Legit payday loan lenders
I always tell people in business, your athleticism is your mind.
Your talent is your mind, and all of us have complete control over how that works out. Like we just talked with Jim Kwik yesterday, explaining how to program your mind like your body. It was actually another three months until we got the next deal from cold calling, or it was our first cold calling deal. Six months of cold calling before we got an actual cold call deal. Then from there, I hired another person to cold call, another person to cold call. When I was 19, after we were three deals in, we signed a three-year personal guarantee lease on an office, and rented and just went all in. Cole:Then we had to figure it out at that point, because we had some overhead. So we started filling that office with just buddies that wanted to try out real estate and do sales, and we had like seven or eight guys in there eventually. We were doing random markets, we were doing deals in Spokane, St. I learned so much this first year after that, but it was absolute chaos. David:We always cover the big picture stuff, like how you did it, which we want to keep doing.
I want to dive in for a second and have you talk a little bit about how you developed your cold call skills. Part of success is getting better at shooting because you shoot so much. For people that want to cold call, what advice can you give that you learned about how to do it better, how to build rapport, how to recognize motivation, that type of stuff? We train our cold callers, when they get on the phone with someone. When I was cold calling, to really do the best they can, to adapt to that culture and find out what the real legit payday loan lenders reason that people are selling is.
Really, not being in a rush to just get a quick number and move on. We really take the time to get to know … We try to get to know every single person.
How has it changed over the last couple of years, or has it?
We niched down into absentee lists and higher equity, longer ownership, all that kind of stuff. When Brandon and I give webinars for BiggerPockets, we have to talk about the LAPS funnel, which is just four steps to getting something in contract. Those first three steps, the L, the A, and the P, actually involve completely different skillsets, completely different resources.
The biggest growth for us came when we really sectioned off every piece of our company, and put a really good leader in charge of every single thing. We have a manager of our cold callers who is legit payday loan lenders really really … We trust the guy, we love him.
What I mean by that is, for people who want to scale. That is the key to scaling, is you run your business like a business, you have your KPIs, you know what each person is doing.
The great thing about real estate, especially things like wholesaling and flipping, is that you make money back pretty quickly, so that you can afford to hire people to do this, because the business generates the money for these people. Just like you, you look at the numbers at a high level. When we interviewed Jocko on the podcast, and in his book Extreme Ownership he talks about this lesson he learned, where he was on a team of operators that were … They were infiltrating a boat or something.
He realized that no one knew how to direct any of the people where to go. He took his eyes off of the scope, he took a couple of steps backwards. Now he can see all the troops that are on the field. But the ultimate goal is to get yourself in the position of general, just like Brandon said. I think I actually heard that at the Mastermind for the first time, someone said that. Cole:That finally clicked, because I was not doing any of the stuff then. Then it rolls into a whole other … That journey to be able to actually do that is a whole other piece. Yeah, what Cole is talking about here is, we did a Mastermind thing, we called it the Maui Mastermind. Tarl and I led it, about a year and a half ago now.
Yeah, everybody in that group is still close with each other and friends.
Anyway, so I want to go back to cold calling a little bit more here. What lists should they target, or what would you recommend their first steps for cold calling? If I was just today going to … If I was right now starting in real estate and I wanted a deal in the next couple of months from cold calling, I best personal loan lenders would buy higher equity absentee lists for an area. Then you want to … They all have criteria, so you want to stack equity legit payday loan lenders on top of that. Get a 40 plus equity list, unsecured loans with bad credit and you get a skiptrace and you get phone numbers back. Keep it as simple as you can, and leverage other people and real estate agents if questions come up through the process. We buy and sell properties in this area all the time. We have some money set aside for another one this month.
Are you open to talking more about potentially selling your property on blah-blah-blah Street?
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But I would send out direct mail, and I would take the phone calls, right. When I did, I had a list … I had a piece of paper I kept with me everywhere I went when I was doing this more heavily.
It was just all the questions I needed to make sure I got.
If you walk in with low expectations … I use a snowboarding analogy. I love that you put it up here, I love thinking that all the time.
It highlights the big loss is that you never tried.
You think everyone is thinking about you all the time, but everyone is thinking about themselves. David:Acknowledging human narcissism is the best thing you could ever do for your business, because they all care about themselves so much more than you. They were all like, more checks is not always better, slow down a little bit. We were spending 40 to 60 grand a month on marketing at one point, across cold calling and mail and everything. Our foundation, I had to go back down to the ground and patch holes, pretty much, before I built back up.
We got all the way down to me and my new business partner, because me and my other business partner had separated, so we got back down to two people, and we were still doing deals and making it happen. Then the right way, putting KPIs in place, making sure that we were actually taking home money at the end of the month, and then somewhat enjoying what we were doing. We started putting the pieces back together really really slowly and carefully.
Then what our operation looks like now is, we have a sales manager. We have me, I still run dispositions, legit payday loan lenders just because I love doing it, and I like having a challenge for me to wake up and do. Like what I was talking about before, we have everything segmented, whereas before- Cole:Yes.
Versus before, it was 12 guys in an office, running … It was like a frat house. We literally had something called Wine Wednesday, where people would bring in bottles of wine on Wednesday mornings. It will get me forward, but not at the pace or the life that I want to have. Cole:I think what did it for me is, I was seeing so many of my personal problems become business problems. The stuff personal loan without credit check that was happening in my business was … When I sat back and reflected, it was the same problems I was having in my personal life, with not trusting people and not wanting to let go of anything, or have hard conversations.
It really came with just absolute trust, and willing to accept the consequences of that and learn from it. But trust enough where I think you have my best interest, I have your best interest, and then learning from mistakes through that process. Cole:Where little things … I was doing the same thing in my personal life, with family and friends. But what we realize is those difficult conversations have to happen. Otherwise resentment forms, and we were basically being poisoned by different people on the team having resentment for different reasons. Not only do they have to happen, you have to have a GPS check-in, right?
I would never, ever, ever try to run a business without that method. Now where I am right now, I do have a business coach, and a personal coach. I have like easy payday loans online three or four coaches that I pay, just because I found every time I do that and I commit more money to myself, I never regret it. Cole:Probably 10 to 20 active, focused hours on the computer. Because I switched to more … I read the book Deep Work. Cole:I kind of switched to that model, where I sit down in the morning and I give myself three to five big things. For two to three hours I lock in, try to put my phone away, sit there and knock everything out. Then … Because I was bad, when I first got started working, just because I felt good to work and I felt like I was in motion. But unlearning that and really sitting down, getting my work done and then trying to enjoy my life. But yeah, so about I would say 20 to 30 hours a week of … Cole:Yeah, so loans for bad credit instant decision September, kind of mid-COVID, everything.
David:Well, what I learned is that my goal is to stay away until something breaks, and then look and see, why did that break?
David:Not to the point that the legit payday loan lenders whole thing could collapse, right? Your acquisition manager should have stronger skills when it comes to closing. But you step in and you just do what seems to you like the last one little percent, a couple of phone calls.
Cole:Put it back together better, or try to, and then fly back down to San Diego.
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