Welcome back to PropelioTV! Today, I have an extraordinary guest, Jamil Damji, the godfather of wholesaling, joining us all the way from Phoenix, Arizona. We are diving deep into his background, insights on wholesaling, and the groundbreaking work his company, Keighley, is accomplishing. Grab a notepad; you don’t want to miss this!
Jamil’s Background and Introduction to Wholesaling
Jamil Damji was born in Los Angeles but moved to Calgary, Alberta, at the age of five. Growing up as an immigrant in a rough environment, Jamil faced many challenges, but he didn’t let these hurdles hold him back. Instead, he stumbled upon real estate almost by accident. His friend’s father was a home builder who needed lots in specific areas, which were hard to come by.
While walking his dog one day, Jamil spotted a “For Rent” sign on a property still vacant on the 3rd of the month. He saw an opportunity, made a call, and negotiated a deal to buy the house for $350,000. His friend’s father bought it for $400,000. Just like that, Jamil cracked his first deal with a $50,000 profit! And thus began his journey in wholesaling.
Keighley’s Growth and Expansion
Jamil has three remarkable partners who help systematize everything for organized expansion. The team ensures all moves are calculated and structured, allowing for efficient growth. Here’s the process Keighley follows to expand into new markets:
- Research Market Conditions: They assess how the markets have evolved since the last crash. This includes analyzing house availability, new builds, and overall market activity.
- Build Buyers List: Unlike just grabbing emails, they engage in meaningful conversations with potential buyers. They often look at high-end profiles—think Rolex and Ferrari aficionados—and reach out directly.
- Exit Strategies: Before making any offers, they have at least three exit strategies lined up. These could involve owner-financing, wholesale, or flipping.
The Wholesale Education Space
The education space in wholesaling often focuses heavily on acquisitions while neglecting dispositions and exit strategies. Jamil and his team aim to balance this with their approach:
- Acquisitions: While securing deals is crucial, understanding the contractual nuances is equally important.
- Dispositions: Knowing how to sell the deals you lock up is where the real money is. Mastering dispositions makes you a more versatile and successful investor.
Astro Flipping Program
One of Jamil’s partners, Josiah Grimes, created the Astro Flipping Program. It’s essentially a blueprint for how Keighley does business, covering both acquisition and disposition strategies. The best part? Participants have direct access to Jamil and his team. No middlemen, no fluffers.
The program aims to provide a comprehensive education, ensuring you’re well-equipped to tackle both buying and selling real estate deals efficiently.
Expanding Buyers Lists
In new markets, understanding key data points such as cash transactions, access to private money, and disclosure laws are critical for building a robust buyers list.
- Cash Transactions: Identifying recent cash buyers in the area.
- Private Money Lenders: Evaluating the liquidity and reach of hard money lenders in the market.
- Outreach Campaigns: Tailoring outreach messages to potential high-end buyers with disposable income.
Making Sellers Into Buyers/Lenders
Jamil’s approach includes turning sellers into buyers or lenders by discussing what’s next for their money after a sale. By offering attractive returns—sometimes showcasing a check right there—they’ve successfully converted many sellers into private money lenders.
Importance of Having Exit Strategies
Many investors get caught up in acquisitions without considering how they’ll exit. Jamil emphasizes:
- Versatility: Be prepared with multiple exit strategies like owner financing, flipping, or wholesaling.
- Problem Solver: Your offer should reflect creativity and a solution for the seller’s particular situation.
Markets Keighley is Operating In
Keighley is currently active in the following markets:
- Phoenix, AZ
- Tucson, AZ
- Orlando, FL
- Tampa, FL
- Las Vegas, NV
- Atlanta, GA
- Salt Lake City, UT
They’re soon expanding to Dallas and Houston, with plans to make a significant impact there.
Final Advice
In conclusion, Jamil Damji’s journey from an accidental wholesaler to the godfather of wholesaling is nothing short of inspirational. His unique approach to real estate, coupled with the strategic expansion of Keighley, highlights the importance of meticulous planning, market research, and effective communication.
Through innovative programs like Astro Flipping and a focus on both acquisitions and dispositions, Jamil and his team are setting new standards in the wholesaling industry. As Keighley continues to expand into new markets, their commitment to providing comprehensive education and creating meaningful connections within the industry promises to shape the future of real estate investing. Whether you’re a seasoned investor or just starting, Jamil’s insights and experiences offer invaluable lessons for success in the dynamic world of wholesaling.
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