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Nov. 21, 2022

Ep 274: Tim Mai Helping His Son Do His First Deal In Land

Ep 274: Tim Mai Helping His Son Do His First Deal In Land

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Transcript

0:00 Hey, what's up everybody, these are hive mind shorts. These are cool deals that we've done or that our guests have done that we just thought people should know about. I think you'll enjoy this. Check it out. 0:10 So we have to my, what's a what's a cool creative deal? I think he wants to promote your son's deal. First. Let's talk about that one out. What was your son's first deal? Like doing land? 0:19 Yeah, yeah. So he was. He's 18 now, but at that time, I think he was 16 Turning 17 Something like that. And, yeah, I want to, you know, I wanted to teach him to do wholesaling. So I said, Okay, you know, go pull this list. And, you know, and skip tracing out this text, and I'll help you from there. And, yeah, so, you know, first day, and I mean, you know, sometimes these deals, you just get lucky. But still, I'm doing this. He, he got a sell out. And this is a property in fifth woods, here in Houston area. And the, you know, so I know a little bit about that area, it's a hot area, and the seller, you know, yeah, the seller said he wanted I think it was 55,000. And then I saw I told my son's like, that sounds like something's there. You know, so ask him like, what's, you know, what's the lease he would take? And, you know, all of that negotiating stuff. He wouldn't. Long story short, he wouldn't, you know, go down any on the price. It's like, okay, you know what, let's, let's, let's go ahead and move forward with the deal, because I know it's already a good price. And, and so it turns out to be He, he's a Vietnamese seller, he's in his 70s. And he wouldn't sign through Docusign. So we had to go meet him in person. And then he, he wanted us to meet at this notary place. public notary place. Apparently, they had told him that they can just record the deed for him. So when we met with him, he's like, what, I'm not signing a contract was the money. Yeah, he was literally expecting for us to give him $55,000 cash. And, you know, and he would just beat us the property. And I told him, I was like, we can't do that. Because we, you know, we still need to do the title search, we need to make sure that we have good, good and clear title. I need title insurance. So that way they can show that so I have to, in his English was okay, wasn't that great? And my Vietnamese is not that great. So I have to get the the Notary Public go to translate for him to let him know that the way that I'm suggesting for us to do it, it's safer than the way that she suggested him to do it, which is just the record the de only Crazy girl. So yeah, so she, she explained it to him. And he's still, you know, was hesitant. I was like, Okay, how about this, we'll go to the title company right now. And, and so you can see, like, we'll sign a real contract. You know, and, and, you know, they, they can explain to you the whole title process. So, yeah, so he ended up riding in the car with me, we went to, you know, him and my son and I, we went to the title company, and did all of that. And, and yeah, so, so. Yeah, I mean, it was many things that came in between that but my son got to learn a ton from that deal. You know, what it number one that got him hooked? Because like first deal first day, I mean, you can't get any better than that. Right? Yeah, you know, but when he gets to he gets to experience how you know, like some sellers are harder to deal with and you have to you know, yeah, you have to you know, go through this whole process of problem solving of okay, the guy you know, once just wants money now like how are you going to solve that right? Then he doesn't you know, believe in going through title company. Like explain it was through as a very valuable lesson for my son. Long story short, what we did was so I had him and his younger brother put out signs to find buyers for it. We also listed it on the MLS as well. And then we had to double close it so I he gets to learn how I asked one of my my my friend who's a private lender to fund the deal for my son. So you can double close they get the loan all of that and there's one mobile transaction and yeah, so we get to you know, to see how we got it sold. So we bought for 35. We sold for 90 So, after all said and done We clear, like, almost almost 30,000 bucks here after closing costume. All that stuff. 5:07 That's beautiful. Yeah, it's still proceeds land now. 5:12 He's working on self storage now. So bigger deals. Yeah, 5:15 is $30,000 I keep saying this phrase just to be funny. I say that's a lot of money in some countries 5:25 and be more money in this country like that's the point. Yeah, I think it's really cool that your son's 18. And this is first deal. I was first honest, first potential deal. The guy was close. That's cool. 5:38 Yeah, yeah, I was super lucky. I was super happy for him. Because you know how, like dealing. So I work with kids a lot like, kids, young people, right. And keeping them motivated is super hard to do. And so yeah, and I think with any students, so anybody getting into real estate, because something like, it took me six months to do my first deal when I first started it back 2002. And so, so So I know, like, not everybody can last six months, and still go at it. Right. And, you know, and then you, you know, you have some people like my son, you know, just get lucky and do a deal on his first day. But, you know, but like, for the folks listening, like, you just got to hang in there, whether it's day one, or you know, day 365 You still have to hang in there, and you eventually get your first deal. 6:31 That's amazing. And I think one one, this first one here, but that's amazing story. Congrats. I haven't heard very many people get a deal on their first day. That's definitely one for the books for sure. So congratulations to you and your son and many, much success to your sundown the real estate journey that is that is now down that path. You know, it's kind of amazing. Thank you. Alright, so we're doing an episode today called deal breakdown. We're going to cover cool, interesting stories, we have our special guest, Mr. Tim Nye, he's uncover a 35 acre deal that they subdivided and broke down. So he told them how the deal came in. And how about deal went about? 7:12 Yeah, so this, when when I bought it, my partner and I, we bought it as a 43 acres actually. Yeah, so it's a 43 acre deal. He had found a deal he needed money to, to close it. And so he asked me to come on as a partner, I brought on a private lender to fund the whole deal, we bought it for 170,000, this is pre COVID. So the price has gone up a lot. And, you know, so so we yeah, we bought 170,043 acres. And then after that, the way that the land was, you know, that was laid out. It's like there's a highway that goes through it, is there's a county road that goes through it. So we kind of have three, we have the 35 acres over here, we have a one acre B and then we have a six acre seven acre down here. So we decided to to break it up based on the way that the land was situated. So we we sold the one acre for 30,000, we sold the seven acres for 150,000. So basically, we make back like what we pay for the entire 43 acres. And so yeah, we have 35 acres. And then my, my my partner on the deal, he didn't want to go to, you know, go through the development stuff. And I wanted to go to do the development stuff. So I bought him out of that 35 acres now I own 35 acres myself, and I'm working on getting it approved for a subdivision of duplexes. And that one one of the type of development that's very popular these days is called Build to ramp community. So it's where you build a whole subdivision with the purpose just to rent out those houses. And so so I'm working through that right now, most likely, I'm not going to keep those houses rent myself, but sell it to to like a fund or a bigger player that wants to, you know, own a whole subdivision of rental properties. And so that's the plan. 9:32 I think it's so interesting. And we talked about deals like this all the time where you get deals so good that you can sell a portion of it and be zero into the back part or a portion of that deal. And I think it's amazing story that you're filling a hole duplexes duplex farm. 9:46 Yeah, yeah, it's, yeah, I look at you know, one of the things I love about land, especially land that you can be that you can develop. You're starting with a blank canvas. Yep, yeah, a clean slate. You know, And it's up to you to work through. Like what's possible on this land. I almost got I really wanted to do a mobile home park actually. And so this is a city of Dayton, Liberty County, which is north east of Houston and the planning department was okay with my plan because the way that lens situated only a small part of it is in the city limit. The rest of it is in the what they call ETJ I don't remember what it stands for. But anyways, it's like it's it's it's the border between the city and the county is the ETJ section anyway, so the planning department was okay with me doing a mobile home park and but when it got through the city council hearing the city council hearing turn it down, they they didn't like the idea. So So yeah, going through that whole process I learned a ton about you know, like the terminology that they for example, mostly in most cities, if you want if you ever want to build a mobile home park there's not quite a mobile home park is what they call a manufactured housing Park. But not mobile home so anyways, but yeah, like the whole that whole process was a really good learning experience, literally to talk to the city's learning to see like what type of property they you know, they like don't like what you can build there. And yeah, they they love affordable housing. So they love my idea with the with the Bureau rent community. 11:35 Yeah, we nearly talked about this all the time because this that we let we really like land because it gives you the possibility to do whatever you want with it. So clean slate you're buying at the bottom. If you're thinking about stock terms, you're buying time and you can go left you can go right you can go down the middle, you can go multifamily mobile home park, a park in general, like you can go any direction, you want duplexes, and you really have the ability to create whatever thing in your mind you want to create out of it to make it more valuable. 12:01 Yeah, exactly. Here in the land business. You decide the future. 12:03 That's right. That's very true. 12:09 Anything else? Anthony? That's it. Alright, that's it. I sit down. Appreciate you. Appreciate you, Tim. Thanks for coming on. And those deals are amazing. It's kind of cool. The projections and all stuff you can do with it. It makes it endless an opportunity to do whatever you want. 12:24 Yep, yep. All right. Thanks, guys, for having me. 12:27 Thank you, brother, man. Thanks for the time. We'll see you soon. Okay, let's make some money together. 12:31 Sounds good. Let's do it.

Daniel Esteban Martinez Profile Photo

Daniel Esteban Martinez

Host/ Ceo/ Speaker

I have been an entrepreneur since 2018. I come from a regular home just like most people. My dad worked on the roads in the Chicago area for over 30 years. He always taught me to work with my brain, instead of my body. Your body can only take so much abuse. I learned so much from my father. He always pushed me to work smarter and not harder.

I have owned and operated a trucking business for 2 years. I started learning real estate in 2019. Fell into the Data & Skiptracing business in 2020. My partner Anthony & I started Hivemind in 2021.

I have done a ton of different jobs coming up from painting, to door-to-door sales, telemarketing, truck driving, and loading trailers. What I learned most is that I want to stay in the digital business space. The leverage you can have delivering digital products to the marketplace can yield limitless possibilites.

I started The List Guys in 2020. It is a data and skiptracing service. We provide seller and buyers list nationwide. My clients have been getting great results and I am proud to help people killing it.

I started the Hive in 2021 with my partner Anthony Gaona. It is a real estate and business mastermind. It also comes with a all in one CRM, that can host unlimited websites and users.

Starting the Hivemind has been an amazing journey so far. Seeing one of our users make his 6 figure month in June 2021 leveraging our software, I know there will be plenty more to come!

Anthony Gaona Profile Photo

Anthony Gaona

Host/ Ceo/ Speaker

Hi! I am Anthony Gaona.
I’ve been in digital marketing for almost 15 years.I grew up in construction working for my dad when I was only 12 years old. Normally we had a ton of work or no work at all so a lot of my free time was spent learning how to generate leads.

It didn’t take very long for me to master online marketing because I became absolutely obsessed with it. For the last 15 years I’ve been generating construction based leads. At first I was running the projects myself. This led to sub-contracting all of the excess projects and eventually wholesaling the leads off to other construction companies.

One day I was preparing to build a single family residence for myself. In mid December, 2018, a simple YouTube search led me to the term wholesaling and the rest is history. The plan was to use my construction background to start flipping houses. By January 1st of 2019 I launched several marketing campaigns both on and offline for real estate seller leads.

Within about 4-5 weeks I had my first real estate contract locked up. It didn’t take long for me get a land lead where I made almost a full year’s pay on a single transaction. This came from a land lead and that forever changed my life.

I ran low volume larger land deals for the first two years of my real estate career. Like anyone who has been in real estate investing for an extended period of time, I started thinking about scaling my business.

Instead of deciding to vertically integrated and start hiring I imagined a model where I would teach my real estate investing methods to others. This would free up my personal bandwidth and allow for unlimited large scale transactions.

Currently our operations are expanding globally. The goal is to identify one person per major US Market that we can build a team around and drive traffic to so we can close high volume transactions together.

You can learn more about our vision and join our free mastermind by joining hivemind CRM on Facebook and all social channels

Tim Mai Profile Photo

Tim Mai

Investor

Tim Mai is the embodiment of the American Dream. Having survived a childhood that included war, a dramatic escape from pirates at sea, and languishing in a refugee camp, he arrived to
Houston, Texas, at age 12, with his 19 year-old brother, speaking no English and with nothing
more than the shirt on their back.
Tim seized the opportunities America presented him with by hustling his way through high school, college, and eventually realizing his dream of financial independence through real estate.
Tim has taught thousands of entrepreneurs all over the world how to get started in real estate investing and has charged upward of $100,000 a year for coaching.
Along with his many business accomplishments, he has also been very active with several
charity organizations in Houston and has helped raise hundreds of thousands of dollars for charities.
Tim lives in Houston, TX with his, high school sweetheart, wife and two amazing teenage boys.