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It seems like young real estate investors get more and more impressive every week. Today we talk with Cole Ruud-Johnson, a wholesaler and flipper out of the Seattle area. After failing at a couple of real estate brokerages, he entered into a third and learned how they were creating their own inventory via cold calling. After three months, an agent brought them their first off-market deal. Yes, you read that right, six-figures personal loan bad credit on ONE wholesale deal. Simplifying real estate for investors large and small. Stay tuned and be sure to join the millions of others who have benefited from Biggerpockets. Brandon:We do have some magic out of said shed today. Cole Ruud is our guest today here in the Sea Shed, and he is a good friend of mine, a phenomenal real estate investor, and … 22? He is killing it in his real estate business, though. Sometimes on these shows we talk about terms that you might not know. You go up personal loan bad credit there and you click on it, and then you type in any real estate term whatsoever. By the way, wholesaling is basically where you find good deals, and then you instead of doing the work yourself, you find somebody else who wants that good deal, and you make kind of a fee for kind of being the middleman. So tell us a little bit about how you got into the wide personal loans dallas tx world of real estate investing. Cole:A broad overview right now, we have an off-market direct-to-seller company, and loans in spartanburg sc rent in Washington. We have an office, 2000 square feet, sales managers, guys, a whole team. We have three flips going on right now, so transitioning into that slowly, but still primarily wholesale. Then tell us approximately how much volume in a year do you do?
What kind of revenue numbers did you see this year?
In the past year, we do about six to eight transactions a month in the Seattle area.
I did I think three whole sales once in a five year period, and that was … I was impressed with myself. My great-grandma started a brokerage called Ruud Realty, which is one of the first brokerages in all of Seattle. Rough instead of roof, magazine instead of magazine. Cole:She was kind of the … She launched my whole family into real estate. Then my grandparents, they did a lot of commercial stuff in Seattle.
Then my mom got into the business, she became an agent, and my brother followed her. Growing up, any time I wanted to make money or be involved at personal loan bad credit all, I was going with her to open houses, putting signs out for the open houses.
When I left school, after a semester, and I absolutely hated, hated, hated being a residential real estate agent. Switched brokerages three times, because of course it was the brokerage that was the problem, it was not me.
I mean, I was making a couple hundred bucks a month just doing showings for other agents, yeah. Then for the next three months before we got a deal, we were just sitting up in that room cold calling every single day. This does not match up with where my passion is, what my identity is. Calling 18, 19 year olds in your sphere, looking for people to buy or sell a house, was an uphill battle. Backtracking a little bit on that point, I think that came from, I grew personal loan bad credit up a basketball player.
I remember I was in 7th grade, I came home one day… Cole:I came home one day from 7th grade, from middle school, and I was like, I want to faxless cash advance loans be the best basketball player, I want to play college basketball.
I have a very similar story, where basketball literally created no telecheck payday loans the foundation of, I can. Basketball was the first thing in my life that I worked at and got better, and I saw the relationship between action and working, and the result that I wanted. I actually am glad that happened, because I think that created a fuel that I used to do all the other stuff that I did.
But I wish everyone else could have an experience like that, where you just see … Trying to take it all out in one shot is why people get discouraged.
I had a few years of struggle, and then it kind of all came together.
Brandon:Well what you did is, you went all in on something, right? You went all in on basketball, and you went all in on real estate. You were doing something, and you tried something else, and you were doing something. David and I will talk a ton about how you need to pick your personal loan bad credit bridge. I tried basketball, and then I leaned into it and I kept going. The how usually …If I look back at my life the past three years to sitting here right now, the how does not make sense. David:Well, you also are hitting on a point Brandon and I have been talking about a lot, which is the pivot, okay? You did everything you had, you threw it into basketball.
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, aaa payday cash loans cash advance how to build rapport, how to recognize motivation, that type of stuff? We train our cold applying for loans 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 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 how can i get a personal loan 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.
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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 best loan interest rates 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 personal loan bad credit 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 would buy higher equity absentee lists for an area. Then you want to … They all have criteria, so you want to stack equity on top of that.
Get a 40 plus equity list, and you get a skiptrace and you get phone numbers back.
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