Posted on: August 26, 2019
WI 302 | Stepfather and Son Team

 

Are you doing wholesaling with a partner but have yet to find your first deal? Then today’s episode is for you! If anything, the incredible wholesaling journey of today’s stepfather and son team might just inspire you to find that first ever deal!

John Maine and Michael Ambort is an inspiring stepfather and son team who closed their first wholesaling deal even if they’ve only been wholesaling for a few short months. While they aren’t wholesaling experts yet, they have something that kept them going—they use the ready, fire, and aim approach. In other words, they didn’t think twice about taking massive, imperfect actions.

And their courage has not only made them $18, 000 richer, it has even allowed them to help others and bring in more deals to their pipeline. If you’re ready to be moved, motivated, and inspired, today’s episode is exactly what you need to hear!

RESOURCES:

How a Stepfather and Son Team Closed Their First Deal

Are you doing wholesaling with a partner but have yet to find your first deal? Then today’s episode is for you! If anything, the incredible wholesaling journey of today’s stepfather and son team might just inspire you to find that first ever deal!…

Episode Transcription

I’m super excited to be back with you, Rhino Nation. We’re grateful to each of you that are reading, downloading, and subscribing to the show. You guys are rock stars. You motivate us and inspire us to continue to deliver massive value as well as massive imperfect action. We have on our show some rock star Rhinos that joined the tribe but already starting to create deals and charging forward in Southern Maryland.

We have John Maine and Michael Ambort with us. They just did their first deal. For those of you reading the show, I want you to take out a piece of paper and a pen, and get ready to jot down some gold nuggets. We’re going to share with you step-by-step how they did their deal. It was a great deal. They had a great payday. We’re going to get into this here. Get ready. Take action when you hear this. Get out there and go get closer to your deals.

Let’s bring on John Maine and Michael Ambort. How are the two of you doing?

We’re doing good. We are excited to be here.

We are. We’re doing fantastic, Cody. Thanks for having us on.

You are rock stars. You are business partners. Let’s get this out there. How did you guys meet each other and what got you into doing business together?

Michael is my adopted son. My wife and I are in the process of adopting him. Though we have been long-time friends and family members, we considered Michael family for a long time. I own an IT company in the Washington DC area. Michael and I were having a conversation one time. Even though he’s a successful young man in his own trade, he wanted to know how to go to the next step, how to do some things, acquire some wealth, and build a different environment for his family. We got to talk about flipping houses. Michael introduced me to wholesaling. I’ll let him tell you the other half.

Let’s hear it. This is awesome. Go for it, Michael.

He is already a successful business owner. I had a buddy come to me that wanted to start up an HVAC company. I’m a union steamfitter. I was like, “Let me talk to my old man. I trust his judgment on everything.” I called him, “Can we have dinner?” He was like, “Yes, come on over tonight.” I go over to his house and he’s like, “What’s up?” I was like, “I want to start a company. I don’t know how to do it. I just know that I want to do something for myself.” He’s like, “You can do it.” I’m like, “I’m going to start this union company.”

As I’m walking out the door, he’s like, “Mike, I’ve been meaning to ask you. Do you want to try to flip a house together?” I was like, “I’ve always wanted to do that.” He threw a curve ball. I had my mind all made up. I said, “Let me sit on it. Let me go home.” I start researching. Somehow, I get across Wholesaling Inc. I downloaded the show, 1 episode, then 2 episodes. By the time I knew it, I was probably 10, 12 episodes in. I called up the next day, “Forget the flipping. We got to do wholesaling.” He said, “What’s that?” Download this show and call me later. We signed up and here we are.

This deal was brokered through hard work and real determination.

From the first time that you listened to it to joining the tribe, what was the time frame for that?

A week, not even.

It was quick. He introduced me to the show, we started reading. For the next two weeks, that’s all we did. We both have long drives to work to and from, and it was constant.

You are complete rock stars. Here’s the thing, I did a post on this on my Instagram channel and I was talking about how powerful it is to go out there and take the ready, fire, aim approach versus the normal ready, aim, fire approach. You did that massive imperfect action. You took the ready fire, aim, but here we are in a short time. You’ve already done your first deal, which has been pretty powerful to see and hear. Our audience gets to learn step by step exactly how you guys did this. Who wants to start off by talking about what marketing channel you went through, and what lists you were marketing to?

First off, I appreciate that. We’re from Southern Maryland and we attacked the St. Mary’s County area, at first. It’s a small country rural area. We decided to go with the unoccupied high equity list. When we pulled it up through ListSource. it was only about 600 people. We did direct mail and sent it out. About 1.5 weeks, we probably got a 3% return, about 18 calls or so. A gentleman called saying, “I want to sell my home. I want $50,000 for it.” We started talking, started building rapport with him, and trying to figure out the real motivation as to why he wanted to sell. Instantly, you can hear it on the phone. We got a motivated seller.

What led you to know out of the gate? What were some of the things he was saying that would help our audience that might be new to this, thinking, “What does motivation sound like?” If I ever come across a phone call, I can start to hear this.

When I was talking with him, he was like, “It’s a terrible area. I want out.” He told it as is. There was no trying to pull in and maneuver around him to get him to reveal his motivation. He was like, “I need out of it. I’m losing money on it. I have a terrible renter in it. He’s destroyed the property. I don’t care anymore. I’ll take $50,000 for it.”

He’s already telling prices even on the phone. “It’s in bad shape. I want out of it. I don’t want this.” He’s telling you a price. He’s saying everything that makes you know that this guy does want out of it. What is powerful about this, Michael, is the fact that it goes right in line with, “We’re not deal creators. We’re deal finders.” You could see right out of the gates that this was a great potential to be a great deal. Keep going. When you heard that $50,000, were you already thinking, “That sounds like a great deal,” or was that still questionable?

WI 302 | Stepfather and Son Team

Stepfather and Son Team: We started talking, building a rapport with him, trying to figure out the real motivation for why he wanted to sell, and, instantly, you could hear it on the phone.

 

It was questionable because I didn’t know what the property looked like. I was vaguely familiar with the area. I was like, “Let me call you back.” I pull it up online. I look at the area. I look at the comp and I’m like, “This is a good deal.” Like you guys teach, I was like, “My stomach is not uncomfortable with it.” I called him back. I kept following up with him and doing rapport.

I got them down to $35,000. That made me feel a little uneasy. He was like, “I’ll do $35,000.” I was like, “Now we’re talking.” He was like, “He’s going to pay rent in two days. Let me call you back.” I’m at work and he calls me. He goes, “I’m done. I’ll sign the paper, send it over to me now.” I’m like, “What’s the problem?” He was like, “He didn’t pay. I can’t keep doing this with him. I’m done with the property. Can you handle the eviction?” I’m like, “I’ve never done an eviction before.”

The story gets so much better. I’m sitting there thinking, “It can’t get any better. He’s already shared a great story.” It’s getting so much better. It’s still going. This is cool. He is not only frustrated. He’s putting you in a situation where you’re like, “I don’t even know what eviction is and how to handle the eviction,” but I love that you’re still moving forward. Keep going.

He’s like, “Handle the eviction for me and I’m all there. When you handle the eviction, do it in a way where he’s not getting evicted. I don’t want them to destroy the property anymore.” I’m like, “How do you think I’m going to do that?” I get on Google, how to handle an eviction? I had learned something in a show a couple of times, cash for keys.

I’m like, “Give me his number.” I called the gentleman. “I’m a local investor. I’m interested in purchasing that home.” He’s like, “I don’t own the home.” I was like, “I don’t want to kick anyone out of their home. I would hate to do that. I wanted to call you and then call him. Would you consider getting cash to evict?” He was like, “I would love some cash. I’ll leave tomorrow.” I was like, “Everybody wants to leave this place.”

Let’s hold on right there because there’s some value, I need to share that everyone should be writing down if you haven’t already. It’s the fact that Michael’s out here taking massive imperfect action. There was so much that Michael didn’t know getting into this deal that he learned as it came up. Had Michael been thinking beforehand, “What if this happens?” What happens when you start getting your mindset in that what-if scenario, you start to take less action.

In fact, a lot of people take no action because they’re stuck on YouTube University, Google, or podcast and they’re just trying to find every scenario possible so they can already have a perfect plan in case something pops up. Michael didn’t do that. He went out there and he found out, “He’s talking about eviction. I don’t know eviction.”

At that point, that’s when he got on Google. He found cash for keys and he calls him up and says, “I’ll give you cash. Get out of there.” The guy says, “Perfect. I’ll get out of there tomorrow.” He’s learning this on the spot and not trying to have this perfect plan right out of the gates. I have to tell you if you haven’t written it down, massive imperfect action. This is the perfect example of exactly that saying. Keep going, Michael.

Take massive imperfect action.

I went on Google. I’m like, “I need to find a contract to make this look legit.” I found a contract. I sent it over to my DocuSign. I do everything through DocuSign. I send it over to him through email. He signs it, sends it back, and I’m like, “I’ll give you the cash the day of.” He was like, “Perfect.” I called the seller back and I’m like, “I got it all taken care of. We can proceed.” I said, “With the eviction, I feel more comfortable with $20,000.” He’s like, “I’ll do $20,000.” I get it under contract for $20,000 from originally $50,000.

You’re also doing a great job on making sure it is a deal and you’re going to be taken care of in other situations that you’re going to have to take on versus someone else. Keep going.

One big thing I did not mention through all of this crazy dizziness is that I am at the hospital when I get it under contract. My third son is born. I’m in the hospital, typing up this contract, and sending it out. I’m working on my Mailchimp to blast it out to my buyers. I’m getting all these emails and phone calls. The next thing you know, the epidural finally kicks in and the baby’s coming.

The laptop gets closed. I push it to the side. We have the baby on June 10th, 2019. I’d get back on it after they take the baby. I’m like, “Inspection is Friday.” The baby was born on a Monday. We have the inspection. I’m driving on a Friday. It was from 10:00 AM to 11:00 AM. I figured I’d do it early because of the type of neighborhood it is.

I set it up for the morning. I’m driving there. I’m so nervous I can’t even drive. I’m speeding. I’m doing 65 in a 45, and I get pulled over. Instantly, you know how everybody is. I start praying, “Please, God. If this is the real deal and this is going to happen, please don’t give me a ticket.” The guy comes up. I let him know my situation. He was like, “I’m not going to give you a ticket. Good luck,” and sends me on my way. I’m like, “This is happening.”

This is so great. I love everything about the story. I don’t even need to add anything. Keep going.

I get there. It’s about 10:20. There was no buyer. I’m thinking to myself, “I’m about to pray again.” I start praying, “Please let something happen.” The tenant still lives on the property. We gave him till July 1st. We have it under contract on June 10th. We gave the tenant until the 1st to move out. He leaves his son there. I feel bad. I bring snacks. I bring my iPad so we have games to play. I let him sit in my car. I’m like, “It’s weird. You don’t want all these strangers in and out of your house and in your bedroom.” The young kid is like, “That’s cool.”

He sits in my car the whole time. I’m there and I’m like, “Where is everybody at?” 10:30 rolls around. It was like a feeding frenzy. Four came in at the same time. Two came in. At one point, there were almost nine investors in this tiny townhouse. I was like, “I created the feeding frenzy.” They’re all talking. That following Saturday at 5:00 PM is when I set up the best and final offer. I’m getting offers all over the place. I’m getting offers from people that didn’t even come out to see the property.

WI 302 | Stepfather and Son Team

Stepfather and Son Team: You don’t have to be blood to be family.

 

You put it under contract at $20,000. You’ve got all the investors hungry over this. Let’s hear it.

I listed it for $40,000 and I was like, “It’s worth $40,000.” It ARVs at $120,000 so I’m like, “This is a good deal.” It’s a good buy-and-hold. I send it out, it gets all the way up to $42,000. I sit there and think to myself, “$42,000, that’s the best offer. I should take it.” I had just finished reading this book called The Go-Giver. I’m a Christian as well.

The Go-Giver and the book that you guys recommended opened my mindset in a different view. This investor offered me what I wanted, $40,000, but a young gentleman brought the buyer. He wants to get into real estate. He’s just trying to make a name for himself. He’s like, “I have a buyer that’s interested.” I said, “If he wins, I’ll give you a bird dogger’s fee.” I had no idea even what the fee was, but I wanted to help the kid out.

I read that book. I decided to go with the $40,000. 1) he holds one of our local REIA meetings. I looked at it as a business opportunity to build good relations. 2) I was able to put some money in this young man’s pocket. He had some issues with family in the hospital. I wanted to help him out in some way. He was getting ready to quit. He had been doing it for months. I was like, “Maybe this will help him see that this is real. There’s enough money for everyone to see it.” I called the old man. I was like, “I’m going to go with the second-best offer. I would rather do that and be a go-giver.” He was like, “It’s a great idea.” That’s what we did.

What did it end up being? You sold it for $40,000. Were the fees you gave him some money?

The fee was a $20,000 assignment. I’m adding $1,000 into it for the cash for keys, the $500 water bill, and then the $500 bird dogger fee. It came out to about $18,000.

You know what’s about to happen for both John and Michael. Get ready because this is an incredible story and worthy of what’s taking place. I’m sitting here smiling from ear to ear, listening to the story, and loving your guys’ partnership. It’s amazing. You guys are going to do way more than one deal. I love the fact that you gave back. You helped people and made it right. You not just read, but you’re adopting the principles that you learned from great people like Bob Burg from The Go-Giver. That’s awesome, gentlemen. What would you add to this, John, because this story is pretty good?

It is a fantastic story. I loved Michael’s enthusiasm. While he was filling out this deal, I was on vacation in Nashville with my wife and had a family emergency. He did this on his own. The other thing is that he did a lot of research. He took the initiative to do that. He used the wholesaling forums and other key players that he met through networking. In the initiative that he’s taken as somebody who’s been in business a long time, I see a lot of real key indicators there that show me that Michael will continue to be successful throughout his life.

He did a lot of research, took the initiative, and used wholesaling forums and other key players he met through networking.

There are two questions. I would love to have both of you answer this. Each of you gets a shot on both these questions. I love double the value here. We always end our show two ways with two questions. The first one is a good book that you guys are reading that is game-changing, and each of you can answer that differently.

I’ll go first. I’m probably going to steal his. I’ve read a lot of the books you guys recommend. I’m going to go with the plain jane, Rich Dad, Poor Dad, only because for me personally, I relate to that book a lot. He’s my adopted dad, but in my eyes, he is my father. I grew up without a dad. My mom had boyfriends or whatever. I’ve had many guys try to be my dad. It’s always the same spiel. Go to school. Go to college. Get a good job.

Within the first couple of minutes of Rich Dad, Poor Dad, I’m like, “I relate to this book so much with the man that I would call my father. He’s my rich dad in the sense of what he teaches me. He’s opened my mind up to entrepreneurship, moving forward, and being the best me I can be.” I don’t want to call him my cheerleader, but he’s my biggest motivation.

I would say 6 out of 10 people say is Rich dad, Poor Dad. In fact, we had the opportunity to interview Robert Kiyosaki and deep dive into some of the stuff in that book. It’s an awesome book. What an awesome tribute to you, John.

It is. I’m still reading the book as well. It was given to me by Michael as a gift. He put an inscription in there and also gave me a card. It means a lot to me. I’m in my second marriage. We have a blended family with seven children, including Michael. We try to promote the fact that you don’t have to be blood to be family. Michael has blessed us with children and grandchildren.

That book, him providing it to me, and believing in me mean a lot to me. The inscription means a lot. There’s a lot to be learned in there. I’m over 61. I have been through a couple of different businesses and worked in the IT industry for nearly 40 years. There are lessons to be learned there. For those of you who have not read that book, please go out and get it today. It has a lot of great insights and certainly some things I wish I had done earlier in my career.

Let’s go for question two. I’m excited to hear this from each of you. You guys acted so quickly but I’m going to put you on the spot still. Looking back in hindsight, is there anything you would have done differently? Maybe it’s like, “We loved what we’ve done.” Maybe let’s twist the question. Is there something you would have done differently or made sure you did the same starting over again?

When I had my son, I stopped for about six weeks. Those six weeks hurt us. It set us back. Now, we’re getting back into our groove and the pipeline is so full. It’s hard to keep up with the phone calls. We’re looking at a potential flip and a buy-and-hold for ourselves. We got two under contract that are worth about $8,000 signing each. We have the pipeline. If we didn’t stop for that month and a half, I can only imagine where we would be at. The sky is the limit. We were attacking one small market and live in a tri-county area so I can’t wait to hit the larger markets.

WI 302 | Stepfather and Son Team

Stepfather and Son Team: We are using an application to keep us aware and using Meetup and other tools, so we’re tuned in to these meetings. We want to continue to network more.

 

That’s huge knowledge to give out. A lot of people don’t realize the power of consistency. It’s those little moments of break or stopping the action that’s necessary to be done that can throw off a whole business. The fact that you’re saying, “Of all things,” and it came pretty quick. I love the fact that it came quickly enough for you to realize, “I know what it was.”

“I took six weeks off and that hurt our business and the flow of deals. Had I not done this, we had had more consistent and probably done more deals.” This is a huge opportunity for each one of you reading, Rhino Nation. Jot it down so that you don’t have to live that. You can already learn from their mistake. That is a powerful give right there. Thank you, Michael. John, what about you?

In the beginning, I didn’t see the value. Michael taught me the value of networking, going to these REIA meetings, pushing the envelope, and adding some apps to keep us on the go and aware of those. He has met some people that have turned us on to some new deals. More importantly, you learn from these people. In this area, in doing business development work, you truly have to network.

I didn’t see the value in that at first, but Michael certainly has taught me that. We are using applications and tools like Meetup to keep us aware. We’re tuned into these meetings. We want to continue to network more. He has two assignments that are done through a JV. That’s all done through being aware of other people and networking. Don’t underestimate that at all.

One of my favorite quotes with that, John, is the fact that your network is your net worth. Who are you communicating with? Who are you consistently getting uncomfortable talking to each and every day? You’ve got to be willing to put yourself out in uncomfortable situations and places so that you can start to see the different opportunities that can present themselves to you. Kudos to both of you for doing that.

Thank you.

You, gentlemen, are rock stars. You delivered so much value to Rhino Nation. I want to thank you both for taking the time to get on our show. Thank you, guys, from the bottom of our hearts. This will add extreme value to those that are reading. It’s going to resonate with a lot of people out there that are thinking, “Is it still okay to get into wholesaling? Is it still real? Is it still something I can do?” Your story right here will let them know that they can do this. This is something they can still do. They can be a part of, get out there and get deals. Thank you two for being on the show.

Thanks for having us.

We appreciate all the insight and help. We’re very grateful.

You guys are rock stars and you’re very welcome. Rhino Nation, what an amazing show. I hope that you had a paper and a pen jotting down all the gold nuggets that were shared right here on this episode. Get back there, download this episode, and reread it because there is so much value given here. These are two individuals that had no idea what even wholesaling was. Now, they’ve done one deal that’s already closed and they have a couple of deals in the pipeline ready to close.

This will be just three of many deals down the road. You guys can do this. If you need help doing it, you can go over to WholesalingInc.com, where you can book a call with our team. We would be glad to see if we can be a fit and help you in your journey of becoming a wholesaler and doing your first deal as well. Thank you, guys. Take care and we’ll see you in the next episode.

 

Important Links

 

About Cody Hofhine

403Cody Hofhine, a multiple Inc 5000 Business Owner. Co Founder of Wholesaling Inc. the #1 Real Estate coaching program across the nation. Co Founder of Joe Homebuyer the leading Real Estate Franchise. A successful Real Estate investor/mentor and sought after Speaker.

Cody has coached over 3 thousand students on how to successfully Build their Real Estate Business through his real estate training as well as help individuals perform at their highest levels with his one-on-one mentoring.

Cody used his background in sales to quickly build multiple 7 and 8 figure Real Estate Businesses that all start on the foundation of clarity or Vision and Purpose.

Cody loves being with his family and doing crazy tricks behind a boat.

 

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