We'll take an in-depth look at some insights from Tom Krol, a successful real estate investor and coach who has built multiple million-dollar businesses.
Tom joined us to share his wisdom on what it takes to build wealth and success through real estate wholesaling. Wholesaling is an amazing business model that allows you to make substantial profits by finding deeply discounted properties and passing them off to investors who can purchase them.
So without further ado, let's dive into the key takeaways from our interview with Tom.
Focus on Revenue Generating Activities
Tom emphasized focusing on revenue-generating activities as one of the most important things for success. As he put it:
Revenue in first position is the first rule. It is absolutely tried and true. If you're listening to this podcast at 10am on a Tuesday, you're going to have a revenue problem in two weeks. Shut it off and listen tonight after 5pm.
Preparation and information gathering are important but can also be procrastination traps. You need to push yourself into the uncomfortable revenue-producing activities like making calls and knocking on doors. Most growth happens outside your comfort zone.
As Tom said, if it was easy and comfortable, everyone would be rich. Discomfort is part of the journey.
You Don't Need an Accountability Partner, You Need a Mentor
There's a common belief that you need an accountability partner to keep you on track. Tom completely disagrees:
You don't need an accountability partner, it's a lie. If you think you need one, you just don't want it bad enough...Accountability partners are not going to make a difference.
Instead of an accountability partner, you need guidance from someone who has already achieved what you want to accomplish. A mentor or coach can give you the motivation, insights and direction to succeed.
Tom recommends that you don't partner with someone at your same level - they likely need the accountability themselves. Surround yourself with people who have done it before.
Read Constantly - But Only Books Recommended by Successful People
All wealthy and successful people are avid readers, as Tom discovered when looking at the text messages on his phone:
80% of the conversations were quotes from books. Have you read? Did you read? What's the next one?
He recommends starting with just 8 pages per day. Retention goes up and it rewires your brain.
However, don't just pick your own books - 80% of self-help books are garbage. Only read books recommended by someone you'd want to trade places with.
Sell Your Business Too Soon, Not Too Late
A lot of entrepreneurs fall in love with their business and identity and don't know when to let go. As one of Tom's mentors says:
No one's ever gone broke taking a profit.
Selling too late leads to burnout and business failure. Selling too early allows you to enjoy the fruits of your labor.
Tom recommends "Seinfelding" your business - sell before you jump the shark. Don't wait until you hate what you built.
Go All In During the Hustle Season
When getting started, you need to go all in and focus everything on your new business. Tom says:
Every single wealthy, successful person I know went through a season of outworking everyone around them...It's going to be hard but believe in yourself and then just do it or die trying.
This season of hustle and singular focus is crucial. Once you build your cash machine, you will have time for passion projects and relaxation.
For now, bring insane effort, energy and belief. Be resourceful. The people who live laptop lifestyles now pay their dues in the hustle season.
Next Steps
If you want to escape your job through real estate wholesaling, definitely listen to the full episode of The DealMachine REI Podcast.
You'll hear directly from Tom on what successful people do versus what unsuccessful people do. It's a game-changing conversation.
The time to take action is now. Believe in yourself and hustle through any discomfort. You got this!
