Business
On today's podcast episode, I interview my good friend Jon Carcone about Wholesaling, and how he runs and operates his wholesaling Business. Jon runs a very impressive Wholesaling Business in Washington DC which is completely virtual. He has created systems and processes for his wholesaling business that allow him to operate his business with virtual employees in multiple locations. Jon shares with us how he transitioned from a fixing and flipping business that was generating $400,000 a year to a wholesaling business that made over $500,000 gross profit last month. He talks about moving from his "comfort zone" to massively scaling his business. Year to date he has generated 2.2 million in Gross Profit from Wholesaling. I know many wholesalers, but not many that have those types of profit numbers which are phenomenal for a wholesaling business. He shared his story about the transition as he moved from purchasing on market deals on the MLS to moving towards direct to seller marketing with direct mail. He discusses transitioning from mailing 5,000 to 10,000 mail pieces to sending out 50,000 mail pieces in one mailing and the dramatic effect that had on the number of leads that he was getting. When you are getting 300 leads a month, it's not hard to turn many of those leads into deals. But you have to be marketing big to make that happen. Jon discusses seller pain points, and how lead managers screen pretty hard for multiple pain points when booking appointments. They don't go on every appointment like many companies do. They only book appointments where the seller is truly motivated to sell at a discount. He also talks about his 70% closing rate on appointments which is almost unheard of in this business (most companies are at around 20%). He shares with us how he transitioned from single family homes to mobile home parks and self storage facilities. He used the same direct to seller marketing principles with direct mail from single family homes to refine his approach to marketing to owners of mobile home parks. He also shares how it took him over a year to get his first Mobile Home Park. Today he owns over 1,000 units. There are a lot of amazing nuggets in this podcast interview. If you are a seasoned wholesaler, or are just getting started, either way, I would listen to it with a notepad in hand and take lots of notes. You can learn a lot from today's interview. Mostly you can learn that you should stop playing small.