Today we’re going to be going over how one of my students, Henry from Vietnam just got his first deal for $5,000 He wholesale that and I helped him out, we worked on it together. So we’re going to be breaking it down and actually have an interview where he had with Henry Reed dived in deeper. So I’m just going to kind of tell you a little bit about how I met Henry, how we work this deal, and we’re gonna dive into the live that I had with him. And please, please, if you find this information helpful to helping you get your first deal, please like this video, let’s dive right in.
So not only are we going to dive into how Henry got his first deal, but I want to talk to you about how you can get your first deal. Okay, so let’s actually dive into that first. So if you’re watching this, you’re like, Man, I have not got my first deal. I don’t know how to do it. Well, let’s talk about how Henry did and how you can do it too. Henry went on Facebook groups that he just searched.
So when I told him I said, Henry, go to Facebook groups on Facebook that are for real estate investors. So type in sell, you know, Atlanta real estate investor groups, Utah, real estate investor groups, Missouri, St. Louis, whatever, just real estate investors, and then you will find tons of groups, what you’re going to do is you’re going to look for those for other wholesalers, other people that are need to find buyers, and you’re going to have buyers, or you’re going to look for opportunities where people are trying to sell their properties.
A lot of investors who can’t sell their properties put their properties on there. And that’s exactly what happened to Henry. Henry had a seller that was an investor that had listed their her property and she did not know how to she didn’t she wasn’t able to sell it online. She had listed but she was thinking the offer she wanted Henry called her and she had motivation. And he said, Hey, I’m a little new to this, can you talk to her, and I was able to talk to her and I have experience with dealing with subject to in negotiating deals. So I called her and we were able to get the deal done. We’re able to network and strategize with her. And she was an investor.
So she understood the lingo, we were able to network and talk with her about like the best ways to move forward. And we agreed to take over her mortgage do a subject to deal. And now because of that deal, I was able to give Henry you know, me and him were able to split the wholesale fee, and I was able to assign it to one of my buyers that I know. And because I’m tight with him again, payneless wholesale, you want to get tight with your buyers. He’s like, hey, Nate, I wish I could pay a little bit more than 5k. But how about this, I’ll give you a little bit of equity ownership in the property. That’s it now is currently Airbnb in Florida. He said I’ll give you some of the equity ownership in that property, and you can get paid that way. So now instead of just wholesaling a deal and just being done with it actually own a portion of that deal and get paid on it every time there’s profit. And we just honestly, we just closed this deal. So we put some money into it. I haven’t made any money off of it yet. But we get the rent every month, I’m gonna get a portion of that the profit.
So that’s what happened with this deal. Now if you want to get deals, go to Facebook groups, look for opportunities, just call people you’re not going to know everything but you have to take action you have to start talking to people and learning your way. And obviously if you don’t know what you’re doing, go to my real estate Facebook group Payneless Wholesaling Group. I want you to go to it right now and join it, pause this video, join it, because we’re gonna have many opportunities for you to bring those deals to people in the community. And you can go to my free masterclass, but check that out. But that’s that’s how Henry did. That’s that’s just kind of in a nutshell how he was able to get the deal. But let’s dive right into his interview I had with him so you can learn that if Henry can do it. If I can do it, you can do it. Let’s dive right in. So Henry, what is up dude?
What’s up? Nitin? Thank you for having me in the 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.
Yeah, so I guess go for it. So. So when I was young, and thinking about that, and then not taking the extra Oh, so right now and just go straight in take some action.
That’s 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 so don’t be don’t be afraid to take action. You can be failed sometimes 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.
So dang good advice. 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, who cares?
Yeah, so so the first time I’m trying to wholesale lien array, and that’s all my offer got? Rejected. So I’m kind of a gear Friday. But I know I keep on making a lot of offer then i 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 so I’m, I’m from Vietnam, and then I’ve been here in the US for 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.
So my family so they had been in the US, and then 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, sir. 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 back in Vietnam yet. But that’s my goal. In the future. I will be back in Vietnam. 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 the 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 real estate for long term, and then he really successful with that, and then he now become a lender. 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. So here 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 popped up on Google ear wholesaling and then after that, I’m watching a YouTube channel from Jerry Norton pays Moby and then another 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
Soph I for my first try on wholesaling the basically like do do exactly the same thing that the YouTuber that I tell everyone so like, pulling a list of off market property and then skip Cray, and then and then a cold call and then make an offer with that.
And did it work for you? Does that work for you?
Not at all. Yeah, so this is my first mistake, right?
Yeah, you will tell me about tell us tell this audience about your experience doing that of pulling lists skip tracing calling it how did it go?
So it’s got a lot of money for me to be to be doing that so I hope I tried to host here for more than half a years and then it gets a no no Resort at all. So I’m so how we have and then I guess a doubtful 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? That’s 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 I find my first deals by so one time I’m on Facebook right I’m in the real estate investment group. And then the one lady see both that sa car tire up do in the Airbnb rental and then si si will decide to sell off her property And then I see looking for a router. And so I desire a text. I can sell sell her property at her asking price without a router, so she doesn’t have to pay in the commission at all. And then as si, si, si si 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, she said me, her property address is on the way in Florida and then so I decided that I had no experience of wholesaler outside of Houston. So I reached out to you with a ton and then asked that you can JV with me on this deal. And then we we wholesale outside.
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 then 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 stranger and then I was in in that too, in that life to listen to everything.
What did you learn from that conversation I had with her so she asking for the retail price.
And then so so there is no way for her to offer her gas offer below the ARV? So do so you do show me a one adverse way. What is this a creative financing? Yeah, creative 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 costs 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 wasn’t 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 and 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 going to 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 going to 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 awesome. I hope you liked that video. I hope it taught you a lot about how anybody can do anything if they put their mind to it. If you like this video please like subscribe, hit the bell icon so we can grow this channel. See you next time.
