Nathan Payne walks through sourcing off-market properties and finding buyers. He pulls leads from Privy, cold-calls listing agents with vague voicemails to uncover motivation and price, then identifies potential buyers by checking property history and contacting previous owners or flippers.
Chapters
Good morning, good afternoon, good evening. What is going on, Privy Nation? It is that time again, Deal Finding Friday, our favorite time. So without further ado, guys, I'm going to share my screen. We're going to hop right in and we're going to see how quick can we find a really hot opportunity or find a really nice deal. And honestly, my goal is we are going to do a deal in under 30 minutes. Finding the deal and finding the buyer one of these days. So that is the goal that we are constantly working towards. So without further ado, let me share my screen so that you guys can see all the goodies, all the details. All right. Okay. So as always, we start in my email inbox.
Why?
Because I have all my Privy filters set up. So Privy sends me deals that meet my criteria every day. And then we are going to see— these are all Hillsborough County, which I know is Tampa area. Let's see, let's, um, let's see what this is. I wish I could see the pictures. Okay, I kind of like the look of this. So listed one day ago. It's a 3/1, 860 square feet. I'm not crazy about it. See as it loads up. All right, so I'm liking these pictures. Looks like it could use some work. Great starter home, charming 3-bed. Awesome, awesome, awesome. Let's take a quick peek at comps. I'm gonna go to settings, select all, save. So they're asking is $176,000. Okay, I'm just taking a real quick peek. What are things going for in this neighborhood? Okay, so I think they priced it decent, right? Looks like things are going for $210,000, $215,000. All right, let's call up this agent. Now they've got a phone number right here, but typically the agent name used to be listed right down here. I don't know if they moved it. Um, now I know they have the office name and the office number, but just taking a quick peek to see if they've moved the listing agent. Name. Oh, okay, interesting. It's down here. Oh, I can't copy it though. So we're looking for Randall Treadwell. So let's take, uh, this realty. So what I do is I take the name of the person, right? So Randall, uh, Treadwell, TPS Realty. I think I spelled his name wrong, but that's okay. Randy. So let's see. Let's scroll back down because what I'm looking for is I want to call his cell phone. Yeah, Randall Treadwell. We spelled that right. All right, let's see which one of these— let's click on this one. All right, we got phone number right here. Let's call him up. Randy. Randy's got a deal for me, I know it. All right, 352-435-5311. Come on, Randy.
Hi, this is Randy. I'm sorry, I can't take your call right now, but it is important to me. Please leave your name, phone number, and a brief message, and I'll return your call as soon as I can. Thank you, and have a great day.
All right, we're gonna try him again. I'm just seeing him as someone saying no screen. Are you still not able to see my screen?
Hi, this is Randy. I'm sorry I can't take your call right now, but it is important to me. Please leave your name.
Appreciate it, Michael.
Leave a brief message and I'll return your call as soon as I can. Thank you and have a great day. At the tone, please record your message.
When you've finished recording, you may hang up or press 1 for more options.
Hey Randy, it's Nathan. I was just calling about this listing I saw you have here. Really interested. Give me a call back when you get the chance. Talk to you soon. Thanks. Bye-bye. All right guys, if you've been watching this for a while, you probably already know I don't know why I did that, but if this is your first time, the reason I leave a vague voicemail, right? Hey, Randy, I'm calling. I saw a listing you have here. I'm really interested. Give me a call when you get the chance. Talk to you soon. Thanks. Bye. Right. Light, cheerful tonality. Right. But I'm also being vague. I'm not letting him know what listing, because if he has a bunch of listings, he might have more than one. And this might be his headache property, right, guys? Because to be honest, when we're looking for fixer-upper properties for real estate agents, these are typically the houses that they hate to list, right? They just get a million calls. They just get a bunch of lowball offers. So if he does have a million-dollar listing, well, I want to keep him guessing, right? I want him to call me back because he's like, oh, well, maybe that person's interested in my nice listing that'll make me more commission, right? And then when he calls me back, ah, sorry, I was calling about the other one. So we leave it pretty vague. We want to create that curiosity to get them to call us back. The other thing, right, we call twice. On the second one, we leave a voicemail. And then what I typically do is I will also usually leave— um, I'm sorry, send a text message. So I will call twice leave a voicemail and send a text message at the same time saying, hey, Randy, I'm really interested in a listing I saw here of yours. Give me a call when you get the chance, right? Or is there a time today you can chat? So let's move on. We'll leave that one up because I have a feeling Randy's going to call me back. He's going to call me back. I know he will. All right. Orange County. Let's look at— let's look at these. Let's see what we got here. So listed 74 days. Oh, love it, love it, love it. 7-bed, 2-bath. Yeah, look at this thing. All right, all right. Let's see, what do we got in the notes? Back on the market. Oh, this is gonna be great. All right, this will be good conversation. So it's on Avenue Orlando. Let's, what's the name? Let's go back. Sometimes, not sure why the, let's see, does it pop up in the email? I know, let's try reopening it because for whatever reason the address isn't popping up. Okay, so let's go to here. Let's try looking at comps. I'm gonna go to active, see if we can get the address to pop up. All right, that is okay. We're going to call Stephanie. We're going to call Stephanie over here. I didn't even realize this has been here this whole time. Sold by. So this house was bought back in 2022. I didn't realize this was here this whole time. And I'm going to explain why this is important. So it shows the agent that sold this property back whenever, you know, it previously sold. Why on earth do I care about who the agent is that sold this house however long ago? I don't necessarily care on this house, but when I'm looking for buyers, if I try to look up— if I look up a property, I'm like, oh, this was definitely a fix and flip. He would be interested in a property that I have. I might have a hard time finding that buyer. I might have a hard time finding that number. But my fallback is, oh, well, this was the agent that represented that flipper. When they sold that property back in 2022. And guys, I have called agents from properties that have sold over a year ago. Yeah. And I would call him up and say, hey, Eric. He's like, yeah. I was like, hey, kind of a weird question, but I'm calling about a property you had sold a while ago on Avenue in Orlando. He's like, okay, what can I do for you? Like, yeah, it looked like it was a fix and flip, came out really well. He did a nice job on it. He's like, okay, what can I do for you? I'm like, yeah, well, I was calling because it looked like you represented a flipper on that one. And I've actually got a property right around the corner from this one. And I was wondering if your investor would be interested in another project in this neighborhood. All right, boom. And then the agent connects you. All right, but let's call Stephanie Mays. Oh man, I gotta, I gotta talk to Benson. I gotta figure out how to, how to be able to copy and paste all this. So let's put in Stephanie Mays with ASA. And then let's— we're gonna copy the brokerage. All right, realtor.com. All right, first question. She doesn't have a phone number. How's it going? Do you choose what title company you want? Do you choose what title company you want, or do you choose what title company the buyer wants? So everybody kind of does it a little bit differently. The best answer is ideally you want to use the title company that you have. Preferably, you want to be able to have control over that. The title company actually plays a really, really vital role. Um, that was one thing when I was newer into real estate, I didn't really understand. Like, who cares? Like, as long as they get the deal done. Uh, but there are a lot of reasons as to why, you know, one, you want to have a good title company first and foremost, but two, when it's your title company and you have that relationship, it it can be very helpful. But worst case scenario, if a buyer is really, you know, sometimes a buyer will be really firm, right? For the same reasons to where they're like, look, I won't do a deal unless we use my title company. For me, okay, you know, it's either don't make money or we use this title company. So, you know, all depends on the deal, but preferably I want to use, I want to use my title company. I hope that that answers your question. All right, let's call up Stephanie here. Stephanie Mays, 407-432-2680.
The wireless customer you are calling is not available.
Come on, Stephanie. Oh, it said not available, not, not not in service. Let's try again. All right. Stephanie, Stephanie, Stephanie. Let's try. And guys, sometimes this is what we got to do. We got to look up a couple links. So she's got the same number here. So we call the right number, right? I typed it in correctly. 407-432— oh my gosh. Classic. I put in 2380, not 2680. I don't even know what I put in. All right, 407-432-2680. Let's try this again, gang. There we go.
Your call has been forwarded to an automatic—
Oh, absolutely not. Call that nice lady right back.
Your call has been forwarded to an auto—
All right, we're gonna do it a third time and watch how I, how I play it off.
Your call has been forwarded unless she doesn't pick up. 407-432-2680 is not available. At the tone, Please record your message. When finished recording, you may hang up or press 1 for more options.
Hey Stephanie, it's Nathan. I'm sorry, I think my phone was kind of going in and out a little weird there. Um, I was calling about a listing I saw here of yours. Really interested. If you could please give me a call back when you get the chance. Talk to you soon. Thanks. Bye-bye. All right, so I kind of showed it for you guys there. If you ever call someone 2 or 3 times and you pick up, and if they're just— if you can just tell, oh, this person's kind of upset or kind of annoyed, or even if you're someone where you get really worried or really uncomfortable with calling twice or 3 times in a row, the simplest thing you can do is just be like, hey, I'm so sorry. I think my phone was acting up a little bit there. You know, I wasn't sure if it was connecting or what. But anyways, I was calling about the property on— right. And then you get right into it. So, hey, I'm sorry. I think my phone was going in and out, or I think my phone was acting up a little bit. I apologize. Yeah, I was kind of, kind of funky there for a second, but I was calling about— boom, right, right into it. All right, man. It's— is it— is it because it's happy hour on a Friday? Is that why agents aren't picking up? This property, I definitely don't want to tell her the address, right? This thing that's been listed for 74 days. She doesn't want to talk about this house on a Friday afternoon, right? So let's see, let's try, let's try another one. We are going to get someone on the phone. All right, listen, one day— I'm not even gonna look at that. That house looks like it's in too nice of shape. Let's see, let's see what else we got. This one also looks a little too nice. So one of the things I do, I don't know if it's just my computer, but it used to be— I think it got updated or changed a little bit. And I'm sure there's probably a way I just gotta I don't, I don't know the way, but the way it used to be is when you got an email, you could see a picture of the property. Basically, this picture right here would be right in your email. And what I would do is just by looking at the picture, I can get a good idea. Hey, is this something that's worth my time to even look at or call? Right. This property listed for $204,000, 2-bedroom, 1-bath. I'm not a big fan of to begin with. Let's take a peek because I want— watch me be wrong on this one. Yeah. Okay. Yeah. See, I was wrong on this one. Most properties, you know, you can tell by the outside picture if it's— and this one was kind of— it could go either way. Some property you can tell by the outside picture, you know, this thing's pristine condition, you know, 3-bed, 2-bath. It seems like it's priced high. Once you get to know your market, you'll be able to pick up on that really quick. And, you know, if you see it's been listed for 1 day, I'm not going to waste my time and call that, right? You know, beautifully renovated home. Now, that is not the case with this one right now. This— I don't know if you guys can see it, but there's some, some nice spots here on the carpet. Kitchen could probably use an updating, right? And then here, right, flooring, that looks great. So love it. Let's look at this. So 350 square feet has lots of— so is this an additional room? Newer AC unit, that's good to know. All right, let's call this person up. So where is the name? Linda. Linda Goodwin. So we are— oh, okay. That's the office number. All right. So let's copy this. We're gonna go over here. We can put in Linda Goodwin. Let's look her up. She just looks like the sweetest old lady. I've had— it has always been 50/50 with me when it— when it's like a sweet old realtor. They're either the nicest person you ever talked to, or just a little bit on the sassy side. We're gonna find out. All right, Linda. I think Linda's gonna be sweet. She's gonna— she just— look at that smile. Million-dollar smile. All right, 407-908-0320. All right, we're calling her cell phone. Don't want to call that office phone.
This is Linda.
Hey, Linda, this is Nathan Payne Payne Payne. How you doing? I'm good. I was calling because I just saw here the listing of yours on— for some reason, the street's kind of blanked out. The one in Kissimmee, the, the 2-bed.
Is it the lot or a house?
The house.
Yeah, I did that. Just went on the market. Yesterday.
Nice. Yeah, I was, I was calling. I'm looking at it. I'm looking at it as a potential investment opportunity. I was wondering if you could tell me a little bit about it and maybe anything in particular that you think would be important for someone like me to know.
Well, I mean, it's a little old house is all I can tell you. You know, the lady that just moved out of it's been there since 1990. Okay, so, you know, the hot water heater and the air conditioner appear to be much newer units, like in the last few years. The roof is a metal roof, uh, and it's the original roof on the house, and it's not leaking, but it's— it is— it is that heavy metal that they put on the older homes. Okay, I need to see these flooring. I will tell you though that they had started taking up vinyl, which had been on the floor for a long time. The wood floors that I can see in the house are— all they need is to be refinished. They're not loose, they're firm. And, you know, so.
Okay. Got it. And I guess, well, one of my questions, I guess, who do you kind of feel this property is the best fit for? I don't know, you know, do you feel like it kind of a a first-time home buyer to where they're looking to kind of do some work themselves? Or do you think it's something to where it's a better fit for an investor to maybe either, you know, fix it up and have as a rental or potentially fix it up and relist it? What are your thoughts?
I have had inquiries after both of those issues. I've had, I've had first-time home buyers call and I've had investors coming out my butt.
No, no problem there, I'm sure. Well, I One thing I promise you is I'm not, I'm not one of those investors that's going to call you and, you know, see it listed here for $200,000 and offer you $100,000. I'm not one of those people. So that's not, not really my deal. But do I guess with kind of the sellers or situation, whatnot, do you feel like with kind of what they're looking to do in the house, do you feel like a first-time homebuyer is probably going to be a better fit or could go either way?
You know, I think it could go either way, really. You know, I, I don't know, you know, but I would just— because I've had equal phone calls of people that are going to live there and investors that want to buy it that are inquiring about it like you are. So, you know, I don't know.
Got it.
It's just hard to say, you know, what people want today in this market.
Yeah.
And it's a small house, you know, it's not, it's not the, it's not the ivory tower for sure, but it's, it's It's in a good location, very conveniently located to transportation and lakefront, the downtown, and major roadways.
So, okay. If, if it was fixed up and updated, what do you, if someone were to list it on the back end, what do you think it could potentially list for?
Well, first of all, it depends on what they're going to do to it. And second of all, when I did a BPO in its current condition, a broker's price opinion, And I allowed with the comps, and I, you know, I put in credits when more credit was due. And, you know, my BPO came out at in the low, in the low $200s.
Okay.
And that's why I've got it listed at $204.
Got it. Okay.
So, you know, I mean, if somebody's gonna go in and tear that roof off, well, that's an expensive item. Yeah, if they're not going to tear it off because it's not leaking, but can they get, can they get insurance? I don't know.
Okay.
See, that's the thing with the, with the, you know, with the insurance with the older homes.
Right, right, right, right. And then is, is electrical, plumbing, any issues there at all or anything?
You have access to MLS?
No, just kind of some of the notes that you have here on it. But no, I don't. I'm not looking at it.
There's a report that was just done by Ace Solved It All. They do a yearly inspection on the house, and I've got it in attachments in MLS.
Okay. Got it. And then for this deal, I am obviously, you know, getting them the best price is, you know, number one. Aside from price, though, is Is there anything else, anything other than price that is important to the sellers at all? I don't know if timeline or anything like that.
She's an older lady and she just, you know, she's gone into an assisted living facility and she, she just, you know, it's fine. She just wants to sell it.
Got it. Okay. Um, okay, perfect. Um, now for, for property like this, if I were to make an offer, it would be an all-cash offer. I don't— would, would she prefer a quick closing or—
She doesn't care.
Okay.
Now that she's relocated, it's not a timing issue to her.
Okay, perfect. Perfect. So, so flexible, no issues there. Okay, got it. For a cash offer, you know, if I were able— I, again, I don't know exactly, you know, what my numbers would be at yet, but if it were able to be a cash offer and could close whenever, you know, works best for her, realistically, what, what price do you think she would need to be at in order for it to make sense?
I can't answer that question. You know, I've already had low offers on it and she's just turned them down.
Yeah, no, I get— yeah, you've probably gotten offers at like $110,000, $120,000, I'm guessing.
They've been a little higher than that, but you know, she's, you know, she's, she's happy with the price. And my market, you know, my market research that I did said it was priced right. What she'll take off of that price, I have no idea. And she has not given me a number.
Okay.
I mean, you know, obviously if she's lived in the house since 1990, she's not, she's not up to date on real estate tactics. So she's put it on the market, step number one. She got moved, step number two. Step number 3, now she's just waiting to get the real— I mean, the contract that works for her.
Okay. Um, okay, no, that, that makes sense. That, that, that answers my question. Um, the reason I ask is, like I said, I, I always want to try to give you as much, much as I can. Um, and my goal is— I— my number one goal is I never want to insult somebody with a low offer. So that, that's really why I ask. Um, If, if I do look at the numbers, if my offer does come back lower and like that, I don't know if it's like $150,000, $160,000, is that something to where do you want me to still just let you know?
I will submit any offer that you submit. I will submit it to her. She just rejected a $147,000 offer 15 minutes ago. Got it.
Okay. No, that's helpful. It gives me a general idea as to where I at least need to be above. So, okay, well, I'll tell you what, Linda, I, um, is there anything else? I know you shared a bunch with me. That's really helpful. Anything else that you think I should know or that, that would be helpful to know?
No, you know, it's, it's, it's obviously you haven't seen the house.
Not yet. No. Typically, I'm pretty good at getting in a good ballpark. And then for me, I, because I, I don't ever want to, you know, waste your time. And so to be respectful of your time, I'd like to make sure I'm at— I know I'm at least in the ballpark of kind of what the seller would need to be at before kind of going to walk it.
Yeah. Okay. All right. Well, if you, you know, if you've got this out of MLS, you know that there's combo lock on it. So, you know, you're welcome to show it anytime.
Okay, perfect. Well, Linda, thank you so much. It's been a pleasure chatting with you, and I— yeah, like, I, um, yeah, I'm gonna take a closer look at it on my end, and I will, I will keep you posted.
Okay, thank you, and have a nice weekend.
Thank you, you as well, Linda.
Okay, take care.
Bye-bye. All right, so that was a good one. So guys, oh man, so many good things on that call. One thing I really, really want to dive into, um, it took me a long time to learn this one. Do you notice how I asked the same question like 3 or 4 times, right? Hey, if, if I, I was— I, I kept digging for— I wanted to get more on price, right? And, and she was a good agent to where, you know, she was kind of— she was playing, um, a good agent like that, right? She played played a role very well. She didn't really give— right, all she gave off was, yep, she doesn't care, she's not really motivated. Um, hey, sorry, I can't give you that info. Um, I will submit any offer that you submit to me, right? She was giving me nothing. And, and we kept asking, hey, realistically, what price would she need to be at? Oh, got it. My guess is— oh, she's already rejected low offers. Got it. My guess is they were probably at $110,000, $120,000. Right. And we, we always anchor really low because that's the exact response I'm looking for is the one she gave with, oh no, well, they were a bit higher than that.
Right.
And then eventually, right, it wasn't until the third or fourth time when I was like, hey, you know, I would never want to insult somebody with a low offer. If I'm looking at my numbers and I'm only able to get to like $150,000, $160,000, should I even bother? Calling back and, you know, just letting you know, or, you know, don't, don't waste your time kind of thing. Right. And she cut me off and she's like, well, I'll let you know. She just rejected an offer at $147,000. Boom. That's what we're looking for. Right. So that kind of info is so helpful. So $147,000. We know she's not at that part just yet. Right. But if it's a deal at 160, she might say yes to it. Right. Or 170. Who knows? But one, we kind of know where other investors are at. And two, she just said no to 147, which is probably the highest cash offer she's gotten so far. So really, really good info. Now, she told us a little bit about condition, right? But that kind of wasn't really her game. She's like, hey, look, it's an old house. You know, do your own due diligence, right? That was kind of the gist of that conversation. And so for this one, it— I didn't get a chance to look at comps, but what I would look at— so 2-bedroom, 1-bath, it's got a decent amount of square footage though, but old, right? She'd said it a couple of times. Old house. Old house. The one nice thing is I don't think a first-time homebuyer is going to buy this. One, because it's really old, and two, I think it needs more work than she thinks it needs. It's probably going to need a new roof. It's probably, you know, it's, it's not just, oh, just come in and replace the carpet. So the nice thing is, like, do you think it's going to be an investor that buys this? Question is, what price are we going to need it at as an investor? Now, for Privy, one of my— and also, guys, Again, I never paint myself into— I am not a fan of, you know, making an offer on that first call. If I'm talking to the agent or if I'm talking directly to a seller, right, I never want to make an offer on that first call. There's no need. I don't have nearly enough information, right? I haven't had a chance to look at comps. And honestly, I don't like comping when, when I'm on the phone, right? It's just there's too many different— it's too easy for me to miss something, right? Right. Some people, maybe, maybe they're just magicians. They're able to do it. And that's great. But for me, I really want to kind of know exactly where my offer would need to be at. Now, the number one thing we fish for is, hey, is there motivation and is there an opportunity here? Right. So with this house, I say yes. Price point, she made it sound like she's not interested, but she's been getting low offers. I bet you she would say yes to a lower offer for sure. So let's take a peek. One of the things I love with Privy is when you look at comps, the fastest way that I love to look for flippers in that neighborhood is I just look at what are the sold comps that have the arrow, right? Shows this is the price they bought it for, this is the price they sold it for. Now, if there's only a small jump, like, let's see, Nope. These all have pretty big jumps, jumps in price. Sometimes you'll look and there will be an arrow. Right. And it'll say, you know, oh, they bought it for $195,000 and they sold it for $220,000. Typically, that isn't an investor, right? Somebody that bought the home and they only lived in it for a year and then moved. But when you see someone bought it for $195,000 and they sold it for $360,000 and again, they can't remember the time frame, but I believe it's about 18 months. Within 18 months, this will only show up if they bought and sold the property within 18 months. If someone bought it for $195,000 and then sold it for $360,000 within a year, they probably— they had to add some value to it, most likely, in order to get it to that price. Now, the big issue with this house, again, 2-bedroom, 1-bath. This isn't the best house. Honestly, I think this would be a good fit for a rental. A landlord buyer. And again, another thing I love about Privy is they have these tools right here, right, to where now I can see the rents in the area. Now, why do I care about that? Well, because what I can do— well, first I can go down here and see, hey, are there 1-bedroom, 1-bath or 2-bedroom properties that people are renting? And there's a number of them. And so what I can do is I can call those people, right? Or I can call any of these people, all right? So let's look at— not this one, this is a townhome. Let's see, there's no image on that one. Let's, uh, let's just click on this. So I can go to public records. Ooh, nothing popped up in public records. So let's see, um, Oh, that's why, because of the address. Let's try some of these. Yeah, this one, this one looks nice. Let's go to public records. Ah, nothing popped up again. And again, guys, this is what happens when you look for buyers, right? So, and I cannot stress it enough, guys, looking for buyers, it, it can be tedious, right? So here Public records, property history. We want to know this property is for rent, meaning an investor bought this and is renting it out, most likely. So, so what I'm going to do is I'm going to go down here and I want to know who the buyer is. That is One Wild LLC. So let's see. 0624. So I wonder— that is, that is so weird. So usually it's an LLC, right, like this, and then you can just look it up. The other thing you can do is you can look up this property for rent, right, on a different platform, whatever the case may be, and you can call the property management company. And a lot of times they'll have the number in here also. Um, sometimes it'll be in the notes at the bottom, or it'll say the name of the rental company. And then you can Google that rental company and call them. And I promise you guys, it's worth doing that work. But let's see, let's try it. Let's try to look up and call a buyer. Let's just try this guy. So again, I'm clicking on this because I'm seeing that big price jump, right? The arrow. I see the picture. Oh, this looks like a really nice house on the outside. Now, we don't know for certain if there was a flip, but boom, it's got a before and after button. Love that, guys. Was this thing a flip or was this a flip, right? Took it from this to this. Love it. So what I would do is I want to know— so this property has already been sold. So I'm going to go to public records, property history. I want to know who sold this, right? So Edward here bought it for $195,000 and then he sold it for $360,000. So I want to look up Edward and try to call him. So I'm going to go to truepeoplesearch.com, totally free website. And then which one was I looking at? This one. I'm going to copy his name from here. I'm gonna paste it into here. Whoops, wrong one. Let's try that again. Copy. Let's get rid of that. All right, and then I want to put— I want to switch the name, right? So the first name's first and last name's last. And then this property is in Kissimmee. So I am— and honestly, guys, I don't even know if I'm pronouncing that right. I'm pretty sure I said— I used to say Kissimmee. And then I spoke with someone, a Floridian, and they clearly were like, they're like, you mean Kissimmee? I'm like, yeah. So, but I'm still not certain if that was right. Alright, 2 results pop up. Let's look at this one. Love it. We got some phone numbers that pop up. All right. And it says he lives in Winter Garden in Florida, which isn't that far away. So let's call him up right now. 407-948-9148. But Nate, you don't have a property under contract. I know we don't need it under contract, so let's call him up.
Your call has been forwarded to voicemail. The person you're trying to reach is not available.
Let's try him again.
Call has been forwarded to voicemail. The person you're trying to reach is not—
You know, it's fine. I, I've called this buyer before. I've got his number saved in my phone, so I won't bug him too much. But what would that conversation look like if he picked up, right? He's like, hello, who's this, right? I'd say, hey, Ed. He's like, yeah, what do you want? Hey, Ed, this is Nathan Payne. How you doing? He's like, I'm good. What do you want? It's like, yeah, I was calling because I saw a flip that you did a little while ago on Roseland Drive. He's like, yeah. Like, yeah, I was seeing it here. It looks like you did a really good job on that thing. It looks, looks really nice. And he's like, okay, well, what do you want? Like, yeah, the reason I was calling was I'm negotiating a property right around the corner from this, and I was wondering if you're still looking buy in that neighborhood? And 9 times out of 10, they're going to be like, yeah, what do you got? And I would give the highlight details, right? I'd say, yeah, it's really nice. I wouldn't say it's really nice. I'd be like, yeah, I think it's got a lot of potential. I'm still negotiating it right now. It's a 2-bedroom, 1-bath, but it's over 1,200 square feet, so it's not really small. I think it could potentially be a nice, a nice flip or could be a really good rental. Kind of depends on what you want to do with it. But it's not in terrible shape. It's not a teardown or anything by any means. You know, needs some flooring, probably going to need a roof, you know, kitchen stuff can use updating. The house is on a little bit of the older side. But yes, that sounds like something that'd be up your alley. Right. And that just start the conversation. And then he'd be like, oh, what street is it on? And then, you know, normally I would have the address and I'd say, oh, it's on this street. And I give them all the details and like, Nate, but aren't you afraid of giving your buyer all that information without having it under contract? No, I'm not. Why? Because one, I said I'm negotiating it, so he doesn't know what I can get the property for. Right? So I'm kind of holding that piece back. Number 2, buyers typically don't want to do this stuff, right? And in my experience, I have never had a buyer go behind my back, right? Knock on wood. But this property, it's like it's one of those ones where it's like, I don't know, is it a deal at 160? Is it a deal at 180? I don't know. Kind of depends on who's looking at it. Kind of depends on what someone wants to do with it.
Right.
And for me, I can use any formula. I can estimate rehab. I could do all that stuff. But the reality is it doesn't matter what I think. All that matters is what the buyer thinks. He's the one buying it. He's going to have his own opinion as to what he thinks the value of it is. He's going to have his, his own feedback as to what he thinks the rehab cost is going to be. And, and ultimately, you know, he only knows what he's going to do with the property. So he's the best person for me to go to to get that feedback. Right. And then from there, he's going to be able to let me know what he thinks about the property and what price he would need it at. And then I would go back and say, hey, Linda, good news, right? I'm really interested in property. In order for me to purchase it, you know, give some more feedback and say, hey, you know, I'd need to be at 170. Right. If I know my buyer can pay $175,000 or $180,000, and now I can have absolute certainty and confidence in my offer and I can make things like, yeah, you know, let's do zero days due diligence, $5,000 nonrefundable deposit. Right. Because I know I have my buyer that already gave me an answer. And so once Linda says yes, great, done deal. So, guys, I hope that was helpful for today. I had a lot of fun. Glad we had had some— a good chat with, uh, with an agent today, Linda. She, she was very nice. I'm glad she was nice. And we got like one or two questions. Will hedge fund companies buy an on-market property from a wholesaler using a realtor? Uh, yes, but not all of them. Most of them don't really like to, but some of them will. Um, so yeah, you just gotta— it's, it's If you have a contact with a hedge fund, if you just ask them, they'll let you know. But most of them usually do not. How do you structure a JV if another wholesaler has the control and you don't want to get cut out? Do you send JV agreement, then find buyers? And when is it sent to title? So the way I do things, if another wholesaler has a deal, and I'm helping that wholesaler find a buyer. I, I don't— I, I don't do a JV agreement. I don't do an exclusive agreement. You can do an exclusive JV agreement with that wholesaler. There's a lot of people that do that. For me personally, it's, hey, I'll find you a buyer. If you find your own, hey, that's okay too. No harm, no foul. Um, you know, they're bringing the deal to me, right? So I kind of look at it as, hey, I get the privilege to find a buyer for this opportunity. And a lot of times, again, real estate's very relationship-based, right? So I get— even with the buyers, it's not just some random email list. Same thing if I'm working with a wholesaler. It's not like I just saw another wholesaler's deal on Facebook and then I'm gonna go start working it. No, I'm gonna have a conversation with that person over the phone, uh, first, right? And one, get their permission, make sure, hey, you know, If I'm able to bring a buyer to the table, are you willing to work with me? Right. And get all those things kind of on the table and make sure everyone's cool and okay with it. And then from there, I go to find a buyer. And then for us, it all depends on the deal. So as far as getting paid, when we do find that buyer, I can either do a JV agreement— I'm sorry, not JV agreement— I can either get paid out from the assignment Right. Or I can have that wholesaler assign it to me and then I assign it to the end buyer. Or what I do most of the time is I just do an invoice to my buyer because I, I have relationships with my buyers. So I let them know exactly what I'm going to be making. I say, hey, we'll just have you sign the contract with the seller or the wholesaler or the agent. So it looks like they're buying it directly from them. And then I just send them an invoice saying, you know, here's my consultation fee for X thousand of dollars and to be paid out at close on this property. And I give it to the title company, then we get paid when it closes. So there's a lot of different ways to do it. But just make sure everyone's on the same page, right? Do it right, do it well, good business, all that good stuff. I hope that helps answer your question. And guys, Another amazing Deal Finding Friday with you guys. I hope you all have an amazing weekend. Be safe, have fun, and we'll see you guys next week. Take care, guys.
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