Winning the King Street Deal: Secrets to Off-Market Properties! #paynelessflipping

Name: Winning the King Street Deal: Secrets to Off-Market Properties! #paynelessflipping
Uploaded: 2024-12-03T15:00:09+00:00
Duration: 59 s
Channel: Nathan Payne
Description: In this segment Nathan Payne explains a recent off‑market, pre‑foreclosure property on King Street. The seller, facing imminent loss to the bank, worked…

3 Dec 2024 · 1 min

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In this segment Nathan Payne explains a recent off‑market, pre‑foreclosure property on King Street. The seller, facing imminent loss to the bank, worked with an agent who handled negotiations and required cash offers only, with a highest‑and‑best deadline. Because the property was off‑market, the agent still conducted extensive outreach, attracting a large pool of investors and wholesalers, including big players. Payne argues that in such a competitive environment, traditional wholesaling—where the wholesaler competes solely on price and typically offers the lowest price—offers little chance of success and is not worth the effort.

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Let's talk about King Street. King Street was an off-market property to where the seller was working with an agent, so it wasn't listed on the MLS, but there was an agent involved handling all the negotiations and everything. The seller was also in pre-foreclosure. He was running short on time and was about to lose his home to the bank and get nothing. The agent was accepting cash offers only and was accepting highest and best by a certain date. Though this property was off-market, the agents still did a lot of outreach for it, and so there was a ton of investors and wholesalers competing for this deal, and some of them were really big investors and really big wholesalers. And again, the situation was, give me your highest and best cash offer by this date. Now, for this scenario, traditional wholesaling, honestly, it's not even worth wasting your time. Why? Because with traditional wholesaling, you're just competing on price, and traditional wholesaling pays the lowest compared to everyone else.