Exactly How to Get Your First Wholesale Deal (no real estate experience required)

Introducing the 10-Step Process and Lead Types What I really want to do on this presentation is talk about a process that I've been following. Really, it was designed to train my son, who's a college student, on how to get into the real estate business. He's actually worked with me several times. I've had him on my YouTube channel a few times. I think he's gotten two or three deals, you know, through his efforts that I've been the buyer for, but helped him along through that process of acquiring a deal and, and taking it to the finish line. And as I've been working with him, I've been thinking, OK, how do I simplify this? What can I have him do? How can I train him on how to either get a lead all the way to the finish line or close enough to where I could step in and maybe get it to the contract? And what I've done is I've really narrowed it down to what I call these 10 steps to close, 10 steps to go from a contact to a contract. And I've even developed a model that I used for how to underwrite the deal and get to my offer price. There is some adaptation obviously that needs to go into this because it is going to depend somewhat on the type of lead that you generate, how you handle the at least the introduction of this. Obviously, we treat inbound leads a little differently than outbound leads. And even between inbound and outbound, there's a Gray area between those. I call those warm leads. These are leads that may be a cold caller called and had a had an initial conversation. Maybe the seller raised their hand and said I'm interested in an offer, but there hasn't been much more than that. There's not any real discovery that was done and now you're getting that lead. I do a lot of leads like that. In fact, those are the types of leads I work with. With my son. We actually have a service through Prop Wire that has a cold call, a cold callers overseas. They call the leads they're looking for. Are you interested in selling? Would you entertain a cash offer? Great. Someone's going to call you in 24 to 48 hours. And so then I generate those leads, those come into the CRM and then he picks them up from there. And what I'm training him to do there is do that discovery, find out what's really going on. If there is motivation, I step in once he's done some discovery. But what I'm training him on how to do is, OK, now you've done the discovery, now it's time to do the negotiation and offering. And then after that, we got to get to, you know, signing a contract or you're going to set the appointment. So whether you set the appointment or go right to the contract, that's really a nuanced thing. It's what's the call to action, right? Is the call to action an appointment or is it called action agreeing on a price and terms and getting to a contract? So what I want to do right now, guys, is I want to walk through some of the scripting, some of the steps, and then I want to get to this calculator I mentioned a minute ago and show you how that works. I'm actually going to use a real live example of a property I locked up yesterday in Texas. This would be a virtual deal and kind of show you exactly how that works. So what I like to do is again, assuming that this lead the seller already had had a conversation with somebody, this is what how I would start this. This would be slightly different depending on again, if I'm cold calling, I know some of you are doing that, you know, this is going to look a little bit different. Or if it's an inbound lead from like PPC or PPL, there'll be a slight variation to this. Strategic Introduction and Initial Seller Setup But I'd like to start out with my Step 1 is really my intro and my setup. And it sounds something like this, you know? Hi Jim, this is Jerry. You spoke to my team about considering an offer on your house on 123 Main St. you know, and then I like to go right to here. Are you still interested in selling that property? I like to ask that right out of the gate. Now, they had just said within 24 to 48 hours that they were interested in an offer, but it's kind of a reintroduction to the idea. Are you still interested in selling that property? And then when they say yes, you know, I'm considering an offer or maybe or anything that's going to lead us to, you know, the next conversation is I like to say, OK, let me pull up your property. Give me a minute. I'm pulling up your property. And this is the first time I'm looking at the lead. When I was at the conference, I asked everybody in the room, how many of you are pre copying, meaning you're you're doing a little bit of homework before you call the lead. And I was surprised how many people raised their hand and said they were. I think that is a big mistake. You do not want to be looking at the properties until you actually are ready for that conversation because you're going to waste a lot of time, way too much time. So I haven't even looked at the property until they say, yes, I'm still interested in selling. And so I'm just really transparent with the seller, say, OK, let me pull it up right now and take a look. And then now what I'm doing is I'm going to whatever comping software I use. Could be Zillow, could be Redfin, it could be something that you subscribe to, could be Propwire, which is free. But now I'm going to take my first look at the property. And when I do this, sometimes I'll say, OK, looks like this is 1400 square feet, 3 bedroom, 2 bath. Is that right? Now I'm looking at it, it's telling me that, but I'll, I'll ask that. So now I'm trying to keep a conversation going. And then we're going to be like, yeah, that's right. Or no, it's actually 1500 square feet, whatever. But then my very next step in my setup in my intro is I go right to price. Not because it matters, not because I'm going to do anything about it. This is very strategic. I'm setting the tone with the seller and I'm creating in a position of authority. So I'll say while I'm pulling up the property, tell me what price were you hoping to get for this property? Now, why is that appropriate? For one, they've already identified as as interested in selling. So it's natural to ask this. Now, if I hadn't already established that, then it might be inappropriate. It might be somewhat offensive, it might be too soon. It might not be a good timing. But because they have already said, yeah, I'm interested in selling, Yeah, I'm open to an offer. It's natural now to ask this. So I'll say while I'm pulling up the property, tell me what price were you hoping to get? Now, 7 out of 10 times, they're going to tell you a number. And guess what number, It's going to be the Zillow number, right? It's going to be the market value or somewhere close to it. Usually 3 out of 10 times they're going to give you a number that is actually a discount. It's not bad. It's could be way discounted, but those are short of the outliers. Typically expect them to say the Zillow number. In fact, if I were in their shoes, that's what I would do. I would lead out with what I call the pie in the sky number and see what they say. You know, maybe there's a slight chance this crazy investor will give me market value, you know, like that would be what's going through their head. So just expect that. So whatever they say, they could say, you know, if the Zillow number is 300 and they say I would like 300, I just say, OK, thank you for that. Let's take a look and see what's going on. Love to give you a number and see if we can work something out here. You know, I just acknowledge it. That's all you're doing is acknowledging whatever number they say. Mastering Discovery: Uncovering Needs and Building Trust Step 2 then is to move into discovery and in discovery, Discovery for a lot of people I see is way too extensive, like they're uncovering way too much. They're overqualifying the lead. In fact, the less you qualify the lead, the more deals you're going to do, as odd as that sounds. In fact, we've tested this really honestly, we'll go on appointment. If they're interested in selling, they have equity. So we're going to pull up in a conference tool and see what kind of equity they have. Prop Wire tells you right there if there's a loan, how much loan there is, how much equity it has. Just look at the address and I'll tell you that instantly. We don't want to go on appointment if there's no equity because doesn't matter if they're motivated, If there's no equity, then we can't get a deal done. So that's really the only qualifier honestly we have is is there equity? It may be beneficial to uncover some motivation and do a little bit of discovery. But again, keep it high level. So here's what it looks like. First thing I want to find out is, is there is there hardship? So you're going to say something like tell me a little bit about what's going on. What's got you wanting to sell right now? Now this needs to be light hearted. You don't push too hard on why do you want to sell? Because it might be offensive, it might be none of your business. It might kind of put a wall up. So be sensitive to this, but I'll just say, tell me what's going on here. What's got you thinking about selling? You know, no pressure, but hey, what's what's got you thinking about selling right now? If they won't really give me much, a follow up question I'd like to ask is, hey, I'm curious here. You know, this looks like a great property. Why haven't you listed this for sale with a real estate agent? And that's a very revealing question because most retail sellers know that if they list it with an agent, they're going to get the highest price the market will pay. I don't need to talk to an investor. I'm not desperate. I'm not there's no urgency here. There's no hardship going on here. I'm just going to sell with an agent. That's how 95% of the market thinks. We're looking for the 5% that doesn't want an agent. They want speed and convenience, right? So this question is very telling. It's a great question to ask. And so that helps us uncover hardship. The second question is urgency. So I'll say something like, hey, assuming we agree on on an acceptable offer, I don't know if I can, I don't know if I'm the right solution for you. I like to do a take away, right? I like to say I don't know if I'm the right solution for you or I don't know if I'm the right buyer. I don't even know if we can agree on terms or price. But if I could, how soon would you be hoping to close and get cash in your pocket? Another way to say this is, hey, I'm not saying we can, but if we could close by and then I like to pick a arbitrary date 30 days from now, at the end of the month, end of the quarter, end of the year, something that's around 30 days or less, would that be too soon for you? Sometimes I'll go about 3 weeks. If we could close in three weeks, would that be too soon for you? Now that's going to unveil urgency. They might say, Oh, well, you know what? There's no way I would try to sell before Easter and Easter's in two months from now, let's say, you know, like they're going to tell you how quickly they're hoping to get something done. OK, next question is around condition. Again, this is something that I see so many new wholesalers overcomplicate and overanalyze. They, they focus way too much on condition. They start asking about how old the roof is, how old the furnace is, when was the last time, this and that. I just keep it really simple. Hey, tell me a little bit about the condition. Have there been any updates done in the last five years? And honestly, I don't even need to ask that question. I don't really care because we're going to go on appointment and if we're closing on the phone, we're going to have a due diligence period and we're going to send somebody out there and we're going to get ahead around that anyway. And I already assumed that it needs fixed up. I build that into my offer. It's built into my numbers, so I don't need to dial in like what's my rehab number? I don't care. It's not even important. It's a good question, but just keep it high level. And then the other question I like to ask is, is there another decision maker? So I'll say, hey, in order to make a decision about your property, is there anyone else that you would need to get on board, like let's say your spouse? Another way to say this is, is there anyone else who would be upset if we put a deal together today? Now part of this is because it's important. I want to make sure I have the other decision makers there. But the other part of this is notice here that this is setting up for a close. This is setting a pre close. I think about it like this is the way I like to look at this process of discovery. I pretend like I've got my contract out and I've got it on the table while I'm on the phone and while I'm doing my discovery, I'm filling out my contract. OK, 30 day close. OK, great. Oh, it's vacant. OK, So what else is important to you? OK, great. I'm, I'm filling out my contract right now. I'm assuming that they're going to sell to me. And so I'm just helping understand what's going on. What do I need to do what what's important to you? And then prices like the last thing we fill out in the contract, I want them to commit to selling to me before we've even gotten a price. By the way, before I get to step three, remember, the reason why discovery is the most important part of this is it's not so much about is their motivation is their urgency. It's a little bit about that, but it's more about you connecting with the seller. Speaker 2 It's more about. Speaker 1 You creating a relationship, establishing trust, that's why we do discovery. And so labeling and mirroring are two techniques that allow you to really connect with that seller. So you're going to say things like, hey, it sounds like closing in two weeks is really important to you. What you're doing is you're giving benefit of the doubt. You're giving the seller permission to be seen and heard. I hear you tell me more. Sellers want to be heard. They want to be seen. They want to feel like you care about what they're going through. Remember there, there's hardship here. So are you showing empathy? Are you showing sympathy? Are you being understanding of their situation? Mirroring is repeating what you heard. You know you can't create a solution if you don't fully understand their needs and then help them articulate their problem. It's like you need to bring the pain to the surface so that they can feel it on an emotional level. That way your solution becomes so much more powerful. By the way, I like to do, it's a reverse selling technique where I might say something like, you're probably going to tell me that you already have a buyer for this property, am I right? I'm making a false assumption to give the seller permission to make a correction and to not feel threatened by me, not feel like, hey, I'm doing a sales pitch right now. It gives them that permission, right? So when you say something that's like the opposite of what you think, I'm guessing that you already have a real estate agent that can sell this property for you, am I right? They're going to go, well, no, I don't. I don't have an agent yet. I'm just now thinking about selling. It's taking away that subjective bias because nobody wants to be sold. Everybody thinks that you're there to sell them on something. So think about ways that you can position and say things that can be really helpful to that. Securing Commitment and Stacking Value Pre-Offer OK, so Step 3 is then what we get what we call the pre close, the pre close and the pre closes where we're looking for a commitment before we actually negotiate price. And if you notice here, we're already doing that all the way through our discovery, you know, like if you look at our discovery in order to make a decision about your property, is there anyone else that would need to be on board here? So we're we're setting up the seller to already do a deal with us. And so that's what the pre close needs to look like. It needs to be a commitment before negotiating. So I'll say something like, Hey, I'm not saying I can, but and I'm not saying it even makes sense, you know, maybe I'm not the right solution, but if I can get you an acceptable offer, would you be opposed to putting together an agreement today? Love this phrase. Another way to say this is if I could do XYZ close in 30 days, buy the property as is, buy it with your non paying tenant that's in there so you don't have to worry about that anymore. Would you be opposed to putting together an agreement today? So similar type of way of saying that, but remember when you say be opposed to putting together an agreement today, the answer is no. I wouldn't be opposed. Which means yes. I'm open to that idea. It's getting a no to a yes, right? You're getting them to say no because naturally people want to say no. You ask them a question, the wall up psychologically, they want to say no, no, whatever. This guy's asking me say no. So think about no questions that mean yes. OK, Jerry, would you be? Speaker 2 Opposed to me asking you a question right now. Speaker 1 I would not be opposed. Speaker 2 Can you talk about how long that discovery phase really could be or should be? Speaker 1 It's going to highly depend on the seller's personality. So I'll give you an example. I was doing calls with my son Jonathan, and the leads are are nationwide that I do with him. And we had a batch that were in New York City in like Brooklyn, NY City and everybody we were talking to were middle-aged Italians. You can hear their Italian accent in New York City. These guys were like fast. They were to the point they were punchy. They were short and so I immediately adapted that style and the discovery process was like fast. I mean, it was minutes because that's the seller here in the South. Like I'm in Tennessee now. I've had to learn in Tennessee how to slow everything way down way more than I naturally want to be. I'm like, I'm like, OK, OK, OK, next, next, next. That's my tendency because I'm just, you know, like I, I want to move now, you know, but down South you got to slow it way down. You got to you got to just go at their pace. So I try to pace with the seller. I had a call with a seller who was in heir and he was the executor of the will and there were a bunch of siblings and they were all squabbling and fighting over mom's estate. And so he went on for literally half an hour complaining about how all his siblings suck, how none of them helped take care of mom. He was the only one that took care of mom. He was the only one that cared about mom. Now all they care about is the money. All they want is the money from the house. And, and he went and I just listened and I said, man, that must be so hard, man. I can't imagine what that would be like. Man. You must have a lot of pressure on you. And that we didn't talk about the house. We didn't talk about anything else. I just let him cry on my shoulder. And when he was done ranting, he says to me, you know what? I like you. I'm selling this house to you. I've already been talking to other buyers, but I'm not going to talk to them anymore. You're my guy. We didn't even talk about price yet. You want to be very cognizant of who you're talking to and what they're going through. If you listen to my calls, I do with tired landlords, I don't mess around. There's, there's not an ounce of empathy because they don't have any empathy. It's a rental property. There's no emotional connection with a tired landlord. Did that answer your question, Taylor? Speaker 2 Yes, but you've probably noticed that Mark Gabriel is spending a lot more time on the discovery because he's in the homes with the people. Speaker 1 We're typically on appointment for an hour, hour and a half. So those are much longer, much more in depth. And you're also walking the property. You're talking about everything. You're getting deeper insights, but it's all about the connection. Like you do not want to get to the negotiating price without having very strong connection. I think about it, if you're not building trust the entire time, then you're never going to lead to a sale. So that's front and center. It's happening from the minute you say hello to the minute you say goodbye. Every step along the way. It's how am I connecting with this person on a deeper level? When we go to that pre close, the next thing I'm going to do is I'm coming right back to price. Now what I'm going to do though, is because we've done discovery now and in my discovery, as I'm going back and forth, what I'm doing is I'm offering solutions to every single problem they have. I was working with a wholesaler recently and he hung up the phone halfway through discovery because it was a sun, the sunset. It's mom's house. I'm helping mom, but we need to move mom into a home, a senior living home. And I don't know the first thing about that. I don't know where to find one. I don't know anything about it. I don't know the cost or whatever. So, you know, that's why we're not selling the house yet. And he's like, oh, shoot, I don't know anything about that either. OK, I guess I can't help you, you know, buy. And I said to him, I said, what do you mean you don't know? He's like, I don't know anything about doing that. And I said, you don't think you could figure it out? He said, well, yeah. I said, here's your answer. No problem, seller, I can help you find a home. In fact, I can find three options for you. I can get the pricing for you. We can help move her. We can put whatever stuff she wants in storage. We can throw the rest away. We all we do is solve problem. Anybody could say anything to me and I'll say I can help you with that. And even if I don't know how I'm going to figure out how again, it's all along the way is we're we're finding solutions to the problem and we're stacking up the the deck, right? We're creating a solution deck. They're giving us a problem deck and so then we get back to price. It's going to sound something like this. I'm going to say, hey, if I could get you an offer that was as is. And I, by the way, I explain what these things mean. We use this vernacular in in the industry because we just get it, but doesn't mean everybody else does. So I'll say if I can get you an offer that was as is. And what that means is it means you don't have to make any repairs. In fact, you could leave everything there you don't want. I'll take care of all of that. And if that offer was all cash and what all cash means is there's no appraisals, there's no financing, and there's no commissions or any cost to you. And if I could close on your timeline, you said three weeks was important to you. And if I could move your stuff in the storage, if I could take your non paying 10, if I get this, this, this or whatever things they told you, if I could do all of that, what would you take for an offer like that? And I'm asking price all over again. But now I'm asking it after I've done a bunch of value stacking throughout the whole process so far. And what I'm hoping happens now is they come off of that Zillow number and they give me an actually more realistic number. And then that's my number. I'm going to base on the second number now. Now they may say the same number. They may say, well, I told you before it's 300. I'm not taking anything less than 300. You know, they may do that. But what I'm hoping here to do now is do a mindset shift, OK? But this is where I now start to show value in in solutions. OK, so then what we're going to do is we're going to get to our anchor. The Anchor and Instant Offer Calculator Explained The anchor needs to be unrealistic and needs a solicit to know. And it should be an idea, not an offer. So it's sound like an idea. So it's going to say something like this. In a perfect world, it would it would be great to be in the low one hundreds or I love this one. I use this one all the time. I imagine if you got offers from other investors, they would probably be in the high 2 hundreds. OK, now let me pause right here. I'm going to tell you a story. And this was literally a contract I signed yesterday on this property right here. OK, this is in Vitor, Vitter, Texas. I don't even know where that is. It's in Texas. Now. My first call with this seller was a couple weeks ago and the seller was actually under contract already with another wholesaler and they were having a horrible experience and they were under contract for 65,000. And the wholesaler was trying to do an ovation. And so the seller said to me, I'm with a buyer right now, but I'm really frustrated. I don't know what's going on. I'm super confused. And I said, OK, you know, tell me what's going on. I'd love to see if I can help you out. And so she said, well, I don't know. I, I signed an agreement for $65,000. The next thing I know, an agent knocks on my door and wants to come in and do pictures and is talking to me about showings. And I said, yeah, I'm confused, too. Why don't you send me what you have? So she sends me her contract and it's an ovation. It says right on there, this is what we're going to do. There was a pre marketing clause. There was an agreement that blah, blah, blah, right? Like there's an ovation. So I explained here, I said this is what's called an ovation. Here's what they're doing. They're going to try to market your property for sale and sell it. And they already had listed it for 90. So it was on the market for 90. And the sellers like didn't even know this. So I said, look, they're trying to sell it for 90. And what's going to happen is they agreed to pay you 65, they sell it for 90. The net difference they're going to keep in their pocket as their profit. Do you understand this? I, I like walked her through it. She's like, OK, I don't, I don't want that. And I said, OK, well, that's what you signed. And she's like, well, I don't understand what I signed. So horrible wholesaler, horrible job explaining walking them through. I said, listen, if you want to sell this property for the most money, hiring a real estate agent is going to do that for you. So let's just say I said hypothetically, let's say that you get out of this deal and you want your back to square one, which is sell the property right now. In order to sell the property, an investor's going to need a discount, but a real estate agent could sell it for market value, get you the most money. She said to me point blank, she said, I absolutely do not want a realtor. Now she's living in the home with her brother. They inherited the property from mom. It's already gone through probate. They just don't want anybody in there. You know how some sellers are that way? They don't want showings. So she says I absolutely do not want a real estate agent. I said, OK, well, that eliminates selling it for retail. An investor like me is going to want a pretty steep discount. So I don't know if I'm the right buyer. I told her. I said, you know what, I would need to be quite a bit lower than the other people you contracted with. So I don't know if I'm the right solution for you. And I said, by the way, you've got to get out of this if you don't want to do it. And I gave her some ideas. Make sure you get in writing that you've terminated the contract if you don't want to go forward with these guys. I never talked to her again after that. Two weeks goes by and she calls me back and she says, I did exactly what you said. I got out of the deal. I even have it in writing with a termination letter that the contracts terminated and they took it off the market. And I said, OK, what do you want to do now? And she says, well, can you make me an offer? And I said, yeah, but you're not going to like it. You don't want an offer for me. And she's a no, no offer. And so this is where I now move to this. I'm going to show you what I did. So this is what I call an instant offer calculator. And this is no ARV, no copying and no repairs. It's none of that. Here's how this works. The first thing I've done is I've created what I call an as is scale or like an algorithm. And the way I think about the business when it comes to wholesaling is my wholesale fee is directly correlated with the price of the home. So for example, if I'm looking at a deal that's under 100,000, those types of deals, I'm typically going to look for about a $10,000 wholesale fee. If it's under 100,000, when I jump up to 100 to 200,000, I shoot to make a 20,000. When I go to 200 to 300,000, I try to make 25300 to 400. I want to make 30 and if I'm at 400 to 500, I want to make 40 and so on. So, you know, if I'm going to wholesale a $4 million home, I'm going to try to make a $200,000 assignment fee. It's an economies of scale, right? It's a percentage of value for the most part. Now you can get whatever you can get, but generally speaking, we're going to carve out a sliver of the pie and we're going to pass on the rest of the pie to the end buyer. So this is the scale I created. Now you can adjust this to whatever profit formula you want. So this is my profit scale based on price point, and then this is the exit formula of a percentage of the value. Now what I need to figure out is where do I start with? So what I want to do is I want to look at the as is value of a property. And the way that I determine an as is value of the property is the Zillow, realtor.com, Redfin. And you can put in another tool in there if you want. So sometimes I'll put in here prop wires number that we run. And then what I'm doing is I'm getting an average. So on that property that we just looked at, Zillow called it 103. See right here Redfin calls it 145. realtor.com does 3 different numbers on their value. They use collateral analytics, CoreLogic, and Quantarium. I want to move to February because there's a just in time in February they said one 64124 and 79. So I took the average of those three to get my realtor number and all three of these numbers I plug in right here. If I put in Zillow at one O 3, realtor.com at average of 122, Redfin at 1:45, it tells me my average of all of those is 123. Now why do I put value on this guys? If you look at the reports that they put out Zillow, realtor.com and Realtor and Redfin, they all put out annual reports. I think they even do it quarterly or monthly. They post how accurate they are to their estimated values and there was in percentages. They're really good now. Used to be sort of a joke like the Zillow number, but they've invested millions of dollars in their algorithm. They look at millions of data points and they're very accurate. Now it's not ARV. This is would be as is. So I'm going to assume now that the as is value of that house I'm looking at is 123. Now is it up or down from there? Maybe, but I'm ball parking now to get a very good idea on value and I'm looking at multiple data points to get there. OK, now at 123, you'll see that I fall into the 100 to 200 range, right on my formula scale, which means these formulas are all built in. That means I'm going to be exiting at 50%. That's where my buyer wants to be. That's 61,000. So I want to exit this deal AT616, which means I want to make a $20,000 wholesale fee, which means I want to be my Max buy would be 41. So I take this number with a grain of salt, but it gives me now some parameters. I'm not only looking at what my formula tells me here, which is the most I should pay is 41, but I'm also looking at that in relation to what the seller tells me. Let's say that the seller said to me, I would take 41, six, I'm still going to anchor. And what I'm going to do is I'm going to anchor at 20. I'm going to say, look, you know, in the perfect world, I'd be at 20 on this. Oh, you can't do 20. Well, how close to that can you get? See, I'm going to follow the same process and I'm looking at two things. What's the seller telling me and what is the as is value that I'm looking at with my formula? Now notice here I'm not comping, I'm not looking at ARV and I'm not estimating repairs. The only brain usage I need to use here is zillowriller.com and Redfin. All I have to do is plug these numbers in and it's going to run the formula for me. Now this offer price is where I want to anchor. So I I have another formula here that just goes lower and gives me like an anchor number. So my anchor here would be 27 and that's what I did. I told her, you know, honestly, if you want me to do something here in the perfect world, I probably need to be, you know, somewhere in the 20s, maybe 25. So it's an idea. And guess what she said to me? She said we need to get $34,000. Exactly, to get out of everything, to pay our bills, I owe $1400 in property taxes still on the property and everything else. To pay for the funeral that happened, I need $34,000. And so I said I don't know if I could do 30-4, maybe do 30 because I didn't want to just give her 34 A couple times I anchored back and forth. I'll show you that in a second, how we go back and forth and she just could not budget off of 34. And I said, all right, you know what, I really want to help you out here. Let's go ahead and and do this at 34,000. If I can get you 34,000, are you prepared to sign today? And she's like yes send me over the agreement and I'll I'll sign at 34. I digitally sent her the agreement 5 minutes later. She instantly signed. I don't think she read it because I got it. I got the e-mail back like instantly. So I have this now under contract at 34,000. But this is how I got to that number. I didn't go copying. I didn't look at everything. Now once she says yes to 34 before I send my contract, I jump on and I start looking around. I just want to make sure I feel good about this decision now. But this allows me or my son let's say, or anybody to actually make offers without even having to have any skill set whatsoever on figuring out value. I look at it like this, I only have so much brain space in a day. Like there's only so many things my brain can do in a day. And if I exhaust all of my brain power by noon by comping, which is a high brain layout level activity, then I'm going to be fried by noon and I'm going to have nothing left for the rest of the day. And I'm going to be mush when I get done working and collapse on the couch because I expended all my energy comping all day long. Like it's just too much energy, too much work. You got to think and concentrate and look at this and, you know, try to get everything apples to apples. It's hard, you know, So like I saved that for when I absolutely need it and this like calculator here allows me to do that. Do you guys want this? Negotiation, Final Offer, and Post-Contract Steps By the way, I'll give it to you. It's it's just something I created. Do you guys think this would be helpful? I'll I'll be happy to share this with you. So now I do this while still talking on the phone and if you're going on appointment, I would just run this before you go. That's all. Take you a minute, run it before you go. You have an idea of where you want to anchor, where you want to be and all that. And then that's what allows me to create my anchor number. Remember, she was under contract for 65. She was under contract for 65 S clearly she was OK with 65. I went to the mid 20s. So she said no. Then I said, OK, I totally get it, that's my price in the perfect world, but how close to that can you get? She said, honestly, I really can't go under 34. That's my Max I can do. And then I just follow the steps. Like I don't think about this. I just follow the steps. So I said, look, if I could get closer to like 30, how would that sound? No, you can't do 30. What about 31? I appreciate you working with me. I'd love to see if we can get something done for you. How close to 30 can you get? Well, Jerry, I told you I can only do 34 and I just repeat the steps. Well, if I could get, if I could come up to let's say 32, how would that sound? Now at this point, I've already got a deal. I know what I'm trying to do now guys is carve out another couple $1000. I already know that I've got a smoking deal at 41, so I'm just negotiating more profit. And again, am I manipulating? Am I taking advantage? No, the seller will tell you their bottom line. This they're of sound mind. They can clearly make a decision. I already told her how to make more money. I've told her, hey, if you want to make a lot more money, don't let me be the buyer. You're not going to make more money if I'm the buyer. I'm just going to make it easy for you. And it's fast. By the way, when I was asking like how soon you want to close, I said, look, I know you've had a bad experience. I know this is drug on for a while. If I could close like at the end of the month, like as soon as title is ready, maybe 10 days, would that be helpful to you? Would that be important to you? And she said, whoa, you know, we want to do it, but I got to be in the home for Easter. And I said, all right, well, after Easter, is that is that what you're thinking? She's like, yeah, anytime after Easter. Well, I would love to close. And I said, I'll tell you what, let's put down that we can close on the 17th, which is in 30 days. But if title's ready and you're ready and everybody's ready after Easter, like on the Easter's on the 5th, if you want to do it like that week after that, we could do it then. And she's like, great, that would be perfect. So again, I'm pre closing, right? So now I'm going back to this and I'm saying, OK, if I could get closer to like 32, how would that sound? How close to that can you get? And then finally, you're going to give a hard number, right? You're going to say, hey, I appreciate you working with me. I would love to put a deal together with you, if you would be willing to put together an agreement right now, today, I would be willing to come up to the 34. Can we make that happen? And that's where now you finally give step 10 is that firm offer. So most of this guy's like step 6-7 and eight. This is just your countering, you're negotiating, you're you're just following the same format. That's it. Like guys, that's the process I follow. I think this is something that anybody can do. Like you don't even need to be super experienced at this. And this is how you can lock up really great deals. This process is what I found to be the most efficient, simple way to go from that initial lead all the way to your contract with a seller. And it and it's at this point when we agree and I go to contract now there's a whole nother set of things that I do with the seller. What I'm going to do at this point is I'm going to set up my disclosure that I might wholesale. I'm going to set up proper expectations on my walkthrough and my due diligence period. If I'm in person and I've walked it and I've seen it and I feel really comfortable, I'm going to wave inspection. We don't need it. Now I see what I'm looking at here. I'm going to tell them, look, I'm going to put down earnest money. I'm going to go hard on the earnest money. So now I'm walking them through expectations. You're going to get a call probably later today or tomorrow with my closing coordinator. And now I'm doing my daily communication with the seller. Every single day they're getting a touch point until closing.