Mastering Double Closings: How Peter Russell Built a Nationwide Transactional Funding Business for Wholesalers

In this value-packed episode of the Generations of Wealth podcast, host Derek Dombeck interviews Peter Russell, a seasoned real estate wholesaler and founder of a nationwide transactional funding company. They dive deep into the evolution of wholesaling, the impact of shifting laws, and the critical role of transactional funding in today’s market. Listeners gain firsthand insights into how Peter scaled his business, navigates legal changes, and keeps the process smooth for investors and title companies alike.

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Welcome to the generations of wealth podcast. I am your host, Derek Dombek. Today’s show, another incredible show. They’re all incredible. I I think that we have some of the best guests and best lineup. I gotta tell you, I I just had a compliment from somebody this morning as I’m getting ready to record this show. And he’s been listening to it, and he said, I really appreciate the the different genres and the different types of people you bring on and different types of investing. And and and I’m really, really happy for that feedback. And I hope that anybody listening to this, if you have suggestions, feel free to, to reach out. You know, go to the generationsofwealth.com.

 

Go to derekdombek.com. Shoot me a direct email, derek@globalgow.com. And, you know, we want to, keep bringing value to you. So all of that said, I am going to bring on Peter Russell. And Peter started off as a wholesaler, did a lot of wholesaling, still does a lot of wholesaling, but found that he needed to start doing double closes and was looking for funding sources for that and ultimately realized he could do his own better. And so he’s got a a double closing transactional funding company now. And so that’s the the conversation today is going to be about wholesaling, changes in the wholesaling laws, and transactional funding. So let’s get on with it. And here he is, the one, the only Peter Russell. Peter, thanks for being on the generations of wealth show, man.

 Thanks for having me, Derek. I appreciate it. I have to tell everybody right up front, like, the conversation, the topic we’re gonna talk about today, it’s it’s transactional funding, but it’s so much bigger than that. Like, there’s there’s wholesaling laws that are changing. There’s markets that are shifting. There’s there’s so many different pieces that come into this. But before we get in any of that, Peter, just tell us a little bit about yourself, your background, and, we’ll definitely dive into more details at after that.

 Sure. Yeah. I my background in real estate is for the last ten years, I’ve been a wholesaler. I started it, ’20 late twenty fifteen. It’s hard to think and imagine that it’s been ten years already. Sometimes I go to these meetups and everything, and everybody’s, like, brand new or two or three years in. I’m like, oh my god. It’s been a decade for me. But I I was curious about, real estate investing for a long time, but like a lot of people, I just didn’t know that much about it. I didn’t know about wholesaling. So I thought you had to be a general contractor or have a crew or have a rich uncle or something to get involved. Right? I was always interested and whatnot, but I just didn’t know. And then found out about wholesaling, by somebody just posting a lot of stuff on Facebook Lives. And he kept posting, posting about, like, hey. I got this deal. I pretty much flipped it with no money. I’m not having to put anything into it. I’m put making $15.20 k. So finally, I reached out and connected, and I was like, tell me a little bit more.

 He was in my own market here, in Charlotte. And I went to one of his meetups and events and just ran with it from there. Just learned as much as I could through YouTube. This is, like, pre guru coaching big event space. This is early on. And then just took with it, started doing some deals, failed forward, figured it out, put out bandit signs, knocked on doors, did all the stuff that you do when you start out and don’t really know what’s going on or you’re on a small budget. And just one thing after another, just started doing some deals, left my nine to five, Would add pieces, you know, an acquisition person here, transaction coordinator there. And then actually grew it up to something pretty big, probably about four or five years ago. Had a office, had about 10 people in house, and we were doing stuff virtually, along with our own market here in Charlotte. We were in Phoenix, Dallas, Houston, Alabama, a little bit in Florida.

 So we dabbled with virtual. And then we started in 2020 selling to institutional buyers like hedge funds. And that’s how I came across, double closing. Because before, for the first four or five years, I’d only done assignments. Right? Never needed to or thought about a double close or didn’t know. You know, there’s a couple large deals that I had blow up on me at the closing table because of that assignment fee and didn’t really know that there was a way around it. Nobody talked to me about it. And then, with these institutional buyers, they made us double close. They’re like, cool. This is a great deal. But by the way, you’re gonna have to buy it and then turn around and sell it to us on the same day. And I was like, what is that? Like, how do you do that? How does what’s the process? So, like, anything else, just figured it out. Right? Start calling people up. And I was like, hey. Can you fund this deal for a day? How much would you charge me? And they’re like, a lot of people that I was reaching out to is like, what are you talking about?

Like, do you wanna fix and flip it? Do you wanna buy and hold it? And I’m like, no. I already have a buyer, but I can’t assign it to them. So after a few of those and a really terrible process and people charging me 4 or five points and leaving me hanging on the day of closing on the golf course. They’re like, oh, I’ll get to the bank tomorrow. That sort of thing. I was like, this sucks. This is terrible. Like, I can do a better process than this. I’m an investor. I’m a wholesaler. This has gotta be happening all over the country. And then definitely in my own backyard, Charlotte’s a great market. There’s always a lot of interest here. You know, the institutional buyers went crazy here when it was when it was doing its thing. So it just kinda got my wheels spinning, about how I could put something together as a wholesaler for wholesalers that I would wanna use every time and hitting on the points of same process. Right?

 Not and it’s not different every time you reach out or you’re working with a different person. And then on top of that, the, the fee, what people are charging. Like, you work hard as a as a wholesaler, and you have a big marketing budget for the you know, almost every single month. So you’re trying to capitalize and make as much as possible on every deal, but also protect that, especially deals of twenty, twenty five k or more, and you don’t want the seller to see it, you don’t want the buyer to see it. What would that process look like?

And what what’s something that I would wanna go back to every time if I was using somebody else for transactional funding? So we I I put it together. I’ve tweaked it over the years and that sort of thing. And, that’s where I’m at now is I I I still wholesale. I have a much smaller team. I do deals here locally in Charlotte. Can’t get away from wholesaling yet. It still pays the bills, and it’s pretty great. I still get pumped on getting a fifty, sixty right now. We have, like, a $90 a $90,000 assignment fee lined up. So, hard to get away from that, but we I I do transactional funding for double closings nationwide now.

 So the one thing that kicked in for me when you were talking about your background was you were like, it’s hard to believe I’ve been doing this for a decade, and I instantly thought, shit. I’ve been doing this for two decades, twenty one years. And it does go by fast, and there’s a lot of stuff that happens good and bad in in these time frames Yeah. Which which shapes us and and makes us either evolve or or fall fall by the wayside. You know? But what were you just curious. What were you doing before you got into real estate investing? I was working sales and marketing. I was sales over the phone. I worked for a company that, took in, and perfected sales process for other companies, and they would send the leads and everything to us. So under that one company, there was people, doing sales for DIRECTV, for life insurance. I was doing the energy side of things where in certain states and markets, you can choose who your energy provider is and try to compare the rates and all that kind of stuff.

 So I was on the phones. I was, you know, talking to dozens and dozens, sometimes over a 100 people a day. And I think that really helped with strengthening and sharpening just the sales side and just having conversations with people. Right? Because wholesaling really is a it it’s more on the the marketing and relationship side than anything else, I think, in being able to to talk to people and know that it’s a numbers game. A lot of people we talk to aren’t the right fit and we’re not the right fit for them, and that’s fine. Don’t let it get you down, beat you up, or anything like that. So I was on the on a sales and marketing company that I was working for for about three years before I started wholesaling. And then I was wholesaling. I was getting up in the mornings, putting out those bandit signs and doing all this stuff. I was getting calls, and I was taking them on my lunch break and all that kind of stuff to to start out. And it got to a point where I was like, after a few deals, it was like, I can do much better, and I’m missing out on opportunity by sitting at this desk working for someone else. So

 Yeah. It’s interesting some of the things you just said because I you know, my listeners know. And if you’re new to the show, I host what’s called the Elite Negotiations Academy and, at elitenegotiationsacademy.com. And we I talk about this all the time when I teach people how to negotiate. It’s it’s doesn’t have to be a numbers game. If you actually know how to talk to people, you can convert or increase your conversions. And, you know, there’s so many wholesaling gurus out there that quite frankly just piss me off because they say, okay. Make $10,000 your first month in the business, and it’s all about the numbers. So you put out, you know, 5,000 pieces of of marketing, and you’ll get, you know, half percent response rate. And if you can convert one out of a 100, you get a deal and you make $10,000 wholesale fee.

 Well, is that true? Sure. But can you do it with much less marketing dollars, much less phone time? Yeah. Absolutely. If you actually learn just like you did, learn how to talk to people, And that’s that’s all it is. So I I love that that’s your background, and it makes a lot more sense. Right? Because wholesaling is very much a marketing business and a people business. You have to be able to talk to both sides. So Yeah. 100%. So okay. So now you you’ve kind of worked out the kinks, it sounds like, over a period of of a few years, as far as being the the transactional funding side of it now. What are you seeing long term? I mean, is this something that you really want to maximize and grow as big as possible, or are you trying to stay, you know, just you and a couple employees? What are you seeing?

I wanna grow it to see what it really can get to, with regulations, with things going on in the market, kind of anti wholesaling. It’s it’s really taken off, and the, demand for it is is going up every single month. We see our numbers increase with request and deals funded. So I I really wanna take it and put it out there and be the the go to for transactional funding again for as a wholesaler to other wholesalers. At the same time, I’d like to do that with with this tight of a group of people as possible. I’ve done, you know, the the bigger scale and the the larger teams, that sort of thing. I know it wasn’t massive. There are some wholesaling, you know, teams that are probably twenty, thirty, 40 people in an office and tons of of international employees, that sort of thing. But with the team that I have now, my coordinator’s been with me for six years. She’s amazing. She’s had her hands involved in probably six, seven hundred transactions by now. Mhmm. And then we just have some support around that. We’re we’re gonna take that as far as we can and then start adding other members to that as support and then, as things grow. But the way that I have it now is is what I really, really like.

 You know? Not not a bunch of people. And I’m very strict about who I bring on board.Right? I I’ve learned that over time is, like, have a good core and then bring people on board that can that can add to that. But, also, I don’t want anybody on my team at any point in time where other people are trying to avoid that person. Right? I’ve been through that before and held on to them probably longer than I should have and that sort of thing. But we’re gonna grow it, and we’re gonna make sure that we can handle the volume, but super selective about who all that we work with because we’re communicating day in, day out. Right? Like, you’re you’re spending a lot of time with these people, so you wanna have them be a a a great fit, but then also someone that you actually enjoy communicating with and and interacting with.

Yeah. I can tell you, you know, when we had the hard money lending business, we hit super growth mode, and and I can tell you the exact month. It was April of twenty twenty because COVID hit, and all the national hard money lenders couldn’t sell their paper anymore on Wall Street. And so our applications went up 400% overnight. And we couldn’t we couldn’t possibly fund a fraction of them, which means we were turning away good loans. And so that meant, now we have to go raise more money because we’re all privately funded. And so we went and raised more money, but that meant we may need more staff. And it it does not grow, and it does not grow profitable profitability wise either as you scale. And, and I know exactly what you’re talking about. We had employees that didn’t get along and, you know, big overhead costs every month, and and it it become it becomes a, dare I say, a freaking job, and then it’s not fun anymore.

 Right? So, I hear you. Let’s talk about the law changes and and what’s gonna happen with wholesaling in your opinion, both regionally and nationally. We’ve seen I know Illinois for sure, Ohio for sure. There’s quite a few other states that are in the process of passing these, what I’ll call, anti wholesaling laws. They are different in every state, of course. But the general consensus on most of them is they just don’t want you acting as a broker or an agent without a license is what it kinda comes down to. The the generic explanation of it. What do you think that’s going to do both good and bad for the wholesaling industry and and, of course, you know, the double closing and the transactional funding? Yeah. I mean, state by state, like you said, it’s they’re all it’s it’s kind of the idea of, like, hey. We don’t want you being part of a transaction in the form of, like, an agent or a broker, and that’s how they kinda see wholesalers, with that. Some of it’s we don’t want you to market it. Some of it’s we just don’t want you to be a part of it. I know in North Carolina, they have a pretty pretty heavy one right now where it’s just, like, anybody, even if you’re not a real estate investor, a wholesaler, even if it’s a private transaction, the way it’s kinda worded right now, it’s just any anybody that’s gonna do a real estate transaction has to use an agent or be an agent, which is is pretty pretty intense.

 That’s not that’s not passed yet. You’re saying this is in legislation right now? They’re working on it? Right. Kinda I wanted to be clear I wanted to be clear on that. Sure. I think it’s something that they’re saying could go through in the fall. And it’s it’s, yeah, it’s interesting because I think it’s gonna the good side of it, I think it’s gonna clean up a lot of issues and that people have, like, with consumer protection and whatnot. Because there’s obviously bad apples out there. Right? And people that just go out there to get a contract under or a deal under contract, and then they don’t have any intention of closing on it or even assigning it to anyone else. They’ll get it, just put a memorandum on it, step away, disappear, and then wait till that seller is looking to close with someone else. That memorandum pops up, and they’re like, hey. I’ll release it for five, ten, fifteen k, that sort of thing. And then there’s just people that don’t really know what they’re doing, and they’re they’re holding up these people’s properties for months on end. Right? So I hopefully, that kinda there’s a barrier of entry, and that gets cleared out. And I think it makes more opportunity for investors, wholesalers, if you have to go become an agent or if you have to do things a certain way, that you’re not gonna have as much of that kind of messiness of I I deal with it all the time where I talk to people now because I’m I’m still doing it here in Charlotte where they’re like, yeah. You know, your offer is good, but somebody else is offering me $20.30 k more. And I’m like, there’s really no way that they can do that, perform on that. Or I ask, have they sent you a proof of funds? Have they shown you reviews or testimonials? And they’re like, no. You know? And you’re just like, well, just be cautious about that. Right? So, hopefully, it clears out a good amount of that, and there’s there is that barrier to entry. I know in some states where they’re just saying, hey. You gotta you gotta go get your license, and you can do the same thing.

Right? Or some of them are saying, every time you do a deal, you have to do a new LLC if you do an assignment. But a way to not have to worry about that, go be an agent or get an LLC, which is time consuming, costs money, and I can’t imagine doing that on every deal. Even if you only do a handful of deals a year, would be to buy it and then turn around and sell it on the same day. So you have your contract with your seller. You have your contract with your buyer. But instead of them being part of the same transaction, you actually are the buyer. Right? And then you turn around, you actually are the seller to the end buyer. And that’s why stepping because a lot of people just don’t have an extra $102,100, $300,000 sitting around for these deals.

 And that’s where I say, hey. I can I can fund it for you? Just submit a deal, get in contact with my team, put us in contact with your title company or if you’re an attorney state. And then on the day of closing, once everybody signed, the Enviro’s funds are in escrow, they’re committed, we’ll wire that full amount over. You as the wholesaler, you know, there’s no underwriting. There’s no credit check. There’s no, hey. How long have you been a wholesaler? It’s just like, if the deal closes, we’ll fund it, and then we’ll fund that full amount. You don’t have to bring ten, fifteen, 20% to the table or anything like that. So I think with legislation and with things coming down, a huge part of it will be able to actually buy and secure the asset, the home, and then turn around and sell it. And then with with double closing, it’s just same day. Right? So as long as everything lines up, it’s good to go.

We’ll step in and say, hey. We can be the the funding part of that, and we do it for 1% or less on, like, 95% of our deals. It’s it’s a low, low fee so you can capture and keep that profit as much as possible. The difference between a good deal and a great one, it usually comes down to what you say and how you say it. That’s where Elite Negotiations Academy comes in. We help real estate professionals master the art of negotiation through real world coaching, live deal analysis, and breakdowns of actual calls. Learn how to control the conversation, build trust faster, and close deals without leaving money on the table. Whether you’re talking to sellers, buyers, or lenders, this is the skill that pays for itself.

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Which for reference to the listeners, that is that is cheap. I mean, most transactional funding is one and a half to two and a half percent. And and I I mean, I’ve done transactional funding, and we were 2%. Right. But the other side of that is, as you said, it’s going to thin people out, which I I like. I mean, we’ve got in every market shift, you’ve been in this a decade. I’ve been in it a little over two decades.

There needs to be a thinning of the herd occasionally, and and a lot of people don’t like to hear that. But I know I remember reading a statistic. I believe it was 2021, maybe early twenty twenty two. There was more real estate agents licensed in The United States than there was properties listed on the MLS for the first time in history because there was so much, you know, upside activity. And if you could get a listing, you were gonna make money. Right? So realtors, they popped up like weeds, and now they’re they’re dying off. And the same thing happens with wholesalers. The same thing happens with house flippers, every every industry. Right? Like, transactional funding was huge in 02/1112 because everybody was doing short sales, and they needed the transaction funding. You you you could throw a rock and hit three transactional funders, you know, any anywhere you wanted to go in a major area. But then they fell by the wayside because short sales wound down and and people didn’t need them as much.

 So, it’s absolutely it’s a great business, by the way. Do you do you mind talking about how safe it is as a lender? Yeah. That’s a huge point. I appreciate you bringing that up. It’s just again, our safety net, and we’ve done it over 200 of these in the last eighteen months, is we are very strict about wiring instructions as one. We use a third party called certify ID. And all the instructions, everything have to go into there, have to be verified so they’re insured and taken care of. So that’s first and foremost. And then the second thing is is, again, we’ll fund them all day long. You know, some days we’re busy, have five, six, or seven. You know? Right now, we average close to two a day, because it’s just creeping up more and more. But we are very strict with our process and say that this is what has to happen. And it it’s simple and straightforward is submitting it, getting us in getting us in contact with the closing company. But the biggest piece for us is we have to have everybody sign the closing docs. There’s no like, oh, this guy’s out of town or my buyer’s on vacation.

 He’ll come back. He’s great. He’s bought 15 from me. It’s like, great. We’ll wait till he comes back from vacation because our funding, it has to be as true same day double closing where it has to happen just back to back that just ensures that everybody is safe, everything’s taken care of. And it’s a quick simple process, and that’s why we only charge 1% or less. Anything over that to me turns into gap funding. Right? Anything more than twenty four hours, it’s like even if it’s forty eight hours or a week or two weeks. So everybody’s gotta sign closing docs, and then that in buyer that’s gonna be the rehab or the buy and hold investor, their money, if it’s their cash, if it’s hard money, private money, what however they’re getting funded has to be sitting in escrow, so they have to be fully committed. So that’s how we make sure that it’s, like, very, very risk averse is taking care of those wiring instructions and verifying that. Because you send out a wire to the wrong place. It’s not like a credit card. You’re not calling Amex, and they’re saying, let me get that money back to you. It’s it can be a hassle, or it can be, like, worse than that.

 Right? So It can be gone. Super sensitive about that. And then also just it it just everybody has to sign. Everything has to be lined up. But the great thing about it is it’s not, you know, it it’s not, hey.

Does this guy did he get it at 60% of ARV? Does he know what he’s doing as a rehab or does he have experience? That sort of thing. It’s if it closes, we’ll fund it, but it’s all gotta be lined up and and handled properly. And we most of the title companies, closing companies we work with, like, they they do double closings all the time. And if if not, we’ll walk them through it, and they’re like, okay. That makes sense. Right? Out of the 200 I’ve done in the last eighteen months, I’ve had three where we walked away from where either the escrow agent was just sloppy and all over the place, or I had an attorney one time that was just just a super jerk. And he was just like, oh, you’re not gonna tell me what to do. You’re not gonna tell me how to handle it. And I just stepped in, and I was like, guys, I’m not comfortable. I’m not I would never send money over to this attorney. And then just everybody was like, hey. I understand.  I don’t know how they ended up figuring it out. Mhmm. But if yeah. If we get the on our end, we’re like, this person’s gonna drop the ball or they’re not respecting our process, then we we pull the funds. But like I said, that’s only happened, like, two or three times since we’ve been doing that.

 Yeah. And, like, when we were doing hard money, we were averaging 20 to 25 loans a month hard money, and and we would do the occasional transactional funding. And dealing with the title companies is is the biggest pain in the ass for the lender because every one of them I mean, we have very, very clear closing instructions. Right. Every one of them is a little bit different. And and we had a blacklist of who we just flat out wouldn’t deal with at at, you know, a certain point in time. We’re like, if you wanna use that title company, that’s great. Go get your funding somewhere else. We’re not obligated to to go where you want us to go. Or Right. Or we’ll use our own title company as the lender, and you can still close where you want to, but, you know, you’re gonna have more fees. Right. But the beauty of transactional funding for the listeners in case they haven’t figured it out is you wire the money to the title company. It never leaves escrow. It never leaves the title company.

 So it’s there is no. There’s it’s not zero risk. There is still risk. There’s title company screws up on paperwork and they or they release funds fraudulently, and now you have to go after them for Arizona missions insurance or just straight up fraud. Like, there’s still risk. Right. But in the lending world, it’s about the lowest risk loan you can do. And if I’m really peeling back the curtains, what’s your average transactional funding? Probably a couple couple $100? It’s right under 200k. Yeah. So let’s just say 200. And this is what we looked at back in the day, if we were gonna grow it out. If you had the same title company, in theory, lined up and they had four or five or six double closings the same day, and they were all timed perfectly, you could use the same 200 k to fund each one. And so we kinda did the math on that. We’re like, shit. That, yeah, that dog would hunt. Yeah. But and I know back in the short sale days, there was a guy named Joe out of, New Jersey area. He was doing transactional funding. He had a quarter million dollar line of credit on his house, a HELOC. And and he was doing transactional funding about the same as what you’re saying, about 2 a day. And, I mean, he he made he made a boatload of money off of his HELOC just doing transactional funding. But it is a lot of work. There I mean, just just the coordinating and the paperwork and and, you know, going back and forth with the title companies, everybody, it’s it’s not like, oh, you know, Peter made 1% and didn’t do shit.

That is not true. There is it’s a lot of hand holding. It’s a lot of babysitting. You’re still dealing with human beings. So and a lot of times, like you said, like, with a title company, you’re not working with the same person or somebody falls out sick or there’s some companies that I don’t I don’t know how or why they do it, but they’ll have they share each closing amongst, like, four or five different escrow officers or paralegals. And I think for them, they’re like, oh, this is efficient. Anybody can step in or whatever. But when people don’t know how to cc, bcc, or reply to an email and you have five or six different chains going on the same deal or Tanya was handling it this way, but then Mark comes in and handles it a different way or he’s not sure where the process is, that’s where the coordination side comes in huge. And that’s that’s another big piece that we bring to the table is we’re not just pushing papers and clicking buttons and wiring money over. A lot of times, we have to say, hey. Let’s pause. Let’s verify where everything’s at. And a lot of times, we’re holding hands, especially if the wholesaler’s not super seasoned Mhmm. In saying that’s what they’re saying is not right. This is how we need to respond to it, or this is where we’re at in the process. Because they haven’t maybe they’ve done a few assignments, but they haven’t done a double closing. And if they were just to follow whatever that escrow officer said when they stepped in last minute to handle it, it would have just been you know, it would have it’ll blown up the deal or it would have pushed it back even further. So So there’s a lot of times where we’re stepping in and saying, hey. That’s that’s not a 100% accurate. Or sometimes we’ll look at a HUD statement and say, hey. This is being charged twice or something like that.

You know? It’s we bring that experience to the table where we’re really just saying we can do our best to get it across the finish line. We don’t we don’t coordinate between all the sellers and the buyers and verify all of that. But when it gets down to that closing date, we make sure everything’s right, accurate, lined up, and we’re more than willing to help the wholesaler. Like, if there’s an issue, try to give them a little guidance and help them to get through a deal too. We don’t just say, oh, if it’s not good to go, you know, we’re gonna step back and not do it. Like, we want the deal to close. We we well, obviously, we wanna fund it, but, also, we know what it’s like being on that side as the wholesaler and having things all over the place and whatnot too. So we we bring that experience to the table, and I think that’s a huge piece of it on our end.

Absolutely. You know, that was why a lot of people came to us for hard money because we’re also actively buying and selling and flipping. And and, you know, we were I vetted every deal that we ever funded. I did all the comps. And, you know, I would look at a scope of work and say, yeah. You’re not putting a brand new kitchen in for $2,000. And if you actually are, it’s not gonna be worth what you think it’s gonna be worth. So there you’re right. You having that that experience versus just somebody off of Wall Street that says, hey. I wanna start lending money, and I’m gonna do transactional funding. They they just don’t bring the same experience to the to your client, and that’s all. It’s super super black and white at that point. Right? Like, they don’t if they’re not in the field and they don’t have the background yet, it’s definitely different. So and I know we’re not the only transactional funder, double closing company out there. Mhmm. But I think being investors and wholesalers first and foremost and hundreds of deals that way, we understand probably 50% of the requests that we get get pushed.

Like, nothing closes on time. Right? It may be a day or two different or it may be weeks, or we have a few of them that if there’s clouded title, it’s months. It’s still sitting in our CRM, and every once in a while, we’re just pinging that title company or attorney being like, hey. How’s everything going? How’s everything looking? Like, when will you need this funding? That sort of thing. So we stay super active and involved in it. But we understand, like, hardly anything closes on time or it’s not the exact amount that that cash to close is gonna change a little bit. We don’t charge a fee if we have to go back and, you know, if the numbers change. Because right before closing, when we have those finalized numbers, we send a, like, a DocuSign over to the investor, the wholesaler that says, hey. Just to verify, this is the amount that we’re funding. This is our fee. We’re getting it back when the second deal closes. And we have them sign off on that, right, just to verify so they can’t come back and say, oh, it’s more than I thought or whatever it may be. But that that changes a lot of times. Those numbers change on the day of closing a lot too, but we’re not like, hey. It’s $50 for every redraft or anything like that. We’re like, that’s just part of it. Right? Yeah. So knowing that and understanding that, not nickel and diming anybody is, I think, a a really big part of it, and I think it puts a lot of people at ease once they work with us.

 And you already said it. Right? You you like working with people, the same people over and over again, and it just becomes easier at that point. They know your process. You know their process, or you know they’re gonna perform. And, that that’s in any industry if you can have that repeat client base.

Yeah. A lot a lot of our, clients and new clients are referrals even though we pay, you know, we we pay for Google Ads for we do other, marketing and that sort of thing. A majority, probably 75% of our our clients are current repeat clients or their referrals because they had a great experience. People like to do business with people that they like Mhmm. And that handle it well and that are efficient. We’re just we’re huge on communication. You know? I I would rather bug somebody into giving me an answer than just not responding or saying, hey. It’ll figure itself out. Mhmm. So, yeah, that’s that’s been a huge piece for us. It’s just referrals from other wholesalers. And it’s funny because everybody who’s got in such a big network now, we could fund a couple of deals for a guy in Florida, and then we get a call from a guy in Iowa that’s like, hey. You know, my buddy that I’m in this group with told me that you guys are great to use for double closings. I have a deal worked out. Can you fund mine?

And we’re like, yeah. We can do it in any state. So it’s not just geographically or, like, city specific. These referrals pop up all over the place, and we’re like, yeah. Let’s do it. Here’s our process and introduce us to title, and let’s go. Absolutely. Well, I guess we’ll kinda start winding this down, Peter. What’s one question I should have asked you that I didn’t? Let’s see. A lot of people ask me, and we don’t do it yet, but probably in the near future, EMD comes up all the time. People are like, will you fund EMD?

Will you do that? We don’t do it yet. But as we raise more capital and get a process set up for that, that’s something probably by the end of the year that we’ll start doing as well, for everybody. What what what the fees will be on that and how that’ll look will probably be a little bit different. If if we’re funding a $5,000 EMD, we probably can’t just charge 1%. But, we’re gonna get that locked in. That’s probably 25% of people that reach out to me and say, oh, do you also do EMD and and deposits and things like that? I think there’s a huge need for that out there. But we don’t do it quite yet, but that’s something that we’re working on. And for those of you listening to this that don’t know what EMD is, that’s earnest money deposits.

And Russell or Peter was was born in Chicago. So sometimes, you know, he he he talks a little little over other people’s heads like us people in Wisconsin. Right? So Gotta simplify it a little bit. I apologize. Yeah. That’s right. We need we need you to slow down. Anyways, I was looking for somewhere to get a jab in there against you during the show for being born in Chicago, and I finally got one in. You know? Right. I didn’t think it was gonna happen. But Oh, I it was gonna happen. Even if it was in the closing, it was gonna happen. So awesome, man. So how do people, how do people find you? How do they how do they get in touch with you? I am very transparent and open book. I will give you my my cell phone number. People can call me, text me directly. It is (980) 254-8288. If I don’t answer, just shoot me a text. I will get back to you. It’s not gonna be a a bot or somebody else on my team. It’s gonna be I still handle most of the inbound right now. It’s fresh enough, and I just wanna make sure it’s handled correctly. Our website is and I’ll I’ll shoot you the link, but it’s velocityadvantagecapital.com. Pretty pretty nice site. Very straightforward. You can submit a deal on there. You can go to FAQs. We have a little video cartoon video that goes through our process in less than, like, a minute.

That sort of thing. And then I’m on you can look me up on Instagram and stuff like that too. I’m not I’m not the most avid poster. I just started having people kinda put content out there for me. But I think if if anybody has a question and they’re like, hey. What exactly is a double close? Or I have one coming up or what does that look like? Give me a call, shoot me a text, and I’ll carve out, like, ten, fifteen minutes, and we can have a conversation about it.

Well, I mean, you’re you’re very open with your contact information. Do you wanna give out your home address so we can come over for dinner too or or not not yet? No. We’ll we’ll get to that point. Maybe maybe when we’re doing the EMD and maybe when we’re funding five deals a day, then I’ll I’ll set something up like that. We’ll we’ll set up a, like, a quarterly get together, and everything will be on me. Everybody that’s heard you on the generations of wealth show will show up for dinner. That’s fantastic. Pizza and brats all day long. Well, brats, I I’m there for sure. Alright. Let’s do it. Man, thank you so much for your your experience and and your sharing everything. And, you know, we’ll, definitely be staying in touch with you and and, you know, the rest of my listeners too. Anything that you need, this you guys already know this, my regular followers. This is what we bring. We bring real people. I mean, Peter’s giving out his cell phone for god’s sake. So this is this is the way we are. So until the next show, now you all know how to go out and find deals.

Now you have no reason not to, not to get the funding you need to double close. So go do some deals, and till the next show, we’ll see you.

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About Peter Russell