Turning Her Wholesale Company Around with Erin Maney
Today's Guest: Erin Maney
I am excited to have my friend Erin on the show today! She is a fellow 7 Figure Flipper and shares her recent real estate investing journey with us with the hopes that it will encourage other investors who may be struggling.
Highlights From The Show:
Erin begins by sharing a bit of her background with us. She began investing about four years ago while still working full-time. She has a wholesaling company in the Milwaukee area and decided to put in her notice last June to focus on investing. With the manner in which the market changed last year though, she began to have some struggles. She said they had never had to give a lot of attention to their buyer’s list or their disposition process before, but then their buyers started dropping out. Erin was trying to build a company and hire employees, but thought if she couldn’t make it work for herself, how could she possibly empower others?
Because we are both part of the 7 Figure Flipping Mastermind, when Erin expressed that she was having some difficulties, we were able to get connected and talk it out. She said she was thinking of their company as a marketing and sales company and was reminded through our conversation that her greatest asset was their buyers. Erin said that she had not marketed to grow their buyer’s list at all and so she set a goal of adding 40 people to their list every week. Very quickly she saw that her efforts were making a difference and it confirmed how important it was for her to focus on their buyer’s list.
I asked Erin what her plan is for 2023 and she talked about how much she loves wholesaling, but because of the strength of her team, she is looking at exit strategies. She would like to take herself out of the day-to-day operations so that she can focus on building long-term wealth.
What a transparent and honest interview with Erin Maney who is battling through some investing struggles and thriving! Don’t miss the latest episode of the Just Start Real Estate Podcast!
Notable Quotes:
“I was able to give her some advice to turn that ship around.”
- Mike Simmons
“You can survive in any market.”
- Mike Simmons
“I am a big fan of Mike Simmons.”
- Erin Maney
“While initially, I felt like the wind was at my back, with the market change I felt like I was running into the wind, and I hadn’t experienced that before.”
- Erin Maney
“I had so much fear as to what was to come.”
- Erin Maney
“You really reminded me of the fundamentals of underwriting that I really needed to get back to.”
- Erin Maney
“A wholesaling company’s value is completely linked to the strength of their buyer’s list.”
- Mike Simmons
“You probably saved me from going back to federal government employment!”
- Erin Maney
“Our most savvy, long-term buyers are not going to be our best buyers as far as profit.”
- Erin Maney
“Execution is the key.”
- Mike Simmons
Thank You for Listening!
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More Resources From Mike:
- Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months
- WINNING DIRECT MAIL - How to CRUSH IT with direct mail!
