$250k in 1 MONTH CHALLENGE (Day 22) | WHOLESALING REAL ESTATE

By the way, I'm live.

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Your call has been forwarded to an automatic voice message system. Bye.

Hello, Danielle.

Hello.

Hey, sorry, I like, as soon as I got to my phone, it was already done.

Oh, no problem at all. Hey, um, so are you in, uh, is now a good time that we can go over everything with you and Tyler?

Yeah.

All right, so, um, I was able to speak with our head of our buy and hold department and we've gotten final approval for the offer.

Okay, uh, hey Ben. Yeah, let me go over to him.

All right.

So we got approval on the offer.

Yeah.

So what would be the next step?

So we got to figure out a couple things. Number one is what day you'd like to close, like what day you'll be ready to move out.

Uh, we have a lot of stuff, so we have to do a yard sale.

So not only look for places, but kind of downside.

Yeah, so we'd have to look for a place and downside. So in at least maybe 60 to 90 days.

So the absolute most we can do is 60.

Okay, then do you think 60 would be Um, I think 60 should be enough.

Yeah, we think 60 should be enough, but we need to look around because we haven't been prepared to actually look.

Well, I mean, that'll give you all the way until August 3rd, you know, all of June, all of July. I'm sure you guys would be able to get everything done in that time, right?

Yeah. Um, yeah, because the reason we asked for as much is because of like with our credit being a little bad right now, um, we're gonna have to do like 2 times the amount for a deposit for rent on a place.

Okay, well, I mean, how important to you on a scale of 1 to 10 is it that we get it 90 days?

Um, So the one question is that I'll make it like to know is, so in the meantime of us closing, do I guess do we still continue paying on our current mortgage or are we able to like, what's like, when would you guys actually take over?

Yeah.

Or how does that work?

So yeah, so you would have to keep paying on it until we take it over.

Okay, okay, because currently we are 2 months behind because of our bank, but, um, I'm gonna make a payment to them for this month, um, whenever I get paid on the 5th. It depends on when it hits. It either usually hits the 4th or the 5th.

Okay, so any, any, like, if you missed payments, I mean, technically you you could not pay them, but that amount would end up coming out of the $6,000 at closing. Does that make sense?

Okay. Yeah.

Okay.

So question then. So say if they know that we're in the process of selling and say we didn't pay so we could like save as much money as possible, but pay, like, take it out of the closing costs. Would that change anything? Or like, I didn't know, I don't know how this works. So I mean, I'm trying to figure out, because I guess we're trying to mainly figure out because of, since we're gonna need some like money to put down on a place, um, paying the mortgage, but also trying to like, like, so catching up on the mortgage or whatever, um, but also trying to put a double deposit on somewhere is going to be hard. Yeah, we don't make that kind of money, right?

I get that. So, um, what if we could do something like, uh, I mean, isn't that what the, the $6,000 will be used for?

Like, like, yeah, basically The $6,000, like, so basically, I guess we could technically do something as like a down payment or something, because that's what's gonna get us into a new place.

Right. So, I mean—

I don't know how it works.

Right, well, what you'll wanna do is we'll just line it up to where you're, that whenever that deposit is due, we'll do that on the same day of closing. If we need to move it, let's say a week, we can do that.

So I thought that whenever, um, I thought whenever you like to, to hold the place, you usually have to have a deposit. I mean, I don't know.

I don't know.

I'd have to, I don't know, would have to, I'd have to work it out to see if I can find a rental first and then see if there's a way to make it agreeable.

All of that is what I'm going to tell you, Danielle, is all of that we'd help you Like if it came down to it and all of a sudden like it's a week before and you needed to have like some money up front to put a deposit, we'd be able to work something out where we could release some to you. Or, you know, if we need to like extend the close date maybe a week or something like that, like we're going to work with you here. My goal is to help you guys get out of this situation and into the better one, right? So it's not like I want to put you in a bad spot.

Of course.

Okay, okay.

And then so what would be, I guess, in a sense, the next steps if, um, like if everything works out perfectly?

So we'll send you over the agreement that has everything in writing that says we're buying the property, we are becoming responsible for paying for that mortgage, that we're going to pay you $6,000 at close of escrow, that we're covering all the closing costs, everything like that, that we're closing 60 days from now. Once we get that piece of paper signed, then we're going to go ahead, send it to the title company. The title company is going to make sure that, yeah, Tyler and Danielle can sell this house, and that, hey, Tyson and his company can buy the house.

Mm-hmm.

And then during that time, we're gonna have— we're gonna send somebody over to the property to come take photos so that we can start getting ready on what we're gonna do for the property. And during the meantime, we're gonna help you with what you need. So if it's finding a place, whatever it is, we're gonna give you access to all of our resources to help you out with that bit.

Okay, yeah, because like whatever is like— if you got whatever resources you guys have to help with Because I'm not going to lie, like, our credit right now is tanked because of, um, because of the bankruptcy, because we haven't fully filed yet. So like, our credit, like, terrible. So we're trying to see, like, I found one place that's actually down the road that it says like a $500 deposit, but it says like it could be, um, $500 to one month of rent, um, which is like if we do the 1-bedroom to save like a ton of money, then it's only like $1,000. But, um, but that's pretty much like— that's what we're looking at is like basically down— so like we'd have to definitely have enough time to sell and downsize a lot.

Right, right. Um, so, so I mean, I mean, that's what we'll get started doing, you know, is once, once we're able to get our photos, we confirm everything that you told me about the property then we're going to, you know, we'll get the things moving on that. We can start having the yard sales. And then here's going to be the best thing is, is I got a team of bulldog negotiators over in my office. And when we find a place, like, we'll help you find the place, we'll help you negotiate with them and get you in somewhere. Right.

Mm-hmm.

And so then on August 3rd, which is 60 days from now, Or if it's before, it's whenever you need, right? Then we'll go ahead, we'll close on the property.

If we do get everything, like all of the stuff that we aren't using, sold and everything done in time, then like we can close earlier?

Yeah.

Okay.

I mean, that's honestly preferred, but if you need to take the time, that's okay too, right?

Right? Yeah, okay. Yeah, because of— I'm hoping with all the stuff that we have in here, like, we should be able to make a good piece of money to help us go ahead and like put a thing on a place so that like— yeah, so it just makes it a lot more simple. So that's what I'm hoping for. Um, let me go over— sorry to my husband, was like the baby was being super loud, so I moved away from them. Um, where is Where'd you go?

Oh, you got this.

Um, so basically he said like he would help us like find places, um, like they would help us find places like yard sale and all the everything we need to like, um, get into a different place.

Okay, so Um, all right, um, let's see. Um, so I have Tyler's email as All right, so, um, first it's gonna send a Tyler. I'm coming through and Signing it right now myself. Does Tyler have his email open right now?

Yeah.

All right, it's going to be coming through to him in a second. Yeah, okay, so once he gets that opened up, let me know. Yeah, all right, so first page is gonna be the most important. So we've got the address there at the top, the— but the is what this is saying is, hey, we're buying the house, you guys are selling it. We have the address at the top, and then there's the APN and the legal description. Those are just the official coordinates for the property, right? I just pulled that from tax records. Now, most important right here is 1.5, where it says the purchase price. So you see $100 earnest money deposit. That's a deposit we send to the title company. You don't pay that. We send that to the title company to get escrow opened up. Then we have underneath that the approximate existing first mortgage that we're buying subject to. So you said that's about $278,000, right?

Yes, sir.

Right. So it's an approximate amount. We know that. That's fine. Then there's no second mortgage, right?

No.

Okay. So then we're not doing a new loan to the buyer. We're not doing any seller carryback financing. No Other, and then we have right there that there is $6,000 cash at close of escrow.

Yes.

So below that, the total purchase price with the mortgage we're buying subject to and the cash at close of escrow is going to be $284,000.

Okay.

Does all of that make sense on that first page?

Yeah, me.

All right, so I want you to go ahead and click where it says initial on the bottom left. It's a little yellow box.

Yeah.

And let me know once you've done that, we'll move on to the next page.

Yeah, it's already, uh, I just clicked it. All right, um, it's, uh, it's in one 1.9, the thing that the address is required.

Okay, yeah, so on that address, you just put any address you'd want like mail to be sent to, like if the title company, if you request a hard copy of anything, you can just put your address here if you'd like.

Like, yeah, I'm just gonna put that. Yeah.

Caden, boy, do I got news for you, bro. I made Wholesaling 101 be $69 a month for this month only. Go check it out, bro. So are you on the second page now?

I am still on the first page. First, okay, they want me to— where it says, uh, standard title and policy.

Let's see here. All right, so, okay, yeah, that's the, uh, that's that second page. So if you go to the top of it where it says 1.6, close of escrow, Yeah, so I have on there August 3rd, 2023, so that's 2 months from today, actually 61 days. Um, the escrow agent, that's Closed Line Settlements, that's the title company that was going to close the transaction. Again, they're the neutral third party that's going to make sure, number one, you're able to sell the property, and number two, that you get every penny we promised you for it. Does that make sense?

Okay.

So then we have the parties, the sellers, so there's your and Danielle's names. Then you entered in your address, we got the telephone number and the email there. Then you have the buyer, that's my company. And you have our number and everything like that. As you can see, there's a 20-day inspection period. That's for us to make sure, confirm everything you guys told us about the house, right? Now I know you guys are honest people and wouldn't lie to us, but sometimes, believe it or not, we've actually had people who say one thing And then we go, you know, they're like, "Oh yeah, the house is great. It's got this, this, and that." And then we go over there and it looks like Eisenberg and Jesse were spending a weekend in there.

Good.

I got you.

So after that, you'll notice 1.11. This is also very important. Specific closing costs to be paid as follows. Escrow fees and costs. Everything, every single one of these is checked 100% by buyer. Like I said, we're paying all the closing costs. So this is— no money is coming out of that $6,000. I don't know if you heard me explain this to Danielle, but the only thing that would come out of that $6,000 is if you do not make any mortgage payments in the next 2 months. Like if you go more behind on the mortgage.

Okay.

Does that make sense?

Yeah, it makes sense.

Okay. So did you see— I know I kind of skipped over, but there's another little box where you put in your initial.

Yeah, I, I saw it.

Okay, so if we keep going down here, we could see personal property to be included in the sale includes all the items set forth in Section 2 and the following. As you can see, we didn't add anything in there. So anything that's not bolted to the wall or like bolted into the house, you're free to take. Everything else you'd like to leave, you're more than welcome to. Okay, um, so then addendums, acknowledgments, we're including the subject to addendum. That'll be at the very end. That's what explains that, hey, we are becoming responsible for making that mortgage payment. Nothing else is checked right there. Then we have 1.14, additional terms and conditions. This is saying that this contract and our performance is conditioned that your loan is equal to or less than $280,000. Now I know Danielle looked at a recent statement and it's like $278,000 or $279,000, something like that.

Yeah.

Right. It's just that all of a sudden if we look and your loan is actually $400,000, then that does not make this deal work for us anymore, right?

Yeah.

All right, so then I also have another box checked, other, and then you'll see right there at the top of the next page where it says any mortgage arrears will be taken out of the $6,000 due to the seller at closing. So like I said, is if you do not make any mortgage payments for these next couple of months, That'll come out of the $6,000.

Okay.

And then just above that, there was another spot for you to initial. Can you go ahead and click there?

Yep.

All right. 115, occupancy. It says that there will be no parties in occupancy of the property other than the seller and buyer. So this is saying that you're not gonna, like, rent the property out to somebody during the next 2 months, right?

Yeah.

Okay, then 1.16, that's just us disclosing that we— that one member of my company holds an Arizona state real estate license. Um, and now here we come through a bunch of boilerplate stuff. Purchase and sale of the property. This is saying, hey, you guys agree to sell the property, we agree to buy it. Um, then it goes over all the things that you need to make sure you leave. So it's saying like any built-in appliances, Don't take the ceiling fans. All just normal stuff. Like I said, anything bolted to the property, you need to keep. Or I'm sorry, you need to leave there.

Okay. Yeah.

So then we come down. Status of title, title documents. This is saying that we're requesting the title company give us title insurance. That's just standard. Buyer's review of title. Again, we're just making sure there's no other liens or encumbrances, anything like that. We're buying it with clear title. Again, just instructions for the title company. Then there's another spot for you to initial at the bottom left there.

Yep.

All right, next page, seller's spouse to execute. So we'll also need Danielle to sign after you finish going through. She'll go ahead and be able to do it. Disclosure, as you can see, as-is purchase. We're saying we're purchasing it as-is. You don't need to make any repairs. We're not asking you, hey, yeah, we're buying it, but you also need to replace the floors and repaint the walls, da da da, right? We're just saying, hey, we're buying it as it is right now.

Yeah, we're in the process of doing like some landscaping out in the front, so I mean, we're just going to end up doing that anyways.

Okay. So 5.2, septic or alternative wastewater facility. This is saying if it's on a septic system or an alternate system that uses a septic tank, we're going to have to do a pre-transfer inspection period— or a pre-transfer inspection of that. This property is on city sewer, right?

Yeah.

Yeah, okay, so that doesn't matter. 5.3, lead-based paint disclosure. This is just saying, this is for me, as you can see I already initialed. It's just saying, yeah, we know that the property was constructed prior to 1978, so we'll go ahead and have to do lead-based paint, the disclosures and everything for that. That's no worries, nothing you have to do. Okay. 5.4, changes of property prior to close of escrow. So this is saying that you need to provide notice to us within 3 days of any material change to the property. So if a tree falls down on the roof, you need to let us know, right?

Okay.

Alright, last paragraph, inspection period. This is saying that at our cost, we can go ahead, do any inspections we need to the property. And then there's the spot for you to initial the bottom left there.

Yep.

All right. Buyers continue to access the property. This is saying from the effective date, that's the date that everybody signs, so it would be today, till close of escrow, that you need to make reasonable access for us to see the property. Now, it's not like I'm going to call you and I'm going to say, "Hey Tyler, we're coming by tomorrow at 3. Make sure it's open." I'm going to say, "Hey Tyler, we've got this inspector that needs to come by sometime in the next week." When's a good time for you? And we'll schedule a time, things of that nature, right?

Okay.

Next, seller to keep and maintain utility service. So you need to keep your utilities on in the property from now until close of escrow. Then obviously at that point it'll switch over. You don't need to pay the utilities anymore.

Yeah.

Close of escrow. This is saying, hey, we're going to use an escrow agent. Buyer's closing deliveries. This is saying we're going to pay all of the amounts that are put in this contract. Um, then there's a bunch of boilerplate stuff. We'll get an affidavit of property value saying all the specific costs to be paid by buyer as set forth above. Remember, we're paying all the closing costs. Um, we'll pay all the other normal charges, and it's saying at closing that you're going to be able to convey title to the property. So you will be giving us title to the property. Um, the, the title company will go ahead, give title insurance. And that you'll be able to execute all the documents that the escrow agent asks, reasonably requests from you, to make sure that we can go ahead and do close of escrow. And then there is a part about tax prorations. So you're gonna have to pay any real estate taxes that are encumbering the property for any time prior to when close of escrow is. So if you already paid your property taxes, It's very likely that they could be escrowed in your mortgage, but either way, I know that property taxes are very high in this area, so it shouldn't be a big deal.

Yeah.

All right, then there's another spot for you to initial, the bottom left there.

Yep.

All right, so specific closing costs. Again, it says that you would have to pay the specific closing costs applicable to you in Section 1.11. Again, remember that's where all the boxes were checked by buyers, so you don't have any specific closing costs. And then last little part, you just need— it's you understand, acknowledge, and agree that this is if for any reason we had to close the property through a lawyer, that we might have to pay a fee. Not you, we would. I don't know why it makes you initial there though.

I got you.

All right, last things. Seller representation warranties. This is the saying that you represent the warranties and covenants and understand that we're relying on those representations, saying that you own the property and all of the things in that nature. It's saying that you're going to maintain the property as it is right now until close of escrow. So again, you're not going to take a sledgehammer through the walls. It's saying that you have disclosed all the material latent defects. I know we talked about the property. You know, Danielle gave me all the information. I don't think you guys are hiding anything.

Yeah.

Yeah. So then we got the defaults, remedies, cure period. This just says, hey, for any reason anybody breaches contract, you need to send a cure notice within 5 days and then you need to fix whatever the reason for the breach was. I don't see that being an issue. And then there's another part for you to sign at the bottom.

Okay.

All right. If we keep going down. So default by seller. So this is saying that if you were to breach any terms that, you know, we're able to, to go ahead and move for specific performance. So to go ahead and get the house, go by our agreed upon deal. It's saying default by buyer, that if for any reason we default, you guys get to keep our deposit. And then lastly, attorney's fees. Again, this is just boilerplate in every single real estate contract. If for any reason there was a lawsuit, whoever won would have to pay the other one's attorney's fees. Of course, we never want that to happen.

Okay.

Don't have to use that.

Yeah.

No oral changes or representations. This is saying, hey, this right here is the agreement. Broker disclosure. This is saying that we do not have any kind of real estate agent involved in this transaction. There's nobody that we owe a commission to. Right, so no money's going out of your pocket to go pay a realtor or something like that. Notices, this is just saying that, hey, everything will be in writing. You guys gave the address in case you want anything mailed, but other than that, electronic notices work just fine. Then there's another place for you to initial, bottom left.

Yep.

All right, then we have addendums, acknowledgments, additional terms. This is saying that all of those other things above, those are part of the contract. Entire contract is the same. This is the entire understanding. There's no other weird documents on the side that also count. Assignment, it's saying that we can assign the contract to anybody else. Successors and assigns, it's saying if it was to be assigned, they obviously have to come through and they have to perform on this exact contract. Amendments must be in writing. This This is saying if for any reason we need to make any change, like for instance, you guys give me a call and you say, "Hey Tyson, we got everything ready. We'd really like to move in 2 weeks earlier. We'd really like to close 2 weeks earlier." No problem, I send you over an addendum. We both say, "Hey, close of escrow to be moved 2 weeks earlier." We both sign it and then it's good to go. Payment of funds. This is saying that we're gonna pay you in US dollars. We won't be paying you in pesos, Ethereum, Bitcoin, or anything like that. Interpretation, this is saying that this contract will be interpreted and governed under the law in which the property was— is located, so Virginia law. Headings, it's saying the headings in this contract reference only. Waiver, right, no third-party beneficiary. Again, we're saying that there's no other real estate agent, anybody else who can come after and say, hey, I deserve a commission on this. —and then a place for you to initial in the bottom left. All right, severability. This is saying that if any part of this contract is for some reason illegal, it does not count. Now again, that's just standard boilerplate stuff that our attorneys make us throw in here. Time is of the essence. This is saying that all the time in this are actual days, everything like that, saying that days refer to calendar days unless otherwise specified as business days. Um, okay, risk of loss. We know that once we get the property that we have the risk of loss of it. Utility service, again, this is upon the close of escrow. We will be responsible for switching over the utility services in our name. Um, memorandum of contract. This is saying that we can execute a memorandum. This is a formal notice we give to the city saying, hey, we are purchasing this property. Um, counterparts— this is saying that it can be executed a number of counterparts, meaning again, if we need to make any of the addendums, that's fine. And also that we can do, um, like emails, like how this is right now, like we can use DocuSign, things of that nature. Last, we have voluntary agreement. This is saying that you agree that we are not pressuring you into entering this agreement, not holding a gun to your head or anything like that. This is a mutually agreed upon transaction. Okay. Then there's initials there at the bottom. All right, then the next page, this is where your signature is. So again, you'll just click that box that says sign.

Okay.

All right, and now there's gonna be the subject to addendum. So this is just laying out the terms. It's saying, hey, look, we are acquiring the property subject to the existing loan. It's saying that on the— on the prop— on the sale, we're not paying off that existing loan right away. Instead, we are going to be responsible for making the payments for as long as it's there. Um, it's saying that we're gonna go ahead, we're gonna make sure that we get the release from the mortgage company so we can get all of the information. We know that we're going to go ahead and change the address from the lender so that they— that the mortgage company doesn't continue sending you letters. They'll send it to us now. Um, right, all of that. It's basically saying we're going to move everything over, all these different, you know, change address notices, all of that will be moved to us. Um, it's going to say that we're going to get a limited power of attorney to find and get insurance, because again, we're gonna have to get our own insurance on the property, everything like that. And now there's another place for you to initial at the bottom there. All right, so again, now we have here buyer and our sole discretion, we are authorized to keep and maintain insurance on the property. You will hold us harmless from any liability in the event that we did not keep insurance, which obviously we have to have insurance on the property. So there's a place for you to initial there. Seller shall cooperate with the buyer to execute all the documents. So if we need help, you know, if we need to go ahead and we need you to sign something transferring the insurance over to us, things of that nature. You need to be— you need to work with us on that, everything like that. And there's another place for you to initial. And then buyer representation warranties. Again, we represent warrants and covenants, the understanding that the seller is relying on the representation warranties. Again, so we are aware, we fully understand the terms of this contract. Yes, we do. I've signed. I understand that the property is being acquired subject to the current loan, right? So we are responsible for making those payments. The loan is not being paid off. Again, we will just be making the payments for the duration of the rest of the loan. We will eventually pay it off, probably in like 15 years or so. But either way, yeah, um, it's saying, right, again, more thing about the loan. We understand that we have you have to pay for it, everything like that. We have to be governed under the terms of the loan that you originally got. There we go. Then your representation and warranties, it's saying, look, you understand the contract, all the same stuff, you understand what's going on. We're buying the house subject to, we're responsible for making the payments, everything like that. Okay. And then there's the final seller disclosures. So it says no further ownership or control. It's saying after close of escrow, you do not own the property anymore, right? We own it now. Um, it's saying not a loan. It's saying, remember, we're not getting a loan or anything like that. We're taking over your loan. We're saying that, hey, this existing loan is not being paid off. We're gonna— or it's not being paid off all at once. We're gonna be paying it off every single month and that we have that continued liability. It's saying that we need to make timely payments on the property. In the event of foreclosure, for anything, any reason why you would cause it, you have to hold us harmless. The existing loan on credit report, like I mentioned to Danielle, this loan stays in your name, so it will stay in your debt-to-income. The due-on-sale clause saying, understand that if the due-on-sale clause happens, it would allow the lender to initiate foreclosure proceedings. Again, this doesn't happen, anything like that. Property insurance proceeds. This is saying that in the event we get insurance, something happens to the property, we get the insurance claim, not you guys. Maintaining property insurance again, that we will maintain insurance from between now and close of escrow, and then we'll switch over, we'll have it. And that's it. And then there's a final one acknowledging all the disclosures.

Huh? Ask them when would the mortgage, like the mortgage, something like actually come off the credit.

Probably when they pay it off.

Oh. Did she say when the mortgage will come off the credit?

Yeah, like when it would come out of our name.

So it would be, it would be a couple different things. So number one, if we end up refinancing, so if rates go down low, we end up wanting to pull equity out of this house, we refinance it. If we just pay it off, maybe eventually my company will want to pay it off so we cash flow more on the asset, things of that nature. But this works out really well for you guys because now you have a very large real estate company that is consistently making timely payments on a mortgage that's in your name. So guess what that does to your credit? That really helps it, right?

Yeah.

Yeah. So good deal all around. So then there's the last place for you to initial the acknowledgment of the disclosures. Again, there's another signature line for you and then a final initial. Once you've hit all of those boxes on the top right, instead of saying next, it should say complete or finish. I can't remember if it says complete or finish, but one of those.

Yeah.

And then let's see here. So will you let me go? Will you let me know once that's been complete on your end, Tyler? Okay. It has been. So now we just need Danielle to come through and and click all the boxes.

So, uh, yeah, you gotta come over here and click some box.

So, um, she got an identical email to her email address that she provided to me a few minutes ago. All right guys, um, while they're getting this figured out, kind of explain what's going on. We are buying this house subject to its current mortgage. I am paying $6,000 for this house. It's pretty fucking sick, right? I mean, yes, now I'm responsible for making the mortgage payment. The mortgage payment is about just under $1,800. I'm gonna turn this thing, I think.

I click the boxes like you did.

Yep, so you just go through, you click the boxes. You can move to them really fast if you use the top right and press next. It'll just move to the next one. And then you just go ahead and click it.

Yeah, it's not that bad. Yeah.

Alright, so I think that I can turn this into an Airbnb and it will generate $4,000 to $5,000 a month. So I'll put it on Airbnb, I'll take that $4,000 to $5,000 a month, I'll pay off the mortgage, I will make what, $3,000 a month, something like that, all for paying $6,000 plus closing costs plus the cost to furnish the Airbnb. And now we get a nice little asset. Check that out, boys. So this is for you personally? Well, I mean, me and my dad would buy it.

Okay.

All right, let's see. All right, perfect. I just got it back completed. It was all done perfectly. So here's the next steps. Uh, my sales manager will be giving you a call, uh, Um, let's see, today's Friday, so Monday our sales manager will be giving you a call. We're going to schedule a time to go ahead and do the inspections. He's also going to get with you, figure out what it is we can help you with right now. Obviously, I know that you're going to kind of start doing some yard sales, things of that nature, um, but, uh, if you need any help with, right, finding a place, anything like that, he's going to go ahead, get that information for you, and then we'll put you in touch with a person who can best get you where you want to go, right? Okay, cool.

And then, um, I remember what my last question was. Uh, oh, there was two of them. So one was, okay, is there any way, like, we, I guess, technically could close but then still give us 60 days to get out? So, or is it like, or we have to do So not 60 days.

Um, if in some event you needed, like, if you wanted to close so you get paid, we, we could be able to possibly give you like a couple of weeks.

Okay.

Does that make sense?

If we find something, um, and like we lock it in, then that's what we'll do. Um, after we sell some stuff, but Okay, uh, on top of it, the other question was, oh, uh, because of you guys, uh, are buying it for, I guess, what the current, like, what I had told you guys, what, like, the, the ending of what the, what, like, it says now. Um, so it says, let me go back to the GMC one because it said it was Um, and since that's what you guys like, I guess, signed at— I'm trying to make sure I understand this correctly. Yeah, when we— since we are paying it currently, when we close, would the With the difference of like, so from us paying and we, I guess—

So here's what's going to happen is, so through there, yes, there's going to be a little bit of principal paydown. So that technically the loan amount will be less. And yeah, so we're buying it, the total loan amount plus $6,000 to you, and we're also paying the closing costs, right?

Yep. Okay, so it's whatever the balance is, um, at the end of, uh, like whenever we actually close. So like, basically, like, that's making the mortgage payments, and then whenever we actually close, the remaining of it, that's what the, like, you guys pay, right?

So ideally we would want to close like at least a week before the start of August if we can, so you don't have to make that other mortgage payment, right? And we'll make it.

Yeah, yeah, that's what the plan is. Um, so definitely, um, like if we find a place and are able to sell a lot of things quicker, then we'll do it quicker.

All right, perfect.

Yeah, that's, that's— I mean, like I said, that would be preferred for us. Now, not necessary, obviously, if you need all the time or if we even need to get a little bit extra more, that's totally okay. But we're going to give you all of our resources to make sure that you guys can find a place as soon as possible.

Cool, appreciate it.

All right, do you have any other questions?

Nope, that's all.

All right, so be on the lookout for my sales manager's call. It'll be either Blake or Doggo. They'll be giving you a call on Monday. It'll be another 480 number. If you don't answer, they'll go ahead and leave a message. But again, they'll just go over the next steps with you, and then they're going to be your main point of contact through the rest of the transaction. So if you do have questions, they'll be the person you can reach out to, and they'll help you with everything you need. But I'm really glad that we were able to get something that's able to take care of this problem for you and get you guys on to the next chapter of your life.

Thank you, I really appreciate it.

All right, well, hey, you guys have an amazing weekend. And again, if you do need anything, anything pops up, you have any questions, you can text me here or give me a call. I'd be more than happy to help. Okay, awesome. Thanks. All right, thank you guys. Have a great rest of your weekend. You too. Bye-bye. Bye-bye. All right, boys, that right there is how you buy a fucking property for Airbnb with with $6,000 plus closing costs. Gangster. That's what I'm fucking talking about. Yeah, Caden, so like I said, Wholesaling 101 is now only $69 a month, so you can go ahead and get in. You don't have to pay the upfront cost of $997 anymore. It's just $69 a month. Running that special for all of June. So if you guys are interested in getting that deal, go check it out right now at www.wholesaling101.io. Do you pay closing costs or get the cash buyer to? Guys, so this deal I may not assign. I may actually buy this and turn this house into an Airbnb. We'll see. So I would pay the closing costs. Yes, Wholesaling 101 now only $69 a month. Get it. Camo, what's up G? How you doing, Camo? Did you see the new sub emotes? What do you think about them, bro? Nobody's getting as hyped about the sub emotes as I am. I'm really jazzed up about it and I'm not seeing— I'm not getting that energy back. How much they owe on the loan? They owe $278K on the loan. Do they have negative equity? Yes, they would be unable to sell this property on the market without having to bring cash to close. All right, let's go! That's what I'm talking about, Camo. See those W's? See those fucking flexing emojis? How dope is that shit? Do they really understand the loan debt stays with them? No one should do that. Well, they don't really have another option, bro. They need to move out of this house. They can't sell it. They don't have any money to come up and pay the difference on a negative equity thing. They understand the loan stays in their name. They get that. All right, so yeah, I mean, I'm gonna look at— I'm gonna see. Basically, I need to talk to some of my friends who have Airbnbs and shit and make sure that this is something that's not gonna be a huge pain in my ass. Also gonna do the inspection, of course, to make sure it's all in really good condition and I'm not gonna have any major capital expenditures. What does the bank go after if you miss payments? If I miss payments, I foreclose on the house and give it back to them. Do you teach this in Wholesaling 101? Absolutely not, guys. This is a very high-level strategy. This is not for beginners to be doing. So you just DOT the home and pay their notes? I don't know what DOT means. Make sure it's okay with the bank for being an Airbnb? Dude, the bank doesn't give a fuck. What it is. They care that they get their money every single month. Deed of trust. Gotcha, gotcha. Yeah, guys, so this is called buying houses subject to. Again, this is not my main thing. It's not what I do. It's just in certain scenarios like this where it's a house in a market I like, they have negative equity, they want to get out, it can be a great solution. But it is definitely an advanced strategy. At what age did you start real estate? Guys, I got my real estate license when I was 18 years old. Was a realtor for a summer in between like college. And then I started wholesaling real estate when I graduated college, so when I was 22. I'm 25 years old now. What's the ARV? Guys, this house is fully remodeled. It's a fully remodeled property. It's at ARV. It's probably worth exactly the loan we're paying for it, about $280,000 to $300,000, somewhere on that. Status on Susie, guys, we offered Susie, we made our offer. It didn't work for her. So yeah, that's where we're at with her. Oh, thank you, Pocket. Yeah, so here's the thing is I could really be better at explaining it. I'm not great at it. I hope Pace Morby doesn't ever see the footage of me doing this because he will rip me to shreds more than likely. Because he is so much better at pitching it than I am. But we did alright. We did alright. Blake is a fed? Dude, bro, that's cap. Do we reach your goal for May for 250K? Guys, that goal was not just for May. That was for the next 30 days. Today we're on day 22. And that was our 16th contract. Need to update the deal counter. 16th contract. Um, yeah, interest on loan, do they lock it up for a good rate? Yes, guys, this is a VA loan. So another thing, guys, it's a VA loan, so they already— they didn't have to put it on like a big down payment, so not a lot of equity, but there's a 4.875% rate. What's the next 30-day goal going to be? I'm not sure. I'm not sure. I'm definitely gonna want to set a new one, maybe something fun. Maybe we try and do some deals in like different states. Maybe I switch over, I do some dispo. I show me talking to buyers, selling deals. Maybe we, I don't know. I don't know what it'll be. You're gonna still run the lives after the 30 days, right? Yeah. Yo, so let me show you guys my vision.