Car Dealership Owner Wholesaling 40 Deals (Houses) This Year

For this episode, I am excited to welcome fellow 7 Figure Flipping Mastermind group member, Waylon McCulloch. Waylon started his career as a professional dirtbike racer, but after too many injuries moved on to running used car dealerships for the last 15 years. He is now the owner of Discount Realty, a real estate wholesale company located in San Antonio, TX. Along with building and growing his wholesale company that was started 2 1/2 years ago, he owns a couple of other real estate companies that invest in single-family home rentals and owner-financed sales, while running his family's used car dealerships full-time.

We started by exploring Waylon’s background and how real estate investing got onto his radar. When his grandfather moved into an assisted living facility in 2015, Waylon and his dad purchased his house as a means to get started in the business. They purchased a couple of other properties the same year and held them as rentals, but their business stalled until Waylon got very invested in lead generation.

After joining 7 Figure Flipping in April of 2018, Waylon dedicated his time to learning about and growing a wholesaling business. He spent the remainder of that year building out systems and getting things set up. In 2019, they ended up with 18 deals under contract, hired both a lead manager and an acquisitions/dispositions manager, and are hoping to hire a transaction coordinator. We discussed the importance of having certain team members in place in order to maximize your business’ potential, especially if you are still working a full-time job like Waylon.

Waylon expressed an interest in doing more owner-financed deals and so we spent some time exploring this topic, especially how these types of deals may increase due to the pandemic. We talked about how this conversation would go and what type of homeowner would benefit from this arrangement.

Since Waylon has been a member of 7 Figure Flipping for over two years, I asked him what his takeaway is from the group. He said he was so glad that he made the commitment and has met some great people. Waylon said he wasn’t sure he would be where he is today if it weren’t for involvement in this mastermind.

We discussed marketing strategies, working virtually, growing your staff, wholesaling versus flipping, and so much more! Please join me as I welcome Waylon McCulloch to the Just Start Real Estate Family!

Notable Quotes:

“Real estate is dangerous in different ways than dirt bike racing, but safer physically.”

Mike Simmons

“I decided I was either going to make or break it.”

Waylon McCulloch

“Having someone to focus on answering all the calls and doing the follow-up made my life a whole lot better.”

Waylon McCulloch

“The wholesaling business sure does take a lot of work to get it up and going.”

Waylon McCulloch

“I think the biggest misconception in residential real estate is that wholesaling is easy.”

Mike Simmons

“You need someone in-house that is really pushing your deals through the title company.”

Mike Simmons

“If you don’t have that in your tool bag, you are missing out.”

Waylon McCulloch

“COVID had a big impact on my direct mail.”

Waylon McCulloch

“Direct mail does bring in deals as long as you are being consistent with it and mailing enough.”

Waylon McCulloch

“You need to deep dive and figure out what you are good at.”

Waylon McCulloch

“[On wholesaling] I like the idea of being able to control the deals and get to pick when I have the funds to buy another one.”

Waylon McCulloch

“I like speed a lot more than watching a rehab project from start to finish.”

Mike Simmons

“Some people live for the transformation of flipping, but I can live without it.”

Mike Simmons

“I like working on the back-end with buyers and being able to get them something because there are a lot of people that need the deal-flow right now.”