what is going on everyone today is the painless wholesaling hour the investor
Thrive live whichever whatever you want to call it today what we’re going to be going over is how to structure a
creative deal how to sell a a wholesaler deal assign a deal that literally you
shouldn’t be even be able to do I’m right now I’m doing a deal with one of my students Henry where he he’s brought
me a deal it looked good the seller was motivated but she wanted retail and I was like I just don’t think we can get
it done we are able to make we have an assignment where you got people that we’re signing into it’s going to either
be a six to ten thousand dollar deal and this deal that makes absolutely no sense for a wholesale deal if you were just to
give it to someone just because there’s not a ton of equity in it we’re basically selling it for retail but
because we have the right terms because we we know how to structure these things uh we’re able to get it done now look
I’m currently in my Airbnb I’m on vacation right now but that is the beautiful thing about wholesaling and
doing real estate investing is you can do it anywhere I’m on my laptop I’m with my family on spring break and I’m in the
Airbnb room they’re out there having fun eating and I said look I got a batch call I’m committed and I love batch and
I love doing my job and uh but I’m on vacation but I said hey I got to take an hour to make you know six to ten
thousand dollars I didn’t say that I gotta make him take an hour to make that but I basically gotta get this done but
I can do it from anywhere I can do it for my Airbnb I’m in St George Utah right now I just went to Zions National
Park my family yesterday so I’m gonna take a little bit time uh to show you guys exactly what I have to do to get
this deal done and uh it’s an amazing thing all I have to do with this job is have a laptop and you know batch leads
and some software and you can get it done in a cell phone that’s it and an amazing job where you can just literally
go do deals anywhere in the United dates on vacation you can do it virtually
anywhere by the way this deal is in Florida I’ve never been to Fort Myers Florida never never even stepped in that
area I don’t know what it looks like I don’t know anything about it but I’m doing this deal virtually in Florida and
the seller is in California do I need to see what the house looks like do I need
to know that much about it um do I like need to physically be there not really I just need a couple certain
steps a couple certain things to be able to get it done and that’s what I’m going to show you today Henry is one of my
students I’m going to kind of explain the process that got us to this point for everyone here and what you need to
do and what you need to learn in order to get a seller finance deal done now look I’m not going to sit here and say
I’m the guru the I know everything about solar Finance I don’t and that’s the
cool thing about having the right people in your corner I have a title company that I can call and ask questions to
Christina Moser GT tile is awesome I basically call her and say hey Christina what do I need to get done what kind of
paperwork and that’s the thing like so don’t feel you have to be the expert to get deals done you can leverage other
people’s expertise uh to to find out what you need to get done so Henry Umbreon Henry on will say what’s up to
Henry one of my my favorite students Henry what’s up brother what’s up Nathan Dude tell me what’s your thoughts have
been on this deal has it been kind of crazy for you like have you navigating all this yeah as a it’s a a longer
conversation and then complicated on this deal yeah it’s a little bit
complicated in the beginning right yep so for everybody that’s uh watching
doesn’t know what you know maybe just tuned in or we’ll watch this so basically Henry what did you do on this deal you brought me you brought me
someone that wanted to sell right to kind of explain how this happened so I uh I admit uh cellular and then they are
motivated to uh to sell on this property so I bring the dealer to uh Nathan and
then they go say hey with them and then uh lock this property under contract and
then uh I I have a Nathan fire buyer and and now uh today we we have uh we
couldn’t really have uh two buyer interested on this deal that’s right
Henry so Henry tell me this deal didn’t really make sense for a wholesale like just to make a lowball cash offer deal
right yeah so the salad they want to sell at a retail price and
then uh and they won uh two uh two years of the balloon so that that that that uh
that the one that uh I didn’t make sense to me yeah yeah I
know this can be a little confusing so this is what happened everybody um this seller had the house listed on
the MLS and she wasn’t able to sell it but she’s motivated she wants to sell so I talked to her and I said hey look if I
were to buy this thing all cash I would be around like 210 or 200 000 of what
you owe that’s kind of what she owes right and she’s like look no I want 300 000. and that’s what that’s retail that
might even be above retail and I said look the only way the only way I can get you that price is if you give me the
terms right if you if I’m able to take over your your payment if I’m able to put nothing no money down and I can pay
you out in the future that’s the only way we can do it and Henry do you remember what she said
uh uh let’s see so she said yeah she said yeah she’s like okay yeah I’ll take I’ll take terms so what we well I did
her what we did in this situation is we said okay I can give you retail uh nothing down and the reason why I was
able to do this Henry is because it Airbnb in that area it’s about three thousand dollars a month right that you
can make plus around there or if it’s short-term rental it’s like 2500 and she
um her mortgage payment at the time that we knew was like about 1400 bucks a month and uh you know Piti principal
taxes Insurance interest um it was about Seventeen hundred so you could still cash flow pretty good so I
was like okay someone would be able to take on this property um cash flow and then in two years
they’re hoping when the balloon payment is due that it’s worth more than 300 000
right so they’re cash flowing they get they get an investment property with pretty much no money into it and uh you
know there’s there’s investors interested and there’s also people that would be willing to live there that have
bad credit that uh would be willing to do it as well so that was kind of our goal so we got it signed two years is
very short on a balloon payment usually you want five uh but we were able to I
said okay let’s try it so two years so we looked around Henry has a buyer he’s a investor out of Canada that is
interested and he wants to buy some more properties in in the United States and he’s willing to do at the moment 10 down
and uh you know make those payments and then ballooned it out in two years I have an investor from Salt Lake City
that I’m tight with that’s willing to do five five to six thousand dollars uh depending on you know we structure it
and that’s kind of where we’re at that point now look this I’m totally willing
to make ten to six six to ten thousand dollars on something that was not a deal at all Henry right Henry this is not a
wholesale deal traditionally you could you couldn’t get it done right uh yeah so this is this is not a a regular
wholesale deal that you guys sees yeah that you can make a low offer on the only way this makes sense is if you know
you’re able to do it creatively so I just got off the phone with my title company in Utah and I said my my title
lady I said hey can you help me out this is a Florida deal but can you help me draft up the paperwork and she’s like of course I can do that so she told me
exactly what we need so I’m going to tell you guys what you need in that paperwork um and I know this is a batch call but
this is this is kind of what happens is you use this information from batch use you know you if you Market to this
specific area you get a seller and you need to be able to know how to navigate these offers that you make you make a
low ball you make a low cash offer if it isn’t accepted then you go to the next the next option we say look I know you
want retail the only way I can get you retail is if we list this property or if you we buy on terms so I never give up
when a seller says no to my cash offer I don’t just say okay let me follow up with you and check I say okay well let’s
uh you know there’s some other options we can explore so that’s what we’re doing with this so
don’t be throwing away your your leads of people that want to sell but they want retail because you can get it done
like we’re doing on this one so let’s go step by step for everybody watching we
Henry brought a lead or if you found a lead that’s motivated they say no to your cash offer you say okay there’s a
couple different options I can give you I can find a buyer for this on the MLS let me let me break bring this on there
I’ll list it for you that’s called a Novation or retail buyer program there’s a lot of different things if they don’t want to list it in this situation she
didn’t want to list it because she just had a list and she took it down I would say okay well the only other thing I can
do is I can buy this on terms you got to give me the right terms and I can’t bring any money down to this but I can
pay you what you want then you know she says yes then you start going through that process now once we sign the uh the
paperwork with her it was a regular real estate purchase agreement with an addendum agreeing to you know the the
balloon payment the the payment on the mortgage um all the all the terms the next thing
to do is try to dispbow the deal so that’s Henry you started looking on Facebook groups I started reaching out
to my buyers we were calling agents in the area but most most of the people we
talked to they just said the two-year balloon was they needed longer the seller won’t give us more than two years that’s she’s just she’s like hey give me
two years of my price or I’m just going to keep it so weren’t able to negotiate it but we were able to find two
interested buyers so what happens Henry and everyone’s watching what happens once you find some buyers that are
interested in your property what’s the next step they usually want to what they usually want to see what Henry help me
out here uh they they want to see uh the inside of the property so they want to
see the house right Henry how did we schedule the the walk through on this house how did you schedule it so we uh
we contact with uh sell the property manager and then uh the property manager
schedule the the the virtual tour for office to see the inside of the property
100 brother exactly right so we we had the property manager go to the property
and uh yeah show the house to one of our buyers right
yes pretty simple wasn’t it yep so I’m going to show everyone here how
we did it um so I and for everyone that’s virtual you’re like how how do you do that
Henry had the property manager show the buyer there and my buyer who’s in Utah just said hey I just want a virtual
walkthrough so all we did is we just talked to the um the the property
manager and we said hey I’m going to send you a zoom link and take the zoom link uh get on the zoom call with us and
do a virtual walkthrough of the property the cool thing about using Zoom we actually use Google meet the cool thing
you about using Zoom or Google me is you can record the walkthrough so you actually have the walkthrough for your
buyer that can be on that live Zoom call or that live Google me and you can use the recording later on for other buyers
if you have still have time to you know dispo the property so I’m going to show you guys really quick how I was able to
do that because if you ever want to have a walk through and you have a property
manager or some an agent or someone go through they can you can just do a quick call and record it on a zoom or a Google
meet link so let me show you really quick how we got this done super simple
um let’s see I’m gonna share my entire screen okay so all I did is I created a an
event and we just called it the um Fort Myers walk through the Fort Myers deal
as you create the event on your calendar it creates immediately a Google meet
link so then I just invited everyone my buyer I invited uh the property manager
and the other buyer that was going to go look through it and I just said hey hop on this link they hopped on the link and
we recorded it and it did a walk through so I’m gonna show you guys the walkthrough right then we’ll do it
yeah and then just uh if you want to walk us through and narrate we won’t say anything just because when we talk it
shows our camera so we’ll just let you do the whole thing and everybody just mute it and we’ll let you go through here
yeah you can obviously date worth in it you can obviously say something if you
need to but uh it’s best that we’re muted if also that’s my questions for the end okay we’ll say the questions
today okay the property address is
11100 Orange River Boulevard Fort Myers Florida 33905
this is the driveway off the main road Orange River and your property goes over to this
fence it’s almost an acre I believe it’s got a bunch of beautiful oak trees
on it a bunch of privacy heads here from the road to keep down some of the noise
paver driveway covered porch on the front and
steps on the back that the utility run back there
got a video doorbell right here and then a keypad to enter
comes into the living room an open floor plan to the kitchen
and immediately off to your left is the two small bedrooms
this is the smallest it’s on the front of the house and it’s just that’s the closet there it doesn’t have a really
closed-in Closet in this room foreign
has a closet very good size for a little
bedroom and this is a access to the Attic
in this room I don’t know if you can see that there
and then it comes into the dining room and the kitchen everything has been redone the whole
house about two years ago I guess there’s the utility room nice size utility room
it’s got a little closet also in here for cheap supplies and stuff in
the big stainless steel sink washer and dryer
nice stove and nice cabinets and backsplash
this is your guest bathroom it’s just a small
bathroom with a nice tub and shower
and then this is like a little pantry area
and then this is the master and it has a sliding glass doors with a
and the master bathroom with a big double shower
double sinks walk into closed it
and then a little linen closet also
okay I’m gonna take you out here foreign
so that’s that’s pretty much it um on the walk through I mean he goes through the backyard and all that stuff
but basically what I’m showing you guys is I was able to use um someone that I didn’t pay I was able
to use the property manager uh of the Airbnb just to do a walk through for my buyer that my my buyer that’s virtual he
saw it he asked some questions and able to get it done again never been to Fort Myers never been to that house that
don’t even know what it looks like but again until I did went through that process and uh my buyer’s like yeah
that’s good looks good we’re ready to go and the other buyer that was there that Henry sent
um obviously walked through and and saw it so um that’s I’m explaining to you the
process so again if you guys are just hopping in and watching this live it’s literally just you you negotiate you
make a low offer um if they accept it then yeah get it done if not then you have different options where you can listen on the MLS
do Innovation or you can do creative once you get contract signed which this one was creative we uh tried to dyspo it
we sent our buyers through or my buyer is virtual right so I had the property manager do a virtual uh walkthrough we
just watched through Google me I have the recording it’s a zoom link then everyone can see it now everybody’s
committed now what’s the next step and that’s where we’re at right now um but Henry pretty pretty cool that uh
um pretty sweet huh that we’re able to get all this done without even being at that property right yep
yeah it’s amazing isn’t it yep that’s right so where we’re at right now Henry
is uh we’re trying to assign this this deal now that everyone’s seen it everyone’s kind of committed and came in
with their offers now it’s like okay do we have the right paperwork I just talked to Noelle Henry the the seller
and I’m saying okay hey we’re good to go we just need to uh you know I need to
discuss a couple things with you so this is kind of what happened when we first talked to the seller we believed she
told us that the Piti of her property of the payment was about four thirteen
hundred dollars right that’s including principal taxes principal interest taxes
and insurance all right so we have to at least cover that or pay higher than that uh to get this deal done and so I said
okay we can do four percent interest at 300 000 because that’s what you want and our payment would be like 14.32 so would
have covered all that so I just got her um I just looked at her mortgage uh
balance like a her mortgage payment is actually 1722 Piti so what I believed we
were going to have to pay on that was is actually we’re gonna have to pay a little bit higher you most title
companies from talking to my tile lady will not let you have the seller pay the
difference in what they owe you’re pretty much going to have to make their payment um or what they owe or pay a little bit
more so one our buyer Marco one of our buyers he actually he was putting his
numbers in for uh the payment to be a little bit less like for the 14 that I
told them like 1432. so we’re gonna we’re gonna have to call them so there’s a lot of navigating through this but
it’s it’s kind of it’s kind of cool how we’re able to do all this all this virtually so again where we’re at right
now is it’s time to assign this to our buyer I have a buyer that’s willing to pay five to six thousand dollars and
he’s just ready he’s ready to go he’s like yeah just sign me in the paperwork now Noel the one the seller we’re
working with we just have to maybe sign another addendum because today is the end of our we’re supposed to close we’re
going to sign another addendum I’m gonna put in a little bit more verbiage in the paperwork so we can get it done but
other than that we’re pretty much done at this point we just have to send all this to the title and get it wrapped up
but there is someone that’s willing to pay a little bit more than my buyer that Henry has they’re a little newer which
is okay but they have a couple questions that they want to ask so uh Henry you’re saying Marco wants me to call him right
now is that what you’re saying uh yes okay uh okay well I’ll call him right
now and um I’ll just let him know he’s being recorded for training purposes and
we’ll see uh if he wants me just call him later so let me call him right now right Henry mm-hmm
yeah I might explain this pretty well Henry or is it kind of confusing the way I’m going through this I’m just trying to go through the whole deal that we’ve
done yeah yeah you explain everything clearly for me okay you’re getting it
it’s all clear you’re learning a lot by the way man by doing this deal yeah yeah first deal is it a simple communication
yeah not all not all the ones are just like hey let me offer you 210 and
they’re like okay and you know you assigned it for 10 or 15 or 50k and it’s just like that some some of these you
got to navigate but that’s the important that’s what I want to explain everyone that’s watching this live is look the
more experience you get the more deals you can do right like that’s why working with me working with batch working with
other people in the industry that uh are a little bit more experienced means you can do more deals because you learn from
them this is not something that you’re I was able to do immediately I actually did like one of my first creative deals
like three months in and I didn’t know what I was doing but I was able to leverage other people’s experience like
title companies to help me get it done so I did it my one of my first deal was creative but I’m just letting you know
Henry and everyone know on this call that you know it’s okay to not know everything but that’s why you have all
these resources that are available to you okay so let me call Marco and let’s uh let’s see what he says
I’m in my Airbnb right now it’s crazy man doing deals from the Airbnb Henry yep oh
hey baby nice that’s right
hey Marco how you doing man um are you good to chat now yeah
I’m good okay and by the way Marco just kind of let you know I’m recording this call just because uh I’m doing a
training uh with with Henry and some people just so I can show people how to navigate this conversation but uh are
you okay with that okay yeah so what I found out Marco is
that the the payment that I told you about the Piti originally the seller
told me it was like thirteen hundred dollars and I was like okay so I was willing to give her a little bit more on
that interest uh with like the four percent interest the one I told you about but it turns out that I just
looked at her mortgage um statement and it’s a Piti is what I think it’s did
Henry send it to you yeah yeah so it’s a little bit more than
I thought I’m really sorry I just looked at it today just because I was like dang okay let me make sure
so yeah yeah just so tell me what you’re thinking everything else is the exact
same other than that that payment with the principal’s taxes interest insurance is a little bit higher than than I was
thinking yeah but but that’s a pretty significant
increase we’re talking about 15 percent increase yeah it is I totally I totally get it yeah so
um yeah if you’re if you’re not interested or if you uh you want to renegotiate like I totally get it like
uh it’s uh yeah so that’s why I’m calling you to see where your head’s at
I’m not really sure what’s happening here because they shouldn’t be having [Applause] them if they’re doing seller finance or
is it being done differently I’m not sure the best way yeah so this is this is how it works so there’s a couple ways
when you’re doing creative financing and selling or buying deals on that that way that you can do it so the seller has a
mortgage right so if you are paying more Equity or paying more than just taking
over the mortgage State balance of uh you know the seller or assuming their
mortgage that’s a subject too but she has Equity she has money that she wants to make on top of that so she is selling
it to us on a wrap right and uh that that’s that’s why it’s she you can still
do that if you have a mortgage but subject to again is taking over the existing mortgage and the payment this
one because she has Equity that she wants out of it this is not uh she is
selling it on a wrap uh so she can still do this yeah
we’re buying it from her and we’re we’re assigning this to you right
so I have it currently at 300 000 with her the the purchase price and two-year
balloon everything that I was telling you about but I’m assigning it to you for ten thousand dollars so you would be
basically buying it at 310 bringing 10 down and then you’re taking over the
terms that I originally have right so 300 000 to your balloon and uh you know
paying the more existing mortgage payment
no yeah I do I I totally get it yeah so free and clear is is the terminology of creative
financing can be a little unclear because there’s so many ways to say it but a seller finance or seller carry
back technically means that it’s free and clear right that they they there’s no Mortgage in place and they’re just um
they’re financing you just like they would a bank right like a bank could but this one she has a mortgage so it’s not
a subject too because you’re not just taking over her mortgage she wants her Equity because she she put a lot of
money down so if we were just to take over her Mortgage and pay her balance then she wouldn’t make any money right
because she was just we she basically be moving over but she believes and I believe obviously she’s got quite a bit
of equity in the property so she’s selling it and she’s gonna realize her equity in two years in the balloon
payment or in any other example whenever the balloon payment is that’s when she’s willing she’s willing to wait to get her
Equity um that’s that’s kind of like how the deal is being done yeah
okay okay um yeah so and another question here is
the the uh insurance and the cost is so why would why would it be that their
pain got not me separately because she has the mortgage on the property right so she she is technically owns it so
um it’s already in place right so you can go ahead and go get your insurance on top of that if you want but it’s
already in place and when we when we sign you the deal we’re gonna have her sign a power of attorney so you can have
um you can get in contact with her insurance company you can get in contact with um pretty much everything you need so
you you know you’re not like in the in the dark on any of this
right but I mean so let’s say anything what happened to the house like I don’t
know natural disaster or whatever right right actually end up going to
it would be going to you um because you own the property because you’re purchasing it this way but she
she still is the one that has the mortgage uh sorry has the insurance and
and I’ll be I’ll be real with you like I’m not a hundred percent how that works I’ve never had to claim like on
insurance and natural disaster but I do know that um you know you can ask all these questions to the title company I just
got off the phone with my title agent and asked the same question she’s and she explained it to me but I’m not going
to try and explain it um like because I might get it wrong but you would be covered that’s or people
would never do this right they would they would never buy a house and then have the insurance um you know the house blows up and it
goes to the seller and not you like you own the house so it would go to you
question here is because the Deeds when it gets transferred under my name that’s correct but the insurance still under
their names remind me no it would be under their name so because you own it you would be
able to get you would get the uh the money right for the house that you own uh you would have to uh I think you can
either get put on the policy like added as a member or
um either you get added or I think that’s what happens you get at
it again I’ve I’m not 100 sure at the uh like how deep it goes because I’ve never
had to deal with getting the insurance like transferred into my name or doing any of that I usually just leave it in
the seller’s name and we go from there but uh all those questions you have are valid and I you definitely can ask those
to the uh the title company make sure you feel confident about all that
okay so the title company would be able to answer all of these questions the technical questions yeah yeah I would
say that because I I’m not gonna speak and then you know be wrong but I do know that uh you would be
covered since you owned the property like if anything happens the house in the insurance
yes and in the case where I want to go with my own insurance company is that is that possible or I have to go through
her insurance company and it has to be built into the mortgage I think you have
to go through hers and if you wanted to get your own it would be on top of that as far as I know
um again I I haven’t had too many experiences with this the insurance being an issue uh but these are all
valid great questions but um I guess we I guess what we need to do is just have
you ask these questions to someone that can like 100 answer them because that’s probably a big a big deal breaker for
you or not a deal breaker but uh you you got to feel confident about that because we’re in Florida right you don’t want
the house getting blown up by a hurricane you’re not having any problems with that I’ve been like not too long
ago right so it’s just common so that’s why I just want to be sure what I’m getting into and have 100 answer on what
what would happen in those cases right so great agreed and there’s also a few things that have been off like here and
there right so I mean even even Henry’s been like you know when I asked him what the mortgage payment
would be he said it would be 1500 and then how much would the payout be after two years he said it would be 64. like
to me that didn’t make sense and I and I just went you hello yeah yeah I can hear you I
totally get it yeah you want you want like concrete you want concrete numbers you want to feel like 100 this is your
first investment property I I get it um so even if it was the 100th you know
I just want to make sure that the numbers are correct the numbers check out so
we can change in the numbers yeah in the mortgage payment yeah
what can be done to mitigate that is in the purchase price be adjusted at least
the same amount of the difference in the mortgage payment because it’s a man didn’t know about yeah like I am serious
about taking the house but you know on on the deal on the term that we agreed on but this is a huge
difference right 15 percent yeah yeah
I think that’s fair no I told I totally get where you’re coming from so look this is it seems like what we need to do
here is I have a call with the seller later today just to talk about these
issues as well because I thought it was going to be less so I’m gonna talk to her and be like hey I actually thought
it was going to be less money um to uh make the mortgage payment but it’s actually like 300 more so I’m going
to talk to her we’ll see what she says maybe I can get it negotiated a little bit down and uh we’ll see we’ll see all
I know is if we want if you want to move forward with this um the payment is what the mortgage
payment that she has is it’s 17 22. that’s there’s no way getting around that right
um maybe if you understand you know
we’re looking to get at the end maybe she’s looking to retire for three years she wants to get that balloon so that she can you know move on
with her life then great so maybe the purchase price could be adjusted to mitigate the difference in entertainment
which you didn’t know about and I didn’t know about it yeah I’ll leave that up to you so I’ll keep you posted but uh but
about the insurance part um let me get you that answer again because I’ve never when I purchased
properties in uh Salt Lake I hasn’t been really an issue that I’ve had where I’ve had to answer that and uh but again if I
was buying a house in Florida too I’d want to know but all I do what I do know is you’re going to have those answers
um 100 as we go through title and we get this thing closed you’re gonna know uh
plus you’re gonna get power of attorney on to to be able to uh you know call on behalf of the insurance that’s already
in place so it’s not like you won’t be able to communicate if you do decide to go forward
yeah I’ll get you all that information like I said I have a call with her in like two or three hours uh but yeah
these are this is how these deals go you know it’s not so cut and dry where it’s like you know hey just take on the
property yeah yeah it’s sometimes they’re cut and dry like when it’s a wholesale deal but
when it’s creative it’s you know there’s a lot of questions asked there’s a couple things that I have to ask or that I my title agent told me and I’ll just
tell you since you’re you’re learning how to do this stuff too so um yeah what
what I have to send her an addendum to sign these uh to sign off on these
couple of things and you’re gonna basically I’m gonna assign you my contract that has these these terms in
place so I might as well just tell you what they are so it says going to pay her mortgage we’re going to pay her mortgage payment for two years until the
balloon payment is due no interest is accruing on the remaining Equity so you’re not paying any interest on the
equity that’s there that she she wants to get into yours you’re just making the mortgage payment
um that goes down uh the close date we’re gonna try and shoot ASAP but I’m gonna ask her just give me till the end
of April um to the end of this month just in case things something takes a while but
hopefully we can get it done ASAP I’m gonna have her uh sign a power of attorney so you or whoever we assign
this to can communicate with the insurance company um I’m gonna get a note from her and uh
her insurance binder showing the insurance coverage so we know exactly what the insurance does cover because
again that’s a big concern of yours we’re going to get that info and the note will show us if it’s an adjustable
rate or a balloon payment if there’s due I I don’t think there’s anything fishy with her her uh mortgage but I’m gonna
get that information from you for on her note and uh and you wanted to uh
so that’s what I’m gonna throw in the addendum so so all that’s covered okay
everything checked out with what we’re seeing and of course we’ll review it and I would actually prefer to uh to just
run that contract through a lawyer like like I have a lawyer here that I know
um I’ll probably get a rush order just so she can review the contract but um as long as everything’s the same we
should be good so yeah yeah hey man I’m totally cool with whatever that makes you feel confident comfortable the
seller’s totally chill I’m I’m talking to her I’m you know we’re we’re not trying to have you jump into something
that you don’t feel 100 confident about either uh we just I just do have another buyer who I’ve done tons of deals with
that’s like ready to go and he’s he he’s not doesn’t need to be as thorough as you just because he’s done tons of deals
so I’m just letting you know that that is on the table so it doesn’t uh we’re just gonna go with what’s best but I
don’t mind working with you obviously if you’re able to pay more than my buyer uh if you’re able to do better then let’s
do it well here’s the thing Nathan like this is just the first property I told you
we’re looking to liquidate our properties we have a good portfolio in Canada so it’s not just me it’s my
parents I have a bunch of friends I have developers that are in real estate so I have a big network uh we just haven’t
tapped into the network here yet so I’m looking to build a good relationship from you either this deal doesn’t work
out or if it does then you know I’m looking for the future too and I’ll just short term so yeah that’s where I’m
coming from and that’s how I work too man it’s like for me it’s never just one deal it’s got to be a good experience and that’s why I hope you don’t feel
like uh this has been like more like a pressure tactic that’s not how I work it’s more of like hey let’s make sure
everyone feels good because uh you know if you don’t feel good then it’s not worth it it’s not worth buying something
that’s uh yeah okay so I’ll get you all that info and
uh we’ll be we’ll be ready to rock and and we’ll see how it goes okay sounds good Nathan looking forward to
your call yep later take care bye
all right so there it is that’s the conversation open and honest that we’re having with one of the buyers the
payment that we had originally told them Henry Miss lower than what it really is uh so that’s gonna change his numbers I
have a buyer that’s ready to go he knows all this and he’s just like yeah let’s go done Marco I’d like to work with
Marco if we can um you know it seems like he’d be willing to pay a little bit more uh
hopefully this is helpful for everyone watching because it’s not uh this is like the
real in-depth conversations you you need to have with uh your buyers with the seller uh to navigate right especially
with a deal like this where there’s terms and things to to walk through Henry do you have any questions so far
uh the audience I think the audience um you know batch the batch TV there’s there’s been a couple questions come
through but I want to know Henry do you have any questions about how I’m navigating this or what’s going on
uh yes sir for someone with no experience in uh in the wholesaling
uh property so you are you you basically uh uh just talking to the seller and
then explain to him every question that he uh asking you
you mean the buyer uh Marco oh yeah I mean uh Marco buyer asking you yeah so
one thing that you saw me is I don’t have the answers not all the time right
so that’s okay like I’ve been doing this for for several years now I don’t know in Florida or his insurance question
like I just I don’t know it’s never something I’ve had to deal with that’s okay to say that it’s okay to be like hey look I don’t know but I’ll find that
out for you I think it’s this but I’m not sure I’m not well so let’s not just say like 100 right that that’s the way
it is I’m going to find out for him uh so he feels good because I wouldn’t buy a property either if I didn’t know how
the insurance worked especially in Florida like if you’re in Florida and a hurricane hits your house like you’re going to want to make 100 sure that
you’re gonna get the insurance like uh claim or whatever that goes through that process if a house blows up so
um it’s okay to not know the answer and where do I find the answer thankfully through the title company I don’t need
to know everything all right um and this is another thing too is you deal with properties that are nationwide
maybe I know that answer in Utah but I don’t know I don’t know in Florida I’m
gonna find out and that’s okay so if you’re a brand new wholesaler
and you’re you’re like wow this sounds kind of complicated uh again lean on people that have done it
right and I’ve never done a deal in Fort Myers on the creative on like this but
I’m figuring it out and again if you have the people right people in your corner just take some phone calls right
it’s there’s not much you can mess up if you have the right people if you’re the title companies that’s why he wants to
run by an attorney um this is an interesting one I’ll just be straight this is this is
definitely interesting this is a retail deal uh that the seller’s trying to sell at retail and we’re trying to make you
know six to ten thousand dollars on it on a couple phone calls right
any other questions Henry uh uh let’s see so so after that uh
after Edition call you will be talking with the seller right and then try to uh
uh negotiate with her on some of the terms I’ll try I’ll see what I can do the
thing is my buyer like Marco it’s a little difficult it’s going to be a little difficult to work with because he has got a ton of questions my buyer Nate
he doesn’t he doesn’t need any of these questions I asked like he doesn’t care he’s like hey I’m good let’s just we’ll
figure it out but for someone that’s like Marco he just wants to know all these answers and before moving forward
which I get but he’s just brand new you know he’s brand new to doing these kind of deals my buyers he’s like experience
he’s done multiple deals this way so he’s not he’s not too concerned you know what I’m saying yep so let me call
Christina I’m going to call my title agent real quick uh and ask her some of these questions that he had for me all
right username and number okay she didn’t I think she might be in a meeting let me uh see if I can get her on the
phone hey Christina do you have like five
minutes yeah so I just got off the phone with one of my buyers uh on that deal and he
had a couple questions about the insurance and I was wondering if you could I don’t know if you would know but do you mind if I ask you what he asked
me yeah yeah so he was like how does the insurance work if he’s taking over her
mortgage payment that has the Piti has everything included in that does the power of attorney does that allow him I
know it allows him to like talk in their behalf but does he have to get his own insurance um how does that work
he’ll add himself as an additional insured and get his own right so he’ll have to pay on top of the
1722 Piti for more insurance
yeah uh he wants to he does I have to he
could be added just to the existing Insurance okay but we don’t want to buy the underlying part right sorry say it
he he can be added to the existing mortgage correct
right so we don’t have sorry go ahead so
because I have to get his own insurance but all
of their own policy okay so they they get their own policy on top of the Piti
right okay but he could be added to um the existing mortgage that the seller
has right right but you’re saying probably not the best idea to do that
um alert them probably right for like the do on sale
okay because because the reason I’m asking this and I think he’s concerned is he’s just like okay that’s going to
increase his payment um like if you know what he has to pay
every month okay so two options he can he can be added or
but that might trigger the due on sale or he can just get his own which would be fine but that would increase his payment
um is there a way to just like uh be on the power of attorney get the power of attorney and then if something happens
just have the seller agree to give you the money that’s given through insurance or does that get kind of kind of shady
sometimes uh you you can basically do whatever you
want whatever is most comfortable for the and buyer okay all right well that was pretty much it I
just the insurance thing is just tripping him out because it’s in Florida in Fort Myers and it’s kind of tripping
me out too because I’m like I I don’t have the answers for that yeah [Music]
the policy she has on it because it needs to be a rental policy is he going to Airbnb yet yes yes it is
and I’m assuming that she’s Airbnb at the moment too so it’s probably is a rental policy
oh good yeah and it should be fine just have him review the policy okay and then
let him determine if he wants to be added or um get his own
yes exactly okay yeah because I guess that was my only question is like if
something happens the property and you don’t have your own how does that how does that work I think when I was
talking to Nate he was saying like you just have the seller give it to you since you own it and if not then you
obviously can pursue legal action because they they don’t do get to just keep it
correct um so if if there’s a claim filed on
insurance and he’s not on the policy he’ll have to deal with the prior owner got it yeah if he doesn’t get his own
right cool well yeah that’s definitely important no for him and I think that
was just like one of his main concerns um so so as I work with him and go
through with him I think he wanted to like run one of the buyers that I’m potentially gonna work with he want to run it by an attorney do you uh
do you have any like suggestions like through uh your your company that he could talk to since you guys I think
your attorneys too or just just he should he just get his own to look over the contract
all right what did you say um I think one of the buyers were potentially going to assign this to
wants to have an attorney look at the contract should do you have any suggestions for anyone or should he just
get his own for the contract yeah the one that uh
that I’m gonna assign him it’s a new buyer so he’s a little he’s a little sketched out just because he’s never done one of these not sketched out he’s
just um no no no Nate’s good but there’s another buyer
that is willing to pay more that I’m potentially going to wholesale it to so I can make more money I’m trying to
figure out if I should or not but um yeah all of this is just standard yeah so
no no I’m going to use my contract he was just uh curious if he wanted to have
someone look at it just to to see there’s nothing you know that he should be concerned about so I guess my
question to you was is there someone that you could recommend or maybe you could just talk to him
well yeah I don’t who does he want to look at it he can have whoever he wants look at it is he gonna hire an attorney
that’s what he’s that’s what he said he was like I might just hire someone really quick to look at it to make sure
it’s all good but again if it’s his first it’s his first deal he’s from Canada so he’s uh he’s looking to buy it
and he’s just doesn’t want to you know jump into something that he doesn’t know what he’s doing yeah no
um you can tell them that I work for attorneys and you can have them look at it really fast
like that well okay yeah maybe maybe you chatting with them or might might help use some of the the pain you know not
pain but use some of his concerns [Music]
okay hey thanks for thanks for sending you the contract first
okay well I have a call with the seller in like a couple hours I’ll get everything signed she’s good to go and
then I’ll connect you with him and if he’s if he’s not willing to move forward or he’s it’s just too difficult we’ll
just give it to Nate and make it easy sorry about all this this is this is a
I’ve been a little bit distracted but I would if you send me that if you send me the contract before you send it over
like right now then I can look at it really quickly and then um I can go over it with the guy if he
has any questions or I can have you adjust a couple of things before you have the seller sign in that’s way
better that’s way better than me having her sign it and then and then and now we work okay I’ll send over what I have
signed at the moment and then the new addendum I’m gonna throw in there and if you’re like hey add this or don’t put
that then then that’ll be good oh cool okay that was perfect thank you thank you so much I really appreciate
Christina all right talk to you later bye
all right Henry what you learning a lot today buddy yep
yep all right so this is what we’re gonna do we are going to go get the original
contract that we have with the uh seller and let’s see I’m gonna go to here
dark so you’re using the the the title company at uh Utah or Florida
yes I’m using both so my my the lady I use in Utah she’s an agent I think she
can prepare the documents and then we’ll use a a title company for the deed and I
know that might all be kind of confusing but um because I I’m tied with her she can help me out she knows how to do the
paperwork so she’s this is what I’m telling you guys like even if you don’t know a
hundred percent like you have people that are work with attorneys that do this for a living literally know
um like how to do this all right and you just ask them the question so let me um
I’m getting the paperwork that I’ve already signed with uh with her
um with the seller and we’re going to uh let’s see
we’re gonna send this over okay so we’re gonna I’m gonna download this
uh okay come on let me download that download is PDF
all right we’re gonna go back and I think there was a addendum on there sell our finance addendum
all right so so we’re gonna download that so that’s
how I’ve done the the seller finance so far I’ve just had a regular real estate purchase contract and then I put an
we’re gonna go now I’m gonna send an email
to Christina and she’ll call Chris for uh Marco for us to answer any questions
that he might have um and that’s nice too isn’t it that she’s willing to do all that yep
so do you prefer that uh using the the
local title company that do it uh uh National wife I
prefer using her because I’ve used her before and she’s awesome and um and then I she has connections
usually Nationwide and she’ll like oh I I think I have someone in Florida that might be able to get the deed for us I’ll do the paperwork so I yeah if you
have that connection in that relationship yes I’d recommend doing that why because you already have that relationship
um does that make sense yeah so right now uh uh at my uh
homtel uh I’m uh I’m already connected with one of my title company
yeah yeah in the new addendum
the seller that I will have her sign today
all right so these are the new things I’m gonna have her um
sign let’s see monthly uh months and get the mortgage payment purchase plan the balloon
going to pay your mortgage no interest okay um
okay these are the new terms uh terms
and then them I’m going to put it in an addendum make it legit so right here seller
finance addendum for Fort Myers so I’m going to go here to Gmail
Drive so this would be uh addendum number two
so this addendum one so I’m going to create an addendum for addendum two
okay so we’re gonna we’re gonna make a copy of this uh seller finance addendum
two four four Myers make a copy
okay we’re gonna call this addendum two uh we’re gonna add these terms to it
all right so we got going to uh fire
to pay for mortgage can you see my screen by the way Henry uh yes I am okay buyer to
pay uh mortgage payment for the two years until the balloon payment is due no interest is
occurring on uh on the remaining Equity uh close date for end of April
on or before State four on or before end of April and
make payment on June 1st she will have to admit uh seller to make payment
tell her to make payment mace payment
Southern Bank seller to sign power of attorney
for insurance okay that’s the new terms that uh she told me to put in there I’m
going to um download this actually I’m gonna just make it uh copy
the link new terms that I am adding
new terms that I’m adding and having the seller
signed today and this is a Marcos we’ll put I’ll send
her Marco’s number to call her after she sees this your terms of a blah blah
all I’m doing is I’m having my uh my agent look over this before I have the seller
sign it close date for on or before and closing date
it’s boring um Henry uh no I used to know about it oh at all or before
okay so let’s see what she says um I’m gonna tell her I just sent it to
her and Bam that’s it brother I know it’s a
lot we’re going we’re going live we’re doing this doing this deal live while I’m on my Airbnb vacation so best case
scenario um Marco wants it uh the price doesn’t change a ton and we we make you know 10K
uh worst case scenario we make five or six yeah okay yeah I uh I wish that nav will
be uh came up with enough so that will make it easier for us
yes the only issue with Nate in this deal Henry is it’s not that it’s not like a
home run deal it’s it’s it’s like a hypothetical okay is this going to it’s going to cash flow but is it worth it uh
is it going to be worth that much in two years when the balloon payment’s due that’s kind of where we’re at on this
thing um so if it’s not worth that much in two two years then it’s not that good of a
deal but if it is if things appreciate in two years in Fort Myers then you know they can sell this thing for like 330
and they owe like 290 then they’re they’re gonna have that cash flow plus they’re gonna make a couple you know 10
15 20 000 in two years and have a good uh rental property you know what I’m saying yeah I I think uh uh in Florida
the property appraisal good and then uh yeah after two years
it’s hard to know though it’s a game it’s it’s a you never know it could go up it could go down so that’s that’s why
I think when we were trying to dyspo this thing a lot of the Marcel a lot of the buyers out there they’re hesitant
right because they want a longer balloon they want to be able to have it for longer so anyway um there was a comment that came through
I want to answer uh from um amphetries MZ she says how do I pull
subject two lists from batch leads so the thing is with subject to is
you there are certain lists that you can pull that are lower Equity because usually subject two is when people don’t
have a lot of equity in their property so you can pull lists of people who’ve just purchased properties
um you know that might have different indicators like uh like absentee owner uh maybe like you know tax delinquent
evictions you can do other things but the way I do it is I just offer to
everyone that I talk to if I make them a low offer on any list I pull absentee owner High Equity
um you know any of the lists uh in in batch that are
that have motivated sellers you want to be able to pitch creative terms to anybody that doesn’t accept your you
know your your initial low offer so I don’t think there’s a specific list you need personally for me that you need to
Target for subject to or sell or Finance I just think you need to be able to know how to pitch it
all right so that that’s my answer to you and for anybody else that’s going to
watch this uh live uh sorry watch this in the future guys this is it this is this is a full
blown like navigation of like showing you exactly how to do this
um and and sometimes there’s there’s areas and places you go that you’re new and you got to figure it out and that’s
that’s it’s about taking action but uh that’s how you get started you take
action and uh you learn as you go and Henry you can see that like I I don’t have the
answers to everything and that’s okay right like I can call someone that does right
I can have my uh title lady uh check it out so I I do need to text her Christina
just sent over just sent over the uh new paper the new
uh okay so if she goes and says everything’s fine I’ll talk to uh the
seller have her sign everything and then I’ll have her talk to um after we get everything signed I’ll have her talk to Marco
yeah and if she’s like Hey look it’s not gonna work with him then uh we’ll we’ll go with Nate all right all right
all right everybody Henry everybody that’s on batch that’s watching this live that will uh watch this you can
throw any questions any questions Henry any questions for anyone watching live on what we just dissected today
uh yes sir uh if you guys are currently doing video uh he has uh probably under
contract and then I need to have this phone you can uh contact with Nathan and
then he can help you out with that that’s right Henry what I’m doing with
you is because you’re my mentorship right like I normally don’t like uh you know to walk people through their whole
deals and and help them out but uh but yes if anybody wants to work with me I’d love to work with you we are having a
free master class this Thursday where we show you how to use batch and use my strategy more in depth on how to get
deals with little to no marketing spend this one’s a little funky because this isn’t in an area where I have like
buyers unlock where I can do the painless wholesaling method and sometimes that happens but this is how you would navigate it
um you’d find a buyer you negotiate you walk back and forth and you get deals done that’s that’s you get paid by which
you can negotiate all right so um thank you Henry for saying that do you have anything else you want to say
uh yes uh if uh if you yeah I want to do herself and then uh don’t
hear an experiment to get a suicide after the mentorship by Nathan so he
will he will he will work work with you one-on-one on on the new and then I’ll
show you everything from a negotiating with the seller but not probably under
contract and then uh dismode the deal and then answer all the questions from
the buyer from from A to Z yeah bro that’s crazy isn’t it I’m willing to do
that to help people out yeah yeah yeah you you you need to uh need to be one
from uh from uh from the person that uh already do do deals and then have uh
already have an experience on on this for selling that’s it hey Henry thanks
man I appreciate that we’ll get paid let’s get paid on this one let’s get it done um I’ll talk to you later I’ll keep you
in the loop and for everybody that’s been watching the paintless wholesaling hour this is it this is how you get it done there’s nothing to it but just to
do it thanks for watching I’m here live every Wednesday to answer your questions so if you want uh hop on here and Henry
let’s freaking make some money dude peace out yep all right later everybody all right
