New wholesaler gets 2nd wholesale deal the Payneless Way! – Payneless Flipping Podcast

In this video, we’re going to have a special guest, Jay McMillan. He’ll explain how he did his second wholesale deal the Payneless way! We’ll go deep on this deal that he got, wherein he had his buyer and established where he wanted to go with the deal. Finding buyers first and networking is a great deal and an advantage that he used to seal this deal. Check out this video to learn more.

What is going on investors Thrive Nation? I’m here with Jay McMillan what’s going on brother?

My god, what’s going on, man? Thanks for having me.

Dude, it is my pleasure having you on here we are talking about today about a deal you got going and you did it the payneless way, man, you’ve got your buyer, you established exactly where you’re gonna go. And you told me pretty much this guy, it kind of just took took care of the deal for you, right?

I mean, honestly, I just put two and two together. And then I was just out of the mix.

Honestly, bro, I love deals like that man, I love when I’m just like, hey, here’s the deal. What would you pay? They say what the? Well actually let’s let’s leave it. Let’s go dive into it before we even get into. So how did you get into real estate investing? Let’s dive into that. First you said you started this year. So let’s talk about how that experience in that that way.

So I literally started on April 15 2023. But I knew about I knew actually I never even thought about real estate before then. But I started off with actually learning about business credit, okay. And then one of my friends took a wholesale class along with that. And then he told me this was the field for me. And so I actually didn’t do that. First. I did a class with one of my good friends slash mentor, Brent Stanford. And he was teaching me things about real estate. And after that, I really wanted to go the wholesaling route because I knew that was a good way to make money for right now. Wholesale. So yeah, I chose to go that route and April 15. Masada Jonathan Dallas,

so driving for dollars, where are you located?

By the way, Winston Salem, North Carolina. Okay.

So you are specifically working in that market? Or did you start doing it virtually?

No, just in this market, Winston, Salem, high point and Greensboro. Just I’m trying to stick around local right now.

Great, great. Awesome. So let’s talk about how you worked with this buyer. How did you find this buyer on this deal that you had?

So literally, when I first started, I got a postcard from this guy from his company. And I actually called the pope I call the number on a postcard because I just wanted to talk to him just to get some advice. Yeah, so I did like that. And then we just basically kept in touch really straight to the source, bro. Very nice guy too, as well and very helpful. And that’s what made me want to reach out to him even more.

Awesome. Awesome. So okay, so let’s talk about how you went through the strategy. So you heard about the payneless wholesaling strategy for me, right? I think we’re talking, hey, I love it. I’ve been trying to just been trying to preach this man, because a lot of people, what they’ll do is they’ll go out and pull a giant list in the area, they don’t really know they’ll call it then maybe get a deal or someone and then they won’t really have a buyer for it. So what I say is, Hey, start with the end in mind, you know, know where buyers are buying, and then use them to help you bring the deal in and actually helped you in the certain situation when the seller has been kind of tough, right?

Oh, yeah, man. Man, this is so simple. This is like kind of like mind blowing. Like how much I didn’t put any time into the sale at all.

Yes, yeah. Yeah. Talk us through it. Talk us through how simple it was and what you did. Okay,

Yes, yeah. Yeah. Talk us through it. Talk us through how simple it was and what you did. Okay,

so like basically literally two weeks ago, I went on I went driving for dollars in Greensboro because I had to go to a real event down there. So I spent a couple of hours driving for dollars in that area before that, sorry I actually went on bachelor leads and I looked up where the high cash buying activity was. So that’s when I went into that exact area and job Friday for a couple hours and then after that, I call them those properties. And this guy he was just ready to sell and I’m what I’m really noticing too as well is you have to basically catch these people at the right time and this guy literally at that right time was ready to sell he saw this yesterday. Amazing. You know so so the called on him the next week, and literally it was like that Wednesday, we got to sold with my buyer that that Friday.

Wow, bro, you said to this happen two weeks ago, you started actually just driving. What do you mean for that? For this deal? You said two weeks ago you were driving that area?

Yes. weeks ago, literally. Yeah, happened that fast.

That’s amazing. Because sometimes it takes months to get deals. So you just picked an area that had high high cash buyers and you knew your buyer was you know with my in there, you drove it call that guy wanted to sell and then you just you know what happened there? You’re talking to your seller in did he give you some some slack or some didn’t flak or whatever didn’t.

So as far as with the seller, he actually had another offer. Oh, well, I had another offer. And what actually helped me with this was that he wanted to he was not helping me out. But it did a little bit but he wanted to see some credentials. Okay. And unfortunately, since I’m just getting started, I don’t have like a website yet or Google reviews and all that jazz. So I actually reached out to Um, to this guy in the area, Greg, Burnie, shout out. And he had all the credentials. So I basically hit up Greg and I said, Look, I need your help with this. Let’s do it. Let’s get the sale.

And did Greg call? Or did he just give him the website? Or what? How did? How did your buyer get involved?

Basically, Greg just gave me his website, I sent it to send it to the seller. And then after that, we hopped on a three way call. And Greg just did all the talking. And I just was just listening and learning from the more experienced wholesaler slash investor.

Amazing, amazing. So so when you’re talking to seller, he said, Look, man, I already got an offer at whatever rate, did he tell you the offer? He had?

Yeah, he did actually do that was okay.

And then you were like, Hey, I think I can pay more than that, essentially. Right. And then you did you then reach out to your buyer to see what he’d be able to pay? Yep. Okay. Yeah. Amazing. So Right. Did you even have the contract? And at the point, when you talk to your buyer to just be like, hey, what could you pay? Or did you ask him first? Do you have it under contract?

Oh, no, it was not on the contract. So this was a dream that I basically trusted. Yeah. And he seemed like a trustworthy guy and went along with it. Oh,

I love it. That’s what I’m talking about. These are deals that if you didn’t have that trusted relationship, it probably wouldn’t have been very easy to navigate. So let’s give it a scenario. For everyone listening. The seller is like, Hey, I got offered 95. And you don’t know anyone but you want the deal? You think it’s a deal? You’re not sure? Right? Is this? So you tell the seller? Oh, I can pay more? Essentially, you’re lying? Because you don’t know. Right? But you you didn’t lie. I’m just saying people will just say yes, I can pay more. And then they go and look, you did it the payneless way. And you’re just like, hey, give me a second. I think I can pay more. You called your guy. He said, Did he give you the price? He said he can pay? Like did he say he could give you like a specific amount? The buyer? Yeah, the buyer didn’t he say like, Hey, it can pay.

The buyer basically said, Great. He said, I’ll just take some, take some luck and do and that’s it. So I texted him, and he said, Let’s do it.

Amazing. So he gave me the price. And you went back to the seller, and you’re just like, hey, I can pay $1,000 more than the other guy. And then you $1,000 More and the guy’s like, of course, I want to make an extra 1000 bucks. Right? So then then you sign it. And it’s done. It’s already disposed, brother, you just got to get into the title company. And in Greg’s got taken care of. You’re good. Yeah, that’s it, man. Easy, easy peasy. And that’s what I’m saying. Like, there’s so many deals that come to me, bro, when like, a seller wants a certain amount. And I’m like, dang, I think this is a deal. But I don’t want to be the guy who’s like, yeah, I can do it and then lock it up, go try for a week, or whatever my due diligence period is and then have to go back and back. I couldn’t find anybody. But we don’t say that we just wholesalers, most of them just say oh, I can’t something happened or what they make some excuse up, right? So if you have, you know, five to 10, solid, top cash buyers in your pocket, it’s just a phone call. And then after that you just signed the agreement. You can get caught up with these buyers where you can just have them even negotiator. Them hop on the call. They don’t care. They want a deal.

Yeah, I’m still working on the cash buyer list stuff. So but hey, yeah, man, we’re getting there.

It takes time. You know, and you gotta you gotta have the right conversations. But look, the Imagine having you know, 510 even five relationships, just like you have with Greg right? Where you can just be like, bro, would you pay? You want to hop on this call? They’re gonna be able to educate you navigate, get navigate this situation with you? You know, sir. So so let’s talk about how you could make because I know you said it was like a $5,000 deal, right? Yes. So $5,000, you know, we all want to make a little bit more. So this is what I would do in this situation, this is what I’ve done. If it seemed like a skinnier deal, just because the other guy was at 95, or whatever. And you had to pay a little bit more just to get it done. So this is what you do in situations like this, you could potentially have other relationships, and you could call them and be like, Hey, Greg, I know you gave me that your offer, I need to make a little bit more money.

So I’m just going to ask a couple of my other people what they pay. Greg should be cool enough to be like, yeah, I get it, man, I know, you gotta make money. That’s one of the options, right? Just have a couple more people you’d reach out to. So number one, just have more relationships, more more people to talk to number two is you could talk to Greg and you could say, Hey, Greg, well, I’m only making 5k On this one, is there any way you can pay a little bit more man? And you could ask him to pay a little bit more upfront. Now if he’s like, I can’t that’s I’m tight. That’s exactly where I have to be. Then you can say is there any way we can structure this where maybe you know, I get five now. And then when you’re done flipping it, maybe I get like, 10% of the the flip, like the profit that you make on the flip or a certain percentage, then he’s like, Yeah, I don’t mind paying you later, especially if I make money.

But if I do this, and I don’t make any, if I don’t make above 20k, then you know, I need to make my money. So what I would say in this situation is like okay, Greg, if you got to make 20,000 hours on this flip anything above 20 that you make, let’s Let’s split it, or let’s let me get like a percentage when he would say okay, yeah, because I’m making good and you’re I’m taking care of you. That’s one way right now, if it’s a rental for Greg, and he’s like, I’m actually going to keep this bro and be like, Well, hey, man, is there any way maybe I could get a percentage of the equity of the property because that’s what I do with some of mine. I have a buyer where I’m like, Hey, man, I didn’t make enough can we structure where I just have ownership a percent of the ownership and I get profit off the rent.

And when it sells in the future, I’ll get a percentage. And those are usually subject to deals that we keep on like for Airbnbs and stuff. But that’s another way and this guy you he used, you use his credentials, right? So that’s okay. It doesn’t seem like he was giving you a lower offer, because he was involved a lot. But if you feel like maybe they want to make more because or pay you less, because they did more, you don’t always have to have them give you the credentials in because you know, there’s there’s a lot of ways to get, not just websites, but there’s ways to get proof of funds from hard money lenders, so you could send it to the seller and be like, Hey, I’m good to go. This is a hard money lender gave me this, you can give them I have what’s called a credibility packet, which just has like, you know, some information about who I am some reviews I’ve had from past. So you could get a review from these two people and put it on Google, you could show them Google business and ask them your friends to leave you some reviews, there’s a lot of ways to have credibility websites are pretty dang easy to to throw up with landing pages, I have a CRM that actually lets you just put up a landing page, which you can make a website and like ours in a day. So if you don’t have a CRM yet, then you can use specific CRMs will let you pull up websites really quick. So that’s those are some of the suggestions I would have.

So you can make more. But the cool thing about this situation is like you might be without Greg or without that relationship, you might not have been able to convince the guy to go with you, you know, he might have just went with other guy right at 95. And that’s another reason why giving the offer too soon is kind of a bad idea, right? Because sellers, they’ll shop it, bro if you unless you can get them to like commit to accept your offer. If you give them what you can agree on right, then they’re just gonna wait. So for example, let me give you let me give an example how to overcome this. So whoever that gave that seller that offer where he went with you, this is what I would have done a bit, I would have been said, Hey, Mr. Seller, if we can come and agree on a price, are you good to sign today? And then he would say yes or no. And I’d say okay, you’re not ready to sign today? Is there something that’s holding you back, and he’s like, I’d rather check with more people on you know what I can get paid, then I would hold back my offer and say, Hey, I understand if you want to check with other people, I don’t want to give away my number yet I can give you a range. But when you’re ready to make a decision, I can give you that final price. Because what happened is he just took that other guy’s offer with the better offer. Now if the guy would have said yes, I’m ready to sign I give them the offer.

And whether I got it from my buyer or not, I give them given the offer. And then I say I’m gonna send you over the paperwork right now. And I’m gonna read the contract through with you just to make sure you understand. So you feel comfortable signing? Are you in front of your computer? He’s like, Yeah, so I send that over. And I read through the agreement with him explain things answer questions. And then I say, are you ready to sign so I never just send contracts, or I try to avoid sending contracts where I kind of hope they sign because that’s, that can be rough. Sometimes they won’t, they’ll just ghost you. So hopefully, that mean, telling you all this is helpful. So you don’t get in the situation of the guy that lost the deal to you, and that you can get paid more money on your next one.

Thank you so much. I really appreciate this. Of course, yeah.

And you know, I’ve done many deals like this. And like I said, the more relationships you get out there, the more stuff you can try. So I have a deal that came across my desk in it’s like a million dollar home. So I reached out to my just quickly I was like, Hey, I gotta reach out to my my high end buyers. They don’t, they’re not interested. So I just saved my time from going under contract, sending it to title doing all this stuff. Because if my people don’t really want it, then it’s probably not that good of a deal. I can just already know it’s not worth my time. If you do this strategy, it will save you hours and weeks and so much time because I’ve probably locked up over 400 contracts since I started doing the other way where you just tell a seller you can do it or you give them a price that you think makes sense. You lock it up, then you look for a buyer. No one buys it. And you got to cancel the amount of time that takes oh my gosh, you add that all up so much time, bro. It’s a complete waste. And the only way I say people tell people just lock it up is if it’s if it’s a no brainer deal. But sometimes most of the time, it’s pretty iffy. You’re like, I don’t know, I gotta I gotta ask somebody. Because it’s kind of tight. Yeah, yeah. Yep. Cool. J Well, going forward, man. Are you going to try to implement the strategy a little bit more like work in those specific areas where you got buyers,

so man, honestly, I’m gonna continue to work with this guy that I’ve, that I’ve been talking to. And, and then also too, as well, I’m gonna try to go to reuse and meet some more buyers and see which ones I feel comfortable with. That’s the main thing, right? It’s feeling comfortable with them to do something like that, you know?

Yeah, you got to feel comfortable. And a lot of the time that makes me feel comfortable as if they’ve done many deals, right? Because no one is gonna recommend like, for example, if I call the title company and they recommend me a buyer, that’ll come he’s not gonna recommend me a buyer who is going to snake me because they got that relationship. They’ve done many deals. If you just meet some random guy or somebody on a Facebook group, they’re like, Yeah, I can do it. That’s where I get iffy. I’m like I don’t really know you, we got to either meet or you got to be recommended to me by, you know, someone in the circle. You know, I’m saying like someone in the network, that’s how you can avoid majority of these issues. Okay? Makes sense. Okay, cool, man. Well, I’m excited for your journey. Keep it up. And one one suggestion you’re gonna learn and this might help you out as you’re starting out, I’m sure Greg and other people you meet also have marketing lists. They also probably have ways like people you can call. That’s what I do. When I first started, I networked and then I also asked like, Hey, do you have anybody, any people I can market to any lists or anything you pulled and skip trace, so I don’t You don’t have to pull it. And if I get a deal, then obviously you get first dibs and we can work together on it. That way. They can pay for your marketing, right? Because for you, you’re like, Hey, Greg, like I’m gonna call these people you get first dibs. If it doesn’t work for you. Obviously, I gotta go find out someone else but I’m gonna become the first one to you. And you can get your marketing paid for spring go, bro. It’s all about networking.

I didn’t think about that. That’s okay. It’s just a simple question.

It’s like, Hey, man, do you have any, any lists, I can call? I’d love to get you some more deals. And, you know, when I did, it actually got the buyer that I was working with to get paid for, you know, a couple $1,000 and list that he wanted, or I think he actually just gave me to one of my buyers actually just gave me $2,000 He’s like, go go ahead and market it. And he was cool. He didn’t really expect the money back. But actually, I was newer. I didn’t get a deal from this. 2000 So I actually paid them back later in the future. But yeah, I’m just saying like, if you’re if you’re slick about it, you can have them you know, pay for your marketing.

I like that a lot. Okay, thanks for the gym right there. Sure. You got it

Alright, brother. Well, you got anything you want to say to everyone before we head out, man.

Um, honestly, just take imperfect action. That’s it. That’s that’s what I’m doing right now. Just learning along the way. Like I didn’t let analysis dialysis Get off me too much. Just take imperfect action and get after it. I said

proud of you, man. Thank you for showing us what it looks like to just get out there and get it because that’s this is real bro. You can make money is you just got to talk to people. As you know, you got to just reach out and you got to take imperfect action. So well. Well said. And Jay, we’ll see on the next one brother. Thanks for coming on.

Appreciate it, man. Thank you. Got it.


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