32: [Team Building] How To Work With Wholesalers w/Andy McFarland

Flipping Junkie Podcast with Danny Johnson

Andy McFarland is a self-made real estate entrepreneur who started with nothing and currently makes seven figures a year in his real estate business.

After getting fired from his last W-2 job in 2004, Andy went into real estate full time and has never looked back. Andy currently focuses on wholesaling properties in three different states; Utah, New Mexico, and Indiana. In 2015 alone, Andy did over 150 deals.

Andy has been married for 10 years and currently resides in Farmington Utah with his beautiful wife and three amazing children. Andy enjoys being around family and friends and continuing to grow and learn every day. You can follow Andy on his real estate journey by going to his website: www.iloverealestatestories.com or on his YouTube channel by searching for I Love Real Estate Stories.

He was also with us on episode 19 where we discussed ‘how much do you really need to know before getting started flipping houses?’

In today’s episode we talk about how real estate wholesalers operate and how to become one of their VIP buyers.

There is a very common misconception that wholesalers don’t leave enough meat on the bone when they sell their deals. That can and does happen, but it’s not every deal and not every wholesaler.

We discuss how we’ve seen wholesalers put out great deals at crazy prices because they made assumptions that were invalid.

Andy gives an example of how he just bought a house from a wholesaler that thought the house would only work as a rental. Andy determined it would work as a flip and snatched the deal up and wholesaled it himself at a higher price.

Some key points to take away from this episode are as follows:

1. Be top of mind with good wholesalers (call them on a regular basis and befriend them)
2. Develop friendships. Don’t just say, ‘Give me, give me, give me.’
3. Be prepared. Be ready with funding, earnest money, offers, etc.
4. Don’t make assumptions. Do your own due diligence.

Andy wholesales a TON of deals every year and his insights on how to build a great buyers list and how he operates his business are priceless.