From 1st Deal to 3K Students: Cody Hofhine's Wholesaling Tips
In the realm of real estate, understanding firsthand experiences is invaluable. Cody Hofhine stands out as an exemplary real estate wholesaler in this domain, having spearheaded multiple Inc 5000 businesses. Beyond that, he has founded and co-founded Wholesaling Inc, hailed as the nation's top real estate coaching program. Today, Cody is also recognized as the co-founder of Joe Homebuyer, a prominent real estate franchise.
Cody's Inspiring First Deal
Cody's prowess isn't limited to creating businesses. He has mentored over 3,000 students, guiding them towards creating successful real estate ventures. His impressive track record includes $5 million in coaching revenue and the establishment of 75 unique Joe Homebuyer franchises.
When reflecting on his beginnings, Cody recalls his initial wholesale deal with striking clarity:
“My first deal was a special deal. I don't know if anyone forgets their first deal. No matter what the size amount of the actual money is. It's special.”
Before venturing into real estate, Cody toiled in insurance sales. Despite putting in significant effort, he found himself earning a mere $19,000 annually after five years. The financial strain reached a climax one day when Cody discovered his wife grappling with a decision: to pay the mortgage or buy food for the month.
Fortune turned when Cody learned about real estate wholesaling at an investor meetup. He heard tales of profits as high as $29,000 in mere days. Inspired, Cody embarked on a direct mailing campaign, and within 39 days, he celebrated his first deal, earning a staggering $24,000—surpassing his annual insurance sales earnings.
"That first deal changes everything. It doesn't mean it's easy, it's the hardest thing, but that hard comes with a massive smile."
Keep It Simple
For those new to the industry, Cody emphasizes the importance of simplicity:
"We did not give any student education, anything at all. It was today is day one, here is the action you are going to take, go do it."
In his view, an overload of information can lead to paralysis. Through his coaching program at Wholesaling Inc, students receive actionable, digestible steps daily, cultivating confidence via incremental victories.
"It's just stacking small and simple wins that lead us to our first deal, period, the end."
Cody is a firm believer that taking imperfect actions consistently outpaces perfect planning that never sees execution.
Diversify Your Marketing
For those who have tasted their initial success, Cody advises diversifying marketing channels to avoid over-reliance on a single method. He encourages exploring strategies like direct mail, driving for dollars, PPC, and others to ensure a consistent flow of deals. As one method wanes, others can pick up the slack.
For newcomers, Cody champions the "driving for dollars" approach:
"Driving for dollars is very unique in everyone's market because it's your list. No one else has the exact list as you.”
How Cody Structures His Day
With over 1000 deals under his belt, Cody has meticulously crafted his daily routine:
- Start with a morning workout and day planning.
- Allocate focused office hours from 10 am to 2 pm.
- Dedicate afternoons for family or visualizing future business moves.
Cody's productivity in these four intentional hours often surpasses what many achieve in a full workday. He also highlights the importance of not being perpetually tethered to phones and emails. Instead, one should respond on a set schedule.
In Cody's words:
“Get your stuff done, be intentional about your day, and you'll get more done in those 4 hours than you want. Eight. And now you just gain time.”
Who Should Start a Joe Homebuyer Franchise?
Compared to budding investors, Joe Homebuyer franchisees are typically more established:
- They have a minimum of $150,000 saved.
- They are prepared to allocate $10,000+ monthly for marketing.
- They possess prior experience in sealing deals.
Joe Homebuyer provides the infrastructure and processes for scaling a profitable wholesale real estate or flipping enterprise.
Final Words of Wisdom
Cody often shares motivational words to inspire commitment and urgency:
"If you would treat it that way, you'd see your why changed instantly, because now someone who kidnapped your kid. I got 30 days. I promise you it won't take me 30 days to find a deal. If someone takes my kid, I'll find it in one week. Why? Because I get resourceful to the resources available to me."
He urges individuals to approach their ventures with genuine urgency, diminishing excuses and concentrating on action.
For those eager to delve deeper into Cody's insights and strategies, he's actively sharing his knowledge on platforms like Instagram, where he can be found under the handle @codyhofhine.
About Benjy Nichols
Benjy has been a media specialist at DealMachine for the last 2.5 years. He produces, writes, shoots, and edits our media content for our member's DealMachine and Real Estate education.