Here’s a clip from a recent Q&A Coaching Call for our Pro Wholesaler VIP Program where one of our students, Stevie, turned one potential wholesale deal into 200 by asking a simple question!
Come learn how one question, when asked the right way, can turn one deal into 200 when it comes to wholesaling houses from the MLS!
At Real Estate Skills, we help real estate investors to build hyper-profitable wholesaling & flipping businesses across the United States.
Every member in our program gets Lifetime Access to coaching every single week where we cover different topics & conduct: Deal Reviews, Comparable Property Reviews, Help our Students Find Cash Buyers & Build Key Relationships, Negotiation tactics, and even how to train & hire Acquisition Associates in order to scale & grow your wholesaling business!
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I just have to tell you a story of what happened to me!
We had trained three acquisition associates to just randomly help us look for properties and to wholesale houses for us when we don't have time since we both work so much. And so we told them at their own pace, we have no expectations.
We didn't really care, we just wanted... If they wanted to get into this and learn this, we would help them.
So we're just training them on the acquisition side, not the disposition side. Two of the girls, it's two girls and a guy, and I had met with the guy probably... and college students, that's the age group, college students.
So I'd met with the young man, I don't know, three weeks ago or so. He wanted a little refresher and wanted me to do some discovery calls with him to see how that sounded. So I put it on speakerphone and made some calls and stuff so he built up his boldness and he's making some calls now.
But the two girls reached out to me a couple of days ago and they said, "Hey, can we come by for a refresher? We're really wanting to get into this and we put it off and got busy. So now here it is, summer, and we're ready to jump back in."
One of them wants to do it full-time, the other one has a full-time job and they're best friends.
So we sit down here at the desk and we pull up... I set up a search for them in the MLS.
And so it came up with like 88 houses for the criteria we were looking for. And I said, "Well, let's just start with this one."
So we looked through it and we pulled up RPR. We were doing some comps on it to see what was going on in the area, because everything's just so priced outrageously we don't know what to judge anything by.
So you really... if you want to take good numbers to these guys you really have to do your homework now because they recognize ridiculous coming at them.
So I'm sitting here talking to the girls and I said, "Let's just call on this one. You guys need to learn discovery calls. Let's just call."
So we call the agent and he says this house has been on the market for 82 days. This tells you how high they had it priced. And I'm thinking all the other houses around it that have not been renovated are selling at 50, 55.
This guy wanted like 82 or something. It was on the market for 82, 89 days, something like that.
So I just started out, "Hey, Derek. I'm a real estate investor sitting here with my acquisition associates and we're going through some properties, just doing a little training looking at stuff and we just had a couple of questions about this property. Can you tell us anything about it and why it's been on the market for so long? What type of renovation does it need and what can you tell me?"
And he goes, "Well, as a matter of fact, it just went under contract today." So we just started laughing because it's typical, right?
I came back with, "Well that's awesome for you. And can you tell me, does the seller have any other properties?"
And the next thing out of his mouth blew our minds.
He said, "Yes. As a matter of fact, he does. He has 200 properties he's trying to get rid of."
Ryan Zomorodi (04:10):
And I looked at the girls, all of our mouths were hanging wide open and I said, "Two hundred?" I was trying to keep my composure.
And he said, "Yeah." And he goes, "Well, I probably got 30 of them listed and there's 150 off market." And right there my heart stopped.
I said, "Do you think he would be willing to sell the off-market before you list them? That he would just sell them off-market and you continue to get your commission and everything? We'd figure out all the details."
He said, "Sure."
So I'm looking at the girls and I'm just about to lose my mind because I'm thinking, did we just win the lottery here?
Two hundred houses, 150 houses off-market and this guy's willing to send them to me. So I'm thinking, okay, here's my email address. I texted it over to him. I said, "It's so great to talk to you. I have some end-buyers that would really be interested in some of these areas that you have, especially some of the ones in the MLS. But off market, oh my gosh, you know real estate investors want off market."
And he said, "Of course they do."
So he sends me an email and the next morning he says, "I'm still going through all these houses and here are all the ones in this zip code," and he sent me 18.
He said, "It's really kind of the whole neighborhood."
So this guy sends me 18 off market houses and I send them to my buyer and he gives me an offer for each one of them.
So right now I'm waiting to see. I text him back and I said, "Is there a bundle price that he's looking for?" Because everything... I went through the MLS listings and 30 listings that this seller had. They were priced so high, Ryan.
I'm like, no wonder none of this stuff is selling. It's on the market anywhere from 40, 60, 90 days. It was ridiculous. I thought, what is he doing? What is he thinking? And every single one of these houses is marked, oh, investor special and fix and flip or buy and hold.
And I thought this guy is an investor, surely he knows he cannot sell these houses at retail to another investor. Does he think they're stupid?
So I'm going through all this stuff in my head, but I asked him, I said, "Is there a bundle price?" He said, "Yeah, I'm sure there is. I'll let you know."
So we went looking at all of these properties he sent over and this guy purchased these houses in bundles.
One bundle, I don't know how many houses, but it was like $1.8 million.
The other bundle was $2.2 million. And again, I don't know how many houses were in that bundle. It could have been split even 100 and 100 or who knows.
So just asking that question, "Hey, do you happen to have... does the seller have anything else? Do you have any other properties on the market?" opened up this whole can of worms, Pandora's box, whatever you want to call it.
And I'm just kind of... I'm nail-biting at the moment. I'm waiting to see. Because I sent that offer over on those 17, 18 houses, and I'm waiting to hear back if they're going to accept the bundle package that they offered them.
But the girls were just... They're on pins and needles too, because this would be their very first wholesale real estate deals. So can't wait to see how it turns out.
Ryan Zomorodi (07:39):
Yeah. I mean, I just want to applaud you, Stevie, because that's just such a great example of why we want to call on listings, even if they seem like they're overpriced because you never know what's going to happen when you make that call and you follow the script.
Then, you ask the right questions, and we see one property leading to 200 properties just from one simple question.
Ryan Zomorodi (08:04):
Now you have this abundance of opportunity and sure, the seller is looking to make as much money as possible, but what seller isn't?
So it's a matter of doing your homework, doing your due diligence, building the rapport with this agent and letting them know they can make their commissions on the deal, you're playing the role as the real estate investor, not necessarily the agent.
So making sure that the listing agent is being taken care of no matter what, so they're motivated to work on your behalf.
And you've already negotiated a bundle so that implies that there's going to be a discount to what the seller thinks they can get by selling them one by one by one, like they're attempting to do unsuccessfully at the moment.
Ryan Zomorodi (08:53):
Yeah. That's incredible. It's great that you've already communicated with your financial partners & cash buyers, they've already taken a look and are already putting a number out there.
So there's really no guesswork when it comes down to it, and that's just what happens when you have great streamlined communication with your end buyers, you're able to show them these deals.
You don't necessarily have them under contract yet, but you have the inside track with these deals.
You're talking with the real estate agent, you're the point of contact, and you have a good relationship to the point where they're willing to give you a price and not go around you because now you have that inside track and that streamlined communication.
Ryan Zomorodi (09:36):
I just wanted to commend you because that's just a testament to the relationship you've built prior to pursuing these deals and it's given you the confidence to go after a big batch of distressed properties like this, a big tape of properties as they'll call it.
That's just such a great thing and I'm so happy you shared it today, Stevie, for everyone on the call because you never know what's going to happen just by making a simple discovery call!
Thank you. And it's true, it pays to follow the training. I'm always saying that because you just... it works. It just works.
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