How I Closed a Wholesale Real Estate Deal With No Money..

So let's dive into how to do a deal when you got literally no money. Guys, I have an experience where I just did a deal for $7,000. It was the total assignment fee was $7,000, and I didn't spend anything, $0, and you can do the same thing too.

So right here, I'm going to break down exactly how I did it.

I actually have a call where I had a couple people I was explaining it to, so I think it just makes sense to just show you that video because I do a good job of explaining exactly how that deal happened, what I did, you know, the step-by-step process. So let's dive right into this video so you guys can see exactly how I got I got it done.

So the strategy that I have, it's very similar to traditional wholesaling, but it's not the same. With traditional wholesaling, a lot of times they just tell you to go find a deal. I tell you to, before going to search for deals, spend like a week or two really diving in and developing relationships with your buyers. And it's not something that once you do it once, you're done. It's like a continuous thing. So this is called painless flipping deal timeline. So I'm going to give you a breakdown of how I did this deal for people that are new and they want to try it. So you pick a market. If you guys are new and you're like, let me be in Tampa, let me Jacksonville, let me be in Atlanta, let me be in Dallas. I don't recommend that. You want to be in one location, okay? Especially when you start. I mean, there's even people in my market, they're doing $3, $4 million in their one market. So a lot of people, they think they have to jump all over to do multiple, I guess, generate a lot of revenue. There's enough deals in, in your market to go around. There's enough revenue. So that's a limiting mindset. I had that too. I had that limiting mindset for a while and then I went back to Utah. So anyway, I went nationwide and I was like, oh yeah, there's more deals here. Yes, of course there's more deals, but there's more things you have to figure out. Pick one market. So once you pick your market, it's time to find some buyers. So how do you find buyers, guys? Number one, my favorite is title companies. I call investor-friendly title companies and I ask them who's buying. You can ask hard money lenders. Hard money lenders give money to their buyers, so they know who's buying or they know who's actively looking. Agents, you want to network with agents. You can get buyers lists and call through them. That takes a little longer. These, you know, I like these more because they give you warm referrals. Social media posts are good to find buyers, and real estate investing meetups. I have a meetup every month. A lot of buyers go there and they're like, hey, who's got deals? So it's definitely a good place. So this deal that I got, okay, again, 3 hours to do this deal in 5 days. Anybody in here that hasn't done a deal can do a deal if they do this within a short amount of time. So all I did, if you guys can see this picture, I asked my title company for a buyer. I said, hey, Christina, who's buying right now in Ogden? She says, I'm asking some people. She texts me and she group texts me with Scott. I've never met Scott before. Said, "Stinks, looking forward to meeting you, Nathan." She text messages me and says, "Hey Scott, this is a guy who's got a deal." He said, "Hey Scott, when do you have time to talk on the phone?" I immediately talked to him on the phone. I don't text back and forth. That's not how you develop relationships. I don't know if any of you guys have developed like a great relationship only over texting that's long-lasting. You need to get on the phone. Same thing like with dating a girl. You can text her, text her all the time, but really when you meet in person or you get on the phone, that's when you really know if you're vibing. So anyway, I got his contact info, we started talking, and then I started sending him deals. Okay, so that's how I got my buyer. So when I talked to Scott, what was my goal? I didn't call Scott and I wasn't like, hey, Scott, like, what do you want? What do you want to buy? It wasn't like that. Okay. You want to like go there and provide value. So when I talked to Scott, I've been wholesaling for a while, so I called him. I said, look, man, how you doing? I do several deals and, you know, I'm looking for specific buyers I can work with where, you know, I can call them, ask them if they'd be interested in a deal, and I can get a response. Because the fact of the matter is, you know, a lot of people email blast out their deals. I don't do that. I call you directly and see if this is a fit for you or I text it to you. And I hope you— I would like a response quickly because I only talk to about a couple of buyers. My style isn't just blast out crappy deals to everybody and just hope that someone responds. So I provide value by saying, hey, you're one of my go-to guys, okay? Or I'd like you to be. You want to get specific on what they want. Be like, I also don't want to be sending you anything that— or calling you about anything that you don't want. Let's get specific on your criteria of what your buy box is, what you want, how many deals you can handle at a time, all that stuff. You want to get specific on what they're looking for. So it's not just like, hey, my name's Nathan, and he's like, yeah, just send me anything you get. That's not going to work. If some buyers just like send you everything and you haven't developed like a good relationship, you'll— they'll probably never respond to you. So I get specific. And you can get buyers criteria also from agents too. Agents have buyers. Okay, so ask the right questions. Pretty simple. I mean, so search for deals. Now, look, Brent teaches cold calling. Definitely cold calling works. I've gotten several deals from cold calling, but what I tell people to do is when you're very, very, very brand new, supplement this in. If you're going to cold call, great. But I also think you should do deals from these avenues because they're free. Okay, so you got deals from the MLS, that's from Multiple Listing Service where agents have deals, wholesalers, Facebook groups. Okay, Henry, one of my students from Vietnam who's got a really thick accent, he got a deal from a Facebook group. Okay, for free, didn't spend any money. He just looked for deals. Online platforms. There's multiple online platforms right now that list deals, marketplaces, pocket listings from agents. So this is how I got this deal. I got the email blast from wholesalers and agents and all this stuff in my market. And then I look at those deals and say, hey, would any of my buyers be interested in that? Now look, a lot of my buyers are on the lists of all these guys, like even Blink Homebuyers. He was on their list, but they sent the deal out too high. I think a big problem with wholesalers is they don't know how to sell their deals. They spend all this time doing acquisitions and then they blast it out too high. People see it, they're not interested, they move on. So anyway, so $425,000 is what they sent it out for. I saw this and I said, hmm, I think Scott would be interested. He loves Murray. Okay, so I send this to Scott. I analyze the deal and I didn't just send it to Scott without talking to the wholesaler. That's the thing. This— a lot of people think this is daisy chaining. Daisy chaining is when you just get email other listings from other wholesalers and just send it to your buyers. Not what I do here, not what I teach. Not a good idea. What I do is I analyze the deal and see if it makes sense. And this is a quick analysis because I've been doing this for a while. So I'm like, Oh, this is, this is close because it's in Murray, but not, not yet. Not like close, but no cigar. So I called the wholesaler. I called the wholesaler and I found out what was going on. Okay. And here's some pictures of the text conversation we had. And then I called her, said, hey, Brandy, what's up? This is Nathan Payne. I think I have someone for your flip. They're like, oh, okay. There's a walkthrough today. I said, hey, I sent this to one of my buyers because you said it was cool. They're actually a little bit lower than— they're a lot lower than what you're asking price at $425,000. Should I still send them to the walkthrough? She's like, how much lower? And then I said $393,000. And she said, that's less than what we got it for. So it's probably not worth sending your buyer. I said, I totally get it. Let's hop on a phone call. She actually told me before hopping on a phone call, she has it at $400,000. So we hop on a phone call and I call her and again, it's about providing value. So I call her and I say, hey, look, I have some buyers, but $425,000 is not going to work. She's like, yeah, we might just flip this one. I was like, do you like flipping? She's like, no, but sometimes we flip them if we can't wholesale them. So we just developed a relationship. I was just talking, you know, seeing how I could help. So a couple of days later, she texts me. And she says, hey, we don't really want to flip this thing. Can you see if any of your buyers would be interested? And I was like, well, I had the one at 383. I can try it again. Let me just text someone I think would be interested. So I text Scott. We're right here is bringing the deal to the buyer. Okay. I don't have a JV agreement. I haven't signed any paperwork. I haven't done anything. She just asked me to bring it to a buyer that I have a relationship with. Okay. So this is all this is to get you to this point is I saw a deal on them. I picked my market. I saw a deal that was a free lead. And then I called the wholesaler and said, what's the situation? Again, you just don't send it out. You say, what's the the situation, and I knew that they're probably gonna have a hard time selling it because they were overpriced, but it was close. And then I bring it to my buyer. Okay, so what happened, guys, is I wasn't trying to fluff it up and be like $410,000, $415,000, $420,000. I just said, look, dude, we have it $400,000. If you pay a little bit more, then we can get— I can get it done for you. So we got to negotiations. He's like, well, what do you want me to pay? Because $400,000 is tight. I said, can you do $407,000 so I can get paid and they can get paid? I know it's a tight deal, so let's just get it done. He's like, okay, I can do $407,000. So I was like, okay, great. So I went back to the wholesaler and I made the offer to the wholesaler and just said, hey, are you cool with this? Are we good to go? And we negotiated. They said, yeah, 407 is cool. We don't want to flip it. Let's get it done. I know the wholesaler. I know the buyer. I know the title company. I know everybody because I've been doing this for a while and you'll get to that point. So I didn't have to sign any paperwork, guys. I didn't do a JV agreement. I didn't sign a wholesale agreement. I didn't do any of this because I knew everybody. No one's going to snake me out of this deal. And by the way, people don't snake you out of deals if you provide value. Maybe if you just work with someone random, you don't know who they are, you don't trust them, I would get a JV agreement. But I just said, yeah, just throw me in. Just give me half of the assignment fee. So they sent all the paperwork, they filed everything to the title company after I coordinated the walkthrough. They did the paperwork again. So I just got paid $3,500. I know that's not like crazy, guys, but with 3 hours of work, no paperwork, no signing, just a couple of text messages and some phone calls. So the wholesaler did not make any money. So the wholesaler had it at $400,000. I gave it to my buyer at $407,000 and I said, let's split it. So both of us made $3,500. We split, we split $7,000. Now, if that was like your whole business, you'd obviously have to do more volume for this to make sense. But for me, it's not bad because I didn't spend too much time. I run a coaching business, so most of my time, I'm going to be honest, you guys, is spent building that. It takes a lot of time to do that. So the deals that I do are like this, like where I don't have a lot of time, but I am getting more deeper into it where I'm like being able to delegate more time off of my coaching and doing this. Before I got into coaching, I was doing tons and tons of deals, but, you know, I wanted to build it up and help people learn the strategy. And this is what I do with real estate, just, you know, on the side pretty much. And 1 to 3 deals a month where I'm making anywhere from like $10,000, $20,000 a month pure profit. Okay. This— there's no marketing spend here. So let me explain how I got paid. I connected the buyer to the wholesaler. They already knew each other. They were already on the list. The reason why they didn't work together is because they blast out their deals to hundreds of people, thousands of people on their list. And they just didn't think of this one guy that I thought of because I have a relationship with them. So they're like, oh, you know, we know them, we know him, so don't worry about it. We'll connect. And all they did is they assigned their contract for $400,000 to Scott for $407, okay? They signed it, and on the assignment it says the fee, says $7,000 fee, assignment fee. And then on the assignment they wrote 50% or half of it goes to Nathan Payne, okay? I didn't have to sign it, didn't have to do anything. And then I got a call from my title lady Christina, and she's like, hey, we got your check, it's ready for you. And guys, this strategy is truly— I'm telling you, it's painless, all right? Takes time to build those relationships, but I'm telling you, it is It is painless. Let me show you, like, even my title lady, like, look how dope this is. So she wrote this anyway. Sorry if you guys can't read that, but it just says, Nathan Payne, the best part is I had no idea and you didn't get a call until the check was ready. Truly painless. Send them all my way. So my title lady didn't even know I was involved until it was time to get paid, like, until she got the assignment. And she's like, oh, cool. Pretty sweet, huh, guys? But I want to make sure everyone understands how powerful this strategy is with a blown-up wholesaling operation that's crushing it. For a noob, this is just— you need to know this because I can't tell you how many deals I've done through working with wholesalers. I've done over half a million dollars doing deals with wholesalers with little to no marketing spend. I'm telling you guys, this is a great strategy to supplement your business.

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