In Episode 20 of our podcast, we are honored to welcome a true luminary in the world of real estate investing, Wendy Patton. Renowned nationwide for her expertise in "Little or No Money Down" real estate strategies, Wendy's illustrious career is marked by a wealth of knowledge, extensive experience, and a remarkable ability to simplify complex concepts. Join us as we delve into her journey from corporate life to becoming a leading authority on lease options and subject-to deals, as well as her insights into navigating the real estate market with creativity and success. website: https://www.randystedwell.com/
Bio:
Wendy Patton is recognized nationwide as one of the most inspiring speakers on
“Little or No Money Down” real estate investing. Her real estate savvy, great depth
of experience and viable knowledge has helped her in orchestrating the most complete
and easy to follow Lease Option & Subject To programs in the US and UK.
After graduating from the University of Colorado, Wendy went to work for EDS,
(Electronic Data Systems). Soon after, she had an enlightening experience in real
estate (lease/option) and walked away from her corporate job to focus her efforts on
real estate investing full-time.
Wendy has owned real estate offices in 4 states, a title, mortgage and insurance
company in Michigan and is a licensed builder in Michigan. Wendy has extensive
experience in lease options, subject to’s, land development, property management,
rehabs, foreclosures, new construction and pre-construction with lease options being
her favorites. With over 38 successful years in general real estate and hundreds of
transactions using Lease Options, she is the country’s leading expert on lease options
and working with Realtors to acquire lease option deals.
Wendy Patton is a published author and well-known public speaker. Her first book
(2005 was also redone in 2023) is titled Investing in Real Estate with Lease Options
and Subject To Deals and has received rave reviews on Amazon.com and other real
estate investor websites. Her second book was immediately a #1 Best Seller on
Amazon.com. How to Make Hard Cash in a Soft Real Estate Market. She has
appeared on HGTV’s, My House IS Worth What? Two of her books, Rent To Sell and
Rent To Buy are focused on the buyer and seller needing a creative solution for real
estate. She also has a published book in the UK called Lease Options Made Simple.
For more information on Wendy Patton, please contact:
Limitless Options 248.394.0767 or by email at Info@wendypatton.com
This video We talk with Wendy Patton who is a local legend in the Metro Detroit area for Real Estate investing and in all forms of Creative Financing - RET Ep 20, but also covers the following topics:
Lease options
How she got her start
Creative Financing Deals
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© Randy Stedwell.
hey everyone out there and YouTube Land and Facebook world I'm sorry if I'm a
little dark over here and then try to bring the light in uh anyways I wanted to uh I have the uh best way to
introduce this wonderful lady Wendy Patton and I am very very glad that I
have the opportunity to bring her on our podcast to give you guys all the value
as much as possible to see and just to absorb I've been going to her meetups
every single month every single month and I always look forward to uh just
meet and greeting with her just listening to her and all her seller finance stories and and all her stories
from when she got started so I wanted to bring all that to you guys and and
everybody out there on YouTube land and Facebook in our Facebook group uh we had some technical difficulties but we're
getting it handled and I'm so happy to introduce Wendy Patton Wendy how you
doing today great thank you Randy I I had to move to a different location so hopefully this
is it's okay yes that's awesome so hopefully we're not uh the internet Signal's not in and out so yeah you
think you'd you know if you pay enough for the internet I want the highest speed speed and then man it has the
worst problems so anyway I'm glad to be here thank you for the nice words and I'm really glad to be on
your show today awesome thank you I do appreciate that and you know we gotta we
got over uh in our Facebook group Metro Detroit off-market Real Estate Group we
got over 5 000 members in that group so so not only my YouTube channel but we're
also going to we're streaming to that uh Facebook group as well so
um it is really good and uh so we have some people's uh AJ Amin says hey Wendy
thanks for joining so uh got a lot of people coming in here they can and by
the way if you're out there put some questions in the chat as we go we'll get to them as we as we go so first thing I
wanted to do is is kind of get you know I know that how you kind of got started
because I've been to enough of your meetups so by the way one of your readups is happening this Thursday yeah
and I cannot wait it's at the Michigan State Community Center right uh in Troy
so um you know make sure you be there unfortunately I can't make it because I
got to be out of town for my day job you know got to pay those bills right
but it's got definitely gonna be a great meet up I so I always recommend you go
and um so with that being said can I tell us a little bit like how you got started in
real estate like did you just wake up and say one day and just say I'm gonna get into real estate
no actually the the weird thing is well I I started when I was young and I had
graduated from the University of Colorado I'm from Colorado was born and raised there military brat and my my mom
had gone to some real estate investing seminar thing like now that I hosted the Michigan Real Estate Investors Group she
went to a seminar like that years ago and she heard a speaker I don't remember
who it is but she bought the guy's course because she said you know Wendy I you know she told me later like I I knew
that real estate investing was the way to Future Financial Freedom so she got home at the course though and
there was one big problem at home and it was my dad you know he said no we're not investing in real estate We're not gonna
do that so she gave the course to me when I was moving to Michigan and on the way to Michigan I started
listening to that course the whole way in the car because I had to drive a couple days right so I'm like listening
to it over and over and back then it was cassettes right in the 80s and I remember thinking when I was driving
like gosh I I want to be a real estate investor I mean I don't want to go take that job I
just took I mean I want to start this right away but I did take my job and I remember it said that you you should
join a real estate investor group if you're serious about investing so I did I joined a local group in Michigan
and learned about real estate investing and I remember um
you know sitting there in one of the meetings and some we were at Round Tables because if you wanted to go have
dinner first then you would sit at a round table if you wanted to come to the seminar you came later well I did the dinner because I did anyway and my
company paid for it because I was in a hotel because they had they moved so many people into Michigan at the time
that we were all living in a hotel some hotels so that's kind of how it started Randy I I had an opportunity to buy buy a house
to live in versus just renting and yeah all the apartments were six months waiting list
so we were in hotels and I was everywhere I mean it was just the whole thing was gridlocked and so as I was
sitting you know at this meeting one night I was around table and everyone said like where do you live where do you live where do you live and it got to me and they go where do you live and I go
Red Roof Inn room 101. and they're like what and I go yeah I'm like yeah I'm one
of those people blah blah blah and they go well why don't you just buy a house and I go ha that's funny and they go no seriously why don't you
and I said well let's let's see let's start with I make ten dollars an hour and they said so and I said well
um I don't have any savings so um I don't know how to do it so you know
so so okay excuse me what's your real excuse Wendy I just didn't know like I
didn't even know anything and someone said well you know why don't you just use your credit card get a credit card and you
know take a cash advance and that could be your down payment well back in the 80s you could do that you didn't have to
season funds you could just take a cash advance put it right in your account and that was my down payment so I bought my first property in Saint Clair Shores
Michigan and um and back then you know it was a four bed
a three bedroom and it was 438 dollars a month and
um so I and I rented two of the bedrooms to two ladies in my hotel at 250 a month each so I was making like 62 bucks a
month which paid my rent my my credit card payment so I was living free and I thought well I'm so cool you know this is really cool well they didn't call it
house hacking back then but that's what it was okay yeah so I house hacked I guess that's what it
is and I lived free so that worked out really really well for me and that's that's how I got started and then I
started learning again I did that a few times but then I learned about creative financing which kept me from having to
use credit cards and debt and things like that you know because I didn't know
about that in the beginning and just to let you people know out there you can't do that now you can't
put credit right you can't put your down payment on a house through a crash advance on a credit card right you just
can't unfortunately if you sit there for like maybe 90 or 120 days or however long it has to see yeah where they don't
question it then maybe but I mean you really don't want to do that anyways because there's creative ways you can
buy real estate without doing that the idea is to stay creative no matter what yeah you know
um so 100 so with that how did you get into creative financing and do obviously
the house hacking and stuff like that but how did you find out about creative financing
was it another seminar attending these seminars you know encourage people like go to as much as you can learn as much
as you can it doesn't matter which technique you end up with they all work people always ask me which one should I
do which one do you want to do you know do you want to be a rehapper a wholesaler a lease option person
creative financing it's just that that's kind of what was my Niche and it started with a seminar and I was actually a
seminar on sandwich leases I bought a okay actually it was probably
from Jeffrey Taylor Mr landlord back in the long time ago he had this book for like 39 bucks on how to sandwich leases
so if you could find someone who wanted to rent the property for 7.50 and you knew it would rent for a thousand you
would keep the 250 difference yep but then later so I started with that and I I had a couple of really good
ones my first one was like 600 a month net in uh in Rochester and I had that one
for years this guy just won a 900 and I rented it for 1500. and I didn't know
what he was doing but but he didn't want to sell and so then I learned a little more later about lease options so then I
learned how to sandwich these option so I didn't just get the lease I wanted to get the right to buy that property and
the right to sell that property so that's how I got into the whole creative
financing thing and then I got into subject twos when a friend of mine I was
just like I mean I was slam dunking those things Randy I was like doing so many of them I
just kept joining them doing them join them I just got a niche and I just got good at it and didn't try to be the best
of everything right and I've always done rehab so pretty much yeah maybe since the late 90s I've
or mid 90s I've really I've always done rehabs I've never really speak on rehabs
but I'm almost always have had a rehab going in all these years and sometimes
three four crews at a time going but but in the meantime I got really good at lease options and I had this friend a
guy that only did stuff to choose okay he said well why don't you just get the deed and I said well my people my
sellers are too smart for that because what do you mean I said well
they're educated people they're typically moving from a 250 to a far four or five hundred thousand dollar home right and he goes and and you think
that they're too smart to give you the deed and I go well I just mean like they're they're not that desperate which
they're not usually that's desperate and he said well have you ever asked and I said no and he goes I bet you someone
give it to you and I say I don't think so and so the first I said he goes I'll challenge you and I go okay next time
someone calls me and if they call me it asks me I'll just ask them if they'll give me the deed so I got a call from a
couple it was a guy and his wife was in the background and he said hey you bought my neighbor's
house on a some kind of lease thing and you bought it and you know he didn't know what it was called but and I said
yeah yep and he said um we're wondering if you might because we might consider buying ours so I asked a few questions I
don't know they already had found their new home but they needed about two grand to move and that was it and they weren't behind
the payments they you know they qualified for another mortgage so there was no issue and I said well let me ask
you a question and he was okay and I said well would you be willing to sign over the D to your home and I'll start
making your mortgage payments and I'll give you two grand to walk or to move I didn't say walk we didn't use that I mean I said you know you're
going to use their terminology you know yeah I'll give you two grand um to to move and he said oh no let me
find out hey honey uh this is that windy girl that Gina referred to us and just wondering if you know she asked if we
give her the deed to her house and she'll make our mortgage payments but she'll give us two grand so we can move what do you think hon and I hear her go
fine with me and he goes yeah we'll do it that was my first one so you know just
goes to show that you just don't know what people will do or why they do it they have different motivations than we do you know not it and that's the thing
not everybody is an investor you know you can you even though you own your own home you're not an investor you don't
know all these strategies you just want to move on to the next thing right and and you don't know what their motivation
is you know so we have uh a quick question and I think this kind of ties into everything here
um Anthony C Sierra Sierra and I'm sorry if I butchered that last name
um said you know for someone who's new at this what is creative financing and
creative financing is a broad term of a lot of things put together
so I'll let I'll let Wendy explain kind of what that you know what we use create
the word creative financing for yeah you're totally right it's it you know creative financing is a variety of
different techniques that are creative ways to buy real estate without using
your own mortgage or usually Your Own Credit either and sometimes write your own cash so
example a lease option is not actually financing with the seller but it would
fall under that umbrella of creative ways to buy real estate
um but it's not actually seller financing but it's creative financing
subject twos where you get the deed from a property subject to their mortgage so
they they have the mortgage on their property they give you the deed you're now the owner and you start making the
mortgage payments sometimes you give them some money down sometimes they pay you to take it
yeah that's really cool um it depends on what they owe and and
what's going on in the Market at the time you know and what their terms are and their mortgage so that's one land
contracts are creative financing in Michigan and we have those mostly in the midwest but it's it's like where the
seller holds the mortgage basically it's a little bit more than that in Michigan
but that's it in a nutshell and anything that's kind of creative where
the these the seller um does more than just the typical okay
gaming cash or give me a mortgage cash me out I'm done it's anything that's kind of beyond that
yeah and what I find funny was every state for land contracts
um in another state might be called something different but it's the same thing it's like for instance uh Liam do
or Liam deed of Lou I think it's called and I'm probably saying it out of order but uh
you know other other states have it it's just name different and yeah the same concept is there yeah a land contract is
is usually called like a contract for deed so you have a contract and you get the deed when you finish the contract
and it's just an amortization schedule and in a lot of states it could be
called a deed of trust which is like in Arizona it's called a deed of trust but really that's like their mortgage
documents they don't really have a land contract per se so okay it is and so when you say land
contract if you're talking to someone in California they're gonna be like what I don't know what you're talking about that's the exactly Illinois Ohio
um Indiana Michigan for sure we we call them land contracts most definitely so
basically everything anything that you can think of besides a traditional mortgage
um and cash is creative financing yeah pretty much that's I mean you can even
do a cash deal as creative financing if you're getting creative with the funding
sure you could you know I mean you can borrow 100 of it from a private lender yeah
so everyone is able to get into creative financing some way or somehow and that's
kind of where you know I kind of wanted to steer a little bit more of this towards is you know there's a lot of
people out there they hear this word creative financing they hear subject to they hear this and but they don't know
exactly how to bring it up to the seller so one thing I wanted to ask was how do
you bring it up to a seller like I mean how do you go about saying
hey like for instance if they're asking too much or their mortgage is too high
to sell for a cash offer how do you go about talking to a seller about that
well typically um you know it kind of depends on how I got to the seller Randy so okay
um if I so like I don't go after subject twos
actually you could but I don't go after them they just come to me so pretty much a wholesaler will bring me subject twos
that's where I get most of mine or they're an offshoot of me looking for lease options and then I realize they're
not a good option candidate so I go route B which is like a sub 2 or a land
not even a land contract and I'll explain why um so typically for me my strategy
started with lease options that was my journey and I use a script
that is essentially something very basic I look for for rent ads okay and I'll
I'll just essentially say you know like let's say you answer I go hello and you're like hello and I go hi my name is
Wendy I was calling about your home for rent would you tell me a little bit more about it and then you say blah blah blah blah and or I'll ask you a question
that's not already answered in the ad okay okay because otherwise they're like oh it says it's a three bedroom you know
or how many square feet is it or you know when was the build like you know does it need any work or you know um is
it updated you know things that I I really do kind of want to know but
really what I'm doing is I'm trying to ask them questions to get them to talk because the more people talk and answer
questions the more they like you yep and the more they might open up
like a rapport building thing you know but you also have to be able to read this the owner if they're like yeah yeah
yeah they're in a hurry or they don't want to get to the detail you got to get to the point you know depending on the
personality type if there's someone who starts talking sometimes they'll be like oh my gosh you know well it's a long
story and you know they start talking and I listen and I mean I've been invited over I I had a little lady one
time a body me over for cookies one day and I was like can you just come over for cookies and milk and I'll tell you all about it you know it's like okay you
know yeah um you just never know where that conversation is going to go and then you also get some people who are like okay
yep yep get to the point what do you want you know so but bottom line is I ask a bunch of questions and then I say
something to the effective like this I'll say gosh Randy and if I know your name if you say if you said your name or I
might ask you during the conversation like what was your name again you know when you say Randy then I'd say at the end I'll say you know Randy um you're
home you know it sounds pretty interesting to me I it sounds really nice is there any chance that you might
consider selling it and I just shut up and I count one two three four you know
and sometimes they'll say no never I'm Gonna Keep it for rental forever okay hey if you're if it ever changes you
know I'm really looking for something I can rent now and buy later if it ever changes would you just keep my number
you never know when someone's gonna call you it could be I've had people call me 10 years later you know so give them your number get
their content you can also put them on a follow-up list call them in a year if you if you wanted to like really have a good system yeah put them in your CRM or
if you have one or a spreadsheet or whatever you use and then in a year call them again because sometimes landlords
are excited about being a landlord sometimes in their life but then something changes they either get burned out they have a bad tenant experience
their their spouse dies yeah you don't know what's going they're ill
every day is a different day yeah yeah so if you want it you could kind of keep them in there especially if you had a
good conversation you know and call them back but um if I have about 30 to 50 percent
of people when I use that script say yes to me
okay over the last 30 years and and that's in any state in any
Market any City anything it's just but you've got to know what to say now that doesn't
mean it's a good deal just because they say yes sometimes they'll say well yeah for the right price well that's a yes to
me but it's also not a motivated seller probably right
okay so I'm looking for the yes from a motivated sellers you know someone who's I'm really looking for that person who
says oh my gosh yeah actually I really do want to sell it I just you know I
just it didn't sell in the market so I thought I better rent it I mean it's on my realtor just didn't sell it yet bam
that's that's kind of the person I'm looking for right and it's so easy to make those calls it's so easy
and um and that's how it got you know that's how I got started with it but then when I start meeting with someone and I I see
them or I see the house or I do the background for a lease option I'm really looking for a seller who is motivated
but not distressed okay so they're not in trouble financially because see the title still
stays in their name during that option period so I don't want someone who's financially failing
oh I'm moving out of my house because I lost my job and um I can't make my payments and I'm moving in with my mom
that is a motivated distress seller I might still buy it but that might be the
subject tooth so then that might be where I cut out into sub two yeah or something else I got to get them off the
title because I don't want them screwing up the title during that time period right now each one of these properties
and each one of these the these ways lease options subject to uh land
contract they all have their Pros cons things like that and it depends on from
what I'm gathering from you it just depends on the answers from the seller and and their distress depends on the
option that you go hence the word creative you have to be on the spot try
to figure out hey can we figure out where we can go as as you're getting
this information okay uh we just need to move we need to get out there but you
know we still have a mortgage that is close to retail yep you know okay
exploring that with them right it's yeah and it's just something that you you get
a feel for based on the person like you know and yeah and it's and some sometimes people say well what exactly
do you say to my depends on the person and it depends on the situation I go down a different path
with each person based on their situation but what I do is primarily ask questions
yeah and then answer to my next question yeah and you always make it a win-win
deal win for you and win for them they get what they want yep they get what
they can and you get what you need okay for instance I get up this feedback this
question a lot for sub twos because as you know I'm a wholesaler and so we deal
a lot with with people coming through and asking you know we we put that on
the table and we will you know what about the uh do on sale
clause you know um you know the the mortgage company is not going to want that you know or
they're going to call the note do or this or that how do you get past that's one of the biggest questions
yeah my sellers rarely ever asked that my students always ask that I mean every Professor asked that
um yeah I'm trying to think if I've actually had a seller ever ask that
well maybe not maybe not in those words but maybe the thing what did the sellers
worry about is well wait a minute like so that you're not going to have my
mortgage and right it's going to stay in my name yes it's going to stay in your name I'm going to make your mortgage
payments but it's going to be in your name which could affect your ability to get a mortgage down the road that's usually their biggest concern from what
I've seen and yeah and and what's your favorite what's your what's your answer to them
for that I just I'm I'm really straight with people Randy I just okay I tell them the truth hey
it could affect your ability to get a mortgage down the road are you looking to buy another house
soon now look at here's the thing I had one recently the seller was like well we don't want
the mortgage in our name a lot longer than like three years because we're going to buy another house and I said I forgot what was her first name but
anyways and I said whatever her name was I go Mrs seller I go you're not buying a house for a while you just miss your last three payments
you're not getting a mortgage for a while you're gonna have to rebuild your credit
but when I take over your sub when I take over your property and start making your mortgage payments
guess what I'm going to pay perfectly it's going to come out of my bank account the first of everything and it's going to help restore your credit it's
not going to give you the ability to get a mortgage right away but it is going to like take this blip and then make it
again perfect perfect perfect perfect it'll help raise your credit score but
when you miss three months in a row yeah it's kind of like pre-foreclosure and you're not going to get a mortgage for a
while normally I pay you off within a couple years or pay off the mortgage not them I I
usually pay after 10 years within a couple years however I'm not going to guarantee that for you so if that's a problem for you
I'm probably not the buyer for your home um so there is a uh there's a couple of
things that I know if you do it through a servicer like a Servicing Company
like make the payments through there and you do it through for a full year
they with their next mortgage all they got to do is take that to their mortgage company saying a servicer has been
paying this okay and they'll take that off their debt to income ratio yes I think even with the contracts they could
prove that have been paying it they may be able to do that as well but yeah that's it's probably more legit that way
I don't know I haven't it's interesting the ones that I've done recently
these sellers weren't wanting to get a mortgage right away anyways or they already had a new mortgage they already
qualified for two they didn't need to pay it off got it okay
awesome yeah and then one that I did with that lady who wanted to you know she was like asking about that I I ended
up selling it on the market because I wanted to wrap it so yeah it was a I think a three percent interest rate I
don't really want to get rid of it because uh the lower the entry that's a good sub too right when it was a low
payment but not only that the lower the interest rate the higher the portion of the payment that goes toward principal
so it's like a double dip you have a lower payment and more toward principal every month so it's a huge huge thing right now
that's why I'm like so big on subtues right now that they're they're such a huge opportunity because we have all
those at low interest rate mortgages if you can get that your hands on those but I have one of those three percent so oh
you do cool yeah
I'll wrap it I mean wrap it which means like I'll sell it on a land contract I'm not going to give it away in a sub two
because I will never give away someone else's deed I won't do that right because I want to protect that because
it's in their name that mortgage so I'll sell it on a wrap which means I'll sell it on the land contract and do a whole
new financing thing for a buyer at seven percent okay do not one person offered
on that land contract and I only asked like 15 down and my buyer I had like three full price
off over asking offers conventional to cash me out so I took one
but it was weird so I don't know maybe that you know that was like a few months
back maybe now it'll be better because those interest rates keep going up I don't know
most now uh one question I have is how you um you know have you or have you had
people ask about well what if you stop making payments oh yeah sometimes they ask that like what if you don't make my
payment um so then I say gosh Randy that would concern me too for doing this with
someone like me Randy what would make you feel comfortable to know that I'm going to
make your payment what could I do to make you feel comfortable yeah yeah and I throw it back on them okay um
but then most of the time also I'll say look do you want references do you want to pull my credit report if you've got
good credit you could say that do you want to pull my credit report uh to see how I make my payments
um you know or or whatever I'll say you know and then the other thing is I say you know
you're going to be notified immediately if I don't make your payment so you're going to know that right away
and however my it I I'll have it come right out of my bank account
okay then I'll wait to see if I need to go to the next level because the next level could be
you know if they say well I'm still concerned like if you do I don't have any way to get it back I mean most
people don't know all the Deeds stuff and all of that so they're not going to get this far but if they did there is an
advanced strategy I could use that would say okay tell you what if I'm over over 15 days late on your
payment I will sign a deed to beat it back to you immediately and you can have it held by an attorney
most definitely and that way so I don't pay they can record that deed and I have lose all my rights
yay so Jay Jones Real Estate Jay Jones actually said you know always ask
questions and the creative solution works you know for him so by all means
it's you have to ask those questions and I like the way you phrased it where you
didn't go straight to the okay well you know we can put a clause in there for
the deed to go back to you never will do that so you just went well what makes
you feel comfortable you know what would make you feel comfortable to know I'm gonna make your payment because I I
would be concerned too and then just shut up and let them answer it might be like I just want it to come out
automatically for a bank account every month
that might be their only concern Randy you know what I mean yeah so don't assume that we know what their big
concern really is right like what they're really thinking in their head um
okay so it's the same thing with like lease options when they think you mean you're gonna put a tenant in there like yeah I'm gonna put a tenant in there but
I'm responsible well what happens if you know if they trash it I never assume I
know what trash means to them so I say gosh oh I hope they never trash it but when you say trash it what exactly does
that mean to you they might say Well they're going to put red paint on the wall that could be trashed to them right and
the next person could say like they set it on fire totally different answers them right but unless I know what they
mean by trashing it I can't answer that question properly so I asked the question back what does that mean to
them explain to me exactly what that means to you so I can answer your question properly so one thing that this brings brings to
me is that you're always honest with the
seller no matter what about what you're doing yes and there's so many people out there
that are not and then they they the seller finds out later and they lost all
that trust yeah and I may not say like as a wholesaler yeah I say I'm
wholesaling without saying the word wholesaling yeah because I don't know what that is anyways doesn't know what
that is so I just say I work with a bunch of different partners and you know buyers
that you know and buyers and I go we have different strategies and one of my
strategies is this and we may go that way but we don't we'll we're going to
explore all options right you know so that's just me being honest
with them and them understanding that there's a lot of people out there that are not honest right and that's bad for
our exactly that's bad for our business so when the seller finds out actually what they're doing
it's bad you know yes so and then that's when they back out or they try to get
out of the deal or they sue you later or whatever but you know lawsuits horrible so and
yeah that you don't want that you don't want that yeah I mean I've made millions of dollars investing in real estate
honestly I don't need to do it this honestly you know what I mean it's like why why
so I could what make another 100 Grand no yeah no so you I like to sleep at
night I like to feel good about it I like I like to have a relationship with my sellers I like you know not that
we're going to be friends forever but sometimes we're we're friendly I mean there's there's been so many people that
I've done double deals with you know they'll they'll sell me a house and then I find out later they're like hey we got
two more what okay tell me two more or or what I had one lady she sold my
house on a latest option I made 40 some Grand on this is like 20 years ago I mean like okay I made like 40 Grand on
that deal that was a lot then okay and about two years after I bought her house
she called me up she wanted to live on the lake so she wanted to just rent when she sold her house she just wanted to
rent something and just live on the lake she called me up two years later and she goes hey I had this shoulder injury I had a problem digging my credit so now I
need to be a buyer can you help me find a home do you have a home for me to buy she became my buyer later
it's just like people oh I've sold people a house and I there's one house
I've owned three times I've owned multiple houses multiple times but okay I've owned this one house three times
because the seller I mean the buyer um bought it from me closed and like a
year or two later said hey do you want to buy the house back we need to move to wherever so I bought it back lease
optioned it again same thing happened it was the weirdest thing
I mean they literally owned it I was done out of there like gone wow so so
keep it open first most definitely you know you get you got to be open and honest with the customer now you don't
have to speak your terminology you've got to speak the the seller's terminology always and that's that's a
big issue that a lot of people make they'll say you know I'm gonna lease option your um house on a sandwich
please option and the the seller's like oh yeah good I don't even say that I
just said I'm going to lease your home with the right to buy it and some people
you know within three years or whatever it is we agree to yep and I'm going to either rent it or rent
it to someone else who wants to be a future homeowner I don't know which it is but I am your tenant I just won't
really live there I can be real simple just real simple true true but simple
so so now that we established like kind of a little bit more about your business and what you've done uh and what you're
doing what is it that how are you getting your leads you said earlier that
you're getting them through wholesalers and just through connections and and things like that are you currently
marketing as well as okay but a totally different point in my life now right so
okay now I'm um I don't have as many rentals anymore okay and I don't do as
many Fix and Flip anymore I do a lot of other things now I do a lot with hard money lending okay I'm now
the lender for other investors getting started or building their business or I
do a lot of apartment syndications so I kind of that those are my big focuses so I don't do anything to Market
that it's pretty much word of mouth and then I have a couple of people that are amazing rehabbers that
get them you know get get almost everything financed that they do I do for them you know what I mean
um so it's kind of it changed a lot but I still do deals I have a clip that's closing this Friday that I just finished
um a month ago and I had 12 offers on it you know it fix a flip it was it's in Auburn Hills that I just finished so
I'll do them but I an old friend brought that to me he's a pastor of a church and
he had two ladies in his church who had this house they needed to sell one had lived there set fire in the kitchen and
they took the insurance money she had Dementia or something yeah so it was a very small fire it didn't even go to the rafters it didn't go through the drywall
at all but it had smoke damage so the whole place needed to be cleaned and the kitchen gutted and you know what
whatever but anyways it was a slam dunk deal but they took the insurance money and just sold it to me for a cheap deal
I made a lot of money on that deal but that's awesome they were so thrilled that I bought it from them and they
didn't have to list it or they you know with what they got from me what they got from the insurance they hit the jackpot
they thought and they might have went under the government insurance I have no idea but too
and that came from you know just Word of Mouth um I I wholesalers bring me deals
okay um yeah if you ever have a deal that's a potential subdue that you don't want to do yeah
shoot it my way if it's going to take more maybe than you want to do on it or is that in your area that you want to
invest on keep that in mind but I most definitely market for it it's mostly Word of Mouth now
you know when my agents came to me once um I just sold it I think I told this in the investor group the Michigan Real
Estate Investors Group I I had I bought an eight unit right before covet hit and it was in Midtown and I got it for 200
Grand and it was um it needed to be gutted I mean there was people living in it but
it was not my standard so I started you know as someone moved out I would renovate the unit make it really
Charming old time blah blah blah and I renovated the whole thing and I it's in my Roth IRA
and I just sold it I closed on it July 31st and that took like a few extra you
know years they took really an extra year than I thought just because probably covid and there was one lady I
couldn't evict for two years because of Kobe wow but anyways other than that
um it went it went pretty well and that went I sold it for 800 Grand and went right back into my Roth IRA
wow that's that's crazy I put two words in it bought it for 200 and sold over
eight plus it made cash flow during those years oh wow okay so those are the kind of
things I like doing but they come to me like it was just one of my agents said hey Wendy I got this deal she does probate stuff she said I don't know what
to do with it and I go I'll give you my advice let me you know let's sit down and talk we sit down and she goes she
goes well I thought maybe you'd want to buy it I go oh well tell me about it she goes well it's innate unit and I go I don't really buy apartment buildings and
she said and it's in Detroit and I said oh I don't do Detroit and she goes gosh it's right by Wayne State and I said
well tell me more wait
um it's in Midtown yeah yeah I'm interested what do they want for it it never hit the market
yeah she goes her she inherited this her mom is a mom who lived in California her daughter was a prominent doctor in
Detroit owned it was not really a great landlord it was kind of a slummy place really
um but she said she paid 200 grand for if you just give me 200 I just can get out of it okay give me 200. done
done all right easy peasy right so sometimes that's they come that way and you know I've been in business a long
time so a lot of times things come back to you or people you know uh bring you
Deals they know what you do you tell people what you do you know yes and that I've been a big component
of be loud yes okay be loud tell people exactly what you're doing if you're if
you especially if you're a beginner that is what like everybody who's a beginner
they're like I just want to keep to myself I want to learn I want to do this and I don't want to tell anybody because
I don't want any negativity coming in well unfortunately you're gonna get people who are negative who's never done
it before and they're gonna say you're stupid for doing it you need to learn to push those people
off and keep going and how you get yourself into these opportunities is by
getting loud and talking it's only because she knew I was an investor yep
I'll give you I'll give you one example this right here if I did not get loud
and tell Wendy that I have a podcast and I'd love to have her on you would not be
here so right that's true you were you were persistent too because I said you know I don't really do too many anymore
and blah blah blah you know and he's like you could keep asking me and I was like you know what because I think I probably asked you like 10 times but you
know that's who wins Randy that's who wins in this this investor game in this whole world right it's like it's like me
I don't take no for an answer either just so you know yep I I don't accept that as an answer I I really I want to
figure out how to get a yes so I'm the same way I'll keep bugging someone or I'll or I'll you know I'll try it at a
different angle or a different approach or a month later you know what's funny is that every time I
brought it like hey did you see it I just had him on my podcast [Laughter]
you know so it was it was funny and that's the key thing is you gotta be
persistent and I think it's really important persistence is key for anything really
any success right consistent persistent
uh activities yes so there's major results
so it's getting kind of late so I I want to be respectful of your time okay
um and I I kind of want to get into a little bit of what are you planning to
do for the future and then how can our audience help you out in the future as
well or even right now well um I will say
um you know I you know I I mean thank you for
offering The Help number one two is I think at my point in my life I want to help other people more and that's really
true Randy I do I want to help other people and um you know I don't do coaching because
I don't want the responsibility I don't want to get paid for it I don't want to have to feel like that's a job but I
coach people all the time I help them you know people call me and they ask me
advice on a project or property and I and I I don't mind helping them because that but I wanted to know that they're
doing activities too right they're doing something about it or whatever or you know like I have you you know I have a
book and I have of course well if they want to pick my brain and have me teach them every single thing in there without even buying the book I no start with
that like like read some stuff and then you're gonna have deeper questions I'll be able to help you but I don't want to teach you everything that's in there
because that would take forever but um I love to help and give back and I I'm
actually trying to figure out what is next for me in my life as far as okay that but I I know it will will involve
something like that helping young entrepreneurs and specifically Real Estate Investors
um men and women I don't care I I like helping everyone and I don't care which direction they're
going in I like helping them I I know enough about almost every aspect of investing that I can help them at least
with the right questions and Direction yep but the creative stuff is really of
course you know that's when I I definitely can like oh the slam dunk I could do that to sleep you know yeah
most definitely you know and we do have a lot of people in our uh Facebook group
that are brand new as well we have some veterans but we a lot of people that I I
interact with they're they're brand new they're just starting out and you know or they're trying to get their first
investment property or their new wholesaler or whatever the case may be they're just trying to test the waters
and see how things are going yeah so you know by all means I do recommend Wendy's
book and her her course uh I do recommend you know at least taking a
look at that first read the book then if you want to get into more take the course you know if it's for you go get
the course if not you know no harm no value you learned a lot if you read that exactly it will help you with a lot of
creative financing and all the scripts are in there a lot of things that my contracts are in there it really helps
you think about like how to even evaluate the profitability of deals so it's it's actually a really good book I
just redid it in 2023. yeah I just thought you had the launch of it and it
was awesome um now that's all for the investor side um I also know you've partnered up with
Ronald Walker for a wholesaling course is that right yeah but silver wholesaling club for the
group yeah correct and I also do recommend anybody who is looking to get
into wholesaling I'm an open book by any means so anybody can ask me any questions and things like that I'm happy
to JV with anybody but if you're looking for a fat uh looking to get into some
sort of mentorship I recommend him one whole 100 wholeheartedly and I I've
actually done a few things with him so that's the reason why I recommend him because I've actually worked with him so
um you know if anybody does have any um you know wants to take that course or anything just contact me my number is
right here at the bottom it's also in the show notes um I don't hide my number so anybody can
contact me um you know with that being said you know it's I think your Facebook page as
well is it it's mrei as well right that's um uh yeah Michigan Real Estate
Investors okay and it says official page there's we have another page out there but it's we don't use it so it's got to
say official page on that and then you'll know that's the right one or Michigan real estate investors.com okay or detroitria.com they go to the
same place you can and you can come to our first your first meeting for you this Thursday if you want first most
definitely check us out if you haven't been come visit and I'm there every month um unless for some reason I'm out
of the country or something like that but normally I'm there every month I fly in I go back and forth to Arizona in the
winter uh to come to the meetings for as many meetings as I've been there
I don't think I've ever seen one meeting where you're not there oh really okay yeah so every meeting that I've been
there you've been there you know I know there's going to be one next spring that I'm gonna miss because
I have a trip planned but hey everyone deserves a vacation so and it happened
to be during that time and it was the only time it could be because of yeah awesome so with that being said you know any any
last words anybody wants to reach out to you for say maybe some lending or anything like that
um is there uh contact information information that they can reach you sure you can always email me Wendy
wendypaton.com very easy awesome and that's my website too so
it's got my office number Wendy patton.com um if you want to go there um you can always call there if uh Claire my
assistant usually helps kind of screen the call just to make sure it looks like something that would be good but I give my cell phone out on my in all of the
the meetings as well and um she'll give it to you as well if you know you you've
got a deal that's pretty hot and heavy or you can email me directly awesome so with that being said we're
going to bring this to a close Wendy just I'm just bring you down I'll talk to you right after the show
um so just hold on there for a minute and we'll go go from there everyone else out there you know like I said if you
have any uh deals or anything like that that you want to work with me on I'll give you my full honest opinion on any
deals for wholesaling or anything like that I do have buyers looking out there Wendy's one of them you know but uh you
know I anyways with with that being said I appreciate your time Wendy I appreciate everything and everyone out