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Tucker Merrihew and Elliot Smith have been working throughout the past year on Call Magic, a service that helps uncover leads for real estate agents, wholesalers, flippers, and other real estate professionals. After Elliot talked to Tucker about the project, Tucker was in.
There was just payday loans without lenders one contingency: the product and the company had to be the best of the best. Cole already had experience running an outsourced cold calling team, Elliot had years and years worth of real estate experience under his belt, and Tucker had the Real Dealz Podcast audience at his disposal. Elliot and Tucker walk through setting up your business and your team for success, what to worry about and what to hold off on, hiring team members from overseas, and growing a business to scale, not fail. J:Welcome to a real world MBA from the school of hard knocks, where entrepreneurs reveal what it really takes to make it. She is an illustrator, designer, artist, and she is delivering all kinds of fresh new content around the show on all the social media platforms.
So go find and follow the BiggerPockets Business Podcast on Instagram, on LinkedIn, on Facebook. She puts out great stuff Monday, Tuesday, Wednesday, Thursday, Friday.
Find us, follow us and tell all your friends to do the same. If you are a real estate investor who listens to the BiggerPockets Real Estate Podcast, you probably have heard of these guys. We actually do talk a little bit about real estate investing, but we talk about it from the standpoint of the business they recently started called Call Magic.
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At the end of the show, we start talking about getting referral business.
I asked the question, how do you get most of your customers? If you want to learn more about Tucker, about Elliot, about Call Magic, or about anything we talk about on the show, check out our show notes at biggerpockets.
Carol:Tucker, Elliot, thank you so much for joining us today on the BiggerPockets Business Podcast. You two have some awesome things in the works, and we are so excited for our community to learn so much more from you. I listened to your show and your guests, and Tucker as well. You guys are a couple of the best investors I know. I imagine some people listening to this show probably know who you are because both of you have been on the BiggerPockets Real Estate Podcast in the past, at least one time.
Check out the show notes to see the episode numbers for the episodes these guys who are on, the BiggerPockets Real Estate Podcast, and check that out. Tell us a little bit about you, where you come from and how you got into the business of business. Started out in the mortgage game back… The real estate collapse, that whole era before that. I was probably part of the problem a little bit because I was a loan officer during that time. But I got to see on the front lines what happened in the real estate world back then, a lot of good stories.
That progressed into ultimately getting into the investor side of the business. And from there, I got into the home building side of the business as well. From there it progressed into doing some other things and building some other businesses. One of the bigger things, I guess, is the Real Dealz Podcast, which I started back in 2013. I actually was, I think, guest on episode 283 of the Real Dealz Podcast a couple of years ago.
Yeah, so my wife and I started investing actively in 2013. Started stumbling upon wholesaling and just went for it. Worked 70 hours a week at Franz as a manager and did it on the side. I worked probably another 30 or 40 hours a week on the side doing real estate, and my wife was helping me. Saved up a little over 15 months of income and went for it. To set the stage for our community, if I remember correctly, Call Magic is a business geared towards helping other real estate investors, right? Before we dive in, can you just set the stage by telling us what that business is, Elliot, and where it came from?
We have Cole Ruud-Johnson that actually was just going to be on the BiggerPockets here in a couple of weeks. He had built this call center lead gen business for himself.
He had 15 to 20 callers out of the Philippines where he built this business for him and couple of buddies used it. I want to do cold calling instead of direct mail or instead of door knocking. I can hire Call Magic to come in and just make a thousand or 10,000 or 50,000 phone calls for me, figure out who the potential leads are and then send those leads to the investor for them to follow up on and ultimately convert.
With the likes of BiggerPockets, all the podcasts, all these things is it went from even myself being able to low rate personal loan run a personal loan without salary transfer hobby business. I equate it to the model of the hardware store 40 years ago. And so we think we can help people find leads and help them grow their business.
Not only as investors, but if they have agents on their team as well, where we can generate leads for them. And so, you really have to have different leads funnels in your business right now. How was it different than Elliot or maybe along with Elliot?
And so, whenever you enter into a partnership, you should think about it quite a bit before you do. But in this case, it actually started with a phone call that Elliot gave me probably a couple months earlier. Would you be willing to us sell it, essentially, through some sort of an affiliate relationship? And so, Cole is a very technical, analytical guy, the technology guy that can put all the pieces in place for a company like this to work.
They need somebody to really be the glue that holds everything together here.
But I then filled the role of… short term loan calculator I mean, I guess, you could call it CEO. He does most of our sales and a lot short term loan calculator of client retention work.
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I met Cole through our mutual friend, Tarl, and we started doing this. And so he needed somebody to sell it, and I can sell it. We needed somebody that could do a lot of the more day-to-day stuff. So we brought on short term loan calculator my kid, my operations manager, and we were going to give him up some equity. I was trying to help him out with the equity on this thing to give him more things to do. Sometimes I might put more time in one week versus Tucker, whatever. And then Cole i need cash and I went and spent a day with Tucker in his office with him. But Cole and I are so polar opposites, like my wife and I. So we have disagreements on the way things should go. We both bring emotion into things, and both of payday loans in hampton va us are maybe a little naive and have some immaturities. I mean, it was really an easy decision, looking back. Do you have specific roles and responsibilities written down on paper, for example? Did you loan approval direct get an attorney to drop a type of partnership agreement? Just what were the behind the scenes, more unsexy, if you will, things that had to be done in the partnership sense to get this business off and running? Fights happen on the other end when a business is payday loans norman ok worth a lot of money.
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