From Car Sales to Real Estate: Statton's $10K Success Story

Statton Paris shares his journey from working in a car dealership to becoming a successful wholesaler. He made his first $10,000 two years ago by finding a rundown house, getting it under contract, and passing it over to an investor in exchange for a finder's fee. Now, having quit his job at the car dealership, Statton is pursuing a goal of earning $100,000 per month. This blog post will explore his journey and provide insights for anyone looking to increase their income through real estate.

From Car Dealership to Successful Wholesaler

Statton Paris' story exemplifies the possibilities within the real estate wholesaling business model. Leaving his job as a sales manager at a car dealership, Statton sought a career that offered more control over his time and financial freedom.

Statton's Initial Forays into Wholesaling

"I was hitting this from 09:00 in the morning till 05:00 in the afternoon for, like, probably a month and a half before I got that lady."

Statton’s first wholesale deal stemmed from persistent effort. By knocking on doors in his local area, he eventually secured a deal on a rundown house. It was a probate deal that required him to track down heirs in a complex and time-consuming process. After six months of effort, Statton closed the deal, earning just under $10,000.

Transition from Mortgage to Wholesaling

Statton initially tried his hand at writing mortgages but quickly realized it wasn't for him. The bureaucracy and lack of control were major turn-offs. A chance encounter with the concept of wholesale real estate online piqued his interest. He found the fulfillment he was seeking in wholesaling, where he felt more in control and enjoyed interacting with people on a more meaningful level.

Lessons from the First Deal

Statton’s first deal involved door knocking — a direct and often intimidating approach. Despite facing numerous challenges, including tracking down heirs and dealing with complicated legal matters, he stayed persistent. This persistence paid off, reinforcing the value of face-to-face interactions over initially attempting phone calls.

The Business Model of Wholesaling Real Estate

Statton's journey is a testament to the effectiveness of the wholesaling real estate business model. Through his experiences, several key points emerge:

Importance of Persistence

Success in wholesaling real estate requires persistent effort. Statton dedicated significant time to knocking on doors and meeting potential sellers face-to-face, despite initial setbacks.

Benefits of Face-to-Face Interaction

Statton emphasized the importance of face-to-face interactions. Direct conversations with property owners often yield better results than phone calls, especially when starting in the industry.

Building Relationships

Establishing strong relationships with realtors, investors, and other stakeholders is crucial. Statton connected through his mortgage background, which provided him with valuable contacts, including a VIP buyer who has purchased most of his deals since.

Shifting Strategies: From Flipping to Wholesaling

After achieving initial success in wholesaling, Statton ventured into flipping houses. However, he soon realized that the capital-intensive nature and unpredictability of flipping made it less appealing. Unforeseen expenses and long investment periods eroded profits and added unnecessary stress.

Capital-Intensive Nature of Flipping

"Flipping is extremely capital intensive. Things pop up all the time that cost thousands of dollars."

Statton's experience highlights the risks associated with flipping houses. Incurring significant expenses and facing potential losses despite high effort led him to reconsider his strategy.

Returning to Wholesaling

By focusing back on wholesaling, Statton enjoyed a more predictable and profitable business model. Marketing and securing deals led to faster returns without the extensive capital outlays required in flipping.

Moving to Paid Channels and Expanding Markets

Paid Channels Impact

"I've been doing paid channels since like, early part of last year. And that's been a game-changer."

Statton transitioned to using paid channels for lead acquisition, generating substantial business growth. This strategic shift allowed him to scale operations efficiently.

Expanding to Bigger Markets

Recognizing the limitations of a smaller local market, Statton began moving into larger markets. This transition aimed to capture higher-value deals, contributing to his goal of earning six figures monthly.

Key Takeaways for Aspiring Wholesalers

Statton’s journey offers invaluable lessons for anyone interested in real estate wholesaling:

1. Persistence Pays Off: Dedicate time and effort to finding deals, leveraging face-to-face interactions for better results.
2. Build Relationships: Establish connections with key players in the industry, including realtors and investors.
3. Evaluate Risks in Flipping: Understand the capital risks associated with flipping houses and consider wholesaling as a less capital-intensive alternative.
4. Embrace Paid Channels: Use paid channels for lead generation to scale your business efficiently.
5. Target Larger Markets: Aim to expand into bigger markets for higher-value deals and sustainable growth.

Aiming for Financial Freedom

Statton’s ultimate goal remains financial freedom — not just for himself but also for his family. By continuing to refine his business strategies and expanding his market reach, he aspires to achieve this goal and provide a lasting legacy.

"Every man is measured by what they leave for their family... I'm supposed to leave something not just for my children but for my children's children."

Future Goals

Statton is committed to reaching a six-figure monthly income, which he believes will significantly enhance his ability to support and provide for his family. His journey demonstrates the importance of having clear goals and continuously working towards them, no matter the challenges.

Final Thoughts

Statton Paris' journey from car dealership sales manager to a successful real estate wholesaler exemplifies the potential for financial freedom through persistence, strategic relationships, and continuous learning. By adopting these principles, aspiring wholesalers can follow in his footsteps and achieve their own financial goals.

For those keen on quitting their job and diving into real estate wholesaling, Statton’s story is a powerful motivator. Stay committed, leverage your network, and embrace the journey — financial freedom is within reach.