an offer to partner with agents in virtual markets. Sign the contract with the seller when they are in front of a computer and send them a blank contract if they want to review. Be consistent inconsistency. Inconsistency hurts just a few hours a day. This builds momentum. That's the big one, guys.

Jazmine: Really, really, really big one.

Joe: Yeah, I understand the importance of follow up and I can't emphasize that enough. Most deals come from the follow up on average, five to seven touches. Yes. And what would you say over like how many, if you were to guess? Like how many months?

Jazmine: I would say we usually do. I mean, it depends on how hot it is. But I would say on average, maybe not going to be like five months to like nine, five to nine months.

Joe: This is why consistency is so important, because if you quit and give up, you're losing the deals that you would have gotten from the follow up. Yes. So your follow up consists of what?

Jazmine: Just the follow up, the phone call and texts. We kind of switch between the two, but phone calls and text and switch the message up when we get home. How are you doing? Just checking in on you. See if I can help you with anything or hey, you just bought a property around the corner, wanted to just touch base. So we switch it up.

Joe: And this is why making an offer to every lead is so important, because when you're following up, you can say things like, hey, I'm following up with the offer we sent you, the offer that we made on your house. And your competition's not doing that, guys.

Jazmine: That's why the key. That's the key.

Joe: Now, when you're doing cold calling, make sure you have the right mindset and at least two thousand calls before you decide it doesn't work yourselves is a good software for doing. It's a triple dialer. So you can dial a bunch of numbers at once. Yeah, cool. It's been a great podcast.

Joe: Thank you so much. Thank you so much. I appreciate you. I enjoyed myself. I love it. I think that I only intended on giving my three lessons before we thought we ended up having a whole list. I love it.

Joe: We got Brandon here who says, Hey, Joe. Jazmine. What's up, Brandon? Brandon. Cedric. Hello, Cedric. You've got to get a new face mask. That's just how nobody cares about the Lakers. I'm just kidding. I always make fun of people who have who like teams that I don't like. Right. Right. Anybody else. You've got questions for Jazmine, before we wrap it up, how can people reach you?

Jazmine: Yeah, you can reach me on Facebook and Instagram and YouTube at Jazmine Gittens everywhere, Jazmine Gittens. And if anybody thinks and learning about virtual wholesaling, I mentor in virtual wholesaling. It's cool. It's just a beautiful way to expand your business if you're not in the hottest of markets. Right. Don't use that as an excuse. Yeah. And you can really, really expand yourself into any market.

Joe:So on Facebook or Instagram. Yeah. Jazmine Gittens. J-A-Z-M-I-N-E G-I-T-T-E-N-S on the screen. There it we will have in the show notes, guys, we will have Jazmine's information or things like that there. Angelica says Awesome woo. Wonderful. Bill says great podcast. Thanks Brandon. Thank you, Joe and Jasmine for your time. Absolutely. And then Angelica, again, thank you for sharing because I love seeing the comments here.

Jazmine: I know. I love that suit.

Joe: Keep them coming in. OK, Jazmine, listen, guys, if you want the notes again, go to JoeMcCall.com/bad to get all my notes for all the lessons learned on all these podcasts, you can listen to the other podcasts. I love these doing these because every single one of them getting such good gold nuggets out of them. You can also get the notes by texting the word bad, B-A-D to thirty-onethirty-onethirty-one. Bad to thirty-onethirty-onethirty-one. All right, Jazmine, thanks again.

Jazmine: Thank you so much. Bye bye.

What are you thinking?

First off, we really love feedback, so please click here to give us a quick review in iTunes! Got any thoughts on this episode? We'd love to hear 'em too. Talk to us in the comments below.

Enjoy this podcast? Share the love!

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}