Today I’m excited to bring you the second half of my interview with Tom Krol. If you haven’t listened to Part 1 yet, I highly suggest that you do before listening to this episode.
In this half of the interview, Tom talks us through who he likes to wholesale properties to and why.
He also discusses how he valuates properties–you might be surprised to hear that he doesn’t calculate the ARV. Tom thinks that valuating a property should be very easy and fast, and his method is based on recent sales in the area. That allows him to send out more offers every day. He also gives this useful tip: let the systems that you put in place after you get the purchase agreement allow you to adjust your number.
Tom has gotten to a point in his business where he doesn’t need to actively look for buyers anymore. In his opinion, the best way to find a house buyer is with a house, not with a promise. He also recommends using bandit signs, and text messaging instead of email.
I asked Tom how he would get started in this business if he had to do it all over again. I love asking successful investors this question, and Tom gives a fascinating answer, which really highlights what should be most important for a beginning investor. He also goes over the best ways to find lists for direct mail campaigns.
Tom is really focused on having a completely hands-off operation. He wants to be a visionary, not a leader. Listen to the full interview to hear Tom go into more detail about his goals for 2015 and beyond–I can guarantee that they will inspire you!
Tom has a great free webinar on the phone script coming up. How do you actually handle a seller? The webinar will be on Hot Seat Wholesaling in March, so check that website for more information. Tom loves coaching and teaching people what he knows about real estate. The contact page on Hot Seat Wholesaling is also the best way to get in touch with Tom.
He has a great book recommendation for the listeners of Just Start Real Estate: The Four Spiritual Laws of Prosperity by Edwene Gaines. He says that for him the results were instant and absolutely game-changing. He also recommends Yellow Letters Complete for direct mailing (mention Tom Krol and they should give you a great deal)!
I hope to get Tom back on the show next year and I think you’ll agree that he’s a phenomenal, generous guest! I’m excited to hear from him again.