Wholesaling Bank Owned
This is the continuation of the Flip2Freedom podcast transcription. In this episode, Sean interviews the nation’s #1 wholesaler, Kent Clothier, and finds out how he created a wholesaling empire – averaging over 50 deals a month.
Sean: From your opinion, your perspective, do you think this can sustain? Where do you think this is going in the next three to five years?
Kent: I think there is at least, at minimum, a three to five year run on it. As long as the banks are not lending money, which, regardless of what you read in the media or whatever the case being, the lowest rates ever, we hear all this nonsense. The reality is, there is no money available out there to investors to purchase, there’s no money out there to be able to buy investment rate properties. As long as the banks are not loaning money. But, yet there is still a glutton of inventory, or there is still–it is not even an inventory question. There are still properties available at such a deeply discounted rates as they are now, off of traditional highs. Those two phenomena will work against each other, the money is not available, yet the opportunity exists.
The only way to take advantage of the opportunity is through cash. So, that money comes in domestically, or internationally. The bottom line is there is only one way to take advantage of the secondary market, and that is cash, which, means for us as investors that is a pretty exciting time, because we are getting paid quicker than we ever have. And, with so many buyers coming in like this we have found that they just want guys like us that are more than willing to come and do some of the dirty work, and go find the properties for them, and just turn around and flip it right to them. It is a really, really exciting time, and I don’t see it letting up anytime soon.
Sean: There are people right now that are listening to this and maybe they’ve listened to me for several years now. And, they’re kind of on the fence, should I get started, should I not get started? They are kind of nervous about the economy, the real estate market, if it can sustain. I get a lot of questions about that, about where we are in the marketplace right now.
And guys, you’ve just heard it from a guy who has his entire business, he’s all in, and he does this full-time, all of the time. He is doing 30 to 50 deals a month, and we have a 3 to 5 year run where now is the time to take advantage of this opportunity. So, if a guy is brand-new and they are starting and your biggest asset is your cash transaction, you have developed a software program where you can literally go in and type in a ZIP code, and it can pull all of the cash transactions.
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