What is up everybody we are live on the batch call, we got some juicy to talk to you guys about today. Now look this deal. This is a situation that a lot of wholesalers aren’t in. But we’re going to show you how we’re using batch we’ve actually used batch leads a lot to find out what this deal is worth what we should do. But we’re in a pretty interesting situation on whether we need to spend 120k By tomorrow or even today. So we’re going to run down the scenario. This is how decisions are made. As far as I’m concerned, maybe other people have other decision making processes. But we’re trying to decide if we should spend $120,000 on a piece of land.
What’s up? What’s up? So I got a couple questions for you to make this decision.
All right, yeah, so we have a land deal, it was kind of slow. So originally, it was brought like just before right before Christmas time. So when it came to us, you know, step one was like that’s not going to be able to happen, you know, we’re not going to be able to find a buyer close and get you paid by Christmas. So we finally found some interest by it was still kind of on the fence, the offers weren’t in the range that we wanted. And these were all they needed a due diligence period, you know, they wanted like a 30 day or 60 day, you know, to do test permitting, talk with the city, all that stuff, or the lot to make sure that they can use it for whatever they want to use it for. So we already got an extension with the seller, he wasn’t crazy about it. He’s had a ton of other people make them offers whatnot before so we already got an additional two week extension, and we’re coming up on that tomorrow gotta close on or before January the 13th.
You know, what’s interesting is this deal like it didn’t become apparent to us that it was like a good deal until this week, right? Let’s talk about it. So we have it under contract at 120. We talked to an agent in the area, and they thought that the ARV or what it could sell for retail was 350. So we’re like, wow, this is a great deal. And it took a while but we’ve had offers that are higher, right. So from my experience, I know that cash buyers are willing to pay like 151 80, we have a 120. That’s a good deal. But if we were to put this thing on the MLS, it would probably go to 20 Plus, it might take some time, but we’re in a situation where the seller is like, annoyed. I’m assuming he’s not hasn’t responded to you. Is that right?
Yeah. So the sellers, kind of you know, he’s gone dark. He’s kind of ghosted us a little bit at this point. So it’s been what today’s like day two with no response. And the person that originally made the contact and got the agreement to purchase the property with him was like, Yeah, this is like, and we’re like, when he does this, he’ll just ghost you and you won’t hear from him for a while. And he’s probably just waiting for the contract to expire
red flag right there for me, if he was like, Hey, guys, come on, I need you to close and you should close, then it would be like, okay, all right, let’s take this to the end. So what we asked him to do is to sell or finance this deal and just say, hey, look, we’ll give you some money down, we’ll pay you every month until we close this thing at first was okay with it, but he didn’t understand. So now it’s like, okay, the closing date is tomorrow, we either buy this piece of land, which is obviously at a great deal. From what we’ve seen, we already have people that want to buy it. And we believe that the ARV is anywhere from 300 to 350, we’d have to close on this deal tomorrow. My concern is we have to pay for a title search. I thought it was done, but it’s not. So they got to get it expedited. So it’s $1,000. So that’s like throwing $1,000 potentially in the garbage if this guy does not respond. So we do that. And then let’s say everything’s ready to go. We have Jason who’s our hard money lender, he’s he’s ready to go. So that’s kind of the situation right now. So I need to know, the seller is not responding. But they’d love to know if the seller is good. And if he’s not in JSON close on time, and is it worth spending $1,000 to get this done? And can I get it done in time where we sign we say, hey, we did our part seller, we’re going to put a cloud on the title, you’re not gonna able to sell this until you sell to us and then we’re ready to go. So those are the factors in my mind. We are Jay being on this with another person from our community. So we want to help this get done. We want to help everyone make money and succeed. That makes sense.
Yeah. 100% if the seller doesn’t show up, you had mentioned in our title, can you explain a little bit about what I mean?
Of course so if you sign an agreement with the seller and they tried to go around you or sell to someone else, you can file what’s called an affidavit of memorandum or a notice of interest which will cloud title this is a land deal I’ve done on houses and stopped sales I’ve never done on land I’m not sure if it’s the same thing I’m sure it works fine the only reason I’m even considering this is because we already have offers that like 182 20 and we have it at 120 So it’s like okay by this pay a couple $1,000 in hard money like three 4000 and some points over the next two or three months until it closes and make 80k that’s cool with me but obviously we’re gonna have to come with points of interest closing costs and title search so all this worthless if this guy is tries to play hardball. My first step on all this is text the guy or column say I don’t know why you’re holding this up. We need to talk to you we’re closing tomorrow. If you do not show up or if you make this difficult, we are going to hold this up and You’re not going to get paid period for a long time because we have the contract and we’re going to cloud title, we just need your response. Number two is we need to talk to our hard money lender and say, can you get this done? Because they’re asking us to spend $1,000 on expedited title. So those are the two things, if those are all done, and we’re getting Okay, from the hard money lender, I’d say, Yeah, I’ll spend 1000 bucks. When you talk to Jason, I would ask him, I’d be like, Look, man, like, the reason why we’re hesitant, you know, to put this money is because this title company wants us to expedite this and do all this crap. You can even send him that text of what they sent you or the email and ask him for his hell, because he might know somebody that can do it in Florida for like, way cheaper. I might even make some calls, you know, but I would ask him, because if he’s doing his own search, maybe we could use that search and just give it to the attorneys. I just don’t want to spend money on something if he can’t come through, because I feel like it’s a waste. Yeah. 100%.
And I agree and guys, that’s the other thing is, you know, there’s a lot of moments to where it’s, Hey, there’s 1015 different things we can go back and forth on what should we do for this? What should we do for that? Yeah, at some point, you got to say, Okay, well, what’s our most important next step? Yeah, let’s do that. And then depending on what the outcome of that is, then we’ll know what to do for step two and then step three, and step four,
I got two steps for you send that demanding text to the homie Stephen column sending the text tell it lower to send the text say, We’re closing tomorrow, dude, if you hold this up, we’re gonna hold you up because we have things that we need answered before we can get close. And if you don’t respond, we’re just going to tie this thing up. Not because we’re douchey but because you’re not responding now. I think he’ll respond. And we could say, Hey, we’re ready. You just weren’t responding. You’ve put us behind we’re ready to go go sign and maybe he can sign his portion will sign ours whatever late tomorrow to Jason our funder. Can he even do it by tomorrow? And if he can, does he know anyone else that maybe can point us to that can do it for faster, cheaper than these guys. I just not going to let this thing go past tomorrow. And then it’d be like, Oh, you guys don’t have any right to buy it? Yeah. 100 This is the sticky stuff that happens when you’re on like short timelines. And that’s the tough thing everybody about JV. If I’m gonna be real with you, when there’s multiple people involved in the transaction, there’s more mistakes that can happen then if you’re just in charge, and that’s just the reality if you do business with multiple people, like if it was just me, or if Nathan was this by himself, yeah, there’d be a lot less people to go through, but it’s me Nathan’s working with the hard money lender and he’s working with Laura Laura’s has a partner she’s working with the seller who’s ghosting it’s a mess of setup man
so we’ll see how it plays out anyway
we got our two things you got it let me know what they say. I’m not worried about the expedited thing like do title searches Come on bro. They can get that issue done in like an hour like what do you need $1,000 For my ladies do it quick here in Utah that’s all I got batch leads help this at least come to the point where we know this is a great deal. We found a lot of the buyers through batch Lee and through doing the reverse strategy now guys last thing I’m gonna say a problem that we’re having right now is we don’t have our buyers until now it’s because we do the reverse wholesaling Payneless Wholesale strategy in specific markets but we get leads from all over the country from students and people we work with Barbara was good chatting with you. Let me know what you find out. Catch late for life. Peace out
