Wholesaling Real Estate in a Small Market (The Ugly Truth)

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Transcript

Three Cities Worth Targeting

The 110-Acre Seller Finance Deal

Title Surprise That Ends It

How To Treat Wyoming Leads

SPEAKER_01 0:03

Welcome back to Wholesale and Around the World, the Wyoming edition, the Cowboy State, coming in with a population rank of 50th. That is spectacular. 50th. 590,000 people, the least populated state in the United States. And because of that, it's also one of my least favorite states for virtually wholesaling, not shocking. Population matters. If there ain't anybody there, what are we going to wholesale? That being said, there are three cities in Wyoming that I do, I don't, I don't despise. Okay. It's not like we're gonna run away from an opportunity in Cheyenne, Larmie, and Casper. Cheyenne being the most populated city inside of Wyoming, always good. There's buyers there. Laramie is the college town. It's where the University of Wyoming is. And then Casper is also a great city. Outside of that, everything else is way too rural. You're gonna come across quite a bit of vacant land, just acres and acres of land there. And what you're gonna see, because we don't have a whole lot to discuss in regards to virtually wholesaling in Wyoming, I do have a live seller call on this that I'm gonna show you. And it's me locking up 110 acres via seller finance in Wyoming. Now, the reason why I bring this up is because this is an opportunity for you in Wyoming to pick up cheap land on terms, and there are buyers out there that will pick that up, especially if you didn't get it for a low down payment and a low interest rate. So, what I was doing here is I was actually gonna buy this land for myself. I was going to keep it. And so I negotiated on the terms that I was I was okay with. So there was a little down payment, I think it was like 10% and then 5% interest over 15 years. Okay. Now, what I want you to know about the end result of this is this deal never made it to closing. I don't own 110 acres in Wyoming, unfortunately. What happened was is when the title commitment came back, upon our research of the title commitment, there were some issues with what had taken place with the seller when they purchased the property. So they purchased the property from some woman, and inside of their agreement, it was he owned the land, but when he sold the land and it changed ownership, that previous seller, despite whatever took place, had the right to then exercise an option to take the land back. So we could have bought this, paid on it for 15 years, and at any point in time, that seller could come in and just take the land from us, which I have never seen in any other title commitment. And the title company was like, Yeah, there's nothing that can be done about it. This was their agreement when they sold it. And so we don't know if this person is still alive, we don't know if this person is even paying attention. There's no way to get a hold of them. The seller was basically like, I didn't know I agreed to that. That sucks. Does that mean I can't sell it? We had to terminate it because we can never get a hold of this person, so we don't know if they were alive. We couldn't find any obituaries, but I couldn't run the risk of paying on this land and then a previous owner coming in and just taking it from us. So wild stuff kept me from owning 110 acres in the middle of nowhere, Wyoming. But in regards to virtually wholesale, and we'll show you that live stellar call because it is a good live seller call. You see how I negotiate and get the terms that kind of come to that um in that seller call. So I want you guys to see that. But in regards to virtually wholesaling in Wyoming, listen, if you're doing nationwide PBL, you're not gonna receive a ton of leads in Wyoming. It's just not gonna happen. If you're on Speed of Leads Marketplace or Lead Zola's marketplace, you can easily just avoid these. Like you don't have to buy leads in Wyoming. If you're doing property leads, maybe one or two or three in a year are gonna come across inside of your nationwide campaigns. So it's not like it's a huge hindrance, but if you do come across a smoking hot lead in Cheyenne or Laramie or Casper, yeah, don't shy away from it because there are buyers there. But the majority of the state is not, it's kind of a wholesaling wasteland. It's just not where a ton of money is going to be made. It's unfortunate, right? I I love Wyoming. I love the way it looks, it's beautiful. The people there are super awesome. We've had some great transactions there. In fact, the majority of our transactions have been fairly decent assignment fees there. It's just never gonna be a place where you receive a ton of volume. So for the majority of you, you'll probably never do a deal in Wyoming, and there's nothing wrong with that whatsoever. But hey, we said we were gonna do a breakdown of all 50 states, so here we are. Good things about Wyoming, it's an attorney state, there's no regulations, bad things. It's super rural, not a whole lot of in buyers in the majority of the state outside of those three cities. So you're never gonna have a whole lot of volume there. That being said, this is our episode of Wholesale Around the World with Wyoming. Enjoy this live seller call. Get some takeaways of seeing how I break down seller finance and close a deal in Wyoming that unfortunately never made it to the closing table, not due to anybody else, just crazy title issues. Enjoy this episode. We'll see you guys tomorrow.

unknown 6:23

Hello.

SPEAKER_01 6:24

Hey, is Dana there?

SPEAKER_02 6:26

Speaking.

SPEAKER_01 6:27

Hi, Dana. This is RJ Bates calling about your property there on Red Desert Road. How are you doing?

SPEAKER_02 6:34

Well, I'm alive. That's about all I want to admit to.

SPEAKER_01 6:38

You still looking to sell that property?

SPEAKER_02 6:41

Yep.

SPEAKER_01 6:42

How much you looking to get for it?

SPEAKER_02 6:45

Well, how much you willing to pay because what I've been offered doesn't even come close to what I paid for it. It's only half of what I paid for it originally, and that was 30 years ago.

SPEAKER_01 7:02

Uh, what was the reason why people are saying that?

SPEAKER_02 7:06

Uh land up here's not worth a ticker's dam. We don't want to pay nothing.

SPEAKER_00 7:14

I see.

SPEAKER_02 7:17

I've got electricity and the water on the land, it's fence. I've got a cattle garden, back hundred acres. Um live in an older mobile home that needs work on it, but uh got house buildings and such, but I don't know, I'm just not gonna sell it at a huge loss like that.

SPEAKER_01 7:40

How much land how much land is it?

SPEAKER_02 7:44

110 acres.

SPEAKER_01 7:49

All right. Well, how much do you want for it?

SPEAKER_02 7:53

Well, I'd have to get it at least what I got into, which is uh fifty-three thousand. That's the bare minimum I could take for it. Uh anything above that would be even better. But uh how much are you willing to pay for it?

SPEAKER_01 8:16

I don't know. I hadn't done much research on it. I didn't even know it was 53 acres. That's a lot of land.

SPEAKER_03 8:23

110 acres.

SPEAKER_01 8:24

110 acres, I'm sorry, 53,000. Yeah. Uh that's a lot of land.

SPEAKER_02 8:31

Yeah, it is.

SPEAKER_01 8:32

What do you do with all that?

Terms Negotiation And Motivation

SPEAKER_02 8:35

Well, I do after I'm a retired truck driver. I bought this place years ago as an investment for my retirement. And uh, of course now I'm retired and have been for quite a few years. And uh I uh just sit out here and mind my business and listen to the grass grow.

SPEAKER_01 9:02

Is it pretty?

SPEAKER_02 9:04

Yeah, I got mountains on four sides of me. Of course there's a distance, but you know what that goes.

SPEAKER_00 9:13

Right. But too.

SPEAKER_02 9:18

Anywho.

SPEAKER_01 9:20

Well, uh, let me ask you, would uh I'm sure I'm not the first person that's gonna ask you this since it sounds like you've taught to other people. But uh would you sell or finance it?

SPEAKER_03 9:36

Yes, I would.

SPEAKER_01 9:41

Well, I think now we're we're cooking with peanut oil, Dana.

SPEAKER_02 9:47

We're what?

SPEAKER_01 9:48

I said we're cooking with peanut oil.

SPEAKER_02 9:51

Okay. And I'm uh assuming you like peanut oil?

SPEAKER_01 9:56

Well, that's what Uncle Cy from Dunk Dynasty said a long time ago, so it stuck with me. I don't know why he said it, and I really don't know what it means, but meaning you're in favor of it, you're leaning that way. So, alright. If you sell or finance it to me, first of all, do you want to stay there or do you want to go somewhere else?

SPEAKER_02 10:19

I I want to go somewhere else. Want to go where it's warm for the winners. The slash weather was just too much for me, too hard on me.

SPEAKER_01 10:29

Where do you want to go? What's what's warm enough for you?

SPEAKER_02 10:33

What state are you in?

SPEAKER_01 10:35

I'm in Texas.

SPEAKER_02 10:37

That's where I'm wanting to go. Uh don't I've got I've got family in Texas.

SPEAKER_00 10:44

What part?

SPEAKER_02 10:48

Brother? Sister in law, nephews and nieces in Temple?

SPEAKER_00 10:54

Okay.

SPEAKER_02 10:55

I've got a brother got a brother in Sweetwater.

SPEAKER_00 10:59

Gotcha. Well, I've done a lot of business down in Temple.

SPEAKER_01 11:04

Um that's a good point. Um so if we were to sell our finance, what kind of terms would you want on that?

SPEAKER_02 11:16

Well, right easily down and uh figure out, come to an agreement on the uh amount of uh of uh uh what do you call it, the uh interest?

SPEAKER_00 11:37

Yeah.

SPEAKER_02 11:39

And then we'd have to come together on uh on uh uh monthly payment.

SPEAKER_01 11:49

How many how many years do you want the note to be?

Locking The Contract And Close Date

SPEAKER_02 11:54

The shorter the better, which would mean that higher uh uh higher uh monthly payment, but I had it figured out at one time that athlete was 15 years. I'm not sure that I got 15 years left.

SPEAKER_00 12:14

You sound pretty surprised. Oh, you got you got plenty of time.

SPEAKER_02 12:22

Oh you got uh I'm kinda partial in my old fat ass being alive.

SPEAKER_01 12:32

I love it. You got you got kids?

SPEAKER_03 12:36

They're all grown and on their own.

SPEAKER_01 12:39

Well, so the way that would work is if something unfortunately did happen to you, the note would just pass on to them, and so I would finish paying them off.

SPEAKER_02 12:50

Right.

SPEAKER_01 12:51

So if we did it for 15 years and I did 10% down, um I got it roughly like$377.21 a month.

SPEAKER_02 13:04

That sounds about right.

SPEAKER_01 13:08

Sounds it sounds like something that could be doable here. Uh now, as far as the the old mobile home or manufactured home, I mean, is it livable or does it need work or what's going on with it? Right.

SPEAKER_02 13:26

I'm just I'm just a weak old man anymore. I I can't do to work on a place that needs doing. Just killing my physical capabilities. Right. I got a friend of mine that lives here with me. And uh he does what needs to be doing as far as the labor goes. Uh of course he works outside my house too, so uh only seeing you know a few hours a day of that.

SPEAKER_00 14:00

Alright, let me see some of there.

SPEAKER_01 14:04

You got any animals out there?

SPEAKER_02 14:08

The four cats.

SPEAKER_01 14:10

No, I meant like wild animals. You see anything anything fun out there?

SPEAKER_02 14:15

Well.

SPEAKER_01 14:35

Did you actually get elk on your land?

SPEAKER_02 14:41

Actually, antelope more than elk. And I have never seen elk on my property. But they come within rifle range of my property. Right. Whether it don't come on my land, I don't know.

SPEAKER_03 14:56

Gotcha.

SPEAKER_02 14:58

No more elk here than quarter's gone in liver pills.

SPEAKER_01 15:03

So on the 10% down, you just you want that 5,300 just so you can move?

unknown 15:09

Yep.

SPEAKER_00 15:10

That makes sense. Well, I'm gonna be honest with you, Dana.

SPEAKER_01 15:18

How long do you need before you uh move down to Texas?

SPEAKER_02 15:22

60 to 90 days.

SPEAKER_01 15:25

That sounds like that's plenty of time. I think I want to do this.

unknown 15:30

Okay.

SPEAKER_01 15:32

So your email is Dana Secrets at iCloud.com, right?

SPEAKER_02 15:36

That's correct.

SPEAKER_01 15:38

Alright, so what I'm gonna do is I'm gonna write you up a contract for uh the 53,000, do the seller finance, the 10% down over the 15 years,$377.21 a month. Send that over to you, more close in 60, 90 days. Does that work for you?

SPEAKER_02 16:01

Yes, well, but here's one thing that may not work for you if you get it on the rears and you know, I have a foreclose on it.

SPEAKER_00 16:10

Well, yeah, of course. I mean, I'm gonna pay you though.

SPEAKER_02 16:16

Oh yeah.

SPEAKER_01 16:17

I mean, yeah, you're gonna take a lean position, and if I don't pay you, you take it back.

SPEAKER_02 16:23

Yep.

SPEAKER_01 16:24

Yeah. I know how this works, Dana. Alright. Let's do this thing. Alright, I'm gonna send over the contract. Uh you said 60 and 90 days. I'm just gonna put it in 90, so you got plenty of time. So what's that? That's uh August 30, September. How about this? October 19th is my birthday. Let's put it on October 19th. Does that sound good?

SPEAKER_02 16:55

It works for me.

SPEAKER_01 16:56

All right, Dana, I'll send that over to you this evening, okay?

unknown 17:00

Alrighty.

Now What To Do With Land

SPEAKER_01 17:01

Thanks, sir. Bye-bye. Just bought 110 acres in Wyoming. Yeah, buddy.

SPEAKER_00 17:15

I don't care what anybody says. I'm keeping it. I wanna see this ain't pretty. We're out there. We are in the middle of nowhere. This is hilarious.

SPEAKER_01 17:57

So whenever the Google Earth guy was driving down the sideway, he was just being followed by this truck.

SPEAKER_00 18:09

Now, what I have to do now is I had to figure out in the next 90 days how I'm gonna make money with that land.

SPEAKER_01 18:22

There is something that I can do to at least make a thousand dollars a month.