How to Get Your First Wholesale Real Estate Deal (SS #1)

What is going on, people? We are here, first episode. Desmond, you get the first episode of the Spotlight Series, man. That will forever be yours. So I'm excited. Um, I want to go live here actually. I met Desmond at the Squad Up Summit this past, uh, weekend, and he was asking some really great questions. I could tell he was like super action taker, which I love to see. And the questions are actually so good, I was like, hey, we should just go live, you know, save it on YouTube because I'm sure other people in the same position as him. But, um, appreciate you coming on with me, Desmond. How you doing?

Doing great, man. Thanks for having me.

Love it.

Love it.

Um, so real quick, um, I don't intend for this to be very long, you know, 30 minutes, whatever. The ultimate goal is for you to ask any question that you want, right, about wholesaling, acquisitions, whatever you can. I'll be here to answer it. Um, but before we get there, I just want to touch base on where you're at, kind of. You want to give people background on you because I think it's important. A lot of people are in that position where they're working a full-time job, it's their goal to go full-time in real estate, right? There's a lot of these issues. How do I balance it? How do I find the time to get into real estate? All those general things. So, um, give me the one-two on, on where you're at and what you're trying to accomplish.

Yeah, so right now I'm an electrician by trade. That's my day job. That's what I do. And I'm stepping away from that job and I'm becoming full-time real estate. So I want to be more of an investor, but also going for my real estate agent license. I live in Massachusetts, so having that in my back pocket to be able to list a property, um, worst comes to worst, to help someone out, it's just another tool in the tool belt. But I really want to get more into wholesaling, uh, creative finance. That's my goal, and to help people. Um, the market's really wacky right now with people, they don't want to sell because the interest rates are so high. You know, they, they can sell something and they have a ton of equity in their home But with the interest rates that they currently have, or they, you know, they don't have at all, they don't want to go and get that high interest rate. So they'd rather just hold on to their property.

So yeah, it's a— it is definitely a difficult market. For the first time, we're seeing things shift a little bit since I started about 3 years ago. But that's great. So you're a full-time electrician and you're starting to dip your toes into real estate, getting your license, which is great. There's obviously wholesale regulation coming across the board, so I think it's a great, great to get your license, um, because then you kind of remove some of that ambiguity of all that. Um, finding a good investor-friendly brokerage is essential, but if you can find one, it's great, right? And you could absolutely wholesale and be an agent. It's just about disclosures, just telling the seller, hey, I'm putting on my buyer hat, or I'm putting on my realtor hat, right? And just making sure that that's clear. But At the end of the day, I think it's great because you have more tools in your tool belt to do what? What's the ultimate goal? Provide solutions for the seller, like you had said. So that's the whole point of the entire business, wholesaling. Provide solutions for a seller. We're looking for people who are looking for— who are willing to trade price for speed and convenience. That's a wholesale deal. Um, so that's awesome. I love that you're thinking about that already and you're mentioning interest rates. You're digging your teeth into some creative financing stuff. So All of those strategies, creative finance, cash, listing it, are all tools in our tool belt to, like I said, provide that solution to the seller. Awesome. I know that you were obviously getting in your cold call a little bit. Tell me a little bit about what you're doing specifically right now for real estate.

Right now, real estate, I'm stepping into the world of wholesaling. So I've been cold calling. I was going direct to seller, but I'm kind of switching that up now and I'm actually more aiming towards direct to agent. So I'm calling direct to agent and I'm looking more so expired listings, vacant homes, um, out of state or absentee owners. That's more so the speed I'm going at and that's what I'm doing.

So nice.

Nice. Yeah, so there's two main ways you can get started in sourcing off-market deals. You could go direct to seller, which is going, pulling a list and going right to homeowners that haven't expressed an interest in selling already, but you're reaching out, "Hey, would you ever consider it?" And then you try to work a process, see if you can find a deal. Direct to agent is essentially prospecting to agents and seeing if you can get what they call pocket listings. But, you know, they already have the, the seller ready to go, and you're just following up with those agents. Hey, do you have any fixer-uppers, uh, anyone who'd consider an offer before it hits the market? Or maybe they don't even want to take it to the market, you know, because they're embarrassed, it's a dump, whatever the reason may be.

Right, right.

What are, uh, some of the kind of— what's been going well for you with that so far? What are some of the challenges that you've run into?

So I love talking to people. And, you know, it's funny, when I met you, um, I had a voice, and right now I'm actually in the process of rebuilding my voice back because I was talking to so many people, making connections this past week at Squad Up Summit. Shout out Pace Morby, shout out Jamil on that one. Um, so I love talking and being able to get in a room with people that want to listen to you and talk. I'm noticing a lot of direct-to-seller, you get that 1 in a million that actually want to sit down and have a conversation with you. But every agent, if you catch them on the right time, or if you're even talking about their listing, they want to talk to you for hours. They just want to build that relationship and talk to you and see where you're at. And then you can see where, you know, your business plan can help them, they can help you. So I love talking, and that's like been a plus with me. Talking direct to agent. And probably a pitfall I could say I have is maybe, I don't know, it depends, because probably talking more so to the wrong people when it comes to direct to buy, to direct to, uh, homeowner, you know what I mean? So the right— the wrong people, meaning, you know, they're not interested in selling or how to approach them. Maybe I've been too bland and too excited. Maybe.

Um, yeah.

So is what you're saying that direct to seller, it's, it's more of a numbers game, you're saying? Whereas you think if you go direct— and I'm not saying you're wrong or right, I'm just trying to get the understanding— if you're going direct to agent, then there's a higher likelihood you're going to find those, those ready-to-go sellers? Because, you know, you talk to an agent, they might be talking to 100 sellers themselves, right? So it's almost like a leverage point, right? You talk to one agent, they have a hun— you know, they have 50, 100 people in their circle that may be ready to sell versus cold calling. You know, it's— yeah, it is fine. You got to make like 3,000 dials, right? You got to have, you know, 50 conversations— or not 50 conversations, like 300 conversations and find 50 leads to get a deal. It's typically what it's looking like, you know?

Absolutely. Yeah, definitely.

Now here's a question I have because I think I already know the answer, but how quickly did you start taking action from the first time that you learned about what wholesaling was? From that time to when you started actually reaching out to agents and sellers, pulling a list, how long was that?

It literally, dude, in a matter of hours. I'm a big action taker. Risk is something that doesn't concern me, and that should be alarming maybe to some people, but I love taking risks. So I was on the verge. I will say about a couple years ago, I used to think wholesaling was ridiculous, real estate was bonkers. You know, I had the wrong mindset behind it, so I didn't even want to get into real estate. I was just thinking, let me stick to my W-2. You know, I'll buy a fix and flip or a fixer-upper, and then I'll fix and flip it. Just because being in the trade, right, you know, making the connections I have in the trade, it can do— I could do that. Well, more recently I've been realizing, okay, you know what, No, this isn't, this isn't the way to go, you know, which started about a year ago in my journey. So, um, fully getting started in investing, but wholesaling is really new to me. It's almost, almost a month in, but the minute I did made that decision to get into wholesaling, it was like that. Like just started calling, you know, getting on the phone, researching, doing this, doing that, trying to find out the most information I could do, even the basic info just to start calling. Like, I don't have all the answers. I don't have nearly as much information to go through a full deal by myself at all. But the thing is, I took immediate action on making those phone calls just so I can start putting my foot at least in the door, you know?

100%. And that's super important, right? We think— what we think it is, is education plus action equals results. That's what we think the formula is. But the formula is really Action plus the results you get equals your education. That's the most, you know, that's the best education you're going to get is when you fail, right? It's going to be solidified in your mind, but you kind of got to fail forward. You got to take that imperfect action. We get caught up in trying to learn everything so we don't make mistakes, but in reality, mistakes are the gateway to success. You got to do that. So the fact that you started calling within hours is phenomenal. Like, that just tells me you're going to be so successful because you're just willing to implement. Experiment, experiment, experiment.

What works? This doesn't work.

This doesn't work. Failure is just a way that it did not work. You just keep going until you find out how it does work. And another point you touched on that's super important is this is great because so many people are where you are, right? Have you gotten your first deal yet or no?

No. So close and deals in the pipeline, but just haven't gotten there to that step yet.

Yeah.

No, this is great though because you're right in the thick of it.

You're taking action. Um, and you said, hey, I have a high tolerance to risk, right? I'm going to get in there, I'm going to take the action. I don't necessarily know all the steps to get it to the finish action.

That is so crucial.

And you don't need to know all the steps. That's the power of community and all these people.

Squad up.

That's the whole thing of the summer, right? Squad up. You don't need to know all the steps. You just got to take action, right? Just, just add value to the transaction by prospecting, generating leads, and, and then locking stuff up. Then you can work with someone to help you sell the deal or take it through title or do the TC work. That's just absolutely phenomenal.

Thank you.

I love that point. What would you say as of right now, what are some deals that you have in the pipeline that you could talk about that are close, that haven't— You said you were really close. Why do you think that they haven't gone through or have gone through?

Well, there was a situation that I came upon. It was a family. It was very weird how I came to even find this property. I was just driving, driving, wasn't even driving for dollars. I was just simply driving and I seen a house on fire and I was like, whoa, that's pretty crazy. But then I'm like, wait, I'm a wholesaler. I'm a real estate investor. So I pulled over, I got the address, and then I skip traced, found the homeowner. I gave him a call, um, started talking back and forth, found out that there is an open case on the property. They were at $200,000 that they wanted for the property. My data and my info came in and I can only offer them $165,000, maybe even actually I was, I think might have been $150,000. So, and I know the area personally because I live nearby, so I know like what it really— what, what is really, um, available to the public, like what, what the property will actually eventually be worth. So I knew I can go up a little bit more. So I was stuck at $165,000, they're at $200,000, and I built a relationship with the homeowner but just didn't bring that deal across the finish line because they needed that money, um, for the, the loan, and then them The family also, uh, needed some cash too, so— but it wasn't like something I could subject to or seller finance because the house literally was in a blaze, you know what I mean?

So what was the ARV on it again?

ARV was around $525,000.

Yeah, but it needed everything because it was fire damaged.

Yeah, right, right.

How many square feet was it?

It was around 2,500.

Yeah, it's a decent project.

So, and this is—

so yeah, absolutely. This is why— not to get complicated getting started— but why a sales process is important, because you uncover different bits of information, right? In my sales process, the price portion of it, it's not just how much they want for the house, it's how much they want to walk away with in their pocket after the mortgage is paid off, everything— after everything's paid off, and what they need that money for. Very important, because if we know that they need, you know, X amount— say their mortgage is at $200,000, right? And they need— they're saying they need $250,000, but really what they need is $50,000 to go buy a new house. If we don't know that information and we make an offer at, you know, $160,000, then we're going to be negotiating like in vain. They're gonna be like, no, no, no, no, no, and we're not going to know why they're saying no. But in reality, it's because they're going to be under their mortgage, you know, and they need that $50K for the other house. I know that's not the situation there, but just in general, right? Uncovering that information. So, um, that's a great, great lead though, right? So they needed the mortgage. What did they end up doing?

I believe right now what they're doing is they're actually rebuilding it. Um, they ended up getting the money from the insurance company, but the reason why that the seller was so motivated to sell it, the homeowner's motivated to sell it, was that because of the trauma that went on during the blaze, he wants to keep— his wife actually wants to, to sell off the property. He— she doesn't want no business with it. So he— what he's doing is he's going to try to fix it, try to move back into it, and then see, you know, if she's still uneasy, then they'll just put it back on market. But I was, you know, trying to lock it up as it is, but it's okay. I I actually told him, you know, even if I'm not even a part of the deal, if I don't secure the deal, I'd still love to help in any way, shape, or form. Just adding that value, whether that's a second set of hands, just pulling drywall down off the existing walls that didn't get, you know, ablazed or something, or gutting the property, you know, no matter what, always trying to help even if I'm not even a part of the deal.

So yeah, can you hear me right now? Can you hear me?

Yes, yes, can you hear me?

Okay, cool. Sorry, I accidentally muted my mic. Um, yeah dude, that is so phenomenal. That is the correct way to do the business. We are here to provide solutions for sellers. Every single deal that we've done, you know, we have been up there as one of the best solutions for the seller. We're not here to convince anyone to sell their house. I'm not here to convince someone to sell their house at a discount, right? We're here to figure out what's best for them. In this situation, the best case, hey, this is what I can provide for you. I can provide an offer at $160,000 if you want that speed and convenience. This is the price for it. Now, if you want to fix it up and do it yourself, you know, just educating, hey, you can absolutely do that. It's going to take time, right? You have to deal with contractors fixing it up, all these things. If you want to take the time to do that, you should absolutely do that, right? I'm not here to convince you of anything, but all I can tell you is what I can provide. The options that I can get, right? So, and it's about helping the seller too. And like you said, having the mindset, hey, I'm willing to help out, help you get it done regardless if I get the deal or not, that keeps you in the race though, man. Because what if he goes on to do the renovation and he decides this is way too much work, I don't want to do that. He's like, that man Desmond, he was a good guy, you know, he offered to help me out even though he didn't buy it. He could come back to you, but this is still a follow-up down the line for sure.

Yes, 100%, 100%.

And another key point you said here, this was driving for dollars. You know, you were driving down the road, saw the house, boom, you know, stop, pull over, write down the address, and then you're calling that thing immediately, right? You're taking action. It's not drive by the house, oh, that's an ugly house, yeah, let me get it tomorrow, let me get it the next day, let me get it in a week. No, it's right this second. You see the house, pull over, write it down, and you're calling that guy the same day or the next day. You know, so, um, that timeline to taking action is super important. You just want to shorten that as much as you can. Um, real quick, Austin Scott had a question on Facebook here. I wanted to answer cold calling. Any tips on speaking to the seller for the first time? Desmond, what do you think?

Oh, speaking to the seller. I mean, when you're speaking to a seller, you gotta understand especially which avenue or route you're going. You know, if they're in distress, meaning if they're tax delinquent or if they're in pre-foreclosure, they're probably really not going to want to talk to someone if you come off too professional. You got to come off kind of like a basic human. You don't want to come off roboty, but you got to just come off as you and just come off just, hey, you know, my name is Desmond. I'm looking to speak to the property owner of 123 Main Street. They're going to probably ask you why, and then just say, you know, I'm an investor. I'm interested in buying your house. They're and just be honest and just tell them the truth right there. It will open up the window of that. Now they know exactly why you're calling, what you're doing, and if they're not interested, they'll just tell you no. That's one avenue. Another avenue is you can call them by name. You can say, hey, Mariana, listen, my name is Desmond. Are you interested in talking about your property? You can also go on that approach. You're probably gonna get more questions on how they— you know their name, but you can just be straightforward. Again, you just want to— you, you want to kind of cut the time out. Everything's about time or what we do, so you just want to really get to the point and let them know you're not the bank, you're not the government looking to come repossess them or arrest them or anything like that, or the property. You just a person looking to buy the property. So you got to make that known really fast, really quickly.

100%. I'm so glad to have you on, man, because you're in those initial stages, but you're taking action. So you know better what it's like having that first phone call, you know, because that was whatever, a few months ago. For me, it's like I don't necessarily remember what it was like. Well, I do remember, I was terrified. But, um, specifically, you know, so that's great. But that's, that's it, man. You got to be— you have to be genuine. That's the answer. You gotta be you. Sales processes and all these things are great, but at the end of the day, you gotta be, you have, you need to have authenticity and confidence. That's what I say, those two things. You can be authentic yourself, the seller's gonna feel that, they know when you're faking it. Then being confident, a confident, competent professional that's there to solve their problem. They trust you that you have the capabilities to come in and serve them. And then you just be authentic on top of that, so. Super good, man. I agree. Couldn't agree more. Be genuine.

Ah, okay. I do have one more tip on that. Um, if you do get to the point where you leave a voicemail, do not, and I repeat, do not leave a voicemail saying you're looking to speak to them regarding the property. As simple as, hi, my name is Desmond, please give me a call back. Boom. Let that ride. They will call you back. So many people have called me back just on that one-liner right there real quick. So if you don't get in touch with them right away on the first call, leave a voicemail if you can, and then just tell them, hey, give me a call back. And then they're going to be like, who are you? Like, what's this about? And then you can go into it.

So dude, so good. We call it a cliffhanger voicemail, right? Well, there's two ways you can do that. There's that which you're just kind of leaving it open. It's, you know, it's not as clear because a lot of times if you say, hey, this is Desmond, I'm calling about your property working through Main Street, want to see if you consider selling it, so many people have called them, they're just gonna have an automatic response of like heck no, I'm not responding to this guy. But if you say, hey, this is Desmond, give me a call, they're like, that's— who the heck is this? And then they're going to call you back, and then you can try to build some rapport on that, on that call initially. Sometimes we'll even do a cliffhanger where it's like, hey, this is Jake, I'm just calling about your bro— and just like hang up the phone, just like I, I got cut off. Um, and that's worked sometimes as well. So you can do either or, leaving voicemails. But you don't want to leave it too long. Uh, you want, you want to keep them intrigued, keep them on the hook. You want to really— what it is, you want to have a little bit of leverage. You have leverage, like, what's that?

What are you talking about?

Right. But anywho, okay, how do I get this off screen? All right, cool. All right, so I'm gonna pop it open for questions for you. This is your time to— if you had any questions whatsoever about, you know, calling, talking to people, getting started, systems, whatever you had, I wanted to be able to answer that for you.

Yeah, I mean Definitely. As a, as a beginner like myself, you know, um, I'm one-man band right now. I'm doing everything on my own. Um, what is the best thing you can recommend to new people like myself, or just any, you know, anybody? What are the systems that we should have in place as newbies, little to no money, getting started? Yeah, you would suggest—

this is really good. I think, um, starting off the bat Uh, tracking your numbers. I think that's the first and foremost biggest thing. And if you look at Optimize REI, our Facebook group, we have an Optimize REI KPI tracker. KPIs are key performance indicators. For people who don't know, they're like the vitals of your business. If you don't track your numbers, like your dials, contacts, leads, it's impossible for someone else outside to come in and know what you're doing wrong when you're not getting results. Because if you have a lot of dials but not a lot of conversations, I can tell you, hey, you're putting in the effort but you have bad data. You need better phone numbers. Or if you have a lot of dials and a lot of contacts but you can't get any leads, maybe you're just not good at talking to people. So we need to be able to know that. So I'd say the biggest thing is tracking your numbers every single day and obviously taking action. You need to be consistent. You cannot get caught up in trying to learn, which I don't think you have an issue with, Desmond, but a lot of other people I think may, is you need to be making calls every single day. Every single day. Yes, listen to the podcast and do all that, do all those things and learn the information. That's great. In tandem, got to be taking action. Have to be taking action. You're gonna learn way more from, you know, from calling people than 100 podcasts on how to talk to a seller. So I think being consistent every single day, finding at least an hour every single day to make phone calls, and then track those numbers, right? You want to track your dials your conversations and your leads when you're cold calling, right? So if you're a direct agent, you want to, you want to, um, track how many dials you're making, how many conversations with agents, how many leads, right? Um, okay. Um, and, and set goals. Like, be like, hey, I'm gonna call for an hour. Or it can be like, hey, I want to talk to— have 10 conversations with agents today, 20 conversations with agents. So I think that's the biggest thing, is finding consistency to actually do the work and tracking, tracking your work. And the third thing in terms of CRM, I actually have a YouTube video coming out soon, uh, hopefully this week, that's how to set up your CRM for free in 20 minutes. And it's me literally setting up a Podio account and getting in there and just boom, really quick, creating the CRM that you can use to start tracking your leads. Because organization— people say, oh, don't worry about the systems and the CRM when you're starting. I get why they say that, because they don't want people to get hung up on that and not take action. But I think it's vitally important to have a CRM right off the bat, because you want to be organized from the get-go. So don't get caught up in the CRM, watch that video, just set up your Podio for free. And then it's phenomenal because each lead has its own card. You can put your notes from the lead in there, you can set a follow-up task, and then your day is very organized. You get home, you know, you're calling from 6 to 7, you can pop right into your CRM, look at all of your tasks, Cool, I gotta call 123 Main, call 124 Pine, I gotta make an offer on this one, I gotta underwrite this, and you just slowly work down, right? And then each time that you, you know, you call and they don't answer, you set another follow-up task. And all you do every single day is so simple. You just get in and you go through the tasks on the CRM. So the 3 biggest things are doing the work, being consistent with it, finding the time, tracking the results, and putting it in the CRM to stay organized.

Got it. I love it. I love it. And then another question I had, basically, um, to get to that point, right, because you're not just gonna 1 to 2 calls, right? How or what dialer can you suggest or recommend to new beginners getting on the phones, um, that you can recommend to people?

Yeah, I think, um, the biggest thing— we always use Batch Dialer. And I love it. It was a very simple interface, very easy to understand. I could even create a YouTube video on that, honestly, about how to use BatchDialer. That'll probably be helpful for people. Um, awesome. I'll get to that comment in a second. Uh, BatchDialer, I think it's the easiest. It might be like $139 a month, but dude, you're, you're just tripling your volume, especially if you pull a vacant list for, you know, you're in Massachusetts, so you pull a vacant list for, uh, Middlesex County, pretty big county, right? There might be, you know, 6,000 properties on 7,000, however much is 10,000. Typically speaking, direct-to-seller, and same with agent, it's a numbers game. Direct-to-seller, I need to have, you know, 3,000 conversations with the seller— or sorry, 3,000 dials, 300 conversations with the seller to get like one deal. So those are the numbers. Why am I going to sit here and dial on my phone when I can just triple line dial and, you know, in an hour dial like 200 or 300 people easy, you know. Um, so I think BatchDialer is a really good dialer to get started with, uh, if you're doing direct-to-seller. I'm sure you could pull a list of agents and put it in BatchDialer as well for direct-to-agent, but definitely if you're cold calling, get on the dialer as soon as you can because it's just leverage.

Absolutely, absolutely. And I mean, yeah, that was like kind of like my biggest questions, um, I had on my end, you know.

Yeah, you're cranking, dude. I mean, you can— because are you cold calling?

I am.

Yeah, cool. Cold calling is great to start with, honestly, because, um, you're going to sharpen your skills, your speaking skills, which is huge. Dealing with objection, battling, battling rejection, all those things is, is super important. So cold calling is, is phenomenal. It's your direct agent. And then it's pretty much like, as you scale, it's just Once you start to get a few deals, you just take some of that money. Don't put all the money back in the business, keep some, but, you know, take some of it. And if you're doing direct-to-seller, you hire a VA, cold call. Or if you're doing direct-to-agent, you build it, build it, build it. I'm not sure specifically with direct agent, not too much experience, but, um, you pretty much just hire acquisition managers, right? You don't really have like cold callers and lead managers. Um, typically you want to have someone who's very knowledgeable in these areas, so someone who's probably US-based who knows the culture and who knows the area as well can reach out to these agents to build good rapport. Um, but yeah, just be active, man. Um, hold on, and then we got Austin Scott. Can you explain double closing in depth? And what is escrow? You know the answers to these, Desmond?

No, that's actually a great question. Why don't you help us out on that one?

Yeah, so typically when you do a wholesale, right, it's an assignment of the deal. So you have a contract of A to B to purchase, sell, uh, purchase and sale with me and Desmond. I'm gonna buy Desmond's house. We have a contract that says, hey, I'm gonna buy it for $100,000. Typically in a wholesale, I'm going to assign that agreement, the rights to buy, that agreement. So I'm gonna have a second contract, B to C. C is, you know, John Doe, he's the buyer. And that assignment agreement is essentially going to tie him to the original purchase and sale. I step out as Party B, as the middleman. I step out, and at the closing, it's going to be John Doe buying Desmond's house. And then I'm going to have a little line item on the HUD that says, hey, pay Jake $10K for the assignment. So I go out to John Doe, I say, hey, I got the rights to purchase this house at $100K. Do you want this contract? He goes, yes. Okay, I say, great, pay me $10K. He buys the contract for $110K. That's how you wholesale. A double close is essentially on the same day I actually bring the $100,000, close on the property with Desmond, and then in that same day everything's lined up at title, I'm going to resell it to John Doe for $110,000, right? Now ideally we don't do that because that's double the title fees, double the cost, double all the things. But instances where you're going to need to double close is say you're making a really big assignment, like making $60,000, $70,000, Buyer might get salty about that, so you, you want to double close. So then it's like, okay, well, I don't have the money, how do I double close? So there's this phenomenal thing called transactional funding, and these are asset-based lenders. These people do not lend based on your personal requirements, your credit, all those things. They're literally looking at the deal, saying— you present to them, hey, here are the comps, here's the deal, blah blah blah. They're like, okay, great. What they do is they literally just— you line up everything at title, you're You have your A to B, you have your B to C. The title company knows it's going to be a double closing. You literally bring in that lender to supply the funds to actually close the first transaction, and the second half of the day the buyer comes in and you resell. Now they charge, you know, it's kind of expensive. So say the purchase price is $100,000, which is cheap, um, you know, they're gonna charge 2, 3 points. What does that mean, a point? It's a percentage of the loan amount. So if they're loaning you $100,000 and they charge you 2 points, that'll be $2K out of your fee. So if I had to double close that, that deal in that example, um, $100K, then, you know, it would be $2K out of my assignment fee. But if it gets a deal done, then it gets a deal done. Um, and then furthermore, some title companies let you do a double escrow, which is where you essentially— you don't actually have to bring the funds. They'll let the funds flow through from Party C to Party A You don't actually have to bring the money, but, um, they're two separate settlement statements. Um, does that make sense about double closing, Desmond?

Yes, yes, it does. Clears up a lot of things, you know.

And then escrow with title company— escrow is just you're opening escrow. I guess I don't know specifically kind of the definition, but, um, say we locked up a contract today, 4/28, and it was going to close on May 28th. You have to open escrow at title, which is where you're going to put EMD down, earnest money, which Um, essentially like a little down payment. You need earnest money in a transaction to make a contract legitimate. There needs to be what they call consideration. So you might put down $1,000 towards that, that, um, deal, and that would be escrow. But escrow is essentially from the time that the property is sent to title to the time that it closes. It's that period, that escrow period, um, closing. But, uh, that's great. Yeah, dude, that was it. 30 minutes. I want to keep it short. If you had it, you know, other questions that you wanted to go over, obviously, if, um, you know, you can always text me and stuff. I just wanted to bring, bring this on, bring you on, kind of highlight you a little bit because you're right in the middle of that. You're an action taker, man. If anyone has questions, like you haven't made any dials out, you're looking to get started, dude, reach out to you guys. Take an action and he's just, he's just getting after it. So, um, these are the types of people you want to be in touch with. Because I can, I can definitely help you get in the first deal and all those things, um, but the people who are right in the middle of it actively doing it— I know you're going to get it soon, um, are the ones you want to talk to. So I appreciate it, man. We'll be in touch.

Jake, thank you, man, for having me, bro. Blessings. I'll be in touch with you. All right.