Real EstateĀ Blog &Ā Podcast

Episode 349: Flipping Success Stories: Transforming Distressed Properties

Jun 04, 2024
Flipping Success Stories: Transforming Distressed Properties

In this podcast, real estate investors David Dodge, Matt Kamp, and Vince Hall share their experiences and insights from successful property deals. They discuss how networking and collaboration can lead to profitable opportunities, such as a $47,000 flip completed in just three weeks. The team also explores strategies for revitalizing distressed properties and creating dream homes for buyers. Throughout the episodes, they emphasize the importance of building strong relationships, finding accountability partners and mentors, and leveraging joint ventures. The biggest lessons shared include trusting the process, learning from experience, and recognizing that solving problems in real estate can lead to handsome rewards. The podcast encourages listeners to take consistent action and surround themselves with a supportive community to achieve success in real estate investing.

 

Key Takeaways:

  • Collaborative success with Dodge, Camp, and Hall.
  • Networking leads to profitable opportunities.
  • Assisting elderly couple for profit.
  • Transforming distressed properties into dream homes.
  • Importance of strong relationships with lenders and contractors.
  • Value of accountability, mentorship, and collaboration.
  • Lessons: trust the process, leverage networks, solve problems for profits.

 If you are looking for a little more guidance on your real estate investing journey and would like some mentorship along the way, you can join our "Real Estate Skool" Community!    (Right now it's only $27/mo to join but the pricing will be going up to $97/mo very soon!)   

Transcript Episode:

David: Hey, guys, welcome back to the Discount Property investor podcast. I am your host, David Dodge, and today I am joined by two fellow mastermind members, two really good friends of mine, two awesome real estate investors, and today we are going to break down a deal that we did share a win and talk about how you all can follow in our footsteps and do deals just like the one we did here. So I want to welcome mister Matt camp and Vince hall. What's up, fellas?

Vince: Yo, excited to be on.

David: Yeah, welcome, welcome, welcome, guys. Thanks for being here. I really appreciate you guys for coming on again. Awesome deal. You know, we're just here to share some wins here today. Love having you guys in the mastermind group and getting to work with you guys. I work with Matt already with deal Machine. I work with Vince already with both of his company, both of the companies that Vince is running and helping build call Porter as well as ballpoint marketing. These guys are amazing. But essentially, today we are going to be talking about a deal that we did. Who found the deal? Vince?

Vince: I think I did. David: Yeah, dude, how'd you find this deal? Vince: So I'll put it a little podcast blurb in here. So I do a podcast called the Next Deal podcast with Justin Dossie as well.

David: Great job.

Vince: And basically, man, I was just sharing reels on my personal Instagram account of the podcast. And a realtor buddy of mine had a property that, I mean, it was just. It was a shit show, right? He's like, there's no way this could ever be on the MLS. He couldn't even get people to get into it. And so he was like, man, who could I. Who could do this with me? And he's like, oh, shit, Vince. Because he saw one of these reels of the podcast, right? So he reached out to me and he's like, hey, I got this property. It's in C hesterfield. It's on three acres. You know, the house gonna be. Need to be torn down. I need you to come see it. And I was like, oh, yeah, man, you know, let me. Let me know the address. You know, I probably come see it this week. And he's like, no, like, today. You know, like, you need to come see it today. Um, so Matt and I, you know, thankfully, we. We had the openings, um, to go view the home together. Um, and, yeah, that was, we. We met Adam there had had the three acres. The lot was beautiful. The house was, you know, in shambles. And we were like, okay, what do we do next? Right? And, you know, that's when we called you, David. And said, you know, hey, dude, we got this. And you were like, you need to lock that up right now. I don't care what it takes, get it under contract. We'll give him some earnest money. Like, you are so excited about it. And I was like, well, Dave's excited about it. We're going to be excited about it, too. And that's what we did. We got it under contract immediately. So we were owners by contract. And then, you know, Dave's like, hey, I'll market this thing. We'll get this done. And.

David: Hold on. Let's back up a sec. Vince: Yeah. David: So, Brent, so the lead came in from networking and just telling people what business we're in. This is one of the best lessons for anybody listening or watching in this. If you are new to the game, and these guys aren't specifically new, but regardless, if you are new to the game, tell everybody what you do. If nobody knows what business you're in, you're not going to have a good business or get any leads for your business. So Vince was posted on social media that he's looking to buy houses. That's it. Don't overthink this. A friend of his said, I got one that's going to be hard as the whole traditional listing brokerage thing. It needs a ton of work. You're looking for houses, I got one for you. That's where connected. He went out there with Matt. They walked it. They said, hey, we think this is good. They joint ventured with me, and I'm so blessed to be able to get to work with these guys and get to have done this deal, by the way, we're going to get to this later. We made $47,000 collectively on this deal. But what was the property like? I don't want to skip over that. When you guys went to walk it. Let's actually hear from Matt for a second. Matt, what did you think? Vince: Well, real quick too, man. It's awesome to like, be on this from a personal capacity, too. Like it's, you know, I've been on a couple times from a. A deal me deal machine perspective and gotten involved in your community there and like, you know, really enjoy just being a support for you guys there. So all deal machine things, you know, all questions on that, I usually jump in and support there, but then to be able to do this personally is even more fun, man. That's something like we, when we walk the. Like you said, when we walk the property, I mean, one, you know, just getting there, like you said, is such an approachable. Thing of, hey, just post on social media, talk, you know, talk about what you're doing. As simple as that is where this came from. You know, Vince, you know, coming in with me and going on the appointment, I mean, we were being very real with, uh, with Adam, the, the real estate agent, kind of talking through, hey, what we're thinking. But man, it was in, it was in rough shape. It was like, like Vince said, I mean, he said, hey, get there right now, walk through. And we found, I mean, all kinds of just crazy stuff that it's something that, you know, that individual family was going through where we're helping them out of a hard situation. We're able to really. David: What was the situation?

Matt: I know he was looking to. Wasn't he looking to move? Right, Vince, as soon as. Vince: Yeah, so wife passed away. Not to. They're elderly couple. Wife passed away not too long ago. Um, husband is now in like hospice, so doesn't have, you know, a ton of time. Um, and basically just wanted to get this, this thing done and over with. Matt: He's got seniors, high equity.

Vince: Yeah. But yeah, they owned it outright. David: They didn't want to have to let the kids deal with it. Hospice, for anybody that doesn't know, means that you're essentially, you know, numbered. Your days are numbered and they're putting you in a place to keep you comfortable. I know a lot about hospice. I've had four parents, uh, between myself and my wife that have been there. It's a shitty situation, but it makes for comfort. It provides comfort. So if you're in hospice, you're getting your affairs in order. And that's what these folks were doing, guys. That's what they were doing. So, um. C ool. Tell us about the property. Vince: Yeah, so we, from that perspective, I think really coming in and be able to help them out that way felt great on our end as well, to provide that value to people. Um, but yeah, we went through the thing. I mean, Vince took probably 100 pictures of, of, you know, everything from the, I know the back wall was just covered in like ivy. The entire thing was just vegetation, essentially. You go through it, I mean, it was going to be either a full demo or take off the roof and really reorganize the whole thing and then build on top of it. I know, Dave, the thing that on our end, like, when we approach you, we're like, hey, I think we've got an opportunity here. And you getting excited, really looking around the area and figuring out like, hey, you've got, you know, three acres in a neighborhood in C hesterfield, that's, you know, it's not easy to find.

David: It's an a class neighborhood. Vince: Yeah, exactly. You're surrounded.

David: Yeah. Vince: Surrounded by seven figure plus properties. And then you've got this opportunity of this. This fixer or even a full demo where you can come in and really start fresh for somebody. So all the stars kind of align there of being able to find the right, you know, a person we can really help out sooner than later. You know, you were an awesome guide, kind of talking us through, you know, really the process and helping us get to that point and having your local network and, uh, you know, Vince bringing the old table. Like, all the, uh, things kind of came together there.

David: A lot of. So three. I'm sorry, Vince, go ahead. Vince: Yeah, I was going to say the house itself, guy. Like, I don't know if we can provide you some pictures. Dave. You can put this on there when you edit it and stuff, just to kind of show people.

David: Yeah, we'll drop some pictures in right here, right now into the video. Marjorie and my team will hook it up. Let's do, like, maybe 10 seconds. We'll pause this, do some photos for those watching. And we're back. Okay, awesome. All right, perfect.

Vince: Just. Just like, there's poop in the house from, like, dogs and pee stains and that were never cleaned up. You could, like, they've been there for months, you know, cobwebs.

David: o we were thinking, like, is it a tear down? Possibly? A tear down. C ould it be a pop top? C ould it be, you know, what. What were we thinking? We didn't really know what the highest and best uses. But what we did know, folks, for anyone watching and listening, especially, is if you are new, here's what we did know. Three acres, a class neighborhood. The price of the dirt was worth what we had a contract on it for. The house was a bonus. So it didn't really matter if they were going to tear it down, rehab it, pop the top. What they're actually doing is all of the above. This is wild. Maybe not tearing it down, but here's what they're doing. They're rehabbing the home to live in it, right? And they're going to do a good rehab, but not like a nines rehab or a tens rehab. Right? They're going to rehab it to make it nice but livable. And then in a couple years, they're going to build their dream home 150 yards back, three acres, lots of land. And then they're going to rent out the front house to their mother in law. Or parents or just let them live there. However that situation works is on them. And then put a pool in and essentially have it be big master or new build in the back pool and mother in law suite. And then later when the parents are no longer around, turn that into a giant freaking pool house. That's the plan. Which is going to be the biggest pool house in the history of pool houses, right? Like a three or four bedroom home, right? Yeah, that's the plan. They love it. Win win across the board. I want to get to the wins here in a minute because there's so many of them. Let's talk numbers here, guys. How, what were the numbers on this? What it, what did the sellers want? And then what did the conversation with Adam, who was Vince's friend from social media and whatnot, asking, where do we land?

Vince: Yeah. So when Adam contacted me, he's like, dude, this is, this is a gem of a property. The land alone, like you kind of talked about is, is worth it. He's like, it's going to be a full rehab or a demo. He's like, seller really wants 410. So, you know, I came, I came to him and said, okay, well, you know, we'll get, we'll get a kind of a visual inspection. We'll make our offer. And, you know, Adam is a good friend of mine. I was like, hey, like, realistically, you know, what, what do you think? You know, we could probably offer? And he was like, just give, just give me an offer. You know, he didn't want to like, give me any numbers. Just give me an offer. So Matt and I came to the number of 375. And Adam was like, all right, cool. And came back not too long later and was like, done, we're deal. We're good. So initial. Initial number was 410. 375.

David: So they're asking was 410 initially or they're kind of wanting asking price. Let's start here. Vince: 410. Yeah.

David: But that was a no haggle, no hassle, no contingency other than a few short days of inspections. Vince: Offer due diligence. Yeah.

David: Yah, guys, so, like. And the agent got paid too, right? So, yeah, it was a convenience offer, right? People are typically, and I talk about this a lot on coaching calls, right? People are looking for two types of different motivation, two types of problem solving or two types of goals to achieve when they're dealing with real estate. Is it capital motivated or is it convenience motivated? In this case, they were convenience motivated. They still got a lot of capital, right. But they were more so worried about doing it quick, easy, simple, no repairs as is buyer cash. Very few, if any, contingencies. And that's what we delivered on amazing. 375 was the purchase price. From there, Matt and Vince came to me and they said, dave, let's jv. I said, hell yeah, guys, let's rock and roll. We collectively posted this on social media. We called and texted out and emailed out some of the buyers that we were already all working with. I even went the extra mile on this one. C ontacted as many builders as I could find within my own network, within my acquaintance network. I probably contacted 20 or 30 builders on this particular one because I thought the highest and best use because, again, as Matt mentioned earlier, one of the properties next door was like. Has an arv, like 1.75.

Vince: Yeah, it was high as a monster house.

David: A monster. So we're thinking, hey, somebody could easily build a million dollar house here, charge 1.75 after, you know, paying us, and still make a couple hundred grand, hundreds of thousands. Right. So that's what we thought. And we just put it out to everybody. Essentially. We casted a very wide net. We had a good amount of interest, I think I probably had. And I'm sure you guys had a bunch of people reaching out to you as well. I probably had 100 people reach out to me on this deal. A hundred of that many. I sent them photos and details and satellite photos. And the sellers had actually left the blueprints at the home. So I had taken pictures of that and sent it. I sent a ton of stuff to people. Of the hundred people that I sent it to, I think somewhere around twelve or 15. It's a guess, but a good. A good amount. Over a dozen people went and walked the property, which was amazing. And we ended up landing on a buyer who was essentially. Well, first and foremost, let me back up. We got three offers on this property. We got. So the 375 was the purchase price that we paid collectively. Yeah, we ended up selling it for four and a quarter. So it was a $50,000 gross spread. But we had offers at four. O 05:05. Yeah, I think another one at 410. Yeah, somewhere 410 or 415. And then we. But they were both investor buyers. Yeah, and they were cash buyers. And then there was a third and final offer that came in and this all happened, guys, by the way, relatively quick, like probably within a week, 5456 days, something like that. Yeah, we just closed on this, what, three, four weeks ago? Guys, this is super recent.

Vince: Like mid March.

David: Yeah. But anyway, the last and final offer that we got before we accepted and closed the option for people to look and bid was 425, and they wanted to make it their forever home. Now, it wasn't ideal for us as investors to sell to them, even though they were ten grand over our other offers, because they were using a loan and we were wholesaling. And if you are new and you don't understand why, when you're wholesaling a deal, it's really amazing and beautiful that we can buy and flip properties without having to actually close and fund them. Right. But whenever the buyer uses a loan, sometimes the lender will require you to own it first. So we were, like, taking this risk, selling it to them, knowing that we may have to buy it before we could sell it. But in the end, because of our friends over at investors title, build good relationships. Another good lesson here, folks. They didn't require us to fund it. The lender on the buyer side didn't know that we didn't own it. They just let the deal fall where it fell, and it worked out. Long story short, they used a loan, it was a loan to buy it and fix it. I don't know the exact term, 500 think the loan. Yeah, I've never done one, but something like that. So they got one that had a loan on top of the loan to give them financing for funding their rehab. We closed on it in probably three weeks. They wanted to get done a little early march for four, and we got it done in three. Um, it was 50,000 gross. We only made 47. Why? Why did we only make 47? Guys. Vince: Gotta pay for all the paperwork in the middle.

David: Paperwork, transaction costs. Yeah.

Matt: Investors title was awesome to work with. I'll say. And I know you one, you know, one great thing, too, is you, you had some plan B's lined up. You were thinking through, hey, do we need transactional funding if we're gonna have to double close this? Like, we. We kind of were thinking through other exit options, and that kind of weighed into our decision on if this is worth the risk of kind of going with that dream, dream home buyer. But again, like, yeah, investors title was fantastic to work with on that, so.

Vince: Yeah, and I think, too, that, you know, because we had the transactional funding lined up, I think investors saw that as well.

Vince: Right.

Vince: The investors title company saw that. Like, we, we had all our ducks in a row. Like, there wasn't anything that we missed. So if we needed the transactional funding, it was available. You know, Matt. Matt and I collectively, you know, were able to put the funds together to get the transactional funding, you know, proof of funds and you know, our. So it was a whole process to, you know, get that done. We're taking screenshots of our bank accounts and, you know, all those.

David: It was. But we had to jump through some hoops. But we did for good reasons, though, you know, just because we wanted to make sure that we didn't let the sellers down. We didn't want to let the buyers down and not be able to get them the deal on the day, the day. So here's, here's full disclosure, guys. I don't want to mislead anybody. We collectively made 47 grand. We did put down $500 in earnest money, and we did pay our transactional funder that we didn't even need to use $500 in application fees just in case we needed him last minute. So we had a $1,000 invested, and then we had $2,000 worth of transactional cost at the title company. But that did not come out of our pocket. That came out of the deal. Actually, it was closer to three. 2628 hundred is 47 and change. Right. So $2,500 came out of the deal. Did not come out of our pocket. That's where we landed at seven or 47 and change. And then Vince and Matt put up 500 to the transactional lender. I put up 500 for the earnest money. What's that? Return on investment, invest a 1003 weeks later, get 47 back. Matt: Yeah, I'll take that.

Vince: I can't tell you how many times I've talked about that deal where I'm like, you know, you put down 1000 and you make 47. That's pretty great.

David: In three weeks. I mean, the annualized interest on that has got to be in the tens of thousands of percent, right? Yeah. Freaking believable. Guys, what did you learn from this deal? Dave: Well, I do want to talk about the transactional funding and us actually giving them the $500 for the admin stuff. Right?

David: Yeah. 1015 minutes. Vince: This is another thing when, you know, for you guys listening, when you're building these relationships, like, I know for Matt and I, for David, it was super important that even though this company provided us the ways to get the transactional funding, it was available and we didn't use them. It's still good to say, you know what, you helped us. We, you know, we were very thankful for that. We're still going to give you something for your time. So that way, when we go back to that guy and that, that local lender, they're going to be like, yeah, dude, you guys were so great to work with. You had your ducks in a row. I love that you guys even just gave us some cash for doing what we did. And they're going to remember that. Um, so don't burn any bridges early on. Um, you know, even though, you know, I mean, I don't think we owed that to them, really. Um, but we did, right? We gave it to them.

David: 10,000. 20,000. 30,000. 40,000. Let's take about 2500 out of there. This is what we made on that deal right there, fellas. $47,000. Amazing. Vince, I can't emphasize what you just said enough. In fact, I teach people in my coaching and mentorship programming group that even when you are getting estimates and bids for your rehabs and somebody says estimates and bids are free, pay them. All right, I can't, I can't emphasize this enough. I don't care if it's a $30 gas gift card of, you know, $20 stores or home Depot or $100 venmo payment, because if somebody gives you four, five, six bids for free and you don't end up hiring them, do you think they're gonna want to keep bidding your projects? No. Same thing with this transactional lender. We told them from the get go, hey, there's about a 75% chance we're going to probably need you. But if all the stars align and we can get this 25% chance, we are not going to need you. But we still want you to treat us as if we're going to work together, right? So if with that being said, we don't want you to do all this work and move this money into an account and have it ready to be wired and then be upset with us, we want to keep doing business with you. In fact, the lender is a good friend of mine and now, of course, both of yours as well. And we said, what's it going to cost as a minimum and just transaction fees. He didn't even charge us this money, folks. We offered it to him. I literally said, I want to make sure you guys are happy because I hope I don't need to use you, but if I do, or if we do, we want that ability. So, yeah, I love that we paid him the 500 and it turned out great. Let's talk about the wins real quick, guys. How many people won't? Matt? Take a guess, brother.

Vince: I mean, the way this lined up all the way around, like everywhere from, I mean, on our end, that's one thing from a lessons learned on my standpoint, you know, just being able to get out there. And again, we preach this all the time on the deal machine front, but leading with action, like finding an accountability partner, finding, you know, real estate school, finding that community to really get involved in, really hold yourself accountable. Like, I know Vince and I, we've been catching up forever about, hey, maybe we should do deals together. You know, we've been having lunch for years now in St. Louis and made more of a commitment in January to say, hey, yeah, let's actually team up and really get out there together and start doing this and that. You know, simple things as posted on social media probably wouldn't have come from, you know, probably would not have happened without all those other, other dominoes falling first. But finding that person to hold yourself accountable and hold, hold them accountable together, find that mentor like Dave here where we can come in and jv on that deal. Like lining yourself with that network was absolutely huge. So it was a lot of products.

Vince: Like deal machine at ballpoint and call two guys, we use them all. Some nuggets in there about those products as well too. But I agree. Thank you for the kind words. Yeah, man. So one third, real quick, one third of my deals, guys, one third out of a thousand have been with other people, joint venture and buying from wholesalers, C o. Wholesale and so forth. You know, so you gotta embrace the network and the ability to team up. Didn't mean to rep. No, that. Dave: That was perfect, man.

Vince: Yeah.

Dave: I mean, I think went on both of our ends to go through that, to team up with you, you know, the title company. That was great. I think we treated like you said. Treated the trans three.

Vince: Well, idle company.

Dave: Adam got paid.

Vince: Adam got paid.

Dave: And the end seller's.

Vince: Two of them got paid, their two or three kids didn't have to. There's some balloons. I don't know what's going on. There are two or three kids didn't have to deal with the problem in the property. That's ten already.

Dave: Yeah.

Vince: Okay, title company. Three or four people over there got.

Dave: Paid, got their dream house.

Vince: Yeah, right. They got the contract, lender made commissions off selling loans, appraisers were hired, inspectors were hired, survey companies were hired. I'm probably leaving 1012 people out.

Dave: Yeah.

Vince: So many wins were created, county taxes got paid, insurance was taken care of, utilities were turned back. I mean, so many Utah, so many things, right. Were created and we made 47 grand.

Dave: Yeah. And you know what's great about this, David, Adam, that same realtor, just sent me another deal yesterday, dude.

Vince: Yep. Dave: So amazing.

Dave: Had lunch with him.

Vince: Yeah, yeah, yeah. So uh, yeah dude, he uh, he's a fantastic guy. He gave us every active realtor in St. Louis, their phone number, their email, everything. And Matt and I are contacting them to talk to them and just say, hey, here's what we're doing, here's why we're doing it, here's where we're buying and you better believe there's a list of 3500 realtors that have done five deals or more and we're reaching out to them.

David: Amazing.

Vince: So do, do whatever your, whatever you can adjust. Talk to people, network. If you don't open your mouth man, you're, you're never going to get a deal. And speaking of that too, like this very house that I'm in and we're not going to, we don't have to go into details of this. I bought this very house that I'm in because I went to a garage sale looking for a power washer and asked them hey, can I buy the house too?

David: Did you get the power washer?

Vince: And here I am. Yep. So if there's a garage sale.

David: So I bought about five, six, seven houses that way myself. Garage sales work. Vince: Yeah.

David: It's amazing. Estate sales, garage sales, you name it. We even launched a little tiny subsidiary of house sold easy called junk removed easy. We don't do a ton of marketing but we, if people, basically what we do is we arbitrage it. So somebody will call us and say hey, I need some junk removal. And we got lawn care guys and tree guys and junk removal guys in our list of networks and we'll usually, if it's a big project we'll go bid it but we're not there to bid it or to like really arbitrage it. We're there to look at the house and figure out the situation. And then I did one the other day or I haven't done a ton of these but I've done a few because this is a new thing. We've only had this idea and this actively going for maybe eight months. Right. But I did one the other day where I made $1,000 arbitraging it. I went out, I bid the project at three grand. I had my lawn care guys do it for two grand and then I bought the house. The lead came from junk removal. I don't own a truck, I don't do that type of work myself. But it's just an in and that's what a garage sale is. It's an n. That's what an estate sales, it's an n. So, Vince, awesome, dude, that's amazing. Very, very cool.

Vince: Yeah, yeah.

David: What was the biggest win or the biggest lesson? Guys, what was the biggest lesson? Man?

Vince: I would just say, like, trust. Trust the process and just keep your cool during it. Like, there's, there are a lot of things that can feel scary or, you know, unknown, but just, just trust the process. Like, the title company is going to have your, your best interests in my, like, there. All these other entities and things like that. They're working with you, um, not against you, and just trust what's going on. David: 100%. 100%. Matt, what, what was your biggest lesson?

Matt: Yeah, I mean, I, I think on, on my end, it was just a really good example of, hey, you know, use your network. If you don't have one joint, join the community to really surround yourself with the right people. Don't feel, don't feel dumb reaching out. Like, there are no dumb questions. You're in the learning process. Like, get out there and be able to just start, you know, relying on other people. And when you do find those people that you really connect with, treat them right and really go, like Dave said, above and beyond to really help everyone you touch there. So it's a person game in the end.

David: Real estate, man. I love it. Awesome answers, guys. I'm going to share mine real quick, too, and I know we're getting low on time here. My biggest lesson was the amount of dollars you can make per hour in this business is astronomical. I remember one of the days I was out in Park C ity, Utah, skiing, and this was about four days before the closing, and I was getting blown up, not so much by Matt and Vince. They may have called me a few times just to ask questions, which was great, but I was getting blown up by the lender of the buyer. I was talking to the agent on the deal. I was talking to the buyers themselves, the lender one.

Vince: Remember that call we had signing or.

David: If we were double closing? And I'm like, getting off a ski lift, like, trying to deal with all these problems, and I was like, man, this is so frustrating. But then we got $47,000 for the win. And in hindsight, it's like, that wasn't really that difficult. There's obviously some frustrations that come, come and, you know, come into deals whenever you're dealing with problems. But the lesson is, is that we get paid, and we get paid handsomely to just solve problems, guys. That's really all we are doing here.

Vince: Yeah.

David: One more thing I want to add for those that are new listening in here. Welcome. Of course. Why did we need a transactional funder? We kind of skipped over that and what it is. What is a transactional funder? Transactional funder just helps fund transactions. They're not necessarily long term lenders. They'll usually fund for an hour, up to a week, give or take, if needed. You need a transactional funder when you're double closing. Why do we choose to double close this deal instead of a sign? Because we were making 50 grand, right? And I was worried as well, when I was out skiing that we may have to pivot to a signing. And I didn't necessarily know if the buyer was going to get upset with us. The fact that we were making 50 grand. They didn't care. They wanted this lot. They wanted this home, wanted this property. It was their forever home and property. And in the end, we ended up telling them, hey, you know, we got this at 375. We're selling it to you at four and a quarter. We're going to double close it. We should have just assigned it in hindsight, but we're going to double close it. And we got transactional funding lined up. If it cost us, I think it was going to be like five or six k to do it by, no problem, we'll pay for it out of our end of the deal. We didn't end up needing it. But again, I just didn't want to leave any on any doors open for any listeners. Like, how did that work? Or what did. What did these things do? So sweet, guys, thank you for being in the group. Thank you for being on this podcast. Thank you for trusting me to partner on this deal with you and to help get this across the finish line. You guys did the hardest part. I just helped with the marketing and facilitating. Finding the deal is really the. The most challenging part. And even that isn't hard. Vince, you made some Facebook posts. I'm not undermining this by any means, but, like, that's not hard. Anybody can do that, right?

Vince: So that's hard.

David: Go ahead, Vince, I didn't mean to cut you off.

Vince: Yeah, doing it consistently, that's the hard part. Be consistent.

David: That's the hard part. It's not hard, it's just stop watching tv and doing all this b's, guys. Just focus and do the marketing. So cool. Guys, I know we got to head out one more minute. What's some partying words for the audience? Like, you know, if you guys are in the audience listening or watching to this episode, like, what was something that you would love? You know, to hear as a listener here, if you're trying to get your first deal or get started in the.

Vince: Game, can be consistent.

Matt: Be consistent and don't get. I mean, it's easy to get intimidated, you know, I'd say just lead again.We preach it all the time on our end. Lead with action. Lead by doing. You're in a great community. You're surrounded by other people who can help you answer these questions, help you navigate any problems. So it's just a matter of you getting out there and getting into those situations and learning through doing.

David: I love it, guys. Thanks for being here. I know you got busy days. Talk to you soon. Thank you. Signing off, folks. See you soon. Peace. Sweet. Thanks, guys.

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