WEBVTT - EYL #50 No Limit feat. Max Maxwell 0:00:00.320 --> 0:00:03.520 There's nothing more satisfying than finding the perfect green paint 0:00:03.560 --> 0:00:06.560 for your living room, except maybe popping open that can 0:00:06.600 --> 0:00:09.959 a Valspar Ultra and rolling that first smooth stroke on 0:00:10.039 --> 0:00:13.520 the wall. And there's nothing more satisfying than admiring your 0:00:13.560 --> 0:00:18.000 freshly painted wall, except maybe peeling off the painter's tape 0:00:18.000 --> 0:00:21.400 to see those crisp edges. But the most satisfying part 0:00:21.400 --> 0:00:24.400 of all Valspar Ultras price tag starting at twenty nine 0:00:24.440 --> 0:00:28.720 to ninety eight a gallon, affordable durable available at Low's. 0:00:28.920 --> 0:00:29.760 Price varies by she. 0:00:30.440 --> 0:00:33.559 All right, guys, welcome back, ey l. We got a 0:00:33.640 --> 0:00:37.120 very special edition. Then I'm excited to I'm always excited 0:00:37.120 --> 0:00:39.760 about our episodes, but some episodes I get a little 0:00:39.760 --> 0:00:40.560 bit more excited. 0:00:40.320 --> 0:00:42.599 Especially when it's like a learning episode, like we're all 0:00:42.600 --> 0:00:44.479 gonna learn to that everybody gonna. 0:00:44.360 --> 0:00:47.239 Learn for sure, for sure. So before we start, we 0:00:47.280 --> 0:00:50.720 gotta let you guys know update to our grand weekend 0:00:50.840 --> 0:00:52.600 in DC. So if you follow our on your leads, 0:00:52.600 --> 0:00:55.000 you know that we're doing a DC takeover December seventh 0:00:55.040 --> 0:00:57.960 and December eighth, and we're doing a workshop on December seventh. 0:00:58.040 --> 0:01:00.560 We're doing Mobile Home Investing on mobile home elite. We're 0:01:00.560 --> 0:01:02.960 doing stock investment Wall Street schrap. And we added real 0:01:03.080 --> 0:01:06.199 estate to where Rashaanna Scott shout out to Rashawna Scott Town. Yeah, 0:01:06.240 --> 0:01:08.640 and that's gonna be one. It's gonna be how to 0:01:08.640 --> 0:01:10.440 invest in real estate on other people's money. So it's 0:01:10.440 --> 0:01:14.680 three three different uh subjects, all wrapped in one workshop. 0:01:14.720 --> 0:01:17.520 That's that top golf. It's gonna be catered. Information is 0:01:17.560 --> 0:01:19.840 on our website under the events tab on your Legion 0:01:19.880 --> 0:01:22.120 dot com and you can go there and check it out. 0:01:22.480 --> 0:01:24.480 Be in DC all weekend too, so Saturday night will 0:01:24.480 --> 0:01:26.360 be out and then right before the game we're gonna 0:01:26.360 --> 0:01:29.399 do a little little networking happy album for the people 0:01:29.400 --> 0:01:29.840 out of town. 0:01:29.959 --> 0:01:31.959 Yeah, so check us out in DC for sure. So 0:01:32.080 --> 0:01:35.200 all right, I'll jump right into it. We have an 0:01:35.319 --> 0:01:37.840 esteemed guest that people have been asking us about one 0:01:37.840 --> 0:01:40.319 thing about the ernest if you like to call our supporters, 0:01:40.640 --> 0:01:42.360 they don't play. They don't when they want to see 0:01:42.360 --> 0:01:45.200 somebody that like they're on it, they're like very very 0:01:45.560 --> 0:01:49.840 aggressive about it, and they've been acting actually today they're like, 0:01:50.280 --> 0:01:52.240 you need to get Max Max Fell on this podcast. 0:01:52.400 --> 0:01:54.480 All right, it's crazy. I'm gonna send you a message 0:01:54.520 --> 0:01:55.320 after this man like. 0:01:55.400 --> 0:01:57.600 Okay, you've been highly requested. 0:01:58.240 --> 0:01:58.680 That's dope. 0:01:58.880 --> 0:01:59.960 That's marketing yourself. 0:02:01.280 --> 0:02:04.000 It's crazy. Is that listened to this podcast for a 0:02:04.040 --> 0:02:06.400 long time. That's that's humbling. 0:02:06.480 --> 0:02:10.079 That's like, that's dope that you actually check us. 0:02:10.040 --> 0:02:13.720 Out like day one, Yeah, the original episode. 0:02:14.720 --> 0:02:17.400 Yeah, so so my man Max Maxwell, he has a 0:02:17.520 --> 0:02:20.880 very interest in intriguing still. I like people with good 0:02:20.919 --> 0:02:26.240 stories too, So if you're not familiar, wholesaling is something 0:02:26.280 --> 0:02:28.119 that we haven't covered. When it comes to real estate. 0:02:28.160 --> 0:02:29.840 Real estate is vast and there's a lot of different 0:02:29.840 --> 0:02:31.280 ways to make money in real estate. You can buy 0:02:31.280 --> 0:02:34.200 a hold, you can flip, you can rehab. There a 0:02:34.240 --> 0:02:36.400 lot of different ways to make money. But wholesaling is 0:02:36.680 --> 0:02:39.880 an intriguing way to make money in real estate because 0:02:40.800 --> 0:02:42.440 you don't really have to have any money. You get 0:02:42.440 --> 0:02:47.880 started in wholesaling and it's relatively a low barrier of entry. 0:02:47.919 --> 0:02:50.639 It's work involved, but it's it's like a lot of 0:02:50.680 --> 0:02:53.000 times with stop people from getting involved in real estate 0:02:53.040 --> 0:02:56.320 because they don't have enough money, right, But wholesaling, there's 0:02:56.320 --> 0:02:58.120 really no excuse for that because you don't need any money. 0:02:58.160 --> 0:03:00.160 I think Max's biggest quote is it's simple, but it's 0:03:00.200 --> 0:03:02.679 not easy. Yeah, it's it's definitely simple. And I think 0:03:02.760 --> 0:03:05.320 every topic that you guys have covered in real estate 0:03:05.360 --> 0:03:10.120 before wholesaling is a foundation of all of those investing methods. 0:03:10.160 --> 0:03:12.760 Like nobody buys a rental property at the actual price. 0:03:13.160 --> 0:03:15.720 You can't buy a flip for more than it's worth, right, 0:03:16.280 --> 0:03:18.360 so you can't do a rehab and have more money 0:03:18.360 --> 0:03:19.640 in it than it's actually worth. 0:03:20.000 --> 0:03:21.320 So you gotta be involved. 0:03:21.360 --> 0:03:23.400 Every single one of those properties that was bought was 0:03:23.440 --> 0:03:24.760 bought from a wholesaler. 0:03:25.200 --> 0:03:29.239 Yeah, so I'll give you a quick rundown in three years. 0:03:29.520 --> 0:03:34.399 It's very quick rise to prominence. So that's an interesting guy. 0:03:34.480 --> 0:03:38.960 So first, first of all, he's a veteran. Yeah, thank 0:03:39.000 --> 0:03:41.320 you for your service. Thank you for a war veteran. 0:03:41.520 --> 0:03:45.760 He's a war veteran with the Air Force. He also, 0:03:46.320 --> 0:03:49.360 I just found out, is dyslexic. Yeah, which is that's 0:03:49.600 --> 0:03:52.080 that's an interesting conversation that I hope we can have 0:03:52.120 --> 0:03:56.160 as well. And he was dead broke at one point 0:03:56.280 --> 0:04:01.440 not too long ago, still tasted negative four hundred and 0:04:01.480 --> 0:04:03.200 thirty eight dollars bank account. 0:04:02.960 --> 0:04:05.320 BAK America please give him to now he runs. 0:04:05.080 --> 0:04:10.160 A multi million dollar operation. He has fourteen staff members, Yeah, fourteen, 0:04:10.400 --> 0:04:14.040 just got office space. We just got eight thousand square feet, 0:04:14.080 --> 0:04:15.040 eight thousand. 0:04:14.680 --> 0:04:16.440 Square don't let that go over your head. 0:04:17.040 --> 0:04:21.680 A bunch of different companies under your umbrella, do public speaking, 0:04:21.920 --> 0:04:24.800 you do, got your YouTube popping, You got your real 0:04:24.920 --> 0:04:26.920 estate company popping. You got a bunch of different things. 0:04:26.960 --> 0:04:28.680 Has his own podcast, yeah. 0:04:28.560 --> 0:04:29.920 Podcast, and he's a pilot too. 0:04:30.000 --> 0:04:33.120 And wait, wait, wait, bigger than that, he's Jamaican. 0:04:33.360 --> 0:04:38.920 Yeah, come here, come here, shout out chicken. 0:04:38.960 --> 0:04:42.360 Our cook just hit number one in Jamaica. Everybody knows 0:04:42.440 --> 0:04:45.040 choice you're making. So anytime we get a guest, that 0:04:45.120 --> 0:04:46.960 should making, which we've had a lot of Jamaican guests. 0:04:46.960 --> 0:04:51.840 Actually, no coincidence, no coincidence. 0:04:51.880 --> 0:04:54.040 So first and foremost, so thank you, thank you for 0:04:54.120 --> 0:04:54.479 joining us. 0:04:54.680 --> 0:04:56.119 Sure, I appreciate it being here. 0:04:56.160 --> 0:04:59.039 Like it's it's like I do a lot of podcasts, 0:05:00.120 --> 0:05:01.000 it's part of my job. 0:05:01.080 --> 0:05:03.880 But like coming here, I was, I flew to New 0:05:03.960 --> 0:05:08.440 York just for this. Wow, So it's not too many podcasts. 0:05:08.480 --> 0:05:10.359 I'm going that. I'm actually excited to be you know, 0:05:11.520 --> 0:05:14.440 it's got cool though. This is gonna benna, It's gonna 0:05:14.480 --> 0:05:14.800 be a good one. 0:05:14.839 --> 0:05:17.320 All right, So can you tell us how you got 0:05:17.360 --> 0:05:20.960 into whole selling, because, as you said off camera to us, 0:05:21.680 --> 0:05:23.120 you said you got in because it was broke. You 0:05:23.120 --> 0:05:26.120 need to make some money. Yeah, realistically, right, So how 0:05:26.120 --> 0:05:28.960 did that path go from you? Because you, I know, 0:05:29.000 --> 0:05:31.160 you went to a military at seventeen, so I was 0:05:31.160 --> 0:05:32.120 like first out of high school. 0:05:32.200 --> 0:05:34.160 Yeah, like a couple of days, a couple of months, 0:05:34.200 --> 0:05:37.200 a couple of weeks after graduation, graduating, Yeah, I would 0:05:37.200 --> 0:05:40.280 graduate like May something, and then I was gone by July. 0:05:40.960 --> 0:05:42.160 How long were you in the military? 0:05:42.200 --> 0:05:44.080 Four years active? Four years a guard? 0:05:44.480 --> 0:05:48.280 Okay, so what was the path from dad and then 0:05:48.320 --> 0:05:52.240 coming back home and then going into wholesaling. 0:05:52.480 --> 0:05:55.360 When I got out from my active duty, I actually 0:05:55.360 --> 0:05:59.599 got my real estate license and it was one of 0:05:59.600 --> 0:06:01.840 the last times in the state of North Carolina where 0:06:01.839 --> 0:06:03.440 you can get you where you can go to sell 0:06:03.560 --> 0:06:06.520 school and broker school back to back and then get 0:06:06.560 --> 0:06:09.400 your brokerage license, which means you actually open up your 0:06:09.400 --> 0:06:11.520 own office. Now I didn't do that straight away. I 0:06:11.560 --> 0:06:13.280 went to go work for Allan Tate, which is one 0:06:13.279 --> 0:06:16.120 of the largest independent firms in North Carolina, and then 0:06:16.160 --> 0:06:17.960 after a year I decided I didn't want to drive 0:06:17.960 --> 0:06:21.799 people around on Sundays and like showing my house. 0:06:21.640 --> 0:06:22.640 That then they was gonna buy. 0:06:23.040 --> 0:06:25.520 So then I opened up my own brokerage called Infinity 0:06:25.560 --> 0:06:29.840 Property Management Investment, and I started working with an investor. 0:06:30.279 --> 0:06:32.880 A thirteen million dollar portfolio landed in my lap one 0:06:32.960 --> 0:06:36.160 day dealing with the mortgage broker. His friend had dis 0:06:36.240 --> 0:06:38.680 large and he was tired of the property managers he had. 0:06:39.160 --> 0:06:42.680 So I got that account and it was like eighty. 0:06:42.400 --> 0:06:44.800 Five ninety percent of my business, Like I depended on 0:06:44.839 --> 0:06:47.120 that to eat, you know, at least what I thought 0:06:47.160 --> 0:06:47.920 was money back then. 0:06:48.240 --> 0:06:50.320 And then you know, two thousand and eight, heaven. 0:06:51.520 --> 0:06:54.400 But before that, the guy started selling his properties off 0:06:55.120 --> 0:06:57.120 and so he's seen something. I don't know what he's seen, 0:06:57.240 --> 0:06:59.839 but lucky to him me seeing it. And then I 0:07:00.040 --> 0:07:03.320 a lot of business, and that's when I moved to California. 0:07:03.440 --> 0:07:07.360 My cousin which is from he's actually from Rye, from 0:07:07.400 --> 0:07:11.480 from Mount Vernon area at some Yeah, so he was 0:07:11.480 --> 0:07:16.360 playing soccer in La Galaxy and I ended up moving 0:07:16.360 --> 0:07:17.920 with him in La and just lived out there for 0:07:17.920 --> 0:07:18.400 a little while. 0:07:18.440 --> 0:07:20.480 Then I got a job in marketing, but it's a 0:07:20.520 --> 0:07:21.480 traveling job. 0:07:21.720 --> 0:07:23.720 So I did that for a while for three years, 0:07:23.960 --> 0:07:27.200 and they got another job marketing, doing experiential marketing, which 0:07:27.240 --> 0:07:30.600 is basically like, you know, we were in charge of 0:07:30.640 --> 0:07:34.000 activations for big brands, like when Verizon would partner with 0:07:34.040 --> 0:07:36.760 the NFL, we would be in charge of setting up 0:07:36.760 --> 0:07:38.720 that campaign and making sure it went well. 0:07:39.320 --> 0:07:41.720 So big, big, multi billion dollar companies. 0:07:42.560 --> 0:07:44.440 But I was dissatisfied, you know what I'm saying, like 0:07:44.480 --> 0:07:46.360 you just don't have the hustle. And in between that, 0:07:46.480 --> 0:07:48.080 I did a lot of things, like I started a 0:07:48.080 --> 0:07:51.920 lot of stuff. My dad had a restaurant. I had 0:07:51.960 --> 0:07:54.040 a restaurant in Maine at one point where it was 0:07:54.120 --> 0:07:58.320 just yeah, that's where I met Dave's brother. But Dave's 0:07:59.280 --> 0:08:01.240 like he runs all my media on my camera stuff, 0:08:01.760 --> 0:08:03.200 and so I'm not dame for like ten years. 0:08:03.240 --> 0:08:06.680 But you know, you know, and it wasn't I didn't 0:08:06.680 --> 0:08:08.040 put money and it was a sweat equity. 0:08:08.240 --> 0:08:10.200 It was it was a failing restaurant that I met 0:08:10.240 --> 0:08:12.320 somebody and was like, yo, I can flip this, give 0:08:12.320 --> 0:08:13.120 me an opportunity. 0:08:13.160 --> 0:08:13.800 And we did that. 0:08:15.320 --> 0:08:17.080 It worked, but then I didn't really get what I 0:08:17.080 --> 0:08:20.600 was supposed to get out of it. And then you know, 0:08:21.240 --> 0:08:25.120 did my corporate job doing marketing, and decided that I 0:08:25.160 --> 0:08:27.800 wanted to solve a problem inside of the marketing world, 0:08:27.840 --> 0:08:31.840 which is create an app called FASTBA FASTBA which means 0:08:31.880 --> 0:08:35.280 fast Brand Ambassador. So with us doing all those activations 0:08:35.720 --> 0:08:41.199 for big companies, we would hire people to do like 0:08:41.200 --> 0:08:42.280 I don't know if you ever went to like the 0:08:42.280 --> 0:08:45.960 State Fair and like you see Pepsi there, and all 0:08:45.960 --> 0:08:48.400 these cute girls got Pepsi shirts on, but they don't 0:08:48.440 --> 0:08:49.120 work for Pepsi. 0:08:49.720 --> 0:08:51.520 We hired them off Craigslist. 0:08:51.000 --> 0:08:53.560 And Facebook, right, so they make it like twenty dollars 0:08:53.600 --> 0:08:56.880 an hour though, right, So it was what happened was 0:08:56.960 --> 0:08:58.360 you have an eleven million dollar. 0:08:58.320 --> 0:09:02.000 Contract and you're hiring twenty twenty five dollars hour staff 0:09:02.040 --> 0:09:03.600 off Craigslist. That don't make sense. 0:09:04.559 --> 0:09:06.200 So I decided to come up with an app that 0:09:06.280 --> 0:09:09.840 allowed them to for all the brand ambassadors to sign 0:09:09.920 --> 0:09:11.640 up and whenever a job was available in your area, 0:09:11.679 --> 0:09:12.959 you can apply right there. 0:09:12.800 --> 0:09:15.200 And you have ratings and blah blah blah all that stuff. Right. 0:09:16.080 --> 0:09:18.319 Anyways, I didn't get the right investors. We ran out 0:09:18.320 --> 0:09:21.280 of money. Here, I am flat broke. 0:09:21.920 --> 0:09:22.400 How old were you? 0:09:22.760 --> 0:09:25.920 I was just thirty, Okay, okay, flat broke. 0:09:26.200 --> 0:09:28.440 But you know at thirty, you know, with that transition 0:09:28.520 --> 0:09:30.440 from the twenties to the thirties is a big deal. 0:09:31.120 --> 0:09:33.160 Like a man at this point, it's like life is 0:09:33.200 --> 0:09:33.960 posing in on me. 0:09:34.120 --> 0:09:39.520 Yeah. Ig once said being broken thirty when you broke 0:09:39.559 --> 0:09:41.839 it thirty as serious, you broke it twenty five. Man, 0:09:42.120 --> 0:09:44.080 you got time thirty serious. 0:09:44.160 --> 0:09:45.400 It's like it's what Pod said too. 0:09:45.440 --> 0:09:48.400 It's like a man's greatest time to create is between 0:09:48.400 --> 0:09:49.200 twenty five and thirty. 0:09:49.400 --> 0:09:51.439 You guys haven't created about thirty. It's gonna be tough, 0:09:51.720 --> 0:09:54.440 But I defeated all that. That's a lie. It's a 0:09:54.480 --> 0:09:55.640 lot living proof here. 0:09:55.760 --> 0:09:59.160 Yeah, because at thirty now these days you really just 0:09:59.240 --> 0:09:59.959 know what's going on. 0:10:00.080 --> 0:10:03.480 Just forget it out. All your failures now equals up 0:10:03.480 --> 0:10:06.600 to what should be like who you are. So at 0:10:06.600 --> 0:10:08.480 that point, I have to move back home, right, I 0:10:08.480 --> 0:10:12.560 got a Jamaican mother coming back home, really back home? Yeah, yeah, 0:10:12.720 --> 0:10:13.440 back like I had. 0:10:13.559 --> 0:10:16.719 I had to move back with my mother, and I'll 0:10:16.720 --> 0:10:19.240 be honest, it wasn't that hard because your mom always 0:10:19.240 --> 0:10:21.240 want you around, of course, right. 0:10:21.360 --> 0:10:26.040 That's the same thing shout Alice yo, Cololude dumpling, and 0:10:26.120 --> 0:10:29.560 so fish, getting that everybody put on thirty pounds that 0:10:29.640 --> 0:10:32.599 every Sunday dumplings is fried boiler. 0:10:32.880 --> 0:10:35.760 So I like fried. Can I take one or two 0:10:35.800 --> 0:10:38.319 on the side, Okay, okay, get your green bananas too, 0:10:38.640 --> 0:10:40.680 always sweetland. But y'all. 0:10:41.160 --> 0:10:44.839 But you know, for me, moving back home was kind 0:10:44.840 --> 0:10:47.160 of depressing. You know, you I've been home. I've been 0:10:47.160 --> 0:10:49.560 out since I was seventeen, so you're talking about twelve 0:10:49.600 --> 0:10:54.040 thirteen years I've I've been independent. So having to move 0:10:54.080 --> 0:10:57.280 back home not really conducive to having a girlfriend because 0:10:57.280 --> 0:10:58.400 you live home with your mom. 0:10:58.679 --> 0:10:59.520 Nobody's coming back. 0:11:00.160 --> 0:11:00.360 You're not. 0:11:00.559 --> 0:11:04.760 You're not. Why go to the club, nobody's I'm not 0:11:04.800 --> 0:11:08.640 going out. I'm not going nowhere. You can't come back 0:11:08.679 --> 0:11:08.920 with me. 0:11:09.840 --> 0:11:11.440 And the top that off, I had a two thousand 0:11:11.440 --> 0:11:14.880 and four Volkswagon Jedda that had a bad starter, you know, 0:11:14.960 --> 0:11:16.480 so you got to hit the starter with the hammer 0:11:16.480 --> 0:11:17.800 and all that stuff like that. So it was just 0:11:17.840 --> 0:11:19.960 like a bad time in my life. Man, you know, 0:11:20.040 --> 0:11:24.680 it's funny thing, right, Yeah, So it's a bad time 0:11:24.679 --> 0:11:27.240 in my life. And then you know, a friend of mine, 0:11:28.240 --> 0:11:31.800 somebody knew from younger days. His dad, you know, was 0:11:31.920 --> 0:11:34.240 always rich and we kind of knew that we didn't 0:11:34.280 --> 0:11:37.040 know why your dad's rich. I think so, so we're 0:11:37.040 --> 0:11:40.920 going to talk to his dad and his dad was like, yeah, yeah, 0:11:40.920 --> 0:11:43.560 he was like, you know, for some reason. We went 0:11:43.600 --> 0:11:46.320 to his house and he had a whole PowerPoint presentation ready. 0:11:46.360 --> 0:11:48.040 I don't know if he knew we were coming, but 0:11:48.200 --> 0:11:50.640 come to find out, he just loved to teach. So 0:11:50.679 --> 0:11:53.080 he hit us with game. Then he said the word 0:11:53.120 --> 0:11:56.160 wholesaling and me with my short attentions fan and you know, 0:11:57.760 --> 0:12:00.760 being dyslexic, and I really, you know, just not being 0:12:00.920 --> 0:12:04.520 really a good student. I once he said wholesale, I 0:12:04.600 --> 0:12:06.720 just locked in. I typed it in my notes and 0:12:06.720 --> 0:12:08.400 I ain't hear nothing else he said for the rest 0:12:08.400 --> 0:12:11.160 of the time. That's probably an hour, and I went home. 0:12:11.280 --> 0:12:13.040 I went back home and I locked myself in my 0:12:13.120 --> 0:12:16.280 room for three weeks, and I googled wholesale and real estate, 0:12:17.240 --> 0:12:20.480 and I mean it was just like Pandora's box is open, 0:12:21.160 --> 0:12:23.520 and you just started seeing people and seeing how easy 0:12:23.520 --> 0:12:26.439 it was and talking about driving for dollars and contracts. 0:12:26.480 --> 0:12:28.880 And I had some real estate knowledge, so I wasn't 0:12:28.880 --> 0:12:31.240 completely brand new to the real estate, like this is 0:12:31.280 --> 0:12:33.040 easy so. 0:12:32.880 --> 0:12:37.679 Even you at this point the wholesaling was a new concept. 0:12:37.360 --> 0:12:40.199 Or was something a brand new concept, Like I've heard 0:12:40.240 --> 0:12:42.640 it before as a relator, but you think it's fake. 0:12:43.160 --> 0:12:46.040 I think it's like a scam exactly because it don't 0:12:46.440 --> 0:12:51.280 sound like scamish. But I end up locking myself in 0:12:51.280 --> 0:12:54.560 my room for three weeks listening to podcasts like the Goats, 0:12:54.600 --> 0:12:56.480 like you know, Sean Terry and all these guys. 0:12:56.520 --> 0:12:58.400 And and. 0:12:59.400 --> 0:13:01.760 Three weeks late, I went driving in my old neighborhood 0:13:01.800 --> 0:13:05.800 that I moved from Portchester to Salem Woods in North Carolina, 0:13:06.240 --> 0:13:08.520 and on the same street I grew up on was 0:13:08.520 --> 0:13:11.240 a house on a corner that was had tall bushes, 0:13:11.320 --> 0:13:16.040 tall grass. And from there I contacted the owner and 0:13:17.040 --> 0:13:19.319 like a week or two later, I made fourteen thousand 0:13:19.720 --> 0:13:23.000 port Chester, New York. Well, I moved from Portchester into 0:13:23.320 --> 0:13:23.960 North Carolina. 0:13:24.040 --> 0:13:25.720 Okay, house, Oka, gotcha? 0:13:25.800 --> 0:13:30.080 And that fourteen thousand was like, it was like, you 0:13:30.080 --> 0:13:33.079 couldn't tell me it wasn't a million dollars right right, 0:13:33.080 --> 0:13:35.560 because I mean from having negative money in your like, 0:13:35.880 --> 0:13:37.679 And when I went to drive, let me tell you, 0:13:37.720 --> 0:13:40.720 I remember this. On Peacehaven Road and Country Club Road, 0:13:40.760 --> 0:13:46.120 there's a shell gas station. I put my card in 0:13:46.320 --> 0:13:48.480 hoping they would accept it. And you know how I 0:13:48.559 --> 0:13:52.160 draw off one dollar, Well, you know, I filled that 0:13:52.200 --> 0:13:54.520 tank up with that one dollar then because it just 0:13:54.600 --> 0:13:56.640 keeps going, and you know, you got to pay the 0:13:56.679 --> 0:13:57.480 overcharge fee. 0:13:58.040 --> 0:13:59.920 And I was like, that's it. 0:14:00.120 --> 0:14:02.240 At that point, that was really all the money I have, 0:14:03.400 --> 0:14:05.080 and I knew the bank wasn't gonna let me use 0:14:05.120 --> 0:14:09.160 that card anymore. And I found that house and just 0:14:09.240 --> 0:14:12.000 going and going and going, and then I got the 0:14:12.040 --> 0:14:15.440 deal closed. And it's simply what like wholesaling is is 0:14:15.800 --> 0:14:20.280 you find distressed properties and you put them under contract 0:14:20.600 --> 0:14:23.440 with a purchase an agreement, and you agree to purchase 0:14:23.480 --> 0:14:25.880 it at a certain price. Well, now you have this 0:14:25.920 --> 0:14:29.200 thing called equitable interest. We're a common law country, right, 0:14:29.240 --> 0:14:31.560 so now you have an equitable interest in this real estate. 0:14:31.600 --> 0:14:33.960 So nothing can happen to that or that property can't 0:14:33.960 --> 0:14:37.400 be sold into your contract expires. So what you can 0:14:37.560 --> 0:14:39.640 do is you can actually close on that property if 0:14:39.640 --> 0:14:41.920 you got the money because you negotiated down to a 0:14:41.920 --> 0:14:44.920 good rate. So for example, the house that I did 0:14:45.000 --> 0:14:46.720 was it was worth one hundred and twenty five thousand, 0:14:47.440 --> 0:14:51.400 and I got it on a contract for thirty two thousand. Wow, 0:14:51.440 --> 0:14:53.480 but it needed it needed work though, don't give me 0:14:53.520 --> 0:14:56.040 it a twisted like people left it was. It needed 0:14:56.040 --> 0:14:59.320 a full rehab. But there was enough room for somebody 0:14:59.320 --> 0:15:01.600 to do the rehab and still make money. It just 0:15:01.680 --> 0:15:03.720 wasn't me because I had negative four hundred and some dollars, 0:15:03.840 --> 0:15:06.120 so I didn't have it. So when I learned that 0:15:06.200 --> 0:15:09.720 you can assign your rights to that contract that you 0:15:10.040 --> 0:15:14.160 negotiated for a fee, that's what the game was. 0:15:14.240 --> 0:15:16.200 So you're going to You're going to find somebody that 0:15:16.200 --> 0:15:16.720 can buy it. 0:15:16.960 --> 0:15:19.480 Yeah, So I put it on Facebook marketplace. I didn't 0:15:19.480 --> 0:15:20.880 know nobody, I ain't. 0:15:21.040 --> 0:15:23.400 Don't talk no rich people then and use your research. 0:15:23.480 --> 0:15:27.720 So that weekend, that same weekend I got it. 0:15:28.000 --> 0:15:30.640 Somebody agreed to buy it for fourteen thousand dollars more 0:15:30.640 --> 0:15:31.880 than I had it on a contract for. 0:15:32.120 --> 0:15:33.680 So all right, So in the next time, we're going 0:15:33.720 --> 0:15:35.920 to break down wholesaling. But before you even go into 0:15:36.040 --> 0:15:37.920 the details of wholesaling, just to kind of get people 0:15:38.680 --> 0:15:42.920 like me who are slow learners a quick overview of wholesaling. 0:15:43.000 --> 0:15:47.240 So wholesaling correct me if I'm wrong. Is I go 0:15:47.400 --> 0:15:50.600 down the street and I see a property, right now 0:15:50.920 --> 0:15:55.800 I can draw up a contract and be the owner 0:15:55.840 --> 0:15:58.120 of that property without actually owning that property. 0:15:58.400 --> 0:16:00.560 So you won't you won't actually own it, but you 0:16:00.600 --> 0:16:04.160 will have what they call equitable interest. So you agree 0:16:04.200 --> 0:16:07.000 with that homeowner to buy the property. Let's just say 0:16:07.040 --> 0:16:09.960 a house down the street for thirty thousand, Right, you 0:16:10.040 --> 0:16:12.360 agree it's worth one fifty, but it needs a lot 0:16:12.400 --> 0:16:14.640 of work. And the person is like, yo, I inherited 0:16:14.640 --> 0:16:17.480 this home and it used to be a rental property. 0:16:17.480 --> 0:16:20.080 But you know whatever, you put it on the contract 0:16:20.080 --> 0:16:24.040 for a certain deep discounted price. And with that contract 0:16:24.080 --> 0:16:26.720 you now have that says expires let's just say end 0:16:26.760 --> 0:16:27.440 of November. 0:16:27.920 --> 0:16:29.840 You now have equitable. 0:16:29.320 --> 0:16:32.600 Interest in that property until that time expires, and then 0:16:32.680 --> 0:16:34.440 you sell that to somebody else. 0:16:34.480 --> 0:16:36.880 Yeah, so you in that timeframe you got let's say 0:16:36.920 --> 0:16:39.160 it's the end of November, you're giving yourself at least 0:16:39.360 --> 0:16:40.680 fourteen days to find somebody. 0:16:40.760 --> 0:16:41.320 Yeah, gotcha. 0:16:41.480 --> 0:16:44.720 So all right, thirty thousand. Now you try to solve fifty. 0:16:44.520 --> 0:16:47.280 Thousand whatever extra you can get for and what the 0:16:47.360 --> 0:16:49.760 difference is, what you make? Yeah, on the of the differences, 0:16:49.800 --> 0:16:51.160 what you say, So if it was fifty, then you 0:16:51.200 --> 0:16:52.520 made twenty thousand on that deal. 0:16:52.360 --> 0:16:55.119 Correct, and if you can't sell it, it just expires. 0:16:55.520 --> 0:16:56.120 It expires. 0:16:56.160 --> 0:16:57.520 There's a little bit more we can get into more 0:16:57.560 --> 0:16:59.520 detail of what you can do if you can't sell it. 0:16:59.560 --> 0:17:01.080 But yeah, but. 0:17:01.000 --> 0:17:03.360 You're not technically on the hook for like paying thirty 0:17:03.360 --> 0:17:04.000 thousand dollars. 0:17:04.040 --> 0:17:05.360 No, not if you do it the correct way. 0:17:05.400 --> 0:17:07.200 Now, there's an ethical way to do anything, and there's 0:17:07.200 --> 0:17:09.480 an unwethical way to do anything, right, So I'm gonna 0:17:09.480 --> 0:17:11.160 tell you how to do the ethical way of how 0:17:11.160 --> 0:17:13.480 to how to get it on a contract the correct way. 0:17:13.320 --> 0:17:15.160 All right, all right, So in the next second, we're 0:17:15.160 --> 0:17:18.080 gonna go into everything you need to know about wholesaling 0:17:18.119 --> 0:17:18.560 real estate. 0:17:18.600 --> 0:17:20.400 It's gonna get all right. 0:17:20.440 --> 0:17:23.440 So now we're gonna go into some all right wholesaling 0:17:23.440 --> 0:17:26.680 one on one. Right. So it's a couple of things 0:17:26.680 --> 0:17:30.080 that I had looked at in preparing for this interview. 0:17:30.800 --> 0:17:34.679 So when identifying your market, right, So I so you 0:17:34.760 --> 0:17:36.480 even talked about it as far as like your. 0:17:36.680 --> 0:17:39.640 Zip code, Yeah, that granulin all right. 0:17:39.720 --> 0:17:42.359 So I guess for somebody that wants to get involved 0:17:42.400 --> 0:17:45.000 in wholesaling and they're just getting started, like how you 0:17:45.080 --> 0:17:46.800 just got started, you have to formulate a game plan 0:17:46.840 --> 0:17:49.040 before you do anything in life. Right, So I guess 0:17:49.040 --> 0:17:51.800 the first game plan is understanding your neighborhood. Is that correct? 0:17:51.920 --> 0:17:55.000 Yeah, So understanding like your area, your city, and like 0:17:55.119 --> 0:17:59.199 every city has what they call gentrification, right, Like what 0:17:59.400 --> 0:18:03.600 happens is you have neighborhoods that are going to transition 0:18:03.880 --> 0:18:08.120 into mid class likeness. That's what gentrification is. So that's 0:18:08.119 --> 0:18:11.960