TOP 20 Questions For a New Wholesaler

This video is all for the wholesalers, I’m going to be going over your top 20 questions. And as a matter of fact, it’s my students top 20 questions that they asked me getting started as a wholesaler in real estate!

๐Ÿ‘‡๐Ÿ‘‡ย ๐‰๐จ๐ข๐ง ๐Ž๐ฎ๐ซ ๐๐ซ๐ข๐ฏ๐š๐ญ๐ž ๐…๐š๐œ๐ž๐›๐จ๐จ๐ค ๐†๐ซ๐จ๐ฎ๐ฉย ๐Ÿ‘‡๐Ÿ‘‡
https://www.facebook.com/groups/thescienceofflippingacademy

๐Ÿ’ฅย ๐’๐ฎ๐›๐ฌ๐œ๐ซ๐ข๐›๐ž โžœย https://www.youtube.com/justincolby
๐Ÿ“žย ๐๐จ๐จ๐ค ๐š ๐‚๐š๐ฅ๐ฅ โžœย https://www.thescienceofflipping.com/learn-more

Do you like that at all make sure you’re smashing that like button and subscribing to my channel as I drop at least three videos a week. And by the way, turn on that notification signal. So you know, when I dropped these videos, if you are looking to get involved in wholesaling real estate, or if you’re just starting, make sure to check out this video because it is going to give you your top 20 questions you should be asking, and I’m giving you the answers right here in the video, check it out.
So I’m going to kind of learn and for everybody, I’m going to basically do this as if I was like doing a real training. So Linda will be talking directly to you. But I’ll be answering your questions in this training, because this is actually a pretty good training I should be doing anyways. Cool.
So the way I’m framing the conversation might be a little different, right? You might be like, sounds like you’re talking to 2000 people, not me. And then when I’m done training on the questions that you just asked, I’ll kind of go back page unresponsive. That’s neat.
Alright, alright, so this is going to be about how to make sure you can pull from a list that actually is bigger than the list that you specifically wanted. And then from here, I want to go into also be able to show you how to make sure that you are not duplicating the amount of people your skip tracing. So let’s just go into mine. My properties that I have is I have a pretty big amount of lists. And so let’s just go into a larger list. Let’s see here. Let’s go into this list the large Phoenix list because it’s so large now. One way you can check this as I’m waiting for prop stream to catch up a little bit seems like prop stream is lagging here, hang tight.
Alright, so one way you can check this is you can view all the filters, right? So I’m going to go back in, I’m going to make sure I have all these filters. Now let me give you the example, as if you pulled the these filters right now. So I’m going to rerun the search. And so this is in typically when you’re running a search, what I’m doing right now is the same search I’ve already run. And I want to show you from this search, how do you chunk the list down, right, so let’s just say you only have a limit of 10,000. But you have a search that brings up as you just saw, like 89,000 people that came up on this search. So as prop stream is taking its sweet time to load here. Alright, so this search gave me, you know, 472,000, obviously, this search is very wide is because I do a lot of deals in Phoenix. So the easiest way to chunk this down if you only have a minimum of 10,000 is to click here. I’m sorry, unclick here, and then hit filter, and then do 10,000. Okay, so now it’s going to take it from instead of 472,000. It’s going to take the 10,000 you can click this, and then you can download all 10,000 that you selected. Now, let’s say you’ve been pulling lists over time, and you want to actually go in and make sure there’s not duplicate. So let’s go back to where we were. And because I do this for all my lists, I’m not sure if the example I want to show you is actually going to pop up but let’s let’s try. So one thing I want to do is I want to go over here to the right, and I’ll say on how many lists that I’ve pulled are these addresses total loans, estimated value and equity and the last date list marketing lists, okay, so on this list that I have, which is 89,002 Under 20, I want to make sure I don’t have multiples. So I want to go in here and I want to remove everyone who is on at least two lists. And if you hit two lists in there, all of these people are on another list over here somewhere, so I don’t need them. So essentially, I can actually click here and remove 8802 people, because I can simply do actions and I could delete records. Okay, I can remove them there. Now, let’s just say you’re like me, and you have multiple lists. Maybe there’s people that have three, maybe they’re on three different lists. Nope. So Oh, yeah. So I would also remove all of those that are on three separate lists. And there’s 99 people that are on three separate lists, you get what I’m saying? You can go in there, and you can just simply remove them that way. You’re not downloading people that you’ve already downloaded in, you’re already skip tracing. Okay, cool. So that’s the training that I wanted to record anyways, does that answer your question? Lynn? I can’t hear you.
Yeah, absolutely does. Yeah. Cuz we have downloaded quite a bit. And I thought, well, and so do you just keep because you’re focused on certain marking areas? I mean, do you let pull in, quote, unquote, a new list like weekly like?
No, it just depends on how much your marketing guys wanted to buy. Um, so it just depends on how much you’re marketing. And so for, like cold calling, I can get through a big list pretty fast, right? We’re doing like 15,000 calls a day, a day. So you can imagine my list has to be relatively big. Yeah. Now, for you. I think you’re going to start with texting, correct?
Well, that’s what I wanted to ask you is a clarification from yesterday. So should I just focus on texting? Or do both? I mean, I am working 40 hours a week, I’ve this week off, hence the reason I’m on the call twice. But Should I just focus on texting and then bringing cold calling again? Or?
I would focus on texting. And then you know, the reason why is I want to, how much is your marketing budget? What do you feel like you’d be willing to spend every month? Yeah, 750 to 1000. I think texting is your route. Okay, texting will help you get that first deal, right? That’s the idea. Once you start to make some money in this, then you can start to grow your marketing budget, and then you can start to pay for cold calling now. Unless you’re willing to do the cold calling yourself. Are you willing to do the cold calling yourself?
Well, based on your trainings, I was willing to do it because I did have a VA but I I shut her down because I do value what you said to do to do more of it so I can train someone better. And that made complete sense to me. So if I can try and carve out an hour in the morning, an hour at night, I know you recommend three to four hours a day, but I’m trying to squeeze in as much as I can. So I’m willing to try it. So I can gain experience and and move forward. But I thought texting based on the call of the question from Paul, if you’d like you can map out chunks of times for the follow up on texting
you can I like texting a lot. The hurdle for me, at least on texting is it’s just not scalable to that sense. So I like texting, like I said for one to two deals a month. I really like texting a lot.
And that’s what I need to get to a man. I haven’t secured my first deal yet. Yeah. So and then definitely want to scale once I you know, gotten the knack of the whole process. Yep, yep. Cool, then just drop my mojo sales because it’s 150 a month. Just put it on hold and then just go strictly to texting.
I mean, I think you’re gonna, especially when you get back to working, you’re going to probably want to have some cold calling going anyways. Okay, so I don’t know if I would tell you to cancel it.
Okay. I’m willing to give it How about I give it a try and see how I and that’s why I talked about yesterday, you know, my daily method of operation around a 40 Hour Workweek. And what does that look like with cold calling texting? So I can secure that first deal, and then take a look at it beyond that. But yeah, so I’m willing to give it a bit loose, Justin. Yeah, I think we should have the host now. So let’s go. Joseph, what are you going to train us on? In three days, so let’s see. on the agenda. So yeah, I’m the host. Oh, gosh, is that what happened that I just got back in because I got booted out. Did we lose Josh? Yeah, we lost them. Anyway. That’s hilarious. There’s any question for you. Does
anybody have the zoom link because I keep being told I can’t I’ve been canceled or something like that. So I have to call in. Yeah, what? Hear it? Let me put it in the chat. Because I get it. I won’t even be able to get access to it because I’m doing it on your phone. Is this your mobile? Yes, it is.
Why don’t I text? And what’s your first name? Sorry, your name is not appearing. Jared. Jared.
Lynn, you have a lot of good questions. A lot of them are similar to the things that George Anthony and I have been talking about on our world as well. And your framing everything that we’re working through as well.
Oh, thank you for that. I have a couple more ones Justin gets back on. Boxer to the other one is, how many of you are using podio? For lead management?
I use Rei blackbook. Alright, I’ve been using podio right now because it’s free. And I’m not using
Yeah, I was on mute. But I use podio as well. This is. And I don’t know, how about that Rei black book? What do you have? You always use that I’ve used that versus podio. I’m not a big fan of podio because it feels clunky. But it is free. And I’ve used it before. So it works. But are there better CRMs out there.
I’ve never used to telling you to me.
I mean, I’m excited I can. We’re moving into CRM here. So nice. I’ll just go back to where we were just if I can. Yeah, go.
Yeah. So so just working like creating my daily method of operation around a 40 Hour Work Week. And I just want to make sure is it realistic for me to, you know, is an hour to have dialing and trying to manage some text, texting a viable option, I guess for me to test it for a couple of weeks, see if I can squeeze it all in with my work and parent duties. But I’m willing to give both a try at the same time. What do you think?
So? So Mojo dialer, you shouldn’t be I mean, you’re just not going to make much progress if you’re only on an hour a day. Okay. Right, like, because you’re going to call 100 people. Right? So if you just look at the contact ratios, the proper KPIs for cold calling, is 10% of the calls that you make are going to be contacts. Right? And what a contact is, is, you know, hi, is this land? Yeah, this is when boom contact. If I say hi, is this laying in? Is Fred, not a contact? Correct. So, you know, 10%, or contact, so if you make 100 calls is 10 contacts out of those 10 contacts? 7% of the 10% are going to be seller leads. So what’s 7% of 10? Seven out of 100.7. So it’s not even one.
Yeah, make your contacts you get seven.
So if you’ve got to make 100 content on how to if you were to call 100 people a day, and you only get 10. Hey, whoever’s there, can you guys mute, mute yourself. Make sure you mute yourself. If you only call 100 people, you’re not going to get one lead a day. So I’d say very minimum, two hours a day, but I like three to four hours a day of calling a day for anybody. So the reason why I like texting is because you use you can essentially call and text simultaneously. like texting when you send out 100 text messages, you may not get replies very quickly. And you’re definitely not getting people answering you very quickly. Does that make sense? You can always, you can always pause your calling. When someone engages you over text, and then you can start your calling again when that conversation ends.
Yeah, and I I’ve been going through the videos on Mojo I haven’t. My tech savviness is not fantastic. I haven’t quite figured out how to use it. We’ll get there though. Yeah.
Yeah. So that’s that’s kind of engagement that I would say is the right pace.
So I guess then, because my day will start at eight, and you don’t recommend cold calling early evening. No,
I think that is actually a good time to call. That’s the best time but remember yesterday I was telling you. The reason I advise to do it in the morning. Because what happens to everyone’s life in the afternoon. Yeah, it gets out of control. Right, all of a sudden, name the example and it’s a real one. Someone’s hungry. Someone broke their foot. Someone’s tires flat someone, someone, someone. Yeah. Now you never called because you waited to the afternoon or late evening. And it’s not a limb problem. It’s a human nature thing. Like, there’s, for one reason or another, everything happens in the afternoon. So it’s easier to just forego calling, and I’ll just do it tomorrow. So that’s why I tell you don’t I wouldn’t do that. Okay, so I guess I’ll stick to texting is when I’m hearing. Yeah, or texting and calling simultaneously. Okay. Cuz you can pause calling, you can press pause on your calling on your dials. And then you can just you know, cuz someone’s corresponding with you over text.
And the purpose once I start dialing, that’s when I used your cold calling script.
Yep. And then.
Yeah, I guess I’ll just have to jump in. And then regarding. I think that’s everything with go back to boxer podio. So I went to Fiverr. And people are listing all these things that you just use it as a lead management tool.
That’s what I do I use it as not a lead management tool. I use it as a CRM. So customer manage well lead management tool. Yeah, I guess. Yeah. Yeah.
Because it has all these things it can do for real estate investors. I’m like, I have no idea what you’re telling me.
And yeah, so just make it as simple as possible, like lead. Unfortunately, the reason why I got cut off, my computer died, and I realized I didn’t bring my frickin laptop charger, like a numbnuts. So I’m, I’m not able to show you guys my podio account, but I will next week or whatever. But you essentially want the lead to come in that goes into like, it’s hard for me to even verbalize it. I mean, I really just need to be able to show you. Okay. You know, who did really well is George George, you there?
Yeah, I’m here, I was actually just about to say something. So, pretty much when we I just set up our podio. And I’m still on a learning curve, still kind of going through it. But what I did was I put a, as far as the apps I included is contacts, marketing, leads, appointments, offers a deal board per Justin’s suggestion, closings, cash buyers, and Property Inspections. And again, I’m still learning as well. So they may be more, or maybe you want to use less. But that’s what we’ve included so far.
Right. Okay. Thanks for that. George. No problem. All right. And then I did Justin, find all of your PNGs for the setting up the text messaging. There’s like, pages. They seem like these are these all the outgoing because I see there’s like could be like four categories of various text messaging, text messages, you should be preparing being initial message, follow up message drip campaign and quick replies. Yeah, what so what’s the what’s the direct question for those? So all of these, I think are the initial message.
Those are just initial message correct. Okay. And then my team, because I keep it in house, my team doesn’t use like automation. They reply the way like, what happens is when people hire virtual assistants to do this, they create like automation, like, in a lot of times, then it makes sense. Like someone was saying, well, we just repainted the house. So what do you think you’d want to be buying it for? And then the automation will say, like, Well, what do you think you want to sell the house for? And it’s like, you need to address the fact that they said they just repainted the house, right? That’s the missing component. You can’t just pass over that.
Right. So you just set up the initial messages and everything is live thereafter. Yep. Okay. All right. Thanks so much. That was the list I was it. For now. Oh, good girl. Appreciate you. Thank you for
just one question. So okay, you’re just starting out. You want to choose one marketing strategy, cold calling RVM or text which one do you choose?
So how much time do you have to put towards it? Let’s say two to three hours a day.
I mean, I would probably say text, but I like cold calling, because you’re, you’re physically on the phone with the person immediately. The hurdle I have with texting is like, it really, it really only is, you know, a couple hours a day worth of work. Well, then what do you do the rest of the day? Right? So for me, that doesn’t work, right? Because now we have the rest of the day. For those that have a job. Like some of you do. That That could be a better thing. But you’re just not touching as many people every day, right? Cold Calling, you know, you can roughly on a triple line dialer, you can get to 100 people an hour on an eight line dialer like zenko. You can get to, you know, 200 people an hour. Right. And what I would tell anyone is 500 outbound text messages a day is your maximum, that’s how far you should go. Oh, cloud, probably it’s a text
is asking that question on my behalf. Just because I it, like, my day is insane. Right. And I’m committed to the program. It’s kind of like, you know, our marketing strategy. But like, on the call on the phone, all that. Right. From for the for the, for the revenue for the state for any revenue, financial stream. Right. Joe just told me, I’m breaking up. Can you hear me? Fairly? So then the question was, text all days? Also? You get a flavor of what I’m talking about.
Yeah, George, he’s saying ask the question. But essentially, you have more time. Sorry. Go ahead. It looks like I’m having problems. Correct? Yeah, I mean, but texting isn’t from your phone, texting would be from launch control. So you didn’t want to be on a laptop anyways?
Yeah. So either way, you’d want to be in front of a computer.
No, and that works like I’m in front of a machine all day. I don’t know. I’m hoping that that comes through. I would say jam in front of the machine all day.
I would say give give yourself 30 to 60 days of texting and see how that starts to work out. But the key to texting is getting off that text right and getting them on the phone. That’s the real key. Yeah.
Right own. Do we have a Gary on the phone? I know he kind of finished yesterday. Have some good questions. Now, okay. Maybe he text me he tried to go. Alright, so who else? The meal? Are you there, brother? Yes, I’m
right here. Can you guys hear me? What is happening? Hey, guys, while I’m new to the group, I just want to say hello to everyone I was on. yesterday. I didn’t introduce myself, but my name is Manuel. Um, I do have a question. I am the second video on the course. For I remember you mentioning that there’s two ways to close a deal. There’s the double closing, dry closing and the assignment contract. Yep. What do you what exactly do you mean to be careful when we have a limit of six or 14 days?
So that’s for the inspection period. So like your inspection period only lasts. I mean, you can make it as long as you want, by the way, right? Right. So your inspection period lasts as long as you want. That’s why I say be careful because if you don’t cancel the contract, because you don’t find a buyer and those 14 days, then they can technically keep your earnest money deposit.
Does that make sense? Yeah, and that earning the earnest money deposit being? How much would it be like $100? Yeah, you can make it $100. Exactly right. What if I’m doing it virtually How would that work out?
Same, same, same thing, the same usually to have a virtual title company, title company in that market, but it’s the same process. Okay, then. Yeah.
Okay, that was my first question. Hopefully I started having more. But yeah, thank you.
Right on, brother. I’m excited man, you’ll have more than more stuff that you do. The more action you take the deeper you dive into the blueprint, the science flipping Academy. You will have more. You will have more for sure. Yeah, for sure. Thank you so much. You got it. Who else? I’ve got another question. Yeah, go?
Yeah. So I put it in the chat. But when I was speaking with lunch control yesterday, cuz I haven’t officially did my account yesterday, because they said to ask you for your affiliate link to get discounts slash freebies.
Here, yes, yes. Oh, say that again? It’s not Ts, Ts o f. That’s not the code.
That’s the promo code, but they have a specific link they gave me because my computer is actually dead. Yeah, um, you have to? Can you? Um, what will be the best way for me to do this? I will put it in our Facebook group. How about that?
Okay, great. And then while I was searching the Facebook group, the documents I remember in the training of I think, I don’t know, what was the level up, or the face, Facebook blueprint training. But you talked about there was an Excel spreadsheet where you, especially if I’m choosing to cold call, where you track how many calls you made, how many contacts and it just kept going on and on. And I remember in that training, you said contact Andrea at the science of flipping calm. Is that still a valid email receipt? That
is not that is not just contact info at the science of flipping calm that is to validate and share we’ll get back to okay.
So if I just asked for cold calling tracker? Is that what I’m yeah.
So what you will have is, in the Facebook group, there’s the student KPI tracker. In the student KPI tracker, there’s a tab for cold calling. I think I found that in that tab does the same thing. Okay, I’ll take a look at it. Thanks. You’re very welcome. Yeah, and I’ll put the Launch Control affiliate link in there. That way you guys can get discounts and freebies for launch control. But yes, and I don’t know who said that. Maybe it was a meal. But mostly most services. If you put promo code t s o f, it’ll give you those discounts. Yeah, this service just they said, Hey, give everyone a link. And I said, Okay. Yeah, that’s what they asked for. Okay, I’ll put it in the group. Okay. Who else? Do we got? Anyone? Actually,
I have a question. Yeah, what’s going on? Um, yeah, sort of the same places. You’re right now kind of just starting out. But is is escrow needed. For for wholesaling. Is it needed,
if you’re only if you’re double closing, or also if you’re assigning for both. So escrow is the third party company that facilitates the entire transaction. And so like, even even if you were to go buy your own home, Joe, right, like just for yourself, like not as an investment, you still go through escrow. So escrow is needed for all real estate transactions. In some states, it’s closing lawyers, right? They don’t use title companies, they use closing lawyers. Yeah. And other in most states actually use title and escrow companies.
Okay. And do you need to open it? Like, do you need to open escrow immediately, like when I’m between myself when I get I guess the contract with the seller? Or is that only when I have a buyer in place? No, you want to open it up? When you get the contract with the seller? Okay, because then the I guess that’s the final part of my question is you so you have like your 14 day inspection period, in case you can’t find a buyer and you want to close out but I think in one of the the big fundamentals part two, I think you said you open escrow and then you have like 21 days for escrow while you have 14 days for inspection period. I don’t know if this is making sense. Yeah, you’re right.
You’re saying it correctly. Right. So yeah, but then you case for your inspection. And then it is on the 21st.
Okay, and then so that’s so if I cancel my contract, I guess within that 14 days, then escrow is also cancelled, I guess anyway.
Exactly. Right. You got it. Awesome. Thanks. Yeah, of course. Oh, yes. Hello. Yep. So
that led me to a question I was first start going through the classes a couple weeks ago, you talked about your C buyer, which is the person you’re assigning to, and you don’t allow an end inspection for the C buyer. Why?
Because they have to do all their due diligence before they commit. Right? Like, I don’t want them to have an out so that they can cancel their contract. So if they want to go see the home, then they need to see it before they they give us earnest money or an assignment I see. Because I don’t I, they’re, they’re non refundable, right? So if they have an inspection, they need to do that before they commit. And if they don’t commit, then I might sell it to someone else who’s willing to commit. Make sense.
So they need to come see it during my 14 day inspection period.
That’s right. And you don’t really want to tell them you have a 14 day inspection period. Right? Right. You want to have the fear of loss, like the science urgency, like, Hey, you need to go see it today. Otherwise, might not be yours. Right. Someone else might buy it. Right. Okay, got it. Great question. Jill. Great questions. Keep them coming.
Hey, Justin, I have another question. Yeah, what’s up? Um, how would I know what’s, what’s a great, great market to look into?
So I look at markets with two big qualifiers, one, I want to be in a market that is at least 30% less than the median price point. So nationally, the median price point is $325,000. Nationally, I want to be in markets that have a 30% discount on that price. So like, that’s why I’m in Oklahoma City, Tulsa, Milwaukee, I’m likely going to be opening up like Des Moines,
Iowa, Omaha, Nebraska, those markets, those are all under that, you know, 30 $325,000 median price point. Does that make sense? So far? Yeah, it makes sense. So that’s part number one. And the reason why is because I want to have good opportunity to buy and hold as well, like in build wealth, right? And buy rentals. And usually good rentals are under that price point. Right. And so I also want markets have good fix and flips, right? And so people like to buy $150,000 home and rehab it and sell it for 250. Right? They like that. That’s good price thresholds. So those are good price points. The next criteria is I want to make sure that there’s some level of large university or military nearby. Okay, that’s smart. Because you always know there’s going to be some level of occupancy, right? People that need to rent need to live there. So Military University, I also like major sports teams. So Omaha, Nebraska doesn’t particularly have a major sports team. The Huskers is a major university. Make sense? Yeah. So like Oklahoma City has the Oklahoma City Thunder Make sense? basketball team. So there’s a lot of those things those are the three criteria that I really really look at to pick a market is there a major sports team nearby a major university major military base, and is it 30% under the median price point and if marks all those I like that market? Okay, I sounds good. Thank you for thank you for that. Yeah,
that’s good for everything like not just buying and holding but wholesaling everything kind of right
100% That’s exactly right. It’s good for wholesaling is good for flipping is good for buying holding. Awesome.
So since I’m in Orlando, how would I find out what the median list pricing because I was questioning whether Should I stay in the Orlando area market? Yeah.
I would ask a realtor is my directing instruct you. Um, but you know, most of Florida is a good market. Right? I mean, Florida is just in general good market is very competitive. Yeah. So I would ask the realtor is the best way to find out what the median price you know, sales price of an areas. Okay.
So for you like you wholesale, but then you can if you want to keep it you keep it?
Yeah, so specifically in like Oklahoma City, in Milwaukee and in these other markets, like it’s at a price point where like, I closed yesterday on another property. I bought it for $17,000. Wow, that’s amazing. Right, like, it’s crazy because my car is five times that number. And it’s just a car. And this is someone’s house, right? I’m buying it for $17,000. Now I have to put in 30 $30,000 into it. So I’m going to be all in for call at $50,000. But it rents for $700 a month. Wow, that’s a great rental.
You couldn’t really pass on it. So you just kept it. Exactly right. Well, what would you suggest for us to do that? Like? When would you should?
Well, I think first let’s go get you guys making a lot of money. Okay, right. That’s the key, like everyone should start by wholesaling. Because wholesaling is like an ATM you can earn and make a lot of money wholesaling. Once you start to get your foot feet on the ground and making a lot of money, then you can like scale the business, then you can get opportunities to buy and hold. But ultimately, everyone should be making a quarter million dollars a year wholesaling before those opportunities. Okay. All right. And I use a quarter million dollars a year because, you know, most people on here can go get a job and afford to pay their bills. But no one on here wants to go do that. That’s not what you’re here for. You’re here to go create financial independence. Yeah. And so financial independence comes by making a lot of money. And I think, you know, for most people a quarter million dollars a year is a lot of money. And so that’s kind of my goal to say, let’s go get you to the point of making quarter million dollars a year. All right. Thank you for that. That sounds good. Sounds good. Yeah. 100%. Great questions to you guys. I love it. I love where we’re going. Who else? Anyone else?
I got I got another one. No, no, yeah, go for it. Um, so I think one of the videos you’re getting here, you say, you tell the seller, you’ll cover like this call, such as like closing costs and stuff. And then while you’re doing an assignment, you’re kind of like passing that closing cost on to I guess the buyer See? But then you’re also getting your wholesale fee on top of that. So I guess I mean, that sounds awesome. But why would I guess why would? Why would the person I’m reassigning the contract to ever except that because like, I guess there’ll be taken on, you know, that extra closing costs fee and then my assignment fee on top of that, or wholesale fee? I guess it just doesn’t seem like it. Like that would be a good way to go about things down.
I want to make sure I understand your question. And rephrase your question. Um, okay,
I guess. I’m not sure which video one of the big fundamental videos but you said, I guess the moat like one of the motivated sellers to get them to sell to you to add, like extra incentive your offer to cover his closing costs? Yeah. Um, and then when you’re doing like the assignment, you find a buyer, and you’re assigning the contract to the buyer. You’re also assigning to them, I guess, in the contract that they’ll now cover the closing cost is you’re just assigning to them. So I guess they’re, they’re now paying me a wholesale fee, but also taking that closing cost fee. So yeah. I guess that’s just like, it would just be such a good deal that they can’t pass it up. Or it just seems Yeah. Why would they want to take all that extra, I guess payment on?
Well, because it’s still a good deal to them. Right. So However, they underwrite the property, whether they’re gonna flip it or keep it as a buy and hold or whatever. The numbers still make sense, even though they’re still paying the closing costs, even though that they’re giving me my assignment fee, the number that they’re buying that makes sense,
right? So they still might, and I’m, and I’m making sure I tell them all that information, like you will be covering the closing cost. And then like my wholesale fee, like, I’m putting it all out there. Yeah.
Yeah. Yeah. Well, and you don’t need to dive too deep into it. You just need to say this is the buy price $200,000. And you will be covering all closing costs on top of that buy price. Okay, that’s all you need to say. Got it. Awesome. Thanks. corsaro. Great question. All right. All right. No, one else. George. You look like you got a question dog. I can see it on your face.
No, no question. I’m trying to think of something. That’s what it is. But, um, we did Raymond f&i, we, before we sign up with you, we were driving for dollars kind of going through the motions. Yeah, put together a list of 50 properties just driving for dollars. I finished skip tracing that list yesterday. And Raymond, he’s gonna start cold calling it this week. So that’s a little quick update on our end.
I love that great action. That’s the exact actions you guys need to take. Just be consistent with that action. And you’ll get results. There’s no doubt.
That’s what taking that as practice run.
Good. Yeah. gotta start somewhere. The practice was that offer that we put on that house where the guy wanted to know thing more than that I’d like retail. That was the real that was the real trial. You’re saving a heart attack where he tells me dude, dude, dude, dude, we got to putting this off. We got to meet we got a heart attack Central. That’s the classic partnership stuff. That’s only the beginning. That’s right. That’s right. And then he only sends, he sends about 50 emails a day, and gives us about 90 things to do. He’s just buying you guys up, man. It looks like I’m taking the operations role. Amen. Right. Craft aircraft. You think of aircraft controller you think flight any minute today? You
know, he’s on this call and gaming all at the same time. And run an econ biz. That’s it. That’s it. All right, y’all. Anyone else have any questions? And one more actually? Yes, ma’am.
So as I told you, before, I had to use the VA, we have like 54 leads that she had created and could see some are highlighted there are harder than others. And so I just called a bunch of them again today. And a lot of them are not picking up. How often do you have your team? Do you recommend just calling people I mean, they just don’t pick up
mail, and then text them? Because there’s only 54 of them or whatnot, text them? Okay, you’ll have 100% pick up ratio and text like text by your phone. Don’t use long launch control for that actually use your phone to text. Right you’ll have 100% pick up ratio. But yeah, I mean, that’s the biggest part of this game is follow up. The people that have the best follow up when because very rarely do you come across the sellers like thank God, you called I need to sell my home in a discount. Hurry up. Like that’s just it happens. But it’s rare. Right? So it’s all about your follow up nurture, nurture, nurture, follow up, follow up, follow up. So you know, weekly, daily. I mean, I wouldn’t call all 50 every day, you know, maybe once a week, make sure you get through the whole list every week. Yeah,
I had a horrible one today when answered. He said, Can you call me in a couple of weeks? My, my daughter passed away. And it’s her funeral tomorrow?
Oh, that’s a tough go. Yeah. And these people, you know, you’re gonna hear I don’t know, Stacy on this call. Stacy, anyone think she was earlier? Okay. Well, she had a, I talked to her this morning, she has a seller that like flipped out on her. And you’re just going to be dealing with people that are in their own stuff like he was going to jail. So he’s deciding to be angry at everybody and takes it out on for Stacey. And it’s just like, you’re gonna have all sorts of different stuff in this, you know, because you’re dealing with people and their lives, right. And that motivation that we’re all seeking, typically comes with some level of hardship. Now, sometimes it’s personal. And then sometimes it’s, well, it’s always personal. But like, sometimes it’s like someone passing and then sometimes like this guy got a DUI, so he’s going to jail for a DUI, like, people just make silly mistakes A lot of times, but they get angry at everyone else. They don’t want to look in the mirror. So I say that just to kind of loop in like you’re going to deal with a lot, right? You’re going to deal with a lot of people’s issues. Sometimes I feel like we’re as much psychologists or psychiatrists as we are like, real estate investors, because all all the people’s issues get dumped on us. But that’s what creates motivation. That’s why we get the deals that discounts and make good money. So
just a quick question, I had a friend that told me today he worked for a property management company and knows a lot of foreclosed properties. Is there anything we could do with that?
We’re close, it’s tough. You’re not going to be able to assign a bank owned property. And then banks aren’t taking discount right now. So honestly, I just scratch it. Okay, that’s what I figured. I tell him pre foreclosure is good, but not foreclosed. Yep, yep, exactly.
Hey, Justin, I have another question. Yes, sir. I’ve been hearing a lot. I’m pretty sure you have as well with the house market crashing really bad. And people are saying to save up as much cash cash as you can. Try to get in to like back home at a good price. Yeah. But what would you suggest or what would you advise with everything
funny, I think, what’s today Wednesday, I think today or or Friday? I have a YouTube video coming out about this exact topic when you asked. Alright, so how old are you? I’m 22. Good for you. Congrats, brother. I wish I was 22 I just turned 21. That’s a big by the way. Big shout out to you for making the investment in yourself your education, your business, I 22 years old, I promise you this. At 22 years old, I was a knucklehead. I was not thinking like you. I was not looking to create the life like you so good for you for being here, bro. I love that. But yeah, so I would tell you this Wait, the market will correct. I don’t know if the market will crash. And to be honest, like at 22 years old, I don’t know if even if that happens when you’re 23. Like, I’m not certain you need to own your own home at that age anyways, renting though you don’t get the quote unquote, tax write offs and all this other stuff. Like it’s always just easier to rent, you don’t have to maintain the home, you don’t have to fix stuff the landlord does. So like for me, I would I would likely just advise you go make a bunch of money, save a bunch of money, put a lot of money in, you know, stocks and cryptocurrencies invest in rental properties, right, you know, buy rental properties, and don’t buy your own home. I would rather see you go buy five rental properties when the market crashes, then you buy your own home. That’s what I would say. Because that’s an investment to set you up for your future. Right I don’t I don’t subscribe to the you buy a home for retirement like I don’t that’s not what you buy a home in my opinion. So I would rather you go make a lot of money, invested in rental properties, invested in crypto invested in stocks, and set yourself up. So by 40 when you’re my age, you’re not bald like me. And you can you can, you know, live a life that you really want to be living.
Hey, we still look good, though. You still look good stress things out. That’s that’s what it is. He’s rubbing his hair in front of you justice.
Yeah, man. You look good, man. You look real good. He’s just this big flow. He’s got gone. I got it. Come on, Jay. So follow that? Yeah, of course, bro. Spencer brought up a great point. Are you there? Spencer? I don’t know how to work it out. So Spencer brought up are you there? So Yo, he mentioned loomio. He mentioned house hacking. Are you familiar with that? Let me
know. Oh, I thought you were asking No, I’m not. I’m not familiar with house hacking. But I’ve heard of it.
Yeah. So house hacking is you like you’d buy a duplex? Yeah, you would live in one side and you’d rent the other side out in the rent from the other side, hopefully, get as close as possible to paying the entire mortgage. Right. So essentially, you’re living for free. Now that is a great opportunity. But there’s no real but. But that’s like buying a rental. Right? Like, to me that’s the equivalent of buying a rental, it’s just a really smart way to do it. Makes sense. So you’ll find a duplex you live in one side, you rent out the other and the hope will be is that rent from just that one side covers a good amount if not the entire mortgage.
Another big perk, Justin that that a lot of newbies may not think about is you also learn about what it means to be a landlord by going through that process. And it can be a lot less costly. If it’s on a house hack than somebody in a different house that you’re using as a rental and paying somebody to manage where you have to pay tons and construction costs where you might just be able to fix small things yourself. The scale is a lot smaller I guess is what I’m is what I’m getting at. If you make mistakes or somebody else. Your renter in the other side makes mistakes. It can be a lot smaller and much easier managed than if it’s in a rental that somebody that you’re paying somebody else to do everything with it.
Okay, but how would I how would I set myself up in that direction? Like, oh god, I know how to do it properly.
I will tell you there’s no properly it’s you need to find the property, right you need to find the actual duplex or triplex by the way or four Plex, like it doesn’t have to be a duplex. It could be a triplex or a four Plex. And you can do the same thing. So essentially, you should got to find the right property. You obviously you need enough cash for the downpayment because they’re gonna ask you for 20% down because it’s an investment property. So let’s say you have $100,000 duplex, you’re going to need $20,000 down likely is going to be like a $200 $200,000 duplex. So you’re going to need $40,000 down and then you need to make sure that the rent is roughly about 16 $100 a month. Because of your, your remaining balance on your note, right? So really, it’s just like anything, it’s about finding the right property, and then making sure that you can live in one of them and then rent out the rest. So there’s not a lot to overthink there, you just want to make sure that, you know, the rents, whatever else is being rented is about 1% of the remaining loan.
Does that make sense? Yeah, it makes total sense. But so without money, I can’t really do anything, you know, I’m
just gonna be very, very difficult you can, but now we’re talking about getting creative with seller financing. And for this call, I don’t really want to go down that path. Yeah, for sure.
I’m just thinking ahead and all that stuff. Because I have like, I have three properties that are for so in my neighborhood, and one of them, it’s a duplex. And then the other one that’s next to me, it’s really beat down. So like, literally, it would be like a wholesale deal. But it’s contracted by a realtor realtor already. So I was just, you know, asking questions, but yeah, they’re great questions. Yeah, I’ll get comfortable now. have more confidence to time. Still there.
We got a lot of coaching to do, man. Don’t worry, you’re asking the right questions, dude, you’re asking the right questions, you guys. Right? Um,
yeah, man, I don’t know, it might be different in Arizona. But here in Ohio, up to a quad Plex is considered a personal residence, and you can get them for an FHA at 3% down, because it’s considered a personal residence.
That’s right, I was thinking about if he was just buying a rental, so because he’s gonna live, it would be a smaller amount down. But even that, you know, you’d still need 3%. Right? So you still need some level of money, right? So if you bought again, $200,000 home means you still got to come out $6,000 down, which, plus, they probably have some points and other things. So just, you know, round that up to $10,000 or so. So you would need some level of money. It may not be big, but you would still need some level of money.
Yep. Great. disagreeing with you, I think cash is something you got to have. But just so when when mule knows, you know, it’s, it’s maybe not as far away as you think it is.
Yes. Right. And here’s the last thing I’ll say and you guys should you know, if you haven’t yet, you guys should subscribe to my YouTube channel. This is either today or Friday, this video comes out and it’s about this. So the way I’ve titled it, those what happens when the market crashes, like how to protect yourself. I’m a firm believer in having what I call dry powder, you need to have cash in a bank account somewhere. That’s not an emergency fund. I’m not talking about that. But I do talk about it. So you need an emergency fund, you need enough cash to survive six months of your bills, okay. You need to have that you need to also just have dry powder have cash so you can do things right, not emergency fund but have cash so if a duplex does come up and you’re able to buy it with only $6,000 down you have enough cash to do that. The other thing is make sure you’re using your cash that you’re currently making and investing it and don’t invest it all in one thing diversify rental properties cryptocurrency stocks bonds, right so this video I don’t know it’s about 15 minutes long will really give you kind of the answer that I’m telling you right now let me know
Yeah, I really like yeah like I said, I don’t know I was just asking but I’m just to get a recap of everything that’s gonna happen in the future with everything that I’ve been hearing but i’m looking forward for the video that you’re gonna drop I do I am subscribed to the YouTube channel. Cool. Yeah. You go more into detail I know I know. I don’t want to get off topic and all that stuff but thank you Spencer. Thank you Justin for
right on Alright y’all were up if you guys need anything Make sure to box or ma’am sure I’ll reach out to you so Spencer if you need anything let me know but appreciate y’all have a great happy safe holidays Memorial Day weekend. So anyways, enjoy let me know if I can help you. Alright guys, that is a coaching call that I was on live with my students. Now I want you to make sure you rewatch this write down the questions and make sure you know the answers because these students invested in themselves with me in my coaching if you have any interest in investing in coaching with me holding your hand, just like you saw on this video, go to the science of flipping.com fill out a very simple, completely free application and some of my executive team will get with you again is the science of flipping Comm. Hopefully this helps hopefully go get your first check and I’m happy to be any help I possibly can be to you on your journey going from wholesaling to wealth. see on the next video. Peace

You May Also Like…

How To Get Private Lenders & Hard Money

How To Get Private Lenders & Hard Money

ย ๐‰๐จ๐ข๐ง ๐Ž๐ฎ๐ซ ๐๐ซ๐ข๐ฏ๐š๐ญ๐ž ๐…๐š๐œ๐ž๐›๐จ๐จ๐ค ๐†๐ซ๐จ๐ฎ๐ฉย ...