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Turning a $30K Real Estate Deal Into a Thriving Business: overview
Quick answer: Are you yearning to be your own boss and carve out your own entrepreneurial path?
What this guide covers
- The Beginning: A Mission Rooted in Necessity
- A Deep Dive into Wholesaling
- Finding the Leads: The Probate Strategy
- The Growth of a Business and Friendship
Are you yearning to be your own boss and carve out your own entrepreneurial path?
The Beginning: A Mission Rooted in Necessity
Matthew and his South Korean college roommate were determined to forestall an impending return to his home country, where military service awaited him as his visa neared expiration. They realized that starting a business could open the door to a business visa, and that became their focus; not only a potential financial windfall but a crucial lifeline.
Their first venture into real estate was rooted in a unique strategy—they targeted properties due to be inherited post-mortem. The college duo managed to rake in a whopping $30,000 from their first wholesale real estate deal, a remarkable feat that they achieved while still undergoing their college education.
A Deep Dive into Wholesaling
On the DealMachine Real Estate Investing podcast, hosted by David Lecko and Ryan Haywood, Matthew shared the behind-the-scenes of how their first deal came to be. In a candid exchange, Matthew admits to initially being skeptical about wholesaling. The idea that one could make a significant profit from cleverly navigating property deals seemed too good to be true. Despite the disbelief, during his spring break, he decided to give it a shot, and the result was nothing short of extraordinary.
Finding the Leads: The Probate Strategy
Their approach was grassroots and hands-on. Matthew and his buddy visited a probate court in Franklin, Tennessee, where they sifted through records and wrote down details of those who were about to inherit homes. Next up was the decidedly old-school step of handwriting letters to these potential sellers right from the comfort of a Starbucks.
Their first deal was with a lady who had inherited a property in danger of foreclosure. She hadn't seen her father's house in years, and there was an urgency to sell. Matthew and his partner guided her through the sales process, even though they were somewhat winging it at the time, without the expertise they now possess.
They found a buyer through connectedinvestors.com and successfully wholesaled the property with a healthy profit margin.
The Growth of a Business and Friendship
Matthew's Korean roommate not only secured his visa but went on to become a dynamic investor and flipper in the Nashville area. Their venture, which started out as a means to an end, blossomed into Home Network Partners, a business that created solid connections and provided financial growth.
Courthouse to Contact
Initially, their route to successful leads involved manually collecting data from chancery courts amidst a confusing mix-up of mailing addresses and random calls—from mistaking nursing homes as private properties to indeed hitting the jackpot with the right leads.
As the business grew, so did the sophistication of their methods. Utilizing phone tracking, cold calling, and a nuanced understanding of the role of realtors versus wholesalers, they propelled their business to new heights.
The Power of Personal Touch
Matthew emphasizes the importance of getting in front of people. Despite the reliance on calls and data mining, he insists the true essence of their business is in meeting homeowners and driving to properties—a practice they enhanced with the use of innovative tools like myroute.com.
He also shares a valuable lesson—maintain phone conversations with potential leads for at least 30 seconds. Short calls can signal spam to carriers and get your number flagged. This is one of many insights that Matthew generously shared, further illustrating his savvy in navigating the wholesaling landscape.
Embracing New Technologies
As real estate apps and databases became more prevalent, strategies evolved to match. From calculating loan-to-value ratios to refining targeted lists of properties, the Home Network Partners leveraged technology to become even more efficient and successful.
Moving Forward with Greater Goals
Their journey did not end with their first few successful deals. Matthew talks openly about his goals to hit $3 million in wholesale revenue, and with personal life developments on the horizon, such as starting a family, he continues to dream big and strategize boldly.
Matthew Hintz's story is more than just a tale of a lucrative deal; it's a masterclass in resilience, innovation, and the power of a motivated partnership. For any aspirational entrepreneur, especially in the field of real estate, his journey serves as inspiration and a testament to what is possible with the right mix of determination, creativity, and the willingness to take a chance on a seemingly unlikely profit avenue.
Are you ready to channel your inner entrepreneur and start 10Xing your income through real estate wholesaling? If Matthew's success is anything to go by, the right deal could be just around the corner.
Related DealMachine resources
Turning a $30K Real Estate Deal Into a Thriving Business frequently asked questions
What should real estate investors know about Turning a $30K Real Estate Deal Into a Thriving Business?
Are you yearning to be your own boss and carve out your own entrepreneurial path?
How should investors use this guide?
Use the sections and examples in this guide as a starting point. Verify property, market, and local requirements before making an investment decision.
What tools can help real estate investors research this topic?
DealMachine helps real estate investors find property and owner data, organize leads, and manage outreach from one workflow.