Real Estate Rookie to Rockstar: Joe's First Deal Story
Yo, welcome to the latest episode of the Painless Flipping Podcast! Today, we're diving into the juicy details of a killer deal that my dude Joe Jernigan and I pulled off together. This was Joe's first deal with us, and trust me, it was a wild ride! We chat about how we snagged this opportunity from a coaching call, where a student was about to throw away a solid lead. Instead of letting it go, we jumped in, connected the dots, and made it happen with some smooth moves and a bit of teamwork. So, if you're all about learning how to flip properties without breaking a sweat, stick around for some solid tips and tricks!
How We Closed a $10K Deal Remotely in 2 Weeks!
Visit https://www.paynelessflipping.com to learn how to do real estate deals the payneless way!
Yo, so we just had this awesome chat with Joe Jernigan on the Painless Flipping Podcast, and it was all about how we teamed up to snag a sweet real estate deal. Joe, hailing from Mobile, Alabama, shared his journey into real estate and how he met me through the Jerry Norton crew. We broke down the whole process of this deal, which was a bit of a wild ride. Basically, it started when a fellow student was about to cancel a deal because she couldn’t find a buyer. But I jumped in and said, 'Hold up! This deal is solid!' So, I roped Joe in to help find a buyer, and we went on this adventure together. We talked about how we used our networks and made some calls to agents in Richmond, Virginia, even though neither of us had ever been there. The market was hot, and we got some quick interest. The kicker? The seller was a bit hesitant to move out, which made things tense, but we kept the lines of communication open and let the buyer's agent handle it. In the end, it all worked out, and we split a nice $10K deal. Pretty wild, right?
Takeaways:
- Real estate deals can be found through connections, even if you're in another state.
- Building relationships with other investors can lead to joint ventures and successful deals.
- Leveraging technology and tools like Privy can streamline the buying process and increase efficiency.
- Don't underestimate the power of mentorship and networking in real estate investing.
- Patience is key; sometimes deals take time to close but can yield great rewards.
- Stay vocal about your buyer's needs and actively seek opportunities in the market.
Links referenced in this episode:
Companies mentioned in this episode:
- Thrive Nation
- Jerry Norton
- Privy
- Batch Leads
- Redfin
Transcript
What is going on, everybody?
Speaker A:This is the Painless Flipping Podcast.
Speaker A:I'm here with Joe Jernigan.
Speaker A:What is up, brother?
Speaker B:Hey, how you doing, man?
Speaker A:Good, man.
Speaker A:Everybody that's listening.
Speaker A:Me and Joe have been working together.
Speaker A:He is a member of my program.
Speaker A:We want to talk to you about it today.
Speaker A:About a deal that we did.
Speaker A:I think.
Speaker A:Joe.
Speaker A:Joe, is that your first deal we did together I.
Speaker A:That we closed on?
Speaker B:Yep.
Speaker A:Well, we're gonna dive into the.
Speaker A:Talk about how we got through that strategy.
Speaker A:But before we dive into that, Joe, I want.
Speaker A:I want to introduce you to investor Thrive Nation.
Speaker A:I just want you kind of tell everybody a little bit about who you are, where you're at, and what you're up to, man.
Speaker B:Yeah.
Speaker B:Yeah.
Speaker B:So I'm Joe Jernigan down in Mobile, Alabama, right now.
Speaker B:And I actually met Nathan through Jerry Norton, of all places.
Speaker B:Actually, I met him through that.
Speaker B:That circle.
Speaker B:So I'd started really getting into real estate last year, at the end of last year, and then connected with Nathan and just hit off with him.
Speaker B:I love the way that he.
Speaker B:He was always just giving a lot, and obviously I was looking for a lot of information, and so it was a good, good fit.
Speaker B:And got connected with him and gave him a call and then just started connecting with every day.
Speaker A:I love it, man.
Speaker A:So.
Speaker A:Yeah, exactly.
Speaker A:And I. Joe.
Speaker A:Joe and me just, like, connected for everybody.
Speaker A:Like, sometimes you just vibe with people.
Speaker A:You know, you see somebody that's a hard worker, and you're like, man, I like that guy.
Speaker A:And I feel like that's what happened with us and Joe.
Speaker A:We were actually able to do a deal together through someone in that program as well.
Speaker A:So we were on a call.
Speaker A:Were you on that call that we were with?
Speaker A:On that person that we did the deal or.
Speaker B:I was with.
Speaker B:I was on the call.
Speaker B:I don't remember.
Speaker B:It was on a call, but I don't remember who was.
Speaker B:I just.
Speaker B:I remember being on the call, and that's.
Speaker B:That's how this deal came about.
Speaker B:I was on a call.
Speaker B:One of your calls.
Speaker A:Yeah.
Speaker A:So.
Speaker A:So everybody just listen.
Speaker A:So I'm always got my ear to the ground looking for opportunities.
Speaker A:Cause that's honestly one of the best ways to do deals, especially without having to pay for leads or spend money on marketing.
Speaker A:So what would ha.
Speaker A:What happened is I was on a call.
Speaker A:I think it was on a coaching call, and one of the students had a deal, and they said this.
Speaker A:They were like, hey, I got this deal.
Speaker A:Should I cancel it?
Speaker A:And she was talking about how it a Good deal.
Speaker A:But she just couldn't find a buyer.
Speaker A:It was kind of tricky.
Speaker A:And I said, whoa, whoa, whoa.
Speaker A:Don't cancel it yet.
Speaker A:These, the numbers, everything you're saying makes sense.
Speaker A:Maybe you just haven't been able to figure it out because she was newer.
Speaker A:So she.
Speaker A:I asked her to send me the information of the deal and the house ARV was like 250, 300,000, and she had it under contract for like 120, 130 for pretty much what the seller owed.
Speaker A:So the seller was actually in pre foreclosure and was going to lose the house, and she wasn't able to find someone in time, so she was going to cancel it.
Speaker A:So I said, don't cancel it.
Speaker A:I looked at it, I said it was a deal.
Speaker A:I said, just talk to the seller, give us a little bit more time.
Speaker A:We'll be able to find a buyer.
Speaker A:So then, Joe, I reached out to you and I said, hey, Joe, this is a good deal.
Speaker A:Go find a buyer.
Speaker A:And we can JV with this.
Speaker A:This.
Speaker A:This student.
Speaker A:We can JV with this girl.
Speaker A:So do you remember kind of how that went, Joe?
Speaker B:Yeah, yeah, A hundred percent.
Speaker B:Yeah.
Speaker B:Remember being on the call then actually, like, all that taking place, and then.
Speaker B:Yeah.
Speaker B:You just said, hey, anybody that wants to find a buyer for this, I'll split it with you.
Speaker B:Right.
Speaker A:And this is.
Speaker A:It was in Richmond, Virginia.
Speaker A:So this was an area that is pretty dang populated, and it has a lot.
Speaker A:Actually, Joe, I've never done a deal in Richmond, Virginia before.
Speaker A:That's why I was like, hey, let's work together on it, dude.
Speaker A:When we were calling, because I was calling too, I was looking for buyers.
Speaker A:This place was hot, man.
Speaker A:I feel like everyone I talked to was like.
Speaker A:Like looking raring to go.
Speaker A:It didn't seem like the market really had any slowdown in that area when we were doing this deal, you know, I feel like the markets were slowing down a little bit at that time, you know?
Speaker B:Yeah.
Speaker B:Like, everybody I talked to, same way, like, everybody was.
Speaker B:I talked, got a lot of fee, a lot of hits, and a lot of feedback right away, within just probably really in a couple hours.
Speaker B:In that afternoon.
Speaker B:Yeah.
Speaker A:So Joe kind of explained everyone.
Speaker A:How did you find the buyer for this deal?
Speaker A:Well, first of all, before we get into that, I didn't even really put this deal under contract.
Speaker A:Do a JV agreement with the student.
Speaker A:I just said, hey, we'll find somebody.
Speaker A:Right.
Speaker B:We didn't.
Speaker A:We didn't really worry about locking them up.
Speaker A:A lot of people do that.
Speaker A:But we're like, hey, we'll just find somebody.
Speaker A:So you started looking.
Speaker A:I started looking.
Speaker A:And yeah, tell me about how you found this buyer that we eventually used.
Speaker A:Used.
Speaker B:Okay.
Speaker B:So basically I, I, what I always did is I always just hopped on used privy, and I use a combination of privy, batch leads and redfin.
Speaker B:And this one, I was using privy because it just kind of been on where I was looking at, which worked better.
Speaker B:But anyway, I just, I had like a free trial preview.
Speaker B:I just signed up for it anyway, so I said, let me go through this.
Speaker B:And I literally just basically drew a, you know, a square, forget like a half mile circle or something around it, looking that pulled up all the other homes that looked like had been rehabbed in that area.
Speaker B:I just went through and started calling all those agents, reaching out to them, saying, hey, you know, would you be interested, Would your buyer be interested in another deal?
Speaker B:And I had probably half a dozen, you know, out of that call list that were like, yeah, definitely would.
Speaker B:Went back and forth.
Speaker B:Ended up, I think, really only getting, you know, after a couple of days of going back and forth for, you know, a week or so, really only get like one or two that legitimately had people, I think we had like maybe two or three people actually go by and take a look at it.
Speaker B:Um, but it was actually, like I said, literally from the time I got off the call with you, it was like within a few hours after that that I was already getting hits on it.
Speaker B:People were responding a real hot area.
Speaker B:And, you know, privy made it super easy.
Speaker B:Redfin made it super easy.
Speaker B:Like, it was just, literally you just draw that.
Speaker B:I mean, you draw the half mile circle and then you just start calling people.
Speaker B:And it was, it was.
Speaker B:Except simple, I guess you shouldn't say easy, but it was simple.
Speaker A:Right, right, right.
Speaker A:So.
Speaker A:So the thing, the key for me is like, okay, you have to find that opportunity.
Speaker A:Whether you're going to make that opportunity yourself, where you're finding it on the mls or, or you're like doing off market, or you have someone that has a deal and they're not as, I don't want to say as savvy, but they just don't know the strategy of what, you know, what, what you did.
Speaker A:Right.
Speaker A:They're like, they call or maybe they try a couple.
Speaker A:But what we do is, you know, a lot of the time is we just go to the area, we call agents, and those agents that have active listings, we ask them if they have their buyers want any more properties.
Speaker A:And usually these agents are Active and they have relationships.
Speaker A:So they're able to ask, especially in a market, you don't have relationships.
Speaker A:Like, this was in Richmond, Virginia.
Speaker A:I've never been there.
Speaker A:I've actually never even been to Richmond, Virginia.
Speaker B:Have you?
Speaker B:No.
Speaker A:No.
Speaker A:Yeah.
Speaker A:So it's pretty cool that.
Speaker A:The fact that, you know, you in.
Speaker A:In Mobile.
Speaker A:You're in Mobile at that time, right?
Speaker B:Yeah, yeah.
Speaker A:You're in Mobile, I'm in Salt Lake.
Speaker A:We can call around and just say, hey, agents, do you have any.
Speaker A:Any of the buyers that you are representing at the moment?
Speaker A:Are you looking for anything, anything else?
Speaker A:And you know, that's exactly what happened.
Speaker A:So this deal was actually pretty.
Speaker A:It was a pretty interesting deal because after you have found there, it was like, went up.
Speaker A:It was like a little roller coaster, right?
Speaker A:Because you thought.
Speaker A:And I thought, like, okay, it wasn't going to work out because the seller, when it came time to close, the seller was like, I'm not moving out.
Speaker A:And the reason why the seller didn't want to move out is because there was like, honestly, really no incentive for the seller to move out in his.
Speaker A:In their mind, because they're like, I'm going to lose the house.
Speaker A:I'm selling this house for like, what do I owe?
Speaker A:So it's like, why would I get out of here?
Speaker A:I can just stay here like another 90 days and just at least have free rent.
Speaker A:Right?
Speaker A:That's at least the way they saw it in their mind.
Speaker B:Yeah.
Speaker A:Which is unfortunate.
Speaker A:But that's a lot of the time.
Speaker A:A lot of people that just like drag their feet when they're about to lose their house and they got nowhere to go.
Speaker A:So the buyer, the agent.
Speaker A:I was representing, the buyer, they were going back and forth and the buyer really was like, I really want this house.
Speaker A:I need them to get out.
Speaker A:To the buyer.
Speaker A:The cool thing about this point is we just connected the agent to the deal and to the seller, sorry, the.
Speaker A:The wholesaler that actually had the deal.
Speaker A:And we kind of just chilled.
Speaker A:We chilled and let the buyer that was actually buying it and the agent take care of everything.
Speaker A:They took.
Speaker A:They talked to the seller, they took care of everything.
Speaker A:And eventually I just hit you up.
Speaker A:And I was like, hey, Joe, the deal closed, man.
Speaker A:Yeah, and just like that.
Speaker A:And that's kind of the cool thing is like, once you have those relationships built and you connect people, you kind of just gotta wait, right?
Speaker A:There's not much you could have done or I could have done.
Speaker A:But the deal did close because the buyer took it.
Speaker A:The rest of the way.
Speaker A:And it was kind of a cool experience.
Speaker A:I don't know when I told you if the deal closed, if you were like shocked or not, but I was, I was honestly kind of shocked that the deal, the buyer actually took it all the way.
Speaker A:You know what I'm saying?
Speaker B:Yeah, no, I definitely was.
Speaker A:Yeah, for sure.
Speaker A:And it was ended up being a ten thousand dollar deal that we split with the, the other student, the wholesaler, me and Joe.
Speaker A:Me and you split our five and then they got five.
Speaker A: K, we both got: Speaker A:Nothing crazy, right?
Speaker A:But it is a cool test or I guess experience to be like, okay, look, all this, she was about to lose the deal and all we had to do is make a couple calls and connect to the right people and we got the deal done.
Speaker A:Right, Right.
Speaker B:Yep.
Speaker A:So, so basically for everybody that's listening, I just wanted to bring Joe on here and talk about his experience, but also tell everyone that if you want to do deals painlessly, in my opinion, like if you want to do deals that don't require a lot of you having to go out and find the buyers, sorry, the sellers, and negotiate, I would be, you know, vocal about the buyers that you do have, be vocal about where you're looking for deals.
Speaker A:And if you see anybody that has deals in those areas, just be like, hey, is it cool if I sen my buyers that I know to, you know, make offers on those properties?
Speaker A:So Joe, if you were to, you know, go back and work in Richmond, I would just be like, okay, get tight, you know, call this agent again.
Speaker A:Be like, hey, what is your guy looking for?
Speaker A:And just stay on the mls.
Speaker A:Stay like looking for properties and anything that meets their bywash criteria, I would do that.
Speaker A:Because, you know, if you have limited time to do real estate, then you don't have that much time to negotiate and find a lot of those deals.
Speaker A:That's like a majority, in my opinion.
Speaker A:What takes like every time is like finding the opportunity.
Speaker A:Right?
Speaker A:So if you leverage other people that already have it, whether it's on the market or other wholesalers, I think that cuts the time in half, you know.
Speaker A:So anyway, so Joe, you're out here, man.
Speaker A:You just had a kid, right?
Speaker B:Yes.
Speaker B:Yep.
Speaker B:Yeah, just had baby number four, bro.
Speaker A:And I just had a kid.
Speaker A:So everybody, the reason again, why we're talking about this is it does take a lot of time to kind of get in the game and, you know, figure this stuff out.
Speaker A:But again, if you can develop those relationships with your top box buyers in the area and you can figure out what they want, and you see those opportunities that come across, and you can just kind of connect people.
Speaker A:That I think is the most effective and efficient way to get it done.
Speaker A:So Joe's a little.
Speaker A:Joe's a little testament of that.
Speaker A:You know, we.
Speaker A:We both did it together with, I would say, Joe.
Speaker A:Minimal effort.
Speaker A:I guess on, like, it was like two weeks that you did it.
Speaker B:Right.
Speaker A:And then got paid later on, right?
Speaker B:Yeah, yeah.
Speaker B:I mean, it was.
Speaker B:Yeah, like you said, it was really minimal effort.
Speaker B:I mean, it was a couple hours the first day calling, and then from there was basically just a few.
Speaker B:A text every now and then.
Speaker B:I mean, if you text each week and then for like a month didn't hear anything, and then it closed.
Speaker B:So, yeah, like I said, it was very, very minimal for us.
Speaker A:Exactly.
Speaker A:So that's my advice to everybody here.
Speaker A:Check it out.
Speaker A:We were able to do a deal together.
Speaker A:Minimal effort, but the key is finding the opportunities.
Speaker A:And how do you find those opportunities?
Speaker A:Well, you got to know what to look for, right?
Speaker A:Because if not, then you're breaking.
Speaker A:Scrambling all over so that everybody.
Speaker A:If you're interested in learning more, check out painless Flipping dot com.
Speaker A:And we have a masterclass.
Speaker A:We kind of teach the strategy a little bit more in depth.
Speaker A:Hit up Joe if you're mobile, if you want to just chat.
Speaker A:Joe, do you have any golden nuggets or you have anything you want to leave everybody with that can not only help them in real estate, but just in life?
Speaker A:Do you have any words of wisdom you want to drop on everybody?
Speaker B:Yeah, I mean, you know, part of it is just, you know, kind of like a plug for you.
Speaker B:I mean, just everything you did for me was huge.
Speaker B:And having that relationship, we talked about leverage.
Speaker B:I mean, the whole reason that even happened is because from day one, I got that mentorship with you and, you know, just had so much access to you and help and guidance.
Speaker B:So anything Tom ever needed, anything, I had you there to walk along with.
Speaker B:But also because I've had the calls.
Speaker B:That's why that happened, because I was on that call with you.
Speaker B:And then you're always looking to share, to give, to connect, so you immediately turn around.
Speaker B:Hey.
Speaker B:Because I think it was me and one other guy on the call.
Speaker B:And you're like, hey, if you want.
Speaker B:You want to find a buyer, I'll split it.
Speaker B:So again, just leveraging that, you already had a deal, so all I had to do was just spend a couple hours searching.
Speaker B:So like you said, put yourself in the right people around the Right people around the right places.
Speaker B:And then for me, you know, probably the biggest focus in this last year, you know, between people like you and a handful of other ones, is really finding the people that you need in your life that have done what you're trying to do that can lead you, that can guide you and that you can be around.
Speaker B:So you can leverage their expertise or you can leverage their skills or their abilities.
Speaker B:And when I say leveraging, it's in a positive way, I think sometimes people take that negatively, but it's in a positive way.
Speaker B:It's saying, like, you are much more skilled and you're an expert in what you do.
Speaker B:So it benefits me to be around you, you know, and if I can, like you said, I don't right now having four babies, I don't necessarily have the time.
Speaker B:So if I can pay to be closer to you and build a relationship and a friendship, that's going to take me, you know, the rest of my life or take me to where I'm going, you know, that's.
Speaker B:It's huge.
Speaker B:You know, you can trade that.
Speaker B:So anyway, I just definitely would encourage to keep doing it.
Speaker B:Don't.
Speaker B:Don't expect it to be a one, one and done.
Speaker B:You know, it's a lifelong thing.
Speaker B:Once you start, once you make the first investment into yourself, brother, with somebody else, into something else, you can't expect one and done.
Speaker B:You've got to just say, you know what?
Speaker B:It doesn't matter at this point.
Speaker B:It doesn't matter if it's 10 years down the road.
Speaker B:I've got to keep investing, and I can't turn back until hit that, you know, success.
Speaker B:Get that outcome, bro.
Speaker A:That is so true.
Speaker A:Like, I was watching a video yesterday.
Speaker A:I don't know if you ever see these kind of videos on YouTube.
Speaker A:They're like, oh, I ask a billionaire how they made a billion dollars.
Speaker A:Have you ever seen any of those where they ask, like, super.
Speaker A:So there's this one guy, he's like, hey, I manage.
Speaker A:Like, I help people real estate deals.
Speaker A:And I know there's like 156 billionaires in the world, and I know 96 in my.
Speaker A:In my phone, like, because I work with them.
Speaker A:And he says, like, the number one thing that these billionaires all have in common is they.
Speaker A:They make decisions quickly and they don't waste time, right?
Speaker A:Because they look at time as, you know, because Jeff Bezos, he was saying that, like, he makes two.
Speaker A:$2,500 a second or a minute.
Speaker A:So, like, to him, a minute of his time is extremely valuable.
Speaker A:Right.
Speaker A:So we also have to look at, you know, our time.
Speaker A:You said you got the four babies you got to look at.
Speaker A:Okay.
Speaker A:What is the most important thing?
Speaker A:What is the best use of my time?
Speaker A:Yes, you could hop on and cold call and maybe get a $50,000 deal, but, you know, is that worth all your time?
Speaker A:Is your time best use doing other things?
Speaker A:And I know that you've been talking with you and your family about what's the best way to use your time.
Speaker A:So anyway, I want to say, agree with you that, like, you know, getting around the right people, taking the shortcuts, leveraging other people's skill sets is the best way, best use of time, I believe, because.
Speaker A:So you don't have to figure out everything on your own.
Speaker B:Yeah, yeah.
Speaker B:Still there.
Speaker B:10,000 hours, right?
Speaker A:Dude, you got to.
Speaker A:And, hey, you know, brother, you can leverage me anytime you need because I got your back.
Speaker A:All right, so best subscribe nation, hit up Joe if you need anything, he's the man.
Speaker A:Hit me up.
Speaker A:And you'll check you guys out in the next one, right?
Speaker A:Peace out.
