Wholesaling Real Estate Guide
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: Everyone I know in their head right now is saying, how do you get the names of those people with the numbers? How do you get those people to call? Because, if you don’t have that, you don’t have a business, right?
Kent: Oh, there is no question that is the business. That is our entire business. If we don’t have that, then we are just like everybody else.
Sean: Right. You believe the biggest cornerstone for your entire business is having those cash buyers on speed dial, of course, or accessed to where you can call them up and sell them a property. So, for someone who doesn’t have cash buyers, do you have any idea of how many cash buyers are national?
Kent: Reframe the question for me, help me understand.
Sean: I want to get kind of a perspective, kind of a dissected transaction you did, where you got the properties, how you closed it, how you sell it, you have the cash buyers. But, on a bigger scale, on a macro scale, what do you believe is going to happen with the real estate market and the wholesaling? And, how many cash buyers are there currently in the market right now that people are coming in and paying cash?
Obviously, we are seeing an increase in it. I know I am seeing it in Arizona.
Kent: Oh yeah, yeah. Because, now you have different layers of cash. For the last couple years, most cash buyers that we have been working with, I would say are your smaller type of cash buyers. They are small business owners, lawyers, doctors. They are not really real estate investors in any way shape or form. They are just trying to take advantage of the market, and there are literally hundreds of thousands of them every single month coming in to the market.
We have progressively seen that number tick up to the point where we know now–you can read this pretty much online anywhere–cash buyers are now getting close to becoming 40 percent of the national market. And, when you get into where you are Phoenix, or where I am in South Florida, or Vegas, or others, I mean, 60, 70, 80% of the deals being done are being done with the cash buyers.
We know that the phenomenon is getting even bigger, and we know that now we are getting even more savvy. I would daresay almost accredited-type investors are bringing cash into the market. Whether they are REITs, or hedge funds, or whoever, the bottom line is this phenomenon is only becoming more and more prevalent in the market right now. There are real buyers that are writing very big checks, and they want to buy up everything they possibly can.
Because, they are hearing everything that we are hearing, that the market is on sale. They are just trying to take advantage of it.
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