Nathan Payne shares his journey from being a top-performing door-to-door salesman to a successful real estate investor and coach. This blog will dive into Nathan's background, sales strategies, and innovative approach to real estate negotiation.
Nathan Payne's Journey into Real Estate
Nathan Payne started his career in the nerve-wracking world of door-to-door sales. His resilience and dedication led him to become the top salesman in his company. However, Nathan realized that this high-energy job wasn't sustainable for the long term. With a desire to pivot and leverage his sales skills, Nathan turned to real estate investing.
He moved to Utah, got married, and bought a house—all significant milestones that prompted him to reconsider his career path. Real estate seemed like a promising field, inspired by stories of lucrative deals. He reached out to his college friend Cory, whose father was a wholesaler, and decided to dive headfirst into the real estate market.
The Challenge of Transitioning to Real Estate
Nathan's first foray into real estate wasn't without its challenges. His initial strategy involved calling For Sale By Owner (FSBO) listings on Zillow. Despite their efforts, Nathan and Cory quickly realized that they were not making enough calls to generate significant results.
The turning point came when they connected with a broker through a Facebook post. This broker provided them with an office, a dialer, and expired listings to call. After months of dialing, they landed their first deal by persisting and forming valuable connections.
"I started mainly, probably, like most people, they just heard that you could make good money in real estate, so they wanted to get into it."
Overcoming Sales Challenges in Real Estate
Nathan's background in door-to-door sales initially posed a challenge when transitioning to real estate. He was accustomed to making quick sales decisions, but real estate required a different approach. He had to learn the art of negotiation and the importance of follow-up.
Real estate deals often require patience and building relationships over time. Nathan emphasized that it's essential to shift from a scarcity mentality to a more strategic approach.
Paynless Flipping: Nathan Payne's Negotiation Strategy
Nathan's experience led him to develop a unique negotiation strategy he calls "Paynless Flipping." Traditional wholesale real estate often involves locking up a deal and then finding a buyer. Nathan takes a more transparent approach. When dealing with a motivated seller who wants a higher price, he openly communicates that he will consult with his network of cash buyers.
Here's how it works:
- Assess the Seller's Needs: Understand the seller's motivation and price expectations.
- Communication: Be transparent with the seller about consulting with cash buyers rather than making empty promises.
- Engage Cash Buyers: Reach out to top cash buyers to gauge their interest and potential offers.
- Present Offers: Present the offers to the seller, ensuring they understand the process and potential benefits.
Building Strong Relationships with Cash Buyers
Nathan advises leveraging various resources to build a robust network of cash buyers:
- Title Companies: Investor-friendly title companies can provide insights into active buyers.
- Real Estate Meetups (REIAs): Networking in local real estate communities helps identify trustworthy investors.
- Hard Money Lenders: These lenders often have connections with active real estate investors.
By focusing on building genuine relationships, Nathan ensures transparency and trust within his network.
Practical Tips for New Real Estate Investors
Nathan's coaching company, Investor Thrive, aims to guide new investors through the complexities of real estate. Here are some of his top tips:
- Leverage Networks: Work with real estate agents, wholesalers, and investor-friendly title companies to access a broader range of deals.
- Focus on Specific Lists: Target specific lists like Notice of Default (NOD) to find motivated sellers.
- Avoid Overspending on Marketing: Start with cost-effective methods before investing heavily in marketing.
Conclusion
Nathan Payne's journey demonstrates the power of resilience, adaptability, and strategic thinking in real estate. His approach to "Paynless Flipping" and emphasis on building strong relationships within the industry offer valuable lessons for new and experienced investors alike.
For more insights and resources, Nathan recommends joining his Facebook group, "Paynless Flipping," or following his YouTube channel, where he shares detailed strategies and stories from his real estate journey.
