The guest I have on today isn’t just a real estate investor. She likes to call herself a real estate matchmaker. Whitney Nicely is making deals in Tennessee that are out of this world. She’s got confidence, enthusiasm, and enough Southern charm to make her real estate investment strategy really shine. She even uses pink ‘I Buy Houses’ signs to attract buyers! But that’s not the only thing she’s got going on. On today’s episode of Real Estate Profit Masters, Whitney Nicely breaks down her leasing option investment strategy and shares her tricks for getting to the top of this business in just three years.
Whitney calls herself a matchmaker because she looks at her leasing options like a marriage. Her real estate investment strategy succeeds because she really builds relationships with the people she works with. She knows that a leasing contract means working together for 3, 5, even 10 years, and the kinder and more honest you are with your clients the more likely they are to continue working with you. These relationships also pay off when you want to renegotiate. Whitney’s trick for making the most for her money is renegotiating with the sellers. She shares the technique she uses with sellers to get her in, out, and done, which gives her more time to really focus on her properties and tenants.
A big thing Whitney and I discuss in today’s episode is control in our business. Right now, Whitney is a one-woman show and she’s really killing it. But being able to let go or walk away from pet projects or menial tasks is a huge part of being an entrepreneur. Part of your real estate investment strategy should be taking yourself out of the equation. You want to free up your time to focus on the things that really matter, and it’s even better if you can work remotely! Whitney has properties throughout Tennessee and Georgia, and she’s looking into Florida now, so tune in and hear how – in the words of Ron LeGrand – you can do less and make more!
3:31 – Meet Whitney Nicely!
4:56 – How did Whitney get involved with real estate?
7:22 – Who’s Whitney’s biggest influence?
9:25 – What was her breaking point?
11:30 – Whitney works locally AND virtually
12:30 – Whitney breaks down her lease option investment strategy
14:19 – Does your investment strategy involve crack houses?
15:45 – What is a “good enough deal” for Whitney?
16:40 – Why you need to start renegotiating with your sellers
20:17 – Whitney drops a hard learned lesson
23:52 – How does Whitney screen her tenants?
24:40 – How many applications does she process?
25:38 – Whitney breaks down her sandwich lease options
30:39 – How can you get a stronger conversion on your lease options?
32:12 – Who makes the payments in this strategy?
33:05 – Whitney is a one-woman show
34:17 – Do you want ownership or control of this business?
42:18 – The biggest challenge Whitney’s faced
43:48 – Never take things personally in this business
45:20 – What would Whitney change?
46:47 – Whitney drops another big lesson
48:41 – What’s the most important part of Whitney’s real estate deals?
50:28 – Whitney’s tips for dealing with leasing risks
53:27 – Whitney’s favorite motivational quote
55:18 – Whitney’s favorite book
57:20 – Whitney’s Facebook addiction pays off with leads
58:50 – Use dirty pictures and shock marketing on Facebook to boost your brand
1:00:12 – Does Whitney get 8 hours of sleep?
1:00:34 – Whitney’s morning routine
1:02:40 – Who did Whitney hire as a mentor?
1:03:50 – Advice for letting go of control in this business
1:10:54 – What is Whitney most grateful for?
1:13:10 – Why does she do what does?
1:18:50 – Get in touch with Whitney at whitneynicely.com
Links and Resources:
The Less I Do, The More I Make by Ron LeGrand
E-Myth Revisited by Michael Gerber
Miracle in the Mountains by Harnett Thomas Kane
Cory: What is going on party people? This is Cory Boatright. I am your host to Real Estate Investing Profit Masters and the founder of Real Estate Investing Profits.
How are you? Are you doing well? I hope you’re doing phenomenal. Having a phenomenal, productive, fun, intentional, grateful day. What we are going to do today is bring to you someone that I’m really excited to do the interview with. Her name is Whitney Nicely. She’s out in Tennessee and she does investing there. She actually went from no strategies, no investments to 19 houses and 19 apartment units and even 7 chunks of land in less than 3 years.
She created this whole process now, what she calls an autopilot system that she’s been able to travel around United States, speak on stages. This girl is just crushing it and she’s got a phenomenal personality. You’re going to love this interview. She is so laid back and she is someone that actually makes pink signs. Those pink signs right on buying house. She went from selling dump trucks to be a real estate investor. How is that for you?
You’re going to dig this interview. She is just bubbly and great but she is also someone that knows her craft and you are going to immediately understand why she’s so successful. Make sure that you text the word ‘PROFIT’ to 38470 to download your Ultimate Real Estate Investing Quick Start Guide. If you haven’t done that, why are you waiting? Text the word ‘PROFIT” to 38470 and it will automagically be sent to you.
Also, if you’re interested in Real Estate coaching, wholesale coaching, love to talk with you about that. We have many emails that come in and we get applications on a weekly for wholesale coaching. My company and my team, we do over 100 wholesale transactions a year. We send out over 30,000 pieces of mail every single month and over 6 figures in marketing every single year. I’d love to talk with you about what works and what we’re doing and love to see if we’re good fit if you want to do more for coaching. Go to coryscoaching.com to watch a video that I made for you, check it out, see if we’re a good fit for one another. I’m going to ask you a few questions right on that page. coryscoaching.com.
Here is Whitney Nicely. Alright, Mrs. Whitney, are you there?
Whitney: Yes, I am. Hi there!
Cory: Hi, how are you?
Whitney: I’m doing fabulous. How are you today?
Cory: I’m doing phenomenal. We have no rain here in Oklahoma today, which is great. We’ve been having some crazy storms, crazy tornadoes all around us. Today is a good day when we don’t have half dollar sized hail.
Whitney: No houses blowing around?
Cory: It’s funny, whenever we do have big storms, there is a mailer that goes out that talks about if your house is damaged, and we do get calls about it. There is an opportunity there, right? You gotta love capitalism. That’s one of the great things about this country, right?
Cory: Whitney, thanks for taking the time to be on here. I’m interested to hear more about your story. You’re focusing right now, as I understand, on lease options. My buddy, we do another podcast, Joe McCall, call the REI Tech Show, the Real Estate Tech Show that we’ve been working on, just a recent, new podcast. He does a lot of lease options as well. I’m pretty familiar with them.
We focus in on greater OKC mostly on wholesales, but I want to find out what’s working really well for you on lease options. Before you get into it, why don’t you tell us a little bit about outside of the lease options, we know that’s one of your expertise now. How did you get involved with real estate investing and what is one of your biggest influences when you got involved?
Whitney: My mom has been a real estate investor for longer than I’ve been alive but she does it the old boring way, where she just takes a lump of cash and just throws it at a property and hopes and prays that it’s making money. Just knowing that when she’s getting ready to retire, there’ll be mailbox money coming in. She throws spaghetti on the wall and see what sticks.
I grew up like most people want their kids to grow up, where there’s money in the mailbox every month. I thought everybody just had money in the mailbox. I didn’t know bills came in the mailbox. I thought money did. That’s how I grew up and then I got into my 20’s, and I was like, “Wait a second, where is my mailbox money?” Mom was like, “You better go buy something if you think you’re going to get mailbox money.” But I was in my 20’s and money went everywhere except my savings account, or real estate portfolio. It was just gone.
I struggled in the beginning. I bought a bunch of land just to go to through the process and figure it out. I bought a half acre piece of industrial land at an online auction. I’m an auctioneer also. I bought a half acre piece of industrial land and I rented the driveway for $250 a month. We paid $1,500 through the whole thing. In six months we had all of our money back and then they paid me since I had the property. I got three months of back rent.
Cory: Oh, that’s great.
Whitney: Now, we rent the driveway to one company and we rent the half acre to another company. We get $750 a month off of a $1,500 investment.
Cory: I can’t beat that. What’s the return on that? Infinity?
Whitney: Pretty much. The only thing better would be $1,500 every month.
Cory: Wish that’s coming, right? You just gotta add for more things. You got to tell them that if they want to add signage to it, then that’s another few hundred dollars.
Whitney: I already roll all the maintenance and the taxes and everything into it. They pay me that on top.
Cory: I see. Pretty creative. So your mom. What else? Did you have anybody like a mentor? Anybody that you followed that was doing land deals. One of my friends is Jack Bosch, he does a lot of land deals. Did you have anybody that you followed that way in terms of that was more on the mainstream?
Whitney: My mom didn’t have a plan. I needed a plan and I wanted the formulas. I wanted the marketing. I wanted the whole thing. My mom just took whatever came along because she’s been doing it for 40 years. People just knew that she bought stuff. I needed more than that. I joined the [00:04:32]. The president, Victor, was holding a special lease option class on two Thursdays. It was $75 and I was broke in my 20’s. I told my mom, “I don’t have $75 for this thing that you’re doing.” And she was like, “You go do it and if you don’t like it, I’ll give your $75 back.”
Within 10 or 15 minutes, I felt completely in love with lease options and I didn’t pay attention to the rest of the speech because I was on my phone trying to figure out who Ron LeGrand was.
Cory: That is a big-o tall guy. He’s actually really tall in person.
Whitney: He’s a really nice guy. His book, The Less I Do, The More I Make, that was my first deal ever. Before this special night is over, I put $3,000 on my credit card and I’m going to Florida the next month. I went from I don’t have $75 to $3,000 and I booked the trip.
Cory: That happens, doesn’t it? It just happens that way. You get emotional sometimes, but then you know what? That’s where those risk, when they pay off, and obviously, look at where you are today. It’s pretty great to see just that little investment. At the time, I’m sure it wasn’t like you said, a little, but now in comparison to everything that you’ve done. It doesn’t even scratch the surface, I’m sure.
Did you have a breaking point before all this? Before real estate? Were you working at some other job, 9:00AM to 5:00PM that you just said, “Man, I gotta get out of here.”
Whitney: My mom has four other companies. She has seven companies, I think, but four of them are trucking companies. I was working for her trucking company. She was trying to buy houses on the side and whatever. She bought one from an agent. The only time she’s ever bought anything from an agent. I saw how much commission he made and I was like, “Hold on, wait a minute. If anybody’s going to make that much money on my mom, I’m going to get my license.” Because it’s easy, right?
Cory: I’m family, I got to be making money.
Whitney: Exactly! I went and I got my real estate license and I listed a house, and I did not make as much as that guy made on my mom. I realized that being a regular real estate agent was hard and I bought two houses. I was buying on this land, thought I’d figured it out. I bought two houses and started losing my money left and right. Then I realized that this wasn’t working. Once I figured out how to really calculate rent when you get your pay back and all that kind of stuff, it was going to be like 115 years before I made enough money to retire. Even in my 20’s, I didn’t have that much time.
Corry: You’re like, I got to work a new plan.
Whitney: Right about that time is when Victor was like, “Yeah, we’re going to learn about lease options. You all need to come by. Blah, blah, blah, blah.” I went and it was like a snow ball. I went to the Knoxville Lease Options Class in November. I went in owner financing thing in December. I went back for Bootcamp in February. Had my first deal in February, we closed in May and that was 2014. It’s been around three years, I’ve done 54 deals.
Cory: That’s fantastic. That’s really good.
Whitney: I hit the ground running. I had no questions, I had all of my fears, and I was just like, you know what, they don’t matter, I got to get this done.
Cory: You overcame the fears. It’s interesting, you mentioned Knoxville, Tennessee, that’s where you’re at, your market is released right now. Are you doing virtual things as well outside of your state?
Whitney: My husband lives in Georgia. I bought some stuff in Georgia because I go visit Georgia quite a bit. I’ve done three deals here this year. But the bulk of my properties are in Tennessee. I’m thinking Florida next year.
Cory: Okay, interesting. You’re a broker right now, correct?
Whitney: I’m heavily licensed. I’m a real estate broker in Tennessee and Georgia, I’m an auctioneer, and a general contractor. My daddy likes to tell everybody that I’m also a notary, just in case.
Cory: Just in case. A little extra $100, $50, that matters, every five years.
Whitney: That’s the one he’s proud of.
Cory: It’s on the door, “Notary of Republic.” That’s the part that makes you feel…
Whitney: All sorts of really cool stuff.
Cory: What is working right now with lease options? One of the things that we like to talk about is called the Profit Master Investing Strategy. It’s basically what’s the thing that’s really working well, that’s impacting the bottom line, what’s something that you can share with those listening right now as they’re getting either they’re involved in lease options right now or they’re thinking about getting involved in lease options. What’s one of your great strategies that’s just crushing it?
Whitney: In Tennessee, I had this thing called prod that got in the way of some deals.
Cory: I’ve never heard of that. What is that called again?
Whitney: It’s prod. Many men don’t have it, I don’t know.
Cory: Never heard of it. Must be a woman thing.
Whitney: I wanted pretty houses in pretty neighborhoods with pretty people and that’s all I wanted to deal with. I wanted us! That’s what I wanted. That’s all I bought. That’s all I have. I’ve made really good money in Tennessee. But since I’ve been in Georgia, I keep hearing about this thing called ‘an ugly house business’. There are no ugly houses here. But they make really pretty money.
From my yard boy, this is where I get my deals, just from a yard boy. Not from a mailer or anything, just from yanking out on the sidewalk. He’s got 13 houses. I was like, “Do you have any you don’t really want?” He’s like, “Yeah. I got two little crack houses. You want those?” I was like, “Yes, I do!” In my world, the crack house, when you’re standing inside of it, if you go inside of it, because I haven’t been inside of these, you can see outside through the cracks in the walls.
Cory: That’s a crack house, I see it.
Whitney: It’s like an egg. It’s cracked. I got two of those. The first one, I said to myself, I’m thinking, “How are we going to do this? How are we going get this one?” They’re both ugly but one of them was on fire. It was the pretty one of the two which tells you how ugly the second one was. Sure, it does to me. I had it under owner finance. I had them both under finance but the first one, let’s just talk about it.
He was going to let me pay him $6,000 over the next 3 or 4 years for $200 a month. Like nothing, right? I put it out on the market for $15,000 and $400 a month, depending on how much you can put down. It took me about six weeks and I had a lot of people looking at it and a lot of things going, whatever.
Finally, the neighbor called and they’re like, “Okay, we’re definitely going to do this.” I’ve talked to them two or three different times. They agreed to give me $5,000 down and pay me $300 if I would take $12,000 total.
Cory: Let me think about it, okay!
Whitney: Exactly! I was like, “Okay, I’m definitely doubling my money.” But the thing that most people don’t do when they get a deal is they get a good enough deal and they stop.
Cory: Define that. What do you mean good enough deal? Because that’s interesting.
Whitney: They’re going to double their money. On this one, I’ve got it under contract for $6,000, I’ve sold it for $12,000, I’m going to make a $100 a month, I’m getting $5,000. This is good enough. This is pretty good, right?
Cory: Alright, yeah. Compared to what you’re saying then is, you have a target or a goal and you want to make $1,500, obviously. Sometimes, you just need to be able to accept something less because obviously, doubling your money. I agree, that sometimes you need to take the money and run, but when do you do that? When is the time that you do that? Because you could hold out, and potentially you could have made $6,000 down and $15,000 or whatever. When is that time where you go “I should just do this.” Did you take a time frame of how long you market it? How long did it take you when you got it to whenever you get that money down?
Whitney: It took me six weeks. But the thing is, I don’t focus on trying to get more money out of the buyers, I went back to my seller and renegotiated. I went back to him and I said, “I’ve got $5,000. How much do you want for this house? I can’t give you all of it.” I just told him that. Because he’s going to see it. It’s on the paperwork. He was like, “I’ll take $3,000 for it.”
Cory: He took $3,000 for the whole house?
Whitney: No owner financing, no payment, just $3,000. In and out. Done.
Cory: Did you present that to him where he can do either or?
Whitney: Nah, I said, “Alright, instead of doing this owner financing deal, instead of taking all this time and doing all this stuff, what if I just gave you money on Friday? How much would you take?” He was like, “I’ll take three for it, which is half of what we agreed to but money now versus money overtime.
Cory: That’s a great point. The fast dime over the slow nickel, right? Basically, whenever you can reverse that, whenever you’re working with someone that you want to get something from, you want to use the fast dime analogy, obviously, because that’s often going to work in your favor. The interesting thing about it is, you came to the guy, what was his name?
Cory: You came to Eric and said, “I got some money. What if I just paid you on Friday, what would you take?” Now, it’s in his ballpark of saying what that number is. If he would’ve said $4,000, You would’ve still gave it to him. If he would’ve said $5,000, you probably would have still gave it to him. But, the interesting thing is, you still had $6,000 and you’re paying that $200 a month for 5 or 6 years, whatever it was. I guess, that was no interest, straight principal.
Whitney: No interest and nothing down.
Cory: Essentially, you made such a home run on that deal. You didn’t ask for more money down from the buyer. You renegotiated, like you said, with the homeowner of that. That was your first crack house? That was your first low house deal like that?
Whitney: Yes, yes. I’ve done two more since then.
Cory: You’ve done two more since then? Is it safe to say that you’re the crack house queen?
Whitney: Not yet. I don’t think three is enough.
Cory: Does he have other houses that he can sell you?
Whitney: Yeah, he had a lot others. These were the only ones that he had empty, that he just really didn’t want. The thing is, I’m new in town, I wanted houses. I can pay cash. I can close quickly. All those things that people say they do and they don’t actually do, I did it in a new town. He’s going to tell everybody that I am really doing this thing and you should call me, you should deal with her.
Cory: Right, absolutely. I would say getting referrals and then also, did you look around in the neighborhood as well on who else is…
Whitney: I’m going to buy the whole neighborhood for $100,000. I’m going to have 17 houses this year for $100,000 and I’m not going to have anything in any of them.
Cory: I love it. That’s great.
Whitney: The lesson is, whenever I was doing the bigger houses, the $100,000 or $200,000 houses, it was very rare that I got enough down to cover the purchase price. I’ve gotten close sometimes. I had a house in Tennessee that had a outhouse with it, like a real Tennessee house. The jump there, is it a 2-1, is it a 2-2, do we get to count that? There’s a house outside.
Cory: Could you put the AC in there? Because it’s hot in the outhouses, I hear.
Whitney: I had that when I get in $17,000 for it. It might get me $5,000 to move in, they stayed for a year at $500, I’m up to $11,000. They left, somebody else moved in, gave me $5,000 to move in. I’m up to $16,000, they paid $500. I’m freakin clear on my money now and I’ve sold it twice. The first one, I sold it for $35,000 the second time I sold it for $45,000. I still basically have no money in it after three years.
Cory: It’s powerful, right? You’re leading to something really powerful with the lease options. You said you sold it twice. Now, the interesting thing, I sold a house back in the day, I was one of the first that I know of selling houses on eBay with lease options. I would actually put the option consideration money as the dollar amount that you had to pay for the auction on eBay. I set the term. I didn’t care if it ended up $100 or $1,500. It was all just gravy to me. I wanted somebody that agreed to the terms. I sold the same house seven times, no joke. Seven times, they would get in, they would fix a little bit of that and they’d leave. They would get in, they would fix a little bit of it, I get another $3,000, another $2,500. I actually paid off the house from the option consideration.
I know about this but I haven’t done a lot of them in a while. I know again Joe and you are just focusing highly on them. Walk me through me on when you said you sold it twice now. That person gave you the house back and you were still on the hook to make that payment from the original homeowner? How did you set that up?
Whitney: I had it free and clear. I had the $17,000. I committed the sin, I’ve put in my own money in the property. I get it. I’m sorry. But you know I was learning. Going back, I wouldn’t do that. But the guy I bought it from had to have the money because he owned a business, he needed a truck and he needed $17,000 and he had this house and needed a truck. Really, it wasn’t my money. That was in October and I started in February. I used option fee money that I’ve gotten on other houses. It wasn’t like my savings.
Cory: You used a chunk of capital, at that time. You got the house back and you just resold it again for $10,000 more or something?
Whitney: I’m three times on my money. If and when I get a mortgage more than likely, they’re going to leave. I know they’ve already broken up, so they’re going to leave.
Cory: Do you qualify whenever these folks get into you, what kind of qualifications you run them through?
Whitney: I use the company in Pennsylvania called Screen the Tenant. They find out everything but your underwear color. I don’t do any of that. I just get the report back and I say yes or no.
Cory: What’s it cost, like $15 or $20?
Whitney: It’s $50. The tenant buyers pay it and they have no problem paying it.
Cory: Wow, $50. Pretty expensive.
Whitney: It’s a credit check, a criminal history check, a past landlord, employment verification, and I don’t even know what else. It comes back in a ream of paper. I’m like, “Oh, can you just read this?”
Cory: Obviously, it’s a little different for different houses, how many applicants do you typically have to go through before you find a good one?
Whitney: It really depends because it is such a high application rate. I don’t have a lot. I’ll have one or two but usually, they given me money. I’ve gotten in situations before where there is a bidding war on the option fee. I had somebody at $8,000, I had somebody at $12,000, then someone else came in at $40,000.
Cory: Wow. Interesting.
Whitney: I went with the $40,000 person and then they left in 6 months and I sold it again and got another $10,000 down on it. This is the property that I have under lease options. I’m doing the sandwich lease option on it. I’ve got it for like $80,000 or $85,000. I’ve almost collected, in a year, enough to pay off the whole house. I’ve got five years to pay it off.
Cory: Whitney, talk about the sandwich lease options a little bit, for those that don’t understand what you mean by that.
Whitney: When you graduate college or get established and you’re going to be an adult, you buy a little two bedroom, one bath and it’s cute and whatever. And then, you get married and you have one kid and then you get an extra dog and you have to go get a 3-2 and then maybe you have another one, and get another dog and now you need a 4-2.5 but you kept these houses back that you’ve bridged your life from.
We just found tenants, we had buddies that were getting out and they have crap credit so we just let them ran it and it was fun, and it was all good. Until the kids got to 8, 9, and 10, 12 and they had ball games, recitals and everything. And then our parents were getting up and then we had to go take care of the parents more and then we’re trying to climb the corporate ladder and suddenly, it’s like the straw that broke the camel’s back, we cannot handle these two houses in our bridge anymore.
A lot of times sometimes, people that are accidental landlords like that, they let people move out and they don’t even put anybody else in it because it’s too much of a hassle to re-rent it. I’ll just make the $500 a month payment, it’s not worth it. Then two or three years go by…
Cory: [00:23:28] having money come in. That they’re just doing it just out of convenience, basically.
Whitney: Yeah. Not because they’re lazy, they just have a lot of life going on. They’re not behind, they’re not missing payments, they don’t want their credit ruined, because they want to go buy a lake house but they just don’t want to even take the time to list it and do anything. I find those people who are either tired to be a landlord or they were accidental landlords to start with and I take over their payment. I take over whatever’s left on the mortgage from them and I take it over as is. You don’t have to do anything, if you’ve moved states, if you’ve moved counties. I’ll take it right here, right now, like it is.
Cory: Give us an example of one.
Whitney: One like that? I have one like that, it was a 3-2, it was in Dandridge. I started in Dandridge. I started in Dandridge. Most people want to go where everybody else is investing and all of the other people are. I went way opposite of where everybody else was because nobody out there was making any offers but me. I’m like in my own little play box.
Cory: You wanted to be a little shark in a big town or a big shark in a little area. You don’t want to have a lot of competition.
Whitney: I didn’t even want to be a shark. I just didn’t want to get eaten by the sharks. I didn’t want that when I started. I just wanted to figure it out without everybody watching me, and then, I went into town and I was like, “Hey, boys. I’m here now.”
I got that house and the contract and that one was exactly like that. They’d moved on. They just didn’t want the house. They tried to rent it, it didn’t work out and they just been making payments on it for I don’t even know how long. They were just tired of it.
I found somebody that wanted to move into it and make the payments on it and give me money to move in and it was a perfect house that didn’t need anything. Didn’t need to be flipped, didn’t need to be painted, the yard maybe.
The deal is if you can get these houses and these people don’t want any money down, they just want somebody to take over their payment. They don’t need any work. I don’t have any money out, I had a $10 check out on it. I found somebody to give me $5,000, move in, start making the payments. They started making the payments before I had any due. I got two months for the rent that I didn’t had any payments for.
The sandwiches, I go out, I find a deal. I’m more like a real estate matchmaker than anything else, which I think is what a broker is supposed to be. But we won’t get into that. And then, I would go out and find somebody that usually has bad credit, or they’re new to the area, or they’re a small business owner and they just don’t work out on paper to go get a mortgage. But they can, and if I’ll give them time, they can improve their credit or establish a job history, get their W2s in order and then buy the house regularly. But I’ve only had one guy actually get a mortgage. Most of them boomerang and come back.
Cory: Got a 58 or whatever. That’s a part of that game. It’s not your responsibility, obviously, whenever you get someone into your house, to make sure that they don’t go and make unwise decisions. Your story is not uncommon in terms of the people actually execute their option and cash out their house. The question is what can you do to get a stronger conversion of those lease options? I don’t know if there’s an answer to that. On the other side of it too, I don’t know if it’s even more profitable for them just to give the house back to you and sell it again.
Whitney: It depends on your time frame. Because if you only have five years or you lose your right, then you want to hurry them up or find a private money partner and get it paid down low now that you get a private money partner to come in and then pay them off. It starts to be a lot more moving pieces but I’ve got some house that got 15 years on them I’m going to pay them off by the time it’s all done and then, I’ll just have a free rental house.
Cory: What’s great about what you’re doing or Joe’s doing, what other people are doing with lease options is this is the elephant in the room. Is that you’re not personally guaranteed on any of this debt but yet you get the benefit of the cash flow.
Whitney: John [00:28:20] was my first mentor and his favorite thing, I think he said it three times a day on our calls was, control without ownership.
Cory: Control without ownership. The other question is, who are you having make the payments? That person making the payment to you, they’re making that payment to you, to your company, right? Are you personally or your company making a payment for the homeowner that you got the deal from or do you have another service that you’re paying that makes the payments for it?
Whitney: My LLC pays the mortgage company, pays the bank.
Cory: Okay, so you don’t have a servicer? You’re not using a servicer? Some folks use a servicer upon these deals.
Whitney: I think that it may be the area, it may be the volume that you’re doing also. I’m starting to get to where I’m like, “This is a lot. I need somebody to…”
Cory: I might need a servicer, right? Because at some point, it’s all fun whenever you got 20, 30 deals but then you start to cruise like you are and I don’t see it slowing down anytime soon. Now you get 100, it may make a lot of sense to pay that extra $20 or $30 to take…
Whitney: Another thing that a lot of people talk about too is they teach you how to hire this person to do that, and this to this and this. When I talk about doing these lease options, I’m a one woman show. I talk to the sellers. I answer my calls. I put the lock box on. I hang the bandit signs. I don’t do open houses but I give the buyers what they need. It’s all me. I have an attorney that finalizes everything. I have Screen the Tenants that does the applications and stuff, occasionally I’ll have a girl or somebody post up to Craig’s List for me but it’s not getting the acquisitions manager and getting this, there to do that and getting this to do that and getting all that. I do it all old and slow. Pen and paper kind of girl.
Cory: Pen and paper, okay. The question is, one, how is that working out for you?
Whitney: I’m starting to titter tatter to where I’m either going to need somebody to do it or I’m going to have to put it on hold or something.
Cory: This is the other question. On another mastermind group, we have this question come up a lot which is, ownership or control? As an entrepreneur, we typically are control freaks. We don’t want to give up control. One of the big Aha! moments I had before I got diagnosed with thyroid cancer in 2012, which praise God I overcame that, was whenever I let go of control, I got more of it. It’s a very deep thing to internalize and it’s counter intuitive.
What I mean by that is I thought that me controlling everything was the best way to have control. And then what I realized, fast forward to today, I wouldn’t be able to do the things that you want to do like vacations and maybe just go to the park whenever you want to with your two kids or we’re going to go to Cancun for seven days in about another week, go to Dallas, which we’re in OKC just for the day and still have deals being under contract, marketed, doors with lock boxes being put on them, buyers contacted, closings happening, without you even showing up at closing.
But none of that would’ve happened if I didn’t let go of some of that control and all the reason I’m saying that is it’s a liberating thing. On the other side of it too, at least in your mind, you’re never going to find somebody as good as you. You have to ask the reason, why don’t I? If I know it’s better, first you have to get to a place if you know it’s better or not. Then if you agree that that place is better, then you have to ask your question, why don’t I? And for me, I did this because I didn’t think anybody could do as good a job as me. Let’s be really transparent here.
The reality is that, even today, there’s a part of that ego pride thing that you mentioned, that still makes me go, “You know what, I could probably get a little better deal, I could probably get it sold faster. I could probably get that deal. I could probably got that for another $2,000 lower.” There is still a little bit of that but the part that’s interesting now, is that even if you don’t find somebody 100% as good as you, you will find people all day long who are 70% or 80% as good as you. If they’re 70% or 80% as good as you, they can be molded and worked into something a lot closer. The other thing is that you may actually surprise yourself, Whitney, and find somebody that’s actually better at it than you are in terms of one specific thing. Because, here’s why, they focus on that one thing.
We have acquisitions manager, right? They focus on going and talking to the homeowners and getting the deal under contract. That’s it, that’s all they do. Then we got a person that does this positions and they focus on talking to buyers and getting the deal closed with transaction coordination. When everybody has roles, and everybody knows what they’re supposed to do, then you start having this way different situation. Now you start asking yourself, “What am I doing?”
The CEO’s job is to look at the organization from altitude. Because when you get up higher, one of my mentors, Eben Pagan, he had this program called Altitude. It’s $10,000 a person to come to this event. Russell Brunson was one of the guys there, and a bunch of these guys you’ve seen on the internet, they’re just crushing right now.
He mentioned whenever you get higher above your situation, everything looks smaller. That makes senses. But then, he mentioned that as you get closer, it gets bigger, but he says when you have altitude, you can still see where things should be moved around and get it over here.
He says, the other thing is that, you’re not in maze. As an entrepreneur, we tend to be in the maze. I know you haven’t heard in terms of the E-Myth Revisited, which is working on your business versus in your business, that kind of thing, being the transaction guy compared to being the integrator or being the mechanic. E-Myth that talks about being the mechanic where you’re tinkering with things all the time. Just one thing that there was an Aha! moment, I thought I’ll share it with that as you mentioned that, is letting go will actually give you more control.
Whitney: I think you said the keyword. From my perspective, I wanted to feel all of those roles and to work through them so that when I was ready to assign somebody to something, they knew how I wanted to do it. They could tweak it and make it their own. And I knew what they were dealing with. When you start something new and you tell somebody, “Go do something.” And you don’t even know how to go do that yourself, that’s where I get kind of like—go do it yourself.
Whitney: You don’t have to do it forever but get good at it so you can help.
Cory: I totally get it. There’s a big mental jump whenever you actually are relying on a team to help get things accomplished and there’s real dollars. There’s real dollars means tens, right. You’re like listen, this is not monopoly money, it’s real money. Then you got families that are relying on you. They got a bunch of other things. There’s other parts of it that are new acceptances but I think if you ever want to really build something that can work without you, per se, without your direct involvement everyday where you come into the office and you have five more lease options, then I think that as you mentioned, building that team is going to be pretty important.
Whitney: Yeah. I don’t have to do it twice. I have a Tennessee person and a Georgia person. They do everything. So, oh Lord, I can’t do anything on a normal level. Moderation is not in my vocabulary. It’s cool though. I always grew up thinking that a truckload, that something was a dump truck load of it, and anything else was why bother?
Cory: Obviously, you’re incredibly talented, you’re driven. You got all these success. That’s really cool. I think it’s stages. When you start moving through stages, you start seeing things differently. Speaking of that, what was one of your big challenges that you faced and how did you get through it?
Whitney: I had a really hard problem. This is why I went the opposite way everybody else was. I was I think 29 and I was a little girl.
Cory: That was when? Last year, right?
Whitney: It was three years ago. I’m 32 now. I wasn’t married, thereby I can’t be expecting my husband to show up and when are we really going to negotiate? Whenever your husband gets here. I went through a lot of bumps and bruises from people saying things and challenging me in ways that we’re not supposed to be saying and doing anymore.
Cory: I got you. Okay. Because you’re a woman, is that why?
Whitney: Because I was too young.
Cory: Okay, because you were too young.
Whitney: I was a woman. I wasn’t offering cash. I wasn’t offering normal stuff. I was helping but I wasn’t doing it the way they expected me to. I had one guy pat me on the head. Oh my gosh, I was so mad.
Cory: Oh my God.
Whitney: He was like, “You’re so cute. You’re going to buy my house.” I was like, “We’re done here. Thanks.”
Cory: How did you get through it? How did you push through that? Obviously, you got pretty frustrated. How did you overcome it?
Whitney: I’m just a bulldozer.
Cory: You just rhinoed through it?
Cory: You rhinoed through it?
Whitney: I did. I just kept going. I didn’t let it bother me. I’m not going to say that I didn’t break down, whine, and cry on the kitchen floor a couple of different times, but I didn’t broadcast that. I just kept going. Tomorrow is a new day. Every phone call is a different seller. Some will cash you out and some will bake you cookies before you get there and you just got to go.
Cory: You didn’t take it personal? You did your very best to just say, “You know what? This is a part of the game. I’m not taking it personal. What can I learn from this?” Essentially, right?
Whitney: Yeah. A lot of the Asians also were really mean to me because I wasn’t listing houses, I was buying houses and how can I do that with a real estate licence. I’m like, “How can you not?” What are you talking about? I got a lot of flak from them. It was tough. My first year was very tough. I learned a ton of lessons. I’m still learning lessons but now, I have that train behind me and I’m not brand new. I have done a bunch of deals. I’ve been through a lot of situations now and I think, now, because I’m in my 30’s, people take me more serious.
Cory: You could speak with confidence and you feel the confidence. That’s great. If you had to start all over again, what would you change? What’s some advice for some new folks?
Whitney: I would start sooner. I would start when I was 18 instead of I think I was 28 or 29. I wouldn’t have waited so long. Because now, I buy houses and I buy lands for less than I buy purses for. How many purses could I have bought if I’d been buying land instead of purses all through my 20’s?
Cory: I just got this purse for Leslie. Her birthday is coming up in June 2nd. It’s a Celine purse. It is not a cheap purse. These purses that you ladies have are not cheap purses. The Louis Vuittons…
Whitney: Louis Vuitton is a knock off. Goyard started this whole thing before Louis Vuitton. This is what a Goyard looks like and I am nutty over Goyard. I think Goyard started in 1852 and Louis started in 1853. They were like drinking partners until they were rivals. I was a Louis Vuitton girl until I found Goyard. Now, I’m not.
Cory: She loved… We could go into a rabbit hole here.
Whitney: I like expensive stuff.
Cory: What’s a great lesson that you learned going through this process and what’s helped you get to where you are today?
Whitney: Keep going. Like we said earlier, you’ve got to keep going. If it’s a good deal right now or a bad deal right now, you’ve just gotta keep going because you don’t know which way it’s going to turn. Like we said in the first example, go back and renegotiate. If it’s a good deal right now, that’s fine. If it’s not a good deal right now, keep going and see where you can go and go back and renegotiate either with the seller or with the buyer to make it a better deal. Good is fun but better is better.
Cory: I think some people didn’t think about that. Like going back to the homeowner to renegotiate but you didn’t say we can’t do something. You came back and said, “Here’s another option.” I think that’s a big differentiation from just going back and then trying to re-change your agreement and everything up. But making it where they almost choose, they make the choice for you, I think that’s really good.
Whitney: I think I’ve gone back and renegotiated almost every deal. Sometimes, I was going into it saying I’m not going to give you any money. I’m not going to pay you for 90 days. Sometimes, depending on how much I get, I’m able to go back and give you some money. I can make my payments sooner. I don’t know that I’ve ever given anybody more on their purchase price but there are other things that you can renegotiate. It’s not just about the purchase price.
Cory: What is it? What is the most important thing to you when you’re looking at a deal?
Whitney: When I’m doing lease options, I’m talking about three different ways that I can make money. There are three different ways that I can win in this situation. There are three different ways that the sellers win. All that stuff. We’re working with the down payment or the option fee. I can make money there. I can make money every month and I can make money in the purchase price. Now, I want to make money all three ways. If I give you nothing down and I get $10,000, I just made $10,000. If I’m making your payments for $750 and I can ring it for $1,250, now I’m making $500 a month. If I can buy it from you for $200 but it’s definitely going to be worth $240 or $250, there’s more money I’m going to make.
That’s just on the first time I sell it. If I get to do it again, now I’ve already paid you down. You don’t even know that I’ve got somebody else in it. I get to do it all again. Maybe make more money per month, maybe make more up front. Definitely going to make more on the backend payday because I paid it down and it’s still worth $240 or $250.
Cory: Whenever you get that option agreement, do you go file it at the county?
Whitney: I file mine. I don’t file my tenant buyers.
Cory: You file your affidavit or memorandum or your option agreement? What do you file?
Whitney: I think I get a land contract and a promissory note in Tennessee or I just file the lease option. I have attorneys that handle both sides of it for me. I don’t do that.
Cory: What happens if the homeowner declares bankruptcy? What happens if they get into a divorce? What happens when something like that comes out? Do you have those discussions before you get into this deal with them or do you just hope and pray?
Whitney: My people are not behind on payments so they’re not on the bankruptcy path. I’m not going to say that something crazy is not going to happen and they’re going to file bankruptcy. People that are behind on payments and they have a history of accidentally, kind of, sort of getting behind every once in awhile, they’re on one path. People that would make the kids eat peanut butter sandwiches for a week so they don’t miss the payment are on a different path. Those are my people.
It’s the people that I work with. We’re basically getting married into this deal together. I’m going to do my part. You’re going to do your part. You can’t put any liens against this house. You can’t take any credit out against this house. This is it. We are locking it down right now, freezing it where it is. It’s only going down from here buddy.
Cory: In a good way.
Whitney: That’s right. Money. The problem is, when you go in and you help somebody, they get immediate relief and then a year from now, it didn’t hurt them as bad anymore and maybe they don’t want to deal with you as much. But if you treat somebody right in the beginning, you help them and you show them that you’re good and you’re going to do whatever, even if you had to go back and renegotiate a year or two later to get longer terms or to extend, they’re going to be more likely to work with you and to help you if you’ve done everything that you said you were going to do up until now.
Cory: Absolutely. You usually lock it in for a year with a year option to renew or do you do a five year or three year? How do you normally lock it in?
Whitney: In the beginning, I did a couple for two years. It’s the least I’ve ever taken. I’ve already had to extend those.
Cory: Did you have to pay to extend it or you just say, listen, I just need to extend this. It’s taking longer.
Whitney: If you offer to pay, they want it. But if you don’t offer it, it might not occur to them. I just extend it. I teach my students to get 5 or 10 years or more because it really takes a good minute to get this rhythm going and to get to this situation. It’s not that I’m trying to trick anybody but after we’ve been in this for five years and they’re good and we’re good, it’s a lot easier to extend for another five than just trying to get 10 up front. It’s easier to extend than get it all in the beginning.
Cory: Totally. What’s one of your favorite motivational or business quotes? You sound like someone that has a lot of motivation. Did you listen to Tony Robbins? What’s one of your favorite business quotes?
Whitney: I don’t know Tony Robbins or Russell Brunson or any of those guys when I got started. I was too busy trying to get something done to go that route. When I started, my favorite verse was that, “With the faith of a mustard seed, you can move a mountain.” I held onto that until I found Proverbs 31:16. I don’t know where you are but in Tennessee in Georgia, we all want to be a Proverbs 31 woman. She’s virtuous. Her husband’s honoured. Verse 16 says that, I use the New Living Translation, but it says that she goes to inspect the field and she buys it: with her earnings, she plants a vineyard.
She’s a real estate investor. She knows what she’s doing. She doesn’t have to ask anybody for permission. She doesn’t have to borrow any money from anybody. She just goes down, buys it and then with her money, she plants a vineyard. Now, she’s got generational wealth forever and ever and ever, for her kids, her husband, for all this stuff. She just handles it all right there.
I’ve got books of bible studies. There’s always pages and pages and chapters and chapters on everything about Proverbs 31, except 16. There’s usually a paragraph, and it says go buy real estate. Now, 17.
Cory: That’s great.
Whitney: I love Proverbs 31:16. It’s my quote.
Cory: I love that. I never heard that before. I’ve read the bible several times. That’s a great differentiation. I think a lot of people get pretty inspired by you saying that and encouraged as well. What books do you recommend? What’s one that’s really changed your life? Obviously, the bible has but what’s a great book that you recommend?
Whitney: I just read this book last December. Have you ever of Berry College? It’s here in Rome, Georgia. It’s a non-[00:52:06] school but it’s the largest land campus in the world.
Cory: No. I haven’t.
Whitney: It was started by a woman in the early 1900’s. Throughout the 20’s and the 30’s, during the depression, she just bought and bought and bought. There’s a whole book on her. It’s called Miracle in the Mountains. Her name was Martha Berry. The school’s named after her. She is the largest land size campus in the world.
Whitney: It is beautiful. A deer will come up and eat out of your hand.
Cory: That’s great.
Whitney: They only have 3,000 or 4,000 students. Her story is so inspirational and she was under the radar. She’s like a power hitter. Hanging out with the president and Henry Ford and some big guys and nobody’s ever heard of her.
Cory: That’s great. That’s cool. That’s a Proverbs 31 woman.
Whitney: It is. It really is.
Cory: I’m going to put that in the show notes. I love any great recommendation on books.
Whitney: Berry College is a [00:53:24] school but the coolest part about it is that Chick-fil-A owns a four star resort on Berry College campus and they do marriage retreats there. They do kids retreats there. I’ve been to step-mom camp there. It’s fabulous. I hold a real estate retreat there. They let me squeeze in because they were empty one weekend.
Cory: That’s great. That is cool.
Whitney: They get a lot of money running through there right now.
Cory: It’s called Miracle in the Mountains.
Whitney: Yes sir.
Cory: Do you have a mobile app that you use on a daily basis or are you more the pen and paper? You mentioned that before we got on here. You’re kind of talking about the pen and paper but do you have a mobile app that you use lately?
Whitney: We’re Facebook friends now. I’m kind of annoying on Facebook.
Cory: Anything in your business?
Whitney: I use Facebook. I get leads off of Facebook.
Cory: Let’s talk about that. How do you get leads off of Facebook?
Whitney: I have 12 templates. I have a seven-day lead challenge to buy houses off of your personal page. No boosted post. No page managers. No nothing. You have enough friends on Facebook that if you were talking to them properly, you should have a [pathlon 00:54:46] full, if not four or five [pathlons 00:54:47] full on Facebook. I’ve bought lots of houses just from being melvy on Facebook.
Cory: When you say melvy, can you give me an example?
Whitney: Okay. I’m doing a webinar right now. I give an assignment at the beginning of the webinar for you to go to Facebook. Go to your personal page and just say, “Hey, I talked to a lady earlier today. She’s moved out of Knoxville but she still got a house back here and I bought it from her. Now, I’m just wondering does anybody else in Knoxville have a house that they have but they live out of state? Tag them in the comments or send me a message and connect us. I’ll buy their house from them.”
Just easy, breezy stuff. People love dirty pictures on Facebook.
Cory: Dirty pictures?
Whitney: I bought a house two weeks ago and there’s poop flowing out of the toilets, both of them. I’m standing there. I’ve got a Hermes scarf on. I’ve got my Lily dress on. There’s poop just behind me. People love that picture.
Cory: You use the shock marketing, right?
Whitney: I do. People love it because they don’t want to do it. They don’t want to get close to it but they will see somebody else do it.
Cory: They want to make sure that you live through it.
Whitney: Yeah. I do lives of that and people love when I do a dirty house live. That has stuck. I’ve never been in a house that stunk so bad.
Cory: You call it dirty house live. You get on Facebook and call it dirty house live. That’s a great subject line. That’s great.
Whitney: I went in one one time and I called it a cat house. There had to be like 15 cats there. It stunk. You could smell them when you got out of the car on the street. But then I learned that that meant something else and I shouldn’t say that without clarifying.
Cory: I see.
Whitney: When I said it, it was under the radar.
Cory: Why do you have a lot of energy? Do you get eight hours of sleep at night?
Whitney: I do. If I don’t, this doesn’t happen. My husband hates it. I stick a pillow between us. I’m like, “I’m sleeping tonight. We are not cuddling. Do not touch me. This is it. I’m going into my cocoon. I will see you tomorrow.” He hates it but whatever.
Cory: Oh my gosh. What’s your morning routine?
Whitney: I really like to get up and go to the gym. I don’t do a solid hour but I really like to lift weights. I like to get that aggression out in the morning and really get sweating. I like having a trainer. I want a mentor. I want a trainer. I want somebody to be accountable to or I won’t fulfill what I’m trying to do. I also like a little bit of a therapist. Somebody who’s completely detached from me and my life and I can think through things with them even though they probably have no idea what I’m talking about.
Cory: A safe spot too. They don’t care. They’re not involved with the situation.
Whitney: I like that. I like to come home and have my coffee and just have my moment before 8:00AM or 9:00AM or whenever we’re getting started. I see women all the time. I don’t see men doing this but I’m in a lot of real estate groups on Facebook and the women are always talking about what should I be wearing? What’s professional but comfortable? I meet my sellers at the gym. No makeup. 7:00AM, sweating. This is me. This is all you get. If this is not professional enough for you, then we’re just not going to do the thing. But I got the money. Do you want it? No makeup. Money.
I’ve been banging my head against the wall. They’re like what kind of clothes and gift should I get for this? I’m like, “Why does that matter?” It doesn’t matter.
Cory: That’s great. Obviously, you transfer the enthusiasm. You’re genuine. You’re transparent. I think those are really great qualities of someone that can really do great with not only just your own business but building up that tribe, building up a bunch of people that will follow you.
One of the things I’m interested about is about mentorship. Have you hired a mentor before and if you have, how important has it been in your life? You eluded to it a little bit just a while ago.
Whitney: The first mentor I hired was [00:59:29]. I paid $15,000 and I got $15,000 back in my first deal so I had basically 5 months of mentoring paid for. I did 10 deals in those first 6 months. I used the mentor like they were supposed to. We didn’t set up websites or whatever. We strategized. I only had an hour. I could figure out a website by myself. Let’s get it done.
When I started buying apartments, we hired an apartment mentor. I love having a mentor. I really do love having that person that has been there before me, understands and can help me see from the high view where I need to move to either twist more money out of it or get the deal done.
Cory: Or sometimes, walk away.
Whitney: Yeah. Sometimes, it’s best to let things rest instead of just hammering through them. I think that goes back to what you’re talking about on control.
Cory: Yes, it does.
Whitney: When you cook a steak, you don’t cook it all the way. You cook it and then let it rest.
Cory: Yes. The whole control thing is really interesting. I do a little picture of I grab a chair and I say who’s in control of the chair? You’re in control of the chair because you grabbed the chair. I say okay. I move up to a door and I cannot get through this door. I’m trying to get through it. I said now, who’s in control of the chair? You’re in control of the chair. I try to go around this other way. I get over here in this room and I have this chair. Everywhere I go, the chair goes with me.
Even though sometimes we think we’re in control of the chair, the chair is actually in control of us. It’s just one of those things where you have the ability to let go of the chair. Still, oftentimes we carry our chair with us through everything that we do and we think we’re in control of it but in reality is we can’t get through doors. We can’t go to certain places. We’re not nimble as much. We often are heavier with the chair or slower certainly with the chair.
All these things I think are concepts. We don’t have time to go all into them right now but there’s psychological depth of this kind of idea. There is a lot of liberation that comes from just understanding whenever you do open yourself up to the fact that someone could be better at it than me or at least there’s somebody who’s 70% as good as me. It really changes inside your view or yourself, which is really interesting too. Not in a bad way but in a way where your mind is actually expanded further than just you being the person that does everything.
Now, you start to think, “Okay, if I give up that, what else can I give up?” If that’s getting done now pretty well and I can see it getting better as I do another online video, because you can record a video, anything on the computer, you can record it, you can train it—in person, you can go meet somebody at Starbucks or wherever and walk through the things you need to in person, the part is that that is the part where it’s almost like you’re slowing down.
As an entrepreneur, maybe you can relate with this, we red line all the time. Imagine putting the gear in first gear all the time and just going down the road and never moving the gear and just going as fast as you can, eventually, you will blow your engine.
The other thing is there are some places that you can go and again, we’re talking in metaphor and concepts but there are some areas that you can go, as an entrepreneur, we think we can go 0 to 100. That’s all it is. There is 0 or 100. They’re on or off. It’s hot or cold. But the reality is if there’s school zones, and if you go 100, even though you can, you’re going to kill somebody. You’re going to kill yourself. You’re going to kill a kid and danger others.
Going back to biblical philosophy, in the bible, Paul said, “All things are possible, but not all things are beneficial.” Just because you can, doesn’t mean you should. I think that this idea of letting go also opens yourself up to this idea of what else can I let go of, which opens up the other idea to oh my gosh, now that I’m not doing everything, I can actually slow down and not feel guilty.
I think the feeling guilty part is probably one of the hardest things because a driven entrepreneur tends to work as hard as they possibly can and wear the badge of honor because that’s what got them to a certain place. That’s what got somebody to a place. They often get to a gap and they cannot get over this gap. They can see the other side and it’s beautiful but there’s this gap. You’ve got to change the way you think. You cannot be the same person to get to the other side that you are thinking to what got you to where you are. You have to actually let go of how you think. Let go of who you are and that is terrifying. That really is terrifying. That is a place where you’re free falling and you’re having faith.
We can go into this even deeper but a bigger part of this whole thing is faith. It is believing that things are going to take care of themselves. It’s going to work out. It’s going to actually be bigger and better. Maybe not bigger but better and maybe better doesn’t equal what you think better means. Maybe better is actually the bigger picture of better long term, not just the short term. I have a thing right here. Let your faith be bigger than your fear. I walk in everyday. I see it. Let your faith be bigger than your fear.
Just going back to that point again, driving it home, that’s probably the most beneficial part of those exercises and that kind of training, is having faith.
Whitney: That was the message I needed today.
Cory: There you go.
Whitney: Thank you. That was awesome. I wrote it all down. I wanted to say when you were talking about the chair analogy. My students hold the no as a chair. One person tell a no and it’ll stop them from getting out the door on so many other ones because they’re carrying that one no when they could’ve helped 10 other people.
Cory: Absolutely. Yes.
Whitney: The chair example, I’m going to use it in my lessons tomorrow.
Cory: What are you most grateful for? Whitney, you seem a happy person. There’s a lot of joy coming off you. You’re beaming. What are you most grateful for?
Whitney: My parents gave me some awesome opportunities. My mom, I remember if we drove by a house that was under construction, she’d wait until the crew was gone, we’d go explore it and she’d tell me where the pipes were. She’d explain to me how to find the kitchen or the bathroom or how to see the house before it was decorated. A lot of women only see the decorations. They don’t see through the walls to what’s making this house work.
My dad used to take me to auctions on Saturday mornings. That’s what we did as a family.
Cory: Car auctions or house auctions?
Whitney: Both. Stock auctions, car auctions, house auctions. I did a real estate auction. It takes 10 minutes to get to $1 million instead of trying to go through 100 atoms a minute. I just had a lot of really cool, unique opportunities. I worked in my mom’s trucking business since I could walk. Definitely in high school and middle school, going into summers and working.
When I was a kid, if I wanted to sell Girl Scout cookies or coupon books or whatever I was wanting to do, I had to go do it. They didn’t go do it and fill out my form for me. I’m so grateful for that now. When I was in high school and making decisions on friends because you’re pretty much who your friends are, then you’re going to end up like that too. I didn’t get it. Now, I love it. I called my mom once a week. I call her like three times a day but once a week specifically, to be like, “I love you. Thank you for not letting me hangout with them. I thank you for not doing this. Thank you for making me come home at midnight.”
I’m so grateful for my parents. They have been my cheerleaders. I tell them all the time it’s their fault I ended up like this. They go, “I know.”
Cory: If you had to summarize why do you do what you do, when you get up in the morning and you have to go to the gym, what’s your why?
Whitney: I don’t like being told no. I don’t like somebody else telling me when I need to do something or how I need to do it. Part of that is being a millennial, I think, and part of it is that I want to figure things out and I want to make a bigger impact. I worked for the trucking company. It was fine and it was fun but I could never figure out where I was really going to make my slice in the world dealing with dump trucks all day and everyday.
I still love dump trucks, diesel fuel, and old tires. I love all those smells and sounds and things that come off a truck but then I got to a point where it started to smell like diesel fuel and used tires and sweaty old men. I was just like, “I want to go do something else. I want to go figure something else out.” It was really that making my own path and really charging. It’s that proud thing again to say either I did this or I failed at it and I’m not going to say that. That’s one of my bad f words that we don’t say: foreclosure, failure, and financing.
I don’t have kids so I don’t have a why like that. I’ve got a dog. She snored the whole time we’ve been here. It’s just that I don’t want to live like everybody else. I want to do those 3, 5, 10 years of being weird and doing weird things. Being retired if I want to when I’m 40 or start my family and be a stay at home mom and still bring in $100,000 a month. That’s what I want to do. I don’t want to have to work and be a mom and barely make $100,000 a year. I want to do it all in probably reverse order.
Cory: You have a lot of ambition and I think a lot of entrepreneurs have ambition. Maybe a prerequisite to be a really great entrepreneur and I think also, in this field, in this space that we’re in, I want to just acknowledge you and congratulate you for being a woman that’s also really taking this space by storm. For one, I would love to see women be able to step in that space to be able to teach because I think there’s a tremendous amount of opportunity there and also just where we are in our economic times where you can take advantage of some really incredible properties and get into some situations where in a couple of years, you could have 200, 300 deals going.
If you want, you could be, like we talked about, doing these bigger apartment complexes. The great thing about lease options is that is that it is a negotiation skill. It is a skill of I have to convince this other person that me, that they just met most likely, is someone reliable and that is going to take care of their issue. They’ve got to rely on me and I’ve got about an hour to be able to have that come across.
Not everybody can do that, Whitney, so congratulations on that. I think it’s awesome, your success. I know that people are going to listen to this a couple of times. You really gave away some great nuggets on here.
Whitney: Thank you.
Cory: I think you also helped people break through some mental things too just being you. You’re very much a challenge driven person, I take it. I think that’s what it takes. It takes to wherever you go through this business and you’re going to have the expectation that there’s going to be things that are one, out of your control, two, that may not be a bad thing. That part is the hardest thing to accept because whenever you’re in control of something, then you are basically creating your own outcome from it. There’s a lot of power in that for sure.
Whitney: If you want to use a term that’s being comfortable being uncomfortable. I live in the comfortable in the uncomfortable situation. Sometimes, I get my foot in my mouth doing that. Here, where I am, also tell people that I speak red neck. I don’t really speak real estate or at least I translate it well enough that people get it. I talk regular talk. I’ve got lots of degrees and certifications but that doesn’t matter if there’s somebody who doesn’t understand it. I’m really good at helping people see what the real problem is and how I fix that.
Cory: Great strength. You’re a great communicator. Speaking of that, how can we communicate with you? What’s the best way to get in touch with you and how can we serve you?
Whitney: You can go to whitneynicely.com. Also, I’m on Facebook all the time. I’m doing a 40 Facebook Live in 40 days challenge right now so facebook.com/coachwhitneynicely. I have so much fun teaching other people how to do this. We were talking about women and I started only wanting to coach women because lots of women inherit properties. They don’t know what to do with it or they inherit money, they don’t know what to do with that and they end up following lots of different places and then a year later, they don’t have anything or all their assets are gone.
I coach mostly men but my heart is for women to not let them fall in the gap because they weren’t raised like I was. To be able to see through the walls and see where the money maybe laying in the backyard and why you should keep this instead of flipping it and selling it.
Cory: That’s great. We’re going to put this in the show notes as well, the way to get in touch with you, and the links in here too. Whitney, it’s been awesome to be able to go through this and really, like I said, you’ve really done a great job on this. I know a lot of people learned a lot so thank you.
Whitney: Thank you for having me. I’ll be good to come back.
Cory: That’s awesome. Make sure you’re on the next Profit Master Podcast series. We’re going to be bringing some incredible guest just like Whitney on here to give you some great information that can help you with business and in life. I appreciate you. Remember, be a servant. Bye now.
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