How Privy Finds Deals While You Sleep! 🏠

How we doing, everybody? Man, it's Privy. It's Deal Finding Friday. I love, I love Fridays. I say it every Friday and I'll continue to say it every Friday. Friday's Deal Finding Friday with Privy.

We love using Privy. We love talking to agents. We love doing deals. Let's freaking go.

So Privy, I know for the users of Privy, I just did a masterclass last week for just people that are members of Privy, and I showed exactly how I set up all my filters for Privy and how I did it in my 30-day challenge. And so what you see right here, these are free deals. These are free deals that Privy brings me while I sleep. So literally every day I get to wake up and I can go to my email and Privy sends me, hey, here's the properties that meet your criteria right now. So we're going to take a look. So I'm going to click on this email because it says it's got 12 in here, and we're going to see if there's any in here. I'm going to take a closer look. These are all properties that Privy's emailing to me because it met the filter criteria that I set. So one thing that I do is when there's something really big about the property, like to me, I'm not— obviously I want to look at whatever comps are the closest, but like a 2-bedroom is a really big deal. All right, so, oh, I like this. It's a 3/1. They did a price drop. Looks kind of nice. Great for an investor. We're going to call it without even— we're not even going to look at the comps. So that's something I'll look at in the notes is like if it says cash offer only, great for an investor, handyman special, I don't need to look any further. I don't care what it's priced at. I don't care how long it's been listed. They are literally saying, please call me, right? Because we're going to learn so much more over the phone. Let's see, we're looking for a cell phone number. I do not want to call— boom, right there. Do not want to call an office number. All right, let's call 407. Calling Annie.

Hi, this is Annie.

Hey Annie, this is Nathan. How you doing?

Good, how are you?

I'm good, I'm good, thanks. I was calling about a property that I saw you had listed here on P-Bond Street.

Yes.

Yeah, I was just calling to see if you had a minute to chat about it. But yeah. Okay, perfect. Yeah, so I kind of saw here, I was taking a look at it. I'm interested in it. I'm looking at it as a potential investment opportunity. I was wondering if you could just kind of tell me a little bit about it and anything in particular that would be good for someone like me to know.

Sure. So I sold that home to the current owners in 2019.

Oh, awesome.

They're just looking to purchase a larger home. They're originally from The roof was replaced in 2018, HVAC 2010, water heater 2021, and they had the whole home repiped in 2021 as well. I do believe, if I'm not mistaken, I'd have to look into it, that the exterior was painted at some point prior to them owning the exterior. Since they've lived in the home, I mean, they've been living in the home since 2019. It does— it is in some needs of a rehab on the inside, in my opinion. I think floors could be redone, kitchen and bathroom. But other than that, I mean, it definitely has good bones, good potential. I don't know what else you want to know.

Okay. So structurally and mechanically, it sounds like everything's good.

Yeah. Again, when we did the inspections the first time, everything came back good. We did have it under contract recently, but the buyer never submitted escrow. So we sent the cancellation for that. She did have her contractor go by the home. He estimated $57,000 for a rehab, but they also wanted to an additional bathroom. That was the only feedback I got there.

Okay, got it. Perfect. Now, other than that, because I, I mean, I'm looking at it, it, you know, it doesn't look terrible by any means. It looks nice.

Um, again, what I've explained to other people, they've been living in it, you know, since 2019. Um, but like, for example, the flooring, you can't really tell in the bedrooms, but there was new carpet that was replaced prior to them moving in. But she put— and I don't know why— she put like vinyl, like the peel-and-stick kind of tiles on one of the floors. And then like in another bedroom. She removed the closet doors and added like a closet system. So it just, it just needs some sprucing up in the inside.

Okay, got it.

Um, and then also, um, the oven does not work. They are leaving the refrigerator. There is an outside like utility closet, I would say, that has washer dryer hookups, but they do not utilize those right now. I don't know if they just use a washer, no dryer, but there is like an outside laundry room, if you will.

You know, like I said, it looks pretty decent. I think it's priced really well. I guess, you know, from your opinion, what— I guess what do you think's kind of been, you know, holding people back?

Well, we did receive offers between $190,000 and $205,000, so the cash offer we accepted, or they accepted, was at $205,000. So that was why we did the price decrease from $215,000 to $200,000 because we felt like the market was telling us, you know, with submitting those offers between $190,000 and $205,000. So I mean, it did go pending. We did get multiple offers. So yeah, I feel like at this point it's priced pretty fairly. I mean, my phone, we've had like 8 showings today.

Oh, nice.

I'm hoping it will go by Monday.

Yeah, fingers crossed. I know you had said they came back with a rehab of $57,000, but they were looking to add a bathroom.

Yes.

Did they say— I know originally their offer was at $205,000. Did they say what they thought for them their offer would need to be at?

No, she never did. And like I said, they didn't submit escrow. I think she was trying to get the contractor in there first. And to be honest, he didn't even go inside the house. So they had an 11 o'clock appointment. The sellers were there. He never went because they have a security system. So I followed up with her. I was actually representing her as well. And she was like, sorry, the contractor just went by the outside of the home. And based on the pictures from the inside and him seeing the outside, He felt like $57,000 with adding a bathroom, but that was the only information that I received. Oh. And then at that point, they asked for the price reduction to $190,000, and the buyers were willing to accept that because they were also allowing a post-occupancy through June 18th with a $10,000 escrow holdback. So that was very attractive to them as well, that they didn't have to pay rent and they could still live in the home. And then we were supposed to close May 19th, And then was getting ready to submit a contract for them when the buyer originally, she told me she was moving forward and didn't. And I kept kind of pressing on her with the escrow and she just never turned it in. So I sent her the cancellation.

Got it. It almost sounds like you just got kind of like a new wholesaler or something. I know.

And I was trying to figure out because even when I got the approval letter, I reached out to the contact on the approval letter. And even the person I spoke with, it sounded like person who submitted the offer, she had this LLC, but then he was the investor.

Yeah.

And then he was like, I approve this. This looks good. The only thing he did tell me, I'm just trying to give you all— I like to give as much information as possible.

No, I appreciate it.

Was that he said the shed that was on the property, he said, he used the words, it's illegal, which I was like, well, when we purchased it, nothing came up. He's like, well, nothing would have come up. He's like, I'm just not seeing it. Permit it, but there is a shed in the backyard.

Got it. Huh. That's weird.

Yeah.

Interesting. Okay. Well, at least you're done with them. So that's good.

Yeah. Yeah. I just, I was like, you know, I need escrow submitted. And on yesterday, Friday, she was like, we're moving forward. And then the next message I got like 3 hours later was, sorry, my investors, something like, I'm trying to remember the words. I can look back on the text, but like, they don't want to buy and hold in that area.

Oh, okay. Interesting.

So I don't have a ton of experience. Experience with investors. I usually help, you know, buyers with purchases.

So yeah, you'll have to— you have to save my numbers so that for future reference, you can just be like, hey, is this person an investor? And I'll be able to let you know in like 2 seconds. So for this property, it— so it sounded like for the sellers, do they already have like the next place lined up? Like, do they want a quick closing, or do they need more time?

I was trying to figure— I wanted to get them under contract especially in this market first, because I think it's going to be a little bit difficult to get them with a contingency. So that's why this particular offer was attractive to them because it did allow them a post-occupancy, you know, to give them the ability to close on May 19th and then have that time to have that cash to then close on the next home.

Got it. How much time do you think they would like to have?

They gave them a 30-day post-op, but I honestly don't think that's necessary, a full 30 days. I mean, the ultimate goal would be to get them under contract, get them closed and out of there. So she just, the investor said they'd give them 30 days. So I took it, they took it. But yeah.

Would they prefer if closing was just delayed a bit? If closing, rather than it being, oh, let's close in 2 weeks, if we made closing 30 or 60 days out, is that something they would prefer?

They're open with either option. I just explained to them if we're doing that, we're a little bit with turning around with closing, selling and closing on the same day or buying and closing the same day with two homes.

Got it. Got it. Okay, cool. And then I guess my last question, I know you guys just dropped the price. I know you had it under contract with someone else previously. I know it's listed at $200,000. I think I could put together an offer that could be a really good fit for them. I think working around their timeline and kind of making everything super convenient for them, that's really doable for me. The only thing is I haven't taken a close look just yet. I got to take a little bit closer and figure out exactly where I'm at. But I'm probably going to have a really hard time getting up to list price. But my number one thing is my goal is I, of course, I don't want to make an offer that would insult them or you by any means. I guess my question is if it was a cash offer and kind of met everything that they're looking for, I guess what price do you think they would really need to be at in order to move forward?

I mean, like I said, they accepted that offer, or the reduction in price to $190,000 from the previous buyer. But to me, originally they were saying the lowest they wanted to go is $200,000, but I think that's changed a little bit.

Okay.

But yeah, I'm just not sure.

Okay. No, I totally understand. No, that makes sense. Well, I'll tell you what, here's— when are they looking to kind of accept an offer by? Is it, you know, as soon as possible kind of thing?

Yeah, as soon as possible. I'm trying to see what this weekend holds with the showings. I think now that we've dropped the price of $200,000, we'll definitely see a lot more buyers, you know, because before it was that $215,000 price.

So if, um, what would showing— if like, if I wanted to, um, either myself or, or someone in my network wanted to go walk the property Is that something that you think we'd be able to do this weekend at one of the showings?

Yeah, definitely. If you just want to send me a text message with either your business card and the day and time, um, I can allow you access for the property. I just gotta confirm that with the sellers. It's pretty easy to show though.

Awesome, awesome. All right, um, well, I'll tell you what, Annie, um, let's do this. Let me take a closer look on my end. Let me see where exactly I think I'd need to be at. And the way I kind of do things, so I'll let you know kind of exactly where I need to be at, and then when I, when I have someone view the property, I also like to send Typically just like 1 or 2 guys that I'm really, really close with, they'll also walk it. So what that person was trying to do is they were just trying to find another buyer and assign the contract to them.

Okay.

So which like there's nothing wrong with that, but the worst part is like, I don't know, they don't tell you about it. They don't explain what's going on. And it's like they pretend like it's just them buying.

But your dad may not sign on the contract though.

Yeah, yeah, I know. Like what they'll do is they'll try to just double close it. So yeah, I told you, you got to save my number and I can let you know all the inside scoop next time. But so what I do is I like to look at the property and if it's able to be good for me, awesome. We can still move forward with the offer that we have in place. And if for whatever reason, if something were to pop up and I'm like, oh wait, this is a bigger rehab. If one of the other guys that I had go and look at it, sometimes it's able to be a better fit for them than it is for me or whatever. Sometimes they can do a job a bit cheaper or they're already doing a project in that neighborhood. Either way, what I do is I'll let you know if that's the case, and then we can still keep the same contract in place, but they'll be the one buying it at the end, and we can keep everything the same timeline, same terms, and then it'll just get assigned to them at the end.

Okay, perfect.

So Annie, I will tell you what, let me take a closer look and I'll be in touch.

All right, sounds good. Thank you.

All right, thanks. Take care. Bye-bye.

Come on, man.

Oh yeah, bro. Guys, and like, it doesn't take a rocket scientist. Like, this is a motivated property, motivated seller, motivated situation, guys. This— and oh man, there's so many gems to take out. I hope you guys listen to this call like 10 times over because there's so many things you can pick up. Did you notice? So perfect example of what not to do. Don't be that first wholesaler. Don't be that first wholesaler. They locked it up. They didn't have a buyer in place. They sent a buyer to go look at it. Buyer's like, no, I can't buy this thing. And then they had to cancel a contract.

No, she had to send a cancellation to them. The wholesaler didn't even cancel it. They just ghosted them. Trash. That's exactly what we're telling you not to do. You do not want to be sketchy, lie, cheat. You don't want to do any of that. That's not how you run a successful business, guys.

And I literally told her, I literally said that I would be looking to assign it if it's not something, and that I would tell her and let her know. And that we would make it assignable. And she's like, yeah, perfect. So guys, that's— come on, man. Oh my gosh, I'm so happy you guys got to see all that.

So when people come to you or come to us and say it doesn't work, guys, it's not that it doesn't work. It just requires the right conversation. You have to be honest. You have to have the buyers in place. Nate has buyers in Orlando. He knows someone he can call right now. We're ready. We're prepared. We know what to do next. If you just go out and you don't know what you're doing, you're making crappy offers, it's immediately— an agent can tell immediately, hey, this sounds a little off. So you got to do things the right way.

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