BiggerPockets Real Estate Podcast - 292: 200+ Deals in the First Four Years with Ryan Pineda

Episode Date: August 16, 2018

Can you really create a massive real estate empire in a short time when starting with almost nothing? In today’s episode, you’ll not only discover that it’s possible, but you’ll see exactly how it was done. We sit down with Ryan Pineda, a former baseball player who got his start with just $10k while doing deals from the dugout. Ryan shares with us the exact strategies he’s using to more than double the number of deals he’s doing each year—and how he’s done that for the past four years. You’ll learn how he’s finding enough leads to flip 10 deals a month, how he’s able to buy long-distance, how he’s leveraging others so he can get more done, and much more. In This Episode We Cover: Ryan’s background and how he got into flipping How he started flipping everything (including couches!) Closing 100 deals The details of his first deal The difference between hard money and private money lenders What his business looks like Using relationships to find deals How agents can influence a deal Finding great wholesalers and getting deals from them How Ryan’s funnel works And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Webinar BiggerPockets Events BiggerPockets Podcast 264: Gary Vaynerchuk on Finding Deals Through Social Media & Crushing It as an Entrepreneur 7 Years to 7 Figure Wealth Books Mentioned in this Show Will You Be My Mother by Sally Huss Flip Your Future by Ryan Pineda Investing with Low or No Money Down by Brandon Turner The Book on Flipping Houses by J. Scott Long-Distance Real Estate Investing by David Greene The Everything Store by Brad Stone Elon Musk by Ashlee Vance Shoe Dog by Phil Knight Fire Round Questions How do you rehabbers make the numbers work? Making improvements that increase the value of each property you buy by 10%. Suggestions? What are the common signs that a property has issues? How do you deal with bad neighbors? Just got my first booking and my guest was asking if they could check out like 4-5 hours later than my check out time Tweetable Topics: “You have to know what the other roles need in order to train somebody to do it.” (Tweet This!) “Wholesalers are contract flippers.” (Tweet This!) “If the numbers work for me, then let’s do business.” (Tweet This!) Connect with Ryan Ryan’s Company Website Ryan’s LinkedIn Profile Ryan’s Facebook Profile Ryan’s Instagram Profile Learn more about your ad choices. Visit megaphone.fm/adchoices

This is the Bigger Pockets podcast show 292. To build you that relationship. Because if you just, one of these guys who sends an offer, they don't know who you are. It's just a piece of paper. But if you're actually speaking with them, you could feel them out and be like, all right, you know, where do I need to be to get this deal done? Like, what's the seller's motivation? You know, what can we do other than price that will make them want to do the deal?

Do they want to rent back? We'll buy it as is. When do they want to close? Like, you can talk about these things when you can contact them directly like that. You're listening to Bigger Pockets Radio, simplifying real estate for investors large and small. If you're here looking to learn about real estate investing without all the hype, you're in the right place. Stay tuned and be sure to join the millions of others who have benefited from biggerpockets.com. Your home for real estate investing online.

What's going on, everyone? This is Brandon Turner. Today's host of the Bigger Pockets podcast here with my co-host, Mr. David Green. What's up, buddy? What is going on with you, dude? I asked you first. I asked you first.

You did. And you called me, buddy, so I should answer that. I actually just got off the phone with my contractor. I have a deal that I closed on a couple weeks ago, and we put the finishing touches on the rehab that we're going to be doing, and we got everything all squirt away. So wiring over the money today, and we should be starting that soon, and I should have an update for you every week on how that's going.

Fancy's mancy. Well, cool. Anyway, well, let's move on because I don't want to talk about myself at all. Today's show, let me talk about today's show real quick. Today's show, I said this at the end of the show after we're done recording. Look, at the very, I said, like, this was one of the most fun episodes I've had recording the show in a long, long time.

Today's guest is just incredibly high level. I mean, just crushing it. I mean, over a hundred deals he'll do this year alone. But he's got such a good way of explaining it and, like, looking at his business and a very cool way. So you guys are going to love that a lot. So stay tuned for that for an interview with Ryan. But before we get to that, got a little bit of housekeeping to get through. First of all, it's today's quick tip. All right. Today's quick tip is the right way to approach a mentor. Let's start with the wrong way. Do not come up to someone you don't know and say, will you be my mentor? It reminds me of a book that I

read as a kid called Will You Be My Mother? I read it all the time. Rosie likes that one. He loves that one. Yeah. Nobody wants to hear. Will you be my mentor? Will you be my mentor? Because we don't know you yet. And you might not be a good fit for our personality or you might just not be a good person. It's hard to tell. So what we've decided is when people approach us and ask for help, guidance, mentorship, whatever, the first question we're going to ask is, have you read my book? Now, this is not because we're egotistical people who

want to make everybody go by our books. This is for yourself. Well, maybe you, Brandon, is. I really don't care about that a whole lot, but I'm also not the prolific author that Brandon is so I can't. What I would say is when I approach somebody who's a couple levels ahead of me and I want to move ahead, I will say to them, I'd love to talk with you about something specific, fill in the blank, I read your book and I loved these three things that were in it, right? Now that person I'm talking to knows I'm not wasting their time.

I've already invested some of my time and energy. So I have some skin into the game of this relationship. And there's a very specific thing we want to talk about. When someone says, can I pick your brain, that is an open-ended question that may never end. It may turn into three hours of you wanting to just ask us questions and learn everything you can because you're too lazy to go read a blog post or do some research yourself. So building relationships is a huge part of today's show and you're going to see just how profitable relationships can be.

Brandon and I want to help people who want to start doing that. One of the best ways is if you're approaching someone and you're interested in them, read their book first and open the dialogue with, I read your book and I loved specific bullet points that are in it, then make your pitch on. on how you'd like to get to know that person or what you're proposing. Wow, that was a very long quick tip. Yeah.

I liked it. Yeah, very, very important. Building mentorships is so valuable. I was reading a book the other day, I remember what it was called, but in there they talked about one of the things that separate successful people from non, to the topic I'm fascinated by,

is that they have mentorship. Like, there was like scientific study done. You have somebody that you can look up to and talk to. And so it is valuable. And we're not talking about paid $50,000 mentors. I'm talking about people. people you can trust and talk to. And anyway, there you go.

All right. And we do talk about relationships and a lot on today's show. In fact, I would say that's a secret to Ryan's success. There are two kinds of real estate investors, those who have reviewed their insurance, and those who think that they have. Most don't realize their coverage wasn't built for how they actually invest. Vacancy periods, rehabs, short-term rentals, or LLC held properties. These gaps surface only when filing claims.

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Like I said, one of my favorite episodes we've done in a long time. One of my favorite podcast episodes ever. Super inspiring guy, a young guy doing over 100 flips this year. You guys are going to love it. So we talk a lot about deal finding, a lot about building relationships, working with the MLS, wholesalers, all that. So without further ado, let's get what? If they like Ryan's episode, which they will, because Ryan is awesome.

He actually wrote a book called Flip Your Future. And I would highly recommend looking into that because when you guys hear this guy talk, you're going to see exactly why Brandon and I like this guy so much. He's got it together and he's got a system that anybody can follow. Yeah, we'll put a link to his book. He's got a new book out. We'll put a link in the show notes or just go to Amazon and type in Flip Your Future and pick it up. So with that, let's get to the show with Ryan.

All right, Ryan, welcome to the Bigger Pockets podcast. Good to have you here. Hey, I'm happy to be here. So you and I have been Facebook friends for quite some time. I don't know if I requested you or you requested me, but we have been Facebook buddies for a while. But I don't actually know much about you other than I constantly see like, find a new deal.

Look at this thing. Look at this awesome thing. Hey, I wrote a book. Like all these cool things. And I'm like, we got to get this guy in the show and figure out what's going on. So that's what we're doing today. So why don't we start at the beginning? Where'd you come from?

What'd you do before real estate? How'd you get into this game? All right, man, from the beginning. So my mom was a realtor ever since I was alive, man. So I kind of grew up in the game. And she wasn't much of an investor, just mainly on the realtor's side. So, I mean, just to cut everything to the chase, like, I was a baseball player growing up. I had no ambitions to be a realtor, to be an investor.

Like, I was just going to play in the big leagues. And that was it. And so I, you know, I got that. I got drafted by the Oakland A's and everything was going according to plan. And I realized real quick that minor league baseball players don't get paid anything. Like I was making $1,200 bucks a month. And I was like, well, I need to figure out another job. So I got licensed and I was 21 years old at the time.

And that was my first job back in 2010, just being a realtor in the off season and then playing baseball during the season. And so it was a tough time back in 2010, especially in Vegas because you know, we had just hit the recession and prices were like so cheap. So even if you sold a house, it was like, you know, what are you going to make? So, you know, I just was a realtor and, you know, I kind of struggled for a while because it just, I wasn't good at it. I didn't really know what I was doing. I didn't have a mentor or anything. So long story short, me and my cousin ended up buying our first house in 2011, a year later. And it was just a little bachelor pad, man. Like, I just remember

we had so many good times at it and we were just, you know, being 21, 22 year old kids. And a couple years later, we sold it and it was like, whoa, we just made a lot of money. I don't even think we bought it right. You know, we just, we got appreciation. We bought it really low. And then I was like, man, I need to do that again. Like I just made way more than I did as a realtor selling this house. So I bought another one and, you know, I rented it out. I ended up going to play baseball. So, you know, I was just chilling, letting, you know, getting some income. And then a few months later, the tenant was like, hey, I want to buy this. I was like, all right, make me an offer. And sure enough, they made me an offer. I sold it, you know, made like 25 grand off of it. I was like, man,

I made way more like than a baseball player than as a realtor. I'm like, I got to figure out how to do this. So, you know, it's 2014 and I'm married, me and my wife were celebrating our one year anniversary and we'd bought our new house for her and I to live in. And I'm like, man, I really want to sell this house, but I mean, I know you're a married brain. Are you married, David? No, sir. Okay, so, married to the game. Married to the game, man. So, you know, after, you know, we bought our house, I wanted to, I was thinking about selling it because, you know, I'm, I'm seeing the money and I'm like, man, we could cash out get some money. And she's like, no. And so I'm like, okay, well, you know, my house flipping career is kind of over because I didn't know any other way to buy a house

other than a 30-year loan. And so we struggled, man, she was in college and, you know, I was only making $1,200 a month as a baseball player. I wasn't a very good realtor. And, you know, I couldn't flip the house. And so I started flipping couches, man. I started flipping clients. Like literally. Wow.

Yeah. How does that work? Dude. I'll give you the one minute version. So I bought a bunch of storage units or I rented them. It's a little 10 by 30 units. And we ended up just buying and selling couches on Craigslist for like a couple. of years. I bought a truck on Craigslist to do it.

And dude, I mean, it wasn't bad money. You know, it was just a hustle, though, you know? David thinks this was really funny. So you're like, would you like buy them wholesale and then like sell them retail? Are you talking like you buy from one guy who was like a pee stained couch and you go and sell it?

Dude, all right. It was this simple. I would be on Craigslist every day. I would find a couch for like 100 bucks. I'd take it to my storage unit, take all the covers off, go wash him, take another picture of it the next day, sell it for 300 bucks. Like, it was like clockwork. That's awesome. That's what's so funny is I'm picturing you like, I'm looking for distress couches. If you know anyone with the distress couch to sell. We buy distressed house or couches. Like trademarking couch flip hashtag couch flipper.

And you're like, it doesn't matter the condition. Homeless people are fine. Bring us any peace stay and flea infested couch. The worst, the better. And I've got a special rehab team that can a pulse or anything. That is just hilarious to me that you were, uh, couch flipper. But not only that she like, that just speaks to the drive that you have. You know, if I knew nothing about you and I heard that you were doing that, I'd be like, that's somebody who's going to succeed because he's doing something new that no one's done before. You actually said you made money at it. So you found him made to make it work. You learn these fundamentals that then you went and actually applied to houses where you're making

great money now. And it kind of reminds me of your career in baseball where you started off in the minor leagues. You learned the fundamentals and you never made it to the big leagues, but you did that exact same thing with house flipping instead. Yeah, 100%. And so like, you know, the kind of. couch flipping thing, you know, it provided a living and it was cool, but, you know, like, who wants to flip couches the rest of their life? Like, there's no purpose or fulfillment in it other than just making a buck. And so I had this revelation on our one-year anniversary, and I'm watching TV. We're over in New Orleans, watching the Packers play or my team.

And, uh, oh, come on, come on. Who's your team? Minnesota Vikings, Minnesota Vikings. Oh, man. Minnesota Vikings. That's tough. Well, you guys got Kirk Cousins. So you might be okay. But yeah, so I ended up watching this video commercial for this guru. I'm not going to say who. And I was like, man, I know this is a scam. Like, you know, I'm just, I'm always skeptical of everything. But I was like, you know what?

I'm going to just research it. So I just get on Google. I type in seminar scam. And the first thing that pops up is bigger pockets. And I'm like, I'm like, what is bigger pockets? And so like, I start typing like, is bigger pockets a scam. I was like, dude, I don't know what this is. And so I start getting into it and reading the post and they're like, yeah, yeah, yeah.

Like that's a scam. They're going to upsell you, blah, blah, blah. I'm like, okay, good thing I didn't buy it. And they're like, but all you need to do is just listen to the podcast. You just need to go read this book. And they mention your book, Brandon, low and no money down. And so I picked up that book. I picked up Jay Scott's book.

And I read it, you know, in a day. I read both of them. And I was like, whoa, this is crazy. Like, this is the answer I've been looking for. because I knew how to find deals. I just did not have fund them. That was my main thing. And so I was like, man, there's these hard money lenders.

Is these private money lenders? This is crazy. And so that was the end of 2014. I was like, all right, I'm going all in in 2015. And so I only had 10 grand in the bank. And luckily, we didn't have any debt yet other than her student loans. But I was like, all right, well, 10 grand's not going to do it. I don't have a private money guy.

Like, I got to go hard money. And so I was like, all right, I'm just going to max out all my credit cards. So I maxed out all my credit cards. Which was not a chapter in the No and Lominy Down book. That was not a chapter, but, you know, it works. To give you a, you know what actually gave me the idea was the seminar? Because people were like, yeah, they'll teach you how to like raise your credit card limit just to buy their seminar. I was like, that's messed up.

I was like, but what if I did that to go buy a house? Then it makes sense. And so I ended up doing that. I ended up cash advance in 50 Gs. And I was like, okay, well, now I just got to find a deal. deal. So I ended up finding a deal in January. I bought it. It took about 40 grand of that 60 that I had remaining. And I was like, all right. Well, I guess I'm all in now. And a couple weeks later, I found another deal. I was like, well, I got this 20 here. I only need like 15 to buy it. This is

like a real easy like as is flip. And I was like, well, I'm all in. I might as well just really push all in. So I bought that one too. And yeah, man, it was. It was. kind of nerve rack and, you know, just, you know, I didn't plan to buy two. I was like, I'll buy one, take it slow, whatever, but it just, I knew it was a good deal. And so a few months later, end up selling them both, made about 40 grand. I was like, wow, dude, I just had 10 grand in the bank, and now I got 50. This is like, unbelievable. I was like, I'd have to flip so many couches to freaking make that much money. So I was like, okay, this house flipping thing is the way to go. instead of making $200 bucks on a couch,

why not make $20,000 bucks on a house? And so, yeah, man, that was the beginning of my career and my true house flipping career. And that year in 2015, I ended up buying five. And, you know, that was all I could buy with the money that I had. And then in 2016, I bought 20. Same thing, just all hard money. I kept just being frugal and saving my money.

I was still maxing out my credit cards, all ways to just buy more deals. 2017, I finally got my first private lender. I was like, Brandon, I did it, dude. I got a private lender. That was what really allowed me to start scaling. And so last year in 2017, I ended up buying 53 homes and, you know, it was great. And then this year now we've already bought 60 plus homes.

We'll probably do over 120. So, man, things have been growing quick. Wow. That's incredible. So you went from 5 to 20 to 53 and now you'll hit over 100 this year. Are they all in the Vegas area? So the majority are in Vegas. You know, I buy in Big Bear, California, too.

I've got some Airbnbs up there and, you know, I do some flips up there. And then I've got some duplexes in other states, those little cheap ones that people talk about. And I could go more into detail about those. Those are funny. But, you know, for the flipping, yeah, everything's pretty much in Vegas. All right. So I want to unpack this a little bit. So first, why do we go back and talk about the hard money thing?

So for those people who don't know what hard money lenders are, can you explain what that is and kind of what you were paying for rates back and rates and fees back then? Yeah, so our money lender, it's very different than a traditional 30-year lender. These people, I mean, they can get you the money just like cash, you know, within a week or two. And they're not really concerned about your income or your credit. They're more concerned about the property and if it's a good deal or not. And so like this lender in particular, by very first one, he wanted 20% down and, you know, he wanted me to cover the rehab cost.

And so that's why I needed 40 grand to buy that first deal. and he charged me two points and like 10%. And so, you know, a point would just be 1% of the total loan. So I can't remember what the total loan was. It was like 130, 140 or something. And then, you know, obviously the monthly interest you got to pay. So it is definitely expensive, but, you know, it's worth it if you factor it into the flip. Yeah.

And that's the key right there, right? People are like, well, I would never pay hard money rates. But you just factored into your numbers, plug into your numbers when you're doing the math. and if it works, then who cares? I mean, over time, you can get better and better rates and fees because you get private lenders or maybe lines of credit or whatever. But heck, I mean, if you got to do what you got to do. So some people are still complaining about not wanting to pay a hard money lender

and they haven't done a single deal. Yeah, and I'll tell you, like the second deal I bought, I didn't have 20% to put down. So I found a different hard money lender. He was like, yo, just put 5% down and I'll fund it. But he wanted four points to do it. And I'm like, well, you know, he's more expensive. but I'm not going to pass a deal because I'm worried about a point.

Yep. Yep, that's exactly how you got to look at it. Because when you're getting, especially when you're getting started, like you don't have a ton of knowledge and experience to be able to negotiate real well. You kind of just take what you can get and you do it. So, all right, so you went from hard money lenders. Then what is the difference now between a hard money lender and a private money lender. And how did you make that transition?

Yes. I mean, a hard money lender is obviously, you know, like a company that does it for a living. A private money lender would be pretty much anyone else. It would be like a friend, a family member, you know, just somebody that you have a personal relationship with that, you know, trust you and that, you know, is willing to fund one of your deals. And so anything with private money is negotiable. I mean, you guys could do 50, 50 splits, any kind of split. You could do interest. You could do flat feet. Like, it's just whatever you wanted to be. That's awesome. I love, I love private money. I know that's significantly cheaper,

generally speaking, better terms. Like, when I worked with Harbing Lenders, the thing, it was like, they were so business oriented because I had to be. It was a business, right? With private money lenders, I was like, yeah, sounds good. All right, let's do it. That'd be fun. You know, like, everyone's just so much more generally easygoing. So I'm a big fan of that.

All right. So I got a bunch more. David, you can interrupt if you've got cool questions too, but mine are probably not as cool as your questions are. But I'm going to ask them anyway, how did you scale up in terms of like five to 20 to 53 to now 100 in terms of your, I want to go like through how you find them, how you fund them a little bit. But business wise,

Was it just you? When did you start bringing in more people to be able to assist with that? So my first 2015-16, I was by myself. I was finding the deals. I was the project manager. I was listing them because I'm a realtor. I did everything. And yeah, I mean, I was able to do that with just, you know, that amount of volume. So fast forward to 2017, when I started to do a lot more volume, you know, I had to hire my first guy. And, you know, I need to mention too, I was still playing baseball in 2017. So I had, actually had to leave and go play baseball. And I had like, you know, 10, 15 houses being remodeled or being sold or whatever. And so I would be in the dugout or in the clubhouse, like, answering emails and calls and like all this. And then I'd be going to play a game. And

like, my mind would be thinking about a deal or something. And then after the game, I'd have all these texts and emails. I'm like, holy crap, this is getting too much. And so, like, that was the first time, I just realized like, hey, you know, if this real estate thing's going to take off, I can't do this alone and I can't play baseball anymore. Like, it's just too much, too much now. And so I ended up leaving baseball last year in July. And, you know, I was like, I was, I was content. I'd played eight years and I was good with it. But I ended up hiring one of my buddies to basically manage all my projects to, you know, keep tabs on all of them while I was gone playing. And, you know, after I got back from baseball, him and I just went at it together. And we were able to just, you know, do 50 with just me and

him only. And so I, you know, I see a lot of people who, you know, think, oh, I need a huge team to do all this and that. You really don't. Like, you know, that's, that's evidence of it. But, you know, I'll say now doing, you know, we'll do over 100 this year. My team's definitely bigger now. You know, I've got an assistant. I've got two project managers, you know, now my buddy who was with me in 2017 is listing them all and we opened a brokerage together. So it's a lot of different things now. But, you know, starting out, it was pretty much just me and then me and him. That's awesome. That's cool. I like here in the kind of the business development side, because that's something I struggled with a lot. And I think that kept me back is I always wanted to

do everything myself. I'm like, well, I'll, I'll fix the toilet and I'll, you know, show the unit, and I'll sell the property and I'll deal with the contractor. And because of that, I could do one, maybe two projects at a time. And I was constantly overworked. I wish somebody would have sat me down and been like, Brandon, you're stupid. Go, you know, hire some people. Yeah.

Yeah. I'll say the thing that worked for me is I don't know how to fix a toilet or anything like that. So I couldn't like go fix the house if I want to do. Yeah. That's actually, yeah, people think that not knowing how to fix things is like a hindrance. And I think it's actually a skill.

Like being really bad at fixing things makes you, you forced to think like a business owner versus me. I'm like, well, I can fix a toilet. Let me go over and show you all how it's done. And then I'm like crawling around under a house trying to fix pipes. I'm like, what am I doing? Anyway, David, you had something. Yeah, Ryan's story is a lot like mine. And that's, I mean, Ryan, you got an awesome business bottle going on. We're going to dig more into the details of that for people to hear. But what I love is I started buying houses in other states where I couldn't go fix it even if I wanted to. I couldn't go walk in and rely on my own judgment. I had to rely on other people. to do the stuff I wanted to, which ended up being a huge blessing because I learned to get team members involved. I learned to delegate. I learned to only do the thing that was most important for me, the one thing that I needed to get that deal together. And my business scaled faster than everybody else's who was trying to do everything. And it was hard to separate themselves from, I got to be the guy to do everything. You're in that same position. You and I were talking the other day. And I was saying, like, yeah, I used to be like, you know, sitting at a stop sign driving from one call to the next and look at my

phone and my agent texted me about an offer. And I'd write back like 120,000. and then send it. And then I would drive to the next stop sign and I'm like, what did they say? You know, like, we're trying to do everything while we're working. You're sitting in the dugout and you're like, well, are they going to put me in the game or not? You know, we walk to the back real quick and make this phone call. So you had to rely on other people. And now you're, you're accomplishing what Brandon calls the stack, right? Like you went from five to 20 to 53 to 120. Every year, you're doubling or more the production that you did. Because you've learned the power of leverage and you've removed yourself from the aspects of the business that are not what your best that. So I just want to commend you and let everybody realize that the fears you have of why you can't

get into real estate investing might turn into the strength of your business if you do things correctly, right? Like you don't want to be the person who does everything. You want to be the person who does one thing really well and find other people who's their one thing is the stuff that you don't really love doing. Like the guy who fixes toilets wants that job because that's all that he can do. So like first off, I think you have the perfect business model. I think more people should be copying it. What I'm really intrigued by is what you've done to remove yourself from your action, the work of the business. So you own a flipping company and you do one role within that company. You don't have the job of a house flipper, which is everything.

Can you tell us a little bit about how you've structured it and what role you're playing and why you chose that role? Yeah. So I think to first off, you know, gets to the role that I'm in, you have to have experience the other roles first. And so like I said, when I was doing it all by myself, I was the project manager. I was the listing agent. I was, you know, finding deals, all those things. And so, you know, I've experienced the other roles. So you have to know what the other roles need in order to train somebody to do it.

And so I see all these people all the time like, I want to create a great system and do this. I'm going to get my project manager, this and that. But they don't even know how to train them because they've never done it. And so I think before you can even create this huge big company, you have to have experienced those roles first. Now, I don't think you need to be a contractor flipping toilets, but you have to know how to hire a contractor and find a contractor. And so, you know, I learned all those things. And now I'm at the point where I kind of just oversee everybody. You know, I oversee those people who manage those other people. And really my job at this point is to just say yes or no to deals. And so, you know, I get deals and leads sent to me

every single day. And I evaluate them and, you know, I say yes or no. And if I say yes, then it just goes into the machine and I'll get a check hopefully four months later. So that's kind of how I'm structured right now, and even that could be delegated out at some point. I could get somebody else to handle all the leads. But, you know, that's the toughest part is, you know, lead generation is the biggest thing with flipping. And so relationships are how I've built my business. So I have relationships with all these wholesalers, with all these realtors. And so it's like, they come to me when they have a deal. And it's hard to say, hey, go to my assistant, you know, because it kind of breaks that relationship. So that's a tough part for me. Yeah, I want to dive into that a little bit. That finding deals right now, is hard for everybody generally, but you're buying a dozen houses a month, it sounds like,

you know, or maybe not quite that, but you're buying a good number. So how is it that you can find, you can buy 10 houses in a month when a lot of people are saying, I've been trying for six months, I can't find a single deal. Like, what are you, you're doing relationships? You say, what does that mean? Is that the only thing you're doing? Let's talk about that a bit. Yeah, so starting out, it is very hard to find a deal. Like, it's extremely hard. And my first year, I bought five, which I thought was extremely. good at the time. And what I found in this business is the more relationships you build, it just exponentially grows because then they tell someone else about you and it just keeps growing

that way. But also, you know, once you get one relationship, as long as you maintain it, that's, you know, it's there forever. And you're going to keep getting more relationships every year. And so now like my network is just so much bigger than it was even last year. So I'm still getting, you know, deals from the previous relationships I had. But now I'm getting deals from the new relationships I have. And so it just keeps growing exponentially. And, you know, that's really my business model. It's just building relationships with people and providing them value and helping their business grow. And if I'm able to do that, then we're going to do business together. If I'm just in it for the money and like, hey, send me a deal and I'll say yes or no, it doesn't work like that. Too many people think that.

So when you say an agent that an agent is helping you, like, is this something they list on the MLS and then they call you and be like, hey, we just listed a property you would like this, or is this something different? Yeah. So a lot of times I'll get, you know, what's called pocket listings, agents will send me them before, you know, they're going to list them on the MLS and they'll say, hey, you know, you want it for this price? And I'll say, yeah or no, or I'll say what price I can do it at.

So, you know, I get a lot of deals that way. But also I find a lot of deals myself on the MLS. You know, I've got searches set up and all these things. And so I'm making offers on the MLS every day. But, you know, everyone else is making offers on those. properties too, right? So it really depends on who the agent wants to pick because, yeah, you might not be the highest offer, but if they know you're going to close and you're not going to BS and you're not going to, you know, try and renegotiate later, that gives you a huge advantage.

I think, and David, you can speak to this as well, I'm sure, but like, I find that agents have way more power than I think a lot of times we think they do. A lot of times we just think the highest offer is going to be the one accepted when you're making an offer on something. Well, clearly the highest offer or somebody else, but like if the agent really like, you, like their agent likes you, they have a tremendous amount of sway because they can use those arguments. Like, well, you know, you know, yeah, you know, that guy did bid 10,000 higher, but I know this Ryan guy, he can close. I've done eight deals with them in the past year. I think you should go with that. Like, who's a seller going to go with? Of course they're

going to go with you. Because they're going to, most likely take the agent's advice there. Yeah, that's a thousand percent accurate. I mean, as a real estate agent, even just the tone that I use when I'm going over the offer with my clients, I can influence them to go any direction that I think is best. And really, as their fiduciary, I'm supposed to influence them in the direction, I think is best. So if I know Ryan is $5,000 less than the high offer, but he's really likely to close, and I'm excited about Ryan's deal and I'm saying why his offer is so great. And then I talk about the other one. I'm like, well, it's $5,000 more, but you have this, you have this. Is it really worth it? Nine times out of 10, they're going to go with the one that they can tell that I think is the best bet.

And investors shoot themselves in the foot when they call the listing agent and they're like, hey, you can double end it. You're going to make more money. And therefore, you better do this and this and this and this. And they just like, you know, beat up that real estate agent because in general, real estate agents are not respected. People think that they're just a means to an end. You're a key that opens a door and that's all. And they treat them like that. And I guarantee you, I've seen it. I see the agent's face as the person's doing that. Just go from smiling to like, I'm waiting for you shut up. And there's no way you're getting this deal. You know, Ryan has figured out the secret sauce. When he talks about relationships, it's treating people right, bringing them value first.

I guarantee you when he's talking to the agents to bring him deals, he's saying things like, what are you doing in your business to generate leads? Here's what we're doing. That could probably help you out with what you're doing. Here's a trick that I've learned or a software that I use or a script that I use that really works with people. And he's making them money, which makes them want to make him money. Like those are the best relationships.

And if people could only figure out one thing about a business, it would be that. And whether you're flipping houses or flipping couches, you can make money if you figure out the relationship side. Yeah, that's 100% right, man, because I have so many emails and texts just from agents like, hey, you know, you weren't the highest offer, but you were the one we felt the most comfortable with, you know, this and that. And there's going to be a lot of offers you make where it may not even be 10,000 difference. It might be $1,000,000, $2,000. And so to the seller, it's like, that's not really a big difference. Like, who am I going to go? Who do I like better? Yeah, that makes sense, especially when you're competing with other flippers as well,

like they probably have similar numbers than what you do. And so your offers are probably not always, but probably in the same ballpark. And that just comes back to the relationship thing. So would you have, I don't know if you track this very meticulously, but do you have an estimate on how many offers you typically would make on like an MLS kind of deal? What percentage get accepted? I mean, are you like 50-50 or are you one out of 100? So I do it a little differently than most people.

So I've got auto searches and stuff set up on the MLS and I probably get about 30 searches sent to me to it, sent to me a day. And so I'll review all 30 every single day. And, you know, I can tell just from looking at the address and the price and the square footage like, okay, this one's not even close to a deal. I'm not even going to worry about it. And so I can go through those 30 in about 30 minutes every day. And, you know, probably maybe five out of those 30 are worth actually comping out and looking into. And so out of those five, I'll just, you know, make an offer on it. I'll send them a text or write them an email. That's the only way I make an offer. I don't go through writing the purchase agreement and all this stuff because it's just, it's a waste of time if I'm not going to be close. And then when you

do send a text or an email, it opens up dialogue to like build you that relationship. Because if you just one of these guys who sends an offer, they don't know who you are. It's just a piece of paper. But if you're actually speaking with them, you could feel them out and be like, all right, you know, where do I need to be to get this deal done? Like, what's the seller's motivation? You know, what can we do other than price that will make them want to do the deal. Do they want to rent back? We'll buy it as is. When do they want to close?

You can talk about these things when you can contact them directly like that. I love that. You're not just firing out of a bunch of offers just hoping something gets accepted. You're building relationships. Again, it just all comes back to that. That's awesome.

All right. So that's just a really fantastic strategy in general. Let's talk about wholesalers. You said you also get a lot of deals from wholesalers. Can you define what a wholesaler is, how you find them, and how do you build those relationships? Yeah, so I had somebody ask me, you know, explain what a wholesaler is in the simplest way.

And I just said, they're a contract flipper. You know, we flip houses, they flip contracts. And so really, they're targeting all these sellers and they're trying to negotiate with them and do all the work for you. And, you know, if they get it under contract, they would then assign the contract to you or flip the contract to you for, you know, whatever fee you guys agree upon. And so wholesalers are your best friend, man. Like, they do all the dirty work. You just have to say yes or no. And I know a lot of new flippers, and I was this way when I started too,

you know, they see the wholesaler's fee and they're like, oh, man, you don't deserve to make that much. You're going to make more than me or whatever the case may be. And it's kind of naive thinking because what's it matter what they make. Like I tell wholesalers now, don't even tell me what you make. Just give me what my price is because I don't want to know and I don't want you to think I'm trying to take out of your pocket. Like I'm just going to give you what I can pay. And so I think last year I probably paid like 400 grand in wholesale fees.

and I'm pretty certain I'll pay over a million this year in wholesale fees. So I love those guys. You know, I don't care what they make. Like if the numbers work for me, then let's do business. That's cool. So where do you find them at? If you're like not necessarily you, but where does somebody who's listening to this show, I'm like, oh, I want to go find a wholesaler, somebody who does all the hard work for me.

Okay. So, you know, there's probably three real easy ways. Number one is, you know, go to a real estate meetup. I know you guys talk about that all the time. Like, it's true. You're going to find a ton of them there. And, you know, build. relationships with them, see what kind of value you can offer them as an investor. The second way is

Facebook, man. That's why I'm so active on Facebook. I'm constantly like, you know, trying to friend request realtors and wholesalers and all these things because I want them to know who I am. And, you know, you can go on Facebook alone. There's tons of wholesaling groups and you just go join them and, you know, let them know, like, hey, I'm in Las Vegas and I'm an investor. I'm looking to meet wholesalers. Or you just search for, you know, wholesalers who've already posted in that group. You know, another way is to just go on Craigslist and call all the bandit signs that you see because those bandit signs are wholesalers. And then they obviously post on Craigslist too. I mean, like, there's so many ways.

And, you know, that's why I wrote the book. All those ways are in it, too. That's awesome. Yeah, that's awesome. Yeah. And then when you find, when you find good wholesalers, there's also a lot of people who are just horrible at wholesaling. It would never be, they're not going to be good. They're just looking for a get rich quick way or they went to some guru thing.

How do you, how do you differentiate between? a time waster, like a wholesale is going to waste all your time and somebody who's legitimately worth investing your time to train or to help to work with. How do you differentiate that? Man, I wish I had a great answer for that, but that's a tough one because I would say probably nine out of ten people you meet in a meetup who want wholesale aren't going to do anything. And that's just the reality of it. And, you know, I haven't been to a lot of meetups recently. I know I need to start going back to them and meeting people because, I mean, I'll tell you the last meetup I went to, I met one wholesaler and we've done probably five deals together. So it's like that meetup,

just going and attending that meetup probably made me $150,000 by just choosing to go there. So that shows you the power of going and networking. But, you know, I've also taken so many meetings, coffee meetings and people come into my office and, you know, they just never do anything. And so it is tough to determine, like, who you want to invest your time in. I would say always, meet everybody regardless, you know? And if they've got persistence and they want to keep meeting with you or they're asking about, you know, deal, like if they're asking you the right questions, like, hey, what do you think of this property? Hey, you know, what would repairs be on this? Then you know that they're actually doing something. Yeah. But most people, they're not doing anything, you know, so you won't ever hear from them again. Well, unfortunately, wholesaling gets like prescribed as, oh, you want to learn about real estate investing, but you have no money. Become a wholesaler. It's super easy and you don't need any money to get started. So you have all these newbies that walk into that realm, not having any of the skills that are needed to be a wholesaler that want to get into it. When people complain to me about wholesale fees, I usually tell them, everything's a funnel.

Brandon is known for talking about this all the time, right? So we've had this lapse funnel that we talk about, right? And it's the process of you take a lead, you analyze it, you pursue it, and then you would succeed by like closing on it, right? So in the beginning, at the top of it, you have everybody in the world, they're all some form of a lead. And then you move down and you analyze something. And then you move down even further and you look at do I want to make an offer.

Well, wholesalers are taking that whole first step, the lead, like finding people that might want to sell their house. And they're doing it for you. You're jumping into this funnel near the bottom of it where it's very narrow. And most of the hard work has already been done. And you're paying a fee to avoid all of the hardest part. It's finding the deal and getting it under contract. Right.

That's where all the heavy lifting is done in this deal. And you're paying a wholesale fee, but you're avoiding all the advertising and marketing and labor that you would have to spend to go do that work on your own. It's like awesome. It's like a meal prep. Somebody makes it for you and you just get it right away. Now, if you have no money in a bunch of time, you're going to cook your own meals. But if you have a job and you're doing something and your business is somewhat successful, it doesn't make sense to stop what you're doing and cook your own meals.

You let somebody else cook it, put it in the fridge and you just go in there and eat it. So if you change your mindset about how you think about it, you'll actually make way more money doing things that way. And if you focus on creating systems like what Ryan has done, he's just now like feeding something into this machine over and over and over and the wholesalers are bringing a, wholesalers are bringing a product that he can just like drop right into there. So what I'd like to ask you, Ryan, is can you give us a hypothetical example of like a lead comes in and what that process looks like for how your business will process it? Okay. So let's just say a wholesaler sends me a deal. I've, I've told them all that, hey, all I need is the price, pictures, and the address. If you give me those three things, I can tell you

what I need. You know, I've gotten to the point where I don't need to walk properties to buy them. Like, yeah, after we, you know, if it's really bad or something, like, yeah, we need to go see it in person, make sure that the rehabs what we need to see. But for the most part, with what I buy in Vegas, they're all pretty standard. It's not anything crazy. So they'll send me those, you know, the property with those three things. And pretty much I'll just say yes, no, or I'll give them my counter. And that's really as simple as it is. Like, I try and make it so simple for everybody that like, hey, you know, if you got a higher offer or something, so be it. Like, no hard feelings. It is what it is. Yeah, that's great. That mentality is just what's needed because, again, it's all a funnel, right? It's all a funnel. Yeah. All right. So, let's, I want to talk about your systems a little bit.

As part of the funnel, let's go into the funnel because I'm obsessed with it as David Green reminds me oftentimes. Let's talk about like what happens. So you have, I mean, let's say a wholesaler contacts you, says, hey, I got a deal. Walk us through the entire process. I mean, like, who takes that phone call? Like, you know, when do you make the offer? Can you kind of walk through the journey of a deal to clothing? Okay.

So with me, you know, let's just say, you know, I've already built their relationship with the wholesaler. They say, hey, Ryan, I got a deal. I said, all right, great. So they send me those things, price, pictures, address. I'm going to immediately look it up like ASAP because a lot of these other flippers, they like, I don't know what they got going on, but they won't get back to them until like hours later or even the next day or days later.

I'm like, you know, really whoever's first to commit is going to get the deal. I even have a wholesaler who they blast it out and whoever says yes first gets it. And like it literally goes within 15 seconds. I'm not kidding you. Like that's the type of speed that people are buying it. And so, you know, if a wholesaler sends me a deal, I'm going to immediately drop whatever I'm doing and I'm going to look it up immediately and make sure how the numbers pencil out. So, you know, I'll go and comp it online using, you know, the MLS, I'm a realtor.

and, you know, make sure that the numbers work. And so my biggest advice is if the price they send you works, just accept it. Do not try and beat them up and try and get a few extra thousand bucks out of it or whatever. Like, you're going to hurt yourself in the long term because they're going to be like, man, this guy's always beating me up over price, blah, blah, blah. Like, you want to be their best ally. And so if the price works, I'll just say, yep, let's do the deal, man. And so at that point, if we say yes, then, you know, they'll send me over the contract.

the assignment contract, then I'll find out what they're making on the deal because the assignment will say. And I love to see that they're making a lot of money, man. Like, I'm not going to be mad that like, oh, I could have got them down a little more because they got a big assignment. Now, I'm like, oh, man, sick, dude, that's awesome. You're making 40 Gs on this, man? That's great. And, you know, I'm getting the price I want. Dude, it's a win-win. And so we sign the assignment. And typically, these guys will require a non-refundable earnest money. And it's usually about five grand. So, you know, the next day we'll go and deposit the earnest money and, you know, going to contract. From that point, I will then, you know, prepare the deal to one of my

private money lenders. And I'll say, all right, here's the property. Here's how the numbers break down. Here's the comps. You know, I need the money wired on this date. Do you want to do the deal? And they'll say yes or no. And so I'll just do it until I find somebody who says yes. But, you know, my private lenders are trained to the point where if they have the money, they're saying yes. They don't even look at the deal half the time. They're just like, all right, like, just tell me where and when to fund it. And usually we have two weeks to do a deal. That's pretty much the typical time frame for these guys.

And, you know, two weeks from now, we go and close the deal. But in between that time, I like to have one of my project managers go look at the house and make sure that the pictures are what, you know, they said they are. Most of the times the wholesalers are able to do that. But sometimes, you know, you got a bad tenant or somebody who you can't get in the property and you got to buy it with just what you got. So every deal is different that way. And really like if I go to a property, not me, but my project manager goes to a property,

you know, he's going there just to make sure it's what we thought. Like he's not going there to try and say, oh, man, this is way different. Like we need a lower price because I know that there are people who do that. And it's just like I said, man, they're not playing the long game. They're trying to win a little battle instead of worrying about the war. So yeah, like after we close on it, you know, it's a done deal and everyone's happy. That's awesome. I love hearing that. I love hearing how people kind of work that process from a big picture because a lot of people are stuck in this day to day like, well, okay, what do I do next for a deal? But anyway, kind of stepping out from like a 40,000 foot level is kind of cool. So speaking of that, I actually want to dive a little deeper as well in the next segment of the show called the Deep dive. Deep dive.

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book your free demo at bill.com slash bigger pockets and get a $100 Amazon gift card. That's bill.com slash bigger pockets. All right. So today on the deal deep dive, we are going to one specific property that you recently bought when we're going to ask you seven

questions that were just going to go real deep into this. So first of all, you got a deal in mind, by the way? You got something? All right. So the questions are the first one, how did you find it? All right. So this deal was an out of state deal. I'm doing this for David. He's the out of state guy. So, you know, I have a few properties in Big Bear, California, and it's about a three-hour drive from Vegas. And so I just like vacationing up there. The Airbnb's good. It's great. So there. So there's a few properties. So there's a few properties. So there. There's this little town called Baldwin Lake, which is maybe like 10, 15 minutes outside of Big Bear. And so there's like, it's so tiny. There's no investors there. It used to be a lake, but now it's dried up.

So it kind of looks like a wasteland. So I had this contractor hit me up on Facebook. He was like, man, I want to get in wholesaling. I saw you buying Big Bear. You know, I live up here, yada, yada, yada. I was like, yeah, man, let me know. Like if you ever get a deal or however I can help you, just let me know. and I didn't think anything of it. That happens a lot. And so probably two months later, he goes, Brian, I got a deal. I was like, all right, tell me about it. He's like, it's in Baldwin Lake. I'm like, okay.

I'm not as excited anymore. Like, okay. And so he starts telling me about the deal. He's like, man, I think you'll really like it. Like, you know, it's really good. Like it's a house and a guest house on an acre of land. I was like, man, an acre of land's a lot, especially out there and a house and a guest house. I was like, all right, tell me more. And so, yeah, he starts telling me about it. And he's like,

yeah, it's 150,000. You know, I don't know what it's worth, but you can just run the numbers. And so, you know, I'm running the numbers. And it's tough to get comps out there because there's just not a lot of houses for sale. And it's very unique. It's a house and a guest house on an acre. Like, nobody else has that. And so, yeah, I'm looking at the comps and I'm like, well, I don't know how long this thing will take to sell being in this kind of remote area. I don't know, for sure what it'll sell for, but I know like crap your houses are selling for $250. And so I'm like, you know, let's do the deal.

I don't know if you want to ask the other questions. Yeah, we'll move on. So you bought it for it. So the second one was how much was it? It was $150. Is that what you paid for $150? Well, so he ended up telling me it was $150. And I'm like, all right, send me the contract.

Let's do it. He's like, I don't have a contract. I'm like, so we don't even have a deal. He's like, well, I don't really know how to do a contract. I'm like, all right, man. Like, let's go back to step one. So he's like, all right, I'll contact the cell. I gave him a contract that I use.

I'm like, just get him to sign this. And the seller was really sketch because he just didn't know what he was doing, right? And so he calls me back. He's like, dude, I'm going to lose the deal. Like, can you save it? I'm like, all right, man. So I call the seller and, you know, we start talking stuff. I'm like, look, I'm going to buy it.

It is what it, you know, making them feel confident about the deal. And so we ended up putting it under contract for 140. That was what he had agreed to him with. And, you know, I told him I'd buy it for $150. So I honored that. And I said, look, man, I'll give you the 10 grand once we close. And so we ended up closing about, you know, two weeks later. He got, you know, the 10 grand.

I mailed him a check. That was his first deal ever. I mean, he was so pumped. Like, you wouldn't believe it, man. Yeah, that's awesome. I love that you didn't, you know, like he had to have a lot of trust in you that you were going to give it to it because you didn't have to give him anything. Right. But that goes back to the relationship thing.

Now this guy is going to do anything in the future, hopefully for you because he's going to work hard because, you know, you held upheld your words. So super cool. All right. Next one. This kind of, I guess you kind of already covered, but how did you negotiate it? Did you do anything fancy negotiation in there? He took care of a lot. Yeah, he had already agreed to the price with the seller. And so, you know, it was just really going in and being like, look, we're going to close this, you know, and there's not going to be, I know my guy, he kind of might have been saying some things that you didn't make sense. Like, but, you know, let me tell you about me. This is what I do. And I own these other properties. So feel confident.

Yeah, that makes sense. Okay. All right. So we covered finding it how much it was. How did you negotiate it? What funding? How did you fund it? So yeah, after I got it in a contract, just like the other deals, I just sent it off to one of my private lenders. I'm like, hey, here's the deal. I'm you want to fund it. Yes, it was done. And when you do that, let me just step in. You're basically giving them a first lien position, correct? And they are funding. How much are they your private lenders to be giving you all of it, all plus repairs, a piece of it? How's that usually working now for you? So, you know, any private lender I bring on, I let them know that they got to fund everything. Like, I want to be no money out of pocket on all these deals. And so, you know, they'll fund the purchase, the escrow fees, the rehab.

And then I've got them to agree to take their interest on the back end. So I'm not making any monthly payments either. You know, they get everything accrues and they get it when it sells. That's cool. And that's hard to get. And people are listening to that. They're probably like, that's amazing. No money down and no payments, right?

but you got to build up trust to be able to establish that. It's unlikely unless it's like your mom, you're going to get those kinds of deals. 100%. Yeah, but with relationships, again, just definitely the theme of today's show, you can accomplish almost anything. So that's awesome. All right. Well, and that's why you want to stick with it, because even though you may pay hard money fees in the beginning, with every hard money deal you do, you add another one under your belt. You get a little bit better and you get one step closer to getting into private money.

The more private money deals you do, the more private money lenders you get. the bigger you can scale. Like, when you only think about the money you're making, you're being very short-sighted because with every deal, you get new opportunity. And that's something you have to pay attention to as well. Ryan, do you think you could very quickly explain how you have titles set up, having somebody put like a first lien mortgage on a property? Is that something that's very lengthy?

Is that something a new investor can get done really quickly? No, it's pretty easy. And so, you know, basically when you're soliciting private money or not soliciting, maybe that's not the right legal word, but, you know, talking about it with somebody, You're just going to explain them. Like you said, Brandon, you're going to put a first position lean. So in the event of worst case, like, I just totally don't perform. You're going to be able to foreclose on me and take the property. So they have that secured asset. As far as the paperwork, I can see why a lot of people would be like scared of like, hey, I don't even know what to do. That's what your title company's for. Your title company can write the note and deed of trust for you.

And it's not that expensive. And your private money lenders are paying for that service also. So you're not doing anything. This is why this is such a great way to buy real estate. I love it. Exactly. So with this deal specifically, what did you do with it? Did you flip it? Did you rent it out? Was it a birth strategy?

So after we bought it, the tent, you know, I learned, the reason I brought up this deal is because I learned a lot about California. And so we ended up flipping it, but there was a tenant in it. And so like in Vegas, typically you just got to serve a 30 day. And that gets them out of there. But with California, if they've lived there like over a year, you got to serve them a 60 day. And so we had to wait six. 60 days before they left. And it took them a long time. They'd been living there for a while. And they were paying way under rent. So they weren't happy about it. And so, you know, after we were

finally able to get them out there, you know, we went in there. And the rehab was about 20 grand. It was a very simple rehab. And the guy who did the rehab was the guy who brought me the deal. He was a contractor. And so it was easy for me. Like I already had it all in place with him. I'm like, all right, you can do the rehab. You'll make money that way too. So he finished the rehab. It probably took, you know, it took longer than I wanted. It probably took about two months. But, you know, when you're in these like remote towns, it's hard to find, you know, people who can do things quick. And so, yeah, after two months, we put it on the market. And I'm looking at the comps and I'm talking to my local realtor out there. And it's funny. I asked her opinion before I

bought the deal. I go, hey, what do you think about this property? She goes, Baldwin Lake. No way. Like, you do not buy in Baldwin Lake. And I'm like, I don't know. Like, I'm looking at it. It looks like there's no way I lose. And she's like, all right, like, buy it. And then we'll list it, you know,

whenever. And so I'm like, okay, I'm going to buy it. And so when we got to list it, I'm looking at the comps and she's looking at the comps and we're like, all right, let's list it for 300.

Like, I think we could get 300 for it. I'm like, okay, that's kind of what I see to. So we list it for 300. And this was the tough part of the deal because in a remote town like that, I don't know how quick things are going to move,

especially because it's a weird product, really. And to my surprise, within a week, we had two offers. I was like, dude, I was expecting at least like 30, 60 days on the market. So I was super surprised. And one of them was a loan offer for, I think, like, $2.90. Then we got another cash offer for like $2.80. I was like, okay, let's try and negotiate with the cash and get this thing moved. So we ended up negotiating back and forth. We accepted $290. I then found out that the cash offer

was the person who lived across the street. And I'm like, what the heck? And just, She was like, yeah, I was out putting my lockbox on there. And the people said, oh, is this house for sale? And she's like, yeah. And then, you know, they start talking and talking. And she ended up, you know, finding that buyer and getting both sides of the commission. Nice. And which I'm totally happy with.

I don't care. Like, you know, so we ended up agreeing at 290. We ended up finding out the septic tank was like all busted up and all this crap. And so we gave them a price reduction down to 280. But they closed it, you know, like two weeks later. And so, yeah, man, it was a sweet deal just all around. It was like, man, that's just such a weird remote area, such a weird house, all this stuff. And agent got to work both sides, even though she didn't think I should have bought it.

And so it was a good deal all around. So you sold for 290. That was the outcome. You exited. 280 after the repair credit thing. Okay. Gotcha. What lessons did you learn from this deal particularly?

Well, as far as California goes, I learned a lot of rules I didn't know about something. Like, I didn't know about the 60 day thing. And then I didn't know because here in Vegas, like, you know, when you don't, you just sell a house. You don't have to claim your capital gains or anything. In California, they make you claim it right there and then. We withhold it. Yeah, I'm like, I didn't know that. I'm like, what is this?

The title companies look at it and they basically say, oh, this is your capital gains. We're going to keep it. You don't even get that money at all. Like they take it right away. I was like, what? You're giving a nice interest-free loan to the government for a year or six months? That's insane. Yeah.

Dude, I was like, I was like at the title company, when they first asked, me about it, they're like, yeah, you know, what'd you make on them? I'm like, what's it matter? Yeah, like, we got to calculate your capital gains. I'm like, what? And they're like, yeah, you got to pay California also like 12%. I was like, what? I'm not even a resident of California, man. And yeah, that was a learning lesson. I'm like, dude, that's a bummer. But obviously, I'm not going to not flip it because, you know, we ended up making like, I don't know, 70 grand on it. Oh, awesome. And then California took its chunk, but it's all good. That's California. I'm getting, getting tax tax by Cali. Kelly, that's exactly how. Like,

it's bad out here. But your profit margins are so big, like what you said, you're not going to do it. You made $70,000 on that deal. Yeah. That's awesome. That's awesome. Yeah, I love hearing. I love hearing cool stories like that. And again, there is some risk there, right? When you're doing a small town. Like, I invest in a small town. And I flipped. And sometimes, like, I had a house that on the market once for a year, 12 solid months because it was a weird house in like a nice area of a not nice town. And so, like, I, there just wasn't any buyers. Nobody wanted it. And this is also 2012, which was a horrible time to try to sell a house. But yeah. Yeah, you know what? That, you know, no risk at no business. I don't, I don't think anyone else would have bought that house either. You know, even the realtor was like, don't buy it. So like, you know, you are taking a risk for sure. Yeah. Well, awesome. Well, thank you for sharing through that. That was fun. I love going through those deep dives. I feel like that's probably my new, like, favorite segment of this show because I love just hearing stories of deals. So, but we're not quite done yet. We have to move on to the next segment of the show. show, which we lovingly refer to as our fire round. It's time for the fire round. All right, let's get to today's fire round. These questions come direct out of the Bigger Pockets forums, which, of course, you can access day or night, 24-7.

There's like 2 million posts in there right now. It's crazy. And we're going to take a small sampling, like 4 out of 2 million, to ask Ryan today. So let's go this one. I'm going to shorten this one. So basically an investor who happens to be Brandon Turner, me, but recommended to this person to buy a property

and see if you can increase the value of the property 10%, like a rental property, start for 10% increase of the value. How do you accomplish that? What's the best way to quickly increase the value of a property cheap? On the cheap? Yeah. Like what's the smallest amount of money? Basically the question is like,

what's the least amount of money you can put into something to hopefully get the highest value increase on it? Hmm. Well, you know, I've got a few rentals, but I'm not much of a rental investor. So I'm not the best guy for this question. But I'll say like little small things that we do in flips are, you know, like with a kitchen, right? If you've got a nice, you know, the cabins are in good shape, but maybe they're the old oak. I mean, you can paint those things and they will look extremely nice. And I mean, it costs like a thousand bucks. And you do that and you throw granite, you know, you could get away with like $2,500 and you got a totally new kitchen. Yep. So. That's a I think that would probably be the quickest way. That is a perfect example. Yeah. When I mentioned this, I wrote a book a while back called Seven Years of Seven Figure Wealth,

and I said in there, if you can increase the value of your house, 10% when you buy it, buy some improvements. And that really is like, paint the outside of the house, do some landscaping, paint the kitchen cabinets.

Little things like that can really dramatic. Or add a bedroom. Like take an old, an extra living room at a bedroom. I should have thought of that. That's great. That's a little bit. Anyway.

Yeah. In my book, I talk about upgrade hacking, and those are some of the big ones. You know, like painting a guy. cabinet is no one likes to do it because it's kind of labor intensive, but it makes such a big difference. Those oak cabinets are just an eyesore. And then you can pay like 50, 75 bucks and throw

some of the, what do you call like the little finishing, like the knobs that you're going to pull on. Yep. Yeah, it makes a huge difference. And people don't realize how cheap granted is compared to what it used to be. It used to be like $10,000 to put granite in a kitchen, you know, and like everyone still thinks that way. And now you can buy slabs of granite for like $800 and just pay someone a couple thousand to put them in a lot of the time. So those are great answers. I don't know how you guys, but in Vegas, you could get a slab of granted for like 130 bucks. Wow. Yeah.

That's cool. Okay. Next question. And I'm interested to hear how you answer this because I don't think that the way they're asking is the way that you would handle it. They want to know what are the common signs that a property has issues with its foundation. And when scoping out a potential property likely a fixer upper, what are the tricks and techniques that you use to quickly spot check or eyeball those issues? Okay. So obviously, this is going to sound funny, but when you're looking for a bad foundation, it should be pretty obvious.

Like, you're walking through it and it's like, oh, man, like, this floor is pretty wavy or this floor is definitely like sloping or something like that. The other thing you can look for is cracks in the wall. And so if you see a bunch of cracks everywhere, you know that there's something going on. Now, it's tough to say, like, how serious of a problem it is. Like, I've sold plenty of houses that had bad foundations. You've got to just really, you know, know from experience, but a quick and easy way, and so I think this is what they're looking for is to look at how big the crack is. If it's like a small hairline crack, then you're going to know, like, hey, it's not that bad.

If you've got to crack the size of, you know, a quarter or a coin, then you know that, like, all right, man, this is a big deal, like, you know, run away if you got something like that or really plan for a huge foundation issue. Yeah, that's really good. And of course, like, you know, if you're, if you're even unsure, even remotely, like, hire somebody in there to, that knows what they're doing. Yeah, get an inspection. Get a foundation guy out there. Yeah.

Yeah, that's cool. Yeah, I mean, in different areas, too, a foundation issue, like in, if you got a basement issue or there's, like, some foundation issue that, you might be looking at a hundred thousand dollar fix. But in my area, like, I mean, all our houses are built on what are they called, like, a post and beam or post and pier. Or whatever, anyway, like, jacking up a house is, like, literally go underneath the house, take a little bottle, jack that you get for $20, jack it up and slide some shims under. Like, it's that easy. So, like, I buy lots of houses that are, like, sloped and, you know, funky because it's like, yeah, I can pay a guy a couple thousand bucks and he'll level the whole thing.

So just knowing your area, knowing your stuff. So anyway, cool. Good question there. Next one. I love this one because this is the exact thing that's happened to me. Well, not quite exact, but pretty close. How do you deal with bad neighbors? We just listed our latest flip and the neighbor is crazy.

She screamed at our septic guy and her project manager. Today I received feedback from a buyer's agent that she came right up to the potential buyer today and screamed in their window, get the F out of here. Needless to say, I'm a little concerned. Any ideas on what I can get this lady to relax and let me sell the house? Offer her cash would be nice or some kind of incentive. Oh, man, I'm laughing because that has happened to me many times. So, like, I've got this flip going on right now where literally both neighbors are like crackheads. And so they're just, they keep going in the home while we,

trying to refix stuff. I'm like, dude, how the heck do we fix this problem? And, you know, I buy a lot of homes too and, you know, not so nice areas. And so, you know, you get the problem of vandalism and all that stuff. So it kind of all relates. But I would say for her particular problem with the neighbor, seriously, probably cash is the best thing. Like, if you just go to her and you say, hey, here's the deal. I'm going to pay you X amount of dollars, but I'm going to pay you when the house closes. Like, I'll give you, you know, $100 right now in good faith,

and I'll pay you another $500 once the house sells. And then, you know, if she's that crazy, $500, probably get her to shut up, you know? So I think money talks, really. There's, you can't go give her a gift basket. She ain't care. I like that.

Yeah, that's like, it's like cash for keys, but it's cash for crackheads, right? Like, you can't get this person. Be quiet. Pay them off. That's really good. Quit taking my copper. Just take my money.

That's so much better. and my answer out have been like, oh, I put a hungry Doberman inside and let them figure out when they go, this isn't a good house. This is why Ryan is so smooth that I am not. It's a good answer. All right. Last question. And it is a great question. So I'm curious to hear how you answer this. How do you find a good contractor? Yeah. So especially when you scale, finding contractors is a really hard part of this game, man. The number one thing I would say is referrals are your best friend. Like if somebody's already used them, then that means more than anything else. So the number one thing I would do is go post on Facebook right now.

Hey, I'm looking for contractors. Who's got some referrals? And that'll get you at least one. If you have 100 friends, somebody will say one. Another thing you could do is, you know, I heard Jay Scott say it a million times, like go to Home Depot, go sit there and just wait for people and introduce yourself. That's a good way. Another thing I do is, you know, I'll be just driving through the city.

and if I see a dumpster, that tells me they're working on the house. So I'll just go knocking the door and be like, yo, hey, I'm a real estate investor. You know, are you contractor? What do you do? And then we'll get to talking and they'll say, yeah, yeah, I can do this? Or I know somebody. You know, if you get a know, always be like, all right, well, do you know somebody who can do this for me? Always try and get the most information you can out of people. So those are a few ways. In other words, it's like a funnel, you could say. There's a lot of potential contractors at the top and you filter them down to find the one that's going to work on your deal. Look at that.

David's over there really impressed right now. I can see it in his eyes. Someday Brandon's going to write a book called Funnels and it's going to sell 10 million copies because he's been hyping it for like the last 10 years every single time he talks with it. It's going to be called Everything's a Funnel. What's that movie? Like a circle.

Yeah. Yeah, exactly. I don't remember what movie that is. It's a I know what you're talking about though. Shoot, that's going to bug me until I know. I think it's Adam Sandler. Thank. Maybe.

I can't remember. I'm going to look it up later. Anyway, we got to move on. Let's get to our famous four. Let's get to the same four questions that we ask every guest every week. Number one, Ryan, favorite real estate related book other than your own. Other than my own, man, that's tough. Okay.

No, and you didn't pay me to say this, man, but I got to give it to your low and no money down book. Yes. People haven't said that in a while. It's been a while, so thank you. I'll send you a $20 later. They need the best, best 20 bucks I spent, man. Because I'm telling you, like I said, when I first started, that was the thing that was holding me back.

And I think that's what holds so many people back is like, where do I get the money? And, you know, like I mean, credit to you, man, because if I didn't read that book, it's like, I really don't know where I'm at today. So thank you. Well, thank you. That's super, super nice. Hey, to interrupt your guys. This little love fest here, but the next question.

What is your favorite business book? favorite business book. So, you know, as I was listening to all these podcasts, all these years, I've thought about these questions and my answer always changes because it's like, I read a new book. I'm like, that's my new favorite book. And so I'm like, man, what am I going to say? So I'm not going to give a generic answer. But I'll say, I really enjoy reading books about other CEOs and things like that because like, yeah, you know, systems and everything are great. And there's a ton of great books on, you know, how to delegate and all this stuff. But I want to know, like, what these guys are, went through, you know, to build up these huge billion dollar companies. And so like, you know,

I recently read Jeff Bezos book, Elon Musk book, but my favorite one was reading Phil Nights, shoe dog. That's definitely my favorite business book right now because I'm a big Nike guy, you know, being an athlete. And it's like my, my second dream is to get a Nike deal somehow. If anybody, if anyone works for Nike right now and they want to, you know, give me some gear and I'll, you don't even have to pay me. Just give me a deal on paper. And that's my dream. Gary Vaynerchuk now who we had on the show a while back. He's got a deal with like, I think it's K-Swiss or some, I don't know the brands. But anyway, he's got like a shoe deal.

And he like has like actually a Gary V brand shoe now. So I'm thinking we should bring that into real estate. Like you guys can wear Ryan shoes or David Green shoes. I don't even need a shoe. Like just give me gear and I'm getting. There you go. That's a good point. You know, like it's not just athletes that are, they have shoes like Kanye West has shoes.

Like rappers are getting shoes. At what point is that going to stop? It's like, this is my favorite Instagram follow and they have their own shoe and I can go, go buy that. Like Kevin Hart, the rock, they all got, you know, these big chills and stuff. So, man, that's my goal. We're almost as big as the rock. So, like, pretty close.

Yeah, we're close. We're close. Definitely. About 100 pounds, I'll be there. All right. Ryan, what are some of your hobbies? Hobbies, man. So I love playing basketball.

You know, I haven't been playing in a while because I was busy writing the book. but, you know, I love to at least play once a week. You know, now that I'm done playing baseball, I've been coaching high school baseball the last couple years. And I just love being able to be with those guys and still be around the game and to give back and, you know, give these guys some, you know, knowledge and everything like that.

You know, I serve a lot of stuff at my church. You know, I lead a lot of men's groups and missions and stuff. So, yeah, between, you know, sports and faith and business, I mean, that takes up a lot of my time. And then, you know, me and my wife like to travel a lot, too. Cool. Love it. All good stuff. All right. My last question. What do you think separates successful real estate investors from those who give up, they fail, or they just never get started?

So for me, the number one thing is discipline. People just don't have the discipline to do the things they need to do. And so, like, whether it be like, hey, I'm going to start working out every morning. Like, you know, you guys had Hal Elrod on. And I read his book, you know, a few years ago when you guys, had them on the podcast, I was like, whoa, like, this is cool. And it's like, so I've committed myself every day for the last two and a half years, three years to do it, to do it every, a miracle morning every day. And it really has changed my life, like in terms of just being disciplined

to read, to work out, to, you know, do all the things he talks about. And I see so many people. And I tell him now, I'm like, hey, go read a real estate book or, you know, something and then come to talk to me. Or go read my book and then come talk to me. And it doesn't happen. And it's like, how do you not have the discipline to do that? It doesn't make sense. And then, you know, it could be with like, hey, you know, from this time slot, I'm strictly going to go prospect leads or I'm strictly going to, you know, for the next week, I'm going to go meet one agent every single day. I'm going to take them out to coffee. And just other things would discipline. And really for me, I learned that as an athlete. Like, it takes extreme amounts of discipline to become a professional. You have to, you know, train every day. You got to eat right. You've got to practice. You got to be with coaches. and mentors and you got to be learning and you got to just mental training. Like so much discipline went into being an athlete that, you know, when I got into real estate, I was like, dude, like normal people are succeeding in this. Like, this is got, this is like, nobody has the type of discipline athletes have.

So I'm like, man, if I just apply this to real estate, who knows where it'll take me. So discipline is the number one thing. I think people need to really start implementing. I love that answer. I don't think it would be said discipline, at least not in a long, long time. But that's so true. Yeah. I also, you made an interesting point there.

I think, like, you know, people, a lot of tends will ask me out to coffee and they'll ask David out to coffee and they ask you out to coffee, right? I think it's going to be my new rule is like, if you haven't read one of my books, I'm not going to go to coffee because it means you might not be disciplined or listen to it or maybe they're not a reader. 100%. Yeah. Otherwise, like, I love that. Yeah, that's why I wrote the book. It's like, dude, do not ask me a question that's already in the book. Yeah.

And you can talk. Well, that's wise because the reason most people are asking us if they can talk to us or take us to coffee is they're hoping we have that like magic bullet that they've been missing and they don't have to go do the work or be disciplined. They can just get it from us and then they'll know what to go do. And that is not how life works. Ryan would not be where he is if he didn't go through the process of just striving for this goal of being a professional baseball player. And the work he had to put into doing that with a very small chance just mathematically of succeeding. Like you didn't, he didn't hit that goal, but that set you up to do even better in this. right so like you needed that process that's what made you successful and trying to skip out on that

and try the easy road or the shortcut never worked you got to go through that process and build yourself up so i think that's exactly right like that's what we should start saying we should make a pack that like anyone who asks us for our time it's yeah you know tell me what tell me three things you learn from the book that i just read and if they can't answer right away you're just like yeah you need a book you don't need a coffee yep all right all right so speaking of the book tell us about the book and you know david you want to ask the last question. No, you started it. I go ahead and finish. Speaking of the book, where can people get it? What is it about?

And then tell us more about where they can connect with you at. Okay. So the book is called Flip Your Future. I just released it a couple weeks ago. And unfortunately, it's already sold out on Amazon, which is like a good thing, but also a bad thing. I'm like, man, like, why are you guys not, like prepare for this? And they're like, oh, you're a new author. Like, we don't know how many to stock. I'm like, obviously people want it. Like, stock it. If it makes you feel better, that happens to us on every book that we come out with at bigger pockets. Every time Amazon doesn't buy enough within the first like 20 minutes. It's like, oh, it's gone. Sorry, it's going to be a week. But this show doesn't come out for a few weeks from now. So it might be back in. Hopefully they happen in stock. Yeah.

Yeah. So yeah, you can pick it up on Amazon and it's really just takes you every aspect of flipping that we talked about, you know, that's allowed me to scale to where I am, you know, talking about how to find money, how to find deals, how to network, have relationships, how to manage contractors, estimate repairs. Like, I really tried to just make it as simple. as possible. It should really take about three hours to read the whole book. And I just kind of took all the fluff out of there and it's like, hey, here's all the information you need. Like, don't worry about all the other stuff because people get caught in the details too much. Like they want to know every single little thing. And it's like, no, you just need like the big

picture of it. And if you do those, you'll be, you know, you could do it. So yeah, that's why I wrote it. It's on Amazon. If you want to connect with me, I'm very active on social media. So if you go to Ryan Paneda.com, it has a link to all my social media profiles. It has a link to the book, you know, all the stuff that I've got going on. So that's the easiest way to find me is there. Perfect. Perfect. All right, dude. Well, this is a lot of fun. This is one of the most fun I've had on a podcast in a long time. I mean, I love every episode we do, but I don't know. Hey, you're not just saying that, right? No, I'm just saying this was awesome. This was awesome. Really enjoyed your story and you're definitely somebody to be admired. So keep it up,

keep up the good work and hope to connect in the future. Awesome, guys. I appreciate you. having me, man. It's been a dream come true to be on the podcast. That's awesome. Well, thanks. See around. That's what we do here. All right. Now was our show with Ryan Paneda. I really like that guy a lot. Like I really, it's somebody I want to build a good relationship with myself because I'm like, man, I could learn a lot from him. He's crushing it. Don't you just feel like, oh, the world isn't so bad. Ryan just such a positive duty makes you believe that you could do anything. I really enjoyed that. Yeah, me too. It's funny because, yeah, he got started largely from reading my stuff. And now I'm like,

well, he's way outpaced me. I think he's, uh, at least with that flip. flipping stuff. He's just crushing it. I'm like, I want to be half the flipper he is. I believe Yoda would say that you have accomplished the goal of every great teacher is when your student surpasses you yourself. So great job. Wouldn't Yoda say like your students surpassed you they have? Yes. It would have been said differently. You know, teacher. Great you are, Brandon. Well, thank you. All right. Well, we got to get out of here. And, you know, I'm heading to actually heading to lunch right now with a Bigger Pockets member who asked, wanted to hang out. And he came to me with a couple of deals and said, hey, I wanted to see if you're interested in buying a couple deals that I'm putting together.

That was a good way to make that introduction to me. And anybody you're trying to connect with, offer value. Like we talked about in the quick tip today. So build relationships. Get out there. Go crush it. And let us know if you're enjoying this show. If you're enjoying David or if you really can't stand the guy, you know, let me know privately and secretly.

Or if you want me to completely supplant Brandon and never let him talk. You can say that as well. We can just keep Brandon for his beard and his face and I can be here for all the content. That is true. All right. Well, let's get out of here. We'll see you guys over on social media or on the webinar or wherever. I hope you guys enjoyed this show.

This is David Green for Brandon Grandmaster Yoda Turner. Siner off. You're listening to Bigger Pockets Radio, simplifying real estate for investors large and small. If you're here looking to learn about real estate investing, without all the height, you're in the right place. You're in the right place. Be sure to join the millions of others who have benefited from biggerpockets.com. Your home for real estate investing online. Thank you all for listening to the Bigger Pockets Real Estate podcast.

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