20 year old tries cold calling for wholesale real estate

Gentlemen and gentlewoman, in this video we are going to be closing 2 cold leads. You can see the whole structure on how I talk to them from completely cold to going through their pain points to understanding everything about their situation and how to solve it. If you're new to this, I've been doing this for 6 years. I'm pretty good at it. I make pretty good money at it. If you want to get taught by me one-on-one to make sure you build this business the right way and you scale it the right way, in a short amount of time, you can click the link down below, fill out the form, see if we can work together. You want to follow me on Instagram, it's @modestmendez. The link will also be down below. Like, comment, subscribe, all that YouTube stuff, and enjoy the video.

Good. Do some break real quick. Jake Seller. Hey Jake, this is Jay. Did you see my text that I sent you? Um, when did you send it?

I sent it last night around 6 PM.

The reason I'm giving you a call is because I saw you were interested in selling that property over there on Elmwood.

Uh-huh, yeah.

Gotcha. So I was just giving you a call trying to get more information, see if we're a good fit.

Yeah, yeah, for sure.

Uh, so could you tell me a little bit more about the property? I mean, well, I'll introduce myself. My name is Jay. I'm a local investor here. We buy properties like yours all the time. That's why we have that website up and, you know, trying to buy more houses.

Yeah. Are you guys flipping primarily or do you do any buying?

It really depends, honestly.

It depends on the area, it depends on the price, depends on the condition of the house, either if we flip or we just keep it as a rental.

Okay, cool. Yeah, as long as you have that option to keep it as a rental. This one specifically We did rehab in the summer.

Okay.

And we've got a renter in there, $1,350 a month. The house is in good condition. It's nice and nice, everything inside. The renters have been good. They've been in there since August. You know, they paid first month, no problems. No repairs or anything. It's a 3-bed, 1-bath. Yeah, what else do you need to know? What else would you like to know?

Right, I mean, I'm looking at it now.

It says it was listed not too long ago for $139,000.

Is that still what you're looking to get out of it?

Oh no, no. I'm an investor too, so I know if we're going to sell off market to someone buying cash, we got to come off market. Yeah, so, you know, I'm looking more like $100,000, maybe $120,000 would be where we like really hope to get. Probably go somewhere between $115,000 and $120,000.

Got it. And you said you have that tenant in there since August. Are they on a month-to-month? Or are they on a yearly?

They are on a year lease. Yeah, year lease until August of next year, month to month after that.

Okay, so the better option would be to keep the tenants in there and just sell it off as is. Okay. But you're getting, you're getting $1,350. That's not that bad for that area. Why sell it?

Yeah, you know, primarily just personal reasons because some things come up. Okay, that we're trying to recoup some of our capital, um, to pay for different, you know, medical things, other stuff like that. Nothing crazy, it was just a bunch of stuff that happened at the same time. And so, um, I mean, truthfully, if I could, this would be one I'd like to keep just because, right, the rents are good for the area and for the price point of the house. But, you know, it is what it is, right?

And then you said you did do some repairs not too long ago. What specifically. If you could give me like a walkthrough through the house kind of point.

Yeah, is this your, is this your, uh, cell phone?

Yeah, this is my personal number.

Can I— let me— one second. Can I, um, do a picture?

Yeah, if you could send me pictures, that'd be great.

Uh, yeah, I'll text you a— let's see if I can find this. Oh yeah, I'll text you a link. This is a walkthrough link. Okay, we had done, uh, originally when we were gonna sell it, um, and let me just see if this will pull up real quick. Um, we put in about, I don't know, close to $30,000 into it.

Okay.

Um, we, uh, I mean, it's primarily all cosmetics, you know, like Granite countertops, refinishing hardwoods, paint, obviously. Um, put in, uh, obviously redo the bathroom. Um, trying to think what else. Sorry, this internet's not working very good. Actually, can I email it to you?

Yeah, you can email it to me. Let me go ahead and send you my email.

Yeah, which one? Yeah, just text that to me. I'll send it to you right now.

Um, so from condition, from a condition standpoint, where would you say it's at from 1 to 10? 10 being like a new build and then 1 being I walk in there and the floor breaks on me.

Um, well, I mean, obviously because of the year of the house location stuff, not a 10, but, um, I don't know. I mean, I think we did a pretty good job on the rehab. I'd say probably somewhere around 8.

Around an 8.

Okay, that's not bad. What, what are you looking to— you said you're looking to get out around $115,000, $120,000 for the property. How quickly are you, are you wanting to close?

Because on average we're between 2 weeks and 30 days. Is that too slow for you, or do you need more time?

I think that could work.

Okay.

I think that could work. I mean, obviously the sooner the better. And full disclosure, I've got this deal out to a couple other investors as well.

Okay, that's fine.

But that kind of same— I mean, same point in the process, just work it through it. Okay. But, um, but yeah, I mean, sooner the better. I did just send you that link. You can click on that. It's got the tour. You can kind of walk through it and see what it looked like right before we put tenants in there. And we, um, we haven't had any issue with the tenants, not even any repairs that they've asked for since they've been in. So, okay.

Oh, this is nice. You did the full, the full 360. That's nice.

Yeah.

Okay. Yeah, it looks pretty good. Why don't you just list it with an agent, maybe for a lower price?

Um, well, we originally listed in the summer, um, $139,000. You know, we had some comps in the area, hit and miss, they're different, they're all over the board. But, um, and then the more I thought about it at the time, I was just thinking, you know, this would be a good rental. We can get $1,350, you know, we can just keep it, it'll put up cash flow pretty well. So that's why we pulled it off.

Okay.

I don't love going to the MLS with the tenant in place already.

Yeah, it gets a little tricky, especially with the walkthroughs.

Yeah.

As far as—

Go ahead. Yeah, no, that's it. Go for it.

I said as far as walkthroughs, this is pretty clear, but we'd still want to get eyes on the property.

Um, for sure.

What is the schedule for the tenants? What's, what's that relationship like between you guys for us to get maybe one walkthrough, uh, to make sure, you know, what we talk about is what the actual condition is like?

Yeah, we could get you in. I, I'd have to talk to my property manager.

Okay.

Um, just to kind of make— do what we need to do to make it happen, but it shouldn't be an issue.

Okay, do you know what the schedule would be like, the availability?

I don't, I don't, I don't have a pulse on that, like those details.

Okay, no worries.

And then is this—

are you the sole owner, um, for this property? Do you have any partners on it? Okay, so if we were to agree on a price today You'd be, you'd be willing to sign and get everything started?

100%.

Perfect.

Okay. Yeah, just want to make sure there's no, there's no crazy wife involved that wears the pants, you know, and then she doesn't want to sell.

Yeah, I'm the sole owner on the house, so it's, um, yeah, it's no worries.

Perfect.

And then do you owe any money on the property?

Yeah, I do, um, like $101,000.

Okay, so your payoff would be around $101,000. When's the last time you checked that?

Um, I checked that like within the last few days. Okay, perfect.

So we got $101,000 payoff and you're looking to make at least $10,000 to $15,000. Outside of the pay.

Yeah.

Okay.

Yeah.

And $115,000 doesn't sound too bad.

Is there any wiggle room on that $115,000?

I don't know. It'd be hard to come a lot lower than that just because of how much we put into it. I'd truthfully probably be taking a little bit of a loss at $115.

Okay.

Um, so, you know, with everything else and all the stuff that we put into it, or at least, you know, very close. But yeah, I get it. It happens. So that's why I don't want to come off too much.

Right.

Uh, I mean, maybe $114, you know.

Okay. Perfect.

So I don't want to come off too much.

Got it, got it, got it. Okay, so let me— yeah, you sent me the walkthrough. We know the payoff, we know the tenants are in there for a year. We, in a perfect world, we'd want them to stay there. Um, cool.

Let me go ahead and send this off to my partner Caden.

He'll go ahead and run the numbers on it, and I'll get back to you. When is a good time for me to call you back?

Uh, you can, you can call me back whenever today. I'm, I'm pretty free. Okay. Can I throw a couple more properties at you in your email?

Yeah, send those over. Are those in the same zip code?

No, I got one in 64127 and one in 64130. So I don't know if you buy there or not, but I just got a couple properties that are currently vacant.

Okay.

That I've also been tossing out to some different people. And so I'll just, I'll just shoot you that right now, actually.

For sure.

If you could send those out, the addresses, what you're looking to get out of them. And you said the other ones that you're going to send me are also vacant?

Yeah, those are vacant right now. I just emailed you the two addresses. One of them's a little higher end of a remodel than the other. Okay, pretty full rehab on the Askew property because it was the same kind of deal. We were gonna, we're gonna sell it and then we decided now let's just pull it and, uh, rent it. But then things came up and we gotta upload it. But, um, the other one, 40th Street, I attached the Zillow link. You can— they're both on the market for rent right now.

Okay.

Obviously, if we sell these, we will pull them off if you'd like us to, so you can put your own in there. But the other one is more of a, you know, turnover kind of rehab that we did. And that one, we actually have a soft offer on.

Okay. And for those, how much are you looking for ask you and how much for 40?

Um, for, for ASCII, no, I'd really hope to be somewhere, um, perfect world somewhere around 170, but okay, somewhere between 160 and 170 I think we could probably make work. Okay. Um, uh, ASCII or 40th, we've got a soft offer at 172. It's pending a walkthrough. I, I, yeah, I don't think they're going to come back to $172,000, but same kind of deal. I'd love to be somewhere $160,000 to $170,000, I think.

Okay, cool. So I'll go ahead and send these over at the same time also, and then we'll get those finalized offers for those. And since those two are vacant, those should be easy to go and get inside, right?

Oh yeah, for sure. Those can get in easy. You can get in those ones easy. Perfect.

So let me go ahead and get to work on those.

I'll send them off to my partner and then I'll give you a call back.

At Clifford?

Yes, what's up? What's up, man? This is Jay. I was giving you a quick call, wanted to see if Maple Street was potentially for sale.

For sale? Uh, yes.

Uh-huh.

You said yes?

Yes.

Got it. Is that the only property you'd be interested in selling?

Well, I'd be interested in selling all of them.

Gotcha.

How many you got, man?

Uh, let's see, I think I got about 11.

11 properties. And what makes you interested in selling those?

I'm tired of fooling with them.

I feel you, man. What, too much hassle with tenants, I imagine?

Well, you know, I'm just— I'm getting older and I guess, you know, I'm ready to give it up.

Gotcha. I get you, man.

Man, we're on the opposite side of the spectrum. I'm trying to buy more and you're trying to get rid of them.

Yep.

So this one on Maple Street, what specifically about this one makes you want to sell it?

I've just got to be telling you, I'm just, you know, I'm ready to just get out of this game.

I get you, man.

Is anybody currently living there?

Yeah.

Mhm.

Are they on the month-to-month or are they in a yearly?

No, month to month.

Month to month.

Okay, how would that work for them to find somewhere else to live?

Do you have that relationship with them for them to be able to move out in about 30 to 45 days?

Yeah.

Okay, cool.

And then could you tell me a little bit about the property?

When's the last time you went to go look at it?

Uh, maybe a few months ago.

Okay.

And from a scale of 1 to 10, 1 being I go in there and I fall through the floor and 10 being it's a brand new property, where would you say it's at on the scale?

Well, it's not brand new, but you ain't gonna fall through the floor either.

Okay.

It's in good shape.

It's in good shape.

Would you say maybe around a 5?

Probably a 7.

A 7?

Okay.

7, 8. Yeah.

Gotcha.

It's the brick one, right? I think I drove through it the other day and I saw it. Okay.

Do you know how much you're looking to sell for?

Yep, $38,500.

You want $38,500. And I'll tell you a little bit about ourselves. We're local investors here. I'm buying roughly between 2 to 3 properties a month. We already got one out of the way. We're trying to buy the other two. And normally we like to buy these properties between 2 weeks and 30 days. Is that too slow for you, or you need more time?

No, I don't have a problem. I'm not in no hurry. It doesn't make any difference.

Gotcha. And let me ask you this: why not just list it on the market with an agent, or keep it, you know, that money, when I can just keep it for myself?

Right, you want to avoid those commissions, right?

Yeah.

Perfect. Which other properties are you also interested in selling? Because I know 38.5 for this one.

Yeah, 1704 Poplar.

Okay.

1304 Linden.

I'm pulling it up right now.

And are you able to get me pictures for these?

Uh, uh, I really don't do all that.

Okay.

You could come by and get to see and look at it yourself.

Perfect.

About that, when would be a good time for me to send my photographer out there to double-check on the condition?

Anytime you call me after 10 o'clock.

Okay, after 10 a.m. you should be good.

Yeah, perfect.

And then tell me this, do you owe any money on these properties?

No.

No, okay, they're free and clear, no liens, no judgments, none of that funny stuff, right?

Correct.

Perfect.

And are you the sole owner of these properties?

Do we have a A wife that wears the pants? Maybe she has to sign off on this?

Yeah, but that's no problem.

Okay, she's on board with selling?

Excuse me, what now?

You said she's on board with selling also?

Yeah, yeah, perfect.

Okay, so let me do this. I'll go ahead and run the numbers just to double-check. We're talking about Maple Street, we're also talking about the 1100 Poplar.

No, it's, uh, no, it's 1304 Poplar. Okay, 1304 Linden and 1704 Poplar.

Perfect. And those are the only ones you'd want to get numbers on, right?

No, uh, you get 13087.

Okay, so I'll run numbers on those. I'll send it out to my team.

When is a good time for me to call you back?

And see what we can do.

Anytime.

Anytime. Maybe an hour or two from now would be good.

Yeah, that'd be fine.

Perfect. Let me go ahead and get to work on my end, and I'll be giving you a call soon.

Okay, perfect. Thank you so much, man. We'll talk