How Henry Closed His 1st Deal with $0 Spent! 💰

So you want to get a deal, but you're not exactly sure how to get it done, and you're questioning yourself, saying, man, maybe I don't have what it takes. I want to show you and introduce you to Henry. This is a student that I've been working with, and we just got our first deal. Actually, he got his first deal, and we got it done together because we work together. Check out his experience, how he got started, and how from being from Vietnam, he didn't let obviously not knowing the language, not being perfect and having the best American accent stop him. He took action, and check out how Henry got his first deal using the method that I showed him where he didn't spend any money to get the deal. Watch it right here. What is up everybody? You are listening to the Painless Wholesaling Podcast right here. I have one of my ultimate favorite guests. We got Henry on here. Henry is one of my students. He just got his first wholesale deal. So we're going to dive deep into Henry's life, why he decided to get into real estate, what his strategy was to get this deal done, and we're going to dive all into it so everybody that's listening can learn from Henry's experience and how he got his first deal with only being involved in real estate just for a little bit. So, Henry, what is up, dude?

What's up, Nathan? Thank you for having me in the podcast.

Dude, I am so happy that you're on this podcast with me, man, because when you— when we started working together, I knew you were gonna get a deal, bro. I just knew it because I said this dude ain't gonna give up. He's gonna work hard, and that's exactly what you do, man. Is that something that you've always done your whole life? You're just— you go for something that you want and you work really hard at it?

Yeah, so I just go for it, like, so, uh, so when I was young, I'm, uh, I'm just thinking about that and then I'm not taking the action at all. So right now I'm just, uh, go straight in, uh, take an action. That's it, dude.

I love it, man. What do you got to say for all the people out there that kind of find a little scary to take action? They've been watching videos and they just haven't done anything because maybe it's difficult.

So to be honest with you, right, so, so don't be, uh, don't be afraid to take action. You can be fail sometimes, you cannot fail a lot, but the outcome is like, you, uh, you know that you try your best and then the good thing will come to you.

That's some dang good advice. That's awesome. So because you know you're going to fail, Henry, I fail all the time, man. When I make offers, I don't get every offer accepted. Not even close. I wish.

Yeah. So I also get a lot of rejection on my offer too.

Does that bother you when you get rejected now, Henry? Or have you developed that tough skin already and you're like, who cares?

Yeah. So the first time I tried to wholesaling, right? And then so All of my offers got rejected, so I'm kind of a gearfrader. But I know like if I keep making a lot of offers, then I know one will be accepted.

100%. So Henry, let's dive into your life and where you're from because we've talked a little bit, but I've never really asked you too much about like your history and how you got started. So Henry, tell the audience a little bit about yourself, like where you're from, you know, what you're up to. Yeah, let everybody know a little bit about Henry.

So I'm from Vietnam and And then I've been here in the US for 2010, and then I've been in Houston for more than 10 years. So this is my hometown.

Henry, what made you want to come to the United States? So if you lived in Vietnam?

All right. So my family, so they've been in the US and then my grandpa, they bring my family here.

Wow. Okay. So you had family here. So that's why you decided to move, right?

Yep.

Was it a difficult move for you to make, to move from Vietnam to the United States?

Uh, not at all. So this is a new adventure for me, yeah, to be in the new country, new opportunity.

That's amazing. Do you miss Vietnam at all? Do you go back and visit?

My uncle and then my aunt, they have been, uh, come back to Vietnam, and then, uh, I'm, uh, I haven't been back in Vietnam yet, but that's my goal in the future. I will be back in Vietnam.

Oh, you want to go back? Okay, that's amazing. Yeah, I know we, I asked you this before, but let's tell the audience again. So, Henry, uh, why did you want to get into real estate? You know, you came from Vietnam, now you're in the United States, you've been here for a couple years. What, what made you want to get into real estate?

So my, my uncle had been invested in real estate for a long time, and then he, he really successful with that, and then he now become a landlord. So I, I'm trying to follow him with his success.

And he's an investor, you're saying? Is he in Houston, or where does he have his rentals?

Yeah, so he, he, he investor in Houston also.

Oh, okay, awesome. And do you ask him for a lot of advice? Do you talk to him a lot about real estate? Uh, yes.

Uh, he, he, he really busy. So, so he, uh, he, uh, he doesn't give me any much of the advice. So basically, uh, I try to, to learn everything for myself.

Okay. And tell me how you got into wholesaling. I know, again, I asked you this before, but how did you come into wholesaling versus just doing another strategy?

So I'm, uh, I'm a research on Google how to invest in the real estate with no money at all. And then the first thing, uh, pop up on Google, wholesaling. And then after that, I'm watching a YouTube channel from Jerry Norton, Page Morby, and then another big guy in wholesaling. And then I decide I will give it, give it a try.

And you just start— you just gave it a try just like that, huh?

Yep.

That's amazing. What was your first experience like? What, what were you doing at first to try wholesaling? What were you doing first for my first try on wholesaling?

Yeah, basically I do, uh, do exactly the same, uh, thing that the YouTuber that are telling everyone. So like pulling a list of off-market property and then skip trace and then cold call and then make offer.

And did it work for you? Did that work for you?

Not at all. Yeah. So this is my first mistake right there.

Yeah. Well, tell me about— tell us, tell this audience about your experience doing that, of pulling a list, skip tracing, calling it. How did it go?

So it's got a lot of money for me to be doing that. So I hope I tried to wholesale for more than half a year and then it gets no result at all. So I'm somehow, I'll give up and then I guess I doubt, is it really working?

Yeah. Yeah. So you're starting to doubt because you skip traced, you called lists and it wasn't working. You spent a lot of money. Is that what you're saying?

That's right.

You know, and Henry, what I teach is I say, hey, look, if you're brand new to wholesaling, don't go out and spend a ton of money on marketing. There's so many opportunities that are on the MLS that are from other wholesalers if you can get in tight with buyers and you know your market, you know your area, you can find deals without spending any money. And that's exactly what we did on the deal that you— your first wholesale deal, right?

That's right.

So, so tell everybody that's watching how you got your— how you found this opportunity on this deal that we, uh, we were able to wholesale together.

So one time I'm on Facebook, right? I'm in the real estate investing group. And then there is one lady, she, uh, she, she boasts that she, uh, she, uh, tired of doing the Airbnb rental. And then she, she decided to sell all of her property and then she's looking for a realtor. And then so I, I decide, I text her that I can sell, sell her property at her asking price without a realtor so she doesn't have to pay any commission at all. And then she told me, all right, I will let you do that.

Wow. Wow.

Yeah.

So, Henry, if I understand, You went on Facebook groups that were strictly for real estate investors, and the seller posted on there that she was looking for an agent. Is that correct?

That's right.

And you said, hey, I can work with you where you don't have to pay any commissions. And that's what happened, correct?

Mm-hmm. Yep.

What happened after that? So you texted her and she said, yes, that's fine. So what was the next step? What did you do?

Okay, so the next step, she sent me her property address. It's all the way in Florida. And then I decided that I had no experience wholesaler outside of Houston. So I reached out to you, Nathan, and then asked that you can JV with me on this deal. And then we wholesale outside.

There you go. Just bada bing, bada boom, right? Just like that. So you found this lead on Facebook without having to spend any money, and then you found out that she was willing to sell for cash, and then you gave it to me, and then I called her, and then I started negotiating. Is that kind of the— the gist of the story.

Yep, that's right. And then you call her and then you negotiate everything live on a stream. And then I was in that too, in that live too.

You were?

Yeah, I listened to everything.

What did you learn from that conversation I had with her?

So she asking for the retail price and then I saw there is no way for her to offer her cash offer below the ARV. So you show me one advanced way. What is it?

Creative financing.

Yeah, creative finance. And then with a little down, with a little down payment.

Yeah, that's exactly right. So, so everybody that's watching, so what happened is I called the seller that Henry brought me and she had some motivation. There was motivation that she wanted to sell. She had multiple properties in Florida. She was from California and she just wanted to get rid of it. She wanted retail, like close to retail. And I told her like, hey, the only way we're able to buy this property for, you know, close to what you're asking is if we buy it on terms. 'If you can give me the terms, I can give you the price.' That's basically what I said, and she said she was okay with that. Now, the thing when you make cash offers is they have to be really, really low because you have to have your, your holding costs, your hard money costs, all the fees of the flipper that's gonna put the rehab, make his profit, and then resell it. You have to get it down very low. This property was an Airbnb, already fixed up, already was cash flowing pretty good for her. She just didn't want it anymore. So I said, 'Hey, the only way we can do this, if come into this deal, we can take over your payments and then we can pay you your price in a balloon payment out in a couple of years from now. But I can't bring any money to the deal because it's just not going to work. And she said that was okay. Now, Henry, I've been doing this for a long time. Not a lot of people are usually open to zero down that I've experienced, but she was. And it's because she just didn't want the headache of the deal anymore. She just didn't want it. So a very interesting situation. Like I said, I didn't think she was going to accept that, but that's why you just have to get on the phone and ask people questions and see what's the best option for them. You know what I'm saying? So Henry, what advice would you give everybody that's, you know, on the Painless Wholesaling podcast that's going to listen to this or that's watching this live or will watch it? What advice would you give to them about getting started in real estate just like you have?

All right, so my first advice is that they don't make a mistake like me. Yes, you don't have to spend a lot of money to pull the list and then cold call and then marketing. It really costs a lot of money. And then just find a free way to do that and then stick with that. And then you definitely will get your deal like me.

That's right, bro. And you got— you said we JV'd on this deal, so I got it closed, I sold it to the buyer, and, uh, we wholesaled it for $5,000. And then I got a little bit of ownership in the property, and me and you just split the wholesale fee. Now obviously there's a lot bigger deals, but for us, I mean, I'm glad that he got it done. You got— did you get the money sent? I sent it to you. Did you get it?

Uh, yes, I am.

How does that feel, bro? How does that feel to have, you know, get your first check from, uh, wholesaling a deal?

Uh, it feels wonderful. Yeah, so, so that's, uh, at that time I know I can wholesale again and again.

Well, let's do it again and again. And the key, Henry, I'm just telling you, the key is finding opportunities and motivation. You just have to find someone who wants to sell and is open to a cash offer and they're open to, if not like a lower cash offer, open to terms. That's it. You're just looking for ways that you can help people. Because if you call someone like me and say, hey, can I buy your house? I'll give you cash offer. I'm not motivated. There's no reason for me to sell my house at a discount. But if someone has a situation where it's a rental, they need to fix the property or anything, you just have to find those opportunities, right? If you like that video, give that thumbs up for Henry. Throw in the comments that you're proud of Henry for taking action, and we'll see on the next video.