Nathan Payne walks through real estate mistakes that cost him: locking a deal at the wrong price without proper valuation, having no pre-qualified buyers with only three to seven days to find them, and getting in trouble with Utah's realtor board for mass-emailing agents. He recommends quick price analyses, maintaining a pipeline of vetted buyers, and being transparent with sellers about who will view the property.
Chapters
As I reflect on this, there's a lot of lessons learned that you guys don't need to, like, learn if you just learn from my mistakes. First of all, we locked up this deal at the wrong price because we didn't know what a deal was. We just didn't know. We just threw out a random number. Don't do that. You should know what your properties are worth. You can do a quick analysis. Now look, another thing is we didn't have buyers at all. We just locked it up and we're like, we'll find somebody. It wasn't as easy as you thought. And when you're under the gun, you got like 7 days of due diligence or 5 or 3, sometimes you don't find anyone fast enough. So going back, I would have done what I do, Painless Flipping, now, and I would have gotten the buyer or had buyers in check and known people, so I would have been able to get buyers' offers quicker. And I wouldn't have sent this deal out to every agent in the state of Utah and gotten in trouble with the Board of Realtors. That's something I would not have done. Okay, so there's a lot of lessons to be learned here. And transparency— it would have been a lot easier if we just said, hey Donald, these are a couple investors we work with, we're gonna have them walk through your house, and, uh, you know, when they're done, they're gonna let us know what they'd be willing to pay
