Below was what it was supposed to be but we had a no show so we talked about my experience with Wholesaling. & answered questions.
Hey Everyone On Episode #12 We will be Talking with Syed Mohsin Founder and CEO of Real Estate Sales Machine. We will talk about how he got started and his secret to success in real estate. We will also get his take on the state of the market. Come join us this will be a great one to go over with if you are a investor and anyone looking at real estate right now. If you are joining LIVE then put your questions in the comments and we will answer them LIVE.
Syed Mohsin is the founder and CEO of Real Estate Sales Machine, nicknamed the “Success Broker”, he's generated over 50 Million in sales before turning 30 years old.
Associate broker & Owner of 2 teams at world's fastest growing brokerage, Starting from scratch in 2014, Syed made his first million in GCI in just 3 short years. Over 150,000+ leads and clients have joined our business database
Syed has one of the best track records in this industry and has created 5+ 7-Figures Brokerage and 100's of 6-Figures Agents.
http://thesuccessbroker.co
This is for everyone out there who want to know about Metro Detroit Off Market real estate. We will be interviewing people every week and taking questions from everyone in the comments or they can come on video with us. we will post the link in the chat when the LIVE starts for those who want to come on video with us.
If you want to JV with me on any deals in Metro Detroit market Contact me though
E-Mail: RandyBuysHousesMi@gmail.com
Phone: (586) 307-4765
Join our free facebook Group
www.facebook.com/groups/metrodetroitoffmarketrealestate/
www.YouTube.com/@randystedwell
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So real quick before you did that
and your your origin story like how did you get into is that he he made an age joke the last time we were I'm
gonna I'm gonna use that kooka
thank you
so real quick before you did that
and your origin story like how did you get into is that he he made an age joke the last time we were I'm
gonna I'm gonna use that Kuka
hey everyone how's it going out there in YouTube world and Facebook as well
so I just want to welcome you guys to episode 12 of the real estate talk with
Randy Stedwell my guess is actually running a little bit late so what we're gonna do is I will introduce him a little bit but if you have any questions in the
meantime putting in the chat I will be happy to go over whatever
whatever you guys want to talk about today as well as throughout our time I
if you have questions put it in the chat as well so one thing I did want to
say is that you know I also do help new wholesalers out there so if you are a new wholesaler and do need help trying to lock up deals or just need
advice or anything like that by all means hit me up you my numbers my
numbers right here at the bottom right there and I you can hit me up we can get on a video chat something like that as long as we can record it it's free of charge so as well as if you want a JV with me or anything like that I happy to
work with you and you know I'll give you my opinion now my opinion is not God by any means
it all I do is listen to what my buyers say in this area
have people bought higher have people bought higher than what I
think yes but I go by seasoned investors who I
sell to and I listen to them as much as possible so if you want advice or
anything like that by all means let me know I also do have a network of other wholesalers so if you are looking for
certain properties give me your criteria and maybe I can find it if I don't have
it I can at least network with other wholesalers and maybe they find it we can JV so I'm happy to work with anybody
who wants to work with me and I kind of go from there now am I
coming off as a guru who knows everything on here no I am not I am
coming off as this is my story this is this is what I'm doing I'm just
interviewing people and guess what I'm doing it at my own selfish reasons
I'm sharing it with you guys but you know I'm meeting these people for
networking purposes because I eventually want to do deals with them so I you know
side he is a real estate broker he owns two
teams of real estate agents and they were world-class people and by all means
I want to do more business with him so it is actually kind of selfish of me to bring him on here so I'm trying to tell
my story go through the product go through the the purpose I'm in my third year of wholesaling okay I still do it
part-time I do have a full-time job you know I'm not sitting here chat
the one telling you to go quit your job to do wholesaling it's not that I'm not
telling you that because I'm not doing that I actually like my day job and I'm using wholesaling to end up being my I
you know I want to get to the next step so wholesaling is not an end-all be-all
and so I'm looking for the next strategy and the next and then the next
so that I can eventually retire on you know when I do and I'll still be
financially free so with all that being said again anybody who is just joining us if you're
joining us from Facebook if you're joining us from YouTube put in the chat if you have any questions on my my host
is actually being a little bit late for right now and I do apologize
you know but in the meantime we can chat a little bit more from you
guys so please let me know what you guys want to hear I actually want to know from you guys what kind of videos do you
like if you're not watching this in the live if you're only watching this on the replay put comments put a comment in
there what kind of videos do you like coming from me if you want to learn more if you want more videos what type of
videos do you want I'll try to get more of those out there time permitting I still am running my wholesaling business
as well as well as working a full-time job so you know with that being said
you know any anybody listening please let us know I will I'm going to
go through some of the call some of the calls
that I've gotten recently on the list that I've done
Tire landlord lists I've done some tax
it's a tax lien lists things like that I'm finding the tax lien list is is a
lot better not as they're not highly good not highly
motivated but they are at least a little bit motivated the entire landlord list
is not all that great and you know they're just like okay if we
get the high price great otherwise we're just going to keep cash flowing so in my opinion in the market we're doing
right now if you're wholesaling or trying to do marketing stay away from the tire landlord lists
you can hit it every once in a while but I think the next thing I'm also
going to end up going after and I've done it before is maybe some water shut off lists some government lists things
like that so tell me in the chats you know what you guys think about those
you know what what are you guys doing for your marketing I'm personally cold calling well I'm not personally I
have a VA who cold calls for me and I eventually once we get enough
marketing dollars together I eventually want to have do some PPC which is stands
for pay per click SEO things like that maybe some Facebook ads
things of that nature so you know what are you guys doing for
if you're a wholesaler what are you guys doing for your for your Clips what are you guys
doing for your marketing please let me know I'm happy I'm interested in
seeing what you guys got to do I went through my follow-ups today you know on
average how many people are how many times are you contacting a person before you actually get an appointment
you know your money is not going to be in the first initial call or the
second or the third it's going to be in those follow-ups somebody raises their hand says okay I'm interested you got to
keep following up with that person so even if they don't answer so I've I've
had it where I've contacted somebody I I contacted somebody 15 times before I
even got an appointment so it's crazy but you just gotta keep
doing it that's how you make the money and and qualify qualify qualify
if the ARV is only about 230 000 and they want three hundred thousand
obviously that's not a good lead all you do is follow up with them or follow up
with them ask them if they have any more properties that might be a little bit more distressed that they're interested they say no you move on that's it okay
if you want to follow up with them later on great but they're not going to be that motivated so
hopefully that's helpful to you guys I really do hopefully hopefully what
I am saying is helpful these are from my own personal experiences
and all I'm doing is try to share my life with you guys so you know with that I you know anybody
who is definitely interested in
anybody who is interested in coming on the show you gotta be on time sorry
but yes I you know this is the first time I've had somebody actually
late to the show so you know I so with you know anybody
who does want to come on the show please do message me I'm happy to have anybody who does
want to come on the show to share their story if you are just showing just having
your first deal I'm interested in knowing how you got started what you did things like that so please do reach out
to me whether you text message me whether you send me a DM through
Instagram whether you send me a DM through Facebook doesn't matter you know also if you are in Fate on
YouTube check out our Facebook page Metro Detroit off Market Real Estate Group okay
we are there we're we have almost 4 000 members right now so I think it's
getting huge so my goal by the end of this year was going to be 5 000 I think
we're going to hit about you know maybe six or seven hopefully so
I think we're gonna obliterate that goal with that being said we want
quality people in there who's going to post deals or at least ask for
assistance and that's the good thing about our group there's so many experts in there by all means post what you're
looking for okay post what you want and you know we can all help help each other
out that's why that's why I made the group and and that's where I want to succeed I just do not post anything on
or real real estate unrelated you know I am please let us know
if there is you can go ahead and report it I'm the only admin so I'm the only one that'll let you through and I'm the
only one that that blocks or reports you as well as if you post
duplicate posts we will I will delete one so please don't post duplicate posts
okay with that being said I let's see I
here in Michigan at least they were starting to get nicer weather in my opinion nicer weather means more
people is going to want to sell so they're they're look they're going outside they're walking around maybe you
know they're working on their yards you're like hey you know maybe I want to move or maybe I want to do something I
don't want to do the maintenance the spring cleaning or anything like that so they might be they might be more
interested in selling so you know with that being said I
think we're only going to go for about another 15 more minutes and if he doesn't show up then unfortunately we're
gonna call it quits and if I don't get any questions here
me trying to message him as well and it looks like he might be a little bit busy
so anyways I so anybody has any questions
post them in the chat happy to work work something out with you guys and see
what we can do from there if you want a copying video or if you want me to cop
a property hey right now I don't got anything to do so post post the address in the chat and
I'll count the property the way I normally would so I'm happy to do so as much as possible you know hey Holly
dentry how you doing so awesome man alright awesome girl I'm doing really good
I'm trying trying to be out here and doing what we can so
you know again if if you do want me to comp a property Detroit is very hard to
comp if you are not from the Detroit area and you were doing virtual wholesaling okay make sure you talk with
somebody who is from Detroit or you will go back and watch one of my Compton videos okay I do have it it's probably
towards the beginning of the year it was one of my lives that I did do it by all means Detroit is a very it's a
you know it's a block by block area and you really really have to understand
the copying there so now Metro Detroit you can do a little bit more traditional
but still when you're close to the borderline of Detroit it's still a lot harder so so you got to keep that in
mind you know I've also had somebody come to me about wanting to purchase a rental
I I get buyers like that all the time maybe whether they're new buyers or
or anything like that they maybe they want to do a a bird deal or buy and hold you know things like that I will give
them my opinion but I will also preface that I do not hold properties at the moment I only can give you the knowledge
that that I've gained through my wholesaling and that I gather from my other buyers okay
so I always keep keep that preface there is that I I'll try to do my best as much
as possible and I'll try to find you the best deals out there you know if I can find them great and
if they work with your numbers great but I all I'll try to teach you how to do the numbers and I'll show you how to
cover for all type of scenarios you have to include the the one thing that people
do not include is property taxes being uncapped and also the property tax is
going from homestead to non-homestead as well as being uncapped so you've got to account
for that you have to account for property management capital expenditure as well as the
initial renovation so uh Johnny gapper how you doing hi all
so happy to have you here so you know I'm again you know I'm happy
to go over this with anybody if we could do a one-on-one video I'm offering them as long as we can record it it's for
free no problem I'm not a YouTube guru by any means I'm just trying to share my
experiences in my life that's all I've worked with some of the some great
wholesalers in this area and I still make mistakes by all means I've I've
made so many man mistakes and to be all be as transparent as possible
I thought that I was going to have okay this is the month of May and my goal was to have at least two
deals per month okay and I thought I was gonna have
you know I thought I was going to have at least 10 deals by now okay how's it
going Freddy Freddy how you doing nice to see you you're on that's Freddy off of Facebook there
I thought I was gonna have 10 deals by now and unfortunately I only have one
that it's been lingering for it was lingering for a long time
I gotta I I really gotta thank Todd Chun for getting to the closing table with me
it was a hard deal by any means we had about three four buyers back out you
know and we still kept going so that's all about the only way that that work that type of deal works is if you have a
good relationship with the buyer or with the seller sorry with the seller and keep open communication okay
I try to be as transparent as possible okay now they don't need to know everything
but I'd be as transparent as possible as much to let them know what the process and how it's going and and things like
that so with that being said it it's just
how do you talk to sellers how do you bring up that you're wholesaler how do you let them know
in my opinion you know you can use words like
hey I'm working with my partners you know one of the strategies that I
use is I one of the strategies that I use is I bring them I I may pass the
deal along to another investor but whatever me and you work out is
exactly what you're going to get and you're going to deal with me the whole time okay so that's one that's one way
that I bring it up now somebody who knows what what
wholesaling is things like that they're gonna understand exactly what you're doing
and a lot of times they don't care as long as they get their dollar okay now when you gotta that's when you gotta beat them down and when you got to
beat them down and that's when they're gonna fight back okay you know keep in mind as well is when
you get a deal under contract and then you start marketing it out if there this is the reason why you have
to keep open communication with your seller if you don't keep open communication with your seller and let
them know what's going on what you're doing things like that and then you get say a buyer who just joined your your
buyers list okay and they end up calling the seller directly not contacting you either
letting the seller know what's going on or offering them a higher bid that
you've got to under contract okay and I've had this happen to me before by
the way okay they try to snake the deal behind you well you have it under contract
and most the time you can put a a memorandum
on the property if you feel like that's gonna happen but a lot of times I've built up a
relationship with the seller that literally this the next call as soon as they get off that call they they
call me and say hey do you know this guy who he's trying to give me an offer okay
I say you know what no I I don't know him but you know what I mean tell you
he's probably not going to close he's probably going to do this you know this and that you know I'm trying to I and
this is where I keep open communication yeah I want to go with you I want to make sure that we're we're doing deal
we're you know and that's the advantage versus you ghosting the seller after you get it
signed and a lot of people do this is after it after the the contract is
signed they pretty much ghost the seller for you know a couple weeks until they have
to do a scheduling to show the property okay you want to keep up keep the seller
up to date on what's going on talk with the seller hey you know hey just letting
you know let's work on trying to see when we can get in the property or can we get a
lock box on the property or anything like that I you know I'll let you know what's going on
and you know and Fugi hopefully I pronounced your
name right sorry if I didn't yes that is Shady by all means and I really
really don't like it being I I don't like shady people I try to as soon as I
find out that somebody does that and I find out who it is they will never do business with me
again ever okay I'm not gonna sit there and go blackballing them
but I'm not gonna personally ever do business I don't care if you're the highest offer out there
I know you're not going to you're not going to live up in I I don't know if you're going to close
okay most of the time a a buyer is only as good as they're
going to close okay that's it I don't want to sit here and try to yes
I can go after your EMD deposit but it's getting harder and harder for us to even
collect the EMD deposit because title companies are just horrendous okay I'm
telling you that you know with that being said you
know we have some people here let me know what more what more videos you want
what type of videos you want to see I'm happy to work you know work something out see if I can create more of that
type of content and kind of go from there I it does not look like the
Syed is coming today unfortunately
so but I'll give it another five more minutes I will hit that half hour mark
roughly and kind of leave it from there so
alright so what what I was talking about I'm talking about strategies what
kind of marketing strategies do you guys do anybody who's in the chat tell me what marketing strategies you do okay
Holly Holly's doing cold calling Holly do you like cold calling what are your
strengths what are your weaknesses did you start it just started it are you using a dialer you know anything like
that if you are cold calling okay okay direct mail that is coming from
anik anik is my man he Direct Mail he gets some good leads in direct mail he
he's a buyer too so if you're on Facebook and you see a neat in the chat do business with him
he's a good guy all right Holly says driving for dollars those are the great
lists driving for dollars lists are great okay because guess what they may
not come up on any other list whatsoever because they may pay their taxes on time
they may pay all their bills on time everything's good but the the the yard looks long the you know everything it
might be a tired landlord who knows okay oh Holly says reverse driving for
dollars too I don't know what is what's a reverse driving for dollars hmm never heard of that one
so also it you know Direct Mail linking up
with Buyers how are you getting your buyers are you just posting on Facebook Marketplace things like that are you are
you just posting in the Facebook groups I may I'm encouraged for going to these
Facebook groups but you know I'm I'm more of the go to REI
meetups listen to these buyers and see what they're buying at you know
and kind of go from there so okay so Holly said the reverse
driving for dollars is a targeted houses I don't think that's a reverse driver
for for dollars but I think that's like just a standard
list that you now you're just trying to verify whether the houses are distraught
or not so either way if it works for you it works for you you know
one thing that you gotta look at is what works for you and
then how can you scale it okay that's a big thing is how can you scale it all
right I already know that there's a there's going to be a limit to where what I'm doing
and then I eventually will look to scaling okay it will be the next step Holly
says texting as well texting and cold calling I think go hand in hand
I haven't started texting myself but it is something we want to get into there's a lot of legality in it
there's a lot of different things out there that can a lot of different tools
that are out there that help you and things of that nature so
great I'm happy to see that Holly you're doing that
let me know you know what are your rois on those you know things like that
Johnny you said what are the some of some of the more common creative
financing techniques so I haven't done a creative financing
deal yet okay there's the key word yet
they're out there I do know of them I try to pitch them as much as possible
now with that being said probably one of the easiest to pitch here in Michigan is going to be a land contract okay
a land contract is probably the most common because
most people are familiar with it okay but you can do a sub two you can
do a just a straight up seller finance okay honestly you can be as creative as
you want and as long as the title company and as long as you and the seller can agree on
it you can be as creative as you want that's all okay
that's the key thing is you and the seller agreeing to something
okay you always explain it to this Mr seller do you want to be the bank the bank makes all the money
okay the bank makes all the money now instead of you going and collecting rent and having to take care of the property
do you just want to become the bank and just be quiet
most the time they say yes unless they have a specific reason for
that money okay but by all means everyone is different so
Holly says I'm not using anything but my scale is small and you know what
that's how you can start off that that's perfectly fine I do recommend getting into a dialer
some sort of dialer whether it be Mojo dialer whether that be call tools call
Red what whatever it is okay look into them all do your research
I personally use call tools myself I like it
I have a VA virtual assistant who call calls for me but you can do it yourself as well so
in my opinion do your homework see what's comfortable to you use a good CRM
if you don't a CRM is customer relationship management tool okay
and that could be anything from Podio it could be from call tools has a built-in one as well
you know things like that so this goodbye 2020 all right you
should really change your name if you're looking to get into real estate to something with your name in it all right
hi just getting into real estate also do you have any contract resource
contract resources for for sale by owner seller financing or and or
wholesaling for Michigan I do have contracts for wholesaling okay
FSBo’s in my opinion yes they are a little bit motivated
you're going it's going to take some time to walk them all over things like that seller financing my contract you can use it as far as a land contract but again I have not
done a deal personally with seller financing okay so I I'm I'm preferencing
that but there's a lot of people in the Facebook group and in the chats that
have link up with them by all means if you need help contact me and and I will help
guide you towards somebody who may help you okay if I can't help you that is all
right so he also said he or she don't know
if it's he or she uh uh or do I need to have a lawyer draw them up
it depends on what you're doing I don't think you really need a lawyer or drama but I think you need to understand
what your contract says go over your contract with a fine-tooth comb okay
and that way the reason why I say that is
because who your your seller is not they may
go over your your contract with a fine true cone and they're going to bring up questions you need to have the answers
like that okay oh I don't know why that's in there oh I I can't you know
what I'll take that out or I'll do this now you're just screwing yourself if you picked up a contract from say
Jerry Norton or somebody else through these resources read through that contract understand
that contract and understand what every single paragraph means okay that way
what happens you can explain it to the seller and hey the the easier and simpler terms
you can set you can say it to the seller the better off you'll be promise you that all right
all right so they said you said duly noted all right highly appreciate it
Andy appreciate it no problem I appreciate you guys coming on I really do so
so it looks like he's not going to be coming on and I thank you for all the
comments by the way so if you want to have any more comments please put them in here I'll stay for a couple more
minutes now with that being said with the con I want to go back to these contracts per
se okay now how I got my contracts was I JV with
another wholesaler okay and he let me use his contracts
that's how I got my contract but I didn't just blindly use them I read
through it I I was a fine-tooth comb and then if I didn't know something I asked
why I asked what it was and if I did not want that in my contract guess what I would either take
it out or I'd replace it with something or reword it with something that that would favor either towards me or
whatever the case may be okay and with that that's the same thing with
a JV agreement that's the same thing with a assignment agreement as well
assignment or contract all right and those are the things you need as well as you need a release
all right you need a release of contract all right because there's gonna be times
where you need to release that contract because you can't sell it all right you're trying to sell it for
45 you got under contract for 35 and really and truly the the properties
probably only worth about 30. okay so and and just the seller is not coming
down so you have to release that contract all right
now do mistakes like that happen yes they do I've made them that's how I know
all right I've made them a lot I'm still making them to this day because
guess what this Market's constantly changing all right with these interest rates that are coming up right that are
right now right now it's a little bit more consistent which is good they're
not always fluctuating up and down so much at least right now in the past couple months they've been consistent
okay they are I
your buyers are going to act similar when they're consistent versus they're gonna pull back a little bit they're
going to go towards the the cheaper they're gonna get need to get a huge a bigger discount because they're
going to need to account for the possibly the the increase that's going to come
three months down the road when they go to sell it okay basically the the increase in the interest rates which
will bring down the prices okay now if you have a good product it's going to sell and you price it
right it's going to sell but you have to buy it right they the
the flippers no matter how much you want them oh they could go a thousand dollars more five thousand dollars more ten
thousand dollars more only if they could do that they gotta stick to their numbers that's how they make money
because you know what in our market right now
you know some flippers are making fifty thousand sixty thousand dollars maybe in
the higher end properties but you probably lower end properties
and they are they're only making twenty thousand dollars a property okay
I'm making half of my wholesale fee I try to average around
ten thousand per property okay so I'm making half of what they're doing and
they have to wait three months to get it okay so you have to understand that
you know they gotta stick to their numbers that's why you gotta get them right as
well so so keep that in mind
you know if you do have any properties you want to sell post them in the Facebook group alright Metro Detroit
off Market Real Estate Group in in the in the description below is
the link to the Facebook group if you are not a member in there become a member I will approve you
and you can post all your deals there or you can look for your deals that you're wanting if you're a flipper if
you're a Buy and Hold investor also if you're not on my buyers list contact me get on my buyers list you know things
like that the reason why I may not have done too many deals because people are
locking them up way too high and they're just not selling they're sitting they're sitting and sitting in the city
and I listen to my buyers okay I listen to my buyers and I just have
to be honest with people okay so you know hopefully I've gave you at
least a little bit of value today we can you know what with side we're gonna try
for another time we'll see what happens this is the first time oh my God this
is the first time that I've ever had somebody be late all right so actually not even show up
ciao with that being said I really appreciate all of you that have
come and have watched and have contributed to the chat I really do
appreciate you guys if you are not watching this live if you are watching the replay
by all means can we still commute communicate through the chat and we can talk later hit me up with my number
right below here and I'm going to
my email if you want to do if you want
to JV with me as well okay this is my email right down below all
right there you go right there Randy buys houses Mi gmail.com all right happy
work with anybody who can and we can kind of go from there if
you are a buyer hit me up if you are looking for deals hit me up I want to
know what you're buying is what your criteria is what your limit is hell if you just want to go to a coffee and and
tell me all this information I'm all for it I don't drink coffee but I'll find something to drink I promise
you that so you know I'm happy to work out you know I I've done this with a lot of different
people I talk with a lot of different people and that's how I know the market that's how I know the area so almost
every at least every month I'm probably going to a five or six different
meetups trying to get out there get to know buyers things
like that and see what they're buying at all right so if you're one of those buyers who do not go to meetups hit me
up as well I want to hear from you too all right now if you're a wholesaler it's
pretending to be a buyer don't just don't tell me you're a wholesaler well JV will work together
hold up oh excuse me
we'll work together I'll help you out along the way if you need help locking up a deal doing anything I do
not steal deals behind people's back that's not who I am a very ethical guy when it comes to business because I want
to repeat business that's how I make more money is by repeat business okay I'm in my third year I've probably I've
done right around 30 deals since I started
so roughly all right maybe a little bit less a little bit
more right around so I think I have some experience in every deal I learned something
I've learned something new from every deal and I've had a lot more deals that
we haven't closed because I got them locked up too high the seller couldn't come down whatever the case may be so I
have a lot more of those stories as well so with that being said let's all do
deals together hit me up email me call me whichever you prefer we'll see you
in two weeks with another episode of real estate talk with Randy Stedwell
hopefully we bring him back bring Syed back maybe we'll repeat this episode and
this will be an anomaly I don't know we'll see all right you guys have a good
one let's all do deals together stay connected and that's it have a good one