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Over-The-Shoulder Training Phone Call Buyer Script

Jason Lucchesi: So let's hop right into here, I'm going to call John and you guys will be able to hear everything from my phone, we got everything set up so you can hear exactly what I'm going to be saying to John. So let's hop right in.

John Belden: Hello.

Jason Lucchesi: Hi is this John?

John Belden: Yeah this is John.

Jason Lucchesi: Hey, John this is Jason Lucchesi, I'm one of your connections on LinkedIn, how are you doing?

John Belden: Good, how are you doing?

Jason Lucchesi: Good, good, hey, I just wanted to give you a call because I know were connected here on LinkedIn, and I wanted to reach out to you because I'm a real estate investor as well.

John Belden: Oh good.

Jason Lucchesi: Yeah, I'm coming across some off-market properties within the Atlanta area, and I didn't know what your buying criteria was, because I'd love to see if we could do something together.

John Belden: Well it's possible we could. I not only do wholesaling, but I do co-wholesaling, so if I'm not interested in the property I can help you sell it down here also. We can make an agreement to split the whatever.

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Jason Lucchesi: No, that would be great I'm all for doing joint ventures and doing splits with each other. If I can bring a deal to you or I can bring a buyer to you, I'm always find with doing a 50/50 as long as we're doing equal amounts that's completely fine. What kind of deals are you looking for right now, John, just so I can be on the look out and ... Because I am coming across off-market deals and working directly with some banks, and some hedge funds, and private equity firms; so I would love to try and get you something that made sense not only for you, but potentially for someone of your other buyers as well.

John Belden: Yeah. If you're talking about wholesale, people are looking at 60, 65% or lower on the initial wholesale. Personally that's what I'm looking for also on the wholesale and if you have some ... I prefer three twos, and about minimum of about a thousand square feet. But, other investors that I could market to, may prefer ... May go for two ones, and smaller or larger. I like neighborhoods that are either from lower income like blue collar, to upper-middle income.

Jason Lucchesi: Okay.

John Belden: Or right in there.

Jason Lucchesi: So when you say 60, 65% is that ARV or is that current market value?

John Belden: That's ARV, 60, 65% of the ARV.

Jason Lucchesi: Okay, just want to make sure.

John Belden: Yeah, because it does make a difference.

Jason Lucchesi: Yeah, go ahead.

John Belden: I've got an investor that will look at property in the 30310 and the 30311, which are lower class neighborhoods, I mean below ... Almost a war zone, or in the war zone, you know?


John Belden: But I do have an investor would look at property there, so, like the Pittsburgh community if you're familiar with that.

Jason Lucchesi: Yeah.

John Belden: And there, he'll look at that he said.

Jason Lucchesi: Okay, so you have investors that will look at D Class neighborhoods?


John Belden: Well, just one so far, but show me what you've got and I can always see what I can do with it and be happy to help you with it.

Jason Lucchesi: Okay, that's great. I'm coming across income-producing properties too, what type of cap rates are you ... Are you looking for income-producing properties right now?

John Belden: I might ... Yeah, if I could joint venture with someone.

Jason Lucchesi: Sure.

John Belden: And also, the cap rate I would say ... If they're multi family, well also I think single family, most investors are looking for ten or above, but some are looking from eight to ten.

Jason Lucchesi: Okay, no that's great. And we're talking greater Atlanta area-

John Belden: Oh yeah.

Jason Lucchesi: At least 8 to 10% or higher, that would probably be idea for you?

John Belden: Yeah. Most of them prefer above 10% but I have a couple that will take, they said 8 to 10%.

Jason Lucchesi: Okay, that's great. I'm all for doing the whole joint venture on the deals and all that kind of stuff. We could put an agreement together. You probably have an agreement, I have an agreement; either way as long as we're both on the same terms we could sign that and we'll be good to go on the closing statement and we'll both be happy campers.

John Belden: That sounds good, sounds good to me. I'll work with you in any way I can.

Jason Lucchesi: Okay, and the best email for you; is it the one that you have up on your LinkedIn profile?

John Belden: Yeah.

Jason Lucchesi: The Gmail one?

John Belden: Yeah, john.belden1@gmail.

Jason Lucchesi: Perfect, John, again my name's Jason and I'll make sure to send you a message on LinkedIn just to touch base with you and have you have a face with the caller. I just want to make sure that ... Some random phone caller just wasn't reaching out to you. It looks like we connected in April of last year, so not too


long ago, and it's just been a while for us to connect with one another. Yeah, I'm looking forward to doing something, I'll drop you a message and if you need anything from me, I'll put my phone number in there too. This is my phone number that I'm calling on so if you want to keep it or anything like that. We'll kind of go from there. I'll follow up with you as soon as I receive some properties and we'll go from there, okay?

John Belden: Yeah, let me have some of your criteria also on your follow up, because I may have vacant houses that I could see if you're interested in or if you've got buyers that are interested in Indiana, you know.


John Belden: And properties like that, that I come up with.

Jason Lucchesi: Yeah, you know, the criteria is almost going to be the same to yours except, we do like ... I'll go to a three one, possibly even a two one, if I could ... If there's room for me to potentially go to ... Take the two one and make another bedroom, or something like that.

John Belden: Right, depending on the size of the lot.

Jason Lucchesi: Yeah, and it could be 800, 900 square feet. We're looking in B and C class neighborhoods, again I'm buying myself and I also have a decent cash-buyers list that we could again do a joint venture on.

John Belden: Good, good. Are you looking for multifamily, or single family or both?

Jason Lucchesi: That's a great question, yeah, I'm looking for both, so residential and commercial. If you come across apartments, self-storage facilities ... For the multifamily too, we're not just looking here in the Indianapolis area, if you come across a screaming deal that's a nice apartment complex or a self-storage facility, or a strip center that we can turn into a small business center, that's stuff that we'll look at.

John Belden: Okay, so send me some of your criteria on that, like how many units, what price range you're looking for, or if it makes any difference. What your buyers want. Also, I was going to say a couple of things. I'll consider multi family also if I can joint venture with someone. But the smaller ones rather than the larger ones right now. I don't have really any price range for it, also, I would go to three and one on single family not just three two. I prefer three two, but I would look at three one, personally.

Jason Lucchesi: Yeah, no, that makes sense. It's just the reason I said three one or a two one, is just because there are opportunities to maybe add another half bath, or add


another bedroom and a half bath, and it just ... It depends on the area of course, you got to do your comps, but if it makes sense, I'll hop in it all day long and pick up a two one if I could add increase it to a three two. Maybe it costs me 15 grand to add that stuff, but it adds 30 grand to the overall value, I'll do that all day long.

John Belden: Okay yeah, that's a good idea, because you make more money.

Jason Lucchesi: Right. Absolutely. Absolutely.

John Belden: I wanted to tell you, I just thought about a property here. Are you familiar with Grant Park? Grant Park area?

Jason Lucchesi: No, I'm not. Tell me about it.

John Belden: It's kind of a historic area and it's near the Braves Stadium right now, and it's kind of ... It's been an area that has been getting some rehab. People moved in there and rehabbed the place and brought the area up a little bit. I've got a house in there, but the wholesaler is in California and right now, he's got it overpriced because I've had a couple of people tell me. So, I'm trying to get his price down and his bid down. He's wholesaling it and I'm trying to get him down to the numbers working based on the real ARV. He's got the thing priced way out that when you start doing the work you're already below his asking price.

Jason Lucchesi: Got you.

John Belden: Yeah. I'm going to try and talk him down into a lower ... What I've got and suggestions on, and I've got paperwork to back it up too. I'll just ... I thought maybe you'd have buyers that might be interested in that area.

Jason Lucchesi: I would, I have potential buyers in that area that we could do some business on. Why don't I do this, I set a reminder for myself to make sure I get all my details to you for us doing business. Why don't I send you the information either today or first thing tomorrow, and then we can see if we could start maybe doing that first deal with each other and getting things going.

John Belden: That sounds great, that sounds good.

Jason Lucchesi: Okay. Cool.

John Belden: Okay.

Jason Lucchesi: Well John, it's been a pleasure buddy and I appreciate you being open with me and letting me know how we can work with each other. I took down some notes of what you are looking for and I'll make sure to send out a follow up email so


that we're both on the same page with what our wants are, so we can start seeing if we can crank some deals out here.

John Belden: Okay that sounds great and I look forward to working with you.

Jason Lucchesi: No, yeah, likewise. Likewise, enjoy the rest of your day John, and I will talk to you soon.

John Belden: Okay, thank you for calling.

Jason Lucchesi: No problem, thank you, take care.

John Belden: Bye.

Tom: Good Morning this is Tom.

Jason Lucchesi: Hey Tom, this is Jason Lucchesi giving you a call, how you doing?

Tom: Jason who?

Jason Lucchesi: Lucchesi.

Tom: How are you Jason?

Jason Lucchesi: Good, good. Hey I'm giving you a call because we're connected with each other on LinkedIn and I wanted to reach out to you. I'm a real estate investor and I wanted to just reach out to you and see if there's any possible way that we could do business together. I'm coming across some great deals in your area and wanted to see if you're actively looking to acquire new properties.

Tom: That's my job, absolutely.

Jason Lucchesi: Awesome, awesome, cool. I wanted to let you know that I'm working directly with a lot of banks, hedge funds, private equity firms and some other individuals to get off market assets, both residential and commercial properties. What kind of properties are you currently looking to buy?

Tom: Primarily Jason we do single family residential in the Memphis market, however the president of our company is also big into commercial as well, so we'll take a look at just about anything you've got. I will say that we do not buy at about 40% of the area, due to various economic reasons, let's say. We end up in long


term relationships with our properties in that we buy them, fix them, sell them to our investors and typically our sister company Marathon Management would take over the management of the property. As you can imagine, we've got leasing agents and maintenance people that for years to come, will be going after these properties. That being said, we're not going to go into war zones and various other areas that might make a lot of money on the front end, but long term is just not good business to go there.

Jason Lucchesi: I understand, so you guys are mainly looking for B and C class type properties?

Tom: Well we'll be C properties as well, but there's areas in Memphis that B properties are really the bread and butter of the rental market. We're just selective about the C properties.

Jason Lucchesi: No, I completely understand. So dollar wise, where are you guys wanting to stay as far as acquisition, and do you guys have a percentage of what you want to buy from ARV or current market value?

Tom: Well that's a tough one because every house is different, and we don't really sell on percentage basis, we've got pretty much a set number we're trying to make for margin, put that in on top of the rehab and probably we're going to be buying in the ... Anywhere from, I want to say, 55% of market or better. It really depends on the rehab.

Jason Lucchesi: Okay, great. So you guys are looking to buy these properties, rehab then, and like you said get them rent ready and get them put into your management company so that you guys can turn around and sell them as an income producing to other investors?

Tom: That's correct. The timing's a little different thought. We'll typically sell them before we finish the rehab. Many times we'll have them sold before we even buy them-

Jason Lucchesi: Oh, that's perfect.

Tom: I mean, we move pretty quickly. We've got ... We've probably bought and sold about 200 properties last year and we're looking to obviously increase that this year.

Jason Lucchesi: Okay, no, that's great. Are you guys looking ... If I brought you a package that make sense to your buying criteria, and you guys were able to cherry pick off of there, would you guys be able to buy more than one at a time?

Tom: Cherry pick or buy the whole package, we're financially positioned to do both.


Jason Lucchesi: Okay. That's perfect. [crosstalk 00:22:39] So what I'll do-

Tom: [crosstalk 00:22:39] Ideally Jason if you would, shoot me an email [email protected] and include all your contact information and in return I'll send you out a letter that I send to all my wholesalers that gives you an outline of what we're looking for, a brief overview of the company, my position, and we can go from there.

Jason Lucchesi: That's perfect, I have your email here and I have your phone number, so I will go ahead and send you out something here probably today and we'll go ahead and get things moving. Like I said, I know the Memphis area is booming in certain areas, and I would love to see if we could help you guys grow in 2017. It sounds like it would be a good thing for us both, so not a problem that sounds great Tom, and I appreciate you taking my call.

Tom: Yeah Jason, listen I'm looking forward to working with you. I follow you online a little bit and I was just curious, where are you located, in California?

Jason Lucchesi: No, no, I'm in Indianapolis Indiana.

Tom: Okay, very good, very good.

Jason Lucchesi: So yeah, if you come across anything in Indiana at all, we're buying too so I know that you guys are focused right now in your area, but if you ever come across stuff in central Indiana or southern Indiana, we're always looking to buy as well.

Tom: Oh yeah, referrals are what this business is all about, so I'd be happy to share it with you.

Jason Lucchesi: Great, no I appreciate it and that sounds really good. I appreciate your time Tom, and if you have any questions, this is my phone number so if you need anything just let me know. I'll send you an email with all my contact information.

Tom: Very good Jason, is this a cell? Can I text to this number?

Jason Lucchesi: Yeah, this is my cell, you could text me.

Tom: Okay, excellent, very good. Thanks for the call today, I appreciate it.

Jason Lucchesi: Yeah, absolutely. Thanks again for taking my call and I'm looking forward to us working together.


Tom: Going to be a big year, I look forward to your team and my team working together and let's go rock and roll.

Jason Lucchesi: It's going to be a big, big year. Looking to get in touch with people like you, people that are really rocking it out and having a great business. So yeah, I'm looking forward my friend, I appreciate those words and looking to do some really big stuff with you.

Tom: Fantastic. Looking forward to our relationship growing and being successful. Have a super day.

Jason Lucchesi: Absolutely, you too, thanks a lot Tom.

Tom: Bye now.

Jason Lucchesi: Take care, bye.

Ryan: This is Ryan.

Jason Lucchesi: Hey Ryan, this is Jason Lucchesi, I'm giving you a call. We're connected with each other on LinkedIn, how you doing?

Ryan: Oh I'm good. I'm good how are you?

Jason Lucchesi: Good, good, man. I'm reaching out to you because like I said, we're connected on LinkedIn and we're both real estate investors and I wanted to give you a quick shout and see if we could potentially do some business together. I wanted to see if you were looking to purchase any properties within the Indy area.

Ryan: Okay ... Actually yes, and kind of convenient timing. Do you work in Carmel by chance?

Jason Lucchesi: I do. I work in a lot of the central Indiana area. Noblesville, Carmel, Fishers, all those types of areas.

Ryan: Okay. I have something going on ... Yesterday I received a contract allowing me to offer that I was submitting on a house in Carmel, and I was told that I had 100% funding for it for both purchase price and rehab, and they called me back after I had received my contract written up, and told me that I had 85%. Which wouldn't normally be a big deal, but it is a pretty large project and I have several projects going on right now so my liquid capital is kind of tight. I might be


looking to partner with somebody on this, maybe hand it off to somebody that would be interested. I just hate to see it go to waste.

Jason Lucchesi: Yeah, I could absolutely ... I've got some really good connections with folks here in the Indy area that could potentially want to do that or possibly myself, that would be interested in it. Could you tell me a little bit about the property?

Ryan: Oh yeah, are you familiar with Crooked Stick?

Jason Lucchesi: Yeah, absolutely.

Ryan: Okay, it is the only house that is up for ... Well it's not actually for sale right now. It was on the market, the listing expired because the agent told him that he could get way more than he will ever be able to get for it. So it's the smallest house on the biggest lot in the whole Crooked Stick area. The guy, he's got some expensive taste. He put $60,000 into a bathroom that ...

Jason Lucchesi: Oh man.

Ryan: I'll put it this way, the contractor made a living off of it. I would have done it for 5,000. It's not any kind of ... thing special. It's 4,337 square foot, I'm going in, my offer was written up for 500,000 I expect to land on 550,000. I had envisioned for it a 3,000 square feet of addition, 1,500 square foot of that being a separate in-law suite, because it sits on 2.3 acres in Carmel. I'd love to utilize that actually and put 1,500 square foot on to the existing residence and then 1,500 square foot of a separate in-law quarters just to get it at that three, four, five ... 7,000 some odd square foot, which exponentially raises the reasonable asking price after repair.

That would put it in the 1.4 to the $1.6 million range. I know that's a pretty broad spectrum but it's a very difficult neighborhood to comp out, because they're all custom homes. It's a large project. I do have a great construction crew that I can have ... That I already had lined up for it, well, Construction and Renovation, he's a general contractor with six crews. It would be more of a short turnaround if they were to be used because several things getting done at once ... But not it's just kind of a matter of it's going to happen with me or not because of the 85% funding that I would be able to have. I am looking in to currently a 203K loan. I'm not very familiar with that, but I am in the process of learning more. The big issue is that he's wanting to put it back on the market the first of February.

It is a big issue because it's going back on the market, but it's also kind of a minor issue because he's still going in at a very high price point for what it would actually bring. He's going in around 630 I believe it is. And I have a very good connection with a realtor that has represented him in the past so she feels ...


She's the one that made up the offer, so she's confident that bring him that price point of 500, we would settle at 550.

Jason Lucchesi: What would you say the as is value is, as of right now. I could probably pull together the remaining funding that you would need for this deal. Or if you wanted to figure out the way we could structure the deal, we could absolutely get that done. What would you say the current market value is before doing all of the renovation and rehab?

Ryan: First of all I'd like to say I am always 100% open to creative ways to doing real estate. I think that's the best way to do it. But just for your knowledge, I am always open to that. I ... I appreciate assessors because they don't as much look at the things that are wrong with it, because there's nothing technically speaking wrong with the house. It's just you got an all white kitchen, including counter tops and the floor, and everything, which doesn't look good but it doesn't drop the value very much. I think it would probably assess around his price point or his asking point, in the low to maybe the mid six's. But, then again I don't know how much that land is worth. It might be higher than that with the land because like I said, it's the biggest lot, in the most desirable neighborhood in Carmel. I'm not very familiar with that kind of assessment.

Jason Lucchesi: Okay, no, I've got an agent that's very, very familiar with Carmel, she's one of the top agents in central Indiana. What I'm going to do, I'm going to shoot you over an email. Is the email that you signed up with on LinkedIn, is that the best email?

Ryan: Yes, that works.

Jason Lucchesi: Okay, what I'm going to do Ryan, is I'm going to shoot you an email right now, and if you could, send me the details on the property. I know you have it under contract right now, and if we do some comp analysis, I could pull together the funding within about a day or two and we would be good to go with moving forward on the property. So I'm just going to put in the subject, I'm going to put, "Hey Ryan, it's Jason Lucchesi," and the number that I'm calling you on, that's my cell phone. Feel free to text me, call me, whatever you want. I'm just going to put in the subject, "Hey Ryan it's Jason Lucchesi, please shoot me over details when you can," and then we'll just make it simple, "Thanks."

Ryan: I actually, I didn't send the contract because I didn't want to ... I strongly believe in not making people believe that I'm going to buy if I can't, and at that point in time I was not sure if I was ready to [crosstalk 00:36:09] not currently under contract.

Jason Lucchesi: [crosstalk 00:36:09] No, that's ... No worries. I'm glad you did that, and that's definitely a great way to keep your name off the books of the attorney general,


because trust me, a lot of investors are making offers, putting them under contract, and then they're not closing and people are getting really upset. Next thing you know, the term wholesaling in Indiana becomes a bad word. So, no that's [crosstalk 00:36:40] awesome Ryan.

Ryan: [crosstalk 00:36:40] Yeah it becomes what it is right now.

Jason Lucchesi: I hear you, and I would love to go in on this with you, I just need a little bit more details, and then we can get it moving for sure. It definitely sounds like a great opportunity that we could both make money on and get that house sold. Because right now it's prime time to get that house done, we could either use your contractors or mine, and really get some big things happening.

Ryan: Yeah. And one more point I want to add in there is that the last houses sold in there, sold in 0 days for 21,000 over the asking price at 1.771 million. To be honest with you I know it's a taste thing, but I was far from impressed by it. So I really think that this could be a very solid and very quick turnaround ... or for both of us and very interested. If you could include the specific questions that you would like answered, I'll gladly give you anything you'd like.

Jason Lucchesi: I just sent a real generic email over to you, if you could just send me whatever information that you have, that might be useful for me to do some really quick due diligence, I can get something probably accomplished here today. I do have something from 2:30 to 3:30 to do today, but other than that I'll be able to take a look at it, give you my initial feedback on it, and if it's something that I know I could pull the trigger on, we could get that deal under contract and we'll be good to go. We don't have to worry about it going back on the market here any time soon.

Ryan: Okay, yeah, that sounds great I'll get that to you as soon as possible.

Jason Lucchesi: All right, yeah, I sent that over to your email that you have set up war, is it warrentals3@gmail?

Ryan: Yes.

Jason Lucchesi: Okay. Cool buddy, all right, well I appreciate your time and again, yeah, let's see what we can do here. I shot you that email over and myself and my buddy Mike will take a look at it. I saw that you were in the Marine Corps, he was actually in the Marine Corps too, so I'm sure you guys will get along just fine.

Ryan: Sounds great. I appreciate your call and I look forward to this.

Jason Lucchesi: All right, awesome. Thanks again Ryan and we'll talk soon buddy.


Ryan: Thank you, bye.

Jason Lucchesi: Take care, bye.

Jason Lucchesi: Hi, is Dominic available? Hello?

Dominic: This is speaking.

Jason Lucchesi: Yeah, Dominic this is Jason Lucchesi I wanted to reach out to you man, we're connected to each other on LinkedIn and I saw that you're a real estate investor here in the Indy area.

Dominic: Yes.

Jason Lucchesi: Okay cool, do you have a quick minute? I just wanted to see how we could potentially do some deals together?

Dominic: Yeah, I got a quick minute for you.

Jason Lucchesi: All right cool. I just wanted to call, introduce myself to you and see what types of properties you're looking to buy right now?

Dominic: We're currently looking for a [inaudible 00:42:06] some rehab's in Indy, some duplexes.

Jason Lucchesi: Okay rehab's in Indy, some duplexes.

Dominic: That's what we're looking to buy right now, but we have buyers also buying everywhere, looking for everything.

Jason Lucchesi: Okay, and what are you guys specifically wanting to buy, are you looking for three one's, or two ones, or you know, what-

Dominic: Yeah. Three ones, and in a good neighborhood.

Jason Lucchesi: Like in B and C class neighborhoods?

Dominic: Yeah.

Jason Lucchesi: Okay. So three ones, any particular square footage minimums that you guys have?

Dominic: No.


Jason Lucchesi: Okay. I'm just jotting down some notes here so I could properly get you the properties that you're looking for. And what dollar wise are you guys looking at, to spend on each property?

Dominic: We're looking to spend between 10 and 100. I know it's a wide number but ...

Jason Lucchesi: Yeah, that's fine. So 10,000 to 100,000, you guys are looking to buy and right now ... Are you guys are buying, and then you also have some buyers that you guys can close some deals on?

Dominic: Yeah definitely.

Jason Lucchesi: Okay, cool, and they're looking for the same types of properties?

Dominic: Yeah, but they ... Sort of. Sort of, but they're kind of like all over the place. They're not just in Indy so.

Jason Lucchesi: Oh really? What are some other areas because I'm also doing some stuff in Memphis, I'm also doing some stuff in the Greater Atlanta area, and some other areas too. Do you have buyers in some of those areas as well?

Dominic: Yes, I do. I just got off the phone with one. We'll have [inaudible 00:44:20] I'm looking in Atlanta area, I was going to call him back today, give him more, if anything give him a more description of what he was looking for. It was a quick call last night, but we can definitely work with that buyer together and if you have anything that I might be interested in, or my wife might be interested in we can definitely [inaudible 00:44:44] on something.

Jason Lucchesi: Yeah, no absolutely. The property I literally just made a call to somebody today, and he literally called me back and left me a voicemail about a new off market property that came on his lap about an apartment complex.

Dominic: Okay.

Jason Lucchesi: Are you guys looking just for single family residences, or you looking if I could present a really great apartment deal to you, would that make sense for your buyers?

Dominic: Definitely, definitely.


Dominic: We're interested in all deals, all partnerships, we're open. And we have buyers, they're ready, and they're all over the place. I can't just give you specific criteria


because there's so many of them, but you know. We definitely could do something, get something moving along together.

Jason Lucchesi: Okay. Do you know just roughly ... I know, trust me, I know this, it differs from market to market with cap rates, but do you know offhand what they're generally looking for so I don't waste your time, and you don't have to waste your buyers time?

Dominic: They want to be close to, at the nine, ten mark.

Jason Lucchesi: Oh, okay. So cap rate minimums, at 9 to 10%. Okay, cool. I will keep that in mind and then ... What title company are you using here in Indy, if you don't mind me asking?

Dominic: My buyers usually use their title company wherever, but, I live in Anderson right now.

Jason Lucchesi: Oh, okay, you live in Anderson. I'm here in Noblesville.

Dominic: Okay.

Jason Lucchesi: All right, cool.

Dominic: Yeah-

Jason Lucchesi: Go ahead.

Dominic: Yeah, but ... You said this was Jason right?

Jason Lucchesi: Yeah. Yup, and my last name's Lucchesi.

Dominic: Can you spell that for me?

Jason Lucchesi: Sure, it's L-U-C-C-H-E-S-I. And Dominic this is my cell phone so if you want to text me or whatnot that's fine too. My email is [email protected]. So yeah, if you want to do that ... And then the mail that I have for you, is it, H-O-U-Z-E-D-U-D-E 1 at gmail.com?

Dominic: It is.

Jason Lucchesi: Okay, cool. And this is your cell phone, correct?

Dominic: Yes, you can text me any time.


Jason Lucchesi: Okay, cool. I'm going to put a reminder here. The cool thing about LinkedIn because I'm ...From an organization standpoint I need all these tools and LinkedIn's got this cool feature where you could add notes, reminders, and tags and all that good stuff. I'm going to make sure I follow up with you and send you an email with all my contact information.

Dominic: That would be great, and you said that you were on LinkedIn?

Jason Lucchesi: Yeah. LinkedIn's really cool. One you have a relationship with somebody on LinkedIn, you can go under there and you could add notes on that particular person, you could place tags. So I'll place a tag for you as cash buyer in Indy, and joint venture partner. So that hey, if I got a deal I know that Dominic might be the person that I could hook up with to do a deal with.

Dominic: Okay.

Jason Lucchesi: So it's really cool. I've been using it now for a while to help me stay more organized, so maybe it might help you out too.

Dominic: Yeah, so, how would I find that feature? I have the app, so-

Jason Lucchesi: You have to go on like people's profiles. So you can go on mine, you and I are connected. That's how I found your information.

Dominic: Oh, okay.

Jason Lucchesi: Go to my profile, you click on contact info, and the contact info for that person will pop up and then you'll also be able to see it's called, relationship. Then you can find that information for putting notes, reminders and tags on people. I like it, it's a really cool thing. You could go on there, put something on me, so that you know that we had a conversation today and we talked about some of the things that we can do together.

Dominic: Okay, cool. So you said I go to your profile, and then, where did you say the next step was on there?

Jason Lucchesi: You have to go to the individuals that you're talking to. Say for instance you're talking to me and you want to go to my profile, you have to go to the individual's profile and then you'll see contact information. Then you'll also see a relationship setting. And it'll let you know when you've connected with each other, and it will also allow you to put notes, a reminder, and it will allow you to tag people too.


Dominic: Okay, yeah. I don't see that feature. I just see ... I'm on your profile I just see your contact information, message Jason for, and then your accomplishments, your recommendations, your features, experience, etc.

Jason Lucchesi: Are you on an apple phone right now.

Dominic: No, is that what you're using?

Jason Lucchesi: I was going to say, I can send you a quick email with the screen shot. I'm going to send you an email right now so you see what I'm talking about. I'm just going to put in the subject, screen shot. Then I'm going to go ahead and add the screen shot to the email so that you can see this. And then, just take a look at it and you'll see ... You'll see what I'm talking about. You'll see relationship, and then you'll see all the stuff that I added for you. I put rehab's in Indy, some duplexes, three one, B and C class neighborhoods, 10,000 to 100,000, apartment deals that they're cool with, cap rate minimums at 9 to 10%. I just made sure I added all the notes that you and I just talked about.

Dominic: Okay. Are you going to that? Because I can't seem to find it. But do you think is this because I'm on an Android device?

Jason Lucchesi: No, no, no. Yeah, you know what? I do the notes and everything from desktop. So maybe that might be it. You have to look for it on your desktop. I don't think it's available on apple or Android devices.

Dominic: Okay, yeah I'll check it out on desktop.

Jason Lucchesi: Yeah, just check it out. Then I sent you the email too, so you can see that. And also my contact information is in there. But, the one thing that's not in there from contact information is my cellphone. So you have my cellphone, so if you need anything just feel free to reach out.

Dominic: Okay. All right, well thanks for reaching out to me Jason, and I definitely will be in contact with you.

Jason Lucchesi: All right, sounds good buddy. I appreciate your time, have a good day all right?

Dominic: Oh, you too.

Jason Lucchesi: Thanks, bye.


Don C: Hello.

Jason Lucchesi: Hi, yes, is Don available?

Don C: Yes, speaking.

Jason Lucchesi: Hey Don, this is Jason Lucchesi, I was giving you a call because we're connected on LinkedIn, I saw that you're a real estate investor in the greater Atlanta area.

Don C: Barely hear you.

Jason Lucchesi: Okay, yeah this is Jason Lucchesi, I was giving you a call, we're connected with each other on LinkedIn.

Don C: Uh-huh (Affirmative).

Jason Lucchesi: And I saw that we're both in real estate and I wanted to see if you were an active cash buyer in the Atlanta area, I'm coming across off-market deals.

Don C: Yes, I would say I'm an active cash buyer, I have private lenders help fund some of my deals.

Jason Lucchesi: Okay, great, great. Okay some of the deals we're coming across are from banks, hedge funds, and private equity firms that we're getting at some really good discounts. Could you tell me a little bit about some of the properties that you're looking for?

Don C: Yeah, I'm [inaudible 01:00:20] looking for something under a hundred thousand, three two plus, and ones at a hundred thousand includes the rehab.

Jason Lucchesi: Okay, and do you have a certain after repair value that you would like to stay under?

Don C: Yeah, I'd like to sell it a hundred and thirty thousand if I want to put a hundred into it.

Jason Lucchesi: Oh, okay. I understand.

Don C: I might be more into apartments but, I don't think I have the infrastructure for that yet.

Jason Lucchesi: Okay. Got you. Yeah I completely understand.

Don C: But if you had some smaller units, up to 30 units, consists of 30 units, I would be interest in those.


Jason Lucchesi: Okay, no that's great. And Don let me ask you this, do you have any cash buyers of your own? If I sent you a package of deals, is there a potential opportunity for us to do a joint venture?

Don C: Well I kind of know a guy, come from ... He kind of does a thing ... But he's an investor, buy a package of tapes ... Maybe 15 of them, but the whole package is like, 2, 300 thousand.


Don C: And basically he renovates and resells, and then tries to split some of the profits, or pay back a lender.


Don C: Is that some what you talk about?

Jason Lucchesi: Yeah. I get package of deals through the banks, and the hedge funds; and typically what they allow me to do is cherry pick what I want. Then what I do is, I just quickly resell it for a profit. Just because we're getting them at such great discounts.

Don C: I know some people here that have money.


Don C: A lot of them don't understand that opportunity. I don't know if I'll ... They don't want to work for the opportunity they only have the money, and looking forward just to retire them basically.

Jason Lucchesi: Okay. No, that's not a problem at all Don. What I could do ... The properties that you're looking for, properties that include everything, you want to be all in at a hundred thousand dollars. Does it really depend on what kind of house too? Are you looking for mainly three bedroom, one bath's? What kind of property-

Don C: There's a lot of other things. I'm looking for ... I like them more in the suburban neighborhoods instead of the city of Atlanta, but I have a lot of people that like the city of Atlanta so, I may be able to pass those off.

Jason Lucchesi: Oh wow.

Don C: That's kind of what I'm looking for, is the better ... You can buy them 50,000 all day in the city and then you gotta either go section A, and you gotta repair them, and then stuff gets torn up, so it's a lot more work.


Jason Lucchesi: Yeah, absolutely.

Don C: We can usually you can get a thousand, and you keep somebody in there for three or four years, so it almost pays off the house.

Jason Lucchesi: Right, I completely hear you. No, that sounds good. And we could help you, so yeah that's not a problem at all.

Don C: Do you have access to any other capital? Because I come across deals all the time, it's always, you know, not having enough capital.

Jason Lucchesi: Yeah, we can look for ... Yeah we definitely do have some opportunities that are associate with capital and could potentially do something for you from a joint venture standpoint.

Don C: Okay.


Don C: You have my email then from LinkedIn?

Jason Lucchesi: Yeah, is it the don_crosslin@yahoo?

Don C: Yeah, that's my personal so let's use that one.

Jason Lucchesi: Okay. Perfect. I'll do that and I will send you my contact information and if you have any other questions just feel free to reach out.

Don C: Okay, and what's your name again?

Jason Lucchesi: My name is Jason Lucchesi.

Don C: Okay.

Jason Lucchesi: All right, I appreciate your time, and I'll make sure to reach out to you here in just a little bit with my contact information.

Don C: I appreciate it, thank you.

Jason Lucchesi: Thank you Don, have a great day.

Don C: Sure, bye-bye.

Philip Agular: Hello?


Jason Lucchesi: Hey Philip, this is Jason Lucchesi, I was given you a call. We're connected on LinkedIn, how you doing?

Philip Agular: Yeah it's going good.

Jason Lucchesi: What's that?

Philip Agular: Really hard to hear you right now.

Jason Lucchesi: Okay, can you hear me better now?

Philip Agular: Barely. Who's this?

Jason Lucchesi: It's Jason Lucchesi, I was giving you a call, we're connected on LinkedIn, and I saw that you're a real estate investor and wanted to reach out.

Philip Agular: Sure.

Jason Lucchesi: Yeah, so just an FYI I know I'm just hitting you up out the blue here, but I just wanted to let you know I'm coming across some off-market deals in the San Antonio area and I just wanted to reach out to some investors in the area and see if you might be interested in looking at some of the properties that we have?

Philip Agular: Yeah, always interested. Let me give you I guess, our criteria.

Jason Lucchesi: Yeah, please do.

Philip Agular: I would like to walk away with a 30 net on a flip, you know. So, if it comes out a number worth working there's at a least 30 in it, then I'm interested.

Jason Lucchesi: Okay, and are you guys buying in San Antonio mainly-

Philip Agular: Yes that's after fees and all that stuff. I don't use hard money usually like that, so.

Jason Lucchesi: You said, you don't use hard money?

Philip Agular: No, I ... We try not to.

Jason Lucchesi: Okay. No, that's great. That's great. So most of the properties you're looking for, are they going to be three ones, or two ones, or do you have a specific criteria on that?


Philip Agular: I like three twos, I like the ARV to be somewhere around 150 to $200,000 when I'm done with it. I like the 30 net profit in there, but I typically find that in a hundred thousand dollars. So those we can both sell off, you know. They don't do anything for me.

Jason Lucchesi: Yup.

Philip Agular: So we like to be ... Somewhere in that $200,000 range on our ARV though.

Jason Lucchesi: Okay. And-

Philip Agular: Specifically three twos, four twos, you know ... that’s what I’m looking for.

Jason Lucchesi: No that sounds good, and do you guys have specific areas that you're looking to buy in within the San Antonio area?

Philip Agular: Not so much as physically we stay off of the south side of the town as those properties are hard to sell. But other than I mean, if we got decent acquisition prices in that market I'll look at anything.

Jason Lucchesi: Okay, cool. And so since we have some off-market deals for you, non MLS deals, typically how long would it take you to do due diligence if the deal made sense, it got you the 30K net, how long do you guys typically take to make a decision?

Philip Agular: To close? To make a decision, we make a decision right away. I mean, if I can run the numbers, run the comp, I can usually have an answer in a day or so that I can [inaudible 01:08:05] about it. I do need to see the property and do the repair budgets myself though. I know, I've dealt with a lot of wholesalers and typically what I find is the rehab budgets are never right.

Jason Lucchesi: Yeah, I know and some of the properties we're not going to tell you, "Hey it just needs carpet and paint," then you walk into the house and the subflooring ... You know there's holes, and there's damage with the roof. We'll never do that. We always say, "Hey, you know," ... Most of the properties they're sight unseen, so we just let you guys know that up front. The individuals. We only like ... I'm contacting you and maybe like two other people within the area, we don't like working with a whole bunch of people and sending them out to our properties.

So we are the owners of record of the properties so we'll send you out there, and if it's something that you want to get in touch with and you're the first person, that's great. But we'll definitely, we'll never tell you, "Hey, it just needs carpet and paint," I hate it when people tell us that and we walk in and it's a war zone.


Philip Agular: Yeah well, what we get over here is estimated rehab is 15,000 and 25 or 30 to do it. You know where those numbers aren't even close.

Jason Lucchesi: Right, right, no I completely hear you. No, that makes sense. Most of the properties too, we have somebody boots on the ground there, like a real estate agent or somebody else that's a part of our network. We'll just have them do a quick video walk through of the property so that you at least know what you're getting yourself into and not just blindly going to the property. So we'll make sure that if you're part of our network for down in San Antonio that you at least have a video walk through of the property and if it's something you're interested in, you could go take a look at it.

Philip Agular: Okay. Oh yeah text me someone will be there. So do you have anything for sale right now in San Antonio.

Jason Lucchesi: As soon as I get off the phone with you I'm going to check our current inventory, offhand I know as of yesterday we didn't, just because it's pretty hot down there. Once we get some new product in, it goes pretty quickly so I'll double check. I know we're going to be having some new inventory coming in at the end of this week and the beginning of next week as well. So I'll definitely check and see if that's going to be part of the package that we're going to be receiving.

Philip Agular: Okay.

Jason Lucchesi: But yeah, no, I've got the information down for what you guys are looking for. Are you looking to buy more than one property at a time if it makes sense for you?

Philip Agular: Sure, I mean, I'll take a couple a month.

Jason Lucchesi: Okay, cool. Yeah I just wanted to make sure, because I know we're getting packages of deals too, and I don't ... I could give better discounts on if people buy more than one at a time. We're looking for the long term relationship here too. So if I can give you a great discount, you make money ... Ah, I lost him. Let me try getting him back.

Philip Agular: Hello.

Jason Lucchesi: Hey Philip, looks like I lost you there.

Philip Agular: Yeah, I think my phone dropped the call.

Jason Lucchesi: Yeah, no worries. I'll just wrap it up. I know you're busy as well as I am. I'll just make it short. I was just saying if you want to buy more than one at a time, I can always give you a better discount just because we are looking at this as a long


term relationship, more than a short term, so if it allows you to make more money, you're happy, and things go well, and you continue to buy; that's ultimately what we want to do.

Philip Agular: Right. So yeah, and the way that we work is that I've got a group of private investors so, the numbers, and everything they spend.

Jason Lucchesi: Okay, no, that's perfect. I understand how the IRA's work and how long it takes. So no, that's completely fine and we understand not everybody can ... Some of these wholesalers that say they can close in a day or two, so I appreciate you actually giving me real time frames rather than, "Hey, I can close in 24 or 48 hours," I appreciate that.

Philip Agular: The last one we did a couple weeks ago, it took him like three weeks to get the money out, so.

Jason Lucchesi: Okay. I appreciate that, and your email the best email that I have for you is it [email protected]?

Philip Agular: Yeah you can use that one.

Jason Lucchesi: Okay. Cool, I will make sure to send you a follow up and I'll check the inventory to see if we have anything for you right now in San Antonio. Then we'll just take it from there, does that sound good?

Philip Agular: All right, perfect.

Jason Lucchesi: All right, cool. Hey, thanks for taking my call and I will be on the lookout for talking with you soon.


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