Nathan Payne lost an $80K bidding war on a house, then contacted the winning buyer and discovered he worked with a hedge fund that overpays for specific properties. Instead of giving up, Nathan turned the buyer into a source for future deals by asking what criteria the fund targets.
What's up everybody, welcome back to the channel. If you watched part 1, 2, and 3 of my journey of talking to a seller that wanted more than his house was worth, or at least what I was able to pay, you will know that I went through a whole scenario where I offered him options, but I lost out on the deal. Now I lost out on the deal by about $80,000. I got outbid by another buyer by $80,000. I was like, What in the world? There's no way someone can pay more than me. So I called the seller and I said, hey, can you give me the contact info of the buyer that bought your house? I got to find out how he was able to pay $80,000 more than me. So the seller gave me his contact info. I called the buyer and I ended up finding out that the buyer works with a hedge fund. And this hedge fund actually pays, overpays for properties that meet its specific criteria. And this one just happened to meet their criteria and they overpaid. That's essentially what they did, because when you break the numbers down, it just doesn't make sense. As a flip. So anyway, it was really cool, and what I think everybody needs to do is every time you lose out on a property because someone outbids you, reach out to that buyer that beat you, find out why they were able to pay more than you, and make them your newest buyer. And here is a conversation that I've had with this buyer so you can see that, like, you know, it's, it's really cool that you can network with buyers that beat you. So competition— don't look at it as competition. You gotta look at it as, hey, Everybody gets to eat, everybody can win, and I'm just looking for the right opportunity where people can succeed. Tyler, what's going on? How are you?
I'm all right.
Good, good. Hey man, I was just giving you a quick call. I know that, um, you know, I've sent you some stuff. I know you're probably pretty busy, but I wanted to see if you had a chance to look at that new deal I sent you and run the numbers.
Uh, the Provo one? I sent it to the analyst, the hedge fund, to see if they're interested. I haven't got back from it. I have not heard back from them, so—
No worries. Does it usually take a while?
No, it's usually within a day.
Okay.
I sent it to him this morning, so if you've got another offer, take it.
Okay.
You don't have to wait for us.
Yeah, yeah, no worries. The other wholesaler I'm working with that has the deal, they said they got an offer accepted and they're like, well, they're gonna close. It almost seems like they're a little like iffy on them, so, you know, if you can hear back as soon as possible from that hedge fund, that'd be great.
Okay, will do.
Thank you. Cool, man. Thank you so much. You guys take care. Bye. So I just got off the call with Tyler on a deal that I have that I'm wholesaling with another wholesaler. I'm JVing with them, and I sent it to him. He sent it to the hedge fund that he works with, and he says he's just waiting to hear back. Guys, this is a relationship that I just formed a week ago, and it's something that you guys could do too. If you're getting beat out by other people who are overpaying you, find out what's going on. If they have better buyers than you, make them your buyers. So that's what I wanted to show you, that this whole scenario of part 1, 2, and 3 if you haven't watched it, how I got beat out. I made this guy my new buyer. He's awesome. His name's Tyler. He's a cool guy. And, you know, we sent him actually a couple deals, and he sent them to his hedge funds, and they've offered some good prices. So we got some cool stuff in the works, and I'm able to leverage his network to make my network better. I hope that you found that information helpful. It's all about networking and having an abundance mentality over a scarcity mindset. If If you want more information like this, subscribe to my YouTube channel and check out painlessflipping.com for our weekly masterclass that we teach you how to get started in real estate for free.
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