Have you ever been talking to a seller and you just want to ask them straight up? Hey, can I just wholesale your house? Can I just run this by my buyers and see what they’d be willing to pay? I do it all the time. Check out how I do it with the seller live, how I asked them, hey, let me just run this by my buyers and see what they can pay and see how they react. Check it out right here on this live call that I did. What’s up everybody I’m about to make a call. I’m about to talk to a lead that I got for absolutely free. didn’t spend any money was straight from networking. And I’m going to show you guys how to talk to a seller and ask them if you can wholesale their house. As simple as that. Let’s call. Hi, is this Jerry? Yes. Hey, Jerry. My name is Nathan. And I just was wondering, do you have do you still have about 10 minutes to chat? Yes. Okay, great. Yeah. So I was calling about your property. I actually one of my friends lives right over there. And he said, Hey, you saw the For Sale By Owner sign. So he sent me the your number to give you a call. But I’m just kind of have a couple questions for you about the property. Is that Is that okay? Sure. I don’t know the answer. But it’s all right. So I’m an investor, I usually look to like flip homes. But this one looks like we will be purchasing it and you’re selling it for the land value. Okay. And I was kind of curious, because usually when I talk to people, they’re their first. I guess their first strategy is to like, list it with a real estate agent to see if they can get the most and I noticed you’re selling it for sale by owner. So I was curious if like you’ve explored listing it and you’re just not interested in that, or what made you retire? He’s
an agent about six months ago. Oh, wow. Okay,
so you’re like that? Explain it. Yeah. And my husband’s an agent, my son’s an agent. So we have multiple agents in the family. But my mother is the one who owns the property. She doesn’t want to pay any real estate fees if she can help it. And honestly, I think I can manage it. I’ve sold commercial properties. Let me know I’m not a current agent, but I know what I’m doing.
Know. Awesome. Yeah. Cuz I was kind of curious. Because usually, obviously, you know, as an agent you put on on MLS, more eyes will see it. But are you mainly looking for, you know, a cash buyer, someone that will like not have an agent that represents them? And you’re just sort of looking directly to work with the cash buyer? No,
I’d actually prefer if the buyer has an agent, because it all works better if they have an agent. And you know, we’re willing to pay some. I mean, I’m, you know, Andre, some kind of use you to the agent. Yeah,
I’m not represented. I don’t have an agent. But if we needed to get one involved for you to feel more comfortable, that’d be no problem. But you know, I wouldn’t, there wouldn’t be any advice.
I’m assuming as an investor, you know what you’re doing? And you’re somewhat sophisticated. And you know, I would be more than I’d be fine with that. But I mean, I’ve had, I’ve probably had 60 inquiries or more. Oh, my gosh, just from that sign. Most of them are people, like, you know, how much of your house and when you tell them? I said if we’re not selling
the house? Yeah, no, I get that that you said that the house is a teardown, so I wouldn’t be looking to buy I’m looking at. Well, you said it’s commercially zoned. Right. So I would try to cannot
get a residential permit from the city property. So even I would have to tell people what even if you wanted to, you know, fix up the house. You can’t get a residential permit? It’s,
it’s commercial. Yeah, no, definitely, the value is definitely in the land. So I was kind of you’re an agent. I was looking at some comps online. I’m not an agent, but I was just looking at what I had access to. You said you wanted 800,000. And it’s almost an acre. Yeah. Just curious. Where did you run comparables on it to kind of get that? Or was that just a price that your mom had in mind? I was curious how you came up with the comp.
There’s another commercial lot in town. Against that one at the same price?
Yeah, cuz I’ve looked at there was like a point four, six, there’s a couple residential lots, but they go, it seems like they go for a lot less. I think I saw one that was like 146,000, just for like a cancer potential lot. So is that is that true as well, from what you’ve seen is when it’s commercially zoned, the value is a lot higher. Oh, yeah. Okay. Yeah. Yeah, I live in Sandy. I’ve been to Santa Clara a couple times. But it’s just, it was nice, because my friend saw that. And we’re always looking for properties that aren’t on them last, because you should be able to negotiate without the fees involved.
And I, you know, I’m gonna tell you, I mean, I tell people all the time, if he’s interested, make an offer, and you never know what a buyer will accept. And I can’t tell you that either. I mean, I, I know what my mom says she’d like to get but if somebody actually made a reasonable, realistic offer, you know, I mean, 300 1000s I’m gonna cut it, but you know, mom might just consider it. So
yeah. Is there like a timeline that you’d like to make a decision by is like the first person that can get you an offer that makes sense. You’re willing to pull the trigger. Do you want to wait a little bit? Just kind of curious. No,
we’re not. We’re not we have no timeline. All right. So the unreasonable price. Yeah. Yeah. That’s what it is. Because, you know, I mean, we were in a rush, it’d be probably 100,000. Lenders to be blunt about it, of
course. So to kind of tell me you have a lot of experience. I’ve been doing this for awhile. What would you what would be the best case scenario for you? Would you want someone to come up with an offer? Go under contract, don’t really worry about putting a deadline, let someone do their due diligence and talk to the city before they close, or what’s your expectation?
What I would anticipate this scenario is, first of all, the person who wants it needs to touch the city before they make the offer. Okay. Exterminating. You know, they can do what they want to do or see what the limitations are failing, then I would say when I say no deadlines, I’m gonna say for this kind of property, I think it ought to be closing within 60 days, I think 60 days due diligence for this commercial properties. Great. We don’t, you know, we don’t want to partner with anybody, I don’t want to wait anybody else in order to make an offer. Okay. And then, you know, once they do, they can be offered go for it. And, you know, pretty straightforward, clean offer, I’m gonna say so,
right. Because with the due diligence, I’m trying to think if I were to call the city and get a, ask them the questions and figure out if we’re able to build and do what we wanted to, and we went under contract, the 60 day due diligence would just be to kind of do the the odds and ends that need to happen before, you know, I guess we close, right? Yeah.
And if we can close sooner at the rate, but you know, I would say yeah, City office is right across the street. So they’re very aware of this property, what
I just very transparent with how I work. So this when I buy properties, I mainly look at like apartment complexes, and, you know, to rehab property. So I’m kind of newer to the land and developing, but I do have a couple business partners that that do that. So my goal would be to reach out to them and see if we could partner on this opportunity. So I guess my question for you is, is there any buddy that like, I need to, like, do I need to act quicker then because I would hate to like go through the process of like, reaching out trying to figure out, you know, call the city work with people, and then I get done. And then you’re like, Oh, I already signed, it’s under contract with someone else. So I just want to waste my time, you know, or your time. So we
have no offers. Say I’ve had lots of inquiries. I’m gonna say, I’m gonna say I’ve probably had two out of the 60 inquiries, two that I’d say were from people who actually knew what they were doing. So that’s, you know, so no, you don’t have any issues at this point. I don’t have anybody making offers any, you know, it was two or three series inquiries. So you know, no, you don’t have to rush. You’re said you’re new to this. But this is what I found as an agent and also an investor in real estate. About the time I tell you, no one’s interested, suddenly, six offers, you’re like, it sat for six months with nothing. So you know, that whole thing about you know, once it’s out there in the atmosphere, I totally believe that
no, that’s true. In my experience is like, what I focus on me like mainly is if I don’t know how to do something, I usually I have a pretty good exclusive network through like going through a lot of coaching programs and knowing like going to meet up so I know who does land. So my goal, if that’d be okay with you is to reach out to them see, who’d be open to partner with me on this. And then, you know, try to take it down and go through that due diligence process even before we need to sign paperwork. But But again, I don’t I don’t want to do that. If that wasn’t a good option for you, like, you know, for me to reach out to the people that I work with know you have, I’m gonna say take the time you need to I wholesale a lot. I don’t know if you’re not familiar with that term. Absolutely. Yeah. Yeah. So that if that’s ever something that you’d be interested in as well, where I could just reach out to my whole network right now, I wouldn’t plan on blasting this out, because I don’t have the contract. But if you if you were ever interested, I could send it off to all the buyers that I know, in Utah, we could get bids and see what they’re willing to offer. But I don’t know if that’s something that you’re interested in. At the moment.
I’m flexible, we’re flexible, right? Yeah, a lot of the time, what I do is I tell the seller, like hey, look, this is where my price would be. But I know, I know that there’s a lot of buyers that can pay more than me, if I if we can sign an option to purchase agreement, which allows me to just reach out to my network, like legally and say, Hey, this is a property, what would everyone pay for it? And then I take those offers, and then I present them to you. And then you know, if you like any of them, you can accept them, then we can proceed. But that’s, that’s what I do a lot of time when my cash offers and accepted?
Well, you know, and I would say for sure we consider it, just have to have it, whatever we do, and have to make sure it’s simple enough and clear enough for me to explain to my mother so she’ll understand what we’re doing and not get frightened. For one thing, which I’ve been here a bit now if I was that I
don’t think it would frighten her at all. Because basically all we do is we have the option to purchase agreement says hey, if we’re able to find a price at this offer, then we can proceed. If the seller if you feel you know like you’re ready to go, I’ll be honest, it probably will probably come in a lot lower than what you’re wanting but at least we would have like some concrete offers and then you know we can make the decision from there.
Yeah. And then do you take a commission or something for that? Or are you an agent
I have the buyers pay my my fee so it doesn’t come out of what you have to pay. So for example, if hypothetically, if you want 800,000 And they offered 820 Then they would give me you know a portion of that they would pay my it’s called a wholesale fee. They paid my assignment fee so It doesn’t come out of what you get. Okay? That makes sense. Okay, that’s great. That works for you. And the good thing about an option to purchase agreement is like it’s not binding, like if you, you don’t want to sell it like there’s no problem not going to make you but at least we’ll have some options. So all I’ll need is just your email. And I can, if you could text that to me, and then I’d have to send it, I’ll sign it, then they’ll have I don’t know, are you able to sign? Or would your mom need to sign it? She owns it, she lives. Within 14 days, I’m able to send it out to my network and say, Hey, what would you pay for this? And no, so if 14 days would be fine with you, that would give enough people?
Yeah, I was thinking like, you know, we’re not into 12 months or eight months, are you? No, no, no, no, no. Three months would be somewhat reasonable. But yeah, that’s fine for like, I don’t know, two months or something. That’d be fine. Give you time to do your thing.
Yeah, yeah. So 14 days would just give me enough time to get the interest in the offers coming in. And then to do the due diligence. And then once we go with a specific offer, then they would want their specific like, you know, 30 to 60 days. But this is just to gauge interest and see who’s who’s serious without you having to pay commissions or even put it on, you know, any of those. So what we’ll do, just to recap is I’ll send you, if you can send me your mom’s name, I will send you an email with the option to purchase agreement just for 14 days. So I can send this out to my buyers that buy land in Utah, and then I would you know, present those offers and what come in to you and say, do any of these look good? And if they do, we can move forward? If not, no worries,
okay, this will not be a restaurant because my mother lives in Springville to air miles away. She’s not going to sign anything online. So, okay, so I’m anticipating being back in Springville for maybe in two weeks, and then I’ll be able to town for like, two months off and on. So I will do it I can to get the sign. But this is probably going to be a slow burn. I’ll be honest. And just because of logistics, if nothing else, you know, I
understand that well, if it’s going to be that long. And I’m not really do putting this online or doing anything like on MLS or like on Zillow or anything, do you do you even care if we signed something? Do you mind if I just reach out and send some emails and some texts out to see if people would be interested or would that be okay?
Yes, if they can, if you come up with something, you know, then we’ll figure out how to get the contract signed? Yeah.
When because the purpose of the option to purchase agreement is just so we’re on the same page, but verbally if you’re good, and I’m good, you know, not not worried about it. Verbally we’re good. Thank you, Jerry, talk to you soon. Thank you, Nathan. Have you found that helpful? Smash that like button subscribe, and we’ll see on the next video.