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In this episode, Jeff sits down with Nate, a client in The DEALS Workshop, who recently bought a great property off-market with Seller Financing. Nate tells the story of the whole deal, from meeting the Seller to negotiating the purchase, making adjustments through the due diligence period, and getting it closed. He also tells the story of a simultaneous negotiation he had with a different Seller, and explains how having those two negotiations happening at the same time was very helpful, and an incredible learning experience.
Episode Transcript
I recently had the pleasure of sitting down with my friend and DEALS member client, Nate who just closed an awesome off market seller financing transaction and have him share the story of how that came together as well as share the story of other things that were happening with other seller conversations simultaneously and how all of those things related and ultimately the deal that he got done; so I wanted to share that interview with you in today’s episode, so let’s cue up the theme song. We’ll jump right into it.
Welcome to Racking Up Rentals, a show about how regular people, those of us without huge war chest of capital or insider connections, can build lasting wealth acquiring a portfolio of buy and hold real estate. But we don’t just go mainstream looking at what’s on the market and asking banks for loans, nor are we posting We Buy Houses signs are just looking for “motivated sellers” to make lowball offers to. You see, we are people-oriented deal makers, we sit down directly with sellers to work out win-win deals without agents or any other obstacles, and buy properties nobody else even knows are for sale. I’m Jeff from the Thoughtful Real Estate Entrepreneur. If you’re the kind of real estate investor who wants long term wealth, not get rich quick gimmicks or pictures of yourself holding fat checks on social media, this show is for you. Join me and quietly become the wealthiest person on your block. Now let’s go rack up a rental portfolio.
Thank you for joining me for another episode of Racking Up Rentals. Show notes for this episode are at thoughtfulre.com/e172. Please do us a big favor by hitting the subscribe or follow button in your podcast app. It really helps other fellow thoughtful real estate entrepreneurs to find this show. And of course, make sure you don’t miss any upcoming episodes onward with today’s episode. As I mentioned, in the intro, I was able to sit down with Nate who is one of the members of the DEALS Workshop who just closed a great off market seller financing deal. And I want him to tell you the story all about it and all about the experiences he had along the way. So without further ado, let’s cue up that interview, and I hope you enjoy hearing this real life Real Deal story.
Jeff
Hey, thanks for joining me to talk about this deal. And congratulations on getting a close.
Nate
Yeah. Hey, thanks. I appreciate it, Jeff. Happy to be here.
Jeff
Yeah, so let’s just start by kind of talking about the deal itself. And can you just give us a sense for like, what was the property? And how did you find yourself talking to the seller?
Nate
Yeah, so I actually found the seller, you know, I’ve been doing direct mail, you know, as part of the DEALS program. But I happen to find this seller and one of our local REI groups here. And she had made a post and hey, I’ve got a property, I’m looking to potentially sell, willing to do a land contract, let me know if you’re interested in so I, I got a hold of her. And, you know, I didn’t find her via the direct mail to kind of initiate that, you know, kind of thoughtful negotiation from the get go. But you know, I had that in the back of my mind as I started talking to her. And so we met up. And, you know, she kind of had it laid out exactly what she wanted for the property already. She kind of knew the terms that she wanted. And we were able to just negotiate back and forth a little bit, nothing that she was asking was super unreasonable. And she accepted the proposal that we came up with. And we just went from there.
Jeff
It’s a single family house, is that right?
Nate
Yep, it’s a small single family home, two beds, one bath, there’s definitely some value add opportunity to add on some additional living space and maybe put in another bedroom or two in the bathroom. So that’s kind of high point of the property itself needs a new roof and we were able to negotiate some some terms based on the repairs that were needed. And you know, it’s actually really nice that she’s been investing for a while and she’s very in tune with what’s going on, and what it’s like being a landlord and say, Hey, I found this in my inspection. And I think I’m gonna be asking for some wiggle room. And she’s like, Oh, darn, well, here’s a roofing contractor that I use Why don’t you get a hold of him? He does a lot of my roofs and you know, it’s just a really easy back and forth with her, which was great. So negotiated, negotiated that entire cost of the roof out of my down payment for the property, which was really nice. So less money out of pocket.
Jeff
Nice, nice. So okay, so this seller really knew what she wanted when you even met her, which is cool. And sometimes that happens, but a lot of times it doesn’t happen, but in this case, she did. Why was she specifically interested in selling it in this manner, with a land contract, etc.?
Nate
Yeah, she’s kind of the seller, the ideal seller that we target in our direct mail. She is at the point in her life where she’s looking to retire. She has a small portfolio of properties she has, I think at one point, she had about 21 properties. And she’s just looking to sell everything. And she knows that she would have a huge capital gains tax bill, if she were to kind of just sell them outright on the market. She bought them all back in, you know, 2012 ish timeframe when everything was, you know, rock bottom prices. So she knows that if she sells these properties on land contract, or, you know, carries back mortgage, land contracts aren’t everywhere. But, you know, regardless takes payments over time, she’s going to spread out that capital gains tax bill, and that can be quite the heavy hit right off the bat.
So yeah, she just kind of laid all that out for me, upfront, and this is exactly the kind of individual that we want to find in our direct mail marketing, because some people, they don’t they don’t understand that part of it.
Jeff
That’s fantastic. So when you think about what she wanted, from the beginning, and sort of in in in terms of her terms, right, and then what you propose. And then finally, the third being kind of what you closed that, how did those pricing terms change over time, from the minute she first opened her mouth and said here’s kind of what I want to do, to closing.
Nate
Yeah, so she, she actually gave me a proposal to begin with, and I took a look at that I wasn’t thrilled with, I wasn’t thrilled with the interest rate. It’s, you know, on par with taken out a traditional loan right now, you know, 7%, but, you know, asking price for the property was fair. And she was offering, you know, 30 years with a with a five year balloon. And so, I had done some analysis on the property, what my cash flow would look like. And it wasn’t, it wasn’t that great. And I knew I needed to ask to negotiate those terms a little bit. So that it would be a little bit better for me. And when I brought my proposal to her, I kind of laid that out for us that, hey, look, this isn’t going to cash flow for me very well. And so this proposal is gonna kind of be a compromise. And I’ll be able to, you know, break even or cash flow very little bit, and you’ll still kind of get what you wanted. And I wanted a reduction in interest rate.
And what I found is that she was very, that’s kind of like one big thing, right, is that she wanted that 7%, because she had other investment opportunities more along the lines of like a REIT, where she could put her money, and she knew she’d done it before. And she knew that she would be able to get, you know, about 7% or better if she took her money elsewhere. And so what we were able to do, though, as she was more than willing to negotiate the other terms, so we ended up amortize it over 40 years, and I actually offered to increase my down payment, as a way to kind of get the carry back amount itself down a little bit to reduce my monthly payment. And so you know, she still came out with that 7% that she wanted. And I was able to get my monthly payment down to a point in which I was comfortable with the cash flow the property.
Jeff
Yeah. Awesome. I was going to ask you what, what you felt like her one big thing was, and so it sounds like you pretty early in this identify that it was sort of a number of an interest rate. You know, sometimes, sometimes a person’s one big thing like really makes a lot of sense. Sometimes it’s just whatever they’re stuck on. But you did a good job of figuring out what that is and then realizing that as long as we don’t mess with that too much, as long as we respect that, I guess would be the better way to put it, we there’s probably flexibility and in the other terms.
Nate
Yeah, absolutely. And there was.
Jeff
Okay, that’s fantastic. So I know, as we talked about this, this deal throughout the course of you negotiating it and navigating it, one of the big things on your mind was all the other properties that she that she has here. So you were you were negotiating a deal. But you’re also trying to create an experience for her that would make her feel like, “I could definitely see myself replicating this with Nate to offload a lot of the rest of my portfolio.” So tell us a little bit about kind of what was your mentality throughout the course of this deal as you were thinking for the potential, you know, not guaranteed but potential other purchases from her and like, how did you sort of work to lay the groundwork for what might be coming next?
Nate
Yeah, absolutely. It’s a great question. And that definitely was kind of forefront of my mind is as we work through this, this transaction with her, and, you know, just kind of from the get go, you know, we preach it, but just being kind of thoughtful in our interactions and being genuine and intentional, and then, you know, doing some little things like, you know, I send a thank you, I sent a thank you card. Because the first time we met up, you know, just saying, Hey, thanks, looking forward to working with you. You know, we’ve been very, you know, responsive and interacting with her, you know, I’m not, you know, taken weeks on end or something like that to get back information that she’s needed or, or documents signed, or what have you. And then I’ve also, you know, conveyed my intentions. I think I told her, I think I told her at one point, I was like, I was like, Look, you know, one of my, one of my goals with this transaction between you and I is that I just get the opportunity to work with you again, on maybe some of your other properties.
After we closed, I ended up going and I got her every time I’ve seen her she’s had, she’s had coffee, and I went and got her a nice mug, and I engraved it for her with the LLC that she owns out there. She’s kind of closing now. So I got her personally engraved mug and, you know, gift cards to the coffee shop that she likes to go to. And we’ve met, so just, you know, little things like that, you know, just being kind of a genuine person and building a relationship with her. So that, you know, I do know that she is going to offer some of her properties to some of our tenants. But I think that I built the foundation, where if another investor came along was like, Hey, I’d like to make you an offer on your other properties, I think she’d say, Well, I’ve got this guy, Nate over here. And I’m working with him. And I think I’m gonna let him you know, take for a shot at this before I let anyone else.
So yeah, just been really intentional about communicating with her and making sure that she knows I want to keep working with her and that I put my, you know, my actions where my mouth is kind of thing.
Jeff
So, yeah, beautifully done, beautifully done. So what’s funny for you, and I know, of course, but everybody watching or listening later, they don’t know that simultaneous to this, there was this whole other thing going on. So let’s quick, let’s put a pin in, in this acquisition used to it and kind of talk about what was also happening simultaneously. So you had another seller that you were talking to and were actually trying to get both deals closed? Can you tell us a little bit about him, and then we’ll kind of come back and join these two and sort of talk about how they related to each other in your decision making and even in your strategy, and all the things that you learned and experienced along this path?
Nate
Yeah, so I had another gentleman respond to a direct mail letter that I sent him. And he had five, four units that he was looking to sell, he’s older, 88 years old, same kind of situation is just, you know, done, done holding properties done being a landlord looking to get out of it. And I think I’d been talking to him, you know, for a couple of months. Now, I’ve been talking to him and things seem to be going really well. He kind of same thing. He kind of laid out his terms, I guess he was really fixated on the price that he wanted for his property. And he had continually kind of given me, you know, sold me on this idea that I it’s such an amazing property and it’s a cash cow. And, you know, this is just such great, such a great investment for you like, and you know, doing my own due diligence, I found that while yes, it was a great property I didn’t quite cashflow. Like he said it cashflowed, because he wasn’t being realistic. And says at the property. And you know, when I got up, I sat down with him and I asked him to, you know, kind of go through the expenses that he had incurred over the past two years in the property. And even after that. He just he just kind of refused to face reality. And so I was going to end up going with a traditional lender on this property.
But I had found that he was telling me a lot of things where seller financing would make sense for him. He didn’t have anything to do with his money. He was going to have a big giant capital gains tax bill by the time he sold all five of these properties, you know, somewhere around $300,000. And he wasn’t looking forward to that. And so I had I had proposed just that a 10% seller carry back to him that my lender would allow me to do and he initially agreed to it. And then over the course of a week, he flip flopped twice on me where he said no, I’m not going to do that and If you said, Yep, I’ll do it, you know, send me, send me an agreement, and I’ll get over my attorneys review. And I did that he talks with your attorney, and he’s like, Nope, I’m not going to do the seller financing again. And it just kind of just kind of went downhill from there. And, you know, after inspecting the property, and doing my due diligence, I found that I was gonna end up having to come out of pocket, you know, for a lot of money, as a down payment on the property to a traditional lender.
And the property needed work over the next three to five years, and it was a large sum of money, who has what I figured, and I just kind of decided that, you know, I’ve got this thing over here, on the other hand, that I’m working, and my money might be put to a lot better use with this other lady, and her portfolio of properties that she still has, as opposed to working with this gentleman that had the five units and, and so I kind of decided, you know, after he had kind of jerked me around a little bit, I was like, you know, I’m gonna make them a final offer to do the purchase with seller financing. And if he’s not going to be willing to take it, then I’m kind of going to cut my losses, and really focus on this other relationship that I’ve been working on.
And that’s exactly what ended up happening. He turned down, he quit, he quit talking to me, his attorneys start responding to me, and, you know, denied my final proposal for the property, and we ended up severing our contract and going our separate ways. So yeah.
Jeff
So this person you had you sent him a letter, strategically, knowing that he, in all likelihood was a good candidate for seller financing. And when you got to know him, you confirmed that that he was, and he had these five different properties, right. And so I again, sort of like I asked you about the first lady, you, you were definitely seeing more potential with the seller, right. And as you’re secure, the first one he kind of wants to seem seems like he wants to take one down at a time. But seeing this as an opportunity, like, you know, hitting oil and knowing that there’s at least four more acquisitions below if we can kind of achieve this one. And so I know, that was one of the interesting twists in the story was how the, what happened with the rest of this? Can you tell us a little bit about that, too?
Nate
Yeah. So we were under contract for just for just one of his properties. And about the time I was getting the appraisal done, I found out that he had, he had another offer, and for his asking price for his other four properties. And I was kind of shocked, because I conveyed to him that I, you know, wanted the opportunity to possibly purchase the rest of the rest of his properties from him. And yeah, he kind of outright told me is that he was leveraging our sale, the appraisal that I was having done on the property, we were under contract for, to kind of solidify the contract that he had for his other four properties. And so I kind of ended up rushing and I put together a proposal. You know, the initial 10% proposal that I gave him, as well as a full seller carry back proposal, I went to his house. And I proposed that to him because he was like, you know, the purchase contract with the other four properties is sitting on my attorney’s desk, and I’m just waiting to get it back. And then I’m gonna sign it’s like, whoa, that’s kind of news to me.
And so, I actually felt really good. I went over to his house, and I made a proposal for seller financing. I felt phenomenal, because the guy normally doesn’t show up. He just, you know, he’s talking, talking, talking, telling me about how amazing him and his properties are and how he’s, you know, the best thing that’s ever happened in real estate was this guy. And so, by the end of the conversation, he just kind of gone quiet. It’s like, Huh, you know, this is this is, uh, this is really creative. I like this, immediately agreed to the 10% there, and I thought that, you know, within that offer, I told him that I would purchase all five properties, if you would agree to seller financing terms. And so, yeah, I felt great about the conversation.
And then, you know, two days later, he calls me he’s like, Yeah, I’m not I’m not gonna sell you the other properties. I already signed the contract. And oh, by the way, I’m not doing the 10% that I agreed to either I was like, Oh my gosh, what happened? So yeah, kind of my vision there was that I could acquire all five of these properties. It was going to kind of set my wife and I up for, you know, we have some goals set around rental properties and kind of the passive income that we’re going to receive from those and it was going to put us really close to hitting our goals, kind of, you know, stretch long term goals that we set for ourselves. We’re going to hit them really quick. So I was excited by that opportunity. And, you know, didn’t quite pan out that’s okay.
Jeff
Yeah, So one of the things I’m just so struck by is how these two things came into your world at about the same time. And in some ways, or in a lot of ways, they’re very similar, right? A seller owns multiple properties at a place in life when they want to change course, they’re not that excited about paying capital gains tax, maybe this maybe the guy a little bit less so on that on that front, but how the experience of these two things was just so, so different, and processing kind of what that means from a takeaway perspective.
I mean, obviously, we know each human being is a unique animal, right. And so part of it is just, it’s just that, but as you know, you have a couple of weeks of space now, a little mental space to step back, and, you know, cool down from the frustration on the one side and to celebrate the elation on the other side. What are some of your kind of reflections on just, I know that just the incredible difference between the two sellers? And what lessons you’re kind of taking away from that as you move forward in your own, you know, investing endeavors?
Nate
Yeah, so one thing that really struck me was just the negotiation with a gentleman with a five, four unit size, I just felt like it was difficult, not quite the right word, but like mentally taxing, right, it was mentally taxing, going through the negotiations with this guy, just kind of a constant battle to try to get him to meet reality. Or, or at least meet me halfway with, with what I was seeing reality as, as compared to him. And, you know, as compared to this other lady, it was, it was simple. It was so simple. She knew what she wanted, I knew what I wanted. We met in the middle, and we came to an agreement. And it was it was history, and she has been great. You know, she’s, she’s even offered me a lot of advice, you know, being a landlord, she, she gave me a bag full of locks at closing, it was like, Hey, I’m, you know, getting out of the business, here’s a bunch of free locks for you. She’s been a really pleasant experience with her as, as opposed to the other gentleman was just kind of pulling my hair out the whole time.
And, you know, as far as really like, practical real world application takeaways. A couple of times that I met with Bob, especially the time that I had, you know, proposed seller financing to him, we were already under contract at that point. And, you know, in hindsight, what I should have had with me was an actual addendum to our purchase agreement that was ready to be signed by both of us. I just had, like, a one page proposal with the highlights of what I was offering and in hindsight, I should have had an actual binding agreement with me for him to sign so that I wouldn’t have even been in the situation I ended up being in and if we had just had a document that was signed.
Yeah, those were, those were kind of a couple of the big, two big main takeaways. And, you know, I also kind of realized, you know, maybe in hindsight that I was really, I was really trying to make the deal work with this gentleman, because it was kind of going to get me to where I wanted to go, and having to kind of take a step back and say, you know, I don’t want to make a deal happen, just to make a deal happen, it needs to be it needs to be a win for me. And it really kind of wasn’t going to be, you know, the one that I wanted it to be at the end of the day, so I’m happy now; I’m happy now that we terminated the agreement, and we went ways. It was crappy in the moment, because a lot of time and effort had had gone into that negotiation and kind of trying to build a relationship with him. I mean, we’ve probably met up, you know, probably close to 10 times for various reasons over the course of probably a month or so. So a lot of time and effort. So that was kind of probably where most of my disappointment came from was just all the efforts that I’d put in to have it kind of come to nothing, but you know, I have this other transaction going on, if you will. So it’ll be okay. There’s more fish in the pond.
Jeff
A question for you. That’s maybe it’s a risky question to ask. Maybe it’s maybe it’s risky for you, maybe it’s risky for me, I don’t know. But I’m curious, when you think back to like the beginning of talking to the gentleman, and you got a first assessment, do you wish you had made a different decision? Like do you wish you had decided to not tangle with him and go down that path or not? And why?
Nate
No, I do not wish I had made a different decision. And, you know, I say that with conviction, because even though it ended up being a very frustrating process, and it was disappointing in the end, I’ve learned a ton in the process just in dealing with, you know, kind of a difficult seller, if you will, and trying to, you know, really, really think through, you know, what do I know about this individual? And how can I, how can I kind of get through to them to, to get on the same page at the end of the day. And so, you know, I also for the first time, I worked through a transaction without any Realtors involved, which was great, you know, working with the title company working through, you know, insurance piece appraisal specialists, working with a lender, direct to the lender, you know, all that stuff. I didn’t necessarily have a lot of experience with when we started this process. But so yeah, I’ve learned a ton. And I feel like, you know, my confidence in speaking with and negotiating with sellers has increased just, you know, as a result of having gone through the negotiations with them, even though yeah, like I said, it didn’t work out. So absolutely not, I wouldn’t, I wouldn’t change it for anything. You know, I did lose some money and inspections and whatnot, but it’s all learning experience.
Jeff
Well, I’m really, really glad to hear that that’s your answer. Because as I look back, in that moment, when you were like, I’m not sure if this bug guy is going to be fully reasonable. I’m not sure if we’re gonna get it done. We had to make a decision, you had to make a decision. But I certainly cast a strong vote for like, let’s do it. Even, you know, this could be a lot of work. But let’s try and see if we can bring them around. And so, you know, you did that. And it still didn’t end up in a closed deal. But I’m really glad that you made that decision. And if I could cast a vote again, I would cast the same vote. And I’m glad to hear that you would cast the same vote too.
One thing we haven’t talked about that I think is interesting, is first of all, so two sellers pop up. Most people, in my experience, are intimidated enough by the idea of even doing one deal kind of at a time that that they would kind of back out and say to you know, and our colleague Walter in The DEALS Workshop he recently closed two at the same time as well. And that was one of the things I really congratulated him on and give him props for. And I’m so glad that you didn’t back down from that, for lots and lots of reasons. But one is really an interesting one that you and I have not talked about before, which is that I think if the if the lady did not exist, and you got this far down the road with the gentleman, you would you would feel like he was your only option, probably you would feel a little bit more of that sense of delight is like, I really act like I don’t want to get to the two yard line and not score here. I really want to get some ROI. I’ve been spending a lot of energy on learning and practicing this stuff. And you know, my direct mail and all that kind of stuff.
But the fact that you had to the fact that you said yes to two conversations, facilitated you getting to that moment and realizing, oh, my gosh, I have choices here. I don’t, I’m not afraid of saying no to the gentleman, because there’s other good things going on. And I think that that’s great. So you put yourself I think in a really good position to make what would have been I mean, it even still was kind of a tough decision at the end. You put yourself in a better position to make that tough call by having said yes to both conversations early on. You know what I mean?
Nate
Yeah, I absolutely agree. And I guess I’ve never really I’ve never really thought of it like that. Because I was I was I was really excited about the opportunity to possibly buy the properties from this guy. And yeah, I guess there’s you know, it was kind of a tough decision at the end to walk away, but it may have been even tougher. Because I do think I do think at the end of the day, I could have come up with the funds to make both deals work. But yeah, I am glad that I walked away. Yeah, you’re absolutely right. I do think that, you know, I may have tried even a little bit harder to make something work that wasn’t maybe best for me. If I didn’t have, you know, the other lady that I was talking to?
Jeff
Yeah, you know, we have to, we have to make sure first that whatever we’re looking at is actually a deal worth doing before we decide if we should, if we should do it. And that can be more difficult than it seems sometimes, right? Because sometimes we’re just so excited to finally get something done. And we’ll kind of overlook the fact that the question is, Is it a deal worth doing? Might you know, my answer might be a little shaky, but you were able to see that and it’s not like it would have been a bad deal to actually just close on what you had negotiated. But it wasn’t as good as it could be. And, you know, I mean, to use that oil drilling analogy, like you, you see that there’s oil to be drilled with the lady. There’s maybe some oil to be drilled with the man. But it looks like the drilling is going to be easier on the lady side. And let’s do that. And you can you can say no to the gentleman with confidence. I think that that’s just a such an important aspect of this that wouldn’t have been there necessarily, it would have been harder to say no with confidence, had you not put yourself in a position where you had options. You had great choices, you know?
Nate
Yeah, yeah, it’s easy to say, you know, there’s more fish in the pond, but it’s even easier when you’ve already got one hooked on, hooked on another pole, you know?
Jeff
I’m wanna ask you one more question, as we as we wrap up, which is; well actually let me make one comment, which is, the gentleman seems like that is a dead, dead, dead thing. And maybe it is, but it’s not really dead, dead, dead until you see the county records change that, say all five of those properties sold. And so you know, you might consider just like a gentle dripping on him with a note card or something like that. So I hope everything goes well, with your other transactions. If it doesn’t just know, I’m as sincere as I’ve ever been about liking to liking these properties and wanting to buy them. If we can find something that does work for both of us. And you know, maybe that’s a one out of 100 chance. But without that effort, it’s a zero out of 100 chance. So just, you know, final bit of, I guess, advice on that.
But my last question for you is like what’s next? I mean, for context, everybody listening and watching; Nate didn’t just navigate to deals and close one. He’s a husband, he’s a brand new dad, he’s a full time employee, you know, you got a lot going on. And you still made a lot of things happen. What’s next for you in this path?
Nate
Yeah, so I guess a couple of things. One, actually yesterday, I put some letters in the mail, about six letters are being sent to other property owners, there’s about 24 unit buildings on that same street, as the ones that I was looking at, they’re all the exact same. And the seller actually gave me a list of everyone on the street, who owned properties, and their name, phone number, address, and email. So everyone else on the street got a letter from me yesterday, asking if they want to sell me their property. So that’s, that’s one.
Two, I leveraged the closing with the lady and the seller finance deal. In, in a letter to another lady that I’ve been talking to who owned an eight unit apartment building that we had toured last year. And then kind of after she walked us through the building, she was like, Hey, we decided it’s not the right time to sell. And, you know, part of it being because we’re gonna have to reinvest all of our capital gains. And so in the letter to this lady, I was like, Hey, I just closed a deal with someone in a similar situation to you. I think that it directly applies to what you have going on. And if you’d like to hear more about it, I’d love to tell you about it. So hopefully, I hear back from her on that.
And then the lady that I just bought the house from, she’s going on vacation for a couple of weeks. And when she comes back, she’s going to start putting together documentation, information, CMAs on the remaining properties in our portfolio, and probably I would assume within the next month or so, she’s going to be willing to let me take a look at her remaining properties in our portfolio and make proposals on her remaining properties.
So yeah, that’s what I have going on the real estate side, I’m probably also gonna send out some more direct mail. I hit pause on direct mail, you know, last fall when I started talking to the gentleman with the five properties, so I haven’t sent out any letters in a while but I’m probably gonna, you know, rev that engine back up again.
Jeff
I’m really glad to hear that too, for lots of reasons. But there is also a very human tendency to say like, oh, I, I just closed something like, Am I really ready for the next thing? And the answer is, yeah, I think you are and of course, we’re planting seeds. And so just because you sent letters today, you might be thanking yourself nine months from now for a letter you sent today, when you are feeling very, very ready.
So man, I’m so I’m happy for you. I’m so proud of you. I think you did a great job.
Nate
Thanks.
Jeff
I remember, I think it was just about a year ago, as I recall, I named you like a rising star kind of person in The DEALS Workshop, I forget the exact words, but I’m like I can see this guy is he’s doing the work he’s putting in reps. And I know I mean, it’s almost impossible that when you do that, you won’t get a result. And so your, you know, consistency and like perseverance and stuff has really paid off. So I just couldn’t be happier for you. Congratulations.
Nate
Yeah, I appreciate it. Well, and, you know, it goes without saying, but you’ve been an excellent mentor through this process, you give me a lot of great advice. And, you know, there’s definitely something to be said about being a part of a group of 1) like-minded individuals, and 2) just a group of people that, you know, there’s a lot of us in The DEALS Workshop that are in the same situation that I’m in right now. People are closing deals, people are working with difficult sellers. You know, people are sending out direct mail. So it’s awesome to have that, that resource there. And that that group of people will lean on, you know, I don’t know how many times I was like, Hey, Bob, did this today. Can you believe it? What do you think? And, yeah, so The DEALS Workshop has been, has been awesome.
Jeff
Awesome, man. That makes me very happy to hear thank you for the kind words and cheers to you, and to an amazing year ahead.
Nate
Thanks, Jeff.
Jeff
Thank you.
Jeff
Well, there you have it, my conversation with Nate and the real life, real deal story. This is what it’s like to be a real estate entrepreneur. Some of our negotiations feel a little bit like riding a bucking bronco at the rodeo and you have to hold on and other ones go more smoothly. But it doesn’t really matter what the ride is like because we come out at the other side, either with a property or with a whole bunch of really great lessons that make us better in the future moving forward. Well, I hope you enjoyed that interview as much as I enjoyed conducting it and I’m so proud of Nate.
So that is it for today’s episode of Racking Up Rentals. Again, show notes can be found at thoughtfulre.com/e172. Please do yourself and so us a big favor by hitting that subscribe or follow button in your podcast app. And, if you could rate and review the show, I would be so grateful for that.
Did you know that we have a Facebook group for thoughtful real estate entrepreneurs? We do and you should be there. It’s called Rental Portfolio Wealth Builders and we’d love to have you join us there. You can just look up Rental Portfolio Wealth Builders of course on Facebook or if you want to make it really easy, just type of group.thoughtfulre.com into your browser and the magic of the internet will take you right to that page and you can join us. If you liked this episode, and I hope you did, take a screenshot of it, post that screenshot to Instagram and you can tag us; we are @thoughtfulrealestate. I will see you in the next episode. Until then this is Jeff from the Thoughtful Real Estate Entrepreneur signing off.
Thanks for listening to Racking Up Rentals where we build long term wealth by being win-win dealmakers. Remember: solve the person to unlock the deal and solve the financing to unlock the profits.
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