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April 18, 2022

Ep 161- What Are Novations In Real Estate?

Ep 161- What Are Novations In Real Estate?
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Alright, so I'm gonna start off Sunday. Today I'm wanted to cover something that's part of the creative finance. And Anthony has a story to he'll be here shortly. But it's anybody who has innovation agreements are at all. Anybody Novation. Okay. So we're gonna cover innovation agreements a little bit and where it comes from other stuff at the end, too. But Novation agreements are like a creative finance strategy that you can use to get more deals and more deals. So now everything is a wholesale deal. And we always say that a lot of it is a wholesale deal. But there's opportunity out there that you can make, to still make a deal happen if you look at it through different lens. So Novation agreement is, let's say, Ariana houses 200 wholesaler wants it at 110. And the seller needs 131 40. Right? There's still opportunity there to be made, if you can negotiate the right terms. So it's not necessarily subject to where you to go with a versus mortgage. But innovation agreement is where you make an agreement with the owner to take partial ownership of the property. And you can bring in your own funds to rehab the property and then close and then pay out your spread. So let's say the seller wanted 130. And every wholesaler so not 110 110 110, you offer the seller 130. And you can take usually do like a double, double closing on this. So you secure your interest by actually getting your name recorded on the deed. And from there, you just record the A anything over 130 as my money will pay all the all the all the closing costs, all the agent fees, all that stuff will bring in rehab, it will do all that stuff, if you agree to 130 If you agree to 130 As far as the total purchase price. So that's kind of idea what we do. So if you can negotiate the upfront amount of what they're going to get paid out, you can bring in the rehab money or if Mr. Like people like Bob Kerr, the rehabber, they can actually go in there and rehab the house and still make a deal happen and click the spread. And how's it been, fully purchase or takes up to or, or do anything like that? So those cuts kind of funny though, because like all these different terminologies, meaning that you have done, I'm actually working on some I'm a partial Novation agreement. Novation deal right now that I'm partnering with the owner, I brought the rehab money. And that's what I'm doing right now. I guess I never use that terminology very often, but I'm working on right now. And then Anthony's done before too, with a seller, Anthony van to kind of go on your story. Yeah, I was gonna say I was doing Novations before I even knew what that meant. I was just creatively structuring deals because I didn't have any money in my pocket, mostly just for marketing. So I came in with like a creative hammer, because I saw that people were doing sub two deals. So I was like, You know what, I'm gonna come in here, and I'm gonna start trying to sub to everything. And usually that people talk about sub today talk about houses and cash flow. I started sub doing everything farm and ranch, mobile homes, everything. And then whenever I didn't feel like buying it, my last ditch effort to the seller was, hey, I'll pay for the remodel, if you like, sign me over the house. And then we'll list it for full price on the open market. And then I'll pay you when it sells for full price. And they were like, Yeah, that sounds perfect. Because they didn't want to sell at a loss. They wanted to maximize profit. They just didn't have the money for the rehab. So I was just trying to just be creative and put deals together. And I didn't know that it had a name. But yeah, that's super, super powerful. I mean, if I lead with that first, before I even think about buying the property, I'm going to get there and try to see if I could get a big deal down creatively. Novation sub two something who in here does not know what the term sub two means? Or creative finance. Nobody wants to admit it. Yeah, we haven't. I still don't understand the Novation but we can come back to it. Um, but so creative I get that's all innovation is is it is a creative strategy where the seller gives you They pretty much give you control of the property temporarily so that you can do what you have to do to fix it up and get it sold. As far as title. Yeah, as I say they don't even transfer the title over to you. You It just protects you on paper that you were the partner that did the deal. So it does, I think, and I got to ask them more questions, because I'm still learning to think Daniel knows more about me than observations, but it doesn't go it doesn't look like your company sold it at all. Your partner the deal? Yeah, you, you, you, you secure your interest by actually coming on title, but they don't transfer title. So they just filed paperwork that you're coming on as title as a part owner. And then you just have a sign agreement stating whatever their payoff is agreed paid off once it sells. So both parties agree that you're going to sell the property, they have the property, you have the funds and rehab ability. So you bring in the rehab ability, they provide the property and you essentially joint venture with the homeowner directly or property owner. And it's only on houses. I mean, you can do this with ranches and land too. I mean, that's the beauty about all these creative strategies, you can use them on a top asset class. I have a question. I just say if they agreed to this term, one is their contract. But two, once they agree to this term, is there any way that you know using in let's say, Jacksonville, this older people, they are very, very, you know, cautious when it comes to the older, they can actually have that reverse. So I know that you can take this this form if it's if it's an agreement and file it so that they don't run away with you know, you rehab in their property. Now do they do ask them to leave at that point? So this is a question like, this is a question? That's a great question. I recently like said, I was in another mastermind class, and they're talking about this, what he would do was he would put them up into a Airbnb or help them live in with family or something to that effect. And he would put them up for that two month period while they rehab the house. So let's say it's a 45 day rehab, you would ask them to move out, hey, I'll put up the Airbnb money and go stay at this Airbnb across town or right around the corner. And while we were able to have this house, we were worth knowing that we're going to sell the property. So you can use the funds to buy wherever they're transitioner move where you're going to go. So they need some type of living situation, if they're owner occupied, they need some type of living, living situation to move into temporarily, to rehab the house itself. Okay, that makes sense, because then you can control it. Well, I mean, that's what you secure yourself on the deed itself. That way, you have equitable interest. So your purchase and sale agreement has accrued interest, this is another layer since actually putting money into it. Anthony does this all the time, like once he gets a property under contract before he even closes on it, he'll start doing rehab at the house because it's his way of like sticking his foot in the door jamb, literally, you know, so this is kind of the same thing, you kind of a, I'll do my side of it, we both know you want to sell your your your price points a little higher than what makes sense. So this is the only way this deal is going to happen. So my question is, you said that you don't go on title. You do go on title. You do. Okay. Because I did hear someone say you don't want title? Because that's what I'm like, how do you control the deal? Yeah, you do. You do go on title. So you just submit, you can do paperwork to record with the with the recorders office to put yourself on title as equitable interests, and your agreement stating that they're paying off whatever that agreed amount is once it sells, okay, how do you because, you know, usually when, when most people are selling, it's an emotional self, because a lot has happened. So how do you convince them that, you know, we bought a house for a while. I mean, it's you, you picture like a partnership, I saw this on Amazon, it's hard done it, you picture. Like, Hey, you want to sell, everybody's been throwing at this, this, whatever the price that you cannot agree with. And you know, you can't get listed on the market because it needs so much repairs. That's just I'll bring in the money. I'll bring in the crew to rehab the property, you have the property, let's just partner on it. And we agree upon the sale price. That makes sense for both of us. So that you provide a win win situation for everybody involved. And that's the whole key is you you pitch it like hey, it and that's always the thing, you always want to make sure when you're doing these seven transactions or any type of transaction, but you're always like, hey, if this isn't gonna work, I'm not your buyer. That's okay. I might not be your buyer. So if you walk in like that, hey, if would you be interested in possibly doing this this than this? And we can solve the situation that you're currently in. That's always you always turn around to try to ruin you don't ever want to force people into real estate transaction tests when you're being a fraudulent or are territorial or aggressive. What's the word on their predatory They are predatory. Predatory, so if they can agree that it's a it's a good opportunity for them and you agree it's good opportunity for you then it's it's a, it's an understood agreement and that you saw it work and move forward with it. Okay. But this gives you this gives you the ability to essentially purchase a larger priced home, just with the rehab money. So you might pay less on hard money loans and all other stuff, because you don't need money to actually rehab. Okay, and then while you're rehabbing you also start showing the property. I'm sure Yeah, yeah, yeah. Good. So okay, got it. Thank you so much. So people like Bob like some bring a bag because he's a contractor. He's a he's a contractor on site he can negotiate this type of deals nicely, buying the property can partner with the owner and he's the contractor himself. So you can actually do bigger transactions just by partnering with the owners versus coming up with all the cash sounds good. You got wheels turn and that's for sure. That's good. That's what that's what we do we get the wheels turning around here go ahead. So my question is when you record your insurance there's not a warranty deed they're not signing the property or to you or you're recording like a joint venture? Is that what you're doing? Yeah, you said you said you essentially recorded your your paperwork of what you agreed upon with the deed. So I have I did this myself like I said, I'm doing this right now. I recorded my my agreement with my interest in the deed of the property as well sorry, not listed on the deed Okay, so just the but it's the recognizing the core like God forbid, like a solid trusting solid underneath you when you started the deed Yeah. Okay, that's done yeah, it's Yeah, it is very creative. Like I said, there's there's different possibilities and just opportunity out there just if you look through everything with your cave lens, like I said, Anthony I tell you that's how we go through when we go to transactions like this is that we're always going through it can we make this a creative opportunity? Do we need it Do we need do we even need to borrow money to make this deal happen? You know, so we're always operating in good cuz I always heard people recording the lien but then I'm like, if you're a record a lien on in your deposition, and they have, you know, an HOA or anything like that, so I've never seen very, you know, doesn't seem you're on your own, you're vulnerable, right? You're not protected, but I like this way you're doing that. I'm definitely gonna pick your brain on this. More if you don't mind. That's fine. Now we're here. We're here. We're here to provide information. Good Bob bumpers, hand. Thanks. Okay, so we're talking about homeowners that don't have enough money to fix up the house themselves? Correct. Now, what I'm what I want to look at is what how can I get it? Like do they have back taxes? Do I have to do it? You know, I need to do a title search. They you know, what can come against? What your responsibilities of their past can wreck my future? Oh, yeah. 100% gives how such done because that's always gonna, that always can blow up the deal. And you don't want to happen to a deal that you don't you don't understand all the all the ins and outs of is definitely get your title search done. Because that's a necessity because that could easily blow up everything that you're putting into the property. And yeah, last for nothing. 100% So get it get a title search done. What's that typically cost to have that run a title search. It's gonna it's gonna vary from title company. Some people though, there's some people that I met a lady when I was in Atlanta, she's like, I could do a soft title search for 30 bucks. And then like people like Anthony and his mentors, they'll do a title search themselves, because you just please pull up the county records and verify that they're the owner. You can see if there's any liens on there. If you've anybody going to Saturday's class with Logan Fullmer, he will probably cover this as far as doing a title search. So he there you can do that. But the soft, the soft is just kind of you, you know, just really just stuff that we know like, but the municipal is the issue. The municipal Okay, take at least 10 days. So we can't search municipal liens, but we can search you know other little things is just you never know what you might miss. You wouldn't have to necessarily you definitely have to go to the courthouse because some things are not public in some states are not public. You know, and Some things are just not public, you know, because they can be like a survey issue, you know, the gate or the houses moved into something. So that's when it gets a little bit more detail. But again, you know, I don't think it cost that much. I usually get mine done with for free, but it's not there's one that you can do. That's a push of a button, but I think it's just a matter of creating a relationship with the title company or an attorney. Everyone has connections like you, Jessica. Oh, boy, I bet this industry a long time. No, no, it's a valid point. Like I said, it's gonna vary by state by state and it's based off of you can have to come in and do it, you can hire somebody to do it. Or if you're competent in your skills, you can do it yourself. There's different there's, there's no there's no right or wrong answer for that one. See, why. See why. So, I hear a lot of negative stuff about the innovations is the title search, the main thing everybody's like, Hey, watch out are dangerous is it that the main part we need to watch out for it's just it's this making sure your your title searches clean, and make sure that the seller understands all the all the parameters of the agreement that you're making. Because if you start fighting with the owner, you always want to be as transparent as possible so you don't create problems. That's the big thing. So as long as long as you explain yourself thoroughly what's going to happen this crazy I did an interview with a Gino Paloma. Like last week. He literally signs his purchase and sale agreements to list on the MLS. He does not purchase, buy or bring funds to the table. He just very upfront thorough that he's gonna list on the MLS and I agree to every time so you can do whatever you want. As long as you're thorough and everybody understands what party it is all the all the parties information and everyone understand what's going to happen. So in his in his when he goes over the contract, he reaffirms that like three or four times that I'm going to list on the MLS a list than MLS most of them MLS, so that when it shows up on the MLS, they can't say anything like oh, they didn't tell me there was no MLS, they probably have it like it's here, here. And here where we said we're gonna list in MLS. It's on MLS. So this is just make sure you're you're thorough, and you relay the information across that, that they understand what's gonna happen, what's happening. I can show you guys a fun story about why a seller would do that. Got Anthony? Yes. So what I tried to do, like Daniel said, is I want to take control of the property. But I want to make one thing very clear right now is that in this business, you have to have so much integrity, right? And integrity means Will you do the right thing when nobody's looking? Because in real estate, there's a lot of opportunity for you to not do the right thing, right, because some people are in tight situations, and we come in as professionals to see what we can do to help them navigate out of that situation. Sometimes we get paid for it, sometimes we do not. But if you're always acting with integrity, then there's nothing shady about this business. Right? So that sounds like that's weird. Why would somebody just give you their property for you to make profit. But it happens every day, right? Because it depends on the level of service and value that you provide to the deal, depending on how much you would make out of that property. So right now we send out a contract for a guy that has a farm for 2.6 million. We offered him $100,000 down, no payments, no interest for 18 months, and then in 18 months, we have to balloon where he gets paid. So that means I have a year and a half to sell that property, but it's gonna cost me $100,000. And he's fine with it. He said, send it over. So we made the offer. And he goes to this for a year. We didn't go sesame. We stayed in like contact, but we didn't hear back for a year. And finally after one year, he says okay, I think I'll do it. Send me the paperwork, send me the new dates, I'm ready to rock and roll. So we went and walked the property. And yeah, we're looking to send over 100 on a $2.6 million deal. And we have a year and a half to sell it and make profit, no payments, no interest, so that those deals are out there. Like I said, it just really depends. I think the main thing that I always bring up and I don't know if it sinks in or not, but you always have to be marketing. And the I think the only thing I care about or think about is the rate of marketing that I'm doing. And if it that's always top of mind that it seems like I'm always getting in front of different opportunities at a very high rate. So that just went out today this morning. And then I get on another call with a guy with 350 acres plenty of wild animals, high fence, barn house, water tanks, water wells have miles and miles of water piping, everything he has listed for like 1.1 right now, which is a steal, right? Because it has like $2 million worth of development on it. I just offered him 975. And he took it. But I said my terms are, I'm going to give you 100 down, and I'm going to pay you off in 12 months, no balloon, I mean, no payments, no interest. So I just gained control over like $4.6 million worth of real estate with 200,000. So again, it's nothing special that I did, but it's just positioning yourself in front of the right opportunities over and over again. And then the cool thing is, is that no matter what size deals you're working, it's the fundamentals that are going to make it I think fundamentals can be its own phone call, but operating with integrity, practicing the fundamentals, then I don't even care what size deal it is, like I honestly don't I have one today that I sent to a junior at TVO. And I said now let's just sell it for $1,500 and just move on to the next one and not waste any time. So there's something to be said about smaller deals, doing those in between and focusing on some larger deals. But it's all the exact same fundamentals. John Alexander talks about this all the time. So what's it gonna take to under for them to allow you to take the reins of that property? For some people to $5,000 some people's 50? Some people it's nothing. Sometimes being bold, sometimes not not, you know, having anything to lose. So Elizabeth asked somebody like, hey, what's stopping you from signing this paperwork? And the guy just like galley like, now you're good. He was really impressed that, you know, young girl asked him that. And I was too. I'm so proud of her. She's come so far. And then he says, Yeah, I got this guy back here. Once a by this person over here, once a by this guy has a big corporation. And I said, Hey, man, let me tell you something. He's like what? I said, you don't want to sell to somebody that's already rich. I said, you want to sell to somebody that's just beginning. I've been in for three years. He's been in it for one year. I said, we're the ones that need the help coming up, you know, and getting our lives better. I said, you have the opportunity to provide that. And we have a solution for you. I said, so why would you make your neighbor richer, he's already filthy riches, and we're just getting started. We're just kids. And he was like, I like that. That's good for your karma. He said, I believe that. being bold and putting them on the spot to like, Come on, man. We out here Throw me a bone. Don't be afraid to ask, right? Because maybe you never thought about it that way. But I'm gonna put it out there. I want to do. We're not gonna we're not going to be shy to ask for the sale. That's good. And then two cop cars just pulled up on time. Okay, so um, yeah, be bold, be bold. Don't be afraid to ask, you have nothing to lose. There's there's a lot of a lot of strategies in there. But it's just it's crazy. How much opportunity and how much opportunity to be great just by being creative. So much opportunity. It's crazy. It's crazy. Anthony's doing stuff like that, for $4 million pasma, under contract with $200,000. So think about this to the video about land is that when you lock up properties for 1218 months, guess who gets the appreciation for the next 1218 months? The person that put it under contract. So if you could put a property under contract, and they want a million dollars, it sounds crazy that they want a million dollars, or it's a little overpriced. Yeah, ask for like a three year three year option on it. It might be worth it in two years, you know? So there's, there's no, there's no wrong answer. There's no, that just being creative and understanding the market. You can make money in it if you just keep your head out, stand for an opportunity. And look at look at everything, man. Everything like with an opportunity. I think we did that. We did that for a property right Anthony? We locked him in comes from 12 months. There's one right now that we've had on a contract for going on two years. Oh yeah, see two years. So you can you can write the appreciation training all the way up. So don't don't be afraid to ask a lot. A lot of people think the seller is gonna say no, but he's got to ask you never know. You never know what they'll say. You don't ask anyone else. Any questions pertaining to what we talked about and we can cover a lot over the last 30 minutes or 25 minutes. Hey, Dan, you go ahead. Yes, I was listening. Being transparent with the seller. What if you actually have it on the contract? that the buyer is actually going to be marketing this property on the MLS and they signed it. Is that still okay? Right? Or do you still have to reiterate yourself, Hey, before we sign off on the market is on the property on the market is man on the MLS? Is that okay? If I just put it on the contract, they can easily read it. Yeah, if they agree to it. And that's usually where if you have an agent on your team, or if you're an agent, as long as they agreed to that you can listen MLS and other marketing ticket strategies, it should be fine. Plus, usually how they worded in there is that, hey, we we may list on the MLS, and we may use our marketing other marketing channels to market this property. If we, if we, if we in turn, do not buy it, or some there's some type of wording in there that they put in there. That if we can't sell it, we'll buy it. There's a lot of people that do that, too. Okay. All right. They'll have the private capital in place in this game, if we can't sell this to an end buyer one the buying at that price. So usually go in, like they're gonna buy it. If they don't sell it, they're gonna buy it anyway. But if I can sell it and let it go, let it go all day long. Sounds good. Appreciate it. Yeah, that real quick. I've never listed on the MLS before or what somebody actually sorry, three years, I've done one. Yeah, you need to get a make sure that's very, very clear on your paperwork. And I would try to get it out in the open, instead of just trying to write it on the paper and trying to slide it by without them noticing, because if they see it online, or their neighbor calls them, you know, they might get very upset. So I would just be very clear, like, hey, my job is to put the money in your hand before the date that I'm promising you. And how I get to that point, it's really up to me, right? So if I put it on the MLS, this is why I try to put money into the property too, because this kind of makes a little easier, it gives me the right to, you know, market, the property is like I'm gonna put money into your property. So what I need you to do is not impede at the rate at which I can, you know, recycled this property back into the marketplace. So I think as long as you're very clear about what you're doing, then it's a pretty simple explanation to say, Hey, I'm going to put a contract on this property, then remarketed in the future. And then one thing, once more bump is what Daniel said, is that if you even if I push them to an agent, I'm not an agent, maybe I'll get licensed someday, maybe it'll become law or something. But I think that as long as you push it to an agent who's in your network, right, like in the hive mind, people that we love and trust, that you have that property within your reach that property is now inside of your sales funnel for free. So you'll say, here's what I'm going to do, I'm going to have my agent friend call you because I don't list properties. I'm going to have them listed for whatever number you want. I don't care get as creative as you want, right? But for some reason, you know, if it doesn't sell, like in 30 days or 90 days, my cash offer is still good. Right? So then you got them inside of your funnel, now you're taking care of them and providing service. There's a million reasons why if they're trying to go for maximum dollar that you might want to help them Okay, sounds good. I appreciate if anybody else have a question that they would like answered. I've got a question. Okay, so in terms of what you guys are just talking about what the listing on the MLS. So let's say that we do get signatures and everything like that. And we've listed is there like specific Burbidge that you guys use or specific excellence like saying, you know, we're going to take the overage, for you know, we're going to give you x price, we're going to take whatever, whatever the overages are, you know, just like what you're saying, you know, we'll we'll buy it. Is there any other contracts that you do to make them feel comfortable? To say, yeah, go ahead and listen on MLS. What I'll do is I'll do what I really love my favorite go to you, and maybe there's a better way to do it. It's a Okay, have them give me a warranty deed with a vendor's lien on it. So I just explained to the gentleman today is that I'm going to give you whatever number gets you hold again, right? So the guys in $100,000 jam or a $500,000 jam, tell me what number gets you hold again? And they'll tell you, they'll tell you every single time if you ask it like that. And they'll say you know, I need $100,000.80 $1,000 Some will say I need $500 Right? What number gets you whole again, that buys me some time to move this property. So I'll try to match up irrelevant number whatever they need in their life. So say, hey, like today, I'll give you 100,000 And then I need 18 months to work my magic. And the guy's like, yep, that's perfect. That's great. And I even offered to pay the mortgage, and he's like no mortgage. So I mean, it worked out couldn't work out better, but that's what I give them it would be but warranty deed With a vendor's lien, and this is not legal advice, talk to an attorney. And then they get paid at point of sale because they have a lien against the property. So they're effectively the bank now on the property, and I'm the owner. So that protects them so that when you sell it, they get paid from title, I don't have to pay them anything. That's fantastic. So, and like I said, it's just, if you're stuck, at any point to make this offer, this is where some, as long as they're open, some are open to it, don't lay it all out, like, hey, I want to listen them, alas, don't don't dig yourself a ditch. If they're possibly open to creative offer, and they're willing to sell Ganti on the line. That's what he does. He's very good at negotiating opportunity like that. So and here, he knows how to explain it to the seller that it makes sense for them. The whole reason why a seller will not sell to you is because you haven't made it clear. Your intentions, your purchase your your whole transaction process, you haven't made it clear to them. So there's mistrust. So if you can lay it all out in a thorough manner that it makes sense that you're going to get the deal every time. Perfect. You have to be you have to learn how to explain it to a kid. Like they've never sold the amount or sold real estate before. So okay, so I've got a question, just so I do a lot of Facebook stuff, posting up on Facebook looking for buyers, and sellers. So how do you? How do you? What will your pitch be in like, you know, one sentence or your, you know, your tagline be like, hey, I want to pick up your house, and then pay you later. Like, you know, how do you how would you word that? So if you're going after those type of properties, look for probably talked to people in the in the group, hey, do you pretty much ask for their dead leads? What leads where they use make an offer? And they said, No, that price doesn't work? And then you burned it? Then you contact them? Hey, are you interested in possibly? I'm sure you've gotten offers at a low price point that either you said no to and didn't make sense. What price makes sense for you what what what what amount of money you're looking for. I know the B know, the proper means repairs, you know, you're probably not get the money you want what makes sense to you. And you just go negotiating from that point on. So you're not looking. If you're looking for those deals, specifically, you have to be more targeted. So you're probably better off talking to a lot of Hive users and see what they haven't, What offers have they made and that were denied. And then they send it to you and you're talking to those people and then I'll probably give you better results quicker. Cool, thank you. Yep, that'll probably give you better results quicker just because you're targeting the right people. For whatever reason the wholesaler made their offer and now you're talking to somebody that's that hasn't sold for whatever reason and everything sells eventually so if you follow up if you follow up long enough and you're the you're the right person that they talk to you you're going to get that contract plenty of opportunity out here for everybody um, you make up do you make offers on things that have been sitting on the MLS for like six months um, I'll usually wait till they fall off and they're an expired listing. So if you have an agent friend that can use it pull up expired listings for whatever expired listing means that they took it off the MLS for a reason. So that means that they wanted to sell whatever reason didn't sell and now it's expired. So those are usually good lead opportunities if you have an agent that can pull that list for you like I said agents have their place but they have a place in front of the transaction and the place and the packet when you try to sell it so just know I just it's kind of funny though because if everybody is your Monday strikers like do not send me deals on MLS is like Don't waste my time and I just goes with everything so it's on MLS I don't even bother not saying people haven't done it before but and have gotten deals off that's just if there's if there's plenty of opportunities out there don't waste your time on stuff on them loss so everybody has like a scarcity mindset that they're There's only that one deal that's gonna change your life that's out there. But there's 1000s To be honest. So keep your eyes open for the opportunity out there and just keep moving. Don't get hung up Anthony laughs I think he wanted to cover something. I don't know, everyone, but maybe also any questions. I got a question, Daniel. I got a seller in Georgia, who she wants to sell the house. But she was financed through a owner, okay, doesn't have a mortgage? How can I get into that property creatively? Is that even possible? Consider? So, technically, she got it owner financed, right? So the bank is a person and not versus is not an entity, right? So you can do a couple different things, you can just subject to maybe contact the owner CFO owner financing to you at a different price point you pay her off and kind of ticked out if he's if you want to finance before you might be able to finance again, it's always opportunity there. So it's just simply doing a title search and seeing who the lender is on that property. Okay, okay, is there detail should all be there, because the, whether the lender is they're going to put all their details, their 100%. That's how they get paid. Okay. So she hasn't been able to get with them to find out what her payoff is, which is what I'm trying to figure out is that public payoffs aren't public, right? They're usually recorded, and they're usually recorded through some type of software. But if you can figure out her terms, you can estimate the payoff, if she gets the payoff, so you can use that I think I covered it the 10 vii calculator, based off the terms, when the when the paperwork started, how many payments, she's made, all that stuff, you should be able to get a general estimate of where she's at currently. Okay, so if you get you need to, you need to a couple things, you need a purchase price, know how much how much they lent for the property, the interest rate and the terms, which is the months, how many months of the term it is, it's just price, the interest rate, and the term. And now, pretty much not necessarily purchase price, because she might have put $30,000 down and bought it for 230. So it'd be the whatever finance price of the original term was. So whatever the dude owner financed, the interest rate and the amount of months. So for a 30 year term is three and 60 months, for 20 years is 240 for 15 years is 180. So and then you can look on the basis of the origination of it. So let's say it was 10 years ago, she had a 30 year term, that means you have 20 years of pay off 200,000 You can do that you can do it put the calculations into a calculator and figure out where she's counting at give or take a few $100 pretty easily. Pretty sure the 10 Bi is is a is a good friend. I got a quick question if Hey, this is way um, I was wondering if anybody has ever come into a situation where during manufacturing a wholesale deal, the lender on the buyer side or the title company and or the title company have like kind of dropped a ball? How did you guys handle that situation? In what way? On the wholesale side? What what's the big picture? Okay, so I'll get a little bit more specific. I had a deal. We wholesale it to a buyer who was actually getting VA financing. We hooked them up with the lender lender just kept coming up with reasons why the documents had to be changed and things of that nature. We change the documents over and over. We ended up having to do probably seven, probably about five extensions. And then when it came down to title, title, basically just drag dip defeat and kept coming up with stuff I ended up having a call to County Register on myself and walking through on the phone with him to get it recorded. And then once it was recorded, there was another issue at title they wouldn't they wouldn't send the packet back to get it fully funded. And the owner wanted to hold a key And it was just, it was just a mess. And I've been dealing with it for like the last three days. And I was just wondering if there's anything else that you guys have came across that you can use to kind of like hold everybody make everybody be accountable and in fit a timeframe so that it doesn't discredit your name with the seller or the buyer. So you kind of suspect so if the transaction completed and those that issue, you can file a claim against their insurance, because they always have title insurance. But if you're still dealing with the property, you have every obligation to switch out to companies. That's that's the, that's the difference between good or bad side of companies is you have to deal with whatever the title company can blow up your deal easily, just by them dragging their feet. So it's all at the title company that you use is very, very important. Just because it could possibly blow up your deal on you. And it's not even your fault. Right. And I mean, honestly, this was a reputable company and I just don't know what happened. You're not I mean, we trying to figure it out we already said he wasn't gonna deal with them anymore. But it's just it was just a crazy situation. Thank you for it like I said, if it's still in process is not you really can do except hire a new company and have them in have the new company take over. But it's just and it's somebody that could be overworked or overstep or understaffed and all that stuff that that's affect your reputable company to mishap with that. So that's why, like, Anthony, he's really really big on his title company because his title company does over, over and beyond what they ask. So what he asked so they're always on top of his paperwork as far as moving the product down the line. So it's really really important that your title company is on and that's what part of the transaction coordinator job is make sure all the paperwork is done, done in a timely manner and, and properly with the title company and your seller. Hey, Dan, Daniel. Yes ma'am? Anthony's title company are they can we use them? Also? Yes, yes you can. So the way Tata companies work is if you're doing you pretty much only need one side of company per state. Other than that, they can do it usually they can do a transaction anywhere in the state. So if you're doing deals in Texas you can ever get his title company's name but yeah, if you're doing deals in Texas you get they can do they can press that transaction anywhere in the state. So can they do it in California? No, his his is in Texas so yeah, I can I can give you a attorney out here are closing, closing closing attorney or title company out here for you. Okay. Can you give me his information in Texas cuz we're in Texas. Yeah, just put up in the group. Starting because the more we talk about the more he's ready, because I'm in Texas. So this is Carla. Those this phrase? Yeah, just put it in the Facebook group whoever. Wayne or Carla? Just put in the Facebook group Anthony loser respond. Had mine serum on Facebook. Just post that you're looking for Anthony's title company? Is my title company of Texas. There you go. My title company in Texas. I couldn't remember what it was called for a second. I'll put it in the chat real quick. Yeah. There you go. It's in the chatter. So there's, like I said, you're gonna need at least one find one good one per state that you're doing transactions in and they'll be able to handle all the all the properties that you're doing everywhere in the state. Thanks, Cecil. That Cecil on it. Any other final questions? I got one last question. Is there anybody on here doing deals in South Carolina? Or in that area? I would hit up Nigeria. Yeah. Wayne? Oh, yes. Yo, Wayne Wayne. Wayne, you're in South Carolina. I'm not in South Carolina. But we are getting contracts and moving properties in South Carolina. I've got a title company out there and I've got a lender and realtor. Nice one. Nice one. Um, well, yeah, I want to connect with you. I've got a few lots out there. I'm selling that and I just want to get more insight on the area and just people working in that region. Okay, great. Yeah, just um, yeah, Wayne, it can for you with a Wayne cash for Got it? Yeah, cash with a K. And number four number four. Can you put it in the chat for me? Yeah, sure. Hang on one second. I got this baby right here. Hold on one sec. See? So, see, so, yes, this is an McCartey. A friend of mine. Her name was Erica fry fry he, and she has a company called Legacy research group. I think it's called. And she does title issues and well not in finding errors. Like if you find a property that is distressed and probate heirship problems. She's one of the best in South Carolina and North Carolina. Okay, Erica Frey. Yeah. Okay. Let's see. Research Group. Okay, so please appreciate it. And her name is Erica. I see a fry fry he. It could be er I think it's er, AKA a fry he Erica fry. She's a hoot. But she knows what she's doing. You go so, um, yeah, there you go. There's the call. Next calls Monday. We're getting the contract for our event in Fort Lauderdale. Hopefully this week, we'll have the dates like them for that. We're doing the boot camp, end of April. A lot of stuff coming up. We're now starting to do PPC leads. We're getting that back end finalized on that. So hopefully get that out by next week. So hot comes into your phone. But we're in a lot of stuff right now. Be on the lookout for up and coming updates. But our next live call is next Monday. We appreciate everybody coming out. If you guys have any questions or need assistance, you can hit our chat support line. Or hit us up in the Facebook group. But we're all here to help each other. We hope y'all have a good weekend and the family got in a quick question. I'm in setting up the hot you know, getting ready to send out texts and stuff. Sir. Jean still the point of contact? Or is there somebody that can really hands on help you set everything up? Um, Jean is the parent. Yeah, he's the current point of contact for that month. So I have customers for service that can help out if you have any quick questions. If your make sure you all watch the training videos, I put out a bunch of videos for texting and campaigns. Because there's a bunch of videos I have on mine. Whatever wherever you need help where you get stuck with you can definitely hit up the support line. Okay, and which one is your YouTube? You better mountain? Me bright? Do I keep a What are your videos on YouTube? Yes, yes. Just look, I have my CRM on YouTube. We have playlist that cover a lot of different stuff from these these calls to the podcast to training videos to set up videos. There's a bunch of stuff out there. But thank you. Yep. Daniel, you're doing clubhouse? No more clubhouse, we put it out. We just we're trying to build more time to lives. So we cut out the clubhouse on Saturdays. So we're going live every Thursday with hbhs we get noon central. So every other Thursday, but it's gonna be every Thursday for now. We're going live so we're kind of devoting our personal time to the lives that we're doing. So you think somebody was speaking this Saturday? And where is that? Um, there's no one. I mean, we're not doing any clubhouse calls and centers anymore. So we're doing we're devoting some extra time towards doing lives. So if you guys do see us live online, please check us out. Oh, I'm okay. Okay, you're doing you're doing the live instead of Okay, that's cool that that works for me because we were getting a lot of people on the clubhouse. They didn't even know what the group was about or anything. They were asking all kinds of very basic like what am I doing here? What do you guys Yeah, it is one of those things were like yeah, when clubhouse for starters, we had a lot of we had a lot of people show up and it kind of fizzled down after the boss got a little bit bigger that gets put out there as well more rooms out there. And we felt like it wasn't necessarily working part time to devote that much time on Saturdays. So with this, we kind of were more centered with Mondays and Thursdays. So we have actually, we can do a lot more stuff. And we can devote more time to lives. Because the problem I had with clubhouse is that it wasn't recorded. And we couldn't use that content. Once it was there, it was never used again, unless you went back and listened to it like you've had, which is very few people. So with this, there's 20 people on here right now. People may listen to this a year from now, and I'll have at that 10,000 views or something like 1000 views or something. So it's a long term play to get our content recorded and make sure we're using utilizing our time. More properly and effectively. Yeah, can you tell me real quick about lead guys? Oh, the list guys. What's what's guys that you that list guys? Is me. And I have a VA that assist me with that we do data skip tracing? We have? Yeah, well, he said. He's selling it year, he's selling it like, like eat like it's his. We have we have 35 different lists, types. And we can we can do data data only if you're doing direct mail, we can do skip tracing, if you have your own list that you pull from that right. Or we can pull in a skip trace your list. So it really depends what you got, but we do it all. How can we see the list that you have? You can go to one list guys calm. Or you can go to the sidebar and hit data skip tracing in hive mind when you're logged in. And it's in my bio on Instagram, and it's in my bio on Facebook. It's everywhere. Just hit plus guys. It's there. Good question balm. Yeah, but yeah, that's that's, that's that's my side hustle business. I've been doing that for two years. I've been in that longest since high might have mine is only a year old. And I've been doing the databases for two years. So and how do you how do you charge? What's your How do you structure your fee for list guys. So data is two and a half cents per lead per record. And skip tracing is 11 cents per record. If you bought a skip trace list from us is 13 and a half cents is a two and a half cents plus 11 cents. Sorry, do a buyers list we have like so we have 35 different lists if they have any. We have a lot of list types absentee free and clear. Tire landlords. Bad Credit, good credit. Unknown equity. They can absentee. We have a zombie list which is a is a vacant pre foreclosure. Very, very small list. Yeah, we have a lot of different list types. Do you have the ability to stack those? Or do we do that ourselves? Yes, yes, we do have the ability to stack those. Can you expand on that just a little bit? Yeah. So a lot of one of the big lists we get is like absentee absentee free and clear. We get a lot of high equity Pre Foreclosure that we pull every really depends on the list. Unknown equities use its own filter just because we don't know some know the equity can be transferred in some other format. There's really a lot of different areas it stack from the website to some of the some of the pre built stacks already there to choose from, you can kinda just pick and choose. Submit your request and my team will follow up with you. Great. Good questions. Good questions. All right. Happy Thursday. Enjoy your weekend. We will see you on Monday. Thank you. Thank you. Thank you. Thank you. This was great. Thank you. Thanks, guys. Have a good night everyone. Bye