The Principles of Wholesaling: How to Do Deals Effectively with Justin Colby
Updated: Oct 27, 2022
For many of us, the first time we started in this business – let’s face it – we did everything wrong.
That’s certainly true of me and true of my homie, Justin Colby.
Justin is a fellow real estate educator, with a focus on fix and flips, and while he’s been in the business for a time, he’s also learned a few things.
I’ve talked about why we, as wholesalers, need to be using the foundations of wholesaling, especially when the market is so chaotic right now.
This is a similar mindset Justin shares with me and something we discuss in the video below. Check it out:
One of the big things that we touch on is taking action.
Both Justin and I love using Privy to find and get deals from the MLS and while this tool is fantastic for use, it means nothing if you aren’t actually using it.
As Justin states, yes, he knows how to do this and has been for a while, but anyone can do so if they’re taking the right action to start getting offers.
This also extends to going outside of your backyard, so to speak.
That’s not to say you shouldn’t work in your local area, but if you do go outside of that, those same principles of wholesaling don’t change. And one of those principles is having multiple avenues to concentrate on.
Now, I’m saying you just do everything there is; I’m saying you chase the avenues that work well for your business. As we discussed, Justin uses pay per clicks as part of his strategy, whereas I don’t.
If that works for you, then do that.
There’s also the idea of mentorship.
Obviously, I mentor my student members in AstroFlipping, Justin is a mentor in his own program; the idea of learning the building blocks from someone who has the experience is extremely important.
Education is always the key and understanding the basics can lead to not only doing better deals, but providing better value for wholesalers, buyers, and sellers overall.
The Importance of Having a Real Estate Wholesale Mentor
My conversation with Justin is a good reminder of why having a wholesale real estate mentor is so important.
Yes, the internet is full of great videos and YouTube especially has some great channels – mine, Justin’s, Pace Morby, Brent Daniels, etc – and you can definitely learn a lot of stuff.
However, having an actual mentor and an actual community to help learn those fundamentals is a step towards having a set focus which helps prevent a lot of confusion.
Not only that, but being a part of a community means you’re able to connect with a wide range of other wholesalers, investors, private lenders, fix and flippers, and others; something that can be challenging when going it alone.
If you aren’t already a part of our Astro community, then come and join us. We actually have an upcoming Mastermind in October, where one lucky winner will be able to spend an entire day with me, doing deals, working deals, and more.
If you haven’t signed up, there are still some seats left, but our raffle will end on Sept 26th!