Epic Real Estate Investing - EPREI 049 : More Wholesaling Success

Episode Date: March 6, 2013

On this episode Matt chats with Epic Pro Academy member Nathan Price of Spokane, WA who just closed his first real estate transaction. Nathan graciously and generously reveals the steps and the process that got him to his first real estate payday. If you have yet to close your first transaction, if your lead generation isn't working, if you can't find the time to commit to your business... then this episode is for you as Nathan shares with you how he overcame all of these challenges. Download your free real estate investing course at FreeRealEstateInvestingCourse.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Without further delay. Your guru. Sorry. Your guide to a better life through real estate investing. Matt Terrio. Hey, this is episode 49 of the epic real estate investing podcast, and this is Matt Terrio, the rat race escape artist. Change one thing, one time, and you two can escape the rat race for good.

and that one thing is stop focusing on making money and start focusing on creating cash flow. It's the new definition of financial freedom and it can be yours too with just a change in your focus, just a slight shift in your focus and then the action correlate to that focus. You got to take action on your new focus, but it starts with the change in focus. And if you want to get started today, I can show you exactly how I did it. And I'll show you for free. Go to free real estate investing course.com. free real estate investing course.com. Go there and download the free course,

how to do deals, no money required. And I'll show you the two easiest and fastest strategies in real estate to start making some cash so you can turn it into cash flow. And that course is yours for free at free real estate investing course.com. And by the way, I have a new coaching client who has completed his first wholesale transaction inside of 30 days using the exact process I show you in this free free. course. It's all there. You just have to follow the steps. Move at the speed of instruction. And there's really no reason why you can't get it done to. So here we are. A little over a year and a half, this podcast has been in production. And it's been an awesome journey thus far. And right from the

beginning, you know, I started to receive emails, a lot of emails, mostly of a skeptical nature. And then slowly, these skeptical emails, they morphed into actual questions about real estate. And then I started to get really good questions so I could tell that you were listening. And I would say in the last six months or so, I've been starting to receive emails of success stories. Success stories from real estate investors that are giving this show a great deal of credit for their success. For example, you know, last week I played you the audio of the video that Randall sent in about his first wholesale deal of which put $12,000 in his pocket. And I've got to say from where I'm sitting, it's extremely rewarding to receive that type of correspondence and they're coming in much, much more frequently.

And then very recently, I received an email of which the subject line read, I did it. All in capital letters, big exclamation point. I did it. And so, of course, I had to see, what did you do? So I opened up the email, and it came from Epic Pro Academy member, Nathan Price, out of Washington. and Nathan is not a coaching client of mine. However, he did sign up for email coaching. And that's an upgrade that you can select inside of the Epic Pro Academy.

You can upgrade your membership and get email coaching. And so Nathan and I, we had exchanged maybe a dozen or so emails in his first few months as an academy member. And then I hadn't heard from him in a while. I didn't know what happened. I stopped getting the emails until just a couple weeks ago. And I'll read this email to you. Hi, Matt. I just wanted to let you know that I just completed my...

my first, of soon to be many, wholesale transactions. Thanks to the principles I learned from you for negotiating and sending out yellow letters, I was able to make a $5,000 profit. This immediately made it real to me, my wife and my family and my friends. I instantly gained credibility with them. I had sent this particular seller to yellow letters over the span of a couple of months late in the summer, and it wasn't until mid-December that I received a call from her and went over to her house and negotiated and came out with a signed contract.

After learning that the rehab cost was going to be more than I originally thought, I went back and renegotiated with the seller and got a $4,000 reduction in price. Man, I tell you, that call was sure nerve-wracking. But nonetheless, I overcame my fear, dialed her number, and got a reduction in price. The house was worth approximately $12,000, and I got it under contract for $68,000, and it needed approximately $15,000 to $20,000 in repairs. I then sent it over to one of my fix-and-flipper friends, and he gobbled. it right up. So Matt, thank you, thank you, thank you, thank you, thank you. You have made my

dreams start to become a reality based off the valuable information that I learned from both your podcast and your academy. Thanks again, and I look forward to keeping you up to date of the future success of Wright Price Properties LLC. God bless Nathan Price. So thank you, Nathan. Thank you very much. And God bless you too. And congrats on closing your first deal. Congratulations. Thank you for sharing that with me. Now, I've got something very special for you today. I've actually got Nathan on the line. And Nathan and I have never talked before. We've never spoken before. I mean, just a dozen emails or so over three or four months ago. So it's been even a while since we've exchanged emails. And I asked him to come on the show and share his experience on how he did it. Because first,

so you can hear how a 29-year-old, is 29 years old, full-time nurse, and he works graveyard. how someone like that is able to conduct a wholesaling business in their spare time. And second, I think he's a perfect example of someone that began not really knowing a whole lot about real estate investing. And he had all the same concerns that you have, all the same doubts and the same fears. And I mean, all the same stuff that comes along with being a new investor. And for those two reasons, I think there'll be a lot here inside this conversation for you to take into your own investing. Or, you know, maybe not. Who knows? I don't really know where this is going to go, actually.

So let's just stop the rambling and let's get into it. Without further ado, Nathan, thanks for holding. And thank you for joining us here on the Epic Real Estate Investing podcast. Thank you, Matt. It's a pleasure to be here. Yeah, I'm really glad that you took time out of your schedule to make it here. And, you know, I just read your email that you sent me. I read that on the air and we're going to get to that in a minute. But can you just kind of tell me and everyone listening about yourself and your background and what you do for a living?

Yeah, yeah, you bet. I live in Spokane, Washington. I just recently graduated from nursing school from Washington State University over here in Spokane. I got started with a job in August and I've been working on a cardiac unit since. Now before nursing, my wife's often. nursing. That's why I decided to go into the nursing field. Before nursing, I was an insurance agent and we actually owned our own little franchise. It was a little smoothie stand.

And I just, I guess I've always had a desire to work for myself and to become an entrepreneur. And this really all spent from Robert Cusacki's Rich Dad, Poor Dad. And, you know, Just ever since then, I've always wanted to get involved in real estate somehow. So finally, you know, finally we were able to make the plunge by renting out our primary residence that we had. And we kind of, I guess it wasn't so much of a plunge that we took. It was just we moved in with our in-laws, my in-laws, and we're still there right now. And I ended up, we decided to rent that house out. And, you know, that was going really good.

We had tenants in there, and we decided to get another rental house. So we contacted a broker here in Spokane, who deals a lot with realtors. We ended up picking up a house just by conventional means, so put 20% down, got a mortgage on a short sale, and picked up that house for $134,000, and it's worth about $190,000 right now. So we have lease option tenants in there, and we're renting out to them. We're making close to $400 a month in cash flow, and that really got... But our juice is going, and we just really, really love the potential, the built-in equity that we had there and the cash hole that was coming in month after month. And we wanted to deal more with that. And, you know, that kind of brings me up to where I'm at right now.

We still have that rental going good. Now, back to our business, we, nothing, nothing has. happened with that. We worked that for about a year and a half and it was just, it was so much hard work and it just, it didn't work out. And we ended up selling it and at a loss and we're still working on paying that off right now. But, you know, I was able to stumble across your podcast, kind of mid-last year, I think, should. June, July or so, and I just really became enthralled with what you were saying. And later on, I joined the Academy.

And six months later, so I closed my first deal on my first wholesale deal. Awesome. Awesome. Yeah, I was really excited to read that email because I know you're not actually a coaching client, but you're part of the email coaching. Yeah, that's right. Yeah, so we've been exchanging. emails back and forth for a little while and it was nice to see an email that actually came

through and you got you got a deal you weren't asking a question you were telling me all about what you what you were able to accomplish so that was very cool um with the uh so as far as being are you still working full-time as a nurse yeah yeah i am um it's a rough schedule that i'm on right now i'm working graveyard i actually worked last night and i've had absolutely Absolutely no sleep today and I just been anticipating this call and returning calls that I've been getting off of my yellow letters that I've been sending out and return on band and signed calls. Awesome.

Yeah, I am working pretty much full-time doing my nursing gig. Okay, good. So you're working graveyard and actually just had somebody email me a question about them working graveyard as well and if they would be able to actually do this. So I didn't know you worked graveyard shift and so I guess you're a shining example that that is possible. They work? Yeah, absolutely.

You know, so after six months and holding down a full-time job and working graveyard, what is your typical schedule look like? How do you fit your real estate investing into your schedule? What I've been doing recently, I have a real funky schedule. I mean, I work great at a yard, so I have six days on, and during those six days, I don't get a lot done. Now, fortunately, I'm able to work eight-hour shifts, so I still have, basically I wake up at 4.30, and I go to work at 10.30 at night. So I have a chunk of time right there that I can dedicate. But I have a wife, an almost three-year-old daughter, and a son that's due in April, April 17th is when he's due.

So I definitely want to, I'm a family man and definitely want to spend time with the family. So I try to certainly limit my time that I'm on the phone on my workplace. So, you know, anywhere from like 430 to 6, 6.30 is when I like to be making calls. When I'm, when I have my days off, like the day and the next three days, I like to go gangbusters. I just, the last couple weeks I've been sending out 100, 200 yellow letters a week, and my phone's been ringing off the hook. And, you know, I've just, just been working through those calls. I got a five o'clock today. I have a meeting with a seller and go see if anything's going to come with that.

And then at 6 o'clock, I actually have a guy that responded to one of my Craigslist ads, just saying that he needs to do real estate. He loves it, and he has money. So if I need any money, then I can talk to him about that. So I'm going to go meet with him, and I have a potential money partner there. That's awesome. That's awesome. Yeah.

So in this phone call, you've mentioned, I've heard you mentioned bandit signs and you've mentioned yellow letters. And now you just mentioned Craigslist. So what else are you doing to generate leads? You know, that's basically it right now. I am, so I kind of have three different ads going on Craigslist. I have ads advertising for motivated. and that'll lead them to a squeeze page, or they can always give myself on a call. Then I have ads for buyers and then ads for pretty much bird dogs.

I'm saying something to the effect of I'm a real estate investor and I'm always looking for houses to buy stuff if you know of anything. And I end up closing on the house up $500 soon. And I've had a lot of success with that, whether it's potential bird dogs looking for deals. Actually, just real recently, last couple weeks, I met a fellow by the name of Chris. And I know Chris were going to be listening to him, so I just want to give him a shout out. And basically, he's been working with me. He's been writing my yellow letters for me. We've gone and hung bandit signs.

And, you know, I told him that any deal that I have come through directly related to bandit signs or yellow letters, I'll give him $500. And, I mean, in the meantime, I'm going to definitely pass on my knowledge to him and answer any questions that I have and kind of help set him up on the path to becoming a wholesaler and just generating leads and of his own. in this marketplace. So, you know, that's been huge right there. That's awesome. So you kind of set up a, I don't know, sort of an internship for him. Yeah, yeah. That's cool.

Yeah, it just kind of happened that way, yeah. So he's putting up your signs and he's writing your yellow letters for you? Yeah, yeah, he's been helping with signs, and he's written about 500, 600 yellow letters right now. That's awesome. That's awesome. And you might have said this already. How did you meet Chris? He responded to one of my ads

He said, I like what you're doing I like your motto and I want to do it So help me out here and I'll help you out That's awesome What section of Craigslist do you advertise For a bird dog Um Usually in

I rotate between just the For sale by owner for houses Or just under the job section and just, et cetera or the miscellaneous. Okay. Got it.

Cool. I like it. So, yeah, let's get to this deal that you put together. Let's get to your email. I've got it right here. Let me pull it up real quick.

Okay. So let's see. You just completed your first wholesale transaction. And you did it through negotiating and sending out the letters and you put five grand in your pocket. That's awesome. And there's one part you put here in the beginning says it immediately made it real to me, my wife and my family and friends instantly gained credibility with them. Tell me about that.

Well, you know, being so entrepreneurial driven, I've tried all sorts of things. I've tried several multi-level marketing or network marketing companies. And I know you've done those before Matt. And, you know, just for me, it hasn't, it hasn't, it hasn't brought any food. I mean, I'm always, I was always talking to people and talking up this business and, you know, nothing would happen. And, again, coming back to my, my little smoothie franchise that I did, you know, people saw that I took action, but really nothing came of that. I essentially quit doing that. and, you know, lost, again, lost credibility. And when I told people that I was going into real estate and, you know,

becoming a real estate investor and, and, you know, a wholesale house, and then be making a fortune doing that, and then I'm sure I had some people roll their eyes and just kind of chucked at me. But as soon as I got my first bill under my bill, I mean, $5,000, that would take me several months of work at, as a nurse to generate that kind of money. And I did it in a matter of, I mean, it took me all of, I don't know, three to five hours to do.

And then I've been telling everyone that I possibly can about that. And just doing that one deal and telling them how it happened and what I did to make it happen, I mean, I was able to essentially redeem myself in a lot of their eyes. So how do you think that will affect your business in the future, regaining credibility with your network and your circle, your family, your friends? Well, you know, it's just the fact that they're seeing me that I'm putting time and effort into doing this and I've already had fruit. I've already received fruits in my labor and just putting more time and effort in it will yield. yet more fruit. And, you know, just when I, when I get to that point where, you know, I'm undoubtedly going to be approaching friends, family members, other acquaintances about, about potentially

partnering on deals or being private money, money investors. I mean, I'll be able to have essentially like a mini portfolio that I showed them. Hey, I negotiated this for this amount, you know, if I didn't wholesale it, this is what the profit could have been if I was going to fix and flip it or, or, you know, keep it and rent it out for the long term. So I think just, you know, just doing this, doing what I'm doing right now and having the success that I've already had and having the success that I'm going to have is making it even more real for them too. Right.

Right. That's awesome. And it will help significantly, whether you'll be cognizant of it or not. But just having the support of the people around you is going to definitely help you get that second deal done. I promise you that, and you'll notice it. Okay, so you got this deal off of a yellow letter, and you sent this particular seller, you sent the yellow letter twice. What list did you pull this person off of?

Basically, on this specific one, on this specific one, I went to my, on this title company, and I just gave them a kind of my criteria, which was I wanted houses with, because the median house price here in Spokane is about 135 to 145, I'd say, maybe a little less. But I said I wanted anything from, you know, essentially zero to $200,000 and non-owner-occupied, I think, above two beds, one baths. And I think the mortgage origination date had to be before 2002. It was something similar to that, just to ensure that there is equity in the house. Got it. So I was getting a lot of calls with, you know, they didn't have any equity or they were over-leverage in their house. Right.

So that's kind of how I got, I got that specific list. Perfect. So I've had a lot of people ask me, how do they find a title rep? How do they fight a title company? How did you find yours? Well, I just, to get this specific list, I actually went to, you know, Stewart's title. I believe they're all over the nation, right? I believe, I think they're actually, yeah.

Yeah, and Stewart's title, from my understanding, is pretty investor-friendly. So, you know, just talking to an escrow officer, a title officer that has plenty of experience just in the field itself and working with investors. Now, I actually, there's a really big real estate attorney that's, you know, big investment group into the, in Spokane here. So I spoke with him and he was actually my attorney escrow officer in this situation here. Got it. Got it. Cool. And then you just gave me the criteria. They spit out a list and you started sending

yellow letters to it. Yeah. Yeah, that's right. Perfect. So you received a call. They called you off the old letter and you went over to the house and then you did some negotiating and came out with the signed contract. So... Yeah, yeah. You know, even before that, I looked at the comps in the area and I told her a rough ballpark of what I would be at and, you know, it was roughly half, maybe a little more than half of the ARV for that house in that area. And to my surprise, she said, I think that could work. So I set up the time to go over there as soon as I could. Right.

So what was... She was motivated. That's awesome. What was happening in her situation that would have her agree to almost half the price of after repair value? Yeah, that's a good question. She owned the house. Her mom lived in the house, and she actually grew up in the house.

It's kind of weird. I don't know exactly what happened, but I think maybe her mom owned it originally, and then she ended up buying it from her mom, but her mom was still living there. Anyways, her mom had recently passed away, and just, you know, given the circumstance, She just wanted to get rid of that, that, I guess, remembrance of her life and just kind of wanted to move on. And she just wanted to sell. Got it. You know, I asked that question because I frequently, from brand-new investors, I frequently get an emailed question or even in my workshops,

it's the question of, why would anyone sell you their house for half price if they could just go out and hire a realtor and get, full price for it. Yeah. And the answer is just because life happens. You know, life happens to people and they all sell for different reasons. And that's why I asked you that question specifically. And it was just because she had other reasons that were more important than getting full price for her house.

That's right. That's awesome. Yeah. And she, you know, it's good that you mention that because she actually did talk to a real estate agent and get this, the real estate agent said that I think I could sell your house in the current condition for $110,000. And I could, you know, sell it within X amount of months, but she still wanted to sell for me just because I was able to close fast.

I was able to offer her essentially no hassles and, you know, no real estate commission. I paid closing costs, and it was just, you know, she didn't have to worry about all these people trudging to her house. and she didn't have to worry about making any repairs to her house or anything like that. So, yeah, you're absolutely right. People have their different reasons for wanting to sell. And you should never, as an individual, you should never put in your mind that, why would they ever want to sell for me that they can sell it to a realtor for full price? Exactly.

And you don't know what their situation is. Right, exactly. you know, so many people go and they go, they're almost subconsciously negotiating on the seller's behalf against themselves. Yeah, yeah. That's awesome. There's just things out there that are more important to people than money. So, you know, if you can provide a service and alleviate them of a headache, there'd be gladly to exchange equity for that all the time. There's a one of my instructors a while back.

He said people will exchange peace of mind for equity all day long. Yeah, that's totally true. And you certainly stumble across. Absolutely. It's awesome. So you got the property under contract. And let me ask you, did you take a contract in with you at that time? Did you have it pre-written or how did you do the paperwork? I did. I brought in with me some, yeah, the contract. And I think my maximum offer was, I think, $70,000. But, you know, she was giving me the, uh, the SOP story that, you know, her mom died. And so I, you know, I felt bad for it. So I said, okay, you know, I think we can do 72,000.

And then she even tried to talk it up more to 75,000. And I said, you know, 72,000 is, I don't even know if I can make that one, it's just, you know, let's just do 72,000 right now. Because I had an idea that it was going to, the after repair value was, you know, after repair value was $128. I figured repairs were around $10,000, and I did have my contract. I went in there and I explained the contract that I'm putting my name in there, but there's also the clause and or assigned because I don't know what's going to happen.

I don't know if, you know, I may have to assign this to my business partner who's going to be funny to deal. I don't know if I'm going to be closing on it myself. I just, you know, I just have to have that option available for me. And she was completely fine with that and went through the, uh, the other exclusions that I had or the, the out clauses subject to appraisal, subject to, um, favorable inspection. Um, and, you know, basically I had it, all my, uh, CYA clauses in there that, that, uh, that you talked pretty profoundly about. And, yeah, we, we just, We didn't actually sign it right there. I signed my name.

I gave her the contract, and I put an expiration date for, I think, two days, and she went home and talked to her over with her husband, and she meled out to me that next day. Awesome. And, yeah, I think it took me two, I think two or three days before I got the contract, and those were the worst two or three nights of sleep I ever had. But that's awesome. You did exactly what I tell people to do is whether even if they're in for the deal or if they say no, it doesn't matter.

Always leave the paperwork behind. Yeah. That's awesome. Cool. You're making me look like I know what I'm doing. Nathan, thank you. You know what you're doing, Matt. Thanks, bud.

So, okay, so you got into contract and then you did your due diligence. You had an inspection. And I'm assuming that you had a contractor come in and gave you. you an estimate on what it would take to fix the property up and what happened there? Well, that, first of all, that the ARV, I was a spot on. $120,000 would be at the max sell price. So I was like, okay, good, but I'm good there. I have about, I think I had about $7,000 to $10,000 of profit built in.

And I was thinking that, you know, everything is going to work out good, and I was going to get a fat paycheck at the end. And then the contract came through and he said, yeah, I'm thinking that the repairs are going to be around $20,000. I thought, crap. Well, there goes, you know, a lot of net profit. So I took that and took that information and I had to call the seller back and renegotiate. And that was one of the scariest moments in my life. So I was hoping to renegotiate down to, I really wanted to keep that $10,000 or $12,000 of profit. So I wanted to renegotiate down to 60, 60-something, low 60, 63, somewhere around there.

I ended up going at 68, and now that still worked out dead. It was eventually that that would have left a $5,000 profit, which is what I ended up getting. That's very cool. So you had to call her back and ask for a price reduction. That's right. How did that conversation go? Not nearly as I thought it would go. I was still nervous as heck, and I think it showed through a little bit.

But I was able to justify my reasoning, and it made sense to her, and she just said, okay, well, I can't go any lower than $68,000. And I said, okay, let's just do $68,000. They've been in there, and I ended up knowing out an amended contract, to her and she signed it and returned it and then I took it to my attorney and opened up Eskerow. Actually, F. Groh was already opened up, but I just had to get the amended document over there and she went from 72 to 68. So that one phone call that you're afraid to make wasn't that big of a deal and it actually

made you $4,000 bucks. Yeah, yeah, it did. That's awesome. That's awesome. Yeah. It's great to look at it. All he did was ask you. $4,000. That's great. Yeah, that's right. That's fantastic. So the house after repair value is worth $128, and you got under contract for $68, needed about $15 to $20,000 repairs, and then you sent it, you had to wholesale this property now. You didn't close on it yourself.

Who did you send it to? I, okay, so backing up to, and I'm still currently in advertising on Craig's list, But one of my very first calls that I got was from a guy named Jake, who is a big fixing flipper here in Spokane. And I know he's also going to be listening to this eventually. So I just want to say, Jake, thank you for everything you've done. We've become friends over the last several months. And we actually are part of a mastermind group together along with several. other guys and we just, I know I'm getting off topic a little bit here, but we're, you know,

every week we talk about just what's going on in our lives and our different rocks or different strengths that we've had throughout the weeks or different wins. And it's just, it's a great session for goal setting and it just brings so much power throughout my week. And Jake has been very instrumental in where I've gotten right now. He's bent over backwards and helping me. And anyways, he's a young guy like me. He's 28 and 29.

And he's had a lot of success doing what he's been doing. And, yeah, just because he's essentially helped me out so much, I gave him first dibs on this house and came over and looked at it and liked it, and we ended up sending a contract for $73,000. Awesome, awesome. So just from your normal marketing efforts, putting up signs and yellow letters and putting up your Craigslist ads, I mean, you found yourself an intern in Chris, a bird dog that's helping you out, and he's doing your signs now, and he's doing your yell letters.

And then you found a great business partner, a member of your mastermind group in Jake. and you're just kind of building your team because you're active and you're out there in the market, right? Yeah. Yeah. It's, you know, it's so easy. You just send out, you just do the little things day after day and it starts compounding. It's just really cool to see. I've gotten so many calls just the last week off of different investors.

and another guy that I got off of a yellow letter, he's not interested in selling his house. I should say I'm not interested in buying the house that he wants to, the price that he wants to sell for. But this guy has over 100 rentals in Spokane here, and we have plans to do lunch sometimes. So it's just being able to talk to all these people and either get them on my team or just kind of pick their brains. through lunch or something. Right. It's just been awesome. Right.

That's awesome. I love it. So you'll host a lot to Jake. Is Jake completed his deal yet? Yeah, you closed on it. Last I heard, it's almost completed. I'm really interested to hear the total rehab cost and what he ends up selling it for. That's very cool.

Well, cool. that was a very happy ending to your very first deal. I bet you're very happy that you got that out of the way. Yeah, yeah, I am. That's cool. And now that you're looking back on it, Nathan, was it really that big of a deal, like all these fears that you had,

and you look back on, like, do you kind of wonder what were you afraid of in the first place? No, no. But, you know, it's such an important process to go through that very first deal, because you have, during the whole process, you have so many doubts and is this going to work and this work for this person, but is it really going to work for me?

And once it actually does happen for you, then it solidifies in your mind that, yes, this is real. This actually works. And I just say that do those little steps every day, send out letters, return calls in a timing manner and and I mean it'll work and there's really nothing to be nothing to be afraid about right yeah that's exactly what I was what I was trying to get at was just you know you look back at all your doubts and you look at your fears and and once you get all the way through the process you're just kind of like wow that was that that worked I did it yeah that's very cool well I got to give you some really good news Nathan the second one gets even easier

and the third one gets easier and the fourth one gets easier to the point you just get you get better and better at this as you go along and you start doing more deals and you're going to start looking back and you're going to learn something with every single transaction I mean every single transaction there's a lesson to be learned to this day I learn something in every single deal that serves me in the future and then you'll start looking back on deals that you that got away and deals that you didn't close if you'd only have to

that the information that you have now back then you know it would have um it would the that that deal would have closed so what happens there is you've got these yellow letters going out you're getting your calls and and maybe you're just getting one deal out of 50 calls that you get but once you start getting better all of a sudden you're getting one out of 40 then you're getting one out of 30 and then you're pretty much you know you're closing every single person you're able to detect right away whether this person's motivated or not and you're gonna close the people that you detect the motivation with

and those are the people, only people you're going to spend time with, and those are the deals are going to close, and pretty much it just becomes second nature. But getting over that very first one is definitely the most challenging. It was certainly mine, and everyone that I've ever worked with, they've always said the same thing. So I am so happy to hear that you've made it over that hump. And, you know, so what do you have in the pipeline right now?

What do you got going on right now? Well, I have a lead off of a probate listing. that I'm going to talk to, I have a, what, like 2.30 right now, I have an appointment at 5 o'clock. I'm going to go see what's going on there. And, of course, I'm going to bring all my necessary paperwork contracts and all that good stuff. You know, that is just the main one right now. just lots of, lots of calls, lots of getting back to people.

There's lots of, you know, with those letters, the yellow letters, it kind of attracts interesting people. I mean, people are calling you to ask you how you got their information and that's all they want to know. And so, you know, it's kind of frustrating because you're excited they called and then and you call them back and, you know, it's really nothing. But that's just what I'm working through right now, just working the numbers,

and I fully realize that it's a numbers game. I just have to be my part in getting through the numbers, and eventually the statistics will hold true, and I'll find my next deal, and I'll be closing on my next deal, and all selling it to the next investor. Awesome. No doubt in my mind that you will.

No doubt. So, I guess, do you have any, I really appreciate you, you know, sacrificing your sleep and coming on the show to share this experience. But, you know, whenever I can cross paths with somebody and get to communicate and interact with somebody that has just done their first deal, there's so many important tidbits out there or in there for people that are listening that haven't done their first deal yet. So I really appreciate that and your grace and your generosity and, and, and, your, your generosity. and sharing your experience.

So thank you very much for that. Any last words or advice to somebody having trouble getting started or anything that you want to say that you didn't? Yeah. Yeah. I just started about 30 pages into the book called The Slide Edge. Jeff Olson. Have you heard of that?

Yeah. I promoted inside the academy, yeah. Oh, okay. Good. But, you know, just on page 29, I mean, I'm sure you've heard this quote and many other students have. It's by Thomas Watson, the founder of IBM. Formula for success is quite simple, double-year rate of failure. And, you know, that's exactly what you have to do.

It's just every unmotivated salary you talk to is just one person closer to finding that. that next person and just, you know, stumbling and and just picking up the phone and sometimes making a fool of yourself. I mean, you're failing, but I think John Maxwell has a book called Failing Forward. And I really like that, just that title. I mean, that's exactly what you're doing. You're failing forward. You're making a fool of yourself, but you're learning and you're refining your, you're

refining yourself and, you know, there's nothing greater that that you can do than that, I think. Yeah, and, you know, it's just, it's all, it's all in your head, really. That's what it boils down to. It's just your attitude. You just need to get it in the right spot. That's the hardest thing about this business, I think, and so far for me is just this, Just the attitude.

I mean, I found lately that I've had a poor attitude, and it's just, it's harder for me to progress forward. But when I, when I fill myself up with good things and uplifting things, and that brings back the spark again, and that brings back the drive to do what I know I need to do, the success that I want. That's awesome. That's awesome. Well, cool.

I'm going to let you go, let you get some sleep, Nathan. But keep me up to date. Let me know when the next one closes and we'll have you back on. We can talk about that one too. Yeah, let you do that. Okay. Awesome. You have an awesome day.

Okay. Thanks, Matt. Take care. Okay, bye-bye. So, what do you think? What did you hear for yourself? How can you relate to Nathan? What did you like best?

about Nathan's interview. You know, there was some really great tips in there. I mean, and here's what stood out to me. One, you know, Nathan is conducting multiple lead generation techniques. He's doing bandit signs. He's doing direct mail with yellow letters. He's doing Craigslist. He's got a little bird dog system he's working in.

And my favorite, he's networking with the people that he's meeting through his marketing efforts. He's networking with the people that he's meeting through his marketing efforts. It's very important. You're going to find a lot of deals that, way. I believe a while back Alan, Alan Randall was on the show, and he expressed the exact same thing that he was doing. He has great success with that. In the beginning, you're going to have to do it this way. There just isn't one method that's going to blow up your business. There's not just

one lead generation method that'll support your efforts. You need to be running multiple lead generation engines. Number two, Nathan knows his investment criteria. So important. He's very clear on the type of property that he's looking for. And he connected with his title company, and he fed his criteria into the search query, and got his list of properties. And the list of properties meet his criteria. He knows what that investment criteria is. And I don't know if you heard, he had an additional criteria where he only wanted homes

of which had loans generated in 2002 or earlier. He was looking for properties that had loans generated on them, that were... excuse me, yeah, no later than 2002, so 2002 or earlier. And so why would he want that? What's the reason that he would want that? Most of you probably can guess. You know, 2002 was just basically a few years before the market had crashed, and these properties are likely to have equity in them.

They weren't purchased at the peak of the bubble, and then they rode the values down. These were purchased, properties before 2002 were probably purchased, where values were still relatively low, and so they probably still have equity in them. And that's a great tip for you that are in markets that got hit really hard and you're finding an abundance of short sale type situations. I get a lot of those emails for people say,

what should I do with these short sales? They're everywhere, and it seems like that. So that would be a great tip for you as far as when you're pulling your list of who to market to. And also to add to Nathan's search, add homes free and clear to your list. Try that one too. That's what I've started doing in Memphis.

And free and clear, meaning they don't have mortgages on them at all. I just started doing that in Memphis, and I'm going to be doing that in my other markets in St. Louis and Columbus as well. And it's not necessarily, that list is not necessarily going to pull you motivated sellers. Maybe, but not necessarily. But it will pull you sellers who are able sellers, sellers that don't need the bank's permission to sell. Yeah, but who owns their properties free and clear?

you may be thinking, right? Well, you'd be surprised. And it's easy to think that, you know, if your market is full of short sales, everyone's underwater, nobody owns their homes free and clear. But what most people don't know is roughly one-third, one-third of all homes do not have a mortgage on them. One-third. They are owned free and clear.

And what else may be difficult to believe is that there are more homes owned free and clear than there are homes underwater. That's what the numbers say. 2011 census. There are more homes that are owned free and clear than there are short sales. Then there are homes that are underwater. So give that list a shot in your area. I have two coaching clients just this month that landed free and clear homes.

And they were able to arrange very favorable seller financing for their deals. They're out there. There's a lot of them out there. You just have to market to them. Look for when you're pulling your lists from your title rep, Look for properties or pull records that have mortgages originated prior to 2002. That's a good number. And then look for homes owned free and clear.

It's another great list. Number three, maybe you notice this or not. I don't know. But Nathan is building his business with just an hour and a half a day or so. And that fits right in with what I was saying on the last episode. Schedule your activities. Nathan schedules his activities. And now not only is he scheduling them,

he's delegating many of those activities and he's consistent with his activities and it's why he's getting results and further it took him six months to close a deal. It took him six months to get his first one so it shows you that he has the other part of that equation also not only is he consistent he is also persistent

he's done the right activities and he's done them long enough to get the result that he was looking for and you know everybody grows at different speeds it took Nathan, you know, six months to get his first one done. And, you know, some people do it in half that time. And some people need twice as long to do it. But the point is, as long as you do the right activities consistently and you keep doing them,

you will get the result that you're looking for. And this logic comes from a book that Nathan had mentioned at the end of the phone call, The Slight Edge by Jeff Olson. You've got to get that book. You have to get that book. That book is built. my business. I mean, it is literally the secret to success. And it has nothing to do with positive thinking or the law of attraction, not that type of secret, the actual secret I'm

speaking of. And it will work for real estate investing or anything else of which you aspire to greatness. Awesome, awesome book. It's a real life changer, actually. And not just a real estate investing changer. It's a life changer. That's the slight edge. The slight edge by Jeff Olson. You can get that on Amazon. I've seen it there. You can get anything on Amazon. So it is available on Amazon. Go over there.

And anyway, those were some of my favorite takeaways from my conversation with Nathan. And there are plenty more in there for sure, absolutely. But those were some of my favorites. So a big thank you to Nathan Price of Spokane, Washington. Thanks for sacrificing what I'm sure is your very much cherished sleep to be here on the show with us today and share your story. Awesome. Very gracious of you. Thank you.

Now, if you happen to have a question, comment or concern that you'd like me to answer or address here live on the show, please share them with me on the epic real estate investing hotline at 1-88-891-7203. That's 1-88-88-891-7203. And if you enjoy the show, it'd be great favor to me if you just stop by iTunes and left me a rating and a review there also. I'd love you for that because I love to know what you think of the show, and I love to hear how this show has helped you.

It keeps me going. Until next time, as a very wise person once said, never give up. For that is just the place and time that the tide will turn. To your success, I'm Matt Terrio, living the dream. Thank you for spending this time with Matt Terrio and the epic real estate investing podcast. When you have a moment, stop by iTunes to leave your comments and let us know what you think of the show.

And if you haven't done so already, get started investing today by visiting first. real estate investing course.com to access Matt's free course, how to do deals, no money required. Until next time, to your success. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.