Epic Real Estate Investing - Breaking the Rules with Rick Otton: Tech-Powered House Flipping & The Newbie's Guide to Winning with Sellers | 1278

Episode Date: October 12, 2023

Get ready to step into the world of real estate like never before! In this electrifying episode of the Epic Real Estate Investing Podcast, we're about to take you on an epic journey that will change the way you approach real estate investing forever. In the first segment, we'll unlock the secrets to earning the respect of sellers, even if you're a total newcomer to the game. Feel those nerves? No worries – we'll teach you how to team up, ask the right questions, and turn every interaction into a win-win purchase agreement. It's a masterclass in seller mastery that will leave you feeling confident and ready to conquer the real estate ring! But that's just the beginning. In the second segment, we've brought in a real estate heavyweight, the one and only Rick Otton, who's ready to break all the rules and revolutionize the game. He's not just a creative financing expert; he's a wholesaling guru, and he's here to prove that Real Estate Investing Is Going To Be VERY Different. Rick will take you on a futuristic journey where remote house flipping becomes a breeze with the power of technology, all while integrating his time-tested methods of creative financing. This is not your average real estate podcast episode; it's a battle for your financial future! Whether you're a seasoned pro or just starting out, you'll be inspired, educated, and motivated to take massive action like never before. Don't miss this epic showdown of knowledge and strategies that will transform your real estate investing game forever! Are you ready to seize your real estate destiny? Hit that play button and let's dive into the future of real estate investing!🎙️🏠🔥 P.S. Whenever you're ready to go deeper and further with your real estate investing, looking into my partner program to help you get your first deal might be the move... take the first step here for free 👉 https://epicearnwhileyoulearn.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terio Media. Ladies and gentlemen, real estate enthusiasts from around the world. Are you ready for another thrilling episode of the epic real estate investing podcast that's about to drop? Get ready to be blown away because this episode is not just a podcast. It's a real estate showdown of epic proportions. In the first segment, I will share the secrets of making sellers not only respect you, but also want to do business with you, even if you're brand new and feeling nervous in the ring of real estate investing. You will learn to team up, ask the right questions, and turn their answers into win-win purchase agreements.

But that's not all. In the second segment, I've sat down with a real estate juggernaut who's about to throw the rulebook out the window. He's the ultimate game changer, the creative financing connoisseur, and the real estate guru of wholesaling. Let's hear it from the man who's about to prove that real estate investing is going to be very different. the one, the only, Rick Otten. Particularly, he will take you on a journey into the future of real estate, where remote house flipping becomes a breeze with the power of technology, while integrating his proven methods of creative financing. Now, I don't need to tell you that this is not your average real estate podcast episode. This is a battle for your financial future, whether you're

a seasoned real estate warrior or a rookie, just stepping into the ring, Get ready to be inspired, educated, and motivated to take massive action like never before. Don't miss out on this epic showdown of knowledge and strategies that will transform your real estate investing game forever. Are you ready? Let's go. Hey, strap in. It's time for the epic real estate investing show. We'll be your guides as we navigate the housing market, the landscape of creative financing strategies and everything you need to swap that office chair for a beach chair. If you're looking for some one-on-one help, meet us at rei-aise.com.

Let's go, let's go, let's go, let's go, let's go, let's go, let's go, let's go. Let's go. Hi, I'm Matt and an appointment to be it and look at the house. Ever felt like a chump meeting with a seller? Stick around, and I'm going to show you how to make sellers respect you. Even if you're brand new and you're really nervous and you feel like they can just see right through you. If you're new here, really glad that you found me. If not, great to see you again.

Today, we're tearing down the walls and building bridges with seller. Think you're too new. are nervous to do this? Think again, I'm going to show you how to make sellers trust you more than their own mothers, and I'll guide you through the art of asking questions, turning you into the puppet master of your own meetings, and then unveil my secret for making sellers dance to your tune. They'll create their own offers, and you'll be pulling the strings. Stay with me for a free respect-building cheat sheet that's so good, it should be illegal. So, have you ever felt desperate for a deal? And the seller just was being unreasonable. We all have, and that's the nightmare that

we're ending today. Creating rapport and respect with a seller, it's like building a bridge. You've got to lay a solid foundation, secure the connections, and not rush the construction, even if you aren't eager to cross. Because if that bridge isn't built carefully, well, just say you don't want to end up like the guy who trusted his GPS right into the lake. Build it right, and they'll follow you anywhere. Now, that bridge starts to get built for me when I team up with the seller. I mean, we go into battle together against the enemy that we've gotten common, the market. It's our common enemy, because because a property, it's only worth what the market is willing to pay for. The market doesn't care what I think or what the seller thinks about its value.

It doesn't care what the real estate agent thinks, or the bank thinks, or an appraiser thinks. The market dictates the value. For example, one, what people are paying for comparable properties. You can't control that. Two, what people are trying to sell comparable properties for. Three, what people are leasing comparable properties for. And four, what the necessary repairs to get those market prices cost. There's nothing that I or the seller or anyone can do about those numbers.

The market is what the market is. So when I team up with them to beat the market together, it creates a certain level of trust. If they know that I'm there to fight and win with them, I can just feel the respect, almost instantly. For example, in a call I had yesterday, I asked the seller, do you have an idea as to what properties like yours are selling for? And they gave me a reasonable number. And I just replied with, you know, I don't see any issue getting your price as long as the market doesn't interfere. Should we just go for it? And the call that I just got off this morning

where the seller was a little unreasonable with his price, it ended with this question. You know, Mr. Seller, you got two options. I mean, we can work with what the market is giving us now, or we can just wait for the market to bounce back. Which one do you want to do? It's very much like a dance, though. I mean, I lead, they follow.

But step on their toes, and that bridge becomes less trustworthy, less respectful. Now, staying in control, this is pretty easy to do, too. Even if you feel coolest, I'd do it by being curious, by asking questions. The more questions I ask, the less I actually have to talk. So if you ask more than you tell,

it doesn't really matter if you're new or not. But more so, think of it this way. The person asking the questions is like the person driving a car, steering the conversation. If I ever find myself only answering questions, it's like I've handed over the steering wheel to the seller. And that can make just about anyone feel nervous. But I can easily take back the wheel.

I can easily take back control. And here's the trick. When the seller asks a question, I just go ahead and answer it. I'm not being weird about her or anything. I don't have to avoid the question. I just follow up my answer with a question of my own. And boom, I'm back in the driver's seat. Some words of caution when asking questions, though, this is not an interrogation. It's an interview, a conversational interview. And there are two parts to a good interview. One, asking the questions. And two, my secret for getting

the seller to create their own offer. That's actually a good deal for me. My secret, listening. And I know that may sound obvious, but when I started, I was so focused on asking the right questions that I didn't really hear the seller's answers. I mean, I was so nervous. I just wanted to get through the script and get it over with, and I missed out on a ton of opportunities. This one time, I remember asking a seller in St. Louis why he was selling. And he said that he wanted to be closer to his new grandson in Arizona. And I just moved on right to the next question. His answer just went right over my head.

And I went right into, so what do you owe on the house? When today, I would have asked a little bit more about his family there. and what it would mean to him when he actually got there to get into the actual motivation of moving. You see, every deal lies within the seller's motivation to sell. And I wasn't listening for the motivation. I wanted to get to the numbers too fast. And in hindsight, I paid way more for that property than I had to. There's no doubt now that he'd given me that house for something more important to him than money.

Like, just maybe making small monthly payments to a college fund for his grandson as an example. So first, genuinely listening to someone is one of the best rapport builders in the toolbox. and it makes me likable. People like people like people who listen to them. But most importantly, listening gets me what I need to put an offer together to where the seller thinks they actually created it. And when I ask open-ended questions like how and why questions, I get better answers that help me put together better offers. Here's an example ripped right from my playbook. On a scale of 1 to 10, Mr. Seller with 10 being a brand new remodel, how would you rate the condition of your property?

Well, what do you think would need to be done to bring it up to a tent? And then listen to what they have to say, and whatever they say, if you had to guess, what would you estimate that that would cost to have done? And whatever number they share, I just make a note of it, and I save it for my offer presentation. It all comes together like this for me. And I'm going to over-emphasize some parts to point out where the nuance and vocabulary directs responsibility of the offer to the market and the seller. And you're going to hear that I've got nothing to do with this offer.

Here, listen, Mr. Seller, you know, know, based on what the market has to say about the value of your property and what you shared with me about the repairs needed. And then, you know, after carving out a small little profit for the little guy, what you're saying is that we're in the ballpark of right around $250,000. Is that right? And I just shut up and I wait. If they agree, it was their idea. Now, if they don't agree, then it's really simple. Well, based on what the market is saying and what you shared with me about the condition of the property, what is the lowest price you would accept? Whatever comes out of their mouth was their idea. Now, there's more to it, but that's the gist.

And if you'd like to get more offers signed and faster, text me at 725, 500, 5994, and I'll just give you a copy of our collaboration code cheat sheet. It's one of my most prized possessions, one of my most powerful tools. You've danced, you drove, you closed. You've got the respect, You got the rapport and the deal. But the party's not over yet. There's always another deal, another dance floor waiting for you. So keep these tips in your back pocket, and you'll never miss a beat. We'll be back with more right after this.

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Hey, real estate investing is going to be very different in the near future. And my guest today is armed with some unique insights that will make you rethink everything you thought you knew about investing. He's got the scoop on how creative financing and remote house flipping is turning rookies into rock stars and the tech that they're using to make it happen. And it's not what you're thinking. And if you've got any anxiety around negotiating, you're going to love this because that game has changed. And he's got some predictions about real estate investing's future that you'll definitely want to hear so you can stay ahead of the curve. You ready? Let's go.

Can you delve into the concept of creative financing and explain how it's revolutionizing the real estate landscape? What makes us such a game changer for investors, particularly those who are just starting out? Okay, well, first of all, it's not revolutionary. Right? We've got to go back in history. 1803. I want you to revive America in. the three sections, the left part of America, the middle part of America, and the right-hand

side. Prior to 1803, America did not own the middle bit. It was owned by the French. Okay, then they had what's called the Louisiana land purchase deal. When Napoleon needed money, and for $15 million, he sold the whole middle of America to the Americans, right? Here's what's interesting, Matt. America didn't have $15 million to pay Napoleon, so you know what they did?

Sell a finance that. made payments over 30 years, right? Louisiana land purchase. The biggest seller financing deal. Now, let's get you the Depression, but no banks. Whenever you're tight in finance, there's no third-party lending, people start dealing between themselves. So everything through that period of time you'll find is all between buyers and sellers.

And if you look at the land records of people selling properties in the 20s and the 30s on the land register, there will be by my block of dirt, make payments for five years at this much a month or whatever. You understand? It's not new. It's just that when we have tightened financing and it makes it hard, seller financing simply makes it easier for people to get in and out of a property. There's just different techniques. And it comes around every 10 years.

Well, the global financial crisis, we're all doing seller financing, right? Easy money, we're not doing seller financing. Now we're back to tight money again. We're doing seller financing. So it comes and goes. I know it's not new, but it seems like it's so new to so many people because the last few years have just been right for wholesaling, and that's just what people want to do,

and they just want to get the cash to cash to cash. But we know the real wealth is created through the cash flow and the holding of properties and seller financing gives all of us much more opportunity to do that. I didn't know that about the history. So thanks for sharing that. So let's talk about flipping for a second. Remote house flipping.

It might sound like a challenging proposition to a lot of people. How are you leveraging right now technology to simplify the process and what are some unexpected advantages? Okay, three things. You call my number in Dallas right now. It's going to be a 972 number because I leave in Dallas. Okay? So when I'm buying property, any country in the world, I will buy a Skype number based

on what city I wanted to be in. So when I was in Atlanta, I pay five bucks a month for Atlanta number, five bucks a month for a Dallas number, New York, whatever I want. It's five bucks a month. Why do I use a Skype number? And here's why. First of all, people see that it's a local number, so they have no conception that I've remote, right? As soon as you call me on that Skype number, it comes exactly to my mobile phone,

okay? But this mobile phone can be anywhere in the world. You don't know that. You're just speaking to me like it's normal. You understand? Here's the difference. The reason I use a Skype number, and I don't use a mobile number, is that if you're in Germany and you travel around the world and you call mobile to mobile, it has to go through what's called cell towers to find out where that mobile phone is. Do you understand? It will take 12 seconds. So if someone's Someone calls me in Dallas today. It's going to take 12 seconds of dead air for the cell towers to find this phone, and people will not wait 12 seconds of dead air.

They'll hang up. You understand? Yeah. Because I use Skype, it's a Skype number. It's Wi-Fi technology. Wi-Fi technology only takes four seconds to find you. So people will hang on for four seconds, and then the phone goes, bristling, people wait four seconds.

I've just used Wi-Fi technology by using a Skype number. If it goes to voicemail, it's the same. all the different countries go to voicemail. It's the same voicemail for everybody which says, Hey, hi, it's Rick. I'm just helping your seller on the other phone right now. Just let me your name and I'm not going straight back for about two minutes. Now, if that's the message I use, everybody leaves the message.

If I use a number like, hello, I'm out of my office right now. I'm at lunch. No one leaves a message, okay? That's the first part of the technology. So you get the numbers for five bucks. Second thing is, I designed one-page smartphone contracts, designed to be signed and read on a smartphone. So most people get a contract and they're going like this and try to make it fat and

all the stuff. But here's my question. When you're buying houses from a guy at 7 o'clock at night, Matt, what do you think he's doing? Wine and down watching TV? Correct. So what happens is both guys go, we're going to send him to the contract. He's looking at his laptop computer.

He's thinking, oh, look, I'm watching the footy, having a bit. So what happens is, I'm talking to it. And as I'm talking to him, said the contract. He says, oh, but it's on the phone. And it pops up on his phone. He reads it. It doesn't have to expand it, right? And they can sign it with his thumbnail and sell me the house while he's watching the football

and tell me to school and you can hear my voice as I'm looking through the contract. So they're one smoke. So that's great technology, right? All on one page, designed for a smartphone because that's what most people have. And the third thing that I do is the way I employ people to do everything is having employed lots and lots of staff over the years. You never employ for skill set. You only employ for attitude.

You can teach your skill set for your cartoons attitude, and I spent all the life with 14 staff, some were good, some were a pain in the ass, right? So here's what I do. It's like, Howard, you're all the staff at it later.

I put my ad up on the Indeed. Okay, they has the Indeed, and I say, here's the application form. The application form is you've got to watch these videos on YouTube. When you've watched the videos on YouTube, you give you these answers to those videos.

Most people will not, but 25 or 20% will. But the 20% will are actually, I call it self-employed because they're employing themselves. So then they come back and then I expect them for the first time only when I see the answers to all the videos I've got them to watch. But now I'm kicking out the people who've got the wrong attitude, okay? Now they've got the attitude. They have no idea about how to do acquisitions, how to do, sell a finance subject to or anything.

What I do is I want to get into YouTube to watch all the videos and all the other gurus have made for me. So I use their education to train my people. So they go away no and nothing, self-trained themselves watching YouTube. I send them a whole bunch of questions. They come back, complete the answers, and through the exams that I give them, based on the other guys, YouTube videos,

they learn the skills. So I never have to teach any skills and I would get rid of all the people with bad attitude. And I went from my head of 14 people down the next to nothing. I've got three people. I've got an awesome girl in North Carolina. Man, she just watched them make money. It's just great.

So there are three little bits of technology that you've got to get a head off because get rid of all this HR departments. They're old school. And by the way, one last thing, down around the world, if you wonder why everybody around the world speaks such good English, how are they learning it? They can't afford universities. Everybody learns English on YouTube. And so you're flipping houses in Dallas right now. Where are you located and where you doing this from? Okay, so I'm in Plano. I don't know if you know where Plano is. Right now today, I'm in Hachimint, which you guys

might know Hotsian. It used to be called Saigon. I'm doing what's called a tour of Judy. And then people call me from Plano and four seconds on the Skype number. No one ever asked you, you are. No one ever says to you, we're here. Because everybody just thinks you on the road because it's a pay no number. Right. That was number. That mobile contract, that's gold. Now, did you create that yourself? Yeah. I used paddox and then I built it on paddodocks. So the vehicle I'm using as paddivox, that's all you guys had. And I built that contract and using the vehicle of paddodox. But it's so cool, because now people could just sit there, talk to me, do the deal on the lounge, it stops that whole thing about people cooling off and not doing the deal.

It's great. That's the biggest barrier when you're doing it remotely is getting the signature, right? Well, the technology is we can all use digital signatures, okay? Right. And now what I'm going to do with that in pretty well, most cases, I've got a thousand guys. I'm actually going to be calling some more guys in different states and say, let me ask you something. I've got a whole bunch of wholesale houses.

Do you guys want them? So what I did later, I only ever see a house if it's got my money in it. If I'm just making payments on a house, we've got no money in it, I don't want to see it. What I do houses, a lot like this, the guy I'm selling the house to, right? It might be you, Matt. I might say, look at you what. I think there's 40 grand and give me 10 or 15.

Got have a look at us and see what you think. You look at the house. I'm not saying the house. You go, it's great. I'm sorry, man, I've just forwarded you assigned to the contract. Contract's gone from me to you. I'm out. All right, so my next question.

For a lot of the listeners and a lot of people that I've been able to work with over the years, they hear the word negotiation and either I've kind of see that they find it either boring or intimidating. But it's like really the essence of this business. It is what makes the money. So can you share some, and you're really good at this. And this is why I gravitated to you so long ago via your podcast then. Can you share some of your key strategies that you employ during negotiations to secure the best possible deal? Yes.

Okay. Remember, people are never doing anything for you. It's all about then. Every house has a cash bit and a debt bit. No one's interest in the debt bit. Everybody just wants the cash bit. One of the things I touched on in a previous podcast was the cash only ever goes four places, okay?

It goes to an all bank, goes to another asset class. It goes to pay debt or it goes to buy a house, right? One of my questions is, where's the cash going? Here's what's so important. If I can create a value statement where the guy gets more out of me than where he's planning on putting that cash, he'll let me do the whole deal and make payments on the whole old house and giving them no money. Because we're on a podcast, we ever got time. I'll just use the guy says he puts the money in the bank. So we're going to put this money in the bank?

Wow. Let me ask you something. How much is they paying right now? Well, about 1%. Let me ask you something. If you had two banks, one paid 1%, one paid 3%, where do you reckon the smart guy would put the money? Well, the 3% of course. Well, that's what I was thinking. That way gets three times of money, right? Yeah. Okay, so why don't you speak to your lawyer, your paperwork people? Put the paperwork together in such a way that I'll make payments to you every month and I'll give you a 3% and it'll be three times richer than put the money in the bank. How would that make you feel? I'll love them go, well, I don't remember a bit of a year or call Jerry the attorney.

We'll do that. So if you understand, these are all scripts, okay, they never change. Come out of my mouth, I want to wet cement with a mouth full of marbles. So the thing is, that's just one of the four. All I'm going to do is go through the fall and make a better value proposition for him and he'll leave all the money behind. Now you're buying houses with no money. One last while I'm on there, one of the very first ones I did in Dallas, back there

30 years ago, and I had no buddy, right? I've never got anybody. And the agent showed me the house. And I think it was like 139,000. And I sent to the agent with a cellar let me make payments. And he said, he's not going to let you make payments. And here's all what everybody to remember. I ask this question, just suppose he was.

I know he's not going to, but just suppose he was, what would that app to look like? And remember, the answer to that question comes out of the front of the low, not in the back of the brain. Guy comes back, the agent says he's not going to do it. But if he was going to do it, it would be 12% for 1%. one year. I said, great. Hey, give me the contract. I was in the house for no money down, 12% for one year, that I refinanced it down to 6% because I could share the previous lender to add

payments on time payments. The word negotiation, it's intimidating to a lot of people. Idea that you got to wheel and deal and shuck and jive and pull the wool over someone's eyes and you got to win and you got to get them, grind them down to the lowest price. And something you said is, which is very much how I do it. If you just align yourself with the seller, figure out what their problem is, and then solve it. I'll never have a negotiation with anybody

because it drags it below the line, okay? Creates anxiety. People won't do the deal. I'll always having a conversation. And maybe that'll convert into something different. So I might have converting conversations, but I never do a negotiation. That's our conversion process.

Yeah. But generally speaking for the layman outside looking in, we're negotiating. And just that word, it just has such a stigma attached to it, and a lot of people are afraid of it. Everything you buy in life is a negotiation. The girl you go out with was a negotiation, right? The girl, your marriage is negotiation.

You think everything you buy, the food you buy, when they go into the store and they're reducing prices, it's a negotiation that says we're offering a goods or a service at this price. Are you prepared to pay us at this price, right? What I always do on everything I ever buy, and people should write this down. Whenever I buy clothes ready, I say, let me ask you something. What do I get for free?

No one ever asked that. If you buy clothes, I'll give you socks for free, belts for free. The other day, I checked into a hotel, though, a late from the check. They got me free drinks for the rest of the afternoon. That's a negotiation, right? So, but just change the words. For sure.

With negotiating the conversion conversation being such an important part of this business, what is a way that you could share with somebody, how they could accelerate their competency inside of the negotiation? Is it just 100% experience? He's got to roll with the repetitions, or is there a way that you would advise somebody to learn it quicker? One of the things that I went through with you last week, and I learned it when I was 19, was the eight questions.

I used scripts for everything. I speak to a guy in Ireland this morning, we have a chat. And someone came to sell him something. He said, wait, that's not yours. That's Rick Otton. She says, how do you know, it's Rick Otton. She goes, the script. It's Rick Otten script.

Everything I say is totally locked down, although I sound like a rubbery on at the mouth. If you learn very defined scripts for everything, okay, when they say that, that is the defined script. When they say that, that is the fine script. And you just learn these things. It becomes a part of you. Now, at first, it's a bit awkward, and you come out a bit stiff, right? And it's going to, and you're going to hum a lot.

Now, when you arm, people can tell you don't know what you're doing, okay? When you don't arm, people know it's developed and it's inbuilt and it just works better. So guess what? You're going to screw it up a few times, and I remember when I was 19, trying to sell life insurance, and I couldn't remember each one of those eight questions, and I'd screw it up. Well, guess what? Practice gets better. Then you own it. Once you own it becomes a part of you, and it will actually change the way you have a conversation. Creative financing, it often involves some unique risks and rewards.

Yeah, you share your story where a creative financing strategy significantly turned a deal in your favor. And what lessons did you learn from that experience? What I've always done, I've always undersold my houses a little bit, always, always not this way. that way everybody turns up at the table, no one changes their mind and pulls out of the deal. So I always thought it's still a little bit cheaper, right? Now, what's happened as over the years, as we've had burns, especially in the US in the last few years, I might have made 40 grand on a contract or 50 grand on a contract, but the properties have gone so far up in value that the guys made 200, 300, 400, right?

So I was losing so much money on future growth of these properties when different countries boom, that I put in a swing clause. And the swing clause works like this. We should have one of these. Let me ask you, Mac, you're coming in on my house. I'm charging your 6%, but what I can do if it makes it leisure for you, I can bring that down at 5 or 4%, but it's up to you. There's always going to say, God, how do I get the 5 or 4%? Okay, for every 1% that I drop the payment rate, I take 20% of the capital growth up to a maximum of a 2% drop, but I keep 40% of the future capital growth. And since we're just trying to get you from nowhere to somewhere and to step you into this house on the way to the Taj Mahal, that might work for you right now. And a lot of people will grab that.

So now they're getting the lower interest rate. So I'm getting a little bit less cash flow. But I'm picking up an extra 60, 100, 200,000 bucks where that probably gets sold a few years time. So many people taking an interest in real estate, so many people take on an interest in teaching it. How can you see the integration of creative financing and virtual house flipping evolving? What should investors prepare for to stay ahead of the curve in this rapidly changing market? Okay. Some major, major things are happening.

They're so exciting. With the pandemic, all the court system and the legal system went electronic and digital. That was so important because the doors are open. It's all digital and all the out-along stuff. If you want to use lawyers, if they don't do stuff digitally, don't use them. Secondly, with Open GPT, okay, I can go into any county. in America, any county, because I've built some software around it, but anybody can do this, and you're in some little suburb in Kansas in some county, and you want to buy a house,

or I want to buy it from the seller. Right then, I put the seller's name in and the address. As soon as I put the seller's name in an address and the smartphone, this goes the API talks to the county court directly and pulls up all the legal documents for that county in that court in any state of America, England or Australia, builds the contract on my phone, and they're whole contracts are built. My contract to buy that seller's phone is done in about 60 seconds. It's a lot faster than give you to a lawyer. Okay. So that's the first thing. The second thing, so remember, the days and contracts and lawyers are just being superseded really, really fast. Okay.

And all these, so one of your contracts for everything will now just be smartphones talking directly digitally to APIs in court legal apartments. Secondly is remote because we're all used to remote, and again, no one knows where anybody is anymore. No one seriously knows where anybody is, right? So let's say, I want to see a seller, and I don't see houses, you know how I feel about that. And if he's not coming to a coffee shop, sometimes, car, because I'm a little bit far away, the coffee would be cold by the time I get back. So I said, let me ask you something, show me your house. Really? How don't I do that? Put the little camera on your phone. They walk through their house with a smartphone and film it while I ask them questions.

They use Google worth to see the outside of our house. There's a good average or a need of repair. Let me. Grab your smartphone and they use their smartphone. Understand they're going to not show you some stuff sometimes. But remember, if I'm not putting a lot of my cash in, I don't really care. And if I'm flipping the contract, the guy I'll flip up the contract to, he'll just go down. And I'll say to him, my buddy's coming down.

My business partner's coming down just to check out on a couple of things. And they go, fine, great. So once people make the steps, we just start thinking different. You'll never go back. Once you do it a different way, when people start sending your money and you're in a round traveling the world with a smartphone, how much tax you paid on that money you just got? Well, depending on what country you're in with the smartphone.

But that's a whole different conversation, right? That's what we're starting to see. Remember where this electronic start. Sellers always have the same problems than they have for the last 30 or 40 years. Divorce, medical illness, deaths, break, These issues never, ever, ever change. It's just that we're going to start using smarter and more efficient technology to find the solutions. And those problems, they happen to people every single day.

Doesn't change. And if I can finish up with one last question, if the guys were new, they're going to go to a seller and say, can you carry back the paper on this or I haven't got much money and the guy will say, no, I can't. Asking this one question, just suppose you did, right? How much more would I have to pay for the property? Remember, Matt, everybody has a price. Whether or not you pay, it's up to you. But I might share a house for 500 grand.

And I say, I know you don't want to see. You want all cash. You want to cash. But how much more would I have to pay in order to make payments? If he says 600, well, then I can decide if I'm still in that game or not. But at least I know at what price I can buy it on payments. Everybody will have a price for buy it on payments. And as you and I both know, if it's 600 grand and he wanted 500, and I said, well,

let's slice it up like a cake. and I'll give you the first slice next Tuesday. I've avoided talking about interest rates. Clearly, I'll sell it to me your slices and cake with no interest. And a 600,000 house, interest free, no interest over 30 years, means I actually pay half the price for that house as against getting a 6% mortgage. Piece of pay or a piece of cake. Piece of cake.

Use the cake. Slice it up. People understand that. By the way, if it's a woman, tell us a chocolate cake. They get more excited. Awesome. Well, Ricky, again, it's been a pleasure. I love having you here.

I love talking to you. I learn something every single time. If someone wanted to get in touch with you, what's the best way for them to do that? So jump on Rickartner Official.com. And that wraps up the epic show. If you found this episode valuable, who else do you know that might too?

There's a really good chance you know someone else who would. And when their name comes to mind, please share it with them and ask them to click the subscribe button when they get here and I'll take great care of them. God loves you and so do I. Health, peace, blessings, and success to you. I'm Matt Terrio. Living the dream.

Yeah, yeah, we got the cash flow. You didn't know home for us, we got the cash flow. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.