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Transcript

Virginia Wholesaling Licensing Rule

Loopholes: One Deal Or Double Close

Best Virginia Cities For Virtual Deals

Deal Breakdown: Lead From YouTube

Cold Call Offer And Reverse Mortgage

SPEAKER_04 0:03

Welcome back to Wholesale Around the World, the Virginia edition, the Old Dominion. Funny enough, just yesterday inside of Titanium University's book club meeting, I found out that we have a TU member who is a three-time national champion field hockey player at Old Dominion. Then went on to win a bronze medal for the United States and also became the head coach of the women's field hockey team at Yale for close to 20 years. Incredible way you find out about people. What an incredible accomplishment. But more importantly, today, you're here to learn about should you virtually wholesale in Virginia? Now, Virginia comes in as the 12th most populated state with just over 8.8 million people. And quite frankly, I have always loved Virginia. It's been one of my favorite states to virtually wholesale in because there's so much opportunity. When you look across the state up north, just south of Washington, D.C., in the Alexandria area, uh, Fairfax, Virginia, those areas, high price points, opportunities to make fantastic assignment fees. Richmond, Virginia is obviously a fantastic market. It's highly populated. There's great price points there. There's in buyers that are both flippers and landlords. And so it gives you plenty of opportunity. Going down to Norfolk, fantastic opportunities down there. Loved all of these locations inside of Virginia. Once you go to the west side of Virginia, I will say a little bit tougher on the disposition side. So be careful that you're not too rural. We have been able to establish fantastic relationships with in buyers on the western side of Virginia. And so because of that, we've actually done some volume out there. And so I have always loved Virginia. And then regulations came. And it's not like the regulation is crippling to us as wholesalers. It's just annoying. Okay. And so the regulation that came down is individuals or entities engaging in two or more assignable contract transactions annually are classified as real estate brokers and must be licensed. The regulation aims to align wholesaling with the standards and accountability of traditional real estate practices. Now, see, I don't mind when the regulations come down and it forces us to be transparent and disclose that we're wholesaling. I actually welcome those regulations. The regulations that do irritate me is when they force us to become licensed, because that feels like a money grab. That I get that they're saying they're trying to align what wholesaling does and under the standards of being a licensed realtor. But quite frankly, once you kind of weed through the BS response, it does really just feel like the realtor associations inside the state of Virginia just want your money, right? And they want to claim that we're brokering real estate. Okay. Well, there is some loopholes there. One, you can, if you're a virtual wholesaler and you're not doing volume inside the state of Virginia, you can do one assignable contract not having to be licensed. Okay, that's one. Two, you could double close the transaction, meaning you would have to have transactional funding. You can do a double close. And so again, what problem was the regulation actually resolving when you allowed loopholes to exist? It just feels like you were trying to make us get licensed so you could grab the fees. That's what it feels like. And so overall, has that kind of tainted Virginia a little bit? Yeah, but I still really like the market in general. I definitely feel like it's it's not 12th overall, it's probably closer to 20th just because of that regulation. And there are locations out there that don't require us to double close or have to worry about being licensed or anything like that. So, because of that, it has tainted it a little bit, but there is plenty of opportunity throughout the state. I would say for most virtual wholesalers, you need to focus on the eastern side of the state, probably even more centrally focused on Richmond. That's probably overall the best city for virtually wholesaling inside of Virginia. Norfolk can be a little cheaper, a little bit harder for dispositions. Buyers are a little bit more picky up north by Washington, D.C., the prices can get pretty ridiculous. And it's also going to be more competitive there on the acquisition side. So just for the ease of acquisitions and dispositions, Richmond is by far the best city inside of Virginia. Western, easy acquisitions, harder on the dispositions. So just be prepared for that. Overall, comping and underwriting is pretty easy inside of Virginia, nothing to be alarmed about. It's a great market. So that being said, that's really all I have to say. So now I'm going to show you me closing a deal in Virginia. There's a little intro. So I'm explaining how the lead kind of came about. So you guys can see this. I previously posted on my YouTube channel, so most of some of you might have already seen it, but it's a great call, a great close. So check out me closing this deal where we made a$17,000 assignment fee inside of Old Dominion, Virginia. Oh man, we got a cool story to tell you today, and it's about how we just made$17,000 wholesaling a piece of real estate in Virginia. Now, here's the reason why it's a cool story. It's not just because we made$17,000, it's because it came from the YouTube channel. The lead source actually was from Jared commenting on one of my YouTube shorts. Here's what Jared said. What up, RJ? I asked you yesterday about JV deals, which he had. He asked about doing JV deals in Houston. And you mentioned you have a web form. I have an idea I want to run by you. I have a strong lead, ready to go in my local market. I already had a buyer want the property commit to a price. Close like 70 deals with this buyer. He's my number one guy, and his price is almost always the highest. The seller is motivated and has to sell ASAP. Condition is rough. Buyer said the rehab is$80,000 after repair value is$30,000 or$300,000. I'm sorry. Buyer will pay$160,000 all day, maybe a little more. Seller originally wanted$200,000 and was expecting an offer in the upper 100s from me after the walkthrough. If you're open to it, I think it would be awesome to watch you close the lead and JV with you to see how you handle a situation like this where the offer needs to be dropped a good bit. Not sure if that's something you'd be open to. Figured I'd ask, especially since I already have the buyer lined up. I immediately responded and said, send info to RJ at titaniumprops.com and I'll take a swing at it. Shortly later, I said, close, baby. So what you guys are about to watch is me calling Jared's seller. Now here's the thing. I'm coming in. I have not previously spoken to her. That's pretty much all of the information that I had. There wasn't like, hey, this is what her motivation is or anything like this. This is all about just me trusting my instincts and all of the reps that I have put in talking to sellers. So what you're about to see is a conversation between me and the seller and how I close this deal. And then the follow-up conversation where I immediately hang up with the seller, call Jared, tell him the good news, and then I'll come back and tell you what happened from there on with the rest of this deal. All right. So this lead came from Jared, who's a subscriber on the YouTube channel. Let's see if I can close the deal. Hi, is Crystal there? Hi, Crystal. This is RJ Bates. I work with Jared. I was calling about your property there on Lamplighter. Hi, how are you?

unknown 9:44

Good, how are you?

SPEAKER_04 9:45

Good. So Jared and I were discussing the the numbers here after the walkthrough that we did on the property. And uh I wanted uh to call you and see if we could have a conversation, see if we can work something out there. Is now a good time for you?

unknown 10:03

Yeah, great.

SPEAKER_04 10:05

Okay, so I know that Jared had talked to you and and you were you know you originally wanted 200,000. Is that correct?

SPEAKER_02 10:16

We didn't talk a number, honestly.

SPEAKER_04 10:19

Okay, so gotcha. Okay, so after walking through, um the property was in a little bit worse condition than what we were originally anticipating. Um, it looks like we're we're coming in with about 80,000 in rehab. So we we do need to come in somewhere in the range of 140 to 145.

SPEAKER_02 10:50

Okay.

SPEAKER_04 10:53

Now that would be a net number to you. So there's no fees or commissions taken out or anything like that. The only thing that you would have to pay is if there's anything owed on the property or any liens or taxes.

SPEAKER_02 11:13

So there's a reverse mortgage on it, and I was telling um Jared? I was telling Jared that um I have like a statement from I think 2023 or maybe 22 that has like 87 on it. Um sure interest and all that and closed and um do you could also um earlier to see if she was able to get a hold of the reverse mortgage lender to see what the payroll balance is. But does your title company or your attorney have a way to find out what the the balance is, the principal balance is?

SPEAKER_04 12:00

Yes, ma'am. So the way that that would work is once there's a purchase agreement in place, then we would submit that to the title company, and then the title company would get a title commitment back from their their essentially their plant that would say, okay, we've identified that there's a mortgage on the property, so a lien on the property, and then they would call and get the payoff from the mortgage company, and then that would actually get paid out of the proceeds at the closing.

SPEAKER_02 12:35

I'm just trying to figure out what that payoff is because I'd like to know before we purchase order, just in case there's a balance, because there's no there's no funds to cover that.

SPEAKER_04 12:47

Right. So I what I would tell you is you said that that statement was from 2023.

SPEAKER_02 12:54

I think it's either 22 or 23. I have to look at the statement again to see what year it was um it was sent.

SPEAKER_04 13:04

Do you do you have that available? Yeah, because then we if we could see the interest rate, I could almost reverse engineer it and do the math to figure it out.

SPEAKER_02 13:13

Okay, yeah, yeah, let me change my statement.

SPEAKER_01 13:15

Okay.

SPEAKER_04 13:45

Oh, congratulations.

SPEAKER_02 13:48

Thank you.

SPEAKER_04 13:49

That's a fun time. I've got a twelve-year-old and a seven-year-old.

SPEAKER_02 13:57

Yeah, we have a thirteen year old too.

SPEAKER_04 14:00

Oh, wow. My sister's ten years older than me. Thirteen, that's a big gap.

SPEAKER_02 14:07

She's an affixed baby, but it's not working.

SPEAKER_04 14:10

Oh jeez.

SPEAKER_02 14:13

She's not an she's not a quite an intentional baby.

SPEAKER_04 14:21

Oh, geez, that's crazy.

Contract Logistics And Closing Timeline

SPEAKER_02 14:24

We were one and done, actually. Okay, I hope that is my grandmother is almost ninety-five. I don't even know how tax support on this as well, but I guess you don't need to.

unknown 15:53

Okay, so this is from oh okay. Yeah, there's eight minutes from October 2, 2023.

SPEAKER_02 16:01

And the oh, current principal no. So we have the original principal principal limit, which is 86,100, the growth of principal limit, which is 18,460.70. So the current total loan balance is 104. Um 451.50.

SPEAKER_04 16:34

Okay, and what was the date on that?

SPEAKER_02 16:37

That's October 2023.

SPEAKER_04 16:40

Okay, so we we've had about 14 months since then.

SPEAKER_02 16:46

Right, not quite two years. Yeah, so two years would be easy as October, I think.

SPEAKER_04 16:50

Does it say does it have an interest rate on there?

SPEAKER_02 16:58

The loan interest, the index I think is 4.28.

SPEAKER_04 17:06

Okay, well then sorry, no, no, no, no.

SPEAKER_02 17:08

The loan interest rate is 6.5.

SPEAKER_04 17:11

6.5.

SPEAKER_02 17:13

Yes, that's the loan interest rate.

SPEAKER_04 17:15

So we're we're probably somewhere in the range of 110 to 115, somewhere in that range. Of what the principal balance would be just based off of that interest rate and where it was when that statement was. Um, and then property taxes don't look like they're that much. So, I mean, there's a there's a solid chance just based off of what I'm seeing, you could walk away somewhere in the range of 25 to 30,000.

SPEAKER_02 17:55

Okay. Um, so we got grandmother, we want her down here in October of last year, and my aunt was there taking care of her before she unexpectedly passed. I'm hoping that they paid the tax. Okay, yeah, we want her October 2023. So it should say maybe you know, um maybe less pay. So I think we should be okay.

SPEAKER_04 18:41

I can actually look I can actually look up the taxes. Let me look real quick. Yeah.

SPEAKER_02 18:47

Maybe one year in a whole.

SPEAKER_01 18:56

Right. Well, maybe I can.

SPEAKER_04 19:19

We'll see. I said maybe I can. I the first way I searched it didn't didn't work. Let me try something else. But I do think no matter what, I think it's gonna be there'll be more money there than what's owed, it sounds like.

SPEAKER_02 19:54

Um what what was your offer?

SPEAKER_04 19:57

Um, one hundred forty to one forty-five is where where we need to be. As far as time frame goes right now, you guys kind of just want this done as quickly as possible, right?

SPEAKER_02 20:18

Yeah, because that means we don't want to create any more damage for you guys unless you're gonna get in there and start demoing because of the flood. So I don't want to prolong it and make the situation worse for anybody.

SPEAKER_04 20:30

Um right now, who is the person that who would be the person that would sign for the property?

SPEAKER_02 20:41

Is it you or is it your mom or who is the child attorney, but grandmother is still coherent.

SPEAKER_04 20:49

Gotcha.

SPEAKER_02 20:50

She is child attorney. Um we have uh documents for that, but she's still very much so coherent. Is she fine for the reverse mortgage? Um, her signatures on there.

SPEAKER_04 21:06

Gotcha. As far as um accepting or not accepting an offer, um, is that something that you want to present to her, or do you want me to have a conversation with her, or how do you want to handle that?

SPEAKER_02 21:23

No, I wouldn't go as far as having conversation with grandma.

SPEAKER_04 21:31

I got you.

SPEAKER_02 21:32

But think so about what you can say grandma to sign here, and she'll probably ask like, what are we doing like you know, we're we're selling your house?

SPEAKER_04 21:40

Um so and she's on board for selling it. She wants to sell the property, she's on board with that. Gotcha.

SPEAKER_02 21:57

You know she's gonna live in that year, she's gonna let her.

SPEAKER_01 22:03

Okay.

SPEAKER_04 22:05

Well, how about how about we do this? Um just to to make sure that we're we're good. Um what do you think about me making an official offer of$143,000 and sending that over to you, sending over the contract? Do you want me to send that directly to you so then you can have her sign it?

SPEAKER_02 22:35

So how does it work? Do they so right now the contract is just sending a does that need to have a notary or does it just need to be sign and then the official loan documents or payoff need to be a notary? Like what does this correct?

SPEAKER_04 22:53

So I would send you the purchase agreement in the like docusign. So electronically she could sign it, and then that gets sent to the title company, and then what gets notarized and everything is at closing when she's officially signing over the deed and the settlement statement and all that, and then that's where we we would sign that. Ours gets notarized, yours gets notarized, we wire the money, and then the money's released and everything's recorded. So this is just a simple email, two-page agreement, and we've already walked the property, so we don't need any contingencies or anything. This is just it's a firm number, and we're we're ready to close. So we can get this done as quickly as title could get pulled and ready to go.

unknown 23:43

Okay.

SPEAKER_04 23:44

It'll probably take about three three weeks total. So if we were to sign it, you know, today or tomorrow, we could probably have this closed by February 18th or 19th.

unknown 24:00

Okay.

SPEAKER_02 24:01

Yeah, that's fine. It's just electronically, um, you can send it to me if you think my mom says grandmother is there, and then my mom can have grandmother sign it and get it back to you. So the title company can get started on like what oh.

SPEAKER_04 24:16

Okay.

SPEAKER_01 24:17

Um, what is your email address? And then my mom.

SPEAKER_04 25:11

Um I can do that, and then you could just forward it on to your mom if that works for you. Yeah, I'll um I'll send it to you. It it actually comes through Dropbox sign, it's not DocuSign, but it's very similar. Um, and all that is needed on there is it's just one signature. That's all it is. No, it it you do it right there inside of your email. You don't have to download anything. Yeah.

unknown 25:39

Okay.

SPEAKER_04 25:40

Yeah, you just there's a little button that you click on and it opens up, and then you can read the contract, and then down at the bottom there's one signature, and then after that, you just click the finish and then it's done, and then it'll send it to me, and then I'll sign it. And then once that's done, we'll send it over to the title company, and then the title company will reach out to you about uh just getting seller information, you know. They'll they'll want like social security number and all that, so they can pull the title. And then uh once we get that title commitment back, and they then they get the payoff from the mortgage, then we'll be good.

unknown 26:18

Okay.

SPEAKER_02 26:20

Um, were you able to find a textbook?

SPEAKER_04 26:24

No, I got the talking. Let me let me get back to it. Let me see here. For whatever reason, on this website, I'm going to the Chesterfield, Virginia, like uh real estate assessments website. And uh when I entered in the address, it said nothing popped up. Like the address didn't exist.

SPEAKER_02 26:47

It's a little funky, like with the zombie over there.

SPEAKER_04 26:50

All right, let me try that.

SPEAKER_02 26:53

Richmond might be a bumpy.

SPEAKER_01 26:57

Search property address.

SPEAKER_04 27:30

Um, nothing popped up in Richmond either. But even if the taxes were owed, what I'm seeing here is the the annual taxes are like two thousand dollars. So even if the taxes were behind, I mean, we're talking about two to four thousand dollars max, right?

SPEAKER_02 27:54

Okay.

SPEAKER_04 27:56

So I I don't think that's gonna move the the needle too much.

SPEAKER_02 28:01

Um, my team did.

SPEAKER_04 28:06

I I personally weren't there because I'm in Texas. But no, we did want the property, yeah. Yeah, we want the property earlier.

SPEAKER_02 28:13

I saw the slide. Maybe from Texas and Richard for James.

SPEAKER_04 28:18

No, no, no. I'm in Texas, but I I buy properties all over. But yeah, that's that's why Jared, uh, you talked to Jared originally, and uh they went out there, they want the property, and and that's where we came up with this number. And like I said, no contingencies or anything. Normally we don't do it this way. Um, but just knowing the situation and wanting to make sure we could give you guys a firm number and everything like that, this is gonna work out better for you guys.

SPEAKER_02 28:46

Okay, all right, yeah, you can get it over to me, and I'll call my mom now and explain everything, and um she can talk to grandmother.

SPEAKER_04 28:56

Okay, Crystal. Well, I'll get this written up. Give me about probably 15 minutes or so, and then uh I'll email it over to you.

SPEAKER_02 29:03

You have someone's name to put on the the agreement.

SPEAKER_04 29:07

I do. It's uh Margaret uh Hawthorne, Washington.

unknown 29:11

That's correct.

SPEAKER_04 29:12

Yes, yes, ma'am. So I will uh I'll get that sent over to you and let me know if you have any questions. Do you want to take down my uh office number in case you have any questions?

SPEAKER_02 29:22

Is it the one zero number?

SPEAKER_04 29:24

Yes, ma'am, it is.

SPEAKER_02 29:26

Okay, yeah, I see it.

SPEAKER_04 29:28

Yeah, and if you call in, um it this is the office line, um, so there might be someone else that answers, but feel free just to ask for RJ.

SPEAKER_02 29:38

Okay. Does her need to read like her signature need to read like her driver's license? Because I think it's Margaret Washington on High Driver's License.

SPEAKER_04 29:48

That's fine. I can just put Margaret Washington on there.

SPEAKER_02 29:52

I think so.

SPEAKER_04 29:53

Yeah. I norm even if there's like a mistake on the contract or something like that, like if the name were incorrect, title company would just say, Hey, could you amend the contract and we would fix it.

SPEAKER_01 30:05

Oh, okay.

SPEAKER_04 30:06

Yeah, it's it's relevant as long as both parties are in agreement with everything, it's pretty formal. They're they're not really they're just kind of like, hey, fix this, you know.

unknown 30:18

Yeah.

SPEAKER_04 30:18

Yeah. So all right, well, I'll get that sent over to you and uh let me know if you have any questions, okay?

unknown 30:24

All right, thank you.

Debrief With Jared And Buyer Plan

SPEAKER_01 30:25

Thank you, Crystal. Bye bye. How many deals you done?

SPEAKER_03 31:15

Like ninety-eight.

SPEAKER_04 31:16

Oh, you done a bunch. All right, well, then you're not gonna be that excited. Uh it's it's locked up. We're ready to go.

unknown 31:25

How much?

SPEAKER_04 31:26

Uh got it at 143. Yeah, so that was fast.

SPEAKER_03 31:35

Well, is that like 15 minutes?

SPEAKER_04 31:37

Yeah, pretty much. Um I I called her, she didn't answer, and then I called back, she didn't answer, and then I double dialed her. Um, and I was annoyed because I I was uh playing the I was recording it so you could see it if it didn't go well or if it did go well. Um so obviously it went well. And um I I was like, well, I know you were wanting 200, and she's like, we never discussed price. And I was like, oh, this is gonna be great. I was like, okay, well, very good. I was like, well, the property's in way worse condition. We need to do like 80,000 in rehab. Um, so we need to be somewhere between 140 and 145. And she's like, well, I'm just worried about how much we owe on the reverse mortgage. And I was like, done, lay down. That's what I'm talking about. So we if that's the response, I know it's a done deal. So she went and she got a statement. The reverse mortgage in October of 2023, I think had like 105 owed on it. And so I told her I was like, Yeah, yeah, but she was wrong. It was 87 was the original balance, and now it had increased to like 105.

unknown 33:02

Oh, okay.

SPEAKER_03 33:03

Yeah, I think it could be like 1200 because she told me that she got 87 like a couple years ago. Yeah, I think it was like 000 ordered for the scenario.

SPEAKER_04 33:14

So I think we figured out it's like 115, and then there might be back taxes of like four to five. And so um, so yeah, I'm gonna send her the contract for the 143, and uh I'm gonna send it to her, and then she's gonna send it to her mom, and then mom's gonna have grandma sign.

unknown 33:39

Got it. Okay. Cool.

SPEAKER_04 33:41

But your buyer is good at 160 or 165, right?

SPEAKER_03 33:46

Yes, sir. Yeah, I already have a buyer line.

unknown 33:49

He already walked in this morning.

SPEAKER_03 33:50

Cool.

unknown 33:51

And because what I normally do, I know it's kind of like against the grid, but in my local market, I've started out doing a lot of patient outreach.

SPEAKER_03 34:00

A lot of deals, but I've closed her with agents. And what I found early on was I closed the deal with this guy, he was a super good buyer, really easy to work with, could really compensate the prices. And he's a big buyer around town, like a lot of people know. And so what I noticed early on was that we're gonna be consensus, and when you're working with agents and you're using like inspection areas, it's hard to get deals consistently.

unknown 34:22

Right. So maybe it's kind of a conversation. I was like, dude, what if you just lost the property beforehand? Tell me what you can test, and then I'll just negotiate it below that. Right. That's something I've been doing for years.

SPEAKER_04 34:37

Love it.

SPEAKER_03 34:38

And um, he was like, I'm at the 160, I can probably get up to 165 all day.

SPEAKER_04 34:43

Cool. Well then, yeah, let uh let's get this. She said she'll probably try to get it signed tonight. It might be in the morning, though. But uh they're they're done. I told her, you know, we'll get it closed by like February 18th or 19th, just depending upon title. And uh she was super happy. So I'm gonna I'm gonna write this up and and get it sent over to her, and then um I'll I have your email. So yeah, I'll CCU in on the the docusign, so then you'll see when it gets signed. And then yeah, we want to go ahead and do the JV agreement and all that, and then uh yeah, man, let's get this deal done.

SPEAKER_02 35:28

Yeah, I'll keep my uh email. Let me know if you need me for anything in the meantime.

SPEAKER_03 35:34

Yeah, and um, I'll be on the lookout.

SPEAKER_04 35:36

Cool, man.

SPEAKER_03 35:37

Obviously, like once you send me the once you send me the JV agreement and uh like she's got the contract signs, I'll send over the assignments to my buyer and I'll include you on that as well.

SPEAKER_04 35:48

Cool. Um love it, man. Good stuff. Appreciate you giving me the chance, yeah, man. Good stuff.

SPEAKER_03 35:59

Yeah, like I'm new to the director seller, so I was like, I've done a ton of deals with agents.

unknown 36:03

I've done a lot of JVs, but I'm kind of new to direct and seller.

SPEAKER_03 36:06

I've done like cold calling on and off over the years, but I'm really committing to it right now.

SPEAKER_04 36:12

So this was uh this is a cold call lead?

SPEAKER_03 36:16

No, this is a TPL. Or no, wait, sorry, my bad. This is uh an agent referral. Like an agent just reached out to me and was like, hey, I'm gonna step out of the picture on this one. I want you to work with her directly, take care of her, and give me the replay.

SPEAKER_04 36:32

That's right. Yeah, yeah.

unknown 36:36

So she just preferred it to me, but I'm gonna like directly stuff, you know, negotiating directly with the seller. So I was like, let me give RG this one.

SPEAKER_04 36:44

Yeah, man.

SPEAKER_03 36:45

And kind of like I knew, like, I knew roughly that I don't know what needed work, but they had like pipers that need to kind of start at work um over the weekend when they got really bad. They had to like cut the water off at the streets and stuff, and um, I was like, damn, I like she I don't know why she said she didn't talk right, because she definitely did.

SPEAKER_04 37:07

Dude, I think she was so sweet. Like, I honestly think that she's overwhelmed. She just had a baby. Yeah. Um it was unexpected. Did she tell you that story?

SPEAKER_02 37:24

No.

SPEAKER_03 37:25

So I talked to her last night, and she I think she was busy, so we didn't spend too much time on the phone, other than just setting up the time to go see it today. She got into like the situation with her aunt, her aunt's husband, her grandma, and like the overwhelming stuff that happened with the house with the pipe bursting and stuff like that.

SPEAKER_04 37:46

Gotcha.

unknown 37:47

We didn't get too into the weed.

SPEAKER_04 37:49

So she she has a 13-year-old. Her husband had a vasectomy 10 years ago, and they just had a baby one month ago. And she's like, apparently the vasectomy stopped working. She's like, this was not planned, and uh, so I think she's overwhelmed with that, and then everything that's going on here, and then when I told her, I was like, hey, why don't I just go ahead and send you over the contract? And she's like, Well, yeah, I want to, I want to go ahead and I don't want the property to get in any worse condition for y'all, so let's go ahead and get this done because I know the flood and everything like that. So she was that she's she's totally in, and and I think she's just overwhelmed with everything that's taken place.

SPEAKER_02 38:40

Yeah, because what happened to Richard was when the agent reached out to me, they were debating listing it.

SPEAKER_03 38:46

And so the agent asked me, like, hey, what price do you think you would be at? She wants like 200k. That's the price that her and I talked about. Like, if we were to list it. I was like, definitely not gonna be 200. And she didn't really have like pictures to how bad it was. I just kind of assume like standard readings based on what she said, maybe a little bit worse than that. So I was like, sometimes like the 180, maybe 185 range, because my must pull the bug off the head shot if it's in like average condition, maybe a little bit worse than that. So she kind of talked with her about that, and then like two days later, she messaged me and was like, Hey, I'm just gonna have the picture. She's like super overwhelmed, they just have pipers. She doesn't want to deal with it anymore. She needs something to get done like ASAP. And I was like, So I told her I would keep the you know, the agent. I told her I would keep her in the loop and give her a call.

unknown 39:43

So I called her nice seven times to see it.

SPEAKER_01 39:45

Gotcha.

SPEAKER_04 39:49

So cool. Yeah. Well, good stuff, man. Well, yeah, let me get this contract sent over to her and uh let's get the deal done, man. Appreciate you.

unknown 40:03

Absolutely, right.

SPEAKER_02 40:04

Appreciate you.

Key Takeaway And $17K Assignment

SPEAKER_04 40:04

All right, man. Talk to you soon. Bye. All right, like I said, this was a pretty cool story. First and foremost, thank you, Jared, for giving me the opportunity to show you guys how to close these types of leads. Then the one big takeaway that I want to give you on this is that it wasn't really heavily negotiated. It was more about me solving her problem with the reverse mortgage and making sure that she got the payoff and was walking away with enough money for her. It wasn't really about us, it was about the seller solving her problem. Now, we set the contract, she immediately signed it. Upon signing it, Jared and I then signed a joint venture agreement, and then he sent the assignment to his in buyer for$160,000, giving us a$17,000 assignment fee. There's nothing else that really took place on this deal. We opened up title, we sent over the signed contract, we sent over the joint venture agreement, we sent over the assignment, and from there, we just had to wait on title to clear and give the buyer enough time to get his loan in place to purchase the property. So that's how we made$17,000 wholesaling a piece of real estate in Virginia. It's one of the more unique deals that I've ever done. Jared, I appreciate you, brother. Thank you for subscribing. Thank you for giving me the opportunity to help you out on this situation and getting this deal closed. I appreciate you. Make sure you guys show Jared some love in the comments. Give us a like on this video. We'll see you guys tomorrow.