What is up everybody you aren’t listening to the Payneless Wholesaling Podcast right here I have one of my ultimate favorite guests. We got Henry on here. Henry is one of my students, he just got his first wholesale deal. So we’re gonna dive deep into Henry’s life, why he decided to get into real estate, what His strategy was to get this deal done. And we’re gonna dive all into it. So everybody that’s listening can learn from Henry’s experience and how he got his first deal with only being involved in real estate just for a little bit. So Henry, what is up, dude?
What’s up, Nathan? Thank you for having me in a podcast,
dude, I am so happy that you’re on this podcast with the man because when you when we started working together, I knew you were gonna get a deal, bro. I just knew it. Because I said, this dude ain’t gonna give up. He’s gonna work hard. And that’s exactly what you do, man. Is that Is that something that you’ve always done? Your whole life is just, you’re just you go for something that you want. And you work really hard at it.
I love it, man. What do you got to say, for all the people out there that kind of find a little scary to take action? They’ve been watching videos, and they just haven’t done anything? Because maybe it’s difficult.
Yeah. So So to be honest with you, right? So don’t be don’t be afraid to take action. You can be failed some time. You can fail a lot. But the outcome is you you know that you try your best. And then the good thing will come to you man
Awesome. dang good advice. That’s awesome. So because you know you’re gonna fail. Henry, I fail all the time, man. When I make offers. I don’t get every offer accepted. Not even close. I wish
Yeah. So I also get a lot of rejection on my offer, too.
Is Does that bother you when you get rejected? Now? Henry, are you have you developed that that tough skin already? And you’re like, wow, who cares?
Yeah. So so the first time I’m trying to wholesale lean, right. And as of my offer got rejected, so I’m kind of a gear Friday, but I know like I keep making a lot of effort and no one will be accepted.
100%. So Henry, let’s let’s dive into your life and where you’re from, because we’ve talked a little bit, but I’ve never really asked you too much about like your history and how you got started. So Henry, tell the audience a little bit about yourself, like where you’re from, you know what you’re up to? Yeah. Let everybody know a little bit about Henry.
So I’m, I’m from Vietnam, and then I had been here in the US, fall 2010. And then I’ve been in Houston for more than 10 years. So this is my hometown.
Wow. So, Henry, what made you want to come to the United States? So if you lived in Vietnam, alright
My family so they are David. They’ve been in the US. And then on my grandpa, they, they bring them? My family here.
Wow. Okay, so you had family here? So that’s why you decided to move right? Yep. Was it a difficult move for you to make to move from Vietnam to the United States?
Oh, so they say a new adventure of me. Yeah. To be in the newer country? new opportunity.
That’s amazing. Do you miss Vietnam at all? Do you go back and visit?
So let’s say so my, my uncle and my honor. They have been combat to Vietnam, and then I haven’t been in Vietnam yet. But that’s my goal. In the future. I will be back in Vienna. Oh, you want to go back?
Okay. That’s amazing. So I know we I asked you this before but let’s tell the audience again. So Henry, why did you want to get into real estate? You know, you came from Vietnam. Now you’re in United States. You’ve been here for a couple years. What What made you want to get into real estate?
So my uncle had been invested in a real estate for long term. And then he he really successful with that. And then he now become a landlord. So I’m trying to follow him with his success.
And he’s an investor you’re saying is he in Houston? Or where does he have his rentals?
Yeah, so he he investor in Houston also.
Okay, awesome. And you ask him for a lot of advice. Do you talk to him a lot about real estate?
Ah, yes, I’ll hear he really busy so so here he he doesn’t give me any most of the FYI. So basically, I try to learn everything for myself.
Okay, and tell me how you got into wholesaling. I know, again, I asked you this before, but how did you come into wholesaling versus just doing another strategy.
So I am a resource on a Google how to invest in real estate with no money at all. And then the first thing pop up on Google ear wholesaling. And then after that, I’m watching a YouTube channel from Jerry Norton page, Moby and then and now In a big guy in wholesaling, and then I decided I will give it a try.
And you just start you just gave it a try just like that, huh? Yep, that’s amazing. What was your first experience? Like what what were you doing at first to try wholesaling? What were you doing first?
So I for my first ride on wholesaling the, basically like you do exactly the same thing that the YouTuber that I tell everyone so like pulling a list of off market property and then skip cry, and then and then a cold call and then my offer with that.
And did it work for you did that work for you? Not
Oh, yeah. So this is my first mistake, right? Yeah.
Well, tell me about tell us tell this audience about your experience doing that of pulling a list skip tracing, calling it how did it go?
So it’s got a lot of money for me to be to be doing there. So I hope I tried to host here for more than half a year’s and then it gets a no no result at all. So I’m so how are we up? And then I guess the Alpha? Is it really working?
Yeah. So you’re starting to doubt because you skip trace you called list and it wasn’t working. You spent a lot of money? Is that what you’re saying? Yes. Right, you know, and Henry, what I teach is I say, hey, look, if you’re brand new to wholesaling, don’t go out and spend a ton of money on marketing. There’s so many opportunities that are on the MLS that are from other wholesalers, if you can get in tight with buyers, and you know your market, you know your area, you can find deals without spending any money. And that’s exactly what we did on the deal that your first wholesale deal, right? That’s right. So tell everybody that’s watching how you got your how you found this opportunity on this deal that we were able to wholesale together.
So I find my first deals by so one time I’m on Facebook, right? I’m in the real estate investing group. And then they one lady see both that as a car tire of the do in the Airbnb rental, and then si si will decide to sell off her property and then say looking for a realtor. And so I desire attacks. I can sell sell her property at her asking price without a realtor so she doesn’t have to pay in the commission at all. And then as she said, she told me, Araya, I will let you do that.
Wow. Wow. Yeah. So Henry, if I understand, you went on Facebook groups that were strictly for real estate investors, and the seller will post it on there that she was looking for an agent, is that correct? That’s right. And you said, hey, I can work with you. Where you don’t have to pay any Commission’s and that’s what happened, correct? Yep. And then what happened after that? So you texted her? And she said, Yes, that’s fine. So what what was the next step?
What did you do so so the next step, see, see, send me her property address is all the way in Florida. And then so I decided, I had no experience of wholesaler outside of Houston. So I reached out to you with a turn and then asked that you can JV with me on this deal. And then we we wholesale outlay,
There we go. Just Bada bing, bada boom, right. Just like that. So you found this lead on Facebook without having to spend any money and and then you you found out that she was willing to sell for cash and that you use gave it to me? And then I called her and then I started negotiating. Is that kind of the gist of the story.
Yep, that’s right. And then you, you call her and then you negotiate everything live on a stream here. And then I was in in that too, in that life, too. You were Yeah. Listen to everything.
What did you learn from that? That conversation I had with her.
So she asking for the retail price. And then I saw there is no way for her to offer her gas offer below the ARV. So so so you you showed me a one adverse way. What is this a creative financing? Yeah, to finance and then with a little now with a little down payment?
Yeah. And then that’s, that’s exactly right. So everybody that’s watching. So what happened is I called the seller that Henry brought me and she had some motivation. There was motivation that she wanted to sell she had multiple properties in Florida. She’s from California. And she just wanted to get rid of it. She wanted retail like close to retail. And I told her like hey, the only way we’re able to buy this property for you know close to what you’re asking is if we buy it on terms, if you can give me the terms I can give you the price. That’s basically what I said and she said she was okay with that. Now, the thing when you make cash offers is they have to be really really low because you have to have your your holding cost your hard money come us all the fees of the flipper that is going to put the rehab, make his profit and then resell it, you have to get it down very low. This property was an Airbnb already fixed up already was cash flowing pretty good for her. She just didn’t want it anymore. So I said, Hey, the only way we can do this, if we come into this deal, we can take over your payments and then we can pay you their price in a balloon payment out in a couple years from now and but I can’t bring any money to the deal because it’s just not gonna work. And she said that was okay. Now, Henry, I’ve been doing this for a long time. Not a lot of people are usually open to zero down that I’ve experienced, but she was and it’s because she just didn’t want the headache of the deal anymore. She just didn’t want it. So a very interesting situation. Like I said, I wasn’t didn’t think she was gonna accept that. But that’s why you just have to get on the phone and ask people questions and see what’s the best option for them. You know, I’m saying so Henry, what advice would you give everybody that’s, you know, on the Payneless Wholesaling Podcast is gonna listen to this, or that’s watching this live or will watch it, what advice would you give to them about getting started in real estate just like you have.
Alright, so So my first FYI, that that doesn’t make a mistake like me? Yes, yes. You don’t have to spend a lot of money to put a list and then cold call and a marketing is usually caused a lot of money, and they just just fire a free way to do that. And then stick with that. And then you definitely definitely will get your first deal by me.
That’s right, bro. And you got you said we JV need on this deal. So I got it closed. I sold it to the buyer, and we wholesaled it for $5,000. And then I got a little bit of ownership in the property and mean you just split the wholesale fee. Now obviously there’s a lot bigger deals but for us I mean, I’m glad that he got it done. You got did you get the money sent? I sent it to you?
Did you get it? Yes,
I am. How’s that feel, bro? How’s it feel to have you know, gets get your first check from wholesaling a deal?
It feel wonderful. Yes. So short data at that time. I know I can wholesale again and again.
Let’s do it again. And again. And the key Henry, I’m just telling you, the key is finding opportunities and motivation. You just have to find someone wants to sell and is open to a cash offer. And they’re open to if not like a lower cash offer open to terms. That’s it, you’re just looking for ways that you can help people because if you call someone like me and say, Hey, can I buy your house, I’ll give you a cash offer. I’m not motivated. There’s no reason for me to sell my house at a discount. But if someone has a situation, whether it’s a rental, they need to fix the property or anything, you just have to find those opportunities, right? That’s what you got to do. Well, everybody, again, this is it, Henry’s doing it I’m doing if we can do it, you can do it. Don’t let I guess being apprehensive or scared or maybe not feeling like you’re good enough stop you. Because you definitely definitely have what it takes we you can do. All you have to do is do the actions. And another thing is if you don’t feel like you know how to do the whole negotiation process, you can partner up with people, there’s so many people out there that would love to help you out. You know, if you have a property and you just maybe don’t know how to negotiate and maybe you can’t even go see it’s not in your market and a son wants to go see it. Collaborate work with people, because that’s what we’re all here for. We want to help each other succeed. Yep, yep. So Henry, before we sign off, because I know you gotta go and so do I. What last piece of advice would you give everyone on this podcast? What’s the last thing you want to leave? Like a golden nugget, something you want to leave everybody with?
All right. So if if it was still a struggle, like let me in the bathroom, try to guess your first wholesale deal you sold John Nathan the mentorship? He will He will guide you one on one from from what is it? Called the property and then a with with the seller and then as set up the contract and then send that to the seller to psi. And then after that same to the title and then the last thing if I a buyer.
Yes, that’s right, brother, you know, hey, I’m always down to help out where I can and I was so happy I can help you out Henry, we both we both benefited from it. Now there actually are some little couple questions that have come through on here on the on the Facebook group. Let me Is it okay if I asked you one of the questions Henry, someone had a shoe a shoe. So someone just asked so we just go to Facebook groups and look for deals, wholesalers can’t move that is that true Henry that you just go to Facebook groups and look for deals that aren’t selling?
Yes. So so if I bought a one way you can actually go outside look in a broken down house and then make an offer on that and aka you can you can go to the MLS and then make an offer so that’s a some way to do the wholesale of a book earlier one of the way that’s true.
True. Yeah, so Facebook is a free way to drive for dollars and Mark properties and then make offers. That’s a free way. And then, you know MLS is a freeware and JV JV and kind of like how we JV technically, you know, you brought me a deal, I didn’t spend any money, you didn’t spend any money. So what this was like an ultimate free deal that with no money was spent on which is great. And I love those because you know, a lot of people will talk about, oh, I made 50,000. I made 40,000. I made whatever. And it sounds like a great big number. But they never tell you how much money they spent to get the deal in. Sometimes they can make 10,000, but they’ve probably spent 10,000. So really, they’re breaking even or losing money. So don’t always get stuck everybody on how big it is. Because no one is ever going to tell you how much they spent or usually they don’t you know,
Yeah, they always saw the cross profit, but not the net profit.
It’s actually exact. Exactly. We’re all about the net. Right? And we don’t care about the gross especially the growth. It doesn’t mean anything you know, you’re not adding anything.
Explain. Take all the profit then.
That’s right. Well, everybody. Now Henry, Will everybody congratulate Henry leaving the comment section and say, Henry, you’re freaking awesome. Reach out to Senator if you need anything. Please reach out to me and my team if you need anything if we can help you out. And Henry, I want you to have a great day, man. I’m proud of you for working hard. Keep working hard and you’re going to achieve your dreams, man. You’re gonna be a landlord. You’re gonna have all the properties you want. Just never give up. All right. Thank you. Thank you, Nathan. All right, everybody, peace out. We’ll talk to you later next on the next podcast peace.
