About the session

- This session focused on the importance of transaction coordination in the wholesaling business and how to improve it.

Key speakers

- David Olds, experienced wholesaler and founder of Easy I Closings

- Robert Wensley, CEO and Founder of Investorlift

Agenda

- David Olds' background and experience in the real estate industry

- Importance of transaction coordination in the wholesaling business

- Common mistakes beginners make with transaction coordination

- How David's company, Easy I Closings, helps with transaction coordination

- Q&A with David Olds

Takeaways

Takeaway 1: Streamlining transaction coordination can save time, money, and prevent lost deals

Many wholesalers struggle with managing the complex transaction coordination process, which involves handling contracts, dealing with title companies, and ensuring all paperwork is in order. David Olds, a seasoned wholesaler and founder of Easy I Closings, shared his insights on how to streamline this process and avoid common mistakes that can lead to lost deals.

"Contracts are a mess all the time. We help people clean those up... Keeping control of the deal is incredibly important," said Olds. He also emphasized the importance of having a strong TC team that can handle all aspects of the transaction coordination process. "If you want to make big numbers like an investor, you've got to run your business like McDonald's... break everything down to the fundamentals, the most basic streamlined systems, and then cut all the shit you don't need."

By working with a transaction coordination service like Easy I Closings, wholesalers can save time and focus on revenue-generating activities like closing deals. Olds shared that his company offers a subscription model where clients pay a monthly fee and have access to a dedicated team of transaction coordinators who manage all aspects of the closing process.

Takeaway 2: Constant communication with sellers and buyers is crucial for successful transaction coordination

One of the key aspects of effective transaction coordination is maintaining constant communication with both sellers and buyers throughout the process. This helps ensure that everyone is on the same page and prevents misunderstandings or miscommunications that could lead to deals falling through.

"Our team really goes above and beyond to make sure a couple of things. We want your deal to close... We want you to be focusing on going out and getting more deals," said Olds. He explained that his team has a checklist and makes it a priority to touch base with all parties involved in the transaction every single week. "If you take that off their plate, because it's not a revenue generating activity... now all of a sudden, you're making an extra 14k a month that you can add into your marketing."

By outsourcing transaction coordination to a company like Easy I Closings, wholesalers can ensure that their deals are handled efficiently and effectively, allowing them to focus on growing their business and closing more deals.

Takeaway 3: Having a well-structured contract can prevent complications during the transaction coordination process

David Olds explained that one of the most common mistakes he sees in transaction coordination is using poorly structured contracts. He emphasized the importance of having a simple, easy-to-understand contract that covers all the necessary bases without being overly complicated.

"We have a very simple one-page contract. It covers you in all the ways that you need to be covered for a wholesale deal," said Olds. By using a straightforward contract, wholesalers can avoid potential issues that may arise due to misunderstandings or misinterpretations of the contract terms.

"So ship it, get something done, and that will also give you some ammunition in the interview to stand out from the crowd and also just give you a little bit of confidence so that you can start kind of figuring out what it means to be a product manager."

Insights surfaced

- Many new investors struggle with transaction coordination, especially when dealing with complex deals and title issues.

- Having a strong transaction coordination process in place can save time and prevent lost deals.

- It's important to have clear and consistent communication with sellers and buyers throughout the transaction process.

- Outsourcing transaction coordination can be a cost-effective and efficient way to handle this aspect of the business.

Key quotes

- "If you have contract fallout rate that's somewhat high or even if it's normal, there's probably a percentage of that contract fallout rate that you can eliminate just by nailing down the transaction coordination piece of things."

- "The vast majority of deals can be closed. And you can do it. Like, you can also go change your own oil. But do you want to spend 3 hours on a Tuesday afternoon changing your oil when you should be out doing something else?"

- "If you're spending 20 hours on five deals a month or over three months or whatever that time period is, well, how much of that time would you like to have back to dedicated to going out and finding more deals, talking to more sellers, talking to more buyers?"

- "We want to help you grow your business because we want you to do more deals because we get paid more, you get paid more. Everybody gets paid more."