Dealing With A Seller Who Was Addicted To Meth Was Not Easy! [PART 3] #wholesaling #storytime

Name: Dealing With A Seller Who Was Addicted To Meth Was Not Easy! [PART 3] #wholesaling #storytime
Uploaded: 2024-06-15T15:00:24+00:00
Duration: 59 s
Channel: Nathan Payne
Description: In this storytime segment, Nathan Payne recounts a real‑estate wholesaling deal involving a seller named Lee who was addicted to methamphetamine. The…

15 Jun 2024 · 1 min

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In this storytime segment, Nathan Payne recounts a real‑estate wholesaling deal involving a seller named Lee who was addicted to methamphetamine. The team, split between lead generation and negotiations, visited Lee’s house seven or eight times to negotiate a sale. They discovered Lee owned the house outright after inheriting it but had no cash on hand. To keep Lee stable until closing, the team bought him groceries. Recognizing that a lump‑sum payment would likely be spent on drugs, they structured a creative‑finance agreement where Lee would receive monthly payments instead of a large upfront sum, allowing him to meet his immediate financial needs while reducing the risk of drug‑related spending.

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We meet with this seller, super urgent to get money, and you know why, okay? He needed money and he was like, I need to sell this house, I need to make money, I need to get my money right now. So at the time, I wasn't going there to negotiate with the seller. Corey was going with the broker we were working with. So they ended up going to negotiate with Lee multiple times, and I was doing leads management and they were doing negotiations, acquisitions management. We were bouncing around roles at that time. But anyway, so they're negotiating and I think they had to go like 7 or 8 times to Lee's house to negotiate, and they ended up up finding that he had no money. We ended up buying him groceries so we could help him make it until the day that we closed. We were able to kind of work out a deal and he owned the house outright. He had inherited the home. There was no mortgage on it. So the deal that we ended up working out with Lee was that we would make him do a creative finance deal where we would make him payments every month. And he liked this because, you know, he didn't want all the money up front where he would just blow it on, unfortunately, drugs. He was like, just give me enough and that will keep me from blowing it.