Meet Corey Geary
Corey Geary is a 7-Figure Nationwide wholesaler who joins the show to discuss real estate Novations and why wholesalers need to know about this exit strategy.
:30 Intro on Corey
Based in Phoenix Arizona, the Guru Capital of the world which has been an amazing place for learning. That and the mentorship has really helped his growth
Big into personal development, morning routines, cold plunging
Coreys Morning Routine
- Gratitude Journal
- Run 3 miles
- Cold Plunge
Through Real Estate Investing, Corey got into Personal Development and the power of morning routines and meditating
When Corey started integrating those meditations into his morning routine, he started having 6 figure months. The Law of Attraction is real and the meditations are based of this and self discovery.
Recently married, 7 week old baby girl….The personal side of life has never been better
Before Real Estate, Corey was a black Jack dealer, drinking and partying a lot. His life has transformed since getting into Real Estate
3:30 How Corey got into Real Estate
End of 2016 Corey flipped his first house, he was watching Flip or Flop with Tarek Al Mussa.
Corey started looking around his neighborhood and found a bandit sign with a house for sale, he ended up calling and bought the house from a big wholesale provider. He was $130k deep on it to make $8k which was a win for him as a learning lesson.
Then he bought another deal from a wholesaler going to local REIAS making $20k fix and flipping in about three months.
His third deal, Corey thought he was a big shot and bought four deals all at once, they had to get a new General Contractor who took advantage of Corey. He lost $250k on those four deals and it was a hard reset for Corey. Corey was paying all the weekly bills without checking out the properties, the contractor wasn’t doing any work. Corey had to sell the houses back to the wholesalers and pay all his hard money lenders back.
After that Corey Googled “How do wholesalers get deals?”, and Sean Terry popped up. Corey bought his courses, joined his mastermind and signed up for private mentor ship.
6:40 Joe Dispenza Breaking the Habit of Being yourself
Only one meditation and the whole book is about breaking down that meditation and what that entails. This was the biggest game changer for Corey!
Breath work: Corey Is a big Wim Hof breath work guy. You can do this breath work before meditation and allow you to get deeper into meditation.
Corey’s perspective: I am the most important person in my life. I am the best version of myself so I can best provide for my family.
Your “Why” should be yourself…You Deserve success…..this is such a massive lever to be able to truly love your family at a deep level until you focus on loving and optimizing yourself.
11:15 Breakdown of Corey’s business, Novations, and Nationwide wholesaling , losing $250k and deciding to stay in real estate
Corey didn’t hesitate from staying in real estate as an amazing vehicle for wealth.
Corey starting bandit signs and direct mail, getting his first wholesale deal after a few months….Funny enough, he wholesaled that deal to the wholesaler that sold him his original deal!
Corey scaled up to 10 deals a month by creating a cold calling floor with cubicles in his house. This was a very cheap lead generation system for a year, he was doing 8-10 deals each month while working full time in the casino. This was getting to be too much for Corey, so he made the cold calling team virtual, and moving into an office for himself.
After going to many masterminds, he learned about google PPC! He outsourced it at first, then he learned it, brought it in house, then decided to go nationwide due to less opportunity in Arizona.
It was difficult at first without a buyers list, so starting off they would only monetize one out of every 5 deals they got under contract.
Big Mistake Alert: When starting google PPC nationwide, Corey turned off all his Local Phoenix marketing…. all the revenue from the local wholesale business stopped, and Corey was in the red losing money for 3 months. Keep what is paying the bills now going ,and scale up anything else slowly.
What Corey Noticed: Getting a lot of leads where the properties were in good condition and wanted too much, or they were in markets with little investor activity but a lot of MLS Activity
Corey stumbled across Novations at a mastermind from a guy that was doing it at a local level…Corey submerged himself in learning it and created compilation from different people’s insights and strategies…built his own way to do it nationwide
16:30 Real Estate Novations
What is a Novation?
–> Selling the contract on the MLS to a conventional FHA or VA financed buyer instead of a cash buyer investor. You are replacing the A-B contract with a B-C contract. A Novation is a replacement of contracts.
Benefits of Novations:
- You can pay the seller more for the property than a cash offer
- You’re locking up deals that sellers are getting low balled on
- Completely transparent with the seller and the buyer from A-Z of the transaction
- MLS has all the buyers! You are selling this contract on the MLS.
- Can sell it for top dollar on the back end
Loves the transparency of the model and being able to monetize more of your leads which as been a game changer to them
17:45 Working with a Seller on a Novation deal
Typically they would reject a cash offer first, but then they would explain they could partner by bringing a buyer to the table and take care of any fees, repairs, etc. This is their concierge service which most people don’t fit….it’s very transparent and upfront
These sellers are reaching out for convenience. They want to sell their property without hassle or doing work.
Almost every deal they get now is Novations…They are a Novations company first and wholesale company second
If its $20k or less in repairs,this will be a Novation, anything above projected $20k repair cost, you would wholesale it. A lot of leads fit the under $20k repairs for Corey.
You’re doing the bare minimum to getting the property livable. This is your risk tolerance and its Corey’s opinion that it doesn’t take a lot to make a property livable. Most of the properties are just outdated and don’t need a ton of heavy repairs, just some things fixed.
If you get a cash offer on a Novation you can do a seller credit, so that you’re not fixing anything, that money goes to the seller.
22:00 Why aren’t all Wholesalers doing real estate Novations?
Its not being talked about a lot in our industry and its not being taught like wholesaling was, there are only a handful of people doing real estate Novations.
These leads wouldn’t be monetized unless you do creative finance deals
How would someone be able to get into Novations:
Have knowledge of real estate prior to, at least a couple deals a month under your belt so you understand how a deal works.
You can reach out to Corey Geary on FaceBook for his Mastermind. His coaching teaches how to do nationwide wholesaling and Novations using Google PPC, you get access to Corey’s team, weekly Zoom calls, and see how Corey is doing it.
25:30 Marketing Overview from Corey
The best way to start marketing is Telecommunications…Its cheap and you have leads coming in right away….
Corey did hit the DNC List, he would get 1-2 eemand letters per year that his lawyer would take care of that cost around $800 in settlements to the sellers
Corey got a list of the whole state of Arizona for $90k to market to, this list had two million houses! They would RVM 20k per day, texting, and calling.
You do not want to hit the litigator list, but Corey got good returns on hitting the DNC list. All about your risk tolerance.
80% of Corey’s leads come from PPC. 20% is a little bit of social media ads and some texting. He’s up to $40 cost for conversion currently.
You want to do maximized conversions. Google learns what your look-a-like audience is to drive your cost vs conversion down. Broad match on the keywords, going nationwide, allows you to drive the cost of conversion down
31:00 Building a buyers list
Propstream: Text Cash buyers / Flippers
Realtor.com: Pull all the agents that represented buyers in the market and text them
Pull a list of nationwide agents and text them.
Robert Wensley from InvestorLift reached out to Corey: This has been a huge game changer for Corey
You’re going to rely heavily on the realtors that represent the buyers when you’re doing deals virtually
33:00 Corey’s current team
- 3 Acquisitions
- 1 Dispositions
- 1 Transactions Coordinator
- 1 Junior Dispositions
An in house realtor for local flips, Sharper Business solutions for designing their team structure with SOPs and KPI accountability and running the Monday morning Meetings for them.
34:00 Corey’s day to day
- Being a leader for his team
- Long term wealth with mobile home park investing, has his sister doing lead generation and under writing deals
- Is trying to figure out long term strategic plays
- Under contract on a 56 unit mobile home park in the due diligence stage
35:30 How Corey ties in Morning Routine and meditation into his 15 year vision
- You must be Crystal Clear on where you want to go
- VTO tracking sheet, 10 year, 5 year, 1 year goals crystal clear. This is what you incorporate in your meditations and visualizations.
- First started out visualizing a 6 figure a month company, a couple months later it came true
- Now he is visualizing and meditating on long term wealth
- The Key is being Crystal clear
37:15 Day to Day in the moment advice
When he’s having a stressful day, Corey will close the door and focus on his breath for 5 minutes…..just focus on your breath. Then he will go home and cold plunge at lunch. It Is absolutely key to have tools in your tool belt to get your mind back to neutral and reset.
In the past, he would drink, which was a horrible way to get through his day to day stress. Corey has been sober since last Thanksgiving. This year Corey has been through so many ups and downs and couldn’t imagine doing it while drinking.
Real Estate Novations with one of the Top Nationwide Wholesalers on YouTube
Real Estate Novations with one of the Top Nationwide Wholesalers on our Podcast
Corey’s Book Recommendation
Breaking the Habit of Being Yourself: How to Lose Your Mind and Create a New One by Joe Dispenza – https://amzn.to/3EnnfeU
Corey’s Tools for Building a Buyers List
InvestorLift – https://if.investorlift.com
Propstream – https://www.investorfuse.com/propstream
Realtor.com – https://www.realtor.com
Husband, Father, and God believer 7-figure Wholesaler and fix and flipper. E-commerce, oil, and gas investor I help real estate entrepreneurs live the life they desire.