11 DEALS in a SINGLE month!
Yes, you read it right. Sounds insane, but one thing’s for sure, we all have a superpower waiting to be unleashed. In real estate investing, you’ve got to have that power, that ability to create your best deal flow strategy to reach your income goals.
In this episode, Nguyen Almonte will share how he did it and the strategies he used that generated wholesome deals every month after he started wholesaling.
Harnessing Your Superpower – How A New Wholesaler Locked Up 11 Deals In A Single Month! With Nguyen Almonte
Darren Bentley here. Welcome to another episode of the only wholesaling show you should be reading, Wholesaling Inc. I want to remind you of our incredible Black Friday week event here at wholesaling Inc. On Black Friday 2021, every one of our mentoring programs is available at a massive discount on the tuition price.
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We are sitting down with a fellow tribe member. He’s been a Wholesaling Business Blueprint student since early in 2021. He started almost in part-time status and all of a sudden, he blew up. With us is Nguyen Almonte. He’s in the New Jersey markets, and he tapped into the whole power of JV-ing, who not how, and bringing other people in. They have eight deals in the pipeline, and previously they had eleven deals in the pipeline. It’s not even a year mark. I’m super excited to have you on. I know you landed. You went to a conference and you went right into the podcast. That’s super cool.
Straight to work. Thank you for having me. It’s great seeing you over the weekend as well. Thanks for the opportunity.
Let’s get it. It was great seeing you in person. I see you on the coaching calls. We’re always talking but in person, it’s a whole different deal. It was awesome. It was a great weekend. Give us a little bit of context. You jumped into the Wholesaling Business Blueprint at the beginning of 2021 right around February, if I’m not mistaken. You had some results there. You tapped into JV-ing and opened it up. Before you were doing this, what were you doing before?
I had a career in advertising, radio advertising, digital advertising, and podcasting. My last gig was at Slate Magazine, Slate.com. I was running a lot of their podcasts, ads and campaigns. It’s something that prepared me for this job because this is all marketing. Once I realized that it’s like what I do for my 9:00 to 5:00, instead of advertising for them, I want to advertise for myself now. Let’s do this.
You took on it quickly too. It’s funny you say that from 9:00 to 5:00, we can create and work at a job but anything that you do after 9:00 to 5:00 is working for you. That’s when you create your own dream. Otherwise, from 9:00 to 5:00, we’re building somebody else’s dream. After 9:00 to 5:00, that’s when you start building yours. You transition out of that and jump right into it.
When I started in early 2021, I still had the 9:00 to 5:00. That’s exactly how I felt. It’s weird because I did that job in that field. I was fine with it. When I was doing my 9:00 to 5:00, I was itching to work. I should be talking to sellers. I should be trying to get deals. It started bothering me so much that I quit. I wanted to do this. When I was working over there, it felt wrong after a while. I should be working on my own thing. It happened quickly too.
How long did it take you to figure out that this was the path or the route that he wanted to take?
It only took me less than three months, or maybe a couple of months. One thing that I needed was proof of concept. I took a two-week vacation and all I did was cold call every single day for ten hours a day. It was the most boring non-vacation that I’ve ever done, but that forced me to see what the results were. If I spoke to people, people did pick up eventually. It’s a numbers game and if I focused on it, that showed me that it was going to work out.
You went into it tenacious. Even though you were doing it part-time, I remember at the beginning, you would always show up to the coaching calls, and you had updates, you had results, you had questions, and there was stuff that was always showing the effort that you were putting into it. Needless to say, you come along and get results. It does that. There is a lot of rejection, and sometimes it takes a while to get that first deal through the door for proof of concept, but if you do the right thing for long enough, you’re going to have the results that you want. How long did it take you to get to that first deal?
The first month was all learning, getting systems together, and nothing happened. That gentleman who sold me the first deal, seller-financed that to me. He’s an investor.
You went straight for the investment strategies that we have in there. You started talking about seller financing a couple of weeks into the program. I was like, “What is this guy doing? Let’s go.”
I have to go into the vault and pull up that video. I had no idea what I was doing. Once I started to have that conversation and I figured out that this is where it needed to go, I got into it and refreshed on the subject and it worked out. The initial point of contact with that gentleman, Robert, was the second month. Pretty quickly after that, we close that transaction and that’s the rental for me. I’m not selling it.
You kept that. You got it through seller financing.
Nothing on my credit. That guy doesn’t even know my socials. I went through the company, and it was a great deal.
You will get to a point where you can step away a little. But at the end of the day, you have to hustle as hard as you can to achieve your goals.
There are many opportunities out there, especially if you have different tools to take advantage of. We always talk about having and dropping the wholesale offer. In the way that we work, we’ll transition from a wholesale offer and we’ll pitch an option. If that doesn’t work, we’ll move on to seller financing, but we have an array of tools that we’re going through. I like the fact that you were able to see the benefit in keeping something like that instead of wholesaling. There are so many different ways to play in real estate. If you’re a little bit creative and have the right route, you’re going to do okay, That’s killer. You’re saying that you got your first house within the first couple of months of pounding the phones.
It took a while to close but within the second month, that’s when I started that process of communicating with Robert.
I can’t remember the details of the transaction. Was there money down or anything that forked out of pocket?
I did fork out a little out of pocket. I was fortunate enough to have that but it was only 5% down. The only reason why we got there was that you said, “First, we started with the wholesale offer, go through the process and the negotiation.” That’s how you laid it out in the program, but this gentleman wasn’t in the market so he’s an investor himself. He has twenty-plus properties. The only way it made sense for him was when we got to the seller finance conversation. I was like, “What are we going to do? I want to buy your house. How can we make this worth your while?” That’s how we landed on seller financing. In reality, he’s not a distressed seller at all. He’s an investor.
He’s a seller. First off, getting a house with 5% within 60 days of getting started in real estate is sick. That’s definitely a bell. Good work on that. Here’s the thing, we have this stigma of what a distressed seller looks like or what a seller looks like. I used to think this way. I used to think that a seller who would sell wholesale would be in ragged clothes, beat up, and would look tired. That was the imagery that I had in my head. No, these situations are different. Some people get tired of being landlords, not physically tired but we have so many properties, they don’t care anymore.
They increased the quality of life and they need to drop a couple of things here and there because they don’t want to deal with tenants. There are many different reasons that come along when it comes to finding the distressed and the problem. For this guy, it leads me to this question. He was an investor and wanted to get rid of it. Was he having issues with tenants?
No. This one happened to be the one that was a little bit outside of the circle where he had all of his other properties. This is the one that he cared about a little less. He is getting up there in age. Even though he wasn’t crazy to sell it, he wasn’t crazy about my cash offer. We worked out, something that works for everyone. He’s happy and I’m happy. It was comfort. The lease on the tenant was about to be up as well. I came in at the right place and right time. When I made that cold call and it worked out.
Isn’t that crazy? It’s pretty amazing to know that you can be there. First of mind whenever something like that happens. The vacation probably paid for itself in both experience and gains. You did a pivot to or a few months into it and you went all-in full-time months ago.
A couple of months ago, I made the decision to just leave the 9:00 to 5:00. My girlfriend looked at me and said I was crazy. I knew better.
I’m going to give her a shout-out because she spent her birthday weekend with you at a real estate conference in Scottsdale. If that’s not backing you up, I don’t know what is.
That was a tough sell. A couple of weeks leading into it, I’m like, “I don’t know how I’m going to work this out,” but we did it. I’m glad we did. It was a good time over there.
You went into it a couple of months ago and you started talking about a pivot. You started talking about the dispo side. You’ve done the cold calling, lead generation, the front end, and you build this whole system. You follow the blueprint and you have this whole system now in your business, but you started looking for additional opportunities because your JV-ed, joint venture partner with a couple of tribe members and closed deals like that. You look for additional partners and now your operation looks a little different. This is exponential growth and development. We’re talking about more than ten months. It is crazy what you’ve been able to do over a couple of months. Tell me about that.
One thing I realized quickly, and it even came from seeing your content and how all the big influencers like you and you collaborate with Grant and everyone seems to be working together instead of competing. There’s a mentality of abundance. Because I have big things I want to do, I realized that there’s no way that I can accomplish it in the timeframe that I want to on my own. I limit myself to trying to do everything on my own and have that ego. I put that aside. I work with great people here locally. We had been discussing deals.
I did a couple of deals so I put it out like this and we’re all pulling the same lists, we’re hitting the same marketing channels and same area. We have complementary skills that we can all bring together and make a killer team and that’s exactly what we did. It’s worked out great. We all have stuff that complements each other.
My partner, Jerry, comes from a lending background as a loan officer. Ryan comes from my high-level construction management experience. Any fix and flips that we have any funding questions that I don’t know about, we’ve got Jerry. I come from a marketing background, so all of these are tools that we collectively have and own our own. We can accomplish so much more together than we can individually. That’s what I believe in.
The results speak for themselves. In a month, you had eleven deals between the joint venture partnership between the three of you. That’s what happened and you’re handling the dispo side of things. That’s your superpower now. You transitioned from acquisitions and all that stuff. You did it all and you moved to dispo. Did you find your sweet spot there? Is that what happened?
It allows me to focus on that now that I have two solid partners. Honestly, if it wasn’t for the little bit of chaos of us bringing all of our VAs together and systems together. We could have done more, and we’re on track to do more.
I’m excited to see where you’re going to be able to do it in 2022. In a couple of months, you’re in the middle of the learning curve. You’re moving super-fast, seeing opportunities, making all these connections, and crushing it. It’s amazing to see it. I’m not just saying that. It truly is.
I’m excited. Who knows what’s ahead, but I’m excited for whatever that is.
You’re doing wholesaling, buy and hold, and you’re doing fix and flip too.
Yes. Also, JV-ing. It’s a little bit of everything. We have a couple of Airbnb. It’s all about networking, that’s why I go to these events.
Would you have imagined having a conversation like this?
I don’t even know what any of this was. I’m learning the English language, but that would have been another language that you would have been speaking to me right now.
That’s insane. I love it. We’re talking about a deal right now that you do you guys sourced and that was a referral from somebody else. Let’s break that one down.
This one is local here in Jersey.
You market at a local level. You guys market in New Jersey and New York, and you JV nationwide. You have the process to JV nationwide.
We’ve set up DispoDaily.com. We have a blog there. Check us out. The goal of that website is to help other wholesalers nationwide with dispositions or wherever they may be, and also revive the dead leads as well for stuff that didn’t work out as a wholesale deal. We can try to convert it into other types of deals as well.
That’s leveraging your guys’ buyers list.
Yes. Also, our team and our experience collectively.
You were talking about a fix and flip. You guys took it down and you’re going to go a different route instead of straight-up wholesale. Because you’re running a wholesale operation, you’re in the front end of the deal, so you can pick and choose. You can cherry-pick whatever you want to keep, flip, wholesale or wholetail. Tell me about this.
For this one, we have people trying to buy it from us. We put it out there to gauge interest.
It’s always a good sign.
It’s in one of the most desirable and sought-after parts of New Jersey. It’s within a few minutes of Manhattan and Paramus, New Jersey. It’s a deal that we got. The background to the deal, my partner, Jerry, and I went after another property. That one didn’t work out but the gentleman did refer us. He was like, “I have this friend who’s in this situation. They’re looking to sell now. He was there within twenty minutes.” We locked it not on the same day but the next day. There was a little bit of negotiation. We got down that one for $540,000. It’s a small house in a nice upscale area.
It’s a value-add type of opportunity.
The play behind that is to bring it up to a $1.2 million, conservatively, possibly a $1.3 million valuation.
Conservatively, you’re going to add about $800,000 of value to the house to make a return there.
Stop trying to do everything on your own and put that ego aside. It’s better to work with others than to compete.
It’s probably the last house that hasn’t been converted within those few blocks there.
You found a golden nugget. How much is the rehab going to cost? It’s a little off-topic but I’m curious.
The rehab is going to be around $300,000. We took our contractor that Jerry has used a lot. We’ve used them on a couple of projects collectively. We had an architect work through there as well and tell us how much square footage we can add. We’ve done the due diligence and we’re ready to move on with our project.
That project should be somewhere around the $400,000 or mid-$400,000 profit or somewhere in there.
Conservatively, it’s going to be around $200,000 to $250,000 profit. We have money. We have costs associated with the loans and holding costs. It’s going to be a longer project, but it’s definitely going to be worth it.
$250,000. You get another bell. That’s amazing. Did you say this lead came in as a referral?
It came from a referral from a gentleman who we approached for another deal. He turned us down but he threw this one in our lap. He goes, “It’s a softball.”
Did you guys ask the question, “Sir, did you have any other properties that you might want to sell?” That single question has yielded so much profit to our business over the years. If somebody says they don’t want to sell their property, they’re done with that and they’re not interested at all, it’s crazy. A lot of times, people don’t think of mentioning the other house that they have a county over. It’s because it’s not localized. If we present the question, they’ll have some land, a condo here or something, and sometimes you hit it.
It was funny because it wasn’t his. It was a family member that he referred us to but since we came from him, we always thought that they had other wholesalers approaching the property. Since we came as a referral, automatically we were held in higher esteem.
That’s a $200,000 deal. It’s not peanuts.
$200,0000 conservatively, but yes, we are definitely shooting for that. Hopefully, that’s the case.
I’m happy to see one, the trajectory because you put in the work, you put in the effort. The way may be paved but the work is still going to be up to you guys as wholesalers and putting in the work putting in the hours of tenacity, the grind to make calls and have those conversations. Have the audacity to go as far as on vacation, and still do cold calls. I was like that. I would have gotten murdered by my wife. A big kudos on that. Congratulations.
I probably will but she’s been great so far. At the end of the day, it’s stuff we have to do. Hopefully, down the road, I will get to a point where I can step away a little more but right now, I have to hustle. I have to work as hard as I possibly can to get there.
You’re saying a couple of things that are important, and I always highlight those. Hustle is a season, not a business strategy. The hustle to get from point A to point B, however, operating through hustle all the time is not sustainable. What you’re doing is you’re finding people who are talented, you’re bringing in them into your sphere, you have the background and the know-how because you already run your process and your system.
You’re bringing that into tables and you’re making all these connections. Trust me, the automation, the delegation, and the elevation of this will be a lot sooner than you think because of the pace and the rate of results that you’re having as you’re going through the process. A couple of months into it is insane.
Networking, making connections and being genuine. When I approach somebody, I approach how I can add value to you and to your team. People see that and people want to work with you as well. That’s one thing that I like to highlight.
Thank you so much. I appreciate the time that you’ve taken to have a conversation with us and give us a little bit of insight into your journey. I’m proud and honored to be part of that journey through the Wholesaling Business Blueprint. If somebody wants to get a hold of you, maybe reach out, ask you some questions, JV or whatnot, where is the best way to find you if you want to be found?
I want to be found. I’ll throw my phone number out there. My main goal right now is to meet up with people. My job is to network and work with other wholesalers. I love it. My direct phone number is (929) 295-7495. Check us out.
You unleashed the beast right now.
Bring it on.
I love the tenacity. It’s impressive what can happen in a short amount of time if you put in the effort and you focus. There’s a difference between being committed and being interested in something. When you’re interested, there tends to be a lot more passiveness to the action. When you’re committed, there’s tenacity and grit. Keep that in mind as you guys go through the process of building your business. At the end of the day, what we want to do is build the business and not a side hustle.
If you’re interested in finding out more about the Wholesaling Business Blueprint and start building your own wholesaling business, go to the Wholesaling Inc. website at WholesalingInc.com/wbb. Set up a call, have a conversation with one of our guys. If it makes sense and you feel that we’re a match, and we feel that you’re a match, I look forward to working with you. Until then, stay focused. You’ve got this. Let’s go.
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