Build Wealth Fast with Smarter Real Estate Moves

The Real Estate Investing Club

Join an active community of RE investors here: https://linktr.ee/gabepetersen  0:00 Introduction to Real Estate Investing Journey 2:00 From Financial Struggle to First Wholesale Deal 5:30 Discovering Wholesaling & Scaling Quickly 9:00 Turning Hustle into a Real Business 12:30 Building a High-Performance Real Estate Team 15:00 Fix & Flip Strategy and Common Mistakes 18:30 Finding Profitable Markets & Opportunities 21:00 Lead Generation Strategies That Actually Work 24:00 Lessons from Costly Investment Mistakes 27:00 Leveraging AI to Scale Sales & Training  WELCOME BACK TO THE REAL ESTATE INVESTING CLUB PODCAST 🎙️ In this episode, I sit down with Cody Hofhine to break down powerful real estate investing strategies that can help you scale from beginner to building a true business. If you’re interested in wholesaling real estate, fix and flip investing, or scaling to financial freedom, this conversation delivers real-world insights you can apply immediately. 💰🏡  FROM STRUGGLE TO SUCCESS IN REAL ESTATE 🚀 Cody shares how financial pressure pushed him to discover wholesaling real estate, landing his first deal in just 29 days. That breakthrough didn’t just provide income — it created confidence, momentum, and a roadmap for scaling a real estate investing business. This episode highlights how mindset, persistence, and taking action are critical for success in real estate.  WHOLESALING REAL ESTATE AND SCALING TO 7 FIGURES 📈 We dive deep into how wholesaling can evolve from a side hustle into a scalable business. Cody explains why most investors get stuck in the grind and how focusing on leadership, systems, and team building unlocks true growth. If you’ve ever felt stuck doing everything yourself, this section will change how you approach real estate investing.  BUILDING A TEAM AND LEVERAGING SYSTEMS 👥 One of the biggest breakthroughs discussed is the transition from solopreneur to business owner. We explore how hiring acquisition managers, lead managers, and executive assistants can free up your time and increase deal flow. Learning to delegate effectively is the key to scaling a real estate business without burnout.  #RealEstateInvesting #Wholesaling #FixAndFlip #PassiveIncome #FinancialFreedom  Want to learn more about our guest? Connect here: www.joehomebuyer.com  Want to learn more about the REI Club Podcast, how to invest with Gabe at Kaizen, or join our community of active real estate investors on Skool? Visit the podcast website at https://www.therealestateinvestingclub.com  or click here: https://linktr.ee/gabepetersen

Transcript

00:05all right we are back with another episode of the real estate investing club i hope you guys

00:10are having a great day great week wherever you are and whatever day it is for you as always it

00:16is friday on the podcast so we're bringing that good friday energy to you and this is going to

00:20be a good episode we got cody hofheim with us on the show for all you guys out there who

00:24are

00:25interested in flipping houses doing wholesales or doing spec home builds this is the episode

00:29to listen to he has a joe homebuyers franchise he was associated with the wholesalinginc.com

00:36this guy has a ton of experience to go into so i am super excited to jump into it cody

00:41thanks for

00:42hopping on dude gabe what an honor thanks for having me uh let's let's make this fun for people

00:47all right let's rock and roll um i told you before we got on here we always like to start

00:52with stories

00:53we like to hear how people got to where they are i'm sure you got a good one so why

00:56don't you take

00:57us to the beginning of your story in real estate and just tell us how you got here yeah dude

01:01i love

01:02this because i think so many times people look at like someone like you gabe or sometimes we get

01:07called out like oh man it was so easy for these guys you guys these were not overnight successes

01:12uh i failed miserably so let's take it back a little bit and i'll get as quick as i can

01:17um all the way to 2008 i was actually just working for my dad as a licensed general contractor he's

01:21a

01:21licensed general contractor working for him building commercial buildings uh 2009 is when

01:27utah started feeling the the crunch where a lot of other states built it in 2008 we we started

01:32feeling it more like q4 in 2009 so his biggest his biggest way of making money like cut cold turkey

01:40like quarter four of 2009 and so what i had to do at that moment was just sit there and

01:45look oh my gosh

01:46like what am i gonna do my mom and dad were so kind they wanted to keep paying me and

01:50i'm like dad

01:50you're not gonna pay me like there's no work there's no there's nothing i can do like

01:53i'm not taking hand out of all things i left it was the hardest decision by the way gabe i

01:57went to him

01:58i remember walking pacing the house and when he's like i get it like it's hard but you've got to

02:03talk

02:03to him so i went over my mom and dad's and i'm like crying i'm like i hate that i'm

02:06gonna have to

02:07leave the family business but i i can't do this to you dad i end up getting uh sales jobs

02:13selling

02:13vinyl fencing of all things just to like weather the storm i end up going from that

02:20to meeting uh a business partner through at he was a sales rep that was there but this is like

02:26years down the road that we'd be business partners to then from selling vinyl fencing there's like

02:32four people specifically that they're like dude you sold me a fence that you said last 30 years

02:36that means i'll never buy from you ever again why wouldn't you do something that's like more

02:39reoccurring no mrr there i'm like that makes sense and i was young and naive i'm like reoccurring i don't

02:45even know if that word means completely but they're like yeah like insurance and so these guys

02:50were all insurance agents so in 2011 i started an insurance agency grew that till 2017 sold that

02:57business because along the way i'm going to be jumping around a little bit i was insuring a ton

03:03of investors and i'd go to these local real estate investor associations and i started getting tossed

03:09around like hey this is your guy for fix and flips and they're the worst policy to write you write

03:12them

03:13they're on the books for like talk about non-reoccurring you don't even get paid a lot

03:16and non-reoccurring writing the worst policy ever but then it would hopefully get me to like their

03:21rentals their cars their homes so i'm sitting there 2015 i come home early from work this is uh may

03:30of

03:302015 i can remember like it was yesterday and it was over 10 years ago my wife's crying at the

03:35table

03:36it was one of the lulls in our in our pay period and we i come home she's crying i

03:42come home early it's

03:42two o'clock she doesn't normally see me until five or six i'm like when's what's wrong and she's like

03:47do we put food on the table with the leftover money in our account or do we pay for the

03:51mortgage

03:51and i'm like both like can we do both like not just one um three days later because she didn't

03:58make me feel bad i felt bad i'm the provider i'm at the same local real estate investor association

04:05club that i've been going to for five years and this guy stands up he's like yeah i just found

04:11this deal

04:11i whole sold it in three days and i made 35 000 i'm like what what is this what is

04:18this witchery

04:19you're talking about that i've never heard of uh so he uh i go up to him afterwards i'm like

04:24hey how

04:25do i how do i learn this wholesaling he says cody dude you're one of the most driven individuals i

04:29can't teach you or you're going to be one of my biggest competitors and i'm like what like i was

04:33thinking for sure he'd teach me i insured all of his stuff i believed him i trust him so anyways

04:39fast forward

04:41he wouldn't teach me so i get online and i start just figuring out how to do it and i

04:46reach out to

04:47like a coach out of florida and i start doing it 29 days later i do my first wholesale deal

04:52it pays

04:52me 24 000 and i was like what not only did it work it worked for cody hoffheim like this

04:58this happened

05:00and fast forward to like get caught up like within six months i had done like 500k and then the

05:06first

05:06year i did like 1.1 million and i'm like this is this is unbelievable like this is this is

05:11crazy

05:11the guy that i was working with at best vinyl i called him like dude quit making best vinyl money

05:16you got to try this like this is insane so he starts doing it 2016 we become business partners

05:23we grow what's called utah sell now is just our wholesaling business where we do fix and flips and

05:27wholesales and then along the way the coach that taught me how to get in the game i buy half

05:33of his

05:33company and help him grow the business he didn't like sales so people would call and say i want to

05:37be coached for you but he wouldn't take their money i'm like bro you you gotta learn how to close

05:41this

05:41is crazy so i i buy half his company we grow that to about 3500 students over the next four

05:47years we

05:48sold that in 2020 i wanted to do something that wasn't with the beginners i wanted to help people

05:53that were like already making six figures but really want to turn this into a business because so

05:57many people get stuck at that six figure and they get burnt out and some of them even though

06:02they're making a lot of money it's very much a prison that they created because they're wearing

06:06all the hats or now losing time they're not working nine to five they're now working nine to nine

06:10and they just lose time and so a lot of people give up and i'm like no no don't give

06:15up this can

06:15be a real business when you when you grow your leadership grow who you are and that was our focus

06:21with joe homebuyer when we started that in 2020 uh fast forward today i still coach and mentor and

06:26consult people in the six figure ranks to help them scale to seven figures and beyond and then

06:32joe homebuyer is also for those that are wholesaling fix and flip they're at that six figures they're

06:37thriving but they're like they don't know how to really turn this into a business that's a great

06:41option for them as joe homebuyer is kind of like the i hate business in a box it sounds so

06:45stupid but

06:46it's like it comes with the systems the processes that allow them to scale their business nice man wow

06:51there's a uh there's a lot to go into there that is um i mean it's a huge story i

06:56had to go as quick

06:56as i could yeah but it's good we got a lot of paths to go down i really like uh

07:01just one one small thing

07:03that kind of jumped out at me i liked how um you found you found your business partner way before

07:08you

07:08actually became business partners and that kind of stood out in my mind because um you know i've had

07:13that happen in my own career where i realize you don't realize who how your paths are going to connect

07:18with the people that you're interacting with every single day which is why you gotta you gotta be

07:22building those relationships and um i don't know that kind of stood out in my mind but what i really

07:27want to talk about is is wholesaling and flipping um so right now i'm on the commercial side we do

07:32repositioning when i first got started back in shoot what was this it was like 2014 um i that's the

07:39first

07:39thing i tried to do was build a wholesaling business and it killed me it just it crushed me i

07:44got a couple

07:45deals done but just the the churn and i just couldn't get out of that just the the wholesaling

07:51is a different beast um i love what i'm doing now grind and hustle that never ends it's never a

07:56season for most people it's like they grind and hustle every day yeah so let's talk about how you

08:01actually turn that you know that grind into a real business because i've seen guys you know i guys in

08:08my network they're out there they're doing a million a year in wholesales um and it's not something i'm

08:13going to do now but back in the day i wish that i had i had somebody to kind of

08:17teach me how to build

08:18those systems um you do it you coach people take us through the steps what do you do like how

08:23do you

08:23turn wholesaling into a real business yeah that's a that's a great question i think so many times when

08:29uh i have these conversations let's say with clients they call me they're like hey i need the

08:34next marketing channel they're looking for like the silver bullet which doesn't exist even in in

08:37everyone's realm you probably in your realm it's like there's no silver bullets but for what most

08:42people do is they get into this grind and hustle they make great money but then they're getting

08:48burnt out and then they start to hire i learned through stupidity like no one was really teaching

08:53scaling they were just teaching how to wholesale and so i was the guy looking now for the next mentor

08:57because i'm the guy that r&d for me is not research and develop it's rip off and duplicate like

09:01find someone five ten years ahead of you and just freaking cut the check and get there quicker by just

09:07learning from them and so no one was teaching it so we make our hires and i remember like our

09:13first

09:13hire acquisition manager and after like a month i'm like dude this guy sucks like this is not this

09:19is gonna be hard and so we hired a next guy and i'm like and this guy sucks too like

09:23this is gonna be

09:24this is so hard and here was the truth here's i remember sitting reading a book by john maxwell

09:31it was on leadership and he basically just called me out in this book and calls everyone out in the

09:37book by saying hey whatever you like all your hires let's say you're hiring c class level you

09:43got to be willing to understand that that c class level is just a mere reflection of who you are

09:47as a

09:47leader and i'm like like oh crap like it's not their problem it's my problem i suck as a leader

09:53and

09:53that's why to me they they suck as an acquisition manager it's me it's me that has the problem

09:58um and so i had to i had to i had to look in the mirror and just eat the

10:04hard crow right and just

10:05be like oh it's me so i started working on me there was no magic bullet that could that could

10:11silver bullet that could fix my business i had to fix me if i wanted a class talent i have

10:15to become

10:15an a class leader because a class talent's not working for c class leaders it's just period the

10:20end and so when i started that journey in fact jim roan he was a mentor of tony robbins he

10:26said

10:26this is one of my favorite quotes he says rarely does a man's income exceed his level of personal

10:31development and so as we look at like i want to grow a million dollar business or a two million

10:38dollar business and then i'm like okay if i'm currently at five hundred thousand but i want to

10:41be at two million then you have to ask the question what does an operator look like that owns and

10:48runs

10:48a two million dollar operation and then that that's that gap it's like okay i'm here they're there

10:53and then what are the roadblocks two or three roadblocks well leadership was massive on there

10:57for me as like okay i'm not a great leader so that's one of them two of them i didn't

11:01know how

11:01to lead like delegate i mean it was delegating for me was more like what's the other word i'm

11:07trying to think of where you just pass off and just say get it done delegation is not that right

11:11and so i had to learn all these skills that i didn't have but as i got better at these

11:17skills

11:17and improved who i was i started to attract this better talent and john maxwell always says he's

11:23like don't show me your dreams show me your teams because you can accomplish any dream when you have

11:28the right team but you can't get that team if you don't become that a player and that's what i

11:33focused

11:33on for like three years and all of a sudden the business was like unlocked and it started taking off

11:39nice so it sounds like improving your ability to to hire essentially to build a team is really what

11:45what did it for you and for you the specific crux was um was learning how to delegate and uh

11:51learning

11:52what well the the correct way to go about it um let's go one level deep deeper into this i

11:58mean

11:58there's different uh first of all there's different people you can hire you can hire remote you can hire

12:02in-house you can um do you know there's a whole bunch of ways in order to build your team

12:07um tell us

12:09how you did it how you yourself build your team and then with that one specific problem that you were

12:13running into delegation how did you go about solving that yeah when it came to team what it

12:19looked like it i needed an acquisition manager someone could go out on the appointments because

12:23that was something that we were buying the leads we're getting the leads but we weren't able to

12:27handle it we're able to manage the lead flow that was coming in so as we brought on acquisitions that

12:32was something we wanted in-house something that we could have sit side by side with us listen to us

12:37on

12:37a call then they do a call listen to us do a call go on a call and then go

12:40on appointment they're

12:41going with us to be on that appointment so we didn't want anything virtual anyone working from

12:44home on something like that but then you have other positions like a lead manager that definitely can

12:50work from home or work virtual where they're just help assisting the acquisition managers where

12:56they're helping lead and guide them um they're following up all the lead flow that they can't

13:01follow up on and holding them accountable to making sure that all their tasks are done each and every

13:05day and then an executive assistant in fact a dear friend of mine that uh i think he wrote one

13:10of the

13:10greatest books where is oh you know what i just did a podcast and it's sitting on my desk still

13:14um so buy back your time dan martell oh yeah fantastic book and he would tell you the first hire

13:21any

13:21business i don't care what business you're in is an executive assistant because it's the least amount

13:26of money out to buy the most time back so that you can work more on the business versus in

13:32the business

13:32so i would say between for us executive assistant acquisition lead manager those were the things i

13:38needed um one of them being i needed in-house and that was my acquisition manager did you uh did

13:45you

13:45hire ea um in-house or is that somebody that worked for him out at the beginning yes to just

13:51get to know

13:52all the stuff and learn how i talk and what i need to do because she runs everything she runs

13:56all my

13:56emails like i 50 emails come in a day one of them may hit my my actual bucket the cody

14:02hopheim

14:02bucket the rest she's either responding as me or she's saying hey i knew you'd probably um i knew

14:09you'd probably uh want cody to respond this quick where he's busy today so i took the honor of just

14:13doing this i hope this helps let me know if you have any questions and she's responding as me so

14:17these are the things that uh she does now for that reason she doesn't work at the office anymore she

14:23does it completely remote from her home in the comfort of her pjs if she wants to be in them

14:27um but it started by just hey come in get a feel of everything let's make sure we're on the

14:32same page

14:33let's make sure you're speaking the way i speak should you have to respond as me in an email

14:37and um she does a phenomenal job and so that doesn't need to be in-house but i do love

14:43that

14:43it started in-house because we were able to really figure out how to work with one another and she

14:49was

14:49really able to learn really quickly what the dynamic looks like feels like nice i love it um so we

14:55already we're running down the clock we're at the 15 minute mark so i will have to move us into

14:59the

14:59quick question round soon before we do though um we talked a lot about wholesaling about your your uh

15:04your journey up through um using wholesaling let's talk a little bit about the flipping side i know you

15:10do joe joe homebuyers and you guys have a business that you're still running there um you know i i

15:16have

15:16a little bit of experience i probably flipped like four or five houses that's about it uh so tell tell

15:21us

15:22how you went about building that type of business and what do you see as the opportunity today yeah

15:28stay out of the way and don't do it like we still have some of our joe homebuyer franchises

15:32like we're calling them like hey how's the business going and they're like hold on i'm just installing

15:36a thermostat i'm like why are you installing a thermostat what are you doing that's like ten dollar an

15:41hour help what are you doing right now and so i actually the first house that i flipped i i

15:46pretty

15:46much did all the work myself and i vividly remember walking through because we had to hire a

15:50contractor um to do the electrical the electrician yeah he was walking through and he was looking at

15:55the tile work and he's like who do you hire to do this tile work you should fire them they're

15:58horrible and it was me and i was just like well that's you're okay that's my side i shouldn't be

16:02doing this yeah i think it's get out of the way so don't like if you're if you're worried about

16:09it

16:09because there's those emotions emotions get into play in everyone's business and emotions can hold us

16:13back or set us free but the emotions that are negative people are like oh man i gotta touch everything

16:17i

16:18gotta be the one doing all this because i want to make sure it's done right and it's like

16:20yeah but now you're turned a 30-day flip into a six-month flip and now all the cost of

16:25the extra

16:25money that you borrowed and all that stuff it just doesn't add up and they end up losing

16:28so for us it's if you're going to get into the game if there's someone's beginning listening to

16:32this i tell you don't do a fix and flip that's more than five grand like paint and maybe a

16:37couple

16:37rooms of carpet let that be your first one and then put it on the market and sell it but

16:41then

16:42ultimately you got to get to the point where you have a contractor that you can just manage him

16:47but the contractor is really managing the whole entire job and that does not have to be an in-house

16:52hire we have a guy that does all of our work that is a licensed general contractor and he knows

16:57here's the keys he knows the paint color the cabinets the carpet he knows everything so there's

17:02no questions he doesn't have to call me every time saying hey we're in this house what kind of wood

17:05do

17:05you want in here and it's like no like there's like a full-on system on that he just follows

17:10it and 30

17:10days 60 days later he comes back with a envelope on how much we owe him and the keys back

17:15to the house

17:16that's as quick as it happens now it doesn't happen that way instantly but uh fix and flips

17:22they're still fantastic i still think that's the way where you can make a lot of margin right now

17:25with interest rates where they're at sometimes it's hard to get big juicy wholesale deals like

17:31we did during 2015 to 2020 but you can still find great deals that are fix and flips and you

17:37can still

17:38find a lot of deals out there i mean i'll put it this way a lot of deals out there

17:41still need a fix

17:42flipper doing it they're they're in bad shape every home is always gonna there's always gonna be a state

17:46a city that has foreclosures ones that have meth in them ones that have uh uh people that are homeless

17:53living them that you got to kick out like this stuff exists in every single city and so rehabbers

17:59are still needed today because there's still not enough living there's still not enough homes for

18:04those that are looking for homes right now in america we're so far behind right now yeah yeah and i

18:09i feel

18:10like that is that is the crux of getting flipping like down as a business is finding a good gc

18:17we i

18:17ended up finding a good gc at the very end and um when i started the transition in the commercial

18:22and had i had him at the beginning i probably would have stuck down that path a little bit longer

18:26but

18:26finding a good guy that you can trust and does a good job and and you can trust his quote

18:30um is a lot

18:32harder than it seems i went through probably four or five gcs until i finally found somebody that that i

18:37could trust and like you know actually did a good job and i wouldn't steal anything yeah i spit that

18:43out real quick due to time but yes i don't want to make it sound easy there is an art

18:47to it you do

18:48got to find the right people and sometimes you're gonna go through two three four five people before

18:52you find that great contractor yep all right with that i'm gonna push us into the quick question

18:57round are you ready let's go let's do it starts with education it could be any form could be a

19:02book

19:02you've read movie you've seen conference you've been to mentorship program you've been a part of but i need

19:06two recommendations one for general life wisdom and one for real estate oh one for what say was

19:11the first one one for general life wisdom general life wisdom okay so general life wisdom good you're

19:18asking the wealth money can't buy robin sharma happens to be one of my favorite human beings i got to

19:23hang

19:23out with him for four days in barcelona and that book is still one of my favorites uh the real

19:28estate

19:28one um i use it for sales it's not really it's not really specifically just for real estate but i'd

19:34say

19:34everyone needs a good sales help never split the difference by chris voss phenomenal book that

19:40helps you in negotiations no matter what business you're in especially for real estate yeah i the

19:45that book never split the difference i read that um a while ago but when i read it it was

19:50it is super

19:51useful especially for real estate because you're doing the negotiating and uh yeah that's a really

19:55good recommendation surprisingly not a lot of people recommend it but i i do love that book

20:00one of my favorites all right next question is for your younger self let's go back to the cody

20:05who was uh just realizing that he had to leave his dad's business go back to him look him in

20:10the eye

20:10give him one piece of advice moving forward uh one piece of advice is spend more time working on you

20:16and developing you make you the number one investment not real estate not crypto not stock um but if

20:24you're making 20 bucks an hour 30 bucks an hour increase your skill set through learning so that

20:29the market pays you more because you're now more valuable to the marketplace now you have more

20:33money to then invest into the real estate or to the crypto or to the stock markets but your first

20:38investment are none of those things it's you and only you so that you become more valuable to the

20:42marketplace nice i like that i would add uh pick a path you said crypto and that kind of

20:47dagger in my heart i made money in crypto but i lost so much money in crypto bro we all

20:52have lost so

20:53much money you are not alone on anything you just said stick with the thing you know that's

20:58stick with the thing you know i make more money by myself than ever investing in fact if you want

21:05to

21:05win just do the opposite of what i invest in there you go crypto is a it is a fickle

21:10beast that's for

21:11sure all right next question is about the u.s it's a big place there is a lot of opportunity

21:17out

21:17there give me the single metro you're most excited about investing in today oh i

21:22still love like right now i'm in st george i love st george there is this little bubble right now

21:28that

21:29is not a little bubble it's a great bubble but our fix and flips for example let me tell you

21:33are not

21:33fix and flips our our luxury um spec about three doors up for me is the spec we're doing we'll

21:39be

21:39into about 2.3 million and we're going to be listening at 3.5 and we're able to do it

21:44in eight

21:44months and i am super pumped wow with everything like permits and everything is eight months permits

21:50everything eight months and the guy down the street built his for six it's a lot bigger it's

21:56like 14 500 square feet did it for six million and just got two offers at 11 million the margins

22:05uh in certain markets i don't recommend specs in every market please know what he just said he says

22:10what regions what markets you it's there's a unique little thing going on here in st george utah that is

22:16really really hot right now and i'm loving it yeah you guys uh you guys are near vale aren't you

22:21isn't

22:21that or did you say vale vale um not vale but you're up in colorado right yeah yeah you're near

22:29i know so

22:30this is like like i'm an hour and a half from las vegas i'm closer to las vegas than i

22:34am salt lake

22:35oh okay i'm just by the corner of utah yeah but that the price per the um the average house

22:42value

22:42in st george is really high what's the reason they're very nice area very high like it's gotten

22:47it just keeps going up so um i would say you're i mean you're over 750 average here yeah yeah

22:53well

22:54cool yeah that's that is crazy i mean eight months with you know is that that's from breaking ground

22:59to like you know ground up and so that is ground up we're pretty quick at it we're really good

23:03at

23:03running subs uh it's been kind of and i don't recommend people doing if they don't know how to

23:07run subs and they don't know general construction is in my sweetheart like it's been my deal it's

23:12been my thing since i was a little kid my dad had me on the job site yeah yeah you

23:16got a good

23:16background there all right moving us on to the next question this is about finding deals uh it all starts

23:23with getting in contact with the seller and pending that purchase agreement so what is your favorite

23:26way to generate leads and find new deals oh best way to generate deals for me still is ppc i

23:32love

23:33pay-per-click i will i will pay it every single day when someone says hey we there's still some

23:38more margin here we could spend more i'm like do it smash that button uh ppc are my hottest leads

23:42not

23:43only are they my hottest leads they're the fastest from the time i get it to the closing when it

23:47actually funds and monies in my bank account they're the fastest the hottest leads the slowest is

23:53cold calling the slowest is like any kind of outreach that you're doing are going to be your slowest

23:57past 90 days but anything that's inbound is my favorite marketing so even mel is still working

24:03and that's still considered inbound um but ppc if you're not in digital marketing at least in my world

24:09you're missing out on 80 of the game yeah yeah google ads uh crush it for single family i will

24:15put a

24:16cavity on that caveat on that um i know a lot of you guys out there listening uh you're like

24:20me you're

24:20on the commercial side ppc does not work for commercial so do not try it on commercial um but

24:26is your rule like just play with like get with agents uh no well we do a lot of um

24:32cold outreach

24:32so we do cold calls we do mailers um those work really well um but nobody nobody clicks on an

24:38ad

24:38when they you know when they're selling their self-storage facility or anything like that i wish

24:41they did that would be nice that would be nice i did i tried to dump a bit of money

24:46into ppc but i got

24:47crickets so not trying that again but for single family man that is uh that is where it's at it's

24:52especially because yeah you it's a it's a you know it's a spigot you just turn it on things start

24:57coming you turn it off when you're ready yeah love it yeah all right next question is about lessons

25:02learned not every deal we get into goes the way we expect it in fact pretty much every time something

25:07goes wrong and that's when we get to learn a lesson so what was a deal that went a little

25:11bit

25:12sideways for you and then what was the lesson you pulled from it oh you've already nailed it on the

25:17heaven you're like stay your lane we got cute and thought we'd buy uh 15 acres in north carolina

25:22we're like oh my gosh this one across the street sold is is being developed and they're they bought

25:26it for this and we got it even less than them like this is going to be a banger this

25:29is going to make

25:30us so much money guys fast forward who i'm not excited to say this 22 months we still own land

25:37and uh we have not done anything we did not stay our lane we don't know development we don't know

25:42how to even do any of that we've never done that so we didn't stay our lane and so we're

25:46still

25:47we're going to be probably i mean it won't be crazy some people take it in perspective we're probably

25:52going to lose a quarter million on this to me i'm like this sucks it hurts maybe some people like

25:56oh

25:57you're an idiot you lost a quarter million all in all it's not that bad but it's like it's enough

26:02for me to be like yeah that's stung that was just one of those dumb things ego gets in the

26:06way

26:06sometimes saying oh my gosh if they can do it we can do it and that's just not that's not

26:09true

26:10stay your lane we're going to be a quarter million in the hole on this deal um where if we

26:15just stayed

26:15our lane we we wouldn't have had this big loss on our on our books yeah and that is a

26:19lesson that i've

26:20learned myself is uh one you know that's the thing about real estate is there's so many ways to do

26:24it

26:24and there's so many asset classes to to get excited about you all exactly you always want to go out

26:30and

26:30do something else uh but you you know every single every single model every single strategy every

26:37single asset class they all have a a knowledge base that you need to understand in order to be

26:42good at it and so once you get a knowledge base around a certain thing you know mobile home parks

26:46rv parks i understand those i know how to underwrite them i know how to buy them but if i

26:50go over to you

26:51know flipping houses or if i go into industrial whatever it is i'm not gonna have that that backing

26:57and i'm gonna make mistakes and you just don't want to do that so stick to your lane

27:00um and and ignore all those shiny objects that'll definitely come out yep yep i echo you

27:07and uh that leads us to the opposite of that is your highlight reel sometimes things just go right

27:13and those deals stick out in our mind as our favorite so what is that deal for you

27:17oh that deal for me um it still goes back to that first deal right when i was in the

27:23dumps and i was

27:24like man i'm failing as a dad i'm failing as a provider so i know it's in the grand scheme

27:30of things

27:3024 000 doesn't change anyone's life it doesn't retire you it doesn't make you wealthy but i'll

27:36tell you what it did it gave me confidence and it gave me courage to move forward and uh so

27:41that first

27:41deal was special it was special because it was it was a time when i absolutely needed it i hated

27:46seeing

27:47my wife crying wondering how we're going to pay the bills and so that deal meant everything and it

27:51gave me the courage and confidence saying i can do this i got this and uh i don't think i

27:56had it

27:56before that deal happened and that deal was a game changer not because of the number

28:00but because what it gave me yeah yeah and that's why i anybody who wants to get into real estate

28:06i

28:06really suggest that you get a mentor or some type of um of somebody who's done it before so you

28:12can

28:12learn from them because if you get if you see success on your first deal i remember my first

28:17we me and my partner we made eighty thousand dollars most i'd ever seen in my life and that made

28:23me

28:23realize that real estate worked had we lost money on that first deal i probably wouldn't be doing this

28:28today it would be a completely different story so you can you can fix that by learning from people

28:34who've done before we got lucky because we bought in what 2015 and it was already a hockey stick you

28:38know yeah i was going crazy so we did get lucky but uh not everybody will you can you can

28:43make sure

28:44you can ensure your luck by doing it alongside somebody who has done it before and knows what

28:49they're doing um all right i'm gonna get off my soapbox there but that's uh dude's definitely

28:54something i like to mention you nailed it you're the average of the five closest individuals you

28:58spend the most time with and that runs true with doing the deal there's no you're going to pay the

29:03price regardless learn on your own you're going to pay the price or just cut the check and pay the

29:06price right now and learn the correct way to do it right now right from the beginning there you go

29:12all right that leads us to the second to last question this is a new question that we've been asking

29:17it's about ai ai is here to stay and i like to use it in as many places as i

29:21can responsibly do so

29:23so how are you using ai in your business we love it for sales training we absolutely love it there

29:28is

29:28uh there is an app i wish i could tell you the exact name of it because it's built in

29:32it's integrated

29:33indoor joe homebuyer so i got to think of who the back end is um anyways what it is it

29:39allows us to

29:39call an ai bot and you the the point is keep this bot on as long as humanly possible and

29:48it's just

29:52so why are you even talking to me and then you got to be someone that can convert this ai

29:56bot like

29:57it's a great question um you'd filled out a form last week and we're just reaching out to see how

30:03we can be of service to you okay well i don't know if i really want to sell today so

30:07why should i be on

30:08this phone call today that's a great question i don't know why we'd be on this phone call if it

30:12doesn't make sense like you're just trying to do everything you tell them to just overcome

30:16objection and this ai system is helping our acquisition managers probably faster than any

30:24other trainings we've ever done in the last 10 years of wholesaling they're learning in a fraction

30:30of a time because they're whenever they want they can do it to an ai bot because the speed to

30:36learning

30:36sometimes we don't want to learn because i'm like well i'm gonna sound like an idiot in front of gabe

30:40uh

30:40hey let's do a let's do a little training we're gonna do live training like a little scenario i'm like

30:43oh i hate doing this because i'm gonna sound like an idiot in front of gabe but if i could

30:47do with an

30:47ai bot and gabe's not listening oh man now i don't feel like i'm an idiot when i sound like

30:52an idiot

30:52because no one else is listening but this ai bot wow that's cool i i haven't you're the first person

30:57that i've heard to use it you know i always hear about um ai you know people use it as

31:02a receptionist

31:02whatever but you're using it as a training partner and it's unreal and people are willing to do it

31:09because you're not getting listened to by people better than you so you're not fearful you're not

31:14afraid and so they're actually learning quicker because they don't have any those bad emotions

31:18that hold them back from like just learning that's cool and the back end is it like vappy or

31:22what's the uh do you remember i'm gonna have to get with you on this because i don't want to

31:26leave

31:26you hanging on that maybe we can put it in the show notes for later but i i will get

31:30the answer and get

31:30it to you um it's been game changer we love it for that reason i mean like the chat gpts

31:36and all

31:36stuff but this is like game changer yeah that that's really unique um cool well that leads us

31:42to the very last question this is for the listeners you've given us a lot to think about

31:47i'm sure people want to reach out get in contact with you is a two-parter where can they find

31:51you

31:51and then what can they expect when they reach out yeah when you reach out to me go to codyhoffine

31:55.com

31:55learn a little bit about what i do um yes i i coach and consult in all of real estate

32:02space

32:02i help people scale and get past their blocks it's not the golden uh like marketing channel or

32:08what's the system the process i help you with your identity of growing into someone that can

32:14lead and guide a seven-figure business that's the work i kind of do um and then what you can

32:20expect

32:20is you can expect a process where you i mean you'll follow the prompts on the on the website but

32:26ultimately you get on a phone call with me and see if it's the right fit so that's uh that's

32:30something

32:30where i'm always looking for and looking grateful for it's my jam it's something that excites me i don't

32:36feel like i wake up and feel like i'm going to work i wake up with excitement every day i

32:40feel

32:40like i'm living my dream life by just helping individuals accomplish the goals nice i love it

32:46i'll put that link in the show notes so if y'all want to reach out all you got to

32:49do is click the

32:50little more in the description it's going to pull down that full description and in there you can find

32:54cody's links all right man well that wraps it up thank you very much for hopping on the show

32:59gabe thank you man i appreciate it absolutely for everybody who's with us today thank you guys for

33:05showing up you are the reason we do this so if you guys have any questions reach out to me

33:09gabe

33:09with real estate investing club.com if you guys want to support the show just leave us a review

33:13comment anything like that other than that i hope you guys have a great week keep rocking real estate

33:19and i look forward to seeing you on the next episode

Category

Transcript

Comments

Recommended