EP142: Andy McFarland on Growing Your Wholesaling Business from One Deal to 30 Deals a Month

EP142: Andy McFarland on Growing Your Wholesaling Business from One Deal to 30 Deals a Month

TFES_142

Andy McFarland has been a real estate investor since 2002. He owns a real estate wholesale company, a retail flipping company, and he also buys and holds. In Andy’s wholesale business, he is in three different markets: Utah, New Mexico, and Indiana and does roughly 25-30 deals a month. On the show, Andy does a deep dive on how he scaled his business from one deal with just himself to 30 deals (per month) with a team of 18 people.

Key Takeaways:

  • What does Andy’s business look like today?
  • Andy is in three markets. 80% of his business is wholesale and the remaining 20% is retail flips.
  • How did Andy go from doing a couple of deals a month to doing 25-30 deals a month?
  • The first thing Andy did was outsource his books.
  • What does Andy’s team look like today?
  • Andy’s acquisitions managers receive around 15% in commission on the gross profit.
  • At what point should a business owner start growing their business?
  • TIP: Hire for where you’re going. If you’re only doing one deal, then hire for five deals a month. You can always have certain team members wear more than one hat.
  • How can you make sure you’ve got the right person on board?
  • Would you want to work for you?
  • Why did Andy decide to expand to a different market?
  • What kind of person does Andy look for when trying to fill an acquisition manager position?
  • How does Andy find rockstar talent?
  • 70% of somebody is still better than 100% of you, the business owner. There’s only so much of you that can handle the business and you don’t want to get spread too thin.
  • How does Andy structure his team’s weekly huddle?
  • What does Andy do when one of his team members has a problematic property and they don’t know how to overcome it?
  • When should wholesalers hit more than three lists?
  • What is the advice Andy would give his 25-year-old self?
  • What is “I Love Real Estate Stories” about?

 

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Mentioned in This Episode:

FlipEmpire.com

Flip Empire Private Facebook Group

Email Alex: Alex@FlipEmpire.com

Learn more about Andy at Iloverealestatestories.com

Follow Andy on Twitter

Follow Andy on YouTube

 

Tweetables:

“Hire for where you are going. If you know you’re going towards five deals a month, hire for what that looks like.”

“The magic is in the people. If you hire the wrong person, that’s just a step in your journey to…the right person.”

“Would you want to work for you? How are you treating your people?”

 

Ask Alex A Question:

Have a question you want featured on an upcoming Flip Empire Show?

Head over to the Ask Alex page, and record your question. We’ve made it super easy for you, so let us know what challenges you are having, and Alex will answer it personally!

 

Did you get your FREE Online Course?

Text the word EMPIRE to 67076, and we’ll send you a link to get instant access to the “5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less)” video module training course.

 

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