When Your Lead Isn't Who You Think They Are | Seller Call Film Room

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Transcript

Why This Lead Wasn’t A Seller

SPEAKER_00 0:03

Welcome back to Seller Call Film Room, the series where I'm going to show you guys a live seller call, but give you one thing to pay attention to and take away from today's video. And what we're going to see today is the lead was not a motivated seller. The lead was actually a wholesaler. Okay, now this is interesting because some people would look at that as a negative. I looked at it as hey, that's a positive. I can speak the language, I could go right into it. What's the after repair value? What's the rent rates? Do you have pictures? What's the occupancy? And then the solution there is I'm not trying to buy the deal from the wholesaler. I'm offering to be their dispo partner. Now, why would I automatically assume that they would be open to doing a joint venture? Because if it's a PPL lead, which is all that we use here, speed the lead, lead zolo, property leads, red panda, they're literally filling out a form. They're seeking buyers. So this means they probably don't have investor lift, investor base, all the display softwares. They're literally out there just hoping and praying that on a PPC lead or ad that somebody would be an in buyer and they're just speaking to a bunch of other wholesalers. So I don't look at this as a negative. I'm looking at it as like, hey, this is an opportunity for us to monetize otherwise what most would consider a dead lead. Let's do a JV on this. Hey, are you opening that? So we were able to close this. Now I remember this. This is a while ago. This I went back into the archives to find this seller call. What I will tell you is this deal did not make it to the finish line. We ended up having to terminate because it was overpriced, but it gave us an opportunity to at least establish a relationship with a JV partner. I think we ended up JV on multiple other deals after this, connecting with and building our network of people that want to do business with us. And

Reframing Wholesalers As Partners

SPEAKER_00 2:16

it gave us an opportunity to try to move this deal. We were newer to using the investor lift platform. And like I say on the video, I had access to 1,700 buyers. Why not take an opportunity? It's a tenant-occupied property. Let's see if we can move it, get feedback, go back to the seller, try a renegotiation if necessary. But my other only other option was to just walk away from it. Absolutely not. I am always going to take that opportunity right there to see, especially if I feel like the numbers are close enough to give us that viable option of trying to be that solution for this new wholesaler. So we absolutely took our chances and tried to monetize that lead. So enjoy this episode of Live Seller to Call Film Room. Have you successfully been able to convert a lead that was a wholesaler to a JV deal? If not, why not? Let me know in the comments. Regardless, show me some love like today's video. We'll see you guys tomorrow.

Call Starts And Price Check

SPEAKER_00 3:46

This is RJ Bates. How are you doing?

unknown 3:49

Good, good. How are you doing?

SPEAKER_00 3:51

Good. Hey, I was calling about uh 1212 Madison. You had uh entered it on my website saying you're looking to sell that. Are you still looking to sell?

SPEAKER_02 3:59

Yes, sir.

unknown 3:59

Yes, sir.

SPEAKER_00 4:00

All right. Uh what's your asking price on that?

SPEAKER_02 4:03

Um I got locked up at 140, which I believe is a little bit high. I'm looking for somewhere around 145. Um, but I'll fly both because like I said, I do believe I locked it up a little high.

SPEAKER_00 4:15

Gotcha. So you're a wholesaler, right?

SPEAKER_02 4:18

Yes, sir.

SPEAKER_00 4:18

Okay, and uh have you ever heard of me before?

SPEAKER_02 4:22

Absolutely. No, I'm uh I I appreciate you taking the time to uh reach out. I've definitely been watching your videos for a while.

SPEAKER_00 4:29

You're on a video right now.

unknown 4:32

Oh beautiful.

SPEAKER_00 4:33

Yeah, there's only there's only 150 people watching, and don't worry about it, okay? Don't don't screw up, okay?

Tenant Situation And Repair Reality

SPEAKER_00 4:40

Just kidding, man. All right, what's the what's the rate? Is it occupied or vacant?

SPEAKER_02 4:45

Uh it is occupied. It is uh, I'm noticing in South Milwaukee, um, there's a lot of these properties that have been grandfathered in and single families, but this one sort of rented as a duplex for 10 12 years.

SPEAKER_01 4:57

Okay.

SPEAKER_02 4:59

It had tenants in it for I'm gonna say uh the past the same tenants for the past six.

SPEAKER_00 5:06

And how much are they paying?

SPEAKER_02 5:09

Let me pull that up here. That is gonna be six fifty downstairs and five fifty upstairs, which I think is a bit below market reps.

SPEAKER_00 5:28

Right. That and that's gonna be the the hard part of trying to dispo this as well as those rent rates. Um, does it need any repairs done to it? Or I mean, is it I mean they're good and they they obviously have been there for a while, so they they want to stay, correct?

SPEAKER_02 5:45

Um yeah, they are they want to stay. Um leases are month to month.

SPEAKER_01 5:48

Okay.

SPEAKER_02 5:49

Um the seller is an older gentleman. Um he just turned to 80, so he uh he does things real old school.

SPEAKER_01 5:56

Okay.

SPEAKER_02 5:57

So it's in addition, but it could use it baseline.

SPEAKER_01 6:02

Okay.

SPEAKER_02 6:03

But but nothing structural at all.

SPEAKER_01 6:05

All right.

SPEAKER_02 6:10

Approximately 15 to 20 hours is where the way. That might even be a little bit high. Okay.

SPEAKER_00 6:23

What do you what do you have an A or B on this as? It's a duplex, right?

SPEAKER_02 6:35

Yeah, that was the difficult part of finding cops in the area. There's a lot of these units that are of zone single family but fully rented in a duplex.

SPEAKER_01 6:44

Right.

SPEAKER_00 6:54

Do you have pictures?

SPEAKER_02 6:57

I do on the exterior, we get into your pictures tomorrow morning.

SPEAKER_01 7:02

All right.

SPEAKER_02 7:15

It sold across the street from 195. Um fully recated, but that is a true single family.

SPEAKER_01 7:23

Right.

SPEAKER_02 7:28

So I mean, I was realistically um going off that one, and there's a few more down the street, going with an ARV of around 195 to 200, but like I said, I I gotta believe that's a bit skewed.

SPEAKER_00 7:43

So how did you land on 140 with the seller?

SPEAKER_02 7:47

He started at 150. Um, and I just I kept going for a few days trying to get him down, trying to get him down. And yeah,

Using InvestorLift To Find Buyers

SPEAKER_02 7:56

the lowest I can get him to was 140.

SPEAKER_01 7:59

Okay.

SPEAKER_02 8:01

Are you would have been a better deal around 120?

SPEAKER_00 8:04

Yeah, I agree. Um, are you familiar with investor lift? I am not, no. Okay, so it's the platform that I use for for dispositions. Um, it it basically is built by the users, and so it's basically a platform where you share buyers list. Okay, and so I'm at the the highest level that you can be at. And so that gives me skip trace data on 3.7 million buyers, and so I'm just looking here um at my buyer's list in this specific area. Let me see how many buyers we have. That gives me 1700 buyers in that area. The the best thing that I could probably do for you is is if you want, we could JV the deal. I could send it out to those buyers, get feedback from them pretty quickly, and then we're gonna know if we're able to move it or if we're not, especially once you get those interior picks tomorrow. Um, you know, because through this system, I can immediately send out text messages, emails, put it on the website. I can decide which buyers see it, which ones don't, and then I'll I'll put one of my dispositions guys on it and start calling the VIP buyers, which are the known cash buyers in that area. So I could do that for you and we could try to move it quickly. Um, that way you're not spending your time trying to mine for buyers and dispos something yourself, and then we'll also get feedback on whether or not it can be moved at this price.

SPEAKER_02 9:42

Absolutely. I'd uh I'd be very interested in that if this is I would consider the child one child contract.

SPEAKER_00 9:51

No, no, that that won't be the case. Honestly, I'm looking at it, and I there have been a couple of duplices that have been bought by cash buyers at pretty close price. It's just gonna come down to that condition on the interior because the tenants have been there for so long. But again, that's the good thing about this, is we can put it out there, we can have conversations with the buyers and understand where they are, and then we can even go back to the seller and just explain listen, no investor is gonna be willing to buy this uh because we know all the investors. That's the benefit of being on this. So we can say, listen, we've we've put this out in front of all of them. This is where they they say they need to be. And so I don't know what unicorn you're gonna be searching for, but we we have the answers for you. So if we even need to jump in and have that conversation, that wouldn't be a problem either.

SPEAKER_02 10:37

Yeah, I'm uh I'm very open to that. I'd love to we can work out.

SPEAKER_00 10:41

Okay,

JV Terms And Next Steps

SPEAKER_00 10:43

let's do this. Um, go ahead and email me over all the information that you currently have. So send me the the exterior pictures that you have. Um send me over the the signed contract that you have, and what I'll do is is I'll send over a joint venture agreement, and that way we can get that signed. That gives me the rights to be able to do the marketing for you. And uh then tomorrow, once you get the exterior pictures, we'll be able to throw it on the site and we'll get this going.

SPEAKER_02 11:11

That sounds perfect. Okay, definitely send you an email with all the information I got in there. I know I have a sheet somewhere in my uh my Google documents with a bit more correct comps and some.

SPEAKER_00 11:22

I gotcha. Don't worry about the comps because we've got that. I just need the information that you've got. So, really, just the pictures and the signed contract, and then I'll get you over that JB agreement and just email it over to RJ at titanium props, P R O P S dot com.

SPEAKER_02 11:40

RJ at titanium props. Yes, sir.com. Awesome. I will do that right after we get off the line here.

SPEAKER_00 11:51

All right, thank you, Maxwell. Appreciate you, bud.

SPEAKER_02 11:53

Absolutely a pleasure to be with you, and I hope you have a wonderful day.

SPEAKER_00 11:56

You too. All right, you too, buddy. Have a good night. Bye bye.