Episode 499
Painless Wholesaling: Understanding Buyer Criteria for Profitable Deals with Nathan Payne
Nathan Payne is a real estate investor who has always been resilient in the face of rejection. Having spent six years in door-to-door sales before transitioning into real estate wholesaling, Nathan developed a thick skin and learned not to take "no" personally. During his time as a missionary for his church, he also encountered numerous rejections and became even more prepared for the challenges of the real estate industry.
Nathan understands that in wholesaling, where offers below market value are made, hearing "no" from potential clients is inevitable. However, he embraced this aspect and remained unfazed. Although his experience in door-to-door sales provided valuable communication skills, he discovered that some of his tactics did not effectively translate into the real estate field. In the sales world, Nathan had to close deals immediately to earn his commission, but real estate transactions require a longer process.
Recognizing the need to enhance his sales skills, Nathan worked diligently to improve. Today, he boasts an impressive repertoire of sales strategies, thanks to his constant learning and adaptation within the real estate investing realm. Nathan Payne is a determined and experienced professional in the world of real estate, ready to face any challenge and make successful investments.
Connect with Nathan Payne: https://investorthrive.com/
TOPICS:
Nathan understands that in wholesaling, where offers below market value are made, hearing "no" from potential clients is inevitable. However, he embraced this aspect and remained unfazed. Although his experience in door-to-door sales provided valuable communication skills, he discovered that some of his tactics did not effectively translate into the real estate field. In the sales world, Nathan had to close deals immediately to earn his commission, but real estate transactions require a longer process.
Recognizing the need to enhance his sales skills, Nathan worked diligently to improve. Today, he boasts an impressive repertoire of sales strategies, thanks to his constant learning and adaptation within the real estate investing realm. Nathan Payne is a determined and experienced professional in the world of real estate, ready to face any challenge and make successful investments.
Connect with Nathan Payne: https://investorthrive.com/
TOPICS:
- Importance of understanding the buyer's process in real estate deals
- Focusing solely on sellers can result in wasted money
- Personal experience investing in mailers in Utah
- Spent $10,000 to $15,000
- Received 20 calls but didn't close a deal
- Reliance on virtual assistants (VAs) and sourcing deals on Zillow and MLS
- Two VAs finding deals
- Networking with agents and occasionally finding deals through for sale by owner situations
- Relying on wholesalers in Utah to find buyers
- Negotiating their fee in between
- Getting leads from sources like HomeLight and other outreach efforts
- Encouraging listeners to visit investorthrive.com
- Learning the tactic of not taking no for an answer from sales and cold calling experience
- Preparing for rejection in real estate wholesaling business
- Realizing skills from door-to-door sales don't directly translate to real estate sales
- Mind map on website explaining the process of reverse painless wholesaling
- Step 4: Finding the buyer's criteria or buy box
- Using a script to contact buyers and track criteria using Google Forms and a spreadsheet
- Five years of experience in the business, now training others
- Shifted approach due to market changes
- Trimming down to a few people
- Looking for deals on MLS
- Making 99% profit themselves
- Advising finding buyers first before searching for deals
- Finding 10 to 15 solid buyers with cash and no market concerns
- Building relationships with buyers to ensure deals are pre-sold
- Lesson learned from buying a property with squatter issues
- Hiring virtual assistants: initially hiring low-priced VAs, then shifting to higher-priced, more talented VAs
- Strategy of making potential clients or sellers feel like they're not the best option, but still an option
- Dislike for convincing people and preference for working with those who genuinely want to work with them
- Strong relationship with virtual assistants, treating them like employees
- Shifted focus to "painless wholesaling" and helping others find buyers in different locations
- Negotiating deals and sellers becoming more motivated to accept solid offers
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