What is going on everybody we are live right now on the painless flipping podcast, where we’re gonna break down how my buddy right here lane, Peterson, crushed it on a deal, and how he was able to use a YouTube video that I made to, uh, stop the deal from not happening, right? Or stop the seller from not working with them. Is that kind of what happened, like in a exactly what? That’s exactly what happened. You saved my deal.
Let’s go look. We met. We just like, met on the phone yesterday, right? Like we’ve never talked before. Is that correct?n Yeah, no, never. Had just kind of seen each other through mutual social media, friends and videos and things like that. But no, I don’t think we’d ever connected, bro. That is honestly crazy. It’s such a small world that we’re especially in the investing world where we live in, right? You know? So, so basically, everybody, if you don’t know, I have a YouTube channel. I’ve had it for about a year and a half, and I make content, and especially, stuff where, like, I’ll be doing something for a training, or I’ll do something on my screen, I’ll record it, and then I’ll just make a video explaining it.
So what happened in this scenario is we had a deal where a seller, we had signed everything. We actually even gave them earnest money. I think we we didn’t give them earnest money, but I think the seller at the time, we had given them a little bit of money to help them out, because they’re a really tough situation, and we were going to close on the deal, and then they ghosted us. So we’re like, Hey, we gotta file a memorandum of contract to protect our deal, and end up they were trying to sell to someone else anyway. Filing a memorandum of contract is important, affidavit memorandum.
You can call them whatever you want, but protecting your deal is important, especially if you are agreeing to buy the deal, and you know they’re getting kind of shady, they’re going to go someone else. I do not recommend filing one unless you are going to buy the house or you have a buyer lined up. Do not just file these just because you want to stop every deal or anyone leaving you, especially if you have no means of buying it. But anyway, you watched this video, and you told me the other day what happened. So let’s kind of talk about it. We’ll tell what’s up? Lane, tell everybody what happened. Yeah, 100%
I totally agree with you. I don’t make it part of my standard business practice, you know. And also it was very, it was very good of me to hear your video, because I know how to file memorandums in my local market. I’m in Phoenix, Arizona. I know how to do that here. It’s pretty easy, put on a nationwide level, you know, on a nationwide platform, trying to find the county, find how to record it, you know, the right paperwork, record it properly. I mean, that’s a very that’s a high task. It is to find out all that information. And so what I do? I just jumped on YouTube, and I typed in file memorandum and boom. Nathan Payne, jumped on, watched your video and saved my deal. Dude,
I love to hear it. So let’s Yeah, go ahead. I had this deal. I had this deal tied. I had this deal tied up in Jacksonville, Florida, Duval County. You know, we’ve been buying quite a few properties there, wholesaling quite a bit. And this one was actually, it was a creative deal. We do a little bit of creative we don’t do a ton of it, right? It was a creative deal. This guy leaving his mortgage in place, doing it subject to the payment was, and he had a solar panel on it, so that kind of like the water a little bit. That gets a little funky too. Yeah, yeah, yeah. But total all in it was like $1,000 like the 1050 total payment, with his $800 mortgage, plus the the $250 solar panel, nothing rented for $2,100 I mean, it was a great little cash flow, cash flow property, right? We already had it assigned to one of one of our buyers, and then the guy kind of is slow to respond to me.
We had everything signed, every all the contract, even my assignment was already signed. Wow. And then he starts kind of ghosting me a little bit. And then I finally get him on the phone, and he straight up told me he’s like, Yeah, I don’t want to sell it to you anymore. Yeah. Like, whoa, buddy. I’ve got a contract with you. That means I’m obligated to buy this house just as much as you’re obligated to sell this house. That’s what a contract does. That’s the purpose of a contract, exactly. So just going through it with him, he’s just like, Nope, sorry, I’m not selling. I said, Hey, you know what? I am totally fine. If somebody who changes their mind or has something come up in their family, I get it. I just let me know. And no, come to find out he found someone that was going to pay him more. Yeah, I know my neighbor. He said, It paid me more money. And I said, Listen, it doesn’t work that way.
But, I mean, so he his wife got on the phone. He’s just like, hey, I’m sorry. I don’t know what to tell you, but we’re not, we’re not selling it to you. So that’s what I’m like, I gotta, I gotta file my memorandum, right? Yeah. And I think in that situation completely makes sense. I, you know, I’ve just heard some, some stories where people will file them, just like as a part of their procedure, which I don’t think makes sense, right? I don’t do that. No, that’s a complete waste of time. But yeah, with this video I showed you, and this is something I learned that I thought was amazing, is@deeds.com such a easy process. They do. They take care of everything. You just have to send the contract, take a picture. Your PDF scan, super easy, right?
Yeah, and super cheap. I mean, it was like 3035, bucks for the year, or something like that. So cheap, yeah, yeah, it’s so literally I I fill out my memorandum, I notarized it, I uploaded it@these.com you upload it, they record it for you, and then send you the confirmation and send you the recording number from the county. And I kid you not, a week and a half later, I got a call from another title company that said, hey, calling you about this property. You know, you have a cloud on title. What’s it going to take to, you know, to clear this title up, right? Well, I’m in contract to buy the property, so I want to buy it, if not. I mean to clear up title. You know it would, it would take $25,000 Wow, that’s what my assignment was. So instead of, then you just fulfilling and just him working with you, they just paid you out to really doing that. But that’s what I told them. It would take okay for me to clear title and remove my memorandum. Okay, so, no, he came back to me and ended up selling me the property. But as as we’re contractually obligated,
Well, it’s interesting, because, you know, they’re, if you’re in the reverse situation, you’re not trying to buy it and you try to back out, they’re going to try and take your earnest money, they’re going to try to get you to buy it. So it’s the same thing, right? A lot of times these sellers don’t understand. I mean, what’s the point of a contract? Yeah, I am obligated to buy this house, just like you are obligated to sell it. That’s right, we have a contract.
Well, also, like, I’m, I agree with you all the time with what you said, like, all the time if a seller is something happens in their family or they don’t want to sell. Now, I say, hey, completely understand, but I’m going, I’m going to exercise my rights to buy this, so I’m going to cloud title just when in when you do want to sell, or when you already sell, I’ll be there, right? And that’s, that’s exactly what you said, hey, that’s totally fine if you don’t want to sell, something happen. I don’t you in this situation. You didn’t tell me you’ve clouded, right? You just did it. I just, yeah, I just did it. I just, I had the conversation with them and saying, and told them, I said, Hey, listen, you signed a contract with me, and so I can come after you for damages. I did tell him that, because you hold equitable title. So you can, you can go, if he, if he goes and does that, but then you gotta go through the core. If you don’t file a memorandum, you gotta go through the court. And nobody wants to do that.
No, no, no, definitely not. No. I think the memorandum is the key. So that’s, that’s what I say when sellers, I’m like, Hey, totally get it. Trying to, like, come off. Like, I’m I’m the nice guy, but I’m just saying, hey, it’s totally fine. You don’t have to go, but this is what I’m going to do. So I’ll be ready. And then that, when you say that, they’re usually like, well, actually, you know, then they start, you know, telling you more of the truth of what’s going on, right? Because nobody is exactly, in my opinion, from what my experience with sellers is, like, nobody wants to sell, like, ASAP or super quick, and then all of a sudden, like, a couple days before, they’re like, I decided not to sell. It’s like, that doesn’t really add up.
Doesn’t really make sense, right? No, yeah. And if you can, if you can, have a good conversation with them, and if, if you know what you’re talking about, if you understand the contractual agreement, contract law, you know, you can have an educated conversation with them and let them know it’s just like, hey, you know how, how matter you going to be if I don’t come to the signing table, how matter you’re going to be if I don’t come to the closing table? Right? You know you are expecting me to do this just as much as I’m expecting you to do it, and if you don’t do it, I do have a case that I can come after you, because I hold equitable title. When you hold that contract, you hold equitable title of the home, and you ended up making 25k on assigning it. Is that what you ended up doing? I ended up assigning that one so zero down, but you were able to find an investor to sign it in. 25 down. Is that what happened? Yeah.
So he came, he actually came in with the total amount was 50. He came in with 50, paid us our assignment, our assignment fee, and then gave the Oh, kind of 25,000 proceeds to the seller.
Oh, wow. So you’re able to get the seller 25k um, yeah, wow. Yeah. He was, he was making, he was making some money. Good. I mean, the same cash flowed $1,000 a month. And tell my investor, only 50,000 out of out of pocket, wow, yeah, that’s amazing. That’s amazing. I’m sure it’s appreciated since then as well. Yeah, since you done so. I don’t know about you, but I have several deals where this has happened. Has this happened to you a lot, in your in your market, or it’s happened several times? Yeah, I don’t have to do the memorandum that often, but, but you know, it’s, it’s a tool that you just always have to have in your belt, because it does happen, and it happens quite often.
When I was new, I didn’t know it’s happened that often. So when sellers try to back out, I just, I thought I couldn’t do anything. I was like, okay, so I had this deal once in where was it del No, it wasn’t Del Rio. It was a, it was in California, right? So I can’t remember exactly in California, but the seller, the day before we had agreed to 80,000 no $60,000 to buy her house the day before closed, or, I think it was the day of, she said, I don’t want to sell you guys the house at 60. I want 80, or I’m going to walk. And we didn’t know we were new investors, so we’re like, and we had, we had it assigned to, like, 120 we were making a big fee, but so we were like, okay. We were like, okay, and we just gave her extra money. So it was interesting, because I didn’t know I could have just been like, hey, look, the day before, you can’t just say I want more. We’re everybody’s ready to go. But I didn’t know that, so we just did that. But you need to know you’re right. Flip the script, right? I mean, ask the seller. Hey, would you appreciate if I came to the closing table and said, Hey, I need a $30,000 price reduction the day of close? Yeah? Like, exactly. It’s the same thing.
Flip the script and it’s, it’s doesn’t feel good to them, just like it doesn’t feel good to us as buyers, yeah, and it’s interesting, because, again, when you’re new, you don’t really know that. I had another experience where I was this is all, ha, a lot of this happened when I was new. I was I went to this guy’s house. We signed an agreement for 215 he was good to go. No no issues or anything. I as I’m driving away, like 3030, minutes later, I get to my office, he calls. He says, Hey, I decided not to sell, and for me, just being a trusting person. In the beginning, I trust everybody, and be now, I’m a little reluctant to trust everybody, but I was like, hmm, okay, that’s fine. If you don’t want to sell, it’s fine. A couple weeks later, I found out that, you know, it was wholesale and flipped and not flipped wholesale. And I’m like, what? So those are the worst, because I was just like, I just was letting anybody out. So eventually I got to understand what this memorandum was and what a memorandum was. It just, you should have this verbiage in your contract. By the way, if you guys don’t, but your
Your contract should say something like, Hey, you have the right to file notice of interest with the sell. If the seller signs this, whatever you’re you’re able to file a notice of interest, showing that you have equitable title on the property. I don’t know the exact verbiage, but it basically says they are agreeing, and you’re agreeing that you can do that if you know by signing the contract. And now when sellers do it, I had a guy in Florida, like, a while ago that the day of, the day of closing, he says, Hey, me and my mom, we decided we don’t want to sell. We just decided. I said, Okay, so the day, the day of just you had all these issues where you need to sell, but today you just decided you don’t need to. And he’s like, yeah, it’s okay. Don’t worry. Like, nothing happened. I’ll just give you your 500 bucks of earnest money that you you put and I was like, Look, we’ve done all this work.
That’s totally fine if you decide you don’t want to sell, but just know that if you’re trying to sell to anyone else or try selling the future, I have, you know, the cloud on title now, and we’re going to be there ready to buy it, so it’s okay if you don’t want to sell. And he was like, and then we found out he was trying to sell to someone else, and we ended up, when he knew I kind of pushed on him, he ended up. We ended up closing on the next day. So crazy. It’s crazy that sellers try to do that. Yeah, like I said, if you know how to have that conversation and you know contract law, you’ll be okay. I had a deal just the other day, one of it was actually one of my, one of my clients, and it was on a land deal, which is the raw land deal that we had tied up. He had tied up. I was helping him structure the deal and get it to the closing table, but he had the same situation happen.
This was literally last week, and it was a half a million dollar piece of dirt, and the seller just had gone dark on him. And then, and not just for like a day or two, but it was like two weeks. And then he calls me, and he’s just like, hey, man, this is what’s going on. I’m like, bro, we gotta file that memorandum tomorrow. He’s like, Well, let’s give him through the holiday, you know? I’m like, No, if you wait a week or two, he could sell to somebody else. Yeah, title can get cleared if you, if you expedite title, it can get cleared in a week, and he could close it and sell it to somebody else. And now you gotta take him to court, and who wants to do that right now? So true. We ended up, we ended up filling out the memorandum, but then the seller called, and we didn’t end up having to file, okay, well, that’s good. So you know what’s interesting? I’ve actually filed some memorandums and they haven’t, either got recorded in time, or some of the title companies just don’t even care, and they’ll do it anyway, and they’ll leave it up to like for you to deal with, with the buyer or the property, right? So I don’t know if that’s happened to you, but that’s happened to me too, where I filed some in the title companies, like, either they don’t see it, or they turn a blind eye and they just do it anyway, because they’re, they’re they’re rogues, and they don’t care. They’re just being rebellious.
In that situation, couldn’t you go after the title insurance? So I in the situation where I did do that, like, this happened, I tried to go for the title company. And they’re, they’re, they’re tough dude. Like, I title insurance, all that stuff. Like, good luck getting title like, money from title companies. In my opinion, I think they’re, they got a lot of money, they got a lot of lawyers. And I think they’re not really, they’re
hard to go. They don’t want to, they don’t want to pay out on those policies, just like your normal. No, no, definitely do not everything
they can to not pay out of that policy. I’ve actually haven’t heard of many situations where title companies actually pay out on their title insurance when they make a big mistake. Because they can make some big mistakes, bro. And I think sometimes they’re just like, do something about it, dude. I had, I had one that did. I. I had a guy that wholesaled me a house in Scottsdale, here in Arizona, wholesale me a house. He made 30 grand on it.
Okay, right. So I funded the deal for 230 he had tied it up for 200 my title company, when I closed it, they insured it for his purchase price. So 200 grand, right? And I was kind of new. This was years and years ago, right? Didn’t even I didn’t even say anything. I didn’t even look at that. Two weeks later, I get a lawsuit delivered to my office because the woman that sold it to him was, did it fraudulently? She was actually appearing to be the sister. There was a death in the family. Dad left it to the two sisters. Two sisters like, didn’t get along. One sister fraudulently signed for the other sister, notary stamped it everything, and then so they went back to town company, the telecom is like, alright, yeah, we’ll pay you the $200,000 owner’s policy. But I’m like, well, where’s my I paid 230 Yeah, oh, it’s only insured for 200 so I lost 30 grand.
Well, you know, that sucks, but I feel like there’s some some tile companies, they’re like, holding the walls that probably wouldn’t even they’d just disappear or something. Oh, dude. No. No, no. One of the biggest in the nation. And so ever since then, I learned to whenever I get somebody that I buy a home from. If they’re making a $30,000 wholesale fee, I’m insuring it for the entire amount good, because I even went back to my the guy that sold me the deal, because I had a good, good relationship with them, Mm, hmm. And who wouldn’t budge. I had to send a letter from a lawyer. And then now I don’t have a relationship with him, because he wouldn’t, he wouldn’t give me my assignment feedback. So you’re telling me he made 30k on something that you lost to hunt. You lost their well, you lost doubt on like, he just wouldn’t give you the money back.
No, he and literally, he had made it like, like, two and a half weeks before he made 30 grand on an assignment. And all I said was, hey dude, they took the house back, give me my assignment back. And he was like, No, wow, that’s that I that’s whack, my opinion. Like, if that happened, oh my gosh, bro, I’m sorry to hear that it was, it wasn’t pretty, but you live and learn. And I always ensure my properties for the for the entire amount, well, you do live and learn, and it’s kind of crazy how, like, you, you would never, probably even know known that until because that happened, you like, that’s not something I’ve ever thought of, bro. Now that you’ve told me, I’ve learned from you. So most people don’t even look at that, right? You figured that the title company would just insure it for the entire amount, but most of them are insuring it for the contract amount. Yeah.
So you go tie up a property for 500 grand wholesale to me for 550 a lot of times the top cover is just insurance for that contract amount.
That’s a good point. So everybody that’s watching this, or will watch this, definitely check if you’re buying a property, make sure and you do title insurance on it that. And I do recommend you do that it’s insured for the the amount that you’re buying it for. Is that right lane for sure? Well, hey, man, this, it’s crazy again, that you know this, this happens, but this is definitely a good, a good strategy, or not a good strategy, but something to do when this happens, because it’s going to happen, it’s it’s bound to happen, especially like, if you’re doing pay per click, mail, text, whatever, like they’re not just dealing with you, I would say most of the time, most of the time, even if, after you Get under contract, they’re going to sometimes have someone chirping in their ear, and if you start feeling some getting fishy, you just want to call it out.
Be like, Hey, you know everything good? And yeah, you just it happened. It’s happened to me multiple times. You know, I have, I still have a lot of, I don’t even know how many, but memorandums filed out there that I haven’t heard anything about. Maybe they did sell it. I didn’t know, after you said that, maybe I gotta go back and check. But I, I think I buy a lot of houses in Atlanta and and when we were buying a lot couple years ago, you know, it just happened, someone call me and be like, Hey, man, I’m not selling. And give me some reason, and I’d be like, Hey, I get it. You know, they gave me some family reason, but I’d still go file the memorandum, because, like you said, all sellers are liars. I mean, you don’t know if they’re telling you the truth and they’re really just turning it around and selling it to another guy for 20 grand more.
No, you don’t know. No. So if one comes back around a couple years later, and I do realize that, hey, he was telling me the truth. I’ll probably just release it, yeah, yeah, or rework it, right? Or be like, yeah, no, it’s been a while, but let’s, let’s see what we can do, yeah. Oh, you’re selling it. What are you selling it for? Maybe, maybe I want to buy it, right? Yeah. So the one that was really funky for me, it was, I was talking this guy in Atlanta. He owned a property in, I think it was Huntsville, Alabama. He sold it to me for, like, 170 we had everything ready to get it assigned, and we had put open up title, put down the earnest money there. And then, like when we went to go close it, it was already sold. So somehow, like, he sold it out from under us. So then. Filed. I think we, like, reached out to the seller, like, hey, actually, this wasn’t a memorandum situation, because we he sold it once we had everything assigned. So I don’t there’s not really much you can do in that situation, like, if everything is going according to plan, and then all of a sudden you’re ready to close, and he snaked and someone else took action first.
That kind of sucks, but I don’t think that happens that much, but that happened in my situation. Well, dude, and one thing to always remember is when you get your contract signed, make sure it is dated and time stamped right, because I run into the situation where they signed the contract with another buyer the same day. Oh, and then they try and ghost me. And so then you go file that memorandum, and then it comes down to the title company. The title company’s like, Hey, you guys gotta figure it out. And so when you compare contracts, you’re like, Hey, I got mine signed at 10am you didn’t get your sign till 5pm so my contract’s the one that’s out. So so it’s very important, and just so this is how panda Doc, I think DocuSign works as well, but they, if you dive into the like, the date, the details of the remote signature, electronic signature, it does show you the time. Did you know that? Yeah, okay, yeah. So exactly. And unfortunately, with the deal we had was, was like a $20,000 assignment fee, like there was really not much we could do, because he had already sold it, and then we had talked to the the buyer, and the buyers like, Well, hey, look like, I didn’t even know about you guys. And then the seller, like, was an old guy, and was like, you know, there’s only so much you can do. What are you going to do? Like, take it to court, you know?
So, yeah, yeah, I had, I had a situation where it literally came down to closing, and they had two contracts, and it just so happened I knew the other guy. It was here in Phoenix, and, you know, I I know a lot of the guys that are buying here, right? And it was a guy that I knew. And so my title company was like, Well, hey, they filed their memorandum, and I saw that they filed their contract with their memorandum, and so I saw what time signed it. That’s amazing. I’m like, I had mine signed first. So I call the guy, and I’m like, Hey, this is what’s going on. And, you know, can you just tell title to clear it up? And it’s like, well, how much you going to give me? I’m like, I’m not going to give you anything. I had my contract signed first. Title is going to insure over you. It’s just going to take him a day or two longer because it’s going to take more work. Can you just call and release it so that I can get a quote? Anyways? Savvy, yeah. I mean, you gotta know, I mean, the guy, he didn’t have a leg to stand on and title, no, he did not at all over it, but he’s just, you know, trying to get a handout.
It’s like, what are you going to give me? Absolutely nothing. It obviously, yeah, yeah. I’m just asking you, just asking you as a, you know, as an associate, the right thing to do is release your memorandum, because it’s not legit. It’s cutthroat in Phoenix. Brother, no, like you wouldn’t believe. Man, we got some questions coming from the live so this is, what can you do after they sell the property and the memorandum wasn’t called so that’s kind of the situation I was talking about with you guys. Like, there’s really you can obviously escalate it. But like, how much time and effort do you want to put into something like this that could basically be a time suck? In my opinion, for me, my thought process is protect the deal.
Unless it’s like, some crazy deal where you spent all this time and energy and effort for years and months, then obviously I’d pursue it. But if it’s something like a wholesale deal or something where you’re going to make, let’s just say 10 or 20. Is that really worth it for you to pursue? And kind of it does suck your your energy, bro, because I was talking on one of the deals, I was talking to an attorney, I was sending in information, and I was like, Man, this isn’t even worth it. So your only leg to stand on is go out to the title company and see if they’ll pay out of that insurance policy that they got. Yeah, and, you know, I would, I would make a little bit of effort there. And if you’re going to have to lawyer up and go sue the title company to get them to pay out of that insurance policy, it’s probably not worth it. Yeah, agreed. But, you know, maybe send a demand an email be like,
Hey, you guys insured over this, you owe me. Yeah, I love it. Yeah, we’re agreement there. Let’s see if this is, I think this is, I think this might be something the same thing. What is the biggest windfall you have made after filing memorandum, and how long after was the property sold? Do you know what that means? Windfall, big. I’m not sure what that means. Pitfall, windfall. Do you know what that means? I’m not sure what they mean by that, but yeah, not sure. Most of mine, if I file a memorandum, they come to fruition pretty soon after, because that means they were trying to sell it to somebody else. Like I said, I have some memorandums out there that have been on there for years, and if they do call me, I’ll probably just end up releasing it because it was a family issue that they Yeah, that they ended up because so it will stay there forever until they go and sell them.
It should stay there forever, unless the title company misses it, yeah, and I think that, I think was some of the ones that we had where they sold over it. I think there’s some smaller title companies that just want to get deals done. They don’t even care, and they’re like, go ahead, do something. So I really, I think it depends. But when you’re dealing with the bigger ones, like you said, fidelity, I don’t think they’re trying to play around. Let’s see. How do I find out? Title company they used. So I don’t think it’s necessary. Well, that’s actually a really good question. How would you find out which title company they closed that you don’t need, you don’t need to find out you can file your memorandum with any title company.
Well, I guess what they’re referring to is, if we try to go after the title company and do a demanding letter for the title insurance, how would you know? That’s a good question. I’m I’m trying to think of what happened to the one that I did. Well, usually I find out because the title company calls me or lets me know. So if they don’t, you got me stuck here. That’s a That’s a good question, because you can look up the recorded deed, but I don’t think the deed says anything on the title about the title company, unless it’s like, I don’t think so they’re a notary, but it’s still that’s a good question. I’m not sure, because that’s not a recorded document on the title company that did it. Now, you can get another title company to go and find out who insured it. You can find out who insured it, just use whoever, whatever title company you use, and they can go and look up who insured that property, because they can find the policy.
So maybe that’s it. You look at who insured the sale of the home, right? Yeah, because then you’re filing a claim, technically against the new owner. It’s not against them personally, but it’s against their property, and so whatever title insurance they bought is protecting them, right? So if somebody has a claim against their policy. So any, any type of company that you have a relationship can find out who has the policy on that house and file a claim against that policy. Love it, no man, thanks for answering a lot of these questions. I think we’re getting some good, uh, interactions. Can you file memorandum with the county directly instead of filing it through a title company? Of course, yeah, you can do it on deeds.com and that’s how we originally met Dalin. Is I made a video on YouTube called how to file a memorandum of contract, and he was able to use it to save that deal that he had in Jacksonville. So you could check that one out. But you can do it directly to the county.
You can do it online or through the title company. They all pretty much will help you get it done. So something to note, though down a lot of title companies won’t do it. So that’s why deeds.com is so awesome, because whatever the county is and wherever the United States, they’ll do it for you. And a lot of times, when you go to a title company, they say, Hey, I can’t do it unless I’m issuing a title insurance policy, because basically, they’re recording something that they’re not ensuring so deebs.com is a great way around that. I have found that a lot of title companies won’t do it.
That’s that’s a good point. That’s a good point. Cool. Any other questions, anybody on that’s watching this on the live? These are great questions to ask, because it seems like this is something that a lot of investors face, or they’re worried about, right? So again, just to reiterate, we’re not saying this should be a part of your process to do on every deal. I would say it’s on ones where it’s starting to get a little fishy. You’re ready, it’s assigned, or you’re going to buy it, and, you know, they start ghosting you, or they try to just back out the day of just have that conversation. Just say, hey, look, that’s okay if you don’t want to sell it right now, if something happens, but we will be ready to buy it. When, when, when you do sell. So if you’re selling to someone in a week, for example, we’re going to come up and we’re, you know, it’s not going to work out.
Oh yeah, when I go talk to sellers, and I go through my contract, I actually read, not word for word, the contract with my sellers that I work with, but I just kind of go over and explain, and I say this as part of my process. I just say, Hey, by the way, you know, by signing this, this just enables us to, you know, protect ourselves. If we agree, and we go through this process and you try to back out, we’re able to file a notice of interest. And nobody ever, when you’re reading that, like, has anything bad or negative to say about they’re like, Okay, I totally get that. So this is not something that’s weird for someone that you’re agreeing to buy their house. They’re actually glad that you’re willing to do this. But then obviously, later down the line, you know, it will bite them in the butt if they try to get, get sneaky. Yeah, the time of signing, they’re like, Oh no, I’d never do that. Yeah, for real.
Well, Lane, do you have anything you would like to add for a guest we’ve had a good conversation. Anything you want to let them know before we wrap up, or how they can find you and work with you? You know, since you’re doing deal, all my, all my I call myself H, O, V, Lane, my name is Phil Elli wyony, but that’s all my social media. Because I love sharing. I love carpooling. We’re all in this. You know, it’s so great to work together, collaborate, you know, share best business practices and like, like you said, Nathan, this isn’t like a standard practice. Every time I get a contract, oh, we gotta go file a memorandum, right if, but if you sense, if something’s getting a little squirrely, something’s not right, just go ahead and do it. You know, maybe they did have a death in the family and they do need to back out. And that is at any given time I say, Hey, I get it and so, but a lot of times they’re lying, majority sellers and liars, and that’s great.
Great having this in the tool belt and knowing that you can protect your yourself, because there’d be nothing there’s not fun to work all that time and work hard, and then, you know, someone just snake it because they they seen your mailer, they saw your blast, and then they just go in and make a little higher offer, which, unfortunately, people do that, you know, and that’s they do. There’s people. That take, that have a business practice of taking people’s earnest money or snaking deals from other people. It always amazes me, because those kind of people, if they would just focus on doing what’s right and good, they would kill it. They would kill it. Yeah, it takes a lot of work.
I’m assuming it takes a lot of work, too much work. Alright, everybody. Well, this has been the painless living podcast, and it’s been fun having you on here lane. We’ll definitely have to have you back and talk a little bit more about what you’re doing in the industry and see how people can connect with you. But thanks. And last thing I wanted to say is it’s kind of crazy, because we both know Jerry Norton. Sometimes Jerry, you know, through his videos, we’re like, Oh, I did this. Now that you know, you told me I had no idea. I’ve never had anyone say hey. Because of your video that you had, I was able to do this. No one said that. So, yeah, pretty cool experience for me. I love being the only one so far. Everybody says it says about Jerry, let’s get Nathan a win. Yeah. Man, every Jerry, I watched your video and did this, and I’m like, man, one day, right? Yep, yep. Yep. All right, everybody, we’ll catch you on the next one. Peace out. You.
