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Money Focused Podcast
Helping ordinary people, become extraordinary with MONEY! Each weekly episode is packed with actionable tips, expert insights, and real-world advice to help you grow financially and take control of your future. Whether you’re just starting out or looking to level up your wealth, you’ve found the perfect place. Get ready to transform your financial journey, one episode at a time!
Money Focused Podcast
EP 59 - Real Estate Wholesaling & Strategic Networking
Ever wondered how to break into real estate without heaps of cash or experience? This episode of Money Focused Podcast promises to unlock the secrets of real estate wholesaling with Ky Logue. Ky’s journey from a challenging childhood to becoming a successful entrepreneur and real estate investor is nothing short of awe-inspiring. Prepare to be motivated as we explore Ky’s transformative story, highlighting the sheer power of persistence, mindset, and continuous learning.
You’ll learn how to build genuine, profitable relationships in the real estate industry, courtesy of Ky's tried-and-true strategies. From attending local meetups to leveraging powerful online tools like PropStream, Ky shares his best networking tips. We dive into the ethical side of business, emphasizing the importance of creating win-win situations. Plus, get practical advice on how to vet wholesalers and maintain a balance of trust and scrutiny, essential for any aspiring investor.
📺 You can watch this episode on Moses The Mentor's YouTube page and don't forget to subscribe: https://youtu.be/IWyUZyVZ9lo
🎯Connect with Ky Logue @therealkylogue on Instagram and visit his website wholesalingsyndicate.com
🎯Connect with Moses The Mentor: https://mtr.bio/moses-the-mentor
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Welcome back to the Money Focus Podcast. I'm your host, moses the mentor. On this episode, I'm excited to bring on Kai Logue. He's a seasoned entrepreneur, a real estate investor and also the host of the Real Estate Wholesaling Syndicate Podcast. Kai has a remarkable journey of overcoming adversity and transforming his experiences into a platform for empowering others. So let's dive into his incredible journey, as well as his insights. Let's go.
Speaker 2:Thanks for having me on and, yeah, I love talking about wholesaling, so it's one of my favorite topics to talk about. So, yeah, let's get to it. So yeah, my name is Kai Lug. So I live in San Antonio, texas. Been in Texas about four years, originally from a place called Lynn Massachusetts, right outside of Boston.
Speaker 2:So I kind of had a tough childhood coming up, bounced around a lot. By the time I was like 15, I was in group homes, juvie, living, homeless, like living on the streets, really doing whatever I could to survive, just get down like from one day to the next. So I really had a big scarcity mindset that I had to overcome. But when I was, it kind of all flipped for me when I turned 18. I met my now wife and then I got into sales. That was like the first thing I was ever good at and so I never really had that in my life. I didn't really play sports because I constantly bounced around a lot and just like home life sucks. I just didn't really have any like positive reinforcement. I got into sales and I kept practicing until I got good at it and like I closed deals and I was getting like that positive reinforcement. I'm like, wow, that's what that feels like. And so I was like hooked, like into sales right away.
Speaker 2:Since then, I always like try to get better. I always try to improve. You know, I used to think it was something you either had or you hadn't. You were born, you know, like you were born with it or you just didn't. You know, or you couldn't be taught. I think some people are naturally better. I mean, if I kind of refer back to sports, there's some people that are more genetically, you know, disposed or whatever how they came up. They're more just like predisposed to it. That's just a predisposition. I mean anybody can learn it if you're willing to do the time and do the work. So got into sales. Eventually got tired of working for other people. I'm like I wonder if I can do this for myself.
Speaker 2:So started my entrepreneur journey at like 23. I had a few side hustles before then, but that was the first time I had like a LLC and a bank account and I was. I was on. I'm like this is real, it's legit, and but it took three months from that day and I didn't make it done. Everyone thought I was crazy. This was before YouTube and TikTok were big and like everyone was popping entrepreneurs was a cool thing to be.
Speaker 2:And yeah, I was just sitting there grinding in the basement ready to quit, sold my car, sold everything I had. Yeah, like wits end, ready to quit. You know, kind of gave myself permission, I went for a drive, like a long drive by myself. I don't know if anybody else person has ever had like those quiet moments alone where you're just like at your wits end. But that's where I was and I decided I'm just I'm gonna do this, I'm gonna do this, I'm gonna like like 50, I'm gonna get rich and die trying, I'm gonna make this happen or I'm gonna die. And um, so I did it, I committed and that like next day something changed. I was getting appointments. I was talking to people like because before you, they could hear like the defeat in my voice because, like I wasn't getting anywhere, moving and grooving. We got some deals and I'm like bam, that was it.
Speaker 2:Obviously, it's been a lot of ups and downs since then, but I built that business out, was able to sell it and it was crazy because I was young, I made this money but I always wanted to get into real estate and the whole time, but like I had. I still had all those negative beliefs from childhood or just like all this, like negative self-talk and like why can't you get into real estate? You know, get into real estate. Now I thought you had to have rich parents, I thought you had to know how to fix things and, like I'm not handy at all, I thought you had to have perfect credit and all this stuff. You know, I was making money. I didn't have credit because I was very responsible with my money and then didn't know what to do with the money at the time.
Speaker 2:But so I listened to podcasts like this, I read books, kept learning, trying to learn. For some reason, always in the back of my mind, I want to get into real estate. You know, everything I heard is like that's how you actually start to build wealth and that's how you become financially free. So I'm not always just chasing that next deal. It was the back of my mind, and one day I finally found this small like paragraph. I was reading this book from the guy that used to be on Bigger Pockets, brandon Turner, and he's like how to get into real estate with no or low money down or something, and it didn't thing is literally two sentences I don't know if I can even call it a paragraph I said real estate wholesaling is a way to get into it and like, without needing money or experience, it's just sales and marketing. I'm like, well, that's all I've ever done. So I'm like I got to figure out what this is, so went down deep into the YouTube rabbit hole, bought a course COVID just hit.
Speaker 2:I had a different business at the time. I was doing marketing and building like automations, marketing and systems for car dealerships, and I lost all my clients overnight. And I'm like, man, well, it's probably a good time to try this wholesaling thing. And so, yeah, we jumped in. It took about 60 days to actually get paid and get the whole deal done. First deal barely made a grand, I just like fumbled my way through it because I didn't know what I was doing. But the very next one, just a couple of weeks later, I'm so happy I kept going because we made over 60 grand off one deal and I'm like, okay, I'm hooked, I'm in and like let's go all in with this wholesaling thing.
Speaker 1:So the first question I have is based off mindset, so you mentioned that a moment ago. So what would you say for someone who's interested to get into wholesaling? What type of mindset do they need to actually be successful and how do they stay positive and resilient as they actually work through this, uh, this particular lane in real estate?
Speaker 2:Yeah, that's a great question. So, man, I think mindset is like the foundation for everything, like I think you can't, it doesn't matter as wholesale, it doesn't matter as anything that you want to better your life. You want more, want more. You just want to kind of get out of that, like paycheck to paycheck, let's. You know, let's grind and die and like be unhappy all the time.
Speaker 2:It all starts with your mindset and I think it starts, um, especially in wholesaling, because wholesaling is a sales market. That's like when your mindset's really tested every day in a day in, day out basis. You gotta deal with rejection, you gotta deal with people telling you no, you got to deal with ups, downs, like it's. You'll have great months, great days, great weeks and you'll have bad days, slow days and days. You feel like quitting.
Speaker 2:So having that mindset and like having like that unlock is like the most important thing, I think, for anything, because without it, like you're just going to go with the wind.
Speaker 2:You know you're going to jump from thing to thing, like we see so many people do, or like they see an ad for this. You know shiny object syndrome, like they hop to this thing. Oh, you know, hop to that thing, hop to that thing, because they don't have their mindset built up where they're like no, I don't care, I'm going to like kind of like that breakthrough moment I mentioned, where I'm like I'm going to do this one thing or I'm going to die, like that's thoughts, like your thoughts, are just like they might not even be yours. They could be something you heard or somebody else's thoughts or something somebody told you when you were a kid. When you start getting like comfortable, like that louder, stronger voice, that deep down inside voice, is that like I can do anything voice to reel you, it's going to start to stand up. So get your mindset right first, man, then anything's possible.
Speaker 1:Explain to the audience exactly what wholesaling is and how you actually make money from a deal.
Speaker 2:Yeah for sure, I want to make sure that doesn't go over.
Speaker 2:Yeah, of course. Yeah, I always forget because I'm in it, I'm like everybody's know. But yeah, so wholesaling, it's real simple. Some people might be complicated, but literally you're the middleman, you know it's like anything, you're just kind of like you're not a real estate broker, but you're the broker in between. You know the two parties, so you find deals. So you find deals, you get good deals, you find them and then you sell those deals to buyers. And there's a lot of different things that could happen variations, different types of buyers, different types of sellers, different types of deals. But, like the simplest way to put it, you find deals on houses or whatever properties. You find real estate deals and then you find buyers who are looking for deals and then you make whatever the middle is. So whatever a seller is willing to pay or a seller is willing to sell for and a buyer is willing to pay, you make that middle. So easy math. Somebody wants 100K, someone's going to pay 200, you make, you get that difference and it's all done through your title company, you know. So it's all. They make sure. All the contracts, everything's good. You get a wire, you get yeah, you can get cut a check however you like to. But yeah, it's all done there and they make sure everything's all set up and that's that's really it. So it's just find deals, find buyers, be the connector, be that middle person, and you make a bunch of money.
Speaker 2:I made a video on like what I would do if I literally had no money. And like you can get a Google voice number for free. You can be scrappy and get lost. Cause I'm all about starting with the least amount of money possible. And like learn it first and like get comfortable so you're not like wasting money. Like on the good leads that you pay for.
Speaker 2:And like get your stuff down good in the beginning, but you're gonna have to have more stickability. I like tell people to put like 30% aside, put back into marketing. You're building your systems or doing all that stuff. Like cause we were big on automations, ai, marketing systems, cause that's you know what I know and I help a lot of people out. You know, do that too, but it's it's so much easier to do that. And like cause a lot of people quit Cause they're like oh, this is so hard no-transcript to get easier, even if you're playing on hard mode in the beginning because you don't have the money yet you know just, you just keep knowing it's going to get easier, as long, so you're the best and it won't grow with you.
Speaker 1:So 30%, yeah, that sounds good. So what obstacles did you actually overcome or have to overcome when you actually launched your wholesale and business? What are some things that people should be aware of if they were to go ahead and jump into this arena?
Speaker 2:Not knowing what you don't know. I guess in in the beginning and just a lot of people just think I got to know every step of everything, like a to z, and then I would know it all. And then, like you know, and then it becomes like fear because and it's like analysis, paralysis you think about it too long. You think about all the what-ifs, like what if this happened? What if this goes wrong? What if I mess? If you know I can't do this, am I going to get sued? Like you know what happens if I can't do this? And you know it's when you, if you're in your head too long, you're dead. So it's one thing I have to remind myself you're in your head, you're dead. It's like take action. So like obviously you want to know enough, like this, but you just got on the first thing and then don't worry about problems until they arise. But yeah, so I think that's a big one.
Speaker 2:I think getting linked up with the right people we have. We do a bunch of free trainings and free stuff. We do big events here in San Antonio. We have a couple hundred people come in, we teach them how to do it and it's, yeah, just kind of getting with the right people and like for me, I, you know, when I first started I'm like who's around anyway? I didn't really know. But I look for people that are go-givers, that like give value, I want to see you win. That aren't just trying to take, take, take and then like that's it and just don't be afraid to ask questions and look foolish and look stupid. I forget what the quote is, but I think if you ask a question you look like a fool.
Speaker 1:for a minute standpoint you noted that you're the middle person, the middle man for wholesaling. So how do you actually get a network full of potential buyers?
Speaker 2:So that's a great question. So we do it a few different ways. I'll get more tactical and exciting people to go over. You don't have to get more tactical stuff you can actually do today. So if you're in a good market, a lot of stuff happens. You can go to Ria's real estate meetups so there's a bunch of free ones. Type in Google, go to Eventbrite meetup, whatever. Find some. Start getting connected Facebook groups. You can find some. See who's actually doing deals, buying stuff. And then one of the ways we do it because we're virtual now We've done deals in seven or eight different states, a bunch of different markets, and what we do is like when we don't have any buyers there and it's like we're not actually there so we don't have boots on the ground. What we do is you can like use websites. It's like prop streams when we use yeah, you can even just do, you can pull public records and just see who's actually doing fix and flips, who's buying properties, all cash, who are the cash buyers in town, make a list of them and then just start picking up the phone, dialing, calling them up, building those relationships, and just know that people are going to be guarded at first. So same thing. You're going to have to get those reps in.
Speaker 2:A lot of people think they don't really spend a lot of time talking about finding buyers and I think it's honestly. It's half the battle. Sometimes. Even more important is having good buyers, because that kind of dictates what you can, you know, get the property for it and then, once you have a couple of good ones, you get relationships with. Like I won't always go with the person who's going to pay me the most. I'm going to go with the buyer I know is going to come through and get us to the finish line, because I'd rather have a buyer instead of like whack, and a lot of wholesalers they mess up because they're like, oh, I'm going to whack this guy over the head, make as much as I can, and they're shady about the numbers and like they burn that relationship and like a lot of people don't realize, not even just in your area, but like nationally, like it's a lot smaller community than you think and like where it spreads or, I guess, around on like you know. So you start like not operating ethically or, you know, not trying to create win-win scenarios, like you're going to get blacklisted and no one's going to want to mess with you. So you really just want to make sure you're creating good scenarios and it's perfectly fine.
Speaker 2:One of my you know things that I'm perfectly fine saying I think more people have to be fine saying is like I don't know, I can go find out for y'all. It's the Will Smith movie, the Pursuit of Happiness. It's one of my favorite lines of that movie. He goes I don't know the answer, but I'm going to find out and I'm like it's okay to say that and they might know the answer, might be able to help or they might just be testing you. I used to sell cars. I realized sometimes people would ask you questions just to see if you're't know. But just go find out.
Speaker 1:Now, on the flip side, for me as an investor, what are some good ways for me to vet a potential wholesaler? Like, how would I know if someone is really trying to, you know, build that authentic relationship with me, or are they trying to just kind of hustle? Trying to just kind of hustle? What are some best practices, maybe that an investor can look at and say, hey, you know what I want to work with this guy or this gal moving forward for properties.
Speaker 2:Yeah, that's a great question too, so, yeah, so keep your guard up 100% like this. So the Pareto's principle 80-20. 80% of people probably are trying to hustle you, or not even that they're trying to hustle you. They just don't. They don't know. They don't know how to do the math. They watch a YouTube video or something they don't know. If they have a deal they don't know stuff. A lot of them again the ego they're not going to tell you they don't know. They're just going to try to come across because somebody on TikTok said whatever.
Speaker 2:But there's like, just know, you have to verify everything. Get eyes on the property unseen. I'm big on you know one of my favorite things. I tell myself trust but verify. Like I'll trust you at first until you give me a reason not to trust you, I'll trust you, but I'm going to verify everything you're saying is true.
Speaker 2:So do all your own math, run your own comps. Like, don't go in blind, don't get rushed if they're like oh, like you know, I got to do it today, or whatever. Don't. Like, don't dislike that scarcity mindset. Like, this is the only deal you're going to come across. And just like, make sure you you feel comfortable, you're good and you'll be ready to move quickly and like, make sure you have hard money, cash lined up so you can get that deal done. Because, same thing, it's like you know the real wholesalers and the real buyers like you, they move differently and once you uh, once you're in the game for a bit, like you start seeing, like you know they're gonna want to keep doing deals together because, like they, they're asking you questions to vet you. But, but yeah, just vet them. Like, just ask well, like, how many deals have you done? You know it's five is the first one. Just be like no, like they might need a little more help, and just know that it's like there could be another deal if they have it locked up too high.
Speaker 2:Like if somebody keeps sending me bad deals, like I'll just start ignoring them. Like, or just like kind of tune in a month if I get an email or whatever. But I try to give them feedback too, like, hey, you know, there there's this. And like, if they're willing to take the feedback and improve, great, like you can build relationships with them and then maybe you might be their go-to guy that they send the deals to first. But just like you know, if they're not willing to take feedback. There's nothing more I hate than, like you know, especially if they ask for advice, they don't take it, or like if they just come off a certain way but like tell them, hey, maybe we can go back to the seller, maybe I can help you renegotiate this deal. Like this is what I need. I know what the other investors in town need. So I think it just comes down to like open communication and then just verifying everything.
Speaker 1:Gotcha and you've noted a few times about fix and flip. So how do you decide on which? You know properties you require that you want to wholesale versus the ones that you want to go ahead and fix and flip? Is there any science to that method?
Speaker 2:So if they're here, if it's a home run, I'm going to take it I can make way more or if I'll probably do the fix and flip. But yeah, I started to kind of run the numbers. You know, usually I think wholesale first because it's easier, and then I've gotten, especially the last year. So once the market shifted I lost some money on fix and flips and I got a bad taste in my mouth, you know, lost money on one of them and I'm like, oh okay, I'm just going to wholesale. And I knew, if I wholesale that more experienced fix and have made money on it because I made some rookie mistakes, it's like I'm not an expert. Fix and flip branding means I've only done a handful, a little more than a handful, but I'm way better at wholesaling. So I think it's that balance of knowing, sticking what you're good at, but yeah, it's like a real good deal and it's a year or now I'm just I just wanted to fix and flip because I got 30 to do one.
Speaker 1:But yeah, most of the time we're thinking wholesale first but yeah, most of the time we're thinking wholesale first, and what would you suggest for someone who's trying to get into wholesaling? What would be some education that they need to tap into?
Speaker 2:So for me now it's a bit different. When I came up with listening to podcasts, youtube videos, one of my biggest pieces of advice for people I mean, I know it's especially hard for me to know who's real and who's not, because there's like a lot of fluff out there. But like, if you find someone that's good, he finds good information. The same thing trust with verify, try stuff out. Like some I'll try things out. Even today I try to have like a white belt mentality and I'm always trying to get a little bit better and grow um every day. If I can just get one percent better, you know it's it's constant, never-ending improvement. It just, you know, a compound effect. It's going to go up forever. You're going to keep getting a little bit better. So I'm always looking to do that. I'm open-minded. So what I do I'll go more into what you should do now, but just start. And for me now, like one of my biggest things is my podcast, the Wholesale Syndicate, because I get to invite investors Like we were talking before. I love to have you on, learn about stuff. Like you know, I just had a realtor on about a month or so back, like what's going on with this NAR settlement, like what's the real deal and I know this dude has been in the game for 20 years runs a small. I started making content. I just started making content, make the stuff I wish I had when I started. So I do like a bunch of free trainings on stuff on YouTube and in the podcast and but for me too, it's also like what do I want to know now? And like or what does people, what did I wish I want to know? And I can ask these people and kind of see what they came up and I'm looking for like one or two gold nuggets. So so a lot of people are like oh, I got to listen to this whole thing. I'm just trying to find what are one or two things I can take away and try to implement and see if it works or it doesn't. And I can move on and try to find some other ones and then the best ones I'm going to stick with and I find something that's working. I just keep running that play until it doesn't work anymore. And I think listening to podcasts like this you getting tuned in and just like finding those gold nuggets is huge. If it's wholesaling specifically, if you want to learn about that I'd recommend checking out the Wholesaling Syndicate podcast. It's my podcast.
Speaker 2:I interview investors, some of the best wholesalers in the game that I know that are actually doing it, that aren't just fluff and just doing it for social media no-transcript, you know, getting hung up on closing deals, live talking to buyers, and it's like really showing people what it's really like Cause and we actually did. Last week I did a free event in San Antonio. I opened up the office and I just invited a bunch of brand new people a couple more experienced people in my mastermind and we just like had a little boiler room and I just like people never made calls before their whole lives. We just put them on the phones and like make the calls and some loved it and they like did really well, like surprisingly, for never doing it. Well then, some people didn't, but like the only way you're going to find out is by taking action. I always think the best teacher is action, so just get in the game, however you can.
Speaker 1:You know there's no reason to put it off, to just get started yeah, and what, what really might get them motivated which, um, sounds like it motivated you early on is you know the money, you know. So I wanted to talk to you and ask you about the yield uh, potential yields you can uh, you know earn from being a wholesaler. So talk to us about your evaluation criteria of a property and if you can enlighten us on, like you know, maybe some of the averages that someone can truly earn per property. I mean, I'm sure it might vary, but you know anything directionally that can help the audience that would say, hey, you know what, yeah, I can do this, I can see me getting those checks.
Speaker 1:So talk to us about that.
Speaker 2:For sure. So how I evaluate a deal, so I look it up and I have to find the comps. I had to find out what was it worth for if I bought it or somebody bought it and they fixed it up, what would it sell for? So you need to find the ARV, the after repair value. So we want to see, ideally, in a perfect world, there's a house that's exactly next door to the house, that looks exactly the same, it's built the same year, it's the same square footage, same bedroom, bathrooms. You're never going to find that, but like. But you have to slowly branch out to find as many houses that are as close to your house that were recently fixed up and flipped and sold. But that's kind of how you get that number and you get the average and be like okay, this is what I think is worth. And be conservative too.
Speaker 2:Like, especially in the beginning, like a lot of people try to go, you try to make a deal when there's not a deal, or you just like some people you know right, it's honest. And then like, if I see a couple of people just like being dishonest in the beginning and like they send me a deal and it's like cause we actually JV with people too. So, like nothing, you do wholesaling, but one person can find the buyer, one can find the seller and you guys split the deal 50, 50. So if you've got a lot of buyers but you don't have sellers, you got some partner up, do deals together. We do that with people all over. But yeah, so like see people send me deals and the numbers don't make sense, like right away I'm like, okay, I'm like already going to write you off, but there's. So do the numbers, find out what it's worth, and then you have to move.
Speaker 2:The deal is if you can get it at 70% of the ARV. So after it's fixed up, you want to get what? 70% of that? So just times about 0.7. And then just you subtract whatever the estimated rehab is. So we have little cheat sheets and stuff I can send you if you need anything but different. You got different things. Again, I try to be conservative here because you never know it's. Usually once you get in there it's a little bit higher and you don't want to be like, oh, it doesn't need anything and they go on. It's a nightmare. So estimate the rehab and then you just minus your wholesale fee.
Speaker 2:So if you want to make 10K, you make 20K. Whatever you subtract that number and then you have what your max allowable offer is. So easy math. It's 100 times 0.7. You're at 70K and these 20K work, you got to be at 50. If you want to make 10K, you have to get that one at 40.
Speaker 2:And there's different options and strategies that they're more advanced, like once you get into it. But just remember that in the beginning, because if someone's motivated enough, there's always a deal to make. We can do, subject to seller finance innovations, but those are more advanced. But the but those are more advanced. But the motivations there you can figure that out. Or JV with someone, but there's yeah, so you get that number. You know, hey, that's what I can offer and anything you get under that there's just that much more spread. So like, and again, whatever you get is what it is. And then, as far as the average deal size, it's like I think it's around 15. Like, so you make like 15,000 per, and it varies market to market, but that's usually what we're seeing. Um, and then, but sometimes we hit a home run, sometimes it's a new market we're in and like, we barely get to the finish line and you know we just make like five or something, but but yeah, the spreads are there. Um, but it's just.
Speaker 1:Yeah, you just have to be willing to do the work so for someone who's you know, not familiar with you know real estate and how it works for for them to kind of wrap their head around the idea that a property could be worth $100,000, yet you can get it for $40,000, break down some of the reasons why maybe someone would sell their home for so much less than what it truly could be worth. What are some kind of personas and you know situations that would, uh, justify someone getting rid of the property for so much cheaper?
Speaker 2:yeah, that's a great point and yeah, I feel like some new people struggle with. I do better about talking about that, because even yesterday we're doing the calls, they're like oh, I don't do this number. I'm like you know the math's the math and you can't argue with numbers. But, um, so there's a bunch of different reasons, bunch of bunch of different situations, like even one today. There's like two different spectrums, most of the ones we're dealing with. So most of the ones we're dealing with, they're distressed properties. So either the property itself is distressed, which means it's in bad conditions, beat up, shape, whatever there's some kind of issue going on with the property that makes it not worth what it was. It's not easy for them just to throw it on the market with the real estate agent and get the deal done, cause for a lot of people, you know, the easiest thing to do is just hire an agent, find a good agent, put on the market list, it, sell it, boom. If the house is looks good, it's clean, it's ready to go, there's no issues going on, like that's probably your best route. And like if you don't have to sell right away, I cool, but if there's a time crunch, like I need the money today If there's. You know a bunch of issues going on like so, divorce, people getting divorced. I got to see you sell them. Now I can't spend another day with this person in this house and, like you know, I just I got it, we got to sell, we got to sell. I don't care. Like this one, like you know, they're there after getting foreclosed on pre foreclosures. You can help those people avoid foreclosure. That's a big one. People have, like tax liens, they have code violations is a good one. That's a list I like to pull. So we actually pull lists right from the county. We're looking for deals and we go more how to find deals after.
Speaker 2:But, yeah, their house is beat up. They could have inherited it, they're out of state. They could have decided, hey, I want to be a landlord because everyone says how easy it is, and we get these properties and they get some out-of-state properties and then they realize, hey, this is a business, it's a job. It's not, like you know, easy. You know passive cash flow, um, as I, as I thought it was.
Speaker 2:Um, you know, and they like to get tired landlords is another big one. Um, but really there's a bunch of sometimes on the opposite end of the spectrum. Um, it could be something that, like you know they're, they don't want to deal with it and they want, they're willing to trade equity for speed and convenience, like so they could be. They make all their money outside of real estate. They don't really care, they just got a new job.
Speaker 2:Whatever, their wife doesn't like the house anymore, she's tired of it and she they don't want to deal with open houses, they don't want to deal with realtors, they don't want to deal with any of the headaches and bullshit you have to, all the hoops you gotta jump through and they're willing to like make their lives easier and pay a little bit more. I like to compare that one to like uber, eats, um, or something. Like you can drive to the store and it's gonna take a little bit longer and you gotta wait and shit and you gotta do all this stuff, or you can just get it and you can just sit on your couch and like get it now, yeah yeah, and you know.
Speaker 1:Thanks for that. Again, this we talked about mindset and what's important about my show is just really kind of help people you know grasp how to make money and what's happening you know around them Because you know it almost sounds too good to be true, like how can you get a house? You know 40 cents on the dollar, but you noted those several different scenarios to where you could, you know, because the home and also the seller is in distress. So when that happens, speed wins. So that's key.
Speaker 1:I wanted to just jump in and say you know, because I'm in that investor lane so I would be a buyer in this situation, right? So that 70% that you noted is important because typically if I'm buying a distressed property and I'm putting my renovation in at the end of it when it's like in tip-top shape that ARV, so just for the audience to know, most investors at that point would just do a cash out, refinance on the property. So essentially everything that they invested in the property, the goal is to get it all back. So what the bank will finance is 70% loan to volume. So in that example that Kai broke down, if the property is worth $100,000, property is worth $100,000, the bank would only finance. Well, they would finance the $70,000. So at that point, the money that I invested, I can pay back my bridge loan if it's a hard money loan, if it's credit card, whatever it is also recoup the wholesaling fee and essentially now I have a property for free, like a brand new property for free.
Speaker 1:But it doesn't always work, you know. You bear the risk because your renovation could be higher, your appraisal could be lower. So the goal is to always be in that 70% range. So that's how it works. What final thoughts or advice do you have for the audience about wholesaling? And then also just close this out with how to reach you your social media, your website, shout out your podcast one more time. So the floor is yours. Thank, you.
Speaker 2:Yeah, I appreciate it, man. Yeah, thank you for having me on. This was great, like I said, again, yeah, I really love what you're doing here. But, yeah, I think if you're interested in wholesaling, you know, dive in, you know, connect with me. I'm more than happy to help.
Speaker 2:I try to respond to all my DMs and yeah, I mean if you're, if you want to get into it you know, again, it's not for everyone. I mean, like you have to. If you're like hey, I, I can do that and I don't I'm, you know, I can deal with rejection or whatever it's like you know, I don't mind doing some work. Or if you're hungry enough and like there's no, I can connect with the audience or add value. You can just reach out.
Speaker 2:So the best way is connect with me everywhere on social. Uh, ig or Facebook is probably the best. Um, probably IG, um, but yeah, so, though, real. So T H E R E A L. And then my name, kylo K Y, my last name, l O G U E. Uh, but yeah, if you just type in Kai or Kai Lug, yeah, I'll pop up, but yeah. And then, but yeah, connect me, shoot me a DM, love to connect. And then again the podcast, the Wholesale Syndicate podcast, we drop every Thursday and yeah, we have a really cool one coming out this week. And then YouTube, we do the videos because we record them live too, and yeah, it's. Yeah, it's, like I said, more than happy I got free scripts, courses.
Speaker 1:whatever you guys need to get started is reach out. I'll get you hooked up. But man and WholesaleSyndicatecom is where your best place to. We got free trainings, guys, webinars like everything on. That's kind of like the hub for all our events and stuff we do too Perfect, perfect. Well, I'll definitely include, you know, all your contact information and links to your website in the podcast description, so you know. Thank you so much, kyle, for joining the show. Really appreciate it and we're out.
Speaker 2:I love it, man. Thanks again.
