How David Made $5K Without Signing a Contract 💸

What is going on everybody? This is Nathan Payne, Investors Tribe Nation. Thanks for tuning in. I got my man right here, David "The Truth" Lamorte. What's up, bro?

What's going on, my man? Thanks for having me here.

Always a pleasure to hop on here with you, man, and I love bringing you on because, man, you just got another deal, right? You just got paid.

I did, I did, I got paid. I did it in a way that is not as common, a little bit more of a painless way. I got it done, bro.

That's what we're all about, is doing things the painless way, because as you grow, there's a lot of opportunities that are going to be hitting you. And obviously you can't do everything, you can't do the whole process all the way through yourself. So you got to leverage other people, you got to network. And honestly, I was listening to a podcast by Alex Hormozi, and he said that leverage is the key to wealth. You want to make more money, you got to leverage more people. So everything what you just did, you were able to leverage your buyer, buyer was able to leverage you. And you didn't have to go through the whole process to do this whole deal from start to finish. You got paid the painless way for, for doing a piece of the puzzle. So David, kind of tell us what happened, man. You just made $5K and it wasn't a wholesale fee. You didn't have to sign any contract, any paperwork. You got paid through an invoice. Is that right? Or no, you got paid through Zelle.

I did. I got paid through Zelle, which it's funny too, because I didn't know you could get more. Someone told me you could only get $2,500, but I guess the $5K went through and I think as you get more, they'll allow you. Yeah, man, just like you said, leveraging relationships. I mean, I never really— I mean, I'm starting to understand that just more and more when people say, you know, relationships, it's who you know. It's like kind of cliché, but it's cliché for a reason. And so I met with a buyer close locally, and we went to the mall, we met up, it was cool, good vibes. And he showed me a little bit how he drives for dollars. So I've been driving for dollars for, you know, a couple of months now. One of the houses that I tagged, basically what happened is, was One of the houses that got tagged, mailer got sent in, and they called. Not me, they called my buyer, and he made a move on it right away and got it sold. Wow. Since he was able to close on it, he just paid me right from there.

Bro, that's amazing. And this is the thing, a lot of people might be like, well, what did your buyer make? Like, did he— if he wholesaled or flipped it, what'd he make? And he gave you $5K. Some people might look at that as like the glass half empty. They might be like, oh, well, you know, what did they really— it doesn't matter. In this, because the thing is you, you never, you leverage him. He leveraged you, you work together and you didn't have to worry about that. And that's kind of like the way we work with buyers too. It's like, hey, if I'm making a thousand dollars on wholesale fee or $50,000, you shouldn't care, buyer. You shouldn't care what I make. And it's kind of the same thing with us. Like you marked a property, it hit him. He took care of the whole thing. You didn't even know what was going on, right?

No, man. Uh, yeah. And I hope he makes $50K or more because I don't think we even talk about this because we'll see what happens. As it flips. But if it goes through, then it might be able to get a little extra on the back end. But I'm just happy with what I got. But that's just a little possibility over there.

So, bro, let's go. So you were able to develop a relationship enough with a buyer, uh, that, you know, is willing to pay you, and you didn't have to sign any— you know, you didn't have to lock it up in a wholesale agreement and then assign it to him. He just sent you a Zelle. Now that's exactly the relationships that I'm talking about. Now you want to develop relationships with people where there's trust involved. And obviously people are like, you can't trust anybody. But look, you can get on the level with I believe to a certain extent where you feel that trust, right? Maybe like someday they might get crazy, but that's on them. You know, we're doing our part. And by you driving for dollars, helping him out, he was able to make money. You're able to make money. You're able to learn, right? And you can do the exact same thing. You know, we're going to the Tampa market right now to help you out because you're one of the, you know, the 3 Months, 3 Deals students that we're working with. And we're gonna do the same thing. We're gonna network with people, say, hey, you mark properties, if you got some, hit us up, and we'll do the same thing. It's all about leverage. It's all about networking. And getting deals with little to no marketing spend. That's my goal. I want to be profitable.

Yeah, man, 100%. It really is about, you know, finding people that you can be, you know, honest with and yourself with, and transparency is huge. And just like, you know, this guy that I'm working with, I mean, it's funny because it's like, I mean, he's a buyer, but in a way I kind of don't think of it that way, at least in the way that, you know, maybe when you're getting started, you think of buyers, or it's like this thing, and Even to when title companies protect them, it's like this thing that's like, oh, you want the buyers? Or when you work with other wholesalers, sometimes it's like no one wants to give up their buyers. And it's like, oh, like this is right here. This is my, my guy right here. You know? That's right. And yeah, I'm grateful for that for sure.

And I kind of get why people want to hold on tight to their buyers, man. Cause the buyers essentially, they're like the gold, bro. You know, like they're the ones that are getting, they're the hot commodity, especially right now in this market, David. Like, If we were in that market during the pandemic where you could sell anything, then it doesn't matter. Everybody's a buyer, everyone's feeling good. But when you got right now when the market's a little kind of like it is, by the way, in Florida it's hot, so it is a hot market. But a lot of people, they want to be a little touchy on their buyers, and I get that. But that's why doing things the painless way, getting your buyers, building those relationships, that's why when you become the hot commodity, the hot girl in school, everyone's going to be coming to you, David, and saying, hey, Man, I know you got some slick buyers. And that's why I kind of told you earlier, I just reached out to one of the agents I worked with a while ago. She has great relationships with buyers where she can just go to the house the day of, you call her, go tell you what she'll offer, and then you lock it up. You don't even have to have it under contract. That's a pretty valuable, like, uh, relationship. Someone that can tell you exactly what they'll pay.

That's ideal.

That's ideal.

That's a cheat code.

Yeah, that's a cheat code. And that's what we're trying to teach everyone here. If you guys don't know what painless flipping or pre-flipping is, it's having those relationships with those top buyers who, instead of you having to lock up a deal that you're kind of iffy about, you're not sure, you don't want to waste the seller's time, you don't want to waste your time, you reach out to your, your buyer, you say, hey, the seller's motivated. I don't know exactly what they want, but go ahead, the house is open, or I can get you through there, or just here's some pictures, tell me exactly what you'd pay and I'll get, I'll get the deal done for you and I'll throw my wholesale fee in there. I'll just get it a little bit lower. They say $200,000, you talk to the seller, you offer $180,000, the seller's like, no, I can't do $180,000. Then you're like, well, what would work for you? They're like, $185,000. I can do $182,000. You go negotiate, negotiate, and there's— you have your spread, and it's all sold before you even have to sign the paperwork. Then you can sign it, assign it, or you can basically say, hey buyer, I can fill this out, but if you just want to pay me an invoice so I don't have to fill out paperwork. I like doing that sometimes because, bro, I just— sometimes I'm lazy, dude. I don't want to fill out the paperwork, you know.

I'm like, hey, just paperwork is challenging too, and it could scare people with, you know, LLCs and signing over and contracts, and if you don't want to do a double close.

Exactly. Dude, the double close, and a lot of people talk about the double close, but the double close, if you use transactional funding, can cost about 2% of the purchase price or however much money you're borrowing. That can really, and depending on what market you're in, that can take off like $4,000 or $5,000 off of your assignment fee. So I try to avoid double closing as much as I can because you got to pay the closing costs and the transactional funding to actually close on the property. So let's figure out any way to not pay extra fees by just being transparent and saying, hey, you take care I'll take care of this one. Just hit me on that invoice. We'll sign an agreement saying that you got to pay it.

Yeah. I mean, just to say again, because honestly I probably had to hear it several thousand times before it meant that much, but you know what's a good analogy is, you know, the word privilege can be a rough word sometimes, but I like the analogy of like you're privileged to where when you go to your faucet and you turn on the water, you expect that it's going to be there. You know, you, you have that expectation that it's going to be there. So the same way when, you know, you can get to that place with a buyer where you're not even thinking of that as a privilege, where it's like, oh, it's a privilege to the water. I was like, no, bro, like that's your buyer. Um, and that's how relationships and transactional, you know, that could be okay when it's the right fit and for the right people. And I know a lot of people don't, sometimes they feel like they're not bringing value or they don't know how to get involved. But I think by being the most honest about where you're at and what you can contribute, at least to that team at that time at that place, then you can leverage yourself with them.

1,000%, bro. 100 billion percent. Let me tell you something. When I first got started, the skill set that I had, I had no knowledge of real estate at all. I went to a real estate broker. I just— all he did is I went on Facebook and I said, hey, I'm trying to network with people who's interested in like helping me out. Some broker here in Utah was like, hey, I'll help you out. You can come work in my office. Any people that you call, you can wholesale, but if they don't want a wholesale deal, let me list them. That's what— that was his pitch. So I knew my value to that guy was I can call. I mean, I can pick up the phone and dial. I can talk. I don't really have that much skill at that point when I first started, but that's the value I had. Now fast forward right now, if he was like, hey, you "Here's the dialer, here's a list, go call it." For me, I'm like, "It's not worth my time. My skill set has evolved." So everybody, whether you're brand new to where I'm at or even far, far beyond, you can provide value to others, okay? It doesn't matter if you're cold calling for them, you're driving for dollars like you have for this guy. Now you're going to start hitting up people and saying, "Hey, I need you to drive for dollars for me, and I'm going to pay you once I do the deal." It's just constant progression, and that's what we're trying to do. I'm trying to do apartment complex right now. In the very beginning, do I really need to start, or should I start with apartment complexes? You can, but it's, it's a little bit more tricky than single family. So it's constant progression, you know, you wholesale, then you fix and flip, then you get in apartments, then you get in syndication, and then you get into commercial. Like a lot of people, like I said, they go to the top and that's where they want to start. That way it's great, but mainly it's a progression thing, you know what I'm saying?

Yeah. And honestly, a lot of times, like, it might be a harsh truth, but I'm like learning this more and more as I get into deeper circles with bigger pockets and more things like, I mean, you'll turn off investors if you're not honest about your lane. Cause they're like, they're always trying to compute how can we work together? And you're just like a weird thing in the algorithm to them that's wasting time and space. It's like, why, why are you here? Like, what's your purpose? Like, especially all the next level people, like millionaires, billionaires, the top levels, they're thinking like, how can I be of value in this room? And then if you're just kind of like, you don't know how to bring any, and you're like, asking them to help you even more. It's like, okay, you do need help, but they all— like, this person also has built out sources for you to like not have this conversation with them. Without that social awareness, you know, you'll kill your relationships, especially with buyers, because those are like the real— they're about their money and they can potentially make tons of money. And you coming in, you know, you want to be respectful of that.

Dude, you are 1 billion percent right, man. It's all about time. Time is the key. And if you're in there wasting everybody's time and not providing any value back and giving them back more of their time by what you provide, then they're— like you said, you're going to kill that relationship. So a lot of the time, David, what we do is we work with buyers and we send them deals before we even have them under contract. But a lot of people like, like, oh, that's a waste of time. You should just get under contract then and send to them. For us, it's like, hey, we know what a deal is. We can vet it. We kind of know that in the area they want. It's the, the buy box they want. We're not just sending them a random property on Zillow that we just found that's not even listed for sale. We're just like, hey, what would you pay for this? That's not what we do. We take an opportunity, we say, hey, this is something that you look for. I just cut down all that time you would have done to look for it. All I need from you is tell me what you'll pay and I'll get it done. And that's, that's the value we provide. And if you think, put yourself in the buyer's position, you get a call from one of your guys right now, it's like, hey, I found something that you've been wanting. You know, I just need to know what you'd offer, see if I can get it done. That's, that's just saved me money, like marketing spend, save me time, save me energy. All I got to do is run a comp or tell you what I'll pay. It's pretty valuable, right?

100%. And you, you might be surprised as you come across people, you know, how much they, they want. Wholesalers could be a dirty word, but like, people really want good wholesalers, you know, people who are going to sign and be about them and bring them good deals. Because from what we're seeing, you know, it can be flooded and pretty rare just to someone who's genuine and trying to know their numbers or like be open to what your numbers are so we can work with you.

For sure, bro. And I think one thing, last thing I wanted to say is as you guys are getting started, if you're watching this and you're brand new, just be genuine like David's saying. Be genuine, be the truth, say the truth of where you're at. Because immediately if you're like, oh yeah, I flip houses all over the country, and, and you haven't even flipped one house Immediately it's in your voice. You just sound—

it's just a dead giveaway.

So when I talk to agents that I'm trying to network with, I just try to be transparent because I do flip. I flipped houses all over the country. I'm just like, hey, I flip houses. This house that I'm looking at, I was wondering if you have any buyers in the area because I don't want to flip this one. I'm thinking about wholesaling it. Do you have any— do you deal with wholesalers? Do you have any buyers that would be interested in the house right next to your listing? Now, if you try to go like walk around and not try to like be kind of cheeky or, you know, not transparent, it could not go the right way. So again, when you're calling these people, just be real with where you're at. You're brand new, I'm brand new, you know, and if they don't want to work with you because you're brand new, that's probably not the right person to work with. They don't want to deal with the new, and that's okay, you know what I'm saying?

Exactly.

Well, David, you got some fans. We got some fans on here for you, David. A big shout out to both you amazing guys. We got some fans. Too bad we can't see who this is, uh, because Facebook —when it comes to streaming. No, Facebook user.

I know Facebook user, bro. I talk to him all the time. Oh, you do, bro?

Okay, shoot. All right. Well, David, we're about to wrap up. This has been a good episode about how you got $5K the painless way. Marked property, you got Zelle, many more to come. And if you want to drive for dollars for David, he'll pay you too. No problem. You know, if you work in the Tampa area or if you're in Long Island, hit him up. David, you got anything you want to say? Anything you want to leave the audience with before we take off?

Just want to let people know they could reach me. You can find me on Facebook, David Lamorte, or, uh, you can reach me, my number is 631-495-7586. I am in, we're now in Tampa, St. Petersburg, and Clearwater. Um, but also still doing deals out here in Long Island. So let me know. Love to talk with you.

David's got the sickest buyers there. We're talking hedge funds. He's, we're talking the agents that can, if you got a property where you got a seller who's like really motivated and you just don't want to lock it up yet. And you need David's help, hit him up. He'll take a look at it. He'll send it to his buyers. He'll vet it. And, you know, maybe we could do a deal together. We love JVing. We got one question. David, are you up for a question? You— I got a question from the audience.

Yeah, yeah, it was freezing a little bit, but okay. We got a question from the audience.

How do you get an agent to write your offer sight unseen? Because some agents rather all offers are sight seen first. I can answer this one, and maybe, David, you can elaborate on this one. So A lot of agents will not want to write an offer up for you sight unseen because they don't trust you. They don't want to lock it up with someone that hasn't seen it. They don't know because I'm assuming this agent you're talking to doesn't know you. You have to provide value, not provide value, but trust as well to this agent. So that's by showing them proof of funds. That's by showing them like maybe some information on your company. That's by making a compelling offer. That's by talking to them on the phone and not just texting and emailing. So if this agent will not write up an offer for you sight unseen, they either don't believe that you can get it done, and I don't think it's worth it for you if you don't live in the area just to like send someone just so you can get it done. I'd say, look, I can get it done. I'd like for you to write up the offer. I can't— I'm not going to go see it. I don't live there. I work for a company, or I myself don't live there. And that's the process that I buy houses is I make the offer that makes sense. Here are my numbers. Here's my funds. And then I'm going to walk through. I have a due diligence period of 3 days, 4 days. And another thing, David, this question is a problem that a lot of people that don't do things the painless way have. If you have a buyer who's— if you're doing things the painless way and you have a buyer in this area, what do you think I would do if I had this agent that said that? What do you think I would do? I would immediately call my buyer. What do you think I'd say to them if you got all that?

They would have the offer. They want to make the offer.

I would either call one of my buyers and say, hey, I got an opportunity. I think it's a good one. I've been negotiating with the agent. I think you should call and make an offer and then cut me in on the fee. Or I'd say, hey buyer, I'm negotiating a deal. Can you go look at it? They want me to go, someone to go look at it. I think I can get this locked up for you. What would you pay? And also, can you go see it? You're tight enough with that buyer that they're not going to try and backdoor you because you have that relationship. So that's how you can overcome issues like this if you have those relationships in place. You just leverage your buyers. So, so for, yeah. So for example, David, if we're, if we're in Tampa and we have this situation happen to us, what do you think we're going to do? We're going to call that lady that I just told you about that I, that just texted, says she's down. We're going to send her through, bada bing, bada boom. We send, make that offer. If that, if they won't write it until then, no problem. Yeah.

And I would also, um, just to add in, cause I'm not sure sometimes the lingo unseen or sight unseen, like if that's like literally you can't get in the house and they're not showing anybody, no one's there. And if that's what you mean, then be very weary of that because you don't know what that can of worms is. And either way, you're going to want your offer to be pretty low because when you're buying sight unseen, like if no one's allowed in the house, even if you have pictures, you don't really know where that house is at. That could be another $40K, $50K, $60K, $100K in rehab. And you, you don't know what's in there.

So just something to be aware of. Good point. Actually, I was talking to a seller this week, David, and he's like, oh man, the house only needs carpet and paint. I go see this house. The house has got dog crap all over it. It's got cat crap on the window sills. It's falling apart. It's got mold. And then I call him after, I'm like, "Bro, did you see this house? You said a carpet paint?" He's like, "Yeah." I'm like, "Come on, bro. You can't lie to me. I'm going to see the house eventually." Anyway, so yes, sight unseen, you got to see it sometimes if you're going to buy. You're going to want to see it if you're going to buy it, whether you or the buyer. But anyway, hopefully— we got someone that says they love the cat crap story. You guys want this house? I'm coming out with some content. I had a videographer come with me because I was like, hey, let's film this house while I go through. We'll see what it's like. And it was bad, bro. David, I'm telling you, this thing was— it was bad, bro. So bad. So anybody, anyway, we got some good questions coming through. For everybody that's watching, give a shout out to David for working hard. Hit him up. Like I said, if you got deals in the Long Island area or in the Tampa, St. Pete, Clearwater area, we're here to work. We're here to help you guys do deals. If you need help, we got solid buyers. Let's get it. Everybody have a great, a blessed day. Let's get it done. Let's make some money. Let's succeed. Later.