Envisioning a world free from the 9-to-5 grind and being your own boss is a common dream. For many, it remains just that—a dream. However, for Enrique, a guest on our podcast, that dream rapidly became a reality when unforeseen circumstances pushed him into the world of real estate wholesaling in Austin, Texas.
Today's story celebrates Enrique's leap from job loss to nailing his first $5,000 deal and lining up a second within merely five weeks. This is a testament to the life-altering power of the wholesaling community, determination, and stepping outside the comfort zone.
Wholesaling as a Lifeline
Losing a job is a daunting experience, but for Enrique, it became the catalyst for transformation. During our podcast, hosted by David Lecko and Ryan (who himself turned a 14-day wholesaling challenge into over 400 deals), Enrique shared how his company's shutdown propelled him into action. While most would see this as a setback, Enrique viewed it as an opportunity to ignite the fire within and pursue wholesaling—a side hustle with the potential for immense returns.
From California Dreams to Texas Triumphs
Originally hailing from California, Enrique had an eye on the real estate market long before his move to Austin, known for its vibrant property scene. Diving into real estate courses with the aim of becoming a California agent, he saw an opportunity when his job required a relocation to Austin. This move wasn't just about a new job—it was about reshaping his career to one that offered freedom, personal growth, and the ability to provide more for his family, including retiring his in-laws.
The Desire for Autonomy
Despite not being in dire straits, Enrique's dissatisfaction with his financial situation was a driving force behind his decision. He was content with his leaders at work but yearned for something more fulfilling. Enrique was committed to providing a comfortable life for his family and sought the autonomy that real estate wholesaling could offer over traditional real estate avenues.
Embracing Community and Strategy
Enrique credits his success not only to his self-determination but also to being part of the "wholesaling WeWork mafia"—a community of like-minded individuals in Austin. It was here, as part of the AstroFlipping community coaching program, that he honed his strategy of wholesaling through direct real estate agent outreach.
A Structured Approach to Deals
Wholesaling involves finding properties below market value and, typically, assigning the contract to an end buyer for a profit. Enrique's approach is a blend of real estate networking and leveraging technology. He reaches out to agents with cold texts, expressing interest in investment properties, and then, based on responses, capitalizes on opportunities, ensuring everyone gets a fair slice of the profit pie.
"One of the things that I've learned in this business is not to burn people," Enrique emphasizes during the podcast.
Building Unanticipated Partnerships
Though mired by unexpected challenges, Enrique's first potential deal exemplifies the unpredictability and excitement of wholesaling. His partnership with local agent Alec exemplifies the importance of relationships in the business, even if they're not long-term commitments. In wholesaling, every close is a service exchange, and Enrique learned quickly to adapt, negotiate, and navigate contracts with finesse.
Reinvesting in Success
With his first $5,000 on the horizon, Enrique plans to reinvest in his practice rather than splurge. He understands wholesaling can have overheads, even if minimal, and wants to ensure the sustainability of his operations.
Mastering the Numbers
Breaking down his methodology, Enrique's calculation of deals involves considering after-repair value (ARV), estimated repairs, and including a buffer for his wholesaling fee. He adapts estimates case-by-case, demonstrating the nuanced understanding required to thrive in real estate investment.
Embracing a Wholesaling Career Amidst Uncertainty
Enrique's journey wasn't without its trials. Transitions are never easy, and with a family depending on him, the stakes were high.
However, the shift from a stable w-2 job to entrepreneurship has invigorated Enrique.
Despite the pressures, his resolve is unshakeable. He's accepted the risks for the potential rewards, and so has his family. His wife, a talented decorator, now has dreams of her own entrepreneurial pursuit in interior decoration, inspired by Enrique's progression.
Sharing the Journey and Building Community
Throughout his story, Enrique underscores the significance of community support, which has been pivotal to his early successes. The wholesaling community not only provides guidance and camaraderie but serves as an inspiration to anyone looking to make a similar leap from traditional employment to entrepreneurship.
Follow Enrique's evolving wholesaling adventure on Instagram at @enrique.machado_ and stay tuned for more insights into the compelling and ever-dynamic world of real estate wholesaling. If Enrique's tale has stirred something within you, remember that within any unexpected job loss or career pivot, there may lie an opportunity to reshape your future—just as it did for him.
