Ep 521: Having The Right Real Estate Team

In this episode, Kyle shares an intriguing deal breakdown, recounting a challenging real estate transaction involving a disabled couple in pre-foreclosure with extensive title and property issues. The story highlights the importance of having a reliable title company and a competent transaction coordinator to navigate unexpected complications, such as a seller having a stroke and last-minute title issues. Daniel and Kyle discuss the critical role of team members, emphasizing that choosing the right partners can make or break a deal. They conclude by underscoring the necessity of understanding everyone's needs in a transaction to foster long-term business relationships.

Chapter 1: Kyle's Interesting Deal Breakdown (0:00 - 1:00)Kyle introduces a challenging real estate deal involving a disabled couple, pre-foreclosure, and unexpected health issues.Chapter 2: The Property and Seller Challenges (1:01 - 3:10)Kyle describes the property's condition, the seller's health problems, and the ensuing complications, including a stroke and title issues.Chapter 3: Navigating Title Company Problems (3:11 - 6:02)Discussion on the importance of having a reliable title company and the potential setbacks when title issues arise unexpectedly.Chapter 4: The Role of Transaction Coordinators (6:03 - 8:30)Kyle and Daniel explain the value of good transaction coordinators in catching title mistakes and ensuring smooth deal closures.Chapter 5: Building a Strong Team (8:31 - 11:20)Emphasizing the importance of having a competent team, including agents, title reps, and transaction coordinators, to successfully navigate real estate transactions. Text 📱 210-972-1842 Text 📔 "Course" to learn how to make 6 figures on one land deal. Text ✴️ "Hive" to get added to weekly meetings. Text 🍎 "Apple" to schedule a 1-on-1 call with Anthony & Daniel. Text 🛬 "Land" to join The Million Dollar Land Mastermind 📃 Partner with us on your deals: https://submitbigland.com/ 🔍 Need Inbound Real Estate Leads. https://www.hiveleads.io/ 🔍 Follow Us on YouTube https://www.youtube.com/channel/UCbulcrC4WbOy5Fzu0eWzNVQ/?sub_confirmation=1 🔍 Follow Us on Instagram https://www.instagram.com/hivemindcrm/ 🔍 Check Out https://www.hivemindcrm.io/ 🔍 Check Out Our Land Mastermind https://www.milliondollarlandmastermind.com/landmastermind 🔍 Pick Up All Event Recordings here. https://thehiveislive.com/recording 🔍 Follow Us on TikTok https://www.tiktok.com/@hivemindcrm?lang=en 📍Join the FB Group https://www.facebook.com/groups/137799891494707 📍 Check us at Join Us! https://thehiveislive.com/ Help support the show. https://anchor.fm/hivmindcrm/support

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Transcript

so I'm here with Kyle Kyle said he has

an interesting deal breakdown for us

today and uh I honestly don't believe it

I had a deal when I first started real

estate where we were set to close on

like a on like a Monday and my seller

passed away over the weekend and I

missed that closing and I was supposed

to make 20 grand and it was

[Music]

terrible but Kyle said he actually has a

worse story than that

so my one of my first deals it was

actually my second deal ever I uh I went

to go I went to go to the house it was

the first time I checked out the house

they had done the roof they did the AC

they did the hot water heater they did

everything super nice disabled guy like

remodeling it yeah so they did the whole

the whole exterior they did and the only

uh messed up part about the exterior

they had like solar panels too the only

messed up thing about the exterior was

um the pool screen was missing every

single panel not just like one panel

here and there is ripped it was every

Chapter 2: The Property and Seller Challenges.)

single panel was gone and the pool was

drained there was like frogs in there

and stuff but anyway the house was

disgusting on the inside they were like

smoking in there and um it was gross but

they were they were both disabled older

people um I don't know if he was a

veteran or something but he was missing

a leg and um he was in a wheelchair and

stuff so he was just disabled um and

that was the first time I went I checked

it out and um and then I went back a

second time to take some photos and when

I went back the second time to take some

photos I was talking with the guy he was

really nice he was a really nice guy he

was like oh you remind me of my my

grandson and all of a sudden he paused

and I'm like we're like looking around I

looked at his like wife I looked at the

agent that was helping with the deal and

I'm like hey Tom are you okay man and he

was like just just pause there I don't

know if you guys have been seeing videos

lately of uh who's that Senator the the

senator that's been pausing uh Joe Biden

oh yeah that's another one I mean he's

having Strokes every second but anyway

that's our

PR but uh yeah he just paused and we we

were sitting there for like a good 30

seconds and he's like I don't feel good

and then um I was like all right all

right Tom we'll leave you alone and then

uh so I left and then 20 minutes later

the agent called me and she like

apologized and everything and said well

after you left um we called the

ambulance like and they said he was had

he had like a stroke or or some mini

type of stroke I was like damn like and

they were in pre-foreclosure and like

you know it was it was just a rough deal

man um and then of course title issu

showed up like the day of closing on

that deal same the same deal um and this

is this is standard like you need a good

title company um because for some reason

the title company didn't have the uh

payoff for the for the solar panels they

didn't have to pay off for the solar

panels on the day of closing so I had to

go find the company and call the company

the solar panel company and have them

send a payoff to the the title company

and the agent was all mad at me and it

came back on me cuz everything will come

if you're the buyer in the transaction

or if you're actually buying it or

you're wholesaling it and you know

typically the agent or the sellers don't

know that everything comes back back on

you it all falls back on you so title

issues anything like that cuz buyer

picks titles so everything falls back on

you so all of a sudden you're the bad

guy in the transaction absolutely

absolutely the the same thing happened

Chapter 3: Navigating Title Company Problems.)

i' I've had I've never had like I said

the stroke that's crazy did he survive

yeah yeah he survived um I heard from

them a few months later cuz I guess the

my end buyer he never switched the water

into his name which fell back on me

again but I I heard he was um living

with a family member and I think he was

okay that's crazy I think let's talk

about title title companies title

companies title companies will either

save your deal or they will torch your

deal

absolutely it's and it's not even save

your deal like they'll help you make

money on the deal or they will Tor your

deal and it's one or the other so if if

you do deals over and over and you like

continued business you find good ones

that actually close business because the

bad ones they will torch your deal and

it's not your fault fault it is your

fault as the wholesale yeah 100% for not

picking the right title company for not

picking the right title company and it's

all your fault 100% because even like

even a deal right now we're dealing with

a wholesaler we had to get amendments

and all this stuff guess who has to fix

all the Amendments you do because you're

the original wholesaler who made contact

with the seller yep so you as a

wholesaler need to understand that you

are a part of the transaction till it

finishes and everything falls on you if

you want to get paid at closing you

better better fix those amendments you

better fix the with the title

company you better do whatever needs to

be done or else you're not going to get

paid at all because you're the original

contact and I me as the buyer of the

wholesale contract I can't step in and

do what you're doing because second

you're the buyer yep exactly exactly and

that takes me back you know I had

another buyer complain about title fees

yeah so that's another thing you want to

ask the right questions when you're

looking for a good title company you

want to ask the right questions and get

a fee sheet and stuff like that cuz um

then let's say you know you start some

sort of online coaching or maybe a

Facebook group or something and people

are start to ask you what title company

you're using and then you're promoting a

title company and then your end

buyers are saying it's expensive and

then your students or your Facebook

group their end buyers saying it's

expensive if they're having a problem so

it's just you go you got you got to take

the good with the bad so like me

honestly I don't I don't I don't really

don't look at the cost of the title

title fee honestly don't even pay

attention I use the say time I use a St

of title company for mostly all my

transactions and her price is just her

price because I know she gets stuff done

right and I don't even I have I don't

think I've ever once compared her price

to other people's price because she gets

deals done yeah might be a junk

collector thing I I don't know I don't

know um I've I've never looked I've

never even looked at to the price of

what they charge honestly I really don't

well I think when you start to deal with

Chapter 4: The Role of Transaction Coordinators.)

with larger transactions too it starts

to become more of a fractional minimal

thing as opposed to houses that's like

cutting into my my margin like you know

my 40 30 grand profit margin yeah you're

accounting for everything like every

little nickel and and D I guess I guess

that's my luxury I guess so I don't

understand that perspective yeah so I

think I think that might be why the like

cuz you guys started in the land space

you guys have always been kind of doing

um you know larger acreage stuff so um I

think that's probably why you haven't

noticed it is just see here's the funny

here's the funny part so we're dealing

right now with a deal uh we're getting a

survey done survey with the original

person that the wholesaler contracted do

the survey was like

9500

um they

had he got sent to prison or something

the main surveyor like oh we'll get it

done by your date

but um we let them have like a week or

two like hey you still going to be done

by the date they just told us right now

like we're like a week and a half from

close we're not going to be done by your

date all right you're fired hire The New

Guy new guy's 15 grand he's 50% more

than what we were originally going to

pay but he said he can complete it in

two weeks boom you're hired because it's

all about speed for me even though he's

50% more hey it's cost doing business if

I can close this thing in two weeks

let's go let's run it right and I I mean

five grand a house person would be like

we can't do that 100% 100% a 50%

increase there is yeah that's that's

large that's super large even for infill

Lots like if you think about infill Lots

like they they'll say the same thing

like i' I've sold infill lots too where

they're like this policy the title

policy is too much like they're charging

too much for the policy I'm like is it

really like you're buying a $50,000 lot

like is it that I guess you know that's

that's not my game I I stay away from it

I just that's it but teach their own

yeah I don't I don't Niel and dime it it

is what it is it's a cost of doing

business and sometimes you got to pay

the price to get it done right or else

you don't get get it done at all 100% I

guess that's the morel of the story

title company is a great business though

it's a great business model

like and and they're worth their waiting

gold they're worth their waiting gold

like a good title company you can't let

you don't let go of

you just don't do it they're worth their

Chapter 5: Building a Strong Team.)

waiting gold um I I love my title

company and I will forever use them

because they they they saved deals for

us they prevented issues deals with us

and whatever they charges whatever they

charge mm absolutely it's like a it's

like almost like an attorney

representing you

and exactly it's almost like an attorney

people I think they have your best

interest at heart so they have your best

interest at heart and it's cost a big

retainer it cost a big retainer it is

what it is

y and and the fact that you're able to

communicate them communicate with them

freely about what you're doing with the

transaction especially as a wholesaler

so you have to think about it as like a

wholesale perspective like yep if you're

the one wholesaling the lot you want to

control title my first ever deal I let

in and I let the seller choose title and

then when I assigned it they said well

we've never done an assignment before

and I said oh no I had a transaction

coordinator on the on the on the deal

and she goes well we either switch title

companies or I teach you guys how to do

an assignment and this is another thing

good transaction coordinators will save

deals too and they'll actually catch

title

mistakes so good transaction

coordinators they'll they're worth their

W in gold as well and you know 350 500

bucks a transaction and they will save

you a world a headache um your team is

very important in this

business very very very important I

guess we'll end it there but your team

is very very important across all this

from the transaction coordinator to your

title rep even to your agent I hate how

mean how many times we deal with

terrible agents all the time all the

time all the time and they're holding

their sellers back from making their

money they want to sell the property

most of the time you know it's the agent

that's holding them back

so find good people to work with and do

business with them forever is the moral

of the story figure out what they what

they want figure out what they want just

like uh the most recent lead that uh

we're locking up on Monday I figured out

what she wanted she was working with her

family she didn't want anyone else

involved in the transaction so I said

represent both sides let's keep it

simple and she was like all right and

then she was like Kyle we're not working

with anyone else but

you there you go there you go uh thanks

for listening in guys this has been a

deal breakdown slh mine after dark

episode we'll see you next time thanks

Kyle yes sir hey if you have any deals

you'd like to submit to The Hive mine

and our team go to Hive bc. is actually

the high Buyers Club submit your deals

and we can hopefully dispose your deal

for you have a great day

[Music]

Ep 521: Having The Right Real Estate Team

Daniel Esteban Martinez

Anthony Gaona