Tommy Harr
Appearances
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
if i could go back seven years ago and start telling people about my first house hack i lived in my damn living room and rented all my bedrooms out if if people knew that more and like just document your journey and understand that this stuff doesn't happen overnight it's a you you stumble around if you're like me and you didn't get help in the beginning you stumble around for a year two years three years and then you figure it out find somebody in your market or around the country that does what they say they do vet them out give them your energy and they will take you to the next level so
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
I think we're about $4,000 cost to close on the TV and we're about $1,200 for the cold call. But the sales cycle, like you said, is way longer. So we're touching these people 20, 30 times, maybe more. And it's about four to six months on, on those to get them closed.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
We're spending $15,000 alone on TV, plus probably the $2,500 agency. So in between 15 and 20 grand. And then we're spending another $10,000 to $12,000 on cold calling, CRM, skip tracing, all that stuff. So we're super lean. We're really good with our data. We're not pulling a lot of lists all the time because we've been in one market for a long time. So nothing's really that new.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
It's just recirculating the data.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
Agreed. Agreed. And that also doesn't include commissions too. So, I mean, we're stroking huge checks on the commission side. I mean, our guys are making at least $10,000 to $15,000 a month. Yeah. You got to be ready to spend the money. But also if you're listening to this and you're like, I'm not to that point yet. Don't spend the money unless you're ready. You got to get good on the phones.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
You have to make every single lead count, especially if you're doing out or inbound. So those are just truly expensive. You can quote unquote waste cold call leads because they're really cheap. We're like 35 to 45 a lead right now dollars wise. So like if you say the wrong things on the phone, you're not throwing away a $5,000 PPC lead. That's really important.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
And then blame TV. And then blame TV.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
Yeah, I mean, I would say the first thing you need to do is specifically like a wholesaling company, you need to outsource everything, outsource internally, everything that's not sales right away. So a virtual assistant is typically going to be your best option.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
So somebody that's going to be able to pull your list for you, do your backend data, do all the busy kind of BS work that you have to do in a wholesaling business to where you're only on the phone. So you're on the phones. And then once you're closing a bunch of deals a month, let's call it three to five deals a month, maybe less. then you hire an acquisition.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
But know when you bring somebody on, then you're taking a couple steps back to buy your time in the future. So you're not going to be closing the deals. Some of those deals might not close that you are going to be on the phones with. So you got to just be okay with taking a couple steps back, knowing that in the future, it's going to be worth it.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
And then also as you're right now doing it by yourself, building SOPs for everything. So as you're on the computer in the morning, Loom, L-O-M, your screen, and just talk into it like a third grader.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
And those are going to be the way you train your employees because most people, once again, they bring on a VA or a team member and they get so busy doing other things that the VA ends up sucking, quote unquote, this isn't going to be on camera, but They suck, but it's really because you don't have enough time to train them and you're not giving them the time to nurture.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
And we've learned that just so many times. We've helped people hire VAs and it's more into you have to you have to be ready for those people. So build those SOPs, build those training docs and do it slowly. Everybody wants to scale and scale fast, but it's it's all about people and processes and it takes time.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
It took me 24 months to make a real dollar in the investing space. Now, I was making money with my dad doing home inspections. I was learning. So another thing that people don't talk about, and it's the same type of concept, is career capital. So how long are you going to actually stick to something? And are you taking something out of it?
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
So if you're in a job right now, what can you take out of that to go into real estate investing and crush? For me, it was home inspections. So I was learning a real trade that nobody can be taken from me. And the common theme is houses. And the thing that wholesalers and sometimes even flippers miss is the fucking house. Like, how is that?
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
And that's kind of the light bulb in my head was like, these people don't know anything about houses. This is crazy. So it was kind of just this light bulb that everybody was coming to their GC or their inspector or their realtor to help them talk about the house, but they learned the marketing, the sales, but the house was the big piece that they were missing.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
So I was like, oh, this is the angle I'm going to take. I'm going to run with this. And this is going to be my differentiator, but it has to, it takes time to build that. Like I was a terrible real estate investor for three years. I was just fumbling around. I didn't, I didn't have a mentor at the time. I just was thought I could do it on my own.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
And had I had a mentor when I first started, I would be way ahead of where I'm at now. And I wouldn't have lost a hundred grand my first flip because they would look me in my eyes and said, Tommy, you're an absolute idiot if you buy that deal. So it's just the more, you know, believing in things, believing in yourself and also having somebody get you over that hump.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
It's usually an ego thing. Like your, your situation is not unique to everybody else in the world. Like somebody has been where me and you have both been at. Cause I'm in the same position as you. And I'm like, okay, can we go fumble around and figure this out ourselves? Sure.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
But why not just lessen the learning curve and go pay somebody for their time that can say, do this, this, this, this, and it'll get you to the next level. Right. But you actually like, there's two different people. They, they pay for it and they don't implement it. And there's like, oh, okay. But then there's people actually take heed to the advice and they run with it.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
And those are the people that continue to grow. Yeah.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
Yeah, my uncle approached me right before I graduated college, which was 2017. And he was like, hey, do you want to invest in real estate? And I said, no, I'm going to work for my pop. So that's where the home inspection background came from. I've always been working with him. And then I started doing inspections for investors, doing draws.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
Yeah. And in the beginning of somebody's journey, if somebody's brand new here listening, It does work. That was the thing that got me through the first failure. And one, I'm not afraid of failure still. I still fail all the time. I still have deals that lose money. I mean, we talked about that when we were together last.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
800.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
So if it is 800 episodes and everybody on there is a successful real estate investor... That you you just suck at what you're doing now or you've not been in it long enough. So reassess what you have going on and do it better. But don't quit because this this this vehicle does work. And that was my mindset after that. I was like, OK, I know real estate works. I've seen it.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
I know people out locally. I've been exposed to the fact that it does work. I just suck. I need to figure out a different angle for this. So I went back home, moved in with my parents again at age 24, and I just reassessed. I spent my last couple of dollars on postcards, started wholesaling. That deal didn't, I got three calls from $800 worth of postcards.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
One of them ended up being a deal that I couldn't sell. So I raised private money from a family friend, flipped that house and made 50 grand, split it 50-50 with her, and then moved on. But if you quit after that first one, it's done. You're over. And you wouldn't then now have, in my shoes, $20 million worth of real estate or flipped over 300 houses and wholesale over 300 houses.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
It's just impossible. You got to keep going.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
Oh, transaction. And I'm always speaking from the eyes of somebody that has no money in the beginning because that's how I started. That's right. You have to start with your active income streams, wholesaling or flipping. Those are going to be the ways to buy rentals.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
But I think in the beginning, it's also good to learn all of the exit strategies because I have a finance degree from the University of Dayton in Ohio. They never taught me about debt. They never taught me about good debt. They never taught me about cashflow on assets. So as I was learning about this stuff, my mind was just open to this. Oh my God, this is crazy.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
You mean you can get debt on houses and people pay you rent and you pay that down and you make cashflow on it and they appreciate value. So when I learned that, I was like, this is the greatest fucking thing in the entire world. That's what I want long term. That's the way I'm setting up my family.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
But you will go broke fast in an interest rate environment like today, especially trying to just stuff rental properties into a portfolio. You have to have an accumulation phase and you have to have an active income stream to get you to that point. But five, probably 10 years, you look back and be like, that was cool.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
I now can restructure debt and I don't really have to work as hard if I don't want to. You have to have a 10-year time horizon.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
So I went back to him and I was like, hey, we should think about flipping houses. I've seen all these people win. So long story short, we ended up buying this house in Columbus. Columbus is not an expensive market, but we bought this five bed, six bath house for $420,000. It took us 18 months to fix it up and resell it. And we ended up losing $100,000 on that. So the reason we lost so much money is
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
Yeah. That's the stuff I fell in love with, man. Just the idea of reposition. I never understood repositioning the money too. Like the tax-free money you can get. And truthfully, I've been buying rentals for seven years now. Started with a house hack, then another house hack and just started accumulating. I'm not even to the repositioning phase yet.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
I've just been accumulating these rentals knowing that in the future, now I'm stuck, air quotes, stuck on some debt that I bought, like some properties I bought in 19 to 21 that have amazing debt on them. And I struggle between, do I pull that out tax-free? But the stuff I have for the last four or five years,
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
I'm going to restructure at some point, but you have to accumulate that equity to be able to do it. And you don't have to do it with down payments. If you, like we talk about active income, you can go and be an amazing wholesaler. But in the back of your mind, knowing that every now and again, the really good deals, buy them with private money or hard money.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
fix them up like everybody talks about, refinance out. Like that game is really real. I know people kind of gamify it on Instagram and online, but it is life-changing. It does work, but you have to learn how to find good deals and you have to learn construction. no ifs, ands, or buts about it.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
was because the contractor I hired, I should have fired him within a couple of weeks. The scope of work was super gray and vague. So there were change orders everywhere. We didn't even like say who did labor, who did material. So it was just like the classic, the blind leading the blind. And now I know that you just, you hire fast or you hire slow, you fire fast.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
Yeah. Yeah. I mean, I've gotten so many deals just because I pointed things out to sellers that they had never even heard of, because you get in this mindset that they own the house, so they know everything about it. And that's just not true.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
So if you can be a Swiss army knife and you can educate them on actually what's going on and not be sharky, you can actually educate them in finding good deals. Or If you're buying from a wholesaler, most wholesalers know nothing about a house. They've stumbled into a deal, especially new ones. They stumbled into this deal. They might be off.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
Instead of telling them that they're an idiot and they're off on their numbers, typically it's overvaluing the ARV, undervaluing the rehab. So there's no margin. Educate them on the house and tell them why this is it. This is because in a market like I'm at in Columbus, I've got houses built in the 1800s where they literally went down to the quarry, grabbed rocks and built a house out of them.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
Yep. All the way to 2025. So you have to be able to look at that and be like, okay, I've got knob and tube. I've got galvanized plumbing. I've got cast iron. I've got plaster versus a 70s house doesn't have any of that. So you got to be able to gauge buyer's risk. You got to understand that there's different margins with those deals and you got to be able to evaluate the deals better.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
But it all starts with age of house and the construction of the homes.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
I'm crushing on the TV side. It's been fun. I didn't put my ugly bug on there. Just me. I've got a nine month old and a beautiful blonde wife. So I put them two in the commercial with me and it's been absolutely crushing. But, uh, that's, that, that was my differentiator. I had, uh, uh, two other people that were better.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
Yeah. We're a family owned company here in Columbus. We buy any type of house, cash offer, kind of the basics. That hits though. Oh yeah. That hits. Gosh.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
You got to really learn to set expectations properly, not just for contractors, but anybody you go into business with, even new like business relationships and friendships, and then stick by it. Like if it says to fire the person, fire them. You have to stick to the things you lay out. So learned a lot of really good lessons during that first flip for sure.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
Honestly, I don't go to the actual appointments. My acquisition manager does, obviously. But I mean, yeah, we try to say, I mean, that's in our cold call pitch, local, like once again, dominate backyard. That's kind of been the bread and butter.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
Yeah. I mean, we use resimply as our CRM and he did a presentation at family and yeah. the mastermind that me and Justin are in together. And he said that year over year, direct mail is the best deal generating lead source there is. Whether or not that it's cost efficient is one different thing, but they have the data that that closes the most deals. So it definitely works.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
So we're trying to get really, really niche-y with that and say like anybody that we get a cold call lead in, our VA then preps a Like a personalized letter from me. It's like, Hey, my thanks for this is us. This is our commercial. Our offices in this area would love to work with you. So really diving deeper into that, uh, that branding.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
Be yourself. Don't create a business that you hate. So social media has been a huge driver over the last two or three years. I sucked at it for two years. I figured it out after the second year and it's been growing for the last two, maybe three. And it's helped my deal flow. It's helped me raise private money. I raised millions of dollars from social media posts.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
So what I mean by this is document your journey. If I could go back seven years ago and start telling people about my first house hack, I lived in my damn living room and rented all my bedrooms out. If people knew that more and like just document your journey and understand that this stuff doesn't happen overnight.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
It's a you stumble around if you're like me and you didn't get help in the beginning, you stumble around for a year, two years, three years, and then you figure it out. Find somebody in your market or around the country that does what they say they do, vet them out, give them your energy, and they will take you to the next level.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
So it's not as hard as you do it by yourself, but it's still going to be hard. Fail, fail often, fail fast, and get to the next level.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
You got to sacrifice, whether it's time away from your family, time away from your kids, sleeping on a couch, like you said, you got to figure that out and you can only do it for yourself. Nobody's going to come save you.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
Appreciate you guys. Appreciate your time and go out there and crush it.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
So it's not as hard as you do it by yourself, but it's still going to be hard. Fail, fail often, fail fast and get to the next level.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
Yeah, we were primarily, I would say like 75, actually it's probably 50-50, 50-50 wholesale to flip. And then maybe like a 5% if you can go to 105 holding rentals, mostly for tax purposes, just because the market I'm in Columbus, Ohio, the cashflow just isn't there in the market rate environment when we're shooting this. High sixes, mid sevens, even into the eights sometimes on a DSCR standpoint.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
So we just decided that we were going to go continuing to go all in on wholesaling and and just being really good at finding really good deals. So we're doing anywhere from 10 to 15, sometimes 12 deals a month on the wholesaling side, direct to seller. And then we're doing another 15 to 20, 25 flips at any given time. So we've split it in half.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
We kind of divided the businesses and we run them like that because before We would wholesale and then we would buy our own wholesale deals from the company. We wouldn't pay a wholesale fee, but I've got sales guys over there. So we were starving that business of cash over and over again. And we realized we were making less on flips than we projected that we were going to make.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
I mean, that sounds pretty normal, but that's a good lesson for people. Be super conservative. Yeah. And you're never going to make as much as you think. So we just look back and we're like, we know we should have made more money. Where was it at? So it was dividing out the wholesaling. First thing on direct to seller is wholesale.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
And then if we think we can get more or it's just a weird deal, we'll take it down. But that's kind of the mix in the business right now.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
Yeah. So like you said, I love the idea of going deeper, not wider. I want to dominate my backyard. And then if I feel like there's no more opportunity to go out, people just scram out too fast. And they're like, oh, it's not working. And they make an excuse. It's usually excuse-based. It's not really data-driven. Yeah.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
The way that we are going direct to seller for the last six years, we've been primarily cold calling and texting. So now texting is a little bit on the wayside. So we're heavy on the cold call and we just implemented TV leads. So I started TV leads three, four months ago. They've been crushing. So we're doubling down on that.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
And then we're doing some back end direct mail on the niche things that come in leads that don't convert quickly on that side. So to really create that strong brand, like, hey, make sure you watch us on the news if we're talking to the cold call. So everything's kind of now being symbiotic. But we've got two full time sales direct to seller acquisitions. We've got a full time dispo.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
We've got a full time TC. We've got a bunch of VAs on the back end doing our data management, our lead management. And then recently we've changed our outbound cold calling to mostly hired VAs, mostly in Egypt, to we're hiring young guys because of social media. They want to come work for us.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
So we're doing a lot of like boiler room type cold calling on really, really niche lists that we had for years and years and stacked in REI SIFT. So we're getting really, really good results on that just because we realized,
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
you want to go deeper you got to get better so just not doing things that other people aren't doing and committing to it it's been a it's been a really good challenge it's been fun and then we also have a jv acquisition so anything business to business relationship he's doing anything that comes to me through instagram i'm i'm handing it off uh anything from wholesalers realtors building relationships to where we're not actually spending the marketing dollars but we've got the human capital uh going after those
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
So number one is we're calling probates and we're pulling those directly from the county the days that they're dropping public record. So we have VAs going in scrubbing. I mean, this is gold stuff. If you guys are trying to actually get niche data, pulling those hand skip tracing them and then pushing them into a cold caller. And we're using smartphone.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
What's up, brother? It's been an honor to get to know you and been in the mastermind with you for a while, but I usually connected a few months ago and it's been a great time.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
We use four line dialers and we're calling those around the clock. And then. Those guys are in the office. So our acquisition guys can help train them. They can help with word tracks. And then if there's a hot transfer, we just hot transfer them over, which cold calling, it doesn't matter that much speed to lead, but it definitely helps hearing the conversation and pushing it over right away.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
We've had, I think like 10 deals in the last two or three months directly just from those live transfers from our cold callers. We're paying those cold callers $300 a week. So $300 a week, if they close a deal, they get a bonus, but it's more about the being in the office. They're younger guys usually, and they want to just feel and see what it's like to run a real estate company.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
So you can even do it for free if you've got, but you have to build a brand to do that. People are reaching out now. Hey, how can I work for you? And that's one of the ways that we're doing it is putting interns into every single one of our businesses. And we're about to do that on the, on the dispo side, the junior disposition and kind of do that same model.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
Yeah, never done a deal. I mean, pull a list from let's call it PropStream, get a $99 a month account, pull a high equity list, free and clear list or a absentee and get on a four line dialer. So you just got to learn how to just get the nose. You got to learn how to just get over your fear of being on the phones.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
Really, that's all it is, is training yourself mentally and then continue to work through that. But if you're a solopreneur and you're actually making money, you've actually done deals, you shouldn't be spending your time cold calling. You should hire that cold calling out. You should be using some sort of virtual assistant to drive that lead flow on the front side.
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
So you're actually talking to warm leads instead of And they kind of backtrack a little bit. You should be doing 500 to 900 ish dials a day on the solo side. And that should drive one to two leads a day if you get good. So are you do you want to spend three, four hours on a dialer and get told no all the time or get hang ups?
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
Or do you want to be on the side where you're actually picking up warm leads? The difference between those two is going to be money. Do you have the money to spend on that marketing?
The Science of Flipping
Lost $100K on His First Flip—Now He Closes 30 Deals a Month and Owns a $20M Portfolio | Tommy Harr
Yeah. So I will caveat and say my business partner, Andy, he runs most of the sales stuff, but I do know the numbers. So we're about 30 leads to contract right now. And then 27 leads to closed on the, on the cold calling side. There were one to eight or 10 on the TV lead side. So those are quicker. They're ready to close faster, but they're more expensive.