How to network with a new agent in a new market

In this video, we’re going to show you how to network with a new agent in a new market. I’ll answer some questions about how to approach an agent the right way. Also, we’ll teach you how to do “reverse wholesaling,” which is having relationships with the buyers first, then getting them deals. Check out this video to learn more.

So that’s what reverse wholesaling is reverse wholesaling, what I teach and what I do myself, instead of being in this exact situation that you’re in, you have relationships with buyers in the area that you’re marketing to. So you can just make a quick phone call to them and say, Hey, what would you pay for this deal? I’m talking to a motivated lead. And you have such a good relationship with these buyers as you’ve networked with them, that you’re not afraid that they’re going to steal the deal. You’re not afraid that you’re networking and working with them. So the problem that you have everyone has if they don’t do what I’m teaching

Alright, guys got a small group with us today. But that’s, that’s all good. Let’s do it. So I’m just going to open up the floor. You know, I’m here to answer any questions. I don’t have anything specific to teach because I, you know, I don’t like to just teach or show you guys how to do some if you you know, if it’s not going to be applicable or help you guys out.

So let’s just open the floor. Any questions? I’ll answer whatever I can if I can’t answer your question,

I’ll just ask chat bot GPT. And it will let me know so what what do you guys got? Have a question? Wait on Me. What’s up,

I’ve been doing the cold calling. I’m new to wholesaling. But I’ve finally got a lead today with a guy that he’s on the house since the 90s. It’s all fully paid off. He had renters in it for about six years now. But they just moved out. So I caught him at the right time. He does have photos online, because he had posted it to rent it out again. But he hasn’t found anybody. And it does need some updating. It hasn’t been updated in the kitchen or the bathrooms and yours the roof hasn’t been updated in a long time either. I don’t have it under contract yet. I told them, I’m going to try and figure out the comps and get them an offer. I was just wondering, I don’t want to lock it up too high. But I also don’t want to not lock it up. Do you have any any tips just because I’m having trouble finding comps in the area? Although I did find one cash buyer who bought something within a mile slightly above what the what the tax assess meant from last year was

this is exactly exactly why we have this call. Because you’re in a situation that happens all the time, right? You have someone that wants to sell, you don’t know what to offer, right? And you wish you had someone that could tell you right? So that’s what reverse wholesaling is reverse wholesaling, what I teach and what I do myself, instead of being in this exact situation that you’re in, you have relationships with buyers in the area that you’re marketing to. So you can just make a quick phone call to them and say, Hey, what would you pay for this deal, I’m talking to a motivated lead. And you have such a good relationship with these buyers, because you’ve networked with them, that you’re not afraid that they’re going to steal the deal. You’re not afraid that you’re networking and working with them. So the problem that you have everyone has, if they don’t do what I’m teaching, now you have to go the long route of which is fine, you have to do sometimes you got to run comps, you got to kind of hope you’re getting the right the right offer out, get it under contract, then find a buyer and then hopefully someone will want to buy it when I teach just already have your buyers in place, ask them and if they won’t pay, they’ll tell you what their offer is. And then you can go to your that guy and be like, hey, look, this is where I need to be. And you would just offer them a little bit lower. So you can make your fee and your your deals already sold by them. Right. Yeah. So do you kind of feel like you’re a little doing things? Maybe a little backwards? A little bit?

Yeah, but I’ve just been I’m new. So I’m just trying to do anything that

I get it. You’re just doing what they told you. And that’s fine. But Brandon has me on here because this is the strategy that I do. Right? I find buyers first. So what market are you in?

I’m in New Jersey.

So what I would do is I would ask that guy, you ask him what he wants for the house.

He didn’t give me an answer. I was trying to get some range but he wasn’t he wasn’t budging. Give me anything.

That’s really tough, you’re in a tough spot, because you’re gonna do all this work, and you don’t even know where he’s at. Right? So what I would do is I call bunch of buyers see if they’re interested, and which is good. Probably, this is a good exercise for you. But then you’re in a rough spot if you call him back and you’re like, oh, yeah, so I kind of have a better idea. And he’s like, Yeah, I want a million dollars or something stupid, then you’re like, Okay, that was a waste of my time. So you pretty much got to call this guy and be like, Look, I work with a couple people I got to kind of understand what you’re looking for so I can understand so I can figure out if this is even possible and you went the route where you’re like let me see let me see what I can do because you probably got stuck right? I can call him right now obviously if I do the deal, I’m not going to try and take it from you like we can partner on together if you wanted to. But I kind of want to show you how I do it and how did you find his information? Were you just cold calling or what just cold calling Yeah, so I can call him if you want and do the same thing and take him through my sales process and I can see if I have any better luck maybe I’m just flexing and he goes is gonna shut me down just like you. We can try it.

I’m not fully against it. I just I want to learn the process fully myself. I feel like it’s cheating a little bit to pass it off.

You don’t have to give it to me, man. I was just Trying to help you out? I understand Yeah, that’s what I would do, I would find some buyers in your area, and I would ask them what they’re willing to pay. And because you’re kind of in a spot where it’s tough, I can help you run the comps, though. Okay, so let’s take a look at this deal. If you want me to help you run the comps. Yeah, no, I would really appreciate that. Hey, what’s the address?

Orchard Road.

Okay, let’s check this thing out. Alright, so this is the thing 529 Is what is says this Zestimate is so he can’t really ask for more than that. If you’re going to wholesale it, it’s going to be pretty difficult to do do that. So what I do is I look immediately I put the location in here and I say, what are houses worth in this area that are similar? What are they selling for that are similar in this area? So this is a three bedroom one bath 1600 square feet. So we’re gonna go put the filters three bedroom, one bath 1600 square feet on. So we’re gonna go on between here and then go three bedroom? Was it two bath or one bath? One bath. Alright, let’s see what we got in there. Yeah, so this one is 429. Another thing is like you got to be, you can’t be using comps that are like so far away. So yeah, you got to keep it in this range. So we got 650 is not bad. Let’s see what sold if there’s any juice on what sold recently, because a lot of states are non disclosure. This one doesn’t seem to be so let’s go the last let’s go with the last 90 days. Okay. According to this, nothing is sold in the last 90 days to the data they have six months. That’s not helpful either. Let’s go a year. Let’s isn’t giving anything for a year. Okay, so 625 this seems pretty cute. But again, what happened a year ago, the market was hotter. Now, so you have this one? 657. This was this one’s not even that nice. Okay, just just from looking and getting a decent idea. I would say it’s somewhere in the 600 range. Even though this says 529 This this? Oh, it’s actually a one bedroom, one bath. I think he did say that. Yeah.

But I feel like the lots big enough. And I feel like there’s enough room that possibly they could put in another bathroom. Because some of the other comps I saw that were three bedroom two bath had about the same square footage, expert on on rehab at all, but I was just trying to.

So this is an older home in order to flip Yeah, in order to flip it, you’d probably have to redo that kitchen, redo the bathrooms, that downstairs bad. Yeah, so this would be like a medium rehab. So we’re gonna throw this into my offer calculator that tells you exactly what to offer when you’re making a wholesale offer.

So let’s say these things were 600,000 fixed up, I feel pretty confident about that, just from what I’ve looked at, let’s just throw out the offer price of 400,000, it’s going to be a medium rehab on 16, let’s just say 1700 square feet, you got your hard money costs, you have your 2% for your your points, so you have to pay with hard money 15% down, it’s probably gonna take about six months to flip 6% for listing, and then 1%. So you want this to be in the green for this to be a deal for a flipper, if you wholesale this to a flipper for 390, it would be a great deal, they would take it, they would definitely do this, right?

Because they’re making they’re making a good return on their money. If you do it here, it’s potential, if you wanted to make like $10,000 on this and you got it for 400,000 and you sold sell that to someone for 410, they’d still make 74,000, they’d make a 12% return.

So, you know, if you want to be safe, you’re gonna need to get in the green, you’re gonna need to get it to someone at 390. Now 395 is probably like the most that you’d have to give it to him for if you want like a for sure deal because you said I don’t want to lock this up too high, right? Well, then this would this would not get you too high, according to the math, so you got to get it less.

So if you want to wholesale it to someone to make a 15% return, you’d have to get it at whatever you’re trying to make. So if you’re trying to make 15k, you get it 380. Right. And there’s a different calculator that I use for wholesaling. But I just did this on the flip one, the same thing. It just lets you add your wholesale fee. So it makes it a little easier. Math.

But yeah, if you go to that guy, and you say, hey, look, you know, I can close on this thing in 14 days or 30 days and give me a seven day inspection. I can I can do 390 or 380. And he says yes, and you got to deal. And if he says no, then once eventually what you’re going to learn is how to present options to sellers be like okay, you don’t want my cash offer?

Well, have you thought about just fixing it up yourself? And then he’s like, No, I don’t have the time or the money. I say, Well, we have a program, a full service program where we can bring this to the open market and we can list this for you. And we can take care of any of the repairs out of our own pocket.

And that’s called innovation, or you can do owner carry program, which is essentially just seller finance. So there’s a lot of options. You don’t have to worry about that at the moment because you’re newer, but there’s a lot of ways to make money other than a wholesale offer and most 90% of time savvy investor unless they’re motivated and they have to sell or the house, this is actually a decision tree I made. So if they have no time, they’re gonna take cash and or a seller carry back, if they want the highest price, they’re usually gonna take these options. If the house is listed, they’re gonna take these options. If the house needs a ton of repairs, these minimal repairs, they’re going to take these this is I made this for my team so they could know exactly what options to present, but I’m not trying to overwhelm you, all you got to do is make the guy an offer 380 If he denies you, there are other options available, whether if you’re not ready for those yet, that’s okay.

But you’ll get there. Just know that a cash offer is not going to get accepted 95% of time because people want more like obviously, realistically, and there’s other options to make money. Alright, yeah, thanks. Good luck did go call him you got an idea. Say hey, ran comps. I know I can do it again. The problem you have is this guy. You don’t know if he just wasted your time because this guy could be wanting half a million in you’re like, Well, I can obviously no, no one’s taking that. Right. All right. All right. So any other questions, any follow up to that?

So I should give him a call and get an idea for him in the same ballpark. And then and then start making calls to the cash buyers and just kind of confirmed,

I would call cash buyers already like that, if you’re gonna do this, the Payneless way that I teach is I would establish relationships with cash buyers today, because you’re in the situation where like, you’re not sure because you’re newer? And how would you be able to feel confident? Well get with some people that are experienced in your area that wants you to bring them deals, so just call some buyer cash buyers in your area, like, Hey, I’m new. I’m out here grinding looking for deals, what do you want.

And that’s that’s what I teach to. So if you go here, if I show you my screen, so this is the community that I run, and I give people like a Buy Box criteria of buyers that are actively looking to buy stuff, so they don’t have to guess what they need to go bring them. So like this is a hedge fund that I have that tells me they tell me exactly what they want to buy and what areas what criteria, what they’re willing to pay what they don’t want. So I tell my people, I’m like, Hey, stop just randomly trying to figure this out. I got your back. And I have multiple buyers that I’m cool with it and like a second I could call that will tell me exactly if they want the deal or not. So I’m telling you to do exactly what I do. But in your market, right like Go Go find some Buy Box criterias and go find these guys deals and you’ll have these deals sold even before you get them under contract.

Yeah. Okay, thank you. All right, well, like I said, Go find your buyers first. It helps you avoid a ton of problems and a lot of heartache and headaches because if you just get a property lock it up and you don’t know who’s gonna buy it you got you got like a 5050 chance if you didn’t do your numbers right or maybe you just don’t know the area that well but if you know your buyers and you know people in the area and you can just call them It helps a ton to be able to display your properties quickly.


More Posts