How Henry Made $5K Wholesaling His First Deal💰

Today we're going to be going over how one of my students, Henry, from Vietnam just got his first deal for $5,000. He wholesaled it and I helped him out. We worked on it together, so we're going to be breaking it down. And I actually have an interview where I had with Henry where we dived in deeper. So I'm just going to kind of tell you a little bit about how I met Henry, how we worked this deal, and we're going to dive into the live that I had with him. And please, please, if you find this information helpful to helping you get your first deal, please like this video.

Let's dive right in.

So not only are we going to dive into how Henry got his first deal, but I want to talk to you about how you can get your first deal. Okay, so let's actually dive into that first. So if you're watching this, you're like, man, I have not got my first deal. I don't know how to do it. Well, let's talk about how Henry did it and how you can do it too. Henry went on Facebook groups that he just searched. That's what I told him. I said, Henry, go to Facebook groups on Facebook that are for real estate investors. So type in, sell, you know, Atlanta real estate investor groups. Utah real estate investor groups, Missouri, St. Louis, whatever, just real estate investors. And then you will find tons of groups. What you're going to do is you're going to look for those for other wholesalers, other people that need to find buyers, and you're going to have buyers, or you're going to look for opportunities where people are trying to sell their properties. A lot of investors who can't sell their own properties put their properties on there, and that's exactly what happened to Henry. Henry had a seller that was an investor that had listed her property, and she did not know how to— she didn't— she wasn't able to sell it online. She had listed it, but she wasn't getting the offers wanted. Henry called her and she had motivation. And he said, hey Nate, I'm a little new to this, can you talk to her? And I was able to talk to her and I have experience with dealing with subject to and negotiating deals. So I called her and we were able to get the deal done. We were able to network and strategize with her. And she was an investor, so she understood the lingo. We were able to network and talk with her about like the best ways to move forward. And we agreed to take over her mortgage, do a subject to deal. And now because of that deal, I was able to give Henry, you know, me and him were able to split the wholesale fee and I was able to assign it to one of my buyers that I know, and because I'm tight with him— again, painless wholesaling, you want to get tight with your buyers— he's like, hey Nate, I wish I could pay you a little bit more than $5K, but how about this? I'll give you a little bit of equity ownership in the property that's now is currently Airbnb in Florida. He said, I'll give you some of the equity ownership in that property and you can get paid that way. So now instead of just wholesaling the deal and just being done with it, I actually own a portion of that deal and get paid on it every time there's profit. And we just honestly, we just closed this deal, so we put some money into it, haven't made any money off of it yet, but we get to rent every month, I'm going to get a portion of that, the profit. So that's what happened with this deal. Now, if you want to get deals, go to Facebook groups, look for opportunities, just call people. You're not going to know everything, but you have to take action. You have to start talking to people and learning your way. And obviously if you don't know what you're doing, go to my real estate Facebook group, Painless Wholesaling Group. I want you to go to it right now and join it. Pause this video, join it, because we're going to have many opportunities for you to bring those deals to people in the community, and you can go to my free masterclass, but check that out. But that's, that's how Henry did it. That's, that's just kind of in a nutshell how he was able to get the deal. But let's dive right into his interview I had with him so you can learn that if Henry can do it, if I can do it, you can do it.

Let's dive right in. So Henry, what is up, dude?

What's up, Nathan? Uh, 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 going to 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— is that something that you've always done your whole life? Is just— you're just— you go for something you want and you work really hard at it?

Yeah, so I, I just go for it, like, uh, 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, taking 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 it a little scary to take action. They've been watching videos and they just haven't done anything because maybe it's difficult.

Yeah. So, so to be honest with you, right? So, so don't be, don't be afraid to take action. You can fail sometimes. You can fail a lot. But the outcome is like, 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'm trying to wholesaling, right? And then so all of my offer got rejected. So I'm kind of a gear fighter, but I know like if I keep making a lot of offers, then I know one will be accepted.

100%. So, Henry, let's, 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, so I'm, I'm from Vietnam 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.

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

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

So let's say, so my, uh, my uncle and then my aunt, they, they have been, uh, come back to Vietnam. And then, uh, I'm— 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. So I know we— I asked you this before, but let's tell the audience again. So, Henry, um, 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, uh, invested in the real estate for a long time. And then he really successful with that. And then he now become a landlord. So 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 investor in Houston also.

Okay, awesome. And you ask him for a lot of advice? Do you talk to him a lot about real estate? Yes.

He really busy. So he doesn't give me any much of the advice. Basically, I try to learn everything for myself.

Hmm. 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 real estate with no money at all. And then the first thing that popped up on Google is wholesaling. And then after that, I'm, uh, I'm watching a YouTube channel from, uh, Jerry Norton, Pace Morby, and then another big guy in wholesaling. And then I, I decided I will give it, give it a try.

And you just started, 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?

So, so I have my first try on wholesaling. Yeah, basically I do, uh, do exactly the same, uh thing that, uh, the YouTuber that are telling everyone. So like, um, pulling a list of, uh, off-market property and then skip trace and then, uh, and then cold call and then make offer with that.

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

Uh, not at all. Yeah, so this is my first mistake right there.

Yeah, well, tell me about— tell us, tell this audience about your, 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 try 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 a doubt for 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 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 I find my first deals by— so one time I'm on Facebook, right? I'm in the real estate investing group. And then there is one lady, she posts that she's tired of doing the Airbnb rental. And then she decides to sell all of her property. And then she's looking for a realtor. And then so I decide, I text her that I can sell her property at her asking price. Without a realtor, so she doesn't have to pay any commission at all. And then I see— she, uh, she told me, all right, uh, 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, and that's what happened, correct?

Mm-hmm.

Yep. And then what happened after that? So you texted her and she said, yes, that's fine. So what was the next step?

What did you— Okay, so the next step, she sent me her property address. It's all the way in Florida. And then so I decided 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, we, we wholesale out.

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, and then you, you found out that she was willing to sell for cash and then you, you gave it to me and then I called her and then I started negotiating. Is that kind of the gist of the story?

Yep. That's right. And then you, you call her and then you negotiate everything live on a stream here. 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 ARVs. 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.

Mm-hmm.

Yeah.

And then that's, that's exactly right. 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 going to 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 we 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. And 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?

Awesome.

I hope you like that video. I hope it taught you a lot about how anybody can do anything if they put their mind to it. If you like this video, please like, subscribe, hit the bell icon so we can grow this channel. See you next time.