4.8 • 2.1K Ratings
🗓️ 24 February 2022
⏱️ 4 minutes
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On today’s podcast I had Elliot Smith on and he talked a lot about his journey through mental health, what is was like going through depression and anxiety, as well as building his 98 unit rental portfolio, a VA company, and a wholesaling company. Along with that, we discussed his journey as a bread boy. I didn’t realize this was a high paying job, but he was making almost 6 figures a year doing that! So we jump into the industry of what it was like in the grocery stores, how to find and develop his sales skills during that time. We also go into how only two months after quitting that job, he made over $100K in wholesale fees, along with a whole bunch of other things like winning his golf championship. It’s a really fun episode that I think you’ll like, so stay until the end!
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Elliot Smith is located up in Washington and started his career in fixing in flipping, but is now building out his rental portfolio. At 28, he worked 10 hours a week and spent a lot of time golfing! He began competing in amateur tournaments and went on to win the club championship. He set his mind to winning a trophy and to just have his name on it. Many business owners don’t understand that people like having trophies and awards. For example, I like to give my employees awards because it motivates them and gives them a sense of appreciation.
Today, Elliot Smith’s business is transforming from a hobby business to a more complete business. Elliot Smith’s companies are hiring in their call centers and property management. They are partnering with guys doing flips.
Elliot has struggled with his mental health health and drugs. He started working in his friend’s bakery delivering bread. In 2015, his wife and he started buying up houses and keeping them as rentals. They started writing letters to buy houses off The Bigger Pockets podcast, and it worked! He and his wife started doing wholesale deals once a month and made $100K in a year! Then, Elliot quit his job and continued wholesaling. Just two months after he left the bakery job, he and his wife made another $100K.
Elliot Smith discusses a lot about his career is bread sales and delivery. He also discusses how he learned lessons in time management, sales, and people skills while working in bread and could apply this in his wholesaling business. Elliot discusses how he and his wife were able to close that $100K in two months through luck, hard luck, and sales.
When
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0:00.0 | Well, that's kind of mind blowing to me that you're making 90,000 year delivering bread. |
0:07.8 | Yeah. |
0:08.8 | How did that happen? |
0:09.8 | Bread guys make good money. |
0:10.8 | Like, they're union, they're all teamsters. |
0:11.8 | Like, some of the bread guys were making my route guys that I managed would be 55,60. |
0:15.3 | They're making 115,000 dollars a year. |
0:18.1 | Why? |
0:19.1 | Do they handle the bread in some unique way? |
0:21.2 | I don't know about like what it's so complex about. |
0:23.7 | Because it's technically this. |
0:25.1 | It's a salary and commission role. |
0:26.3 | So it's a sales role. |
0:27.3 | So like if you're walking in the grocery store, you see these displays, right? |
0:29.9 | They're all these different displays that are like, oh, it's placed perfect. |
0:32.4 | So I'm going to grab this bread because I need bread or I need this bagel. |
0:35.1 | So there's, if you can sell more premium bread or sell more bread in the store and |
0:39.8 | beat your competition, you make more money. |
0:41.6 | So there's like 8% commission on all premium bread sales, like 4% on the private label |
0:47.6 | stuff they would sell. |
0:48.6 | What is a premium bread? |
0:50.6 | Like any brand label. |
... |
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