Posted on: April 30, 2021

Joining Rafael on today’s show is Layne Peterson. He has a background in construction but when the economic market crashed, he knew that something had to change. So he did a crash course on real estate, got into wholesaling, and he’s now the owner of HomeVestors/We Buy Ugly Houses and Foresight Realty.

In this episode, Layne will look back on his solopreneur days and how he scaled his business to what it is today. He’ll also talk about some of his deals, giving a snapshot of his process for following leads and closing properties.

Key Takeaways

  • On courthouse steps
  • Adapt, build a database, and follow up on leads consistently
  • On the value of time and convenience
  • Make your money on the buyer—if you don’t buy a property right, you’re just going to have problems
  • Have the right people around you and then delegate

 

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Episode Transcription

Rafael Cortez:
Rafael Cortez here, your host and Wholesaling Inc cohost. So here’s the deal. How do you start scaling up and start building an actual company when you start off as a solopreneur? Well, we are going to cover all that stuff along with a whole bunch of other great things with my guest here, Layne Peterson. You’ve been in the business for the last 12 years, you’re crushing it, you’re tapping into a couple of different verticals, but you run a successful wholesale business here in Maricopa County, again, one of the most competitive areas in the United States. Welcome aboard, man. Glad to have you, bro.

Layne Peterson:
Appreciate you having me. Yeah, thank you.

Rafael Cortez:
Tell us a little bit about how you got started. I know you started a long time ago and you’ve had transition periods a minute ago. We were talking about how to grow the company when you get to a point when you’re spreading yourself too thin, per se. So how does that happen? Give us a little bit of back on how you got started and where you are right now.

Layne Peterson:
Yeah, yeah, no problem. I’m born and raised here in Arizona. Grew up, went to high school, went to ASU, graduated from ASU. Putting myself through college, I was working construction. When I graduated college, the market was booming. I graduated in accounting. I’m like, “Why would I go be an accountant when this market’s booming? My company’s booming.” So I just stayed the course. Kept as a construction building, single family homes, had my own framing company division, and it was going great until it wasn’t. And then the market crashes and I have to adapt.

Rafael Cortez:
And this is a while back, to what, 2008?

Layne Peterson:
Yeah, 2008. I was on my last construction job building this big, nice custom home. And I’m like, “I got nothing else after this. I got to do something.” Fortunately, I was quickly able to adapt, ran down, did the crash course, real estate course, took the test, started helping a buddy of mine do REOs, which quickly molded into doing courthouse steps stuff. So I met quite a few people down there, started doing the bidding down at courthouse step, which I still do today, and then it just kind of molded from there.

Rafael Cortez:
Those who are not familiar with courthouse steps, you’re talking foreclosures. So you’re looking at buying properties-

Layne Peterson:
Yeah. At the trustee sale.

Rafael Cortez:
At the trustee sale.

Layne Peterson:
So when somebody is getting foreclosed on, one of the last steps is it has to go to public auction. And that happens at the courthouse steps. So we would show up there, we would bid, and I started out just bidding on my own behalf and then word started spreading and people want to get in on it. And so then I started just bidding for other people, it turned into a bid service.

Rafael Cortez:
So you almost fell into wholesaling as an accident. That’s what it sounds like. Right?

Layne Peterson:
It kind of was. I had to adapt.

Rafael Cortez:
Do you know what, man, that’s one of the biggest things. Whenever you come across adversity, you get hit in the face with something that you’re not expecting. For example, in your case, it was the economy. That’s big, it’s hard to do overcome in one single summer, but you went into it and then you adapted. So you started, what was your first step? So coming into wholesaling, basically what you’re doing at this point is bidding on properties at the courthouse steps and then just trying to wholesale those agreements to your buyers?

Layne Peterson:
Yeah, it started out, I was taking them all down on my account. I had a friend of mine, we partnered up, we were taking them down ourselves. And then people started finding out, and they’re like, “Hey, we want to get in on this.” Construction has taken a dive. You had everybody from roofers to stucco guys to everybody that were looking for something else to do. So then I started wholesaling them the properties, and then it just molded from there.

Rafael Cortez:
Were you buying them under your LLC and then [crosstalk 00:04:08].

Layne Peterson:
I started out that way, but then it turned into just a fee service down at the steps. So they would pay me a fee to represent them and buy it for them. They would go directly into their name, they’d pay me a small fee, and [crosstalk 00:04:20].

Rafael Cortez:
And that came in, in the form of what, JV agreement or joint venture partnership agreement, or was it-

Layne Peterson:
No, it was a bid service agreement.

Rafael Cortez:
Bid service agreement. Okay, cool. Man, that’s a completely different way of doing it. Those days for the most part, they’re long gone. Right now if you try to buy something at the steps you’re paying retail.

Layne Peterson:
Right. Exactly.

Rafael Cortez:
You have to-

Layne Peterson:
And that’s another time that we had to adapt, because that lasted for quite a few years, and it was great while it lasted. And then everything started getting gobbled up down there, and then you have to adapt and figure out other ways to get properties. Then we rolled into doing mailers, doing direct to seller. And then you become a countertop buyer, like in the kitchen sitting down, face-to-face talking with somebody, buying their home. So it was always my motto, you adapt or die. Everything’s always changing in this market on, on all ends, on retail and wholesale.

Rafael Cortez:
Yeah, absolutely. I mean, real estate is the nature of the beast. There’s so many different aspects and facets to it, I think. And it’s good to be verse, to know what you’re doing in each one of them, but you really become a master of one craft and then you’re able to adapt in that space and I think more so even to a level evolve, you know what I mean? Evolve yourself, evolve the business and then provide bigger and better solutions. One of the things that we mentioned right before we got started was consistency. How did that play into you building the business that you have now in terms of the wholesaling?

Layne Peterson:
Yeah. So when stuff starts changing, you have to adapt and I had never done direct to seller marketing before. And so when I rolled into doing that, I can’t just do it for a month or two and expect, “Hey, everything’s going to be life-changing.”

Rafael Cortez:
It’s a learning curve always.

Layne Peterson:
But you stay in the course, you stay consistent. You start building almost a database because you’re getting leads even though you’re not buying them right then and there, but you’re building the database and then you have a whole database to followup, leads to go off of every single month. Then it just starts building and building and you stay consistent, the leads come in. Some buy right away, some buy in three, four, five, six, six months from now.

Rafael Cortez:
80% of the deals are going to be coming from followup. Followup is key. It doesn’t matter what your source is, marketing campaign wise, either coming from cold call, from SMS, you still got to follow up somehow, some way. Have a process lined up, even a simple spreadsheet or if your database is not that big yet, that’s fine. That’ll work. The point is to keep them on a consistent followup.

Layne Peterson:
Yeah. That’s the only way to maximize your advertising dollars. If you don’t have something set in place to follow up, then you’re not maximizing your advertising dollars that you’re spending.

Rafael Cortez:
Yeah. You’re hardly ever going to lock a deal or get a signature on that contract at the closing table. It happens-

Layne Peterson:
Sometimes you do. Those are great.

Rafael Cortez:
Yeah, it happens and those are awesome. They’re beautiful when they happen. I get excited about them every single time, but it’s not the standard, especially when somebody’s starting off. The conversations can be a little rough. The solutions being presented can be a little rough, and there’s some fine tuning that people have to get to a place where they trust you enough to do business with you.

Layne Peterson:
Yeah. We just locked up a deal the other day that we had initially made contact in July. You have to do that. [crosstalk 00:07:39]. You have to have followup in place because you never know. You never know when their situation’s going to change or when they’re going to be ready.

Rafael Cortez:
No, absolutely. I get it. And I completely agree. Talking about deals, let’s break down one of your wholesale deals. Give me an example on how you got the lead, when your process was. Pretty much what I want to tap into is a snapshot of the way that you run your operation.

Layne Peterson:
Yeah. So for example, this one that we made contact in July. That was a text message campaign that had gone out. They had replied and showed some sort of interest. And then we made the initial phone call, talked with them, say, “Hey, right now is not a good time.” “Hey, no problem.” Two weeks later we followed up, still not ready. And then they got on our 30 day follow-up campaign that we have. Every 30 days we’re touching them.

Rafael Cortez:
Boom. Boom. Boom.

Layne Peterson:
And it’s not the same message every 30 days, it’s tweaked a little bit, but we’re touching them every 30 days. And so they’re going to be on your mind. And so then we got a phone call from the seller actually and said, “Okay, Hey, now I’m ready.” And then we went through the process and did the whole thing with them.

Rafael Cortez:
Yeah, that’s key. Just being top of mind in a sellers head. I’ve had sellers say no, like, “No, I’m not interested. I am not selling.” Unless they tell me that they already got rid the property or they specifically asked me not to ever call them again, they’ll go on a followup sequence. And of course, we have a conversation with them, “Is it okay if I follow up with you in a couple months?” And whatnot, put them back on that-

Layne Peterson:
Say, “Yeah, sure. Go ahead.”

Rafael Cortez:
Exactly. It builds rapport. It gives that a consideration and it’s amazing to see how many of them call you before the time is even due, or on their own terms.

Layne Peterson:
Yeah. They’ll say, “Hey, maybe a year from now.”

Rafael Cortez:
Call back in three months.

Layne Peterson:
You follow up and then it could spark it back up and come back alive.

Rafael Cortez:
Absolutely. So this deal, let’s dive a little bit deeper into it. How’d you get that lead? What kind of lead was it?

Layne Peterson:
It was just a text message campaign that we had. We have our criteria, scrape the data, ran it through, sent out our text message campaign, and then they responded with showing somewhat of interest. And then we got on the phone with them.

Rafael Cortez:
That’s key, man. Time and time again, I see a lot of people, even some clients and students, they keep the conversation in those lines of marketing, for example SMS. And they’ll try to negotiate via SMS. The point is to get people out of that stuff, as soon as you get a hand raise and put them into a conversation.

Layne Peterson:
Exactly. That is our initial thing. When they show any sort of interest in selling their home, our first thing is give them a call, try and get on and have a conversation with them, because building that relationship is more important. I don’t know what the stats are, but I guarantee you’re going to buy a fraction of the home, trying to do it on SMS than actually getting on the phone and talking to them.

Rafael Cortez:
Things are going to fall through the cracks left and right, man. I guarantee you that.

Layne Peterson:
And you’re just throwing away your advertising money.

Rafael Cortez:
Yeah. As a matter of fact, the way that we have it is a text comes in. If they’re interested, we don’t even text them back.

Layne Peterson:
Yeah, we don’t either.

Rafael Cortez:
The next step is a phone call.

Layne Peterson:
Is a phone call. Yeah. Try and get a live phone call. A lot of times you don’t make contact, they don’t answer or what have you. So then you do texts and you try and get them on the phone eventually.

Rafael Cortez:
Right. Right. So that lead came in. It took you what, six months to get it-

Layne Peterson:
It took six months, yeah.

Rafael Cortez:
… through the doors, to get that signature in the paperwork. It only took six months. What was the seller’s situation? What problem did you come in to solve?

Layne Peterson:
They were looking to relocate. All the kids had gone to college. I think they had one that was just getting ready to leave. And so they were ready to downsize, and we were able to… And they’re a little bit older. COVID is a big scare, getting people through your house, people coming in and out. And they didn’t want to mess with that. They didn’t want to mess with the timeframe that it would take, the inspection period and all that. And so we were able to negotiate a price that made sense to them. Obviously, they know they’re going to have to sell at a little bit of a discount to not have to go through that. And so we were able to give them a price that made sense for them, made sense for us, and it all worked out.

Rafael Cortez:
We can always come in with speed and convenience. It’s one of the biggest things that we always talk about in Wholesaling Inc. You can always offer some type of convenience and along with the speed of closing and-

Layne Peterson:
Time and convenience.

Rafael Cortez:
Yeah, exactly.

Layne Peterson:
That’s value [crosstalk 00:11:55].

Rafael Cortez:
So you come in, you wrap your head around that as you were coming into that conversation, you’re going to see a lot of little gaps that you can fill in with solutions.

Layne Peterson:
Yeah. And they have to understand, time and convenience does have value.

Rafael Cortez:
Absolutely. Yeah.

Layne Peterson:
When you break it down, there is actually a dollar amount for time.

Rafael Cortez:
We’re trading that for equity.

Layne Peterson:
Yeah, exactly.

Rafael Cortez:
Yeah. So what did it look like? What was it like?

Layne Peterson:
It ended up being a great deal. It actually ended up working great for one of our clients who’s building a portfolio of rentals. And so we were able to tie it up. I’m trying to remember if we were at 75% of value and we were able to give it to them at 82% of value pre rehab, and it worked great for the rental portfolio. And yeah, turned out great.

Rafael Cortez:
What was your wholesale fee on that, if you don’t mind me asking?

Layne Peterson:
That one was $23,000.

Rafael Cortez:
$23,000 for a six month follow up that you stayed on top of on a monthly basis. Consistency, man. Boom. I’m telling you if that’s not magic in the making, I don’t know what is.

Layne Peterson:
Yeah. And it really helps your numbers come back around. It helps all your numbers.

Rafael Cortez:
Absolutely, man. I love it. So 23K, giving somebody else a solution. That’s the thing. A lot of the time when people are coming into wholesaling, we have the tendency to be caught up in the price. Like, “No, how is somebody going to sell for a lot less than retail? Why would they? It doesn’t happen,” but it does, people are looking for something different. And it’s not about deceiving in price points. It’s not about any of that stuff. It’s about coming into it with a different perspective and providing a solution, just like you guys did.

Layne Peterson:
And a lot of times sellers learn that the hard way. We had a deal where I couldn’t get it to the closing table. They didn’t want to sign because they thought they were leaving too much money on the table. They went with a retail buyer. Two months later, she called me up and said, “These guys are canceling the day before. I already have my new house. I’m all boxed up, moved out. I’m trying to close on my new house and I can’t close it unless this one closes.” So we were able to swoop back in and close it in two weeks.

Rafael Cortez:
You got an extension for close of [crosstalk 00:13:56].

Layne Peterson:
Got an extension on the house and then we were able to come… Obviously she got a little bit less, but it was done. It was a guarantee. She had to get another house. And so that to her has a lot of value.

Rafael Cortez:
Absolutely. And when you have something like that, that’s a double hitter. And I mean double hitter as in them having a transaction on their end, and then you having your side of the transaction. They have money put into it. They have inspections, they have earnest money that they’re going to lose. There’s all kinds of stuff that plays into it. So it’s just a bigger problem, bigger headache. And now you have the time constraint that you can come in and then also alleviate that with. When you pushed your deals, you said you pushed it up to 82 on your buyer side. What are you looking for to give your end buyers? How do you structure that, I guess is the question?

Layne Peterson:
I want them to make money. I want them to have a deal.

Rafael Cortez:
Otherwise, you can’t sell, right?

Layne Peterson:
I know if they make money, then they’re going to stick around and they’re always going to be a client. That’s the most important thing that you everybody has to understand. You make your money on the buy. That’s when you make your money. And even though you’re not having cash in hand, but you make your money on the buy. If you don’t buy that house right, you’re going to have all sorts of headache and problems getting rid of it. I don’t care what you do to it. Go put bells and whistles on it. If you don’t buy it right, you’re just going to have problems.

Rafael Cortez:
Yeah. It’s going to sit there. It’s not going to move. And it really sucks when you have to go back and renegotiate something with the seller.

Layne Peterson:
That’s the worst part of the business. I hate that more than anything in our business.

Rafael Cortez:
“Mr. Seller, I am so sorry I offered you more than I could and can’t close on it.” And then you have the awkward conversations just because you didn’t… If you’re not getting a number from the seller to start off with, it’s the beginning of a conversation. But we anchor low, that’s the thing. So we’ll anchor low and basically what it is, it’s not that it means that that’s the price of the agreement, what it’s going to turn out to be, but it’s the starting point for a conversation. But you’re right. You’re totally right. You have to buy it right, otherwise, the second leg of the transaction does not work.

Layne Peterson:
There’s a lot of people that learn that at the very beginning, they just want a deal. “I want a deal, I want a deal.” So they’ll write a deal and then it just ends up being a headache. It keeps them up at night and all this anxiety because they can’t get rid of it, and now their name’s on the line as well. They want to do right by the seller because I’m sure they have good intentions when they sign that contract. But you make your money on the buy.

Rafael Cortez:
Oh yeah. I learned that the hard way, man. First week into it, I went all in like a freight train. I was having a bunch of conversations with sellers. Went and had six, or not six appointments. I had, I don’t a bunch of appointments that first week. It was long time ago. I locked up six deals on my first week. Six deals. And actually I did this while working for a company. So it wasn’t all my leads. I wasn’t doing the marketing. I was getting the appointments and then just had to perform on those. So I was the acquisitions guy and I went, locked up six deals came back first week, fresh coming in from a totally different industry, had nothing to do with real estate. I felt like a rockstar. I walked into that that office Monday morning, and then we laid out the six contracts right there, “Let’s go,” super excited, and none of them sold.

Layne Peterson:
You didn’t sell any of them? Oh, man.

Rafael Cortez:
No. My math was all over the place. I was trying to justify and doing all kinds of wishful thinking on like, “Oh, well we do this. I guess I can push it a little higher.” Bro, we’re paying retail, not even more, minus realtor fees, but they were all locked wrong. They all fell through. Now, the second week sucked even more because I had to go back and renegotiate, have conversations with those sellers and tell them-

Layne Peterson:
Oh, that’s the worst.

Rafael Cortez:
“Listen, you know what? I was here last week. I was super green. I am so sorry.”

Layne Peterson:
Yeah, I hate doing that. I try and avoid that as much as possible, because I don’t want to do that to a seller and I don’t want to be in that situation. I don’t like it.

Rafael Cortez:
Yeah. No, absolutely. One thing that we do on the despot side as well is when we push it out, we want to make sure we do the math, and it’s always rough numbers because every buyer of your contract, they’re going to have a different skill set when it comes to renovating and doing their thing.

Layne Peterson:
Rehab’s always the variable. That’s always the variable.

Rafael Cortez:
You can’t pinpoint it because somebody might do a great job at it, and somebody may completely suck and not do great at all. But we have this calculation in there. It’s just a ballpark. And what it does, it creates our numbers on the acquisition from the space of giving the end buyer about a 12% return. So they drop money into the-

Layne Peterson:
Is that annualized or on the deal?

Rafael Cortez:
No, on the deal.

Layne Peterson:
It’s a great return.

Rafael Cortez:
10 to 12% return on the deal. That’s what we’re ball parking for because-

Layne Peterson:
That is great.

Rafael Cortez:
I know for a fact, for example, that if we lock a deal and we have a 10% ROI to 12% ROI on my buyers list, they’re going to suck it right up. It works. So we work the numbers off of that, but you have to know where to come in. You got to do that math.

Layne Peterson:
Yeah. And do you guys have it pinpointed, like price per square foot? If it’s a minor rehab, you have a per square foot and it’s more of a major…

Rafael Cortez:
Yeah, actually inside the course we have a full calculator for it, but you type in a couple of numbers, a couple of comps and it’ll give you a range. And then you take into account the estimated repair, and then it’ll work out the numbers based off of that 10 to 12% return. And that way, you’re locking a deal, you’re having a conversation based on logical numbers. And then you actually have something in your hands that you can sell, that you can push, and it’s a sellable agreement.

Layne Peterson:
If you end up being a credible source for your investors, to your clients-

Rafael Cortez:
Yeah. They’ll come back to you.

Layne Peterson:
… they’ll come back to you. The whole stigma-

Rafael Cortez:
That’s both buyers and sellers.

Layne Peterson:
The stigma of wholesalers is they overestimate the retail value and they underestimate rehab. They’re like, “Hey, this house is worth 500,000 and only needs 20,000.” Well, really it’s worth 400,000 and it needs 50,000.

Rafael Cortez:
Sit needs 50,000, 50, 60.

Layne Peterson:
When you get that name people just start deleting your emails.

Rafael Cortez:
Oh man, your buyer’s list, it’s really the holy grail of your business. And you have to take care of it. A lot of the times we get people in that they want to partner up, they want to do joint venture deals. “Hey, I have this deal. Can we push it through your buyers list?” We’ll set up a JV agreement. We still want-

Layne Peterson:
You want to make sure it’s a good deal.

Rafael Cortez:
Yeah. The last thing I want to do or anybody wants to do for that matter is swamp out the buyers and box with crappy deals that are not going to sell.

Layne Peterson:
Yeah, because they’re going to unsubscribe. They’re just going to not even look at your deals.

Rafael Cortez:
Yeah, exactly.

Layne Peterson:
That’s what I’ve always tried to do. You always want to make sure you’re giving your investors a good deal. You don’t want to be that guy who’s overestimating retail and underestimating the rehab.

Rafael Cortez:
Well, you’re also not going to last. That’s also very important. You’re not going to last too long if you’re that guy.

Layne Peterson:
And that’s why I always say-

Rafael Cortez:
Learn your craft.

Layne Peterson:
Make your money on the buy. You buy it right, you’re not going to have any problems.

Rafael Cortez:
Yeah. Come in with the problem solving mentality, lock it right, and then have meat on the bones for the end buyer. You’re not going to get rich off of the one deal. You know what I mean?

Layne Peterson:
Yeah.

Rafael Cortez:
Like you said, at the beginning, consistency is really what gets you to that space of an actual business. Yeah, man. I love it. Thank you so much, man. So if somebody wants to get ahold of you, where would they find you?

Layne Peterson:
Super easy. My email is my name, layne@laynepeterson.com. Always super responsive there. I’m always building my database. I also JV a lot with people too. I love to do it, obviously if the deal is right. Or just call me, (480)-560-2585.

Rafael Cortez:
Oh, snap.

Layne Peterson:
Yeah. Hit me up.

Rafael Cortez:
All right. Do you do Instagram and social media?

Layne Peterson:
I do. Yeah. Instagram, Facebook. Only thing I’m not on is TikTok, just to watch my kids. I am on it, but I like watching my kids. That’s about it.

Rafael Cortez:
Cool, cool. Awesome, bro. So if you were to recommend a book to somebody or a learning source to somebody starting off as a wholesaler, what would that be?

Layne Peterson:
Man, specifically to wholesaling, I’m not sure, but there’s a book that I really like that is You’re Not as Smart as You Think You Are. It’s really cool. It really sets your tone of let’s not be so egotistical, let’s not to be so pompous. We don’t know everything. Matter of fact, we know way less than what we even think we know, because we all try and convince ourselves that we know more or that we’re right. We do it subconsciously and we do it consciously. I really liked it. You’re Not as Smart as You Think You Are.

Rafael Cortez:
You’re Not as Smart as You Think You Are. I love that title, man. In this industry actually, especially, there’s so much ego going on, but when you really dive into it and start growing as a person and working on yourself, the more you find out, and I’ll speak for myself, but the more I realize that I don’t know at all. There’s just so much to it.

Layne Peterson:
Exactly.

Rafael Cortez:
So much to it.

Layne Peterson:
I’ve been doing this for 12 years, well the wholesaling side. I’ve been in the real estate since early two thousands just here in Arizona. And as long as you have that mentality of you can always learn more and keep your people tight, build your network. There’s a lot of really, really smart people in this business. I’ve been friends and networking with a lot of them since the crash happened and I’m still close with them. You want to maintain those relationships, because you never know when a deal is going to happen. I’ve JVed with countless other wholesalers. They know that I’m an East Valley guy or that I’m a land guy or that this guy’s an apartment guy or whatever, and they bring you those deals. And you always want to maintain those relationships. You want to stay in front of people. You know that. You guys got a great network going as well. And we always collaborate with each other and just the whole synergy of it with all the other people in the business actually increases your bottom line.

Rafael Cortez:
Right. Yeah. This is definitely an industry that, it didn’t use to be that way, I think. But it’s shifting to the place where it’s better to be inside a network because a lot of people are more willing to help than we initially believe they are. So it just creates that great environment. And it really comes down to having the right people around you, just like you said at the beginning of the interview. It’s having the right people around you to do everything. That’s to grow your business, to get out of those tasky things that you need to handle as an individual, delegate those. If you don’t have the right people around you-

Layne Peterson:
One of the biggest deals that I did didn’t come from my advertising, it came from somebody else in the business. He had a relationship with a bank and the deal came up where it was two subdivisions, not full houses. They got caught in the crash, they were 90% developed, plus a big plot of vacant land in. One of the subdivision that had seven big custom homes that also got taken back and he called me and said, “Hey, help me do this deal.” And we got through the entire deal. I actually ended up owning the vacant land piece, which was a great investment.

Rafael Cortez:
You still hold that. You still have that?

Layne Peterson:
I’m almost through it. We got just a small portion of it left. But we’ve worked through it, split it, platted it. The seven houses we were able to wholesale, and then he ended up with the other subdivision. It was just one of the biggest [crosstalk 00:24:47] most complicated deals that I had done, but it was one of the biggest deals that I had done. It was just somebody else in the business. We have a great relationship. We have confidence and trust in each other, and he brought me the deal.

Rafael Cortez:
Well, that’s the thing. If you don’t have the solution for something, what do you do? Reach out to your network, right?

Layne Peterson:
Right.

Rafael Cortez:
The question is who, not how, a lot of times. Now you’re going to move faster. It’s who can help me, not how can I figure this out?

Layne Peterson:
Exactly.

Rafael Cortez:
It’s tapping into what people who already have experience in what you’re doing. Give me numbers on that one. If you don’t mind me asking what was the spread? I know you’re pretty reserved. Just throw a number out there.

Layne Peterson:
Man, this was like five years ago.

Rafael Cortez:
It’s out of curiosity because I want to put a tangible number in the valley of the networks.

Layne Peterson:
So really, the money that was made was on the seven big custom homes, because he kept the other subdivision and I kept the vacant land. So the sales price on all those seven custom homes I think was $3.8 million.

Rafael Cortez:
Wow. That’s insane.

Layne Peterson:
There’s over a million in wholesale fees.

Rafael Cortez:
Oh yeah. Wow. See, if that’s not network is your net worth, I don’t know what is.

Layne Peterson:
Yeah, exactly.

Rafael Cortez:
Thank you so much, bro. I appreciate you spending the time-

Layne Peterson:
Yeah. No, thanks for having me. I appreciate it.

Rafael Cortez:
… and dropping those nuggets on us. All right, trap. So you got it at the Wholesaling Inc podcast. If you’re ready to have a conversation with somebody from our team, go to the Wholesaling Inc website and see if it’s a fit. If it is a fit and you want to jump into the Right on Tack program, I look forward to working with you on a one-to-one basis. Until then, stay focused. You got this.

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