Too many leads? For an entrepreneur or anyone in business, it seems like this a problem people want to have!
Ian Walsh has been a full time real estate investor since 2009. He entered the industry by building WeSellHomes2Fix which was primarily a real estate wholesaling company. From there he built a property management company which was sold in 2015 to TCS Management. During his time in the Philadelphia investment market he partnered with Hard Money Bankers and has since underwritten all of the loans in the Eastern Pennsylvania and South Jersey markets which is his primary function to date. Hard Money Bankers is the leading hard money lending company in the Eastern Pennsylvania , South Jersey, Maryland, DC and Northern Virginia markets.
Time Stamped Show Notes
[3:44] Hard money is privately raised money that is lent out to the local market space.
[4:56] The book Rich Dad, Poor Dad taught Ian that to have a good business, you must be good at marketing.
[7:24] More is not always better. The lead flow Ian was getting was bigger than his infrastructure to deal with them.
[10:20] The amount of leads was so overwhelming and got to a point where they could not validate them, so that was a waste of resources.
[11:37] While the bank account was going down, clients were coming back asking about property management and that’s when Ian decided to get into.
[15:00] Having the combination of property management and wholesaling gave Ian and his partner the needed cash flow.
[20:25] Failing Forward Segment
- What is the bottom line reason of this failure? – “I was not prepared for the infrastructure it took to handle the inflow of business.”
- What is the single most important lesson you learned from this? – “Don’t trick yourself, don’t lie to yourself, and prepared always.”
- What are the major ways you protect yourself from future failures? – “Create the infrastructure and be honest with where this could go. Don’t be emotionally attached to the potential outcome of the scenario, look at it from a realistic perspective.”
- Who do you turn to when you need help? – “My partners. I have partners with good minds for a reason, we trust each other’s perspectives.”
- What advice would you give to someone in a similar position? – “I would say, any problem including this one, that I run into, I knew in advance, I could see it but I let my emotions get ahead of me so if you can remove your emotions from the decision and know, cause you know after it happens what you should or should not have done and you know your knew it before it actually happened. Identify that feeling that recognizes it. Is this going to prevail or am I tricking myself to deal with the problem when it arises?”
[25:45] The further you can be away from lying to yourself, when you go ahead and pursue a path without letting your emotions rule you, you’ll end up in a better place.
[28:00] Ian’s final thought: “As you fail at something, don’t beat yourself over it but become aware of it and learn from it.”
[29:00] Connect with Ian at firstname.lastname@example.org