How to get accurate comps with Kenneth Sikes – Payneless Wholesaling Podcast

How to get accurate comps with Kenneth Sikes – Payneless Wholesaling Podcast In this video, we’re going to have a special guest, Kenneth Sikes. He’ll give us some insight about to get accurate comps and do deals the right way.

Check this video to know more!

#flippinghouses #wholesalinghouses #wholesalingrealestate

Alright, let’s go Going on Ken. This is an investor Thrive podcast and we’re glad Glad to have you on here. How you doing?
I’m doing great yourself. Good. Good.
Good. I appreciate you taking your time to be on the investors drive nation podcast. We call this the painless wholesaling podcast because what we try to do is make wholesaling painless. That’s the goal here.
That’s right. Yes. And you’ve been doing a good job. I’ve been following you. Hey, man,
I thank you. I appreciate that. So yeah, let’s just kind of dive right in man and man, we’ve kind of gotten network that’s kind of how I meet a lot of people just through networking and stuff. So let’s kind of find out for people that don’t know who you are. Tell us who the real Ken Sykes is
real can’t say the title. We can’t keep it a real sight. But you know, I thrive with that name. Let me introduce myself first. I’m Kinsa. I am a prior real estate agent for 15 years, some time ago. But now I am a wholesale slash investor slash dispo is what you want to major in now. And I tried working with new wholesalers. That’s basically what I do in a nutshell. I’ve been in the business total now for 20 years, and I just tried to do what I can do and help how I can help.
I love it, man. I love it. So you when you say work with new wholesalers, what are you mainly helping them do?
Well, basically, a lot of them come from you know, other outfits. You don’t mean like astral flipping or paste Moby. But what I do, because I actually was what paste? Well, we myself, I was actually with Gmail. Wow. Okay, yeah. So yeah, that’s where I got so my learn from but I’ve been to a lot of other seminars as well. But what I do, I kind of like hold their hand. I mean, because people like those, in particular, Gmail and PayPal are great, but they can’t hold your hand every step of the way. They’re kept busy brother, they’re too busy, too busy. And so what I do, I do one on one coaching, I try to walk them through the process from A to Z, oh, but I do. And trust me, man, I had to have a bottle of segments and a bottle of Advil, because they don’t understand just like when you go to school, like when I was in real estate, I went got my real estate license, but in a no disrespect to a real estate agent, because that’s what I love. But when I left the real estate school and got into the real world, I think I’m gonna use 5%. And that same things happening in the investment industry classes, I’m gonna get to seminars, and they teach me straight the right way. But then when they get out here, it’s a culture shock. So and that’s what I do. And I hold them hold their hands. And I’m sort of speaking and just walking through the process. I mean, it’s a process, but I tried to make like your show, I tried to make it as painless as possible.
That’s right, man, because that’s what it has to be for them. You know, there has to be easy to the point. So let me ask you this. I mean, there might be a lot of people that watch this, and I wanted to reach out to you. So what would you say? Like you said, A to Z. So what is it a brief overview of the A to Z process for you what so someone that’s brand new that’s watching this come back? Oh, okay. That’s all it takes, right?
Well, at first understanding is 95% of business, it’s about 90%, of marketing. And it’s not as expensive, you know, so I have to teach them how they will start marketing themselves. Some people do it part time, I understand that some people, you know, this is who they are. But I tried to teach them, you know, the marketing aspect of it first. Understand that, like, it’s not going to fall in their lap. Sometimes they pay the cost to go to these seminars, and they come home and they think it’s going to fall in their lap. But people like Gmail, I’ve talked to get my person before people like us, we tell you, you have to do the work to you have to do the work, beginning education, but you have to do the work. That’s a and then understanding the industry as a whole understanding that you are entering to a lifestyle where as you have to understand how to negotiate people have issues. And so people have circumstances that you have to get past to get your point across. The main thing is understanding the process, process, and then understanding how to address the process. Here’s the problem, a lot of understanding the process, but they don’t know how to address the process. And they understand the book lingo, but they don’t understand how to address the book lingo, right? So that’s what I do. And then understanding that you have to take your emotion out of it, you have to take the emotion out of it because it’s all about numbers. And a lot of times they come in and they think that it’s a good deal. Or they think it looks like a good deal. Or they try to plan the construction. They’re contractors and you know, all kinds of stuff taking the emotion out of it. If they don’t work. It ain’t gonna go. You don’t mean especially right now. Oh, my golly. Especially right now is like in the last two or three weeks has been like crazy. Shift. And what market are you in, bro? I mean, that was market. I mean, Philadelphia market, Florida, North Carolina, South Carolina, Georgia, and St. Louis.
So you pretty much help all the people out there. So that makes complete sense. So tell us before we hopped on here, you’re talking about the importance of analyzing deals right like running Man, let’s talk about that.
That’s number four. Number five. Okay? And analyzing deals doing the proper cop, I mean, it’s more to it, you know, than 70% ARV. It’s more to, it’s different. It’s different circumstances that’s going to make this come different than the next. And it has to understand that just not the basics. A lot of them come to me and they say, well, it’s 70%. And, and minus repairs, first of all, who did the repair? Who did minus and repaired whether you you know, I’m okay, whatever.
So 5k? Yeah, that’s not gonna cover it.
But I got to understand how to do the square footage and how to do the numbers, how to do the calculations, because a lot of times it’s on sight unseen. And so you always cannot go by what the seller or whoever presented to you stated is going to need 20,000k 20k repairs, it’s best just to do your calculation. It’s true. I bet you’d be better off and I know a lot of you don’t like to hear this, but you’re better off leaving meat on the table, then unbidden the property project. I hear you man do their own calculations per square footages.
So what would you recommend for comps? That seems to be a hard thing for a lot of people? Where did they get the right information? Where do they get the comps? You
know, you have baths? Yep, you have batch, you know, basketball athletes, or PV now, and you have prop string, those that are my main ones that I use. I go to Zillow, sometimes, Zillow, kind of might make you lose a deal. But I’m just saying but like, so what I do what I do what my team do, which makes us stand out different. I can’t I have for conference Oh, wow. And we I do a system to offer and you know how to see the trades. Here’s the good thing about it. I made sure none of my conference communicate on their coffee skills with one another because I want that diversity in a coffee. So when people come to me, I see them through all four conference. And then I look at it and I decide on this is where we need to go. So that’s what we we majored in. So we just took the time out to build a team to do that. Now, that’s not to say that your car but other person car was not accurate that we do, because it’s something that I came up with, because I majored in that, because I didn’t want to disappoint. So this way, I know if I say it’s a deal, this is a solid deal. Yeah, just a deal. Versus a maybe because you gotta borrow all sizes, or buy and hold or whether it needs to get to hedge fund. So we do that, you know, we just set aside to do it that way. Yeah, no,
I totally get that. So you got them, you got bashed, leads, you got prop stream, you got privy that? You know Zillow occasionally, depending on the estimate, you don’t use it go off of that. Right. So we
do reference to Yeah, yeah, we try. Now, on top of that, I have three licensed agents with me. So depends on where they’re at one of them got, they can do it in 42 states. So we look at look at MLS copy that show that’s huge. And yeah, so do we know that it’s a deal for every aspect. So that’s what we do. And it takes time, you know, to do that, which is why I know we hadn’t talked about this, which is why when a person comes in JV with me, this is different naked, because I think, you know, I’m asked me for all of us that there’s a lot of work doing that, like weren’t doing this conference, a lot of work, man and the way they JV man, it’s like, you know, 5055 to buy your deal. If you find a buyer on your own deal, then I get zero. Now I roll like that, because I put too much time in it. So it’s 5050 if I find the deal is your deal, but if you find your own deal we talking about like at least 7525. Wow. Because of the work we put in. I mean, I have for Congress, I mean, and when I just bought, you know, my me my partner, Scott, when we just bought we work hard at it, you work hard at yours, too. And you work too hard for someone just to ride by saying, Okay, I’m going to you get somebody to drive by us. And then like, they like the property and you sell it to them. And you didn’t get all that work. Yeah. But that’s just me back into you. I’m telling my age, man, but back in a long day when it first started Jvn that way it used to be, if I say I’m JV with you, I trust you, I believe in you. I know your history. So you’re not gonna JV whoever find the deal. We’re gonna still we’re gonna still split this deal as a JV partner. Okay, used to be but now, it didn’t get crazy.
So let me let me kind of get a little bit better understanding. So if someone brings you a deal and says, Hey, I got a good deal. You check it with your four coppers and it’s a great deal. You What is the split again?
negotiable I’ll just do that is 7525 or 8020. If that’s if you find the deal yourself after we have done a JV agreement,
of course, so so that would be 82. You know, add to them and 20 Okay,
for finding the buyer, right. Alright,
fine. Let’s see what industry is your deal? Okay. brought it to me, but you happen to find a buyer for your own deal.
Okay. Oh, if I brought an own buyer, so I, I have a JV deal I bring to say helped me find a buyer. And then I ended up finding my own use, right. So you’re saying give me 20% For the time that I spent with you.
Right, right. I think that we And I know a lot of ones that don’t like this process, too. Oh, man, I think that’s the precedent that should be put in place because we put a lot of work in it. We put a lot of effort in it. And I think some people want to get into here people on you know, some of the groups and they say, well, that we’re gonna JV with you the difference between us and them, we put 100% effort into it, right. Yeah, so I think you ought to just you know, with that being said, Pick and choose your, your person you want to JV with check them background out, do something. Let me give you an example. My guy Scott and I, we just was working his deal like yesterday, and we got to buyers, and everything is in Philly, we got to buyers were going in and sent their people out to inspect and his buyer is in Florida. Okay, so he he hired, he got a team that he sent in Philly to go check out the property, you know, and everything. So that’s the cost to him. So lo and behold, he get all that done. And yesterday, we get a call and says that the other JSON person contracting the property already, he kind of scraping it. That’s very frustrating. Now, if this because here’s the thing, the good thing about it is I was able to it’s not a lot, it’s not a lot, but it was I was able to compensate him for for him having people come in. Because of the this this particular one was 7525. Right, right. Right, right. And so it works. But that’s a prime example of what would happen if it was just a 5050 split on the original JB and he gets nothing. If you find your own deal, and he had these people come down here, pay whatever you may have paid them or whatever you get compensated for. Do that. So it’s important.
I like that. I like that. So you’re basically saying that you will JV with someone on 5050. But if they end up finding their own buyer, you still want to cut just because of all the time and energy you put into that deal. Right? Yeah. Do you have them signed something that says that? Yes. What is it? Is it your JV agreement that says
is the JV agreement it says don’t there? You know me if if buyer seller, yeah, subject subject, JV individual find his own deal on this JV on this on this account, then we’ll get it’s negotiable. We’ll get 70 20% 80% Or if I find the buyer on the deal, they will do a 5050 split is stated on there and someone who don’t like it.
Don’t like it. Right. And that’s fine.
That’s fine. I mean, I mean, I got so many people have come to me now just because a relief for me, but like,
so how do they come to you? By the way? How can more people come to you?
I get about? I was January. So actually, I get about 20 deals a week that comes to me. How many
of them are good, though? About seven? It’s pretty. That’s pretty good. Yeah.
I mean, so now here’s what I experienced, also experience doing all the work when I didn’t have that. And they then they walk off and go someplace else. So yeah, I could just come to me like right now, when I had to turn off for a minute ago that was because somebody was saying to me, especially you know me, because they trust me, and they know that I’m going to do what I say I’m going to do and follow up in my communications. communicate with them daily. I’ll take the time out. This is different because I know what I have to do. I know what how I came up and I know what the issue that I was having and communication was the biggest issue I was having with individuals that were just boys or JV and there was lack of communication so I kind of keep them in tune so they don’t they don’t be freaking out you know? So is that scary? No, it’s not really necessary. There’s something that I do so I don’t want individual feel like that what I’m saying is necessary because it’s not a lot of people don’t have the time to do that. I just take the time to
like it man. I like it Well you heard it here first people if you want to JV with my man can sites you can hit him up. How can they reach you brother
they didn’t catch me on Facebook and kickin sacks in your inbox before they can call me at 214-946-0291 and Patrick is in the process of completing my website.
I love it man. Sounds like you got a lot of good things going on maybe 20 submissions a week seven deals out of those. That’s pretty dang good, man.
That’s pretty it’s pretty good. It’s pretty good. And the thing about is the team have to be tight because they got to keep you you got to keep the train rolling. You got to keep it rolling. So once like off the train stops so we can’t slack it off.
You can’t bro I love it. Well hey, can I mean I appreciate your time. Is there anything else you want to leave a little gold nugget anything you want to leave for the world right now the world wide fans of Ken Sykes before we shut this thing down?
Yeah, the only thing I can say just give me a call and I can hook you up. No but like no just make sure you understand how to comp your deals and understand the criterias for the end buyers. Okay, once you understand those, it’ll make it a lot less simple. It’d be making what we say and make it painless
as right rather painless wholesaling. That’s what we do. Right? Right. That’s right. Well, hey, Kenny, I’d love to you know, network with you a little bit more. I JV a lot with people too. So maybe we might be able to collaborate. Maybe you can help me move some ideals. Well, no, we’ll see.
We definitely will work together for sure. Well, hey, can
you be good brother Appreciate your time man


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