In this must-listen episode of the Foreclosure Deals Podcast, Donny Coram sits down with Benson Juarez, the mastermind behind Privy. Discover how this revolutionary software is changing the game for real estate investors, making deal-finding not just easy, but incredibly efficient. Whether you're a seasoned investor or just starting out, you won't want to miss this deep dive into Privy's capabilities and how Donny leverages it to find the most profitable deals. Tune in and elevate your investing game!
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Hello, hello, hello, and welcome back to the foreclosure deals coach podcast. I am your host and foreclosure deals, coach Donny Coram. And on this episode, we have the privilege of speaking with co owner of Privy Benson Juarez. This is going to be a value packed episode. We learned how to find deals in Privy. Stay tuned. Welcome to the foreclosure deals coach podcast. The real estate market is shifting. The time is now the foreclosure deals coach podcast is your home for the mindset tactics and tools needed to break through your limiting beliefs and find freedom by investing in foreclosure deals. You need to get into this right now. And now your host, the foreclosure deals coach, Donny Coram. Hello, hello, hello, and welcome back to the foreclosure deals coach podcast. I am your host. And foreclosure deals coach. And as I just mentioned, we have the honor of having Benson Juarez from privy on the show today. What's going on Benson. How's life. I'm doing great. Donny is so good to be back with you. It's been a couple of years since we've really engaged, but, uh, I'm just really excited to be here. Thanks for having me. I'm so excited to have you. And we really need to tell people our backstory because, you know, a lot of people think they know Benson Juarez. Okay. Cause they see him on, they see him on YouTube. They see his countless amount of videos and content, but let me tell you something I know. Benson Juarez. Okay. And, and the story is way back in, I was working in Denver. We had a pink realty franchise. Right. And I called, I don't even remember what I was calling to pitch you, but it felt like I wanted you guys to do something. And then I had to talk with you about it. And then Scott, the co owner of Privy and you guys like, well, why don't you come over here? You remember that? How, how we kind of came to be in those early years. Yeah, I don't remember how it all developed, but I remember we talked and, you know, you had your, your foreclosure coaching business and, you know, you were really interested in what we were doing at Privy. And we felt like it would be a good idea to kind of combine some forces and we were looking to scale and we needed some help getting the word out. And so, uh, that was the beginning of, uh, of a new relationship. Indeed. And what an incredible relationship it became. I'm such a big fan of the software. I remember from the moment I saw it. If I recall, you actually did a presentation at my office and some people came out and we showed off Privy and everybody left just in enthusiastic. Now for those who don't know Benson, and if you don't know at this point, you shouldn't be in real estate investing, but give me the top down view. What is Privy and what can it do for real estate investors looking to get started in this space? Amazing. Yeah. So, so Privy, we've, we've been around for over 10 years, believe it or not. Um, I personally have been in the business for over 20 years, got started back in 2002, uh, in the lending business. And then since then I've done everything from, uh, being a licensed real estate agent, which I still am to this day, uh, doing my own fix and flips wholesale, uh, buy and hold. I spent nine months in St. Louis. Because I don't just practice, I don't just preach it. I practice it. So I have literally picked up and moved to St. Louis for nine months because the data that I was using inside of privy led me there. And so I recently moved back to Colorado, uh, but Privy is a deal finding software. Uh, we use multiple sources of data to basically analyze every single property in the U S 24 seven to find deals. So we compare on market deals, off market deals to what other investors have already had success with. And we look for margins. We look for, for properties that you can get at a discount that you can turn into a deal. And we're also, what we say is we're exit strategy agnostic. So whatever you want to do with a property, whether it's a fix and flip wholesale, buy and hold short term rental, uh, creative deal structure, like seller financing or subject to, we can help you with that because the data that we have inside of Privy is useful for multiple exit strategies. Yes. Yeah. And it's so true because the thing is, is some other software that's on the market out there. We will leave some names out for the sake of protecting the innocent here, but it really just focuses on one aspect of the market or one exit strategy. What I love about Privy is how comprehensive it is for finding deals, whether you're looking to fix and flip, you're looking to buy and hold, you've got the data in one central point, right? So Privy is pulling from multiple MLSs all across the country. I know you guys are adding MLSs as we go. Down the road, but kind of, you're got pretty good coverage now, right? How many, how many MLS is, is privy in right now? We do. Well, we've got many, and that's one of the things that makes us unique. Uh, and that was one of the things that kind of, some people might think, well, why haven't we heard of you if you've been around for 10 years? Right. Well, the reason was is because our, our best data, the best data that's available period is MLS data and even platforms that say they have MLS data. Don't really have direct to MLS data. They have aggregated data that they get from a third party. Now that's fine and well and good, but there's limitations to it. It'll allow a company to go nationwide right out of the gates. But we started off in local markets by having direct access to MLS data in RE Colorado, for example, or PPAR. Um, and so that raw data feed is the same data that agents and appraisers use to comp properties out. Yep. Um, but. It isn't the MLS, right? We know the MLS on its own is not an effective tool for doing real estate investing strategies, right? It's a lot of manual processes. There's not any algorithms. There's no deal finding tools inside the MLS, right? It's for agents to basically list properties for other agents to see. And then, yeah, you can go in there, you can try to analyze properties, but it's all a manual process. And that's what we found early on was one of the reasons why Privy was built in the first place is that it's very manual, tedious process of finding deals, analyzing properties, tracking markets. And so we thought, you know what, what we can do is build some automation into what we're doing every day. And that was the birth of Privy. And so now we're in over, uh, well, close to 100. Direct to MLS data markets. Wow. Which is amazing. Now we do have that third party MLS data nationwide. Um, and we've got public record and county record data. We've got off market leads like foreclosures and absentee owners and vacancies, tired landlords to name a few. Um, so we've got a good mixture of off market data that people can use to research homeowners and do that off market kind of lead process. But also give you the best data that's available to analyze properties, to comp them out, determine value, get on market leads. Um, there's this big misconception out there, Donny, and you know, this probably better than most that you can't find deals on the MLS. Man. I hear that every day. I hear that every, you can't find deals in the market. Why wouldn't they get snapped up already? But Privy has changed that, right? With this algorithm, would they be able to spot the deals from the market using the automation? We're now finding deals on Privy literally every day. It's amazing. And you know what? There is something to be said that, okay, once it's on the MLS, everybody sees it, but here's the thing. If there's a foreclosure that comes and that list comes out, guess what? Who also has that same foreclosure list? Anybody that's looking for a foreclosure. So in my opinion, there's more competition for off market properties than there are for on market properties. I agree. Especially in the era of wholesalers, right? Where everybody's hopping in the market now and trying to do that. Yeah. And everybody's buying the same lists, right? Right. So you have this, this kind of this crowd of people who are going after the same Unfortunately, this is just the nature of the business is that a lot of those people don't really understand what they're doing. So, so, you know, if you're calling for foreclosure list, right. Does it, they're getting the calls from a thousand other people, right? If you're caught, if you're sending out mailers, if you're knocking on doors, there's a reason why those people are not very happy to see you. It's because they've already heard from a thousand other people. That's right. So what's cool about MLS is that. There are some, there's some barriers to entry, like you have to know how to work with a real estate agent. You have to be able to put together an earnest money, uh, deposit, you have to be able to, uh, you know, submit an offer, um, that has all of the proper verbiage in it. And so that eliminates some of the newbies. And so there are, there are less competition for on market deals than they're on, than there are for off market. And Donny, we did a research project about a year ago, maybe year and a half ago now, where we compared all of the deals that we track inside of Privy. We track all of them, whether they're on or off market, over 60 percent of them came from the MLS. So if people in the audience are ignoring on market deals as a significant source of their deal flow. They're basically passing up on more than half of the opportunities that are out there just because they're misinformed. I totally agree with that. And I tell people all the time, you know, people want to get the off market stuff. That's the big buzzword. We want to talk to the wholesalers. We're out there making a good living, you know, finding these off market deals, but the reality of the actual professional investor who has to create consistent deal flow is at very least you're going to need a strategy that combines your on market and your off market because you're not going to be able to do enough. Deals consistently in either. And to your point, the wholesale side has gotten very competitive and furthermore, like agents are getting, they're getting hip to it, right? Like they're starting to put in language. It's like, I don't want any wholesale language in this contract. This is not a signable. They didn't care two years ago. Right. Benson, but suddenly. Everybody cares. If you come in and it's clear that you're a wholesaler, they just don't want to deal with you anymore. Right. Well, yeah. I mean, unfortunately it's because the, the inexperienced wholesalers, they didn't really understand the process. Like they're, they're, they're so focused on lead generation, right. They focus on lists and they're focused on ringless voicemail and CRMs and software. And, uh, You know, text blasting that they don't know what to do with the deal when they get it. That's right. It's like a dog chasing a car, right? It's like a dog chasing the car. They finally grabbed that bumper with that big mouth of theirs. And they're like, now what? Oh crap. Now what? They don't know how to run comps. They don't know if it's a deal or not. And they can't, that's what they end up doing. They submit either low ball offers, which would have no chance of being accepted because they don't know the real numbers. Right. And they're probably using some universal formula, like the MAO formula, right? Which. In most markets actually causes people to offer. Um, put offers in that are too low, um, because they don't really understand the local market realities. Um, but then they're running the bad numbers. So they get properties under contract. They have no disposition strategy. They have nobody on the back end that take that deal from them. So I guess what they do, they end up canceling contracts, right? And they build the relationships don't like wholesalers. That's right. And it's why the relationships are getting broken with the wholesale world entirely. Right. And you got States like Illinois that are banning wholesale because they're, they're looking at this, these guys as a scourge to the industry where you're tying up property on a seller, who's already in a distressed situation, maybe close to foreclosure, losing the property, now a wholesaler is coming in promising the moon can't deliver on it and the agent looks bad. So now they're pulling wholesale out. Where do you think that'll go? Do you think more States will start to ban the wholesale environment entirely? It's, it, there, there is a movement, so there's already several, uh, state governments, um, that are in the process of, of evaluating their local wholesaling rules. And, and honestly, um, Donny, it isn't necessarily wholesaling, it's, it's the assignments that are, that are problematic. I agree with that. And so the assignments is where a lot of those problems lie and we can talk more about this down the line. But I'm actually launching a product soon that will solve that issue by using the different entity structures and a proprietary process that leverages. Uh, what we call consignment real estate, which we get around a lot of those local, uh, hurdles that people are facing and causing them to not be able to wholesale in these particular markets. Um, but I agree with you, right? It's, it's a bad plan. It's it's uneducated. Um, inexperienced wholesalers that are, that are putting that bad reputation out there for all the, the good wholesalers that know what they're doing, to have the best intentions of the homeowners in mind, and that really understand what they're doing. Um, but it does cause quite a bit of issues for people who, um, who really do what, know what they're doing. And the reality is this is still a relationship based business. Like we can talk data, we can talk analytics. And what I love about Privy is how it, it streamlines that you brought up how time consuming it is to scour the MLS for deals. When I was an active deal hunter manually and pre Privy, I spent an hour a day in the market going through my favorite zip. Code finding the property, analyzing the property. This was a, this was a comfortable 60 minutes a day. I spent, I was good at it. You know, now Privy gets that done. It sends emails to me with the deals of the day. So I kind of know the ones I want to look at anyway. So that's kind of awesome. But it's really taken that process down from an hour a day to maybe 10 minutes a day of looking at the market because privy is doing all the filtering and it's such an incredible opportunity. Pivoting that back over to the relationship side of this, because these wholesalers are in the same market that we are, we're bumping into them continually, right? So they're, they're, they're out there doing these low ball offers. The agents are starting to either identify the wholesaler by name or the. Company that's repping it, the LLC they're using by name and they're putting them on blacklist. This is happening all over the country where it's like, we're not going to work with this guy because he's a wholesaler because they can't put a company on it. Right? Because the wholesalers change company names or they go from different entities, but. This person individually, and the LLC that they're using, if they're trying to wholesale out of their LLC are going on lists that agents just aren't going to deal with anymore. So the future of wholesaling without having the backend buyer, like you said, I love that term you use consigning the deal as opposed to assigning the deal, because that is how the future is going to go. And we're definitely going to dig into that. A little bit more that being said, I really would like you to demo for my audience today, Benson. If you would, I want to find some foreclosure deals right here in my marketing, Colorado spring, Colorado. Obviously I do this every single day, but I'd love to see this at the hands of the master who helped to code the software and create it. So would you mind just giving us a big, brief purview on how you would find a foreclosure deal in the Colorado Springs area using privy. Absolutely. Now, um, one of the things I want to point out here is that the biggest problem with finding deals that people are just looking in the wrong areas. Okay. They're looking in the, in the wrong areas for deals. Okay. And what you should use is a strategy that I've coined called the reverse REI strategy. All right. Reverse REI strategy basically is, um, thinking ahead. About where you, let's say you found a lead. If you can find a lead in a neighborhood where there's fix and flips happening. Okay. Then what happens is you can use those fix and flips as comps. That's right. Right. And so if you've got a fix and flip comp, then what happens is that raises the value that raises the ARVs that are maybe, you know, median or average ARVs for that area. Okay. Right. So when you do that, what happens is all the unrenovated homes in that same neighborhood become deals. That's right. Now, if you were looking for an unrenovated home or a foreclosure in an area where there's no fix and flips happening, guess what happens? You have to submit Lobo offer offers to make the margins work. Right. But if you have renovated homes, then you can offer a higher percentage of ARV than you would in an area where there's no renovated homes. So the strategy is, is to find investor activity. So if, if you can see my screen right here, this is Privy. It's a web based software. You don't have to have any downloads. We've got a mobile. Uh, optimized version of Privy as well. Oh, nice. But the key here is that, um, when you first log in, you can see that this is our coverage map. So this shows wherever you see blue is where we already have direct to MLS data feeds already launched. That, like I said, it was close to 100 markets. We just launched, uh, Greenville, South Carolina. We just launched, uh, Winston Salem, which is, uh, the triad area in North Carolina. Uh, we launched a bunch of new markets recently. We've got a lot more coming soon. So that's one of the things that our team is really focused on is giving access to our users that direct to MLS data, as well as Donny. This is a great platform for connecting real estate agents with people that are doing deals. So we've also launched a new feature recently that shows investor friendly agents in the markets. That's amazing. I love that. You can connect with people who know how to do investment real estate. Uh, a lot of agents want to work with investors. Um, a lot of agents, um, you know, would like to get that repeatable business, you know, like if a good fix and flipper can do, you know, 10 deals a year. And, you know, the average person who's buying a house is buying a house to live in and guess what, they're buying a house every seven to 10 years. So, you know, who would you rather work with someone who's buying a house every seven and 10 years, or someone who's potentially doing between five and 10 deals per year. I love that. Absolutely. A repeat business counts and you can grow an agent bid just much faster if you're dealing with the same clientele or a long period of time. Absolutely. And, and so for, you know, the investor side, you also want to work with an agent who understands, you You know, how to, how to analyze properties understands where the areas that are, that are hot, understands the local market realities. And so we got a lot of that information inside of privy so that agents and investors can find themselves and collaborate and basically get on the same page, so they're speaking the same language, but like I mentioned. Investor activity is really something that you should consider using. And, and I don't know another platform, uh, Donny, that, that. Delivers investor activity like we do, but I believe it's probably one of the best tools that's inside of privy to really help separate our users from the rest of the investment population. And it's right over here on the left. So we have this investor activity tab. And so if I click this one, it says fix and flip, what that's going to do is it's going to plot on the map where all the fix and flips that have happened in the last 12 months are located. Now, I'm not suggesting that you have to fix and flip to be able to use privy, but what we're using here is when we measure a deal, usually Donny, it's. Well, what percentage of ARV is this property at right? ARV is after repair value, and you literally cannot determine the after repair value on a house you're evaluating unless one of the comps. So you have to have renovated comps, right? What was the purchase for? What did it sell for? And that is very, very helpful as well, because, um, I told you that I actually went to St. Louis to do deals. I looked at many markets and I realized that Colorado was going to be a tough market, um, to, to get consistent deal flow in. I wanted to really build a business around it. And so I thought, okay, where would be the best areas to look? So I used Privy and I looked at the areas that have, Large circles on the map with high numbers. Okay. And so you can see that there are a lot of areas that just don't have any activity at all. Look at South Dakota, right? Not much, not much flipping activity going on there. There's not much going on at all. So like, if you live in Aberdeen, South Dakota, I'm sorry, you're going to have a hard problem. We'll just consider, you know, Yeah, consider moving or get a coach is flipping in another market. Cause you're not going to find anything in your local market or not enough. You're not going to find them. You may stumble into a deal, right? But it's going to be very hard to find. And the chances are, is you're probably going to fail before you do find that first deal. And if you do find that deal, it may be a year to find you before you find the next one. That's right. You want to, you want to find, if you target high investor activity areas, see these, these large circles here. Yep. You're going to be able to build consistent deal flow, predictable. And something that you can actually have, you know, um, uh, build a business around basically. Uh, so, so that, that's why I chose St. Louis. So if you look at the map here, a lot of those areas that have high investor activity are in the Midwest. Sure. So areas like Milwaukee, Chicago, Indianapolis, St. Louis, Kansas city, um, probably the hottest area. Right now in the US is Philadelphia. Wow. Really? Philadelphia has look at over 5,000 deals and done. Wow. And done in the greater Philadelphia area. Uh, Baltimore is another hot area. Uh, Pittsburgh. I would probably consider like middle of the road, but it's hotter than most. Okay. Um, you know, some of the other areas you might consider are like Cleveland, uh, in. I said, we just launched Greenboro, um, North and, and Raleigh, Durham, not a ton of activity up there. You can see here, this 22, 005 55. Um, but there's a bet really the hottest area in North Carolina is going to be Charlotte, which, which makes sense, right? Like usually the hot areas, you guys are around the larger cities, right? Right. Where more people live. It makes sense. Yes. You don't want to be targeting rural areas. You don't want to be targeting farm country. I look at it like opportunity costs, Donny. Um, you will only have so many hours in the day. And most of us that are doing this business are doing it part time, right? It's, it's a side hustle. You know, we're hacking situations. We may have, you know, a few hours a week to spend on our business. So if we spend all of that time looking for deals in Camden, could we stumble across one? Yeah, but we're much better off. And we were looking right here in Columbia. Right. Because there's more opportunities there. Absolutely. So be very laser focused on where you're spending your valuable time and money. Do you want to go stumble into a deal and maybe find something in Camden? People unfortunately do. That really is the main way that people go and look for deals is they go drive around their neighborhood, right? Right. If they're going to pull a list, they pull a list from where they live. If they're going to go knock on doors, they're going to go drive around and do it there. And so there's really no intentional, um, strategy usually with investors about how they search for, for leads. They're pulling random lists. That's usually where they live. They look for deals where they live. They think that if their familiarity with their neighborhoods, it's going to help them be a better real estate investor. It doesn't. Data. Can you get to work faster if there's a car, you know, traffic jam and you can use the side roads and get to work on time because you know, the way to get there. Yeah, maybe, but it's not going to help you analyze properties any better. It's not going to give you better data. And it's certainly not going to give you the comps that you need to be able to analyze a property and determine what the value of it is, understand the after repair value, and then back out where you need to be. Percentage of ARV wise to submit an offer that has a high chance of being accepted. I love what you're saying. And I want to just drive that point home. The key to a successful real estate investment business is deal flow. Like anybody can do one deal. You can make money doing one deal, but most people are getting into this business because they want to eventually replace this. It replaced their income and not make this a side hustle. And if you're going to do consistent business, you need to a be in a market that has consistent business to offer and B have the data to consistently find deals in that marketplace. So Privy really tells you where to look that helps you quite a bit, and then gives you the deal flow that you need to actually build the business that could potentially replace your income in the longterm, if that's your objective from your investing. A hundred percent. One of the other advantages that Privy has is that there's this term called a non disclosure state. So there's about 11 or 12 non disclosure states in the country. And what that means for people who are analyzing deals is you're not going to know the final sold price of the property because the County doesn't disclose it. And so that's, that's, uh, available in many, many States. Um, Texas is one of the, well, actually it's the largest state in the union, but it's also the largest state that is non disclosure. In, in all of Texas, if you go and you try to comp a property out, you won't know what that, what a house sold for. You don't know what the comp sold for. So you can't determine the after repair value of any house you're evaluating. Fortunately, we have direct to MLS data in the four major cities in Texas, which is Dallas, Fort Worth, Austin, San Antonio, and Houston. And so those, those markets, you do get direct to MLS data. So the nondisclosure, um, situation is not an issue because we've got direct to MLS data feeds. And it changed the game for the private investor. Whereas if you were going to invest in real estate, you mentioned you were an agent. I was an agent for years. The only real fighting chance you had was that MLS data, which was a very good justification for getting a real estate license, as much as I did not want to be licensed that, that I needed the data. Now the private investor can sign up for privy this afternoon and be accessing the same data, arguably better data than they were getting. Uh, because it's more filtered than what the MLS can offer by getting privy. So it really completely changes the game for the investor trying to get started. It does. And like I mentioned before, um, one of the coolest things about privy is that we have many real estate agents that use it. Like they understand that the MLS itself has limitations, but it appear like we've got Daryl Claiborne. Daryl is a real estate agent. That's in. This market that's investor friendly. So you can see the agents on these listings, like Roger Lopez is the agent on this particular house. Um, Darryl is an agent who actually rose his hand. He's a Privy user. He's investor friendly. And he says, Hey, I'm looking for buyers who wants to work with me. So that was one of the goals of Privy from the very beginning is really connect real estate agents with investor with investors, and then they can, they can work together. They can find each other. I love them. But if you want to go and just search for off market deals, that's up to you too. But if you, if you really are looking for, uh, and this is one of the first things I did, Donny, when I went and I started looking for deals in St. Louis, I wanted to find an agent. So I found an investor friendly agent using the same process that I'm showing you right now. These are all over here. These are all flips. So every one of these properties was a house that was picked, uh, purchased, fixed up and sold, and they bought it. Lower than 75 percent of the ARV. This is the filter we have. And this, again, this is proprietary. You can't find this on any other platform out there. So if I click this house right here on wagon wheels trail, I can come down here and I can see the property itself. I can see the photos. You won't see photos and other platforms that don't have direct to MLS data. Right. Because that's a huge problem. And if you can down here in the before and after we can see what the house looked like before they fixed it up. We can see the after pictures and we can see the numbers. So right here, they bought this house for 179, 000. They sold it for 295, 000. They got it at 61 percent of the ARV. And it tells you where theoretically you want to buy, but you nailed an important point there, the before and after pictures. It also gives the investor what the house needs to look like to achieve that desired ARV. See, the market doesn't hide anything. The consumers are buying these properties. This is providing real time data that says that white cabinets. Are, are in still, right? That this color countertops is what it needs to look like. So the investor does, I mean, it helps to have an interior design team to put this stuff together, but you can see visually now. Here's what it looked like before. Here's why it sold at top dollar and what the guy got for it. Because you're now in a non disclosure state where you would not have known that. Otherwise, so you can see what he bought it at, what he put into it. Kind of, right. You get a general idea of what the rehab costs would have been based on what they did and what they sold it at. You're getting that in 30 seconds, an incredible amount of data in one very centralized location. Absolutely. And also too, there there's other, what would you call it there? There's quantitative data and there's qualitative data, right? Okay. Qualitative data is useful information that you can leverage. That isn't going to, you can't stick in a calculator, right? So. Who is the person that did this deal? So one of the things I know for our real estate agent, uh, clients out there is that they're always looking for new clients. They need flippers. Well, who flipped this house? Well, this was OCCM Inc is the company that flipped this house, right? Who else wants to find buyers? Wholesalers. Right. The best way to build a backend list. Remember we told you, uh, we mentioned earlier, Donny, that, um, one of the problems for wholesalers is they don't have a backend disposition strategy. They don't have people that are waiting there with looking for deals. Right. Well, our clients that are being successful with doing wholesaling, they're building their buyers list on Privy. Yep. So we can build a list of hundreds or even thousands of active fix and flippers, landlords who are hungry for deals right now. And all they need is somebody who's just understands how to run comps and analyze a deal and they'll become your best friend and they'll buy dozens of deals from you every year. As long as you know. What you're doing. And OCCM is one of them. And the fascinating part about that is you get to see their, their style designs. You get to see how they're going to fix it. You know, and you can go to them and we, because we've had these conversations, Hey, you did a beautiful job, Mr. Investor on this property. I found one in that same neighborhood that if you offer the same treatment, you get that higher price. What's interesting is the investors who do a really good job of the interior design tend to beat the ARV. By a little bit, right? They can actually push the market or the top of the market. And that's even more critical at a high interest rate marketplace, because the buyers that are left standing, they'll pay the higher price for the house, but they want a really nice house. So if you can show them what really nice house is going to look like, you're at a huge advantage as an agent, as a wholesaler, and as an investor, because you can see what the guys who are beating the market consistently are getting and how they're getting that number based on the interior design cues that they're leaving. Right here. And privy is just incredible what you can do with that data. If you properly incorporate it into a strategy for investing. Absolutely. And then you can see the actual numbers and understand what a deal is in different markets. Now, no one property will give you all the information you need to be able to properly understand what a deal is in any given market. What I tell people is go and look at the last 10 to 20 sold deals that happened in a particular area. And you'll start to figure out like a happy medium. Like the last two, we just looked at were 61 and 60%. So it's fair to say that if I want to be competitive with the other buyers that are doing deals in this market, I need to be right around 60 percent of the ARV. So also down here in the assessor's data, we can see who flipped this one. Double C realty LLC, they flip and they're also a real estate company. That's pretty interesting. Um, But the average person is going to come and write an offer on a property is going to use the 70 percent mail formula, right? Yes. So let's just, let's do an example here. Do we have time for that? So let's pretend, um, that this house right here, okay. This house right here, uh, was for sale for. So they bought it for, um, where's the, Oh, so 170, 000. Okay. So that was the purchase price, right? The after repair value is 285, right? We know the ARV because it actually sold. So let's just do what the typical wholesaler would do, or somebody who doesn't really understand. So they would take 285, which is the ARV. And they would multiply that by 0. 7, right? And then we get one 99. And then what they do is they subtract out the repairs costs, right? So the construction costs on a house, this house is 1, 514 square feet. Let's say an average for like a cosmetic flip is probably like 40 bucks a square foot. Is that fair? I can live with that. Yep. Okay. So let's take 40 bucks times 15, 14, right? 60, 000. Okay, 60, 000. So what the average person would do is they would, they would subtract that 60, 000 from. 70 percent of the ARV, so minus 199, right. And they would offer like 120 now, like 130 or sorry, 140. Cause we were at 199 minus the repair. So 140, 000 is what they would have offered on that deal. Approximately right now, if they're wholesaling, they would also subtract out their, their assignment fee. So they subtract another five grand. Right. So, so somebody on, on this particular deal, um, just using that, the same mail formula that most people are using would offer probably close to 130. And they wouldn't get it because guess what a real investor who's doing a deal in that market was willing to offer one 70. So they were willing to offer 35, 000 more because they know what a real deal is in that market. And we wonder why we can't lock properties up. We wonder why our offer acceptance ratio or offer acceptance rate is so low. It's because we don't know what a deal is. We don't understand the local market realities. We're not local market experts. And if you're using universal formulas, the 70 percent MAO formula, and you're just kind of just randomly just blowing offers out. Guess what? You're never going to succeed on a high level. That's right. You'll get one every now and then, right? A blind squirrel gets a nut, right? So every now and then you're going to stumble and land on one, like you said, and that's why wholesalers are out there and they're doing the one off deals. But if you want to trade at volume, if you want to do a consistent amount and build your construction crews, have that momentum and know how many deals you can predictably do in a year, you've got to have a strategy that gets deals done. And this formula is way more effective than the MAO at 70 percent thing that's been pushed for so many years on the wholesale market. 100%. And I like it. You use the word formula because it actually, it's a little bit more than a formula, right? It's, it's really doing your local market research, understanding what the local market realities are and realizing that a deal in Dallas is not the same thing as a deal in Colorado Springs. It's different than a deal in Florida as a different than a deal in Seattle. And when you know what a deal is in your target market, you're going to be way more effective than somebody that hasn't done their research and is only focused on lead generation. Which is described most wholesalers, right? Cause they're getting the YouTube university stuff, go out there, pound the pavement, drive for dollars, lock up a property and then hope to find a buyer for it. Again, it's been damaging the industry for a while, but that, that chicken's starting to come to roost right now. And if they were to have some issues there. But the reality is the actual investor, the guy who wants to get actual deals done, whether wholesale or the end user, if they're using the right formulas, they're going to do offers that make sense on both sides of the equation, based on what the market is trading at. And they're far more likely to get those deals done. They absolutely are. And the other thing that's very interesting about this too, is that. Now we know where to go and look for deals, right? So we know this neighborhood is a high investor activity area. This is where our comps are at, right? So if I was going to pull a list, if I wanted to pull a list of foreclosures, then I would come down into here and I would, I would pull a list in this general area, I might circle it. And then that way, when I do pull this list, I'm in, I find a mode of motivated seller. The chances of me having renovated comps is higher. That's right. And now what I can do is I can offer a higher price. To that person who's in a distressed situation that isn't going to be, you know, they're not going to kick you off their lawn, right? They're not going to tell you, you know, hang up on the phone or cuss you out because you gave them a realistic offer because you did the process correctly. Yes. But if that house is out in the middle of nowhere in BFE and there's no flip houses, well, guess what? If I have to offer 60%, right? Because we know what a deal is in this area now. Of, and all the other comps are, are unrenovated. I have to submit low ball. So 60 percent of a low price is a low offer. 60 percent of a high price or higher RV is a higher offer, which increases the chances of that offer being accepted. And you know, like you said, the seller's not pissed off. The agent's not pissed off. You're not just getting a, you are, you're building a relationship, right? If that property is listed and you do good by that agent. As a wholesaler or an investor, this is a dream come true. The agent just double ended the deal. If they found the buyer, cause you connected the docs directly. If you're not working with a buyer's agent. So now they want to do more business with you because not only do they make more money in the deal, but you are more fair, you are more reasonable. And you came in with data, not a formula that's untested and doesn't work in that market. Exactly. And this is one of the coolest things about Privy, you guys, is if you do live in Colorado Springs and you're down there with Donny. Well, you can do deals there, but Cardiff Springs is a tough market. So you can start doing stuff virtually and feel comfortable doing stuff virtually and not thinking that, like, I don't know anybody there. I don't have boots on the ground. I didn't either in St. Louis, but guess what? I did several wholesale deals out there. I've now, I have a smart port, a small portfolio that's being built out there. And I did that with ever having set foot there until after I'd already done some deals. And if I can do it, you guys can do it. All I'm doing is the exact same thing that I'm showing you right now during this demo. Yeah. And we filmed the whole show on being afraid of real estate investing or being afraid of foreclosure investing. And a lot of it was, you can get over the fear by having the data when you have been able to do proper analysis from anywhere, all those concerns you talked about, am I buying in the right area, et cetera, the investors who are in that market have already done the intel for you. Right. They've gotten the data, they're telling you what they bought it at, what they've sold it at, and you could spend hours trying to track down that data manually, or you can draw a box and privy, find an area that you're interested in and find out what the other investors are doing in a matter of minutes. It's an absolute. No brainer. And I just, the power of this tool is amazing. Could you just real quickly do a search specifically for foreclosures? A lot of people in my, my following want to see foreclosures as a, as a line item and what foreclosure in their neighborhood, obviously there are tools out there that can get you foreclosure data, but none are as effective as Privy for sure. Well, let's do a quick search here. I want to show you the one button deal finding. Um, feature about Privy and then we'll see if any of those are foreclosed. Okay. So if I want to find a deal here and I click find similar active deals, now Privy is going in, it's running comps and all the properties that are in this area. And now it's going to show us houses that we can buy today that have potential margins. Sure. Now the percentage of ARV that's the default is 75%, but after the research that we just did and not even being from Dallas, I know that other investors are buying stuff at 60%. Or lower, right? Okay. So I do is lower this and now I can click run search again. And now privy is going to show us properties that we can buy right now. It could be good deals based off of what other investors are doing. So here's a house right here. It's for sale for 295 grand. It's a three, one, 12, 120 square feet. Um, it just came on the market and the reason why we flagged this property as a deal is because it's in the same neighborhood as this property right here that was just flipped. So this house you get for 295. It's a three bedroom, one bath, 1, 220 square feet. This house right here that was just flipped sold for 635, 000. It's also a three bedroom, one bath. It's built within 10 years. That's only a seven year difference. It's only eight square feet larger. Um, the lot size is a little bit larger, but the ARV in this house is 635. So this house at asking price without even asking for a discount is probably going to be lower than 50 percent of the ARV. And guess what? We already know about the market. Most investors in this area are willing to go up to about 60%. So we've got about a 10 percent margin here between what we can potentially buy it out by giving them a full price offer. And what we know, other investors in that market are willing to buy, right? This is how you find deals is you find the unrenovated house. It's down the street from the fixed and flipped house. And these margins appear out of thin air. And you present it to the investor with data supported. It's not like, Hey, I want to make 15 grand on an assignment fee on this. It's I'm going to make 15 grand on the fee, but this is how I justify that. And most investors don't generally care what you're making on the fee anyway. But like you said, you found the margin of 50 percent is where you're buying it at. Investors were paying 60 percent in that particular market. And just to bring that local to my market, we're nowhere near that percentage. We're like you said, a very competitive market. We're operating 70 to 75 percent all the time, but you do find markets that are still trading in that 50 to 60%. And where wholesalers are supposed to make their money is that gap between what they can get it at reasonably and what the market would pay for to the investor side anyway. But how do you figure that out? If you don't have this data, you're speculating, you're guessing, and you're fully focused on lead generation instead of actually providing quantitative data. To the investors so they can make a smart decision about buying your wholesale deal. So whether you're wholesaling or you're investing, you've really got to understand the numbers that Privy presents to you because it's doing all the homework for you. So you don't have to do as much market research as I did when I was trying to manually scourge the MLS and find this exact information. Exactly. There's a lot of work that goes into it. And you mentioned earlier about foreclosures, right? Like foreclosures can be on market. Meaning someone realized they're in foreclosure. They got the notice of election of demand or the notice of default. And they're like, okay, what are we going to do? Like, so, so they did decided not to stick their head in the sand. Right. And they listed it from the market. This right here is one of those houses. Sure. So we'll see right here, this little house with the line through it. That's a foreclosure. That makes sense. So this house is actually a foreclosure that's on market. That could be a deal based off the comps. Sure. So if we look at this house right here, you can see this needs some work. It's not bad. Comparables. It's not horrible. Look at the comparables. We can see all the comps here of properties that have sold. And actually, um, there's a lot of new construction in this neighborhood. So this actually might be an area where you want to do more, a scrape than an actual start over maybe. Yeah. Yeah. That makes sense. Um, but there's, cause there's new construction here. It makes total sense. And what I love is how quickly determined that, like, you've never been to that neighborhood, right? This is Dallas, Texas. You know, nothing about that area. Instantly. You know, there's heavy and new construction there because you're seeing a line item on privy that says investor comps, once again, people who are already in that market, doing deals, telling you through the data, all of their secrets of success right now, and privy is finding that for you and putting it in one quick line item. So now you just got to follow in the footsteps of existing investors. Absolutely. You don't have to recreate the will. Um, so, so here's the Colorado Springs market here and let's go ahead and adjust the filter here. Um, and then again, we're not gonna have as many opportunities here because this is a tougher market than most. Um, but if we zoom in here and we look at, you know, where this is, again, this is just all deals. Right. We're looking at discounts. Um, actually, why don't we change the percentage? Where, where would you want to be at in the Carter Springs? 70 to 75. You know, I would say if you go up to 75, I'll still be looking at stuff we would consider buying. Cause that's again, how competitive we are here. But let's go 75 to 75 and then what other filters would you want? Like, what would be that most you'd want to pay for a house in the Springs? We're trying to buy my clients here. We want to get three 50 or below, you know, 300 really the target with the mindset that we're going to sell below the median, which is now four 50 to 500, you know? So if you got me to three 50 or less, that would be an interesting deal. Okay. Let's see if there is anything. There might not be much that you can go buy right now, right? That's the reality of the market is it's a market. It's not operating in, there are just deals laying around every day, but since we're able to filter, at least we're going to get a head start on the properties that would potentially be deals before other people discover through manual processes. We know do this automation where we should be targeting our time. Yep. And so we found a couple of properties here that could be worth looking at. So here's a house. It's on what's 1, 2, 3, Bradley street. Um, this house actually is in foreclosure. Um, 4, 2, 951 square feet. Doesn't have a garage. Um, let's see here. Mid century, right? So that could yield a higher after repair value on a mid century property, even though it doesn't have any of the cool windows, right? Um, and they, they, they use mid century very strangely here, Benson. They don't, architecture terms don't really, don't really last here. Cause people, I know that's an agent, right? Like, that's right. An agent going, Oh, it's a mid century modern. Do you even know what that means? Are you just saying it? So look over here, we can see that, you know, this house is a neighborhood where there is fix and flip activity. You know, and there's not, I mean, this, there's a couple of comps that says this is a deal, but you probably want to get this a little bit lower, but it isn't foreclosure. So there are other houses in the area that have been flipped. Um, but the problem is that this house is so small. Yes. And there's no garage. So it's got some, it's got some non compelling factors, but it does give you something to look at, you know, which is what more investors just don't have. They don't have that ability to find something to look at it. We could probably go on for hours, what Privy could do for us, Benson, but what I'd like to do is spin over into how people I've got to, I just got my own affiliate code here at Privy for my deal hunters. The code is deal hunter. And if you use the deal hunter code, what kind of cool benefits can I give my people who use the code? Uh, right now to get Privy and get started with this. Well, you know, if you're an action taker and you're listening, one of the things that Privy will do for you is give you a guarantee, we'll guarantee that you will use Privy and you're going to like it. And we've got thousands of users all across the country that love Privy every single day. And we've got users that are making millions of dollars, Donny. Millions of dollars, just by doing the exact process I just showed you. Is that typical? No. And the onus of the success of the person that uses Privy is on them. So if you're an action taker, you're a people, you're a person who's going to follow through and do what you say you're going to do. And you hold yourself accountable. Then you will make money with Privy. We got two live trainings every single week. So you can come and you can ask questions. You can talk to our staff and they will answer your questions and make sure that you have everything you need to be able to use the tool effectively and really understand what you're looking at. Right. So we do that training for you. So if you use that, that promo code, we're going to give you a 30 percent off of the annual plan right now. So I'll bring the price down all the way to 1, 252 bucks per year. Um, as you can see, we, we found some deals right here that will make you well over. Um, and that would only be if you found one deal on privy and we have people that are doing in some cases, you know, tens of deals with privy. Um, if you, if that is the time is not right for you to go on the annual plan and really jump in with both feet, you can go with the monthly plan and we'll give you 20 percent off your first month. So I'll bring that price down to 119 for the first month, and then it jumps up to the normal price of just 149 per month after that. Which again, if you're doing one deal a month, if you're doing one deal a quarter, it really blows the cost benefit compared to trying to scour the market manually and figure this out on your own. It just absolutely blows that away. So once again, the, if the code is deal hunter, if you are a deal hunter, you use my deal hunter code, you're going to get. 30 percent off of the annual plan, like 300 bucks just for watching the show and using the code. And if you're just getting started and you want to kind of walk in a little bit and buy it monthly, you can get 20 percent off your first month, which is just incredible value just for signing up for privy and getting going on that. Benson, you mentioned, you alluded to it. I want to kind of give a little bit of taste of that thing you were talking about, consignment thing. We're going to have you back on the show for sure, to go into more details on that, but tell me a little bit of what you got cooking, man. It sounds pretty exciting. Oh, it is exciting. I've been running in the investment world for, like I said, close to 20 years and in the last five or so years has been. Really a movement, uh, amongst, um, some populations at the investment world to get rid of wholesaling because wholesalers in a way that they do business have given given such a negative, uh, response from people. Because they don't understand how to analyze properties. They're not looking at the right list. They don't have a disposition strategy. And so even the ones that are doing that, the process properly are getting affected by it. So, uh, I, I met with a lawyer and I said, listen, there's a problem out there with the way that the wholesale process is currently being done. And we looked at the process from top to down, looking at all the legal things they're doing with the assignment clauses. Um, you know, Transferring control of the property. Some people were using LLCs and selling LLCs, um, double closing. And there's the, the problems with all those processes. I, we could talk for an hour about what those problems are. Um, but we developed a brand new process that eliminates all those issues and will allow you to wholesale. In any city and state, the United States, I'm using our patented. What's it's actually a patent pending process using consignment real estate investing strategies. So, um, we're still working on it. We plan on releasing that here in the next 30 to 60 days. It's really, really exciting. And we'll be launching a process. And, um, and some, some, uh, coaching and some training around exactly how to do that so that you can get back in the game and feel comfortable that you're doing the process the correct way. I love that. And we're definitely gonna have you back in the show. When you come back on and tell us a lot more about that, when you're at full launch on that, we'd love to get more details on that. If you wouldn't mind. Oh, I'd love it. It'll be great. Hey guys, listen, we're going to wrap up on that. The, the, the time we always talk about the time to get into real estate investing is now right? What we really dialed in on today is how to find a deal. We found a bunch of deals in a matter of minutes here, did our analysis. We're able to proceed to funding on this. Which most people don't even know where to find a deal. I don't have the time to scour the market daily. We solve a bunch of those problems today. If you want to get involved, head out to privy, use my, use the affiliate link posted to the video below, and also use that deal Hunter code to get a discount on signing up for privy today. Benson, man, I got to thank you. Once again, thank you so much for coming on the show. It is so great to be able to hang out with you digitally. Again, we got to get together in person sometime, but thank you for being on the show. I really appreciate it. Any parting thoughts for people considering jumping in a privy and getting their real estate investing career thought started. Yeah, just take action. Like you will never be able to succeed or fail. If you don't do something, you have to take an action. You have to move to get anything going in the proper direction. So, um, get out of your own way, get out of your head. You know, try to get rid of any of those limiting beliefs that I can't do it, or I'm not good enough or all those things that we have inside of us that stops us from taking action. Get past it, find a community, find people you can hang out with that are doing the things that you want to do, get that support network around you and get out of your own way and just take action. And if you just keep doing and you keep pushing, you will eventually have success. Absolutely. It's all about taking action, the right action and getting the right data to support those actions. Privy is going to solve a lot of those problems. So your first big action is to sign up for Privy today. Use the affiliate link below, get the discount and let's do some deals together, guys. I'm super excited about that. Once again, Ben said, thanks for being on the show and guys, the time to get started real estate investing is now. Previous, you're probably logical first step, but if you're interested in going to the next step and getting handheld through doing your first deal, where we find the deal for you, analyze the deal, fund the deal, fix the deal with you, and flip it at a minimum profit of 25, 000 or more, click the link below to schedule a. Free coaching call. We're going to get you started in that process. I am so excited to continue to see how Privy adapts and this cool little thing that Bench is going to be releasing. We're going to have back on the show to discuss with that. We're going to wrap up by reminding you, this is Donny Coram, your foreclosure deals coach reminding you now and always don't buy a house. Buy a deal. Thank you for tuning into the Foreclosure Deals Coach podcast. If you like what you heard here today, remember, new episodes are uploaded weekly. Subscribe wherever you listen to your podcast. Do you want more of the foreclosure deals? Coach, are you ready to learn the mindset, tactics, and tools required to be a successful real estate investor? If so, click the link. one on one coaching call today with Donny Quorum, the Foreclosure Deals Coach, to determine if coaching is right for you. And remember, don't buy a house, buy a deal.