Wholesaling and Double Closing in Real Estate w/Peter Russell
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Episode Description
Welcome to the Freedom Point Real Estate podcast! In today's episode, Peter Russell reflects on the importance of persistent action and breaks down the processes of wholesaling and double closing.
Peter has over nine years of experience in real estate investing; founding a thriving wholesaling firm that has completed more than 500 transactions across multiple markets and grossing more than $90 million in deals. In doing so, he recognized an opportunity to address a strategic need for transactional funding solutions in a growing industry. He now runs one of the fattest growing double-closing institutions in America, with $20 million dollars in deal flow in 2024.
CONNECT WITH PETER RUSSELL!
LinkedIn: https://www.linkedin.com/in/peterbenjaminrussell/
Website: https://velocityadvantagecapital.com/
Instagram: https://www.instagram.com/peterussell.official/
Cell Number: 980-254-8288
CONNECT WITH JEREMY DYER!
Website: https://startingpointcapital.com/
Instagram: https://www.instagram.com/startingpointcapital/
LinkedIn: https://www.linkedin.com/in/jeremydyer
Facebook: https://www.facebook.com/startingpointcapital
Book a Call! https://calendly.com/startingpointcapital/discuss-investing-with-jeremy-dyer?month=2023-12
Summary
Tip #1: Start by Driving for Dollars
"I would go around, drive around, and just visit neighborhoods and houses that look abandoned, dilapidated, or boarded up. You can literally go there, get some addresses, and find out who the owner is."
Peter emphasizes the importance of taking proactive steps to identify distressed properties in your area. "Driving for dollars" helps new investors find potential deals while building a solid foundation for future opportunities. Not only is it cost-effective, but it also allows you to learn your local market better, giving you a competitive edge in identifying deals others might miss.
Tip #2: Skip Trace to Find Property Owners
"You can go to a site like LocatePlus and other skip tracing sites to find out who the owner is."
Once you've identified properties that seem promising, skip tracing allows you to find the property owner’s contact information quickly. This step is essential for getting in touch with the right people and presenting your offer. By using skip tracing tools, you can reach out directly to owners and start conversations that could lead to potential deals, making the process more efficient and less reliant on third parties.
Tip #3: Don't Be Afraid to Make the Call
"You just have to have a backbone. After a while, you'll get somebody who says, 'Yeah, I've been wanting to sell that property for a long time.'"
Making the call to property owners can be intimidating, but persistence is key. Cold calling, despite the negative reactions you might initially get, is a skill that improves with practice. Over time, you’ll build confidence and start having productive conversations with motivated sellers, turning initial rejections into valuable learning experiences.
Tip #4: Overcome Rejections with Persistence
"You're going to get a lot of people who hang up... a lot of people who say four-letter words and nasty stuff to you. You just have to have a backbone."
Rejection is inevitable in sales, but resilience will help you stay motivated. Peter points out that even though you'll face negativity early on, consistency and persistence will eventually yield results. By developing a thick skin and continuing to reach out, you'll discover that one successful connection can open the door to multiple opportunities.
Tip #5: Ask the Right Questions During Conversations
"Just give them room to talk, and they'll pour everything out. I’ll get back to you, and then you try to gather as much information as possible."
Peter suggests listening more than you speak during initial conversations. By asking open-ended questions and giving the seller space to share, you’ll uncover important details that will inform your offer. This approach not only builds rapport but also helps you better assess the potential of a deal.
Tip #6: Take Your Leads to Experienced Investors
"If you take that to somebody—if somebody calls me up today and says, 'Hey, I have this property, and this person’s super interested. Do you help me?'"
If you're a new investor, one of the quickest ways to move forward is by partnering with experienced investors. Peter advises reaching out to people in your network who have more experience and resources. By presenting your leads to more established investors, you’ll not only learn from them but also gain access to funding, mentorship, and more deals.
Tip #7: Attend Meetups and Network
"There are always meetups... people hosting something once a week or once a month."
Networking is crucial in the real estate world. Peter recommends attending local meetups and real estate investment association (REIA) meetings to connect with other investors. These events can provide opportunities to share knowledge, find mentors, and possibly collaborate on deals. Building a solid network is essential for long-term success in the industry.
Tip #8: Leverage Online Resources for Education
"Just go online, check out Brent Daniels, and watch Wholesaling 101 videos."
Peter encourages newcomers to take advantage of the wealth of free educational content available online. YouTube and websites like Brent Daniels' provide excellent foundational knowledge on wholesaling and real estate investing. As you learn from trusted industry leaders, you'll build a better understanding of the process, which will help you make informed decisions as you enter the market.
Tip #9: Persistence is Key for Success
"Persistence and action are more valuable than all the bells and whistles."
Real estate investing, especially wholesaling, requires tenacity. Peter stresses that persistence is the most valuable trait for long-term success. Even after facing setbacks and disappointments, maintaining a focus on consistent action will bring results. Success in real estate doesn’t happen overnight, but with dedication, the rewards are well worth the effort.
Tip #10: Don't Give Up on Your First Deal
"It took probably four, five, or six months before I got a deal. And that was a gut punch when the seller walked away."
The first deal is often the hardest, but Peter's story is a testament to the power of perseverance. While setbacks may discourage you, they are simply part of the learning curve. By continuing to push through challenges and refining your strategy, you'll increase your chances of closing your first deal—and the momentum from that win will help you land more in the future.
