Posted on: May 24, 2021

We’re back with another jam-packed episode where we share the tips, tricks, and strategies you can immediately implement to start making money in real estate…RIGHT NOW! 

In today’s show, our guest is Hai Nguyen. He is a Rhino Tribe Member and is one of Lauren’s VIM (Virtual Investing Mastery) students. He’s applied what he’s learned in Lauren’s program and has now closed THREE of his biggest DEALS!

In this episode, Hai talks about how he left college to become a full-time real estate wholesaler. He shares how and why he got started in real estate wholesaling and what it’s like from being a total newbie to closing three deals.

Join Hai as he shares his journey of leaving college to pursue a career in real estate. He gives one piece of advice for anyone who wants to take the route he also took, and he shares the lessons he learned three deals later. You surely don’t want to miss this episode!

Key Takeaways

  • What was going through his head when he started wholesaling
  • What his parents thought of his real estate pursuit
  • How he got himself educated in wholesaling
  • His first experience in cold calling and how it affected his mental health
  • He shares how he got his biggest real estate deal 
  • A practical tip for wholesalers when making an offer
  • His advice for anyone getting started in real estate wholesaling
  • The Squirrel versus Elephant deals

 

RESOURCES:

If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!

Subscribe to Wholesaling Inc

Episode Transcription

Lauren Hardy:
What’s up Rhino Tribe? You are listening to the Wholesaling Inc. Podcast and I’m your host, Lauren Hardy. Today, I’ve got Hai Nguyen with me and funny coincidence that Hai Nguyen that is here today is not the Hai Nguyen that’s worked with me for six years. So Hai Nguyen, he’s a Rhino Tribe member, he’s one of my VIM students and he’s closed three virtual deals. So we are going to talk about what is going through his head, going from being a total newbie to now closing three deals. What was it like being new? What has he gone through and what has he learned? Three deals later. So welcome to the show. Hi.

Hai Nguyen:
Thank you. Thank you. It’s good to be here.

Lauren Hardy:
I am so glad that you are here because I remember when I first spoke to you, I remember you were kind of putting some pressure a little bit on me, not intentionally, but you were like, “Listen, so this really has to work because…” Why don’t you tell us what was going through your head when you first got started?

Hai Nguyen:
When I first got started, I took a semester off from college just to figure this out because in me I was always like an entrepreneur. I always tried to figure ways to make money, to help my parents out. I dabble in big coins, I dabble in dropshipping, but none of those really worked until I found real estate and I know real estate has been around for a long time and it’s like, there’s multiple ways to make money from it. And being a college student, I don’t really have much money, so wholesaling has to work and luckily enough, it did work for me.

Lauren Hardy:
Oh my gosh. Yeah. So tell me about college. So you’re a college student. What college are you going to?

Hai Nguyen:
I am at the University of Illinois at Chicago. It’s like downtown Chicago almost. So I get to see the skyscraper everyday going to school.

Lauren Hardy:
Oh man. Okay. But you were going to school for a little bit and then what you decided, hmm, actually I don’t think this is for me?

Hai Nguyen:
Yeah. So going to college, I was majoring in biochemistry to be a dentist and that’s a lot of pressure. I felt like that wasn’t for me because I have my brothers take care of, I want to retire my mom early and if I went through with all of that, I wouldn’t graduate until I’m 27. And that’s a long time, and I would owe a lot of money just to go to college.

Lauren Hardy:
Wow, okay. So what did your parents think about you taking a semester off to pursue real estate?

Hai Nguyen:
They were not happy at first. They were not happy, but as soon as my first deal closed and they saw like the wiring into my bank account, they were like “He kind of got it. He kind of knows what he’s doing”.

Lauren Hardy:
Isn’t that funny? The hater only hate until they see the money and then they’re like, oh, actually, I always knew you’d be an entrepreneur. All of a sudden they changed their tone and they’re like, oh, I totally knew you can do it.

Hai Nguyen:
Yeah.

Lauren Hardy:
That’s true. So you took a big risk. I’m imagining from your relationship with your family, you were going to be a dentist. Was it really ingrained in you that you are going to take that path of going to college, you’re going to either be a lawyer, a doctor or an engineer. Is that your thing?

Hai Nguyen:
Yeah. That was very ingrained in me and they just want me to succeed in life and being a dentist or going to college it’s always the safe route to them. Because they never graduated high school or college themselves. So they think that going to college, getting a 9:00 to 5:00 job is the safest route.

Lauren Hardy:
Yeah. And I think when you have that mindset, it’s sometimes hard to break away from it. So I understand your parents were probably a little afraid when you’re like, “Actually I’m going to take a semester off.” You took a semester off and then I think we met right about at that time. Right?

Hai Nguyen:
No, I took a semester off starting, I think, it was like September of 2020. And then I joined the course January.

Lauren Hardy:
Okay. So what were you doing from September to January?

Hai Nguyen:
I was trying to figure it out. I was stuck in analysis paralysis. So I was studying YouTube University. I bought these smaller courses that teaches me the basic of wholesaling, but nothing really instructional like Wholesaling Inc.

Lauren Hardy:
Okay. So you started with that, you’re doing YouTube University. What a lot of people go down that road and then you finally got the courage to sign up for my coaching program. What were you most afraid of when you signed up for a larger coaching program?

Hai Nguyen:
I was scared on the budgeting side, but luckily there’s like a payment plan for it. So it helped a lot being a college student, working part-time job. It helped with the payment.

Lauren Hardy:
Right. I imagined it was going through your head, am I going to make this back?

Hai Nguyen:
Yeah.

Lauren Hardy:
Yeah, because every coaching program I’ve ever purchased, that’s the first thing that comes to my head is like, am I ever going to get this back? And so take me through. So you got started, what happened next after January when you joined the tribe?

Hai Nguyen:
I started pulling lists from one of the lists pulling sites capturing started pulling lists, keep trays. At first I was just straight up call calling, because I didn’t understand the SMS text message. So I was just call calling on the batch dialer. It was when they first came out. So I was kind of like the test trial and the price was a lot cheaper than other competition because I was one of their earlier members. So I just cold called almost every day around 5:00 to roughly 7:00, because I had a part-time job also. So I came home cold called. There was a lot of people cursing me out and saying, no, it played a big role in like my mental health, it’s hard.

Lauren Hardy:
Yeah. No, it’s hard. Cold calling isn’t easy. You definitely have to have a thick skin to do it. So that’s interesting you bring up your mental health. So like your cold calling and people are cussing you out. What did you notice just after that? Like after a long day?

Hai Nguyen:
I felt down almost every day until sometimes there’ll be a yes. That’s like my happiest moment. Yes, but they will want prices like over what the market prices, so that turned me down a little bit more. But over time I started building a, like you said, thick skin. I just got used to it. All of these nos will come to a yes eventually. So I just kept at it, then I got my deals.

Lauren Hardy:
Right. I’m going to tell you and anybody that’s listening a little secret about myself. I hate rejection. So cold calling was not for me. I always knew that I would not be the person cold calling, that I would hire it out. I also hated making offers to sellers because I hated that rejection. I hated the feeling I felt.
So there’s this saying go like if your offer does not embarrass you a little bit as it’s coming out of your mouth, you’re offering too high. Everything embarrassed me and I hated that feeling, like I loathed it. It was really tough to get that thick skin for me, it’s really hard for me. So for me, my first goal was to scale. So I didn’t have to do the parts of the business that I hated. And you got there.

Hai Nguyen:
Yeah. I got there eventually, I just blocked all the negativity out. I know what I’m doing for, I have my why, which is just to retire my parents as soon as possible and just starting my real estate journey.

Lauren Hardy:
Yeah. What a really honorable why I’ve got to say.

Hai Nguyen:
Thank you.

Lauren Hardy:
You are very selfless. Most peoples’ whys are some sort of self-serving why, but you were just thinking about your parents, that’s really cool. That’s really cool. So you’re getting beat up on the phone, but eventually you’re now three deals in, you’ve got three closings. Do you mind sharing anything about those deals? Like any tips that you can give on how you got them, anything?

Hai Nguyen:
So one of the deal I got recently, which is my biggest one was all three houses for one deal. So at first it was a follow up lead. I called this guy way back in November, before I joined the course. I had the number saved as his son who’s also a Junior, so his name Junior. So I didn’t know that, so I kept following up until one day I just went through my system and tried to call all the numbers. The actual owner actually picked up and he’s like, “Oh, that’s my son. He lives all the way in Britain.” I was surprised. So then I started building rapport, which is a big thing in our course. And you emphasize building rapport a lot. I Just build rapport with them, at first his price was crazy, it was way up there.

Lauren Hardy:
Okay. So do you remember off the top of your head, what did he want at first for those three houses?

Hai Nguyen:
It was like super beat up house and I think there were these teenagers doing drugs in there. He had an agreement for $30,000, with someone else. Had told him, yeah, I would love to make you a backup offer if anything worked out. So I called him again, I would say like two weeks later. He said, “Oh, I didn’t want to deal with this guy because he was out of state, which is in Maryland.” The guy who gave him a offer was virtual also.
But I had a guy in Louisville, a JV Partner. So that’s how it worked. I started building more rapport asking, do you have any other puppy you might consider on as a package. Then he started giving me all these other houses that’s been vacant for years that he never thought about. Then we just gave him a price range, like were other buyers. Like you said, the buyer’s range. We give him the range. He’s like, “Oh, that’s reasonable.” Since I gave him the address, that’s reasonable. And we somehow kept building rapport and he gave me all three houses.

Lauren Hardy:
Nice. And what do you remember your contract price?

Hai Nguyen:
I believe it was 72.

Lauren Hardy:
72 for all three. And then?

Hai Nguyen:
No, no, sorry. It was 60.

Lauren Hardy:
60 for all three?

Hai Nguyen:
Yeah.

Lauren Hardy:
Okay. So let’s back up, because I love giving a piece of practical advice in every episode. So I’m going to catch you for where he was just explaining something that I think you guys can all take away. So what I did is he supported his narrative of pricing. He gives a price range and he gets that price range based on the comparable sales in the neighborhood that other investors purchased. So he looks for cash sales, he looks for purchases that look to be investor purchases. He gets maybe two or three addresses. So he could then quote them and say, well, Mr seller, we’ve got one, two, three main street and that sold for X price by another investor.
So the more that you can support your narrative, that’s what I call it, the better you sound the seller. You’re kind of doing the don’t shoot the messenger, other investors are paying it, it’s not my fault that investors sold their house that low. But because they did that’s the pricing in this neighborhood.
So the more that you can do that, you can bring a seller down in price, it’s insane. I’ve had sellers like at first say crazy prices. And then you just show them the comps of what other investors are paying. And they’re like, okay, fine. Practical tip guys, do not ever not make an offer or not follow up with the seller because you were offered a price. Because the seller just needs to get educated and then they need to think about it and sit on it and eventually they come to terms if they’re motivated enough or if they really want to sell. So cool. So you did that, you followed the instructions and you did what you needed to do. You locked it up and then what did you sell it for?

Hai Nguyen:
It was a hard disposition because like the first house, the first one that me and the seller talked about, no one really wanted that house because it was so beat up. So it’s hard to really like package three for one. Like most people just wanted the other two good houses. So we promised the seller that we’ll take care of all three. And we found a buyer that would take all three of them for 82.

Lauren Hardy:
Nice.

Hai Nguyen:
But they didn’t really want the first beat of houses. So we agree with the seller that we’ll help you out. We’ll give you an extra 5,000 just to help you pay it all off. So we took it a little bit less, but everyone won.

Lauren Hardy:
Right. Okay. Well, good work. That’s crazy. Some people would have said, sometimes people count houses as deals. They might’ve counted that as three deals in one. But however you want to do it, you’re more humble. You’re like, all right, that was one deal. So that’s really, really cool. And it is a good idea to ask every seller, “Hey, do you have any other houses?” People forget to do that. Sellers don’t realize that you’re buying multiple. They think you’re just talking about one. So that’s really amazing. Very, very proud of you Hai. So you had a lot riding on this. Is there any advice that you can give to somebody who’s maybe just getting started and zero deals just getting started, maybe they’re on YouTube University. What would be your advice?

Hai Nguyen:
The biggest thing I picked up from our coaching calls was the squirrel versus elephant deals. That stuck with me because as a young person on social media all the time, I see like all these people getting 50, 20, all these big deals. But like you said, these are the rare occasion and it’s not realistic. You’re not going to get it consistently. I would say don’t compare yourself with others because you’re on a different journey. You’re on a different path. You have your own life, just stick with it, put in the hard work and just believe in it.

Lauren Hardy:
I love that. I wouldn’t have thought that that is what would be your big takeaway from some of the things that I’ve said. But you bring up psychology a lot. Like you brought up your mental health. I mean, it was hard on my mental health and we don’t talk about that enough.
I don’t feel like this is something that real estate influencers are vulnerable and candid enough, but I definitely had this same sort of inferiority complex when I would jump on social media. And I would see someone who, maybe one of my peers, maybe someone just getting started and they’re super braggadocios on social media. Posting their cheques and just talking about how good they are. And it would get me down because I would go, well, what’s wrong with me? Why am I closing these &20,000, $100,000 $80,000 deals?
But I learned through time that usually those people aren’t showing you the full picture. They’re not showing that they only did that that whole year. They’re not showing that it took $70,000 in marketing to get $80,000 deal [crosstalk 00:16:47]. They’re not showing everything and so it’s almost better to just block out that noise and just focus on yourself. Give yourself a pat on the back for the habits that you take every day that are going to eventually get you to where you want to go. If you make the cold calls for the amount of time that you set out to do, pat yourself on the back. Give yourself praise for the actions you’re taking and the results will come. But yeah, don’t get on social media and like start comparing yourself. I do it too. Even the how with influencers, because now I’m in that world.
I’m like getting on Instagram and it’s like, all I see is real estate influencers because Instagram has the algorithm now. So it just gives me anxiety. I see work all the time. I’m like, oh my gosh, I’m not working enough because I saw someone still posted three times a day and I only posted once. And it’ll just drive you crazy. So it’s cool that you’re kind of bringing up some more mental, emotional stuff, because we all go through it, but nobody talks about it.

Hai Nguyen:
Yeah. It doesn’t sell it. It doesn’t give them the followers that they would want if they start talking about their mental health. People just want to see like those big cheque, big fancy cars.

Lauren Hardy:
It’s no surprise that the YouTube titles with, how like when you go on YouTube and you look at people’s videos and the thumbnail, which has like the title over it, it’s usually a bright color. The thumbnails that have some sort of large dollar figure in that top title are the highest viewed on all my channels. It’s ridiculous. It’s like people are attracted to like, woo, he made $50,000, click-click. Nobody would be into like, he admits he struggled with his mental health while cold calling. That thumbnail won’t sell. That thumbnail doesn’t get the clicks, but like-

Hai Nguyen:
On social media.

Lauren Hardy:
That’s social media, right? We want to live in fantasy land, but listen, I’m all about being real and being honest and we all go through all that. So yeah, the squirrel versus elephant concept it’s just a little analogy I throw out where squirrel deals are the smaller ones, but you’re kind of more of a volume person.
So maybe your wholesales are 10,000 on average or less, but you do more of them. And then the elephant hunters, I call them are the ones that are like usually in the bigger cities, the higher price areas like SoCal and they are the larger cheques. Like the 50,000 plus, those are the elephant hunters I call them. And it’s all about, you need to decide upfront before you pick your market, whether you want to be a squirrel hunter or an elephant hunter. And I am a squirrel hunter and I am fine with that. I used to be an elephant hunter. My first go at real estate, it was SoCal, these deals were 50,000 or more. And I could not sleep at night. I literally was in the most anxious state of being in my entire life, those few, probably three, four years, when all I relied on was Southern California.
It wasn’t until I went virtual and I started squirrel hunting on the side that I could handle elephant hunting. I think something to ask yourself whether you’re a squirrel hunter or elephant hunter is, do you have a lot of responsibility financially? I had two kids, I have to support my kids, I’m a single mom. I have to support myself and my kids.
So waiting four months for a $50,000, $60,000 cheque to hopefully hit is going to put me in a state of anxiety for those four months. And yeah, if you have to support or help support your family, squirrel hunting might be where you want be. And you’re just getting regular cheques at a more regular pace [crosstalk 00:21:04]. Honestly, I think at the end of the day, they equal out just because you’re an elephant hunter doesn’t mean you’re making more money than the squirrel hunter. It’s more just getting little drip feed, cheques drip feed it to you versus all at once, so that’s cool. That’s cool. I liked that you brought that up.
Well, Hai, thank you so much for coming today and sharing. I think a lot of people will relate to your story. If anybody wants to get a hold of you, are you on like Instagram or anything?

Hai Nguyen:
Yeah, I’m on it but I don’t really talk about real estate on it. Not yet, not yet.

Lauren Hardy:
Not yet. As long as you’re not posting pictures of your big cheques.

Hai Nguyen:
No I haven’t.

Lauren Hardy:
Can people email you or anything?

Hai Nguyen:
If they want to reach out, my email is haibuyshouses@gmail.com.

Lauren Hardy:
Nice. Hai, H-A-Ibuyshouses@gmail.com. Well, Hai, thank you so much for coming today. And guys, thank you so much for listening. If you guys are interested in going virtual, taking your real estate wholesaling business virtual, check out my coaching program at www.virtualinvestingmastery.com. You can join Hai and me. We have a great group and yeah, I thank you so much for listening guys. And we will see you next time.

Leave a Reply

Your email address will not be published. Required fields are marked *

Wholesaling