Episode 272: Wholesale + Fix and Flip with Corey GearySep 23, 2022
Welcome back to another episode of the Discount Property Investor podcast. Today David Dodge is bringing a special guest, Corey Geary. Corey is doing some nationwide wholesaling in 38 different states. If you are interested in real estate or just getting started in making deals, listen to this episode and connect with Corey Geary.
Things that will cover in this episode:
- Who is Corey Geary and how he got started in real estate?
- Wholesale Fix and Slip
- Nationwide wholesaling
- What is Corey’s business look like?
- Finding Leads
- Type of system and software Corey’s using
- Getting deals
- Programs they offer
Welcome back to the Discount Property Investor podcast. Our mission is to share what we have learned from our experience and the experience of others to help you make more money investing like a pro. We want to teach you how to create wealth by investing in real estate, the discount property investor way. To jumpstart your real estate investing career, visit freewholesalecourse.com, the most complete free course on wholesaling real estate ever. Thanks for tuning in.
David: All right guys, welcome back to the discount property investor podcast. I am your host David Dodge. My co-host Mr. Mike Slane is actually out on the field. We just got four properties under contract this morning so he's out looking at some deals, but I am bringing you a special guest today, Corey Geary, Mr. Geary, and I met Corey actually down in Key West probably around two or three months ago and man I was just blown away. Corey is doing some nationwide wholesaling and he was telling me a little bit about his business and some of his numbers and man oh man was I impressed and I had to get Corey on the show. Corey, how are you man? Welcome.
Corey: What's up man? I'm truly blessed and honored to be here. Thank you so much for having me. It's a great day today and yeah man, thanks David.
David: Hey, thank you man. I'm looking forward to networking with you here, sharing a little bit about what you're doing. Obviously, we're going to be dropping some gold nuggets and sharing some value with all the listeners and the viewers, but let's just start with like you know, the basics man. That's- it's usually a great place to start, so you know, who is Corey and how long have you been in real estate?
Corey: Okay yeah, good question man. So yeah, my name is Corey Geary, I'm 44 years old I live out in Phoenix Arizona, but we don't do deal- we do deals here but not just here, we do deals nationwide. We're in 38 different states. I started my real estate journey in the beginning of 2017, started as a fix and flipper. On my third deal, I lost $240,000 and it basically-
David: Holy cow.
Corey: Yeah, I lost my life savings, I lost the 401K money that I was making from the- I used to work in the casino industry of a blackjack dealer and so I lost the 401k money, I lost my you know, money I've made in my previous flips and literally I had to pivot because I didn't have any more money and I was like, okay, how do these wholesalers get their deals? And I went on Google and I typed in: how do wholesalers get deals? And literally, guess who popped up? Sean Terry.
David: Man, I was just gonna say Sean Terry, one of the OG's.
Corey: Sean Terry dude, he popped up and of course I bought his course and at the point after buying his course, I really started consuming everything. I implemented it up, putting out bandit signs, doing a little bit of direct mail, started to do some cold calling. I actually created a cold call center out of my living room. I put a bunch of cubicles in my living room and hired people to come over to my house to cold call.
David: This guy is a straight hustler.
Corey: Yeah. The HOA hated me, they thought I was having like keg parties everyday. But yeah man, Sean has just kinda been there throughout my whole journey. I bought into his masterminds, I've had some direct one on one coaching with him and I'm still in one of his masterminds to this day. The guy's not only just been you know, the biggest inspiration for my real estate but in my personal growth too. The guy is just an amazing human being once you get to know him, but yeah man that's how I got into wholesaling. You know, did the cold call thing for a while. The problem with cold calling is when I was doing that in my house, it was like running two businesses. I had to run the call center, you know, and babysit all these cold callers and then I have my real estate business because I was still the one- I was going out to appointments in person, walking up the deals, I just you know, lead flow for very cheap, and that's what the call floor did for me and so it was- and plus I was working my night job so I was literally like getting 3 or 4 hours of sleep every single day and it was- I did that for a whole year and a half, ended up leaving the casino and going full time real estate and then got out of the cold calling man and transitioned over to PPC, and from there, I grew the nationwide model. We've been nationwide with a PPC now since probably early 2020.
David: Okay, so you got about a year-and-a-half under your belt with that. Man that was a ton. So, you're in 38 different states, you live in Phoenix, you're 44 years old, you started out with the cold calling and the bandit signs and stuff like that, you transitioned over to AdWords where you have been since early 2020 and you lost big money on that first deal. Man I just- I got to ask, right?
Corey: It was my 3rd actually.
David: 3rd deal?
Corey: It was 3rd. I did my first deal-
David: Okay, on one of your first couple deals basically then.
Corey: Yeah, first one-
David: And how much did you lose?
Corey: $240,000 [inaudible].
David: Holy cow. How does that even- how does that even happen man?
Corey: Okay, I'll explain that a little bit. So the 1st one, it took me 6 months and made 8 grand. 2nd one, it took me like 3 months and I made like 20 grand and then I was like- literally I'm like okay I got this down, I figured this out, right? And you don't know what you don't know.
Corey: And your ego gets like oh I made money, I'm making money. So I bought 4 wholesale deals all at once and I had to get a new contractor cuz the contract they were using we just didn't see eye-to-eye and we got into it and we ended up parting ways. Well, the problem was the new contractor was worse than the old contractor and he saw a mark on us. I didn't do my due diligence on him, I didn't check the ROC, I didn't, you know, I just- I gave him all four properties and I was still working my night job and literally I was just cutting checks every single week what he told us that we owed him, I wasn't following up with the properties. I mean I was just a complete idiot to be honest with you because we we're new and we didn't know what w we're doing and it's you know, it's no excuse whatsoever and I paid the price for it and you know, by the time we caught onto him, you know, finally was starting to go to the properties you know and it was like man, you're not doing shit and it was pretty much too late. Like he took us for 240 pretty quickly cuz it was four properties he was
billing us on, you know what I mean? And it wasn't- that wasn't all the remodel cuz the 240 was- I ended up wholesaling the properties off cuz I lost all my money and so I lost money from the down payment that I you know, I bought the properties. I lost all my down payment money, you know, all that interest money and it being a total of 2.4 and I came in with exact remodel-
David: Yeah, yeah either way, that's a quarter million bucks.
Corey: Yeah, yeah and that was the total hit I took on it and man he just caught me really good and you know, like I said, he saw a mark on us cuz he knew we're newbies and we tried suing him but when you sue somebody who has no money, he spent all that money. He was literally doing it to a bunch of other investors around the valley and he was basically robbing Peter- of that old saying, robbing Peter to pay Paul or whatever.
Corey: And so other people he was owing money to, he was taking and just like and it was just a big old racket and we got a little bit of money back. I think I might have got back maybe 20 or 30 thousand from him, he gave us back and then of course I wrote that off in taxes and I got some money back from taxes, so you know, I didn't end up losing all that but it was a pretty big hit man and that were really kind of what the big pivot in my real estate journey when I dove into wholesaling and I still fix and flip to this day, I probably have about 6 going on right now. I love fixing and flipping, especially locally but you know, I'm a lot- I do it a lot differently now than I did it back then.
David: Nice. All right. I mean 6 fix and flips is quite a bit man, that's impressive.
Corey: Yeah, I got-
David: You say it like it's like no big deal, that's pretty impressive.
Corey: I got a really good relationship- it's all about people man, right?
David: Yeah, it is.
Corey: And that's the thing with everything and I got a good relationship with a GC out here, like he's like a good friend now. Like I go to his house for dinner all the time, him and his wife and they're throwing my baby shower at his house. I mean, the guy is just amazing and I can literally just give him properties and now and I have such a trust factor with him and he trusts me that like I don't even have to go to the property, they can just cut him a check, he manages them and he doesn't try to rip me off but he gives me great deals on pricing. He's a- they've been a true blessing in my business.
David: Yeah, it sounds like it.
Corey: I wouldn't like do that many flips at one time and run my wholesaling company and do all the other stuff I'm doing, e-commerce and mobile homes and oil and gas and all this other stuff that I'm like running in every direction in without these guys man. They've been a blessing.
David: Man I love it. So I got to ask, before we jump into your business and some of the stuff that you're doing, you were at the casino prior to real estate?
Corey: 17 years man.
David: You worked at a casino for 17 years Corey?
Corey: Yeah, dude I was a blackjack dealer.
David: Holy cow. I mean that in itself is kind of cool and impressive man.
Corey: I was a blackjack dealer man and I just got way too complacent cuz the money was good. I was making about you know, anywhere from 110 and 140 thousand a year cuz you make your money from tips and it's- I was working 6 to 8 hours a night, you have Monday, Tuesdays off and it's just party life man. It's the fast life, you go to work, you make your tip money, when you're off you're drinking and doing drugs and doing everything else. It's just the fast- and that's all it was man and I just got way too comfortable with it and I thought I-
David: So when did you leave the- when did you leave the blackjack dealer role?
Corey: The end of 2018. It was funny, Sean Terry made me do this oath that I would donate 15 grand to a charity if I didn't quit my job by the end of 2018. At the time when the end of 2018 was coming, I didn't plan on quitting. I was like well if I have to donate the money, whatever. I go to Vegas and I go ice skating on top of one of the casinos and I fall and break my wrist. So like literally it was a sign from God that I had to quit and so besides Shawn Terry, God made me quit. I was like, I was going to be out for three months anyways, I'm like, you know what? This is the sign.
David: This is it.
Corey: I went into the casino and I hand them my resignation letter and they turned around and walked me right back out that same night.
David: Man, that is awesome. That's so cool. Well Corey again, I'm just super happy that I got you on the show today. I really want to dive in and learn a little bit about, not a little, I mean really I'd like to learn a lot about you know, what your business looks like. I'd like to ask you know, about the marketing side of things. What are you guys doing for the leads? You know, what type of systems and software's are you guys using? And then also what that team looks like. And then once we're done you know, talking through that then you know, we can wrap up and talk about you know, some of the programs that you're actually offering as well.
David: So yeah, let's jump in man. What are you guys- so first and foremost, nationwide wholesaling, you said you were in 38 different states. That's impressive. What are the- like you know, there's 12 that are excluded there. Are those like the coastal states or what's the reasoning behind not 50, right?
Corey: So the way I pick my- I run my PPC a little different than most people like either people run their PPC with a very narrow targeted like say for example in Phoenix Arizona, they'll run their PPC with exact match keywords and they try to control their cost per click and then their conversions are 700 dollars past the conversion, it's ridiculous. I'm very broad so I go state-by-state and what I'll do is I'll turn a state on, I'll let it run for two months, I analyze my KPI's, I look at what my cost-per-click, I look at what my cost of conversion is, I look at how many deals we got out of that state, what my average deal size is and how many deals were closed and so, and then I'll talk to my team too like hey guys, how do you like playing in Texas? Do you- and they'll be like oh yeah, we got deals pretty easy, we're selling deals there or they might say oh we hate it, no you know, it's hard to comp the deals there and we don't know how to move them. So I let it run for two months and then I make my decision, If I like it, I keep the state on and then I go and move to turn another state on and then I'll run my KPI's again. So at any given time, I'm having like 3 or 4 new states that I'm ramping up to see if I like them or not. And over the course of the last year and a half, I've been doing that and that's why we're in 38 states right now.
David: Got it.
Corey: Yeah, and I also-
David: So that could be the fact that you excluded some of those states or just didn't renew or maybe you even have you gotten there yet even.
Corey: I hate West Virginia, I hate the Dakotas.
Corey: Yeah, they're just not [inaudible].
David: I don't really like those states so much either man, I am with you on that. But still 38 is huge man, that is super crazy. So, you're in 38 states, is AdWords the only inbound marketing that you guys are doing or I should say just marketing in general? Or are you also you know, having other strategies to get the leads?
Corey: That's a great question. So that is the bread-and-butter for the most part so that's about I would say, 90% of our lead flow but this year, we are experimenting around with some other lead flows. We are doing radio ads which is pay per call radio ads, we just started experimenting around with that a couple weeks ago. We also negotiated with a company to run our social media campaigns nationwide to drive in leads from Facebook and Instagram which I don't like these kinds of leads cuz we've done it before and those leads are very low quality but this company has agreed to run and pay for our advertising and we'd just pay them on the back end, so ask me in a couple months how that's going to go and we just started doing that like a month ago, we're getting pretty close on some deals there.
David: Sure, sure.
Corey: And then so yeah I mean- and in JV, we do a lot of JV stuff, you know. I do JV agreements with my students, you know, that are learning to acquisition properties nationwide will help them move them on a nationwide model and so yeah that's it man. My main key is a light inbound marketing. I don't like outbound marketing. I don't like cold calling. I don't like texting. I don't like RVM even though that's how I built my company in the beginning. I call it the gateway-
David: Isn't that funny? I'm in the process of kind of pivoting into doing more inbound right now solely because I'm lazy and I don't like managing the people that I have to you know, do. Also the laws are changing too, let's be honest. There's-
Corey: They are man, it's getting [inaudible].
David: There's issues there, you know? So I haven't been sued as of yet but I've gotten a few letters from people threatening to sue at this point.
Corey: I have, right. I have many of those demand letters.
David: Yeah. So you know, not that this is the topic by any means but are you typically- have you found yourself in court? Is that why you stopped doing it? Or did you just have to pay people out or did you just- were you able to get them to go away?
Corey: I've had to pay out a few times to go away. We got an amazing attorney on retainer here who will take care of any problems, any demands, letters that I get or any issues, I'll send over to him. We have one guy pushing right now for a class action against us that we obtained beginning of last year and we're still having problems with this guy coming back and my attorney has been on it for a good amount of time and it's cost us some money. Before I used chalk it up as that's the cost of doing business, right? And it is when you're doing that kind of marketing, you know? But it's just a headache man. I hate getting them and I hate dealing with the pissed off attorneys and sellers and it's just- it really brings down-
David: It's a much cleaner way of going around about your business, not having to deal with these individuals that get upset cuz- and again, this is neither here nor there but like the whole like do not call list thing, right? Like well yeah, we're not selling something, we're trying to buy something but you know, again it's like one of those things where it's like you're getting you know- if you do get to court, it's like well is that your business and you know, it's just so gray man.
Corey: Yeah, it's gray.
David: It's so incredibly gray.
Corey: It is man and I always recommend anybody who's getting started industry and always say yeah, you know start with cold calling, start with SMS and RVM, it's a very cheap and inexpensive way, low barrier of entry to get into wholesaling, right? The only cheaper way else other than that is door knocking. You can go door-knocking then that would be the cheapest, you just got cost of gas and then telecommunications. Then after that man, once you can afford it, scale into inbound marketing. I tell everybody it's- literally here's something- here's a nugget man. On telecommunications, we're running about 72 leads per contract last time I was doing it. It was about a year ago and I don't- I have no idea where we would ruin at now, but on our PPC leads, we're running at 18 leads per contract. So, if you're looking at man hours that you're spending and you have your team dig through these leads, really man, it makes sense to do inbound because your motivations there, they're actual sellers and then you- and the guys who are doing cold calling have to dig through a lot more leads to get a contract versus my guys who are digging through 18 leads to get a contract.
David: Hey bud, you said you were at 78 leads per contract?
Corey: We're like 72 I think the last time we were doing it.
David: Yeah, cuz [inaudible].
Corey: Yeah it was pretty high and that was here in Phoenix.
David: Call it 70 plus.
Corey: It was here in Phoenix, right? And Phoenix is obviously very competitive. I mean you guys might want to get a different, you know, out East maybe it's 50, right? Whatever the number is, but still 18 leads per contract on PPC, I'mma take that all day.
David: Yeah, that's amazing, that's amazing. Okay, cool. All right, so marketing, man you nailed it, 90% AdWords, you're experimenting with some radio that's on a pay per call type of an agreement, and then you started doing some social media, Facebook and Instagram, got a back end deal so again you said ask me later but you're starting it which is sweet.
Corey: Starting it, yeah.
David: Yeah. JV with some students and probably some other local investors.
David: And you like the inbound at this point because-
Corey: I like the inbound man.
David: -not only is less leads per contract, but it's also cleaner and more ethical.
Corey: Cleaner and less headaches.
David: Less headaches.
Corey: Man imagine [inaudible] cold calling. You got to go to every single new market, pull new data, do new skip tracing, get new cold callers, manage all that headache, new invoices where on PPC, I just go and turn a state on. I just do click [inaudible].
David: Yeah, that's cool.
Corey: And increase my budget. I mean, that's exactly- that's why I love it.
David: I like that, alright cool. Let's talk about some of the software's and systems, we can kind of combine these together, but you had mentioned obviously you know, Google AdWords for marketing. What are you guys doing to like run your comps, manage the leads that come in? What are you guys using to sell those leads? I know there's probably a couple core systems that you like.
Corey: Yeah, so as far as manning our CRM, right now we're still on Podio but I'mma tell you right now, that's changing. We are flirting with a couple other systems, there's- I mean I can say here one's [inaudible] which is runoff salesforce. Another one is the [inaudible] Prospectx system, I've been flirting with that. It looks like it's a beast of a system that's not built on Podio. Podio is just old school, it's real clunky and I'm tired of it so we're looking to do the switch probably in the next month or two to get off our steps but right now it's Podio. We had a developer build it out about $5,000, it has all the bells and whistles, it has all the contracts that we created in there, it has you know, follow-up systems in there. It's just- it's done the job thus far but I'm ready for a new cleaner platform and I don't mind paying for it, right? Cuz in the long run, it's gonna have good ROI.
David: How about comps? You're not really pulling lists- it doesn't sound like you're pulling list cuz you're doing most of the stuff you know, with the inbound at this point, which is awesome. But how are your guys comping?
Corey: So comps man, if it's a non-disclosure state, we're going to use Propstream or Propelio, so that's you know, for like Texas, I think what oth- there's a few of them out there, a lot of the attorney states. I think Jordan might be in that, I can't remember. My team knows better than I do but I know Texas is definitely one of them. If it's a disclosure state like here in Arizona man, I used to use the MLS for everything but literally man and this is gonna sound crazy but we use Zillow cuz Zillow has all your sold comps and I’m not talking about zestimate, don't use a zestimate but [inaudible]-
Corey: -data right there and it's on your phone so you can literally just do it on the fly if you are you know, you're at home, you need to comp a property real quick, you pull up Zillow, put the address and you can see all the comps in the area and you just comp apple to apples and figure out exactly what the property's worth. So we're using that, we're using like you know, Propstream, I already said Propelio, RedPin, just the main platforms that are out there and yeah man, it's simple because there's just no reason not to pull- everyone's got the data, it's easy.
David: Yup, Now you had mentioned for the non-disclosure states, Propstream and Propelio and then obviously Zillow as well.
David: How about for the states that are disclosure states, right? Or the opposite of those.
Corey: That's just Zillow, RedPin, you know all the- yup.
David: Got it, got it. realtor.com, just anything and everything.
Corey: Yeah cuz it has all the direct MLS data in there, you don't need to buy third-party services, it's free but everyone's afraid of Zillow cuz the zestimate and that's our enemy.
David: Yeah no, I actually like using Zillow and in my market, the zestimate is actually a pretty close- now, it depends you know, street by street, neighborhood by neighborhood and school district by school district but you know, that's basically a great place to start, you know? But I know in some areas, that number could be inflated 30, 40 percent or even you know, the opposite of that so you never want to just run with that number, but in certain parts of the country, that number actually works really, really well. But regardless of the zestimate, you're absolutely right, all the stolen data is-
Corey: it's in there.
David: -is right there. I love it, I love it. And then what about like dispositions? Are you guys using like InvestorLift or any sort of software like that?
Corey: Oh yeah. InvestorLift man, that's like- so the dispositions, we have 2 methods, mainly we use just one. One is InvestorLift which sell you know, a shit ton of our deals man. InvestorLift is the game changer in our business on the nationwide model. The second way is we flat fee list it for equitable interest, you know? And so we have really a rolodex now of flat fee listing services that are investor friendly that will list your property for equitable interest. You just got to know how to navigate the broker paperwork but my dispositions guy now is the best, he knows how to navigate that paperwork like the back of his hand cuz he's done so many deals like that.
David: Got it, yeah. So here in St. Louis where I live and do my investing, we can actually list properties owner by contract. So some MLS zones will allow that, some won't, but if you find that flat fee listing and you let then know that your owner by contract and you have that equitable interest, there usually isn't any objections. We have seen in the past sometimes they'll maybe get make us get the permission of the seller but if they're motivated enough Corey, I'm sure that's no problem, right? You can get that, right.
Corey: You just got to know how to have the conversation with them.
Corey: That's all they- and put the expectations upfront and that's with anything yeah.
David: Right, so are you using novations then whenever you're doing the flat fees? Sometimes? no?
Corey: No, flat fees just a seller wholesale deal, novations a whole separate strategy which is completely separate from wholesaling, and with novations, we're killing it now. We sold 4 novation deals just last week.
David: Holy cow.
Corey: Yeah, we sold over 100 grand in novation deals just last week alone man. We're trying to scale that model because honestly I like novation better than wholesale. I do man, it's game changing. I have a couple guys, couple friends, that one guy out in Tennessee, I won't mention his name but he just switched his wholesaling company almost all the way over to a hundred percent novations and cuz wholesaling man, is brain damage sometimes. Novations, since you're listing on the MLS and it's a conventional financing and you're listing it to the end user, you're having a lot less complications. You just got to get that power of attorney from the seller, have the novation contract done upfront, [inaudible] attorney, you know, look at it and man, it's game changer and you're able to pay to like up to 90 cents on the dollar on somebody's properties and still get your feet.
David: Oh, wow. That's pretty cool. So basically, you guys will accept any type of financing? And there's really no-
David: Anything on the MLS, any offer that makes sense on the numbers-wise you're saying, okay let's run with it. Man, I love it.
Corey: Let's run with it but it's novation. You just got to make sure you got enough spread for your fee, any inspection repairs you got to do and then the realtor's fees, right? Cuz you're paying for all like the- you're still promising the seller net to them a number so you got to build in all those fees into your cost.
David: Man, it sounds a lot like a net listing but I know it's not, it's different.
Corey: It's very similar, right right.
David: But I- and I'm not an agent or a broker so it wouldn't matter anyway but-
Corey: Yeah, it's a net listing but you're acting as seller.
David: Right, you're taking over. You have like a limited power of attorney, something along those lines. Love it.
Corey: The biggest thing is man, is that you just got to make sure you work in very ethical guidelines when you do novations because people take advantage of that power when they have the power of attorney, so you just got to make sure you do everything ethical and on the up and up you know, so yup that's the biggest key man. Do right by the seller and then you can make a lot of money in novations.
David: All right, so I got to know. I got to ask you about your team but before I ask about the team, how many deals are you guys you know, contracting and/or closing on average in a month doing you know, basically marketing to 38 different states? Man that's mind-boggling to me. I do marketing in one state so it's like wow.
Corey: St. Louis, some good deal out there man. I've done deals there though and you guys got some good deals. Right now roughly about 20 to 25 deals a month is probably where we're standing.
David: Man, that's a ton.
Corey: We had a dip last month, but that was cuz of my fault. I messed some things up in PPC, got things fixed and figured out because I was in there, sometimes I get- I start split testing stuff too much and I start changing things. I get ahead of myself and I'll mess things up. So we had a dip last month but this month, we're back on track. We're going to kill it next month, it's looking amazing especially with all the novations really starting to catch on. We just integrated novations probably like 3 or 4 months ago and now it's just starting to really get some traction. Yeah, about 20, 25 deals a month is about what we staying on average and yeah man. I think right now on whiteboard, we probably have like close to 60 deals on the board right now.
David: Under contract that are being worked?
Corey: Under contract, right.
David: Wow. I looked at mine, I had 16 I believe it was as of this morning.
Corey: It's good though.
David: Which isn't too bad for just my city.
Corey: Right, right. Right there in old St. Louis.
David: That's right, that's right but I love your model, I think it's amazing. So tell me, I mean that is crazy bro. 20 to 25 deals a month, wow, all over the nation. So I mean that's got to require a team to do that many deals, right? What's your team look like?
Corey: So 3 acquisitions, 2 dispositions and a transaction coordinator and then an in-house realtor. So- and the dispositions is where it really gets heavy when you go to nationwide. When we were local, it was like all the work was on the aq's side and then dispositions was real easy. On nationwide, since there's so much more work listing it with all these properties with a flat fee listing services, working on these different buyers and brokers, you got to be more dispositions heavy so these guys are working like crazy every single day. There's three of them if you count the transaction coordinator.
David: So you're saying 3 acquisitions, 2 dispositions, the coordinator which helps I'm sure with just anything and everything specific-
Corey: He helps with all the dispositions side, right. So really 3-
David: Yeah, and kind of in and out of that, right. And then you have an in-house realtor. What's the realtors role?
Corey: That's for my local- she lists all my fix and flips.
David: Got it. So she's more of a local thing but the acquisitions, the dispositions and the closing coordinator, I'd imagine they're local, right? They all come to your office in Phoenix or they-
Corey: Yeah, I have an office, we all- I love the in office culture.
David: Me too, I like that, yup.
Corey: It gives me like the drive to come in and hoorah and get them all hoorah, and they all love it too. I mean we do work from home sometimes when you know, when we need it. Like I have one acquisition out right now cuz she had her molars pulled out and she's doing some work from home and like-
David: Yeah, so it's not required but you obviously hire local people and encourage them to come in.
Corey: We do.
David: So you don't have any virtual people then or do you?
Corey: I have 2 VA's man.
David: 2 VA's of course.
Corey: Yeah, I got 2 VA's and they just do like some list pulling for me, local model for buyers and then they do like you know, my KPI's and stuff like that and so not a lot, they don't do a lot.
David: Man, I love it. Corey, thank you for sharing all that. So that's the marketing, that's some of the software's that he's using, that's what the team looks like, how he's doing his dispo. I mean, 20 to 25 deals a month. I think one of the main things that stuck out to me was 70 plus leads per contract was where he was at prior and that was the outbound marketing, right? The cold calling, the SMS, maybe even included some other things in there but whenever he's-
Corey: We used to love RVM.
David: Yeah, but whenever you switched over to the inbound, you know with the pay per click specifically, you've cut that number like almost into 1/4 basically at 18 leads per contract. Wow, that is phenomenal. Now Corey, you got a program and you teach people you know, how to nationwide wholesale and/or how to scale their business. You know, are you looking for people that are new? Are you looking for those that are already doing you know, 3, 4, 5 deals a month that are going to take it to 20 to 25 or even more? Or what kind of people are you working with right now?
Corey: Great question man. That's exactly what we're looking for is people who are already getting a couple deals a month at least. They have an understanding of the industry, that way cuz a lot of the people in our group are kind of higher level that are already doing 10, 15 deals a month and they're just wanting to learn how to do PPC, how to scale and get these buyers nationwide, how to use a flat fee listing service. So a lot of these people are just looking for scalability and that's what my program offers. So the name of the program is called New Age Wholesaling because it's the future of wholesaling is now, you can't build and scale-up the old model of bandit signs and cold calling, you know. So that's what we do, we target the people who have already understand that concept and let's get them to scale.
David: Love it. So guys, New Age Wholesaling, you can actually learn more about his coaching and mentorship program at newagewholesaling.com and that'll take-
Corey: Video on it or you could actually DM me directly on Facebook, Corey Geary. I'll send you a video on it and you can watch it like a webinar on it or a couple ways to go and yeah, reach out to me.
David: Sure sure. Man, so you had mentioned that you just launched this like you know, maybe a month or two back and already had about 25 people that are in the program. That is crazy and phenomenal man. You are going to be- you are going to help hundreds, if not thousands of people Corey, I am confident.
Corey: That's the goal.
David: That's the goal, right? But at the end of the day, you've already got people in there that are having success and you've only been at this with the whole coaching side of things it sounds like for a couple months so guys, if you are already doing a couple deals, it doesn't sound like this was going to be the thing for you if you're brand-new, right? This is probably more for the guys, now it doesn't mean that Corey won't work with you by any means.
David: But he's probably looking for those who are really ready to scale and are already doing you know, certain the number of deals or basically you know, have the one on one down, let's put it that way.
Corey: Love the conversations we're talking about on these groups, they're high level you know, usually you know. A lot of it's about marketing which is obviously PPC you know.
David: Right, right. Very cool, very cool. And then guys, if you want to connect with Corey, like he said Facebook and Instagram are his go-to's. Facebook is Corey Geary, C-O-R-E-Y G-E-A-R-Y and his IG is actually his last name and then his first name so just GearyCorey and I always have an ask for you know, the guests. I'm like hey what's one of your asks and Corey said, this was before the show, he said man he's looking to buy mobile home parks, right?
David: So anywhere in the nation I'm assuming, right Corey?
Corey: That's correct. So we're partnered up in another mastermind where a guy will literally sponsor us in all the financing and so we're just looking for mobile home parks nationwide. The numbers got to make sense, send the lead over to us, we'll underwrite them. If it makes sense, we're the actual buyer, we're not wholesaling these things. In my journey, one thing I've learned and you know this cuz you got a lot of buy-and-holds is that you got to eventually get some cash flowing assets. You got to get the ability to get off the hamster wheel. The wholesaling model is a hamster wheel and to get off that, you need cash flowing assets and so our go-to is going to be mobile home parks, these cap rates are insane and so the guy we're partnering with, he's willing to partner with us, we just got to bring the deal to the table. We don't mind if you guys make assignments, you can make assignments on it. I never care how much you make, if the deal makes sense- I'm the same way when I fix and flip a property. I'll buy from wholesalers all the time. If a deal makes sense, we'll buy it and you can make your fee.
David: Guys, did you hear that? You got a cash buyer on the podcast right now trying to sell you on wholesaling him a deal. That doesn't happen very often, so if you come across a trailer park, what's the minimum number of lots? Maybe 10?
Corey: The ideal is 20 to 60 park owned units. Now you can have a mixture of lot owned and park owned.
David: Got it.
Corey: But ideally, 20, 60 and obviously we want you know, some distress there so we can you know, go in there and fix and flip- you know, fix up these units or put new units in there and then raise the cap rate up, right? And you know, get the highest and best out of it, and that way in the future when we finance our money out of it and then we have a solid stable cash flow and you know, asset.
David: Love it. Man Corey, it's been an absolute pleasure. You motivate the hell out of me, I can tell you that right now and I know you're going to motivate anybody and everybody that's listening or watching this particular podcast. Guys, Corey is crushing the game. 38 states nationwide wholesaling, has not that big of a team, you know you're talking maybe 7, 8, 9 people if you include some VA's, but he doesn't have a team of 30 people, right? He's got a team of local hustlers that are helping him acquire and disposition these wholesales. He's looking for trailer parks, so if you come across a trailer park, connect with Corey on Facebook Corey Geary, again that's C-O-R-E-Y G-E-A-R-Y and/or Instagram GearyCorey, it's just flipped, it's backwards, there's probably no space in there, right?
Corey: Nope, no space in there.
David: Got it.
Corey: Easy to find me. Follow me.
David: And that's on the- so connect with him on the trailer park leads and/or if you want more information about his program and then you know, last but not least, New Age coaching, I'm sorry New Age Wholesaling. New Age Wholesaling is the coaching and mentorship program and again guys, you can learn more about that over at newagewholesaling.com. Corey, it's been an absolute pleasure. You got some parting words for the audience today? What would be your number one piece of advice for somebody that's looking to scale? I think we should zero it in on something along the lines of that but like you know, what would be your number one piece of advice if somebody is listening right now and they're doing you know, let's say they're doing you know, 2 to 5 deals a month and they're really looking to get you know, up to the 10 or the 15 or maybe even the 20 mark like yourself.
Corey: Yup, the biggest mistake I made when I went nationwide is I turned my local marketing off and transitioned right into PPC nationwide. What that did is it ran my company in the red for three months, I lost 70 grand, 1 month, 50 grand another month and 30 grand the next month after that. Then I got in the green again so the biggest- cuz the mistake was I turned off my local stuff which we were very good at doing, that was our bread-and-butter at the time and transitioned to this new model where we're learning how to do nationwide but we were not good at it. We were horrible at it and so we lost a lot of money to get it. So in the beginning guys, if you're doing this, just make this an arm of your business, make it a small vertical but keep- yeah, keep that main bread-and-butter going, don't stop that and just slowly ramp up and transition into the nationwide. Don't just switch over on a whim like I did and lose a bunch of money.
David: Man, that is great advice. Guys, add this to your marketing or your tool belt you know, versus just trying to go to do all of that. If you're doing marketing already and you have to be to be doing you know, 3 to 5 deals a month or more, right? You had to be doing marketing already so do not turn that off. Man, that is phenomenal, phenomenal advice.
Corey: Yeah. You make mistakes and you pivot and learn from it man, just like oh that sucked.
David: That is exactly right. Well Corey, it's been an absolute pleasure having you on the show. I'm so appreciative of your time and grateful for you sharing some of your information and time with us.
Corey: Thank you.
David: Guys, don't forget you can connect with Corey on Facebook or Instagram, Corey Geary on Facebook, Geary Corey just a flip of that on Instagram and if you want more information about his coaching, again send him a direct message or just go direct, newagewholesaling.com. He has a page over there that explains his program in a little bit more detail. Corey, it's been an absolute pleasure.
Corey: Absolute honor.
David: Thank you for all the advice and information and I'm sure me and you will connect soon.
Corey: All right, thank you again.
David: Guys, thanks for listening. Until next time, signing off.
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