There are thousands of deals happening in these larger markets. It’s an abundance mentality – there’s enough for everyone. There’s more to gain by working together than working apart.– Adam Mitchell
From a $40k loss to $500k Profit – How the Home Buying Guys Pivoted Their Strategy to Win Their Competitive Real Estate Market w/ Adam Mitchell & Lance Doty
Adam Mitchell and Lance Doty are two amazing dudes and I was super pumped to have them on our first ever LIVE edition of the Carrotcast. They are the perfect example of a business following the plan, following through, and reaping the rewards. However, this wasn’t always the case.
Just a couple of years ago, Lance and Adam lost over $40k, but they stayed the course, pivoted their strategy, and are now seeing profits well over 6 figures. This is how they did it.
Read the Full Show Notes Below…
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Everyone has a different path to success. At some point along the way, you will likely hit a setback that will cost you time, money, and most likely, both. However, if you’re smart, you’ll learn something that will help you completely change your strategy.
This is exactly what Lance and Adam did when they spent the whole year working for 1 deal, only to find themselves out $40k which they had spent on marketing that didn’t work.
They paused, hit the reset button, and have come out stronger than ever before.
Finding the Ying to Your Yang
Adam isn’t new to real estate. He has been flipping homes for about 15 years but took a bit of a hiatus when he got married and started his family. A few years back, e partnered up with his best friend Lance and decided to get back in the game. Adam quickly discovered that the market had changed and the deals weren’t as easy to find. He focused on bringing in the leads, while Lance focused on closing the deals.
What’s really awesome about Adam and Lance is their partnership. They are complete opposites, who are able to complement each other in every way. Where one may have a weakness, the other shines. This incredible partnership has helped them to both grow and get out of their comfort zones.
Today, the business has become a family affair as both Adam and Lance’s wives, Rachel and Denise, have left their full-time jobs to help run the real estate business full-time.
Making the Shift
After spending all their money, borrowing from their 401k, and spinning their wheels on marketing that wasn’t working, they realized, it was all or nothing.
Instead of putting their efforts into five different kinds of hamster wheel marketing, they shifted their focus to SEO and PPC.
They launched a brand new Carrot site, changed their business name, and rebranded themselves as the nice guys in real estate… something they truly are. Instead of spending all of their time and money looking for houses to flip, they began wholesaling.
Shifting gears was a bit daunting at first but they asked themselves…
- Has anyone done this before?
- What are the steps to make it happen?
- What are we willing to put in?
Once they realized it had been done before, they knew they would be able to do it too. They buckled down and got that first deal.
After they received that first commission check, they knew that this was a real thing, and if they were able to repeat the process, they would be successful.
Staying the Course
One thing I really admire about Lance and Adam is that they didn’t let the initial set back deter them from the vision. They kept pressing forward, following proven strategies used by many successful investors before them.
I often remind myself that if something has been done before, then it does work. Direct mail works. Cold calling works. SEO works. When you are able to master one marketing channel, you can then stack on other lead gen sources to even further increase your volume.
Not Worrying About the Competition
Adam and Lance are in a competitive real estate market. The challenge to compete with the other buyers out there seemed a bit intimidating at first. What Adam and Lance have done is learn to embrace the competition instead of casting them aside.
They have successfully built relationships with other investors, showing that they value relationships over dollar signs. This, combined with their strong SEO game, has allowed them to generate new leads every day.
Because of their great partnerships, and the ability to serve clients on the retail side as well, they are building a strong business that will be able to scale and grow in the future.
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