AI for Real Estate Wholesaling: How to Analyze Deals & Follow Up Faster

Tracy Perrin (00:00)
My the tagline for iSpeedToClose is speed is the deal. Because you if you look at the way AI and and and the real estate businesses now, if you’re not fast when it comes to dealing with a motivated seller and and getting a deal because you it the competition is fierce. You have you might have like the a motivated seller might be talking to like to about four or five different people, different people that’s want that’s want you to buy their property. You know, so if you’re if you’re fast, you know, when it comes to actually making an offer or analyzing a deal or, you know, doing comps or or just making an offer in general, because the offer has to be good and feasible for both for the buyer and the seller.

Dylan Silver (02:20)
Hey folks, welcome back to the show. Today we’re joined by Tracy Perrin, the founder of iSpeedToClose, an operating system built specifically for real estate wholesalers. He’s also the owner of T&P Acquisitions. Tracy, thanks for joining us here today.

Tracy Perrin (02:36)
thanks for having me, Dylan. It’s is I’m I’m ecstatic to actually be here on your show.

Dylan Silver (02:41)
Before we get into tech, and we’re definitely gonna get to that, tell us about your background in real estate wholesale.

Tracy Perrin (02:47)
Well, I started wholesaling about six years ago. I I watched all of these videos from all of the so called wholesaling gurus like RJ Bates and and Jerry Norton and and a couple other guys and I would always see the the bandit signs around the neighborhood where it said we we buy homes for cash and I never really understood How can you buy a house for actual cash? I thought the traditional way was buying properties through a bank. So I did a little bit more research. And at the time, I was I was into this the sheriff’s sales. shout out to my sister who introduced actually introduced me to sheriff’s sales. So I literally bought two properties, cash through the sheriff’s sale back when they was having the sheriff’s sales. in this in a large room, I believe it was around forty eighth and market street in in Philadelphia. Of course this was before COVID. And I actually purchased two properties, three bedroom, one bath, in West Philadelphia for check this out, Dylan, thirteen thousand dollars. Two properties for thirteen thousand. Only thing I had to do was pay the back taxes and and that was basically I had to put down a ten percent deposit to hold the property and the balance due was due in thirty days.

Dylan Silver (04:14)
Let’s talk about that here, Tracy. So you purchased these two properties, you’re at the the sheriff sale. Let’s back up. Was this your first sheriff sale? Were you going to them and kind of, you know, looking around the room and seeing what it was like, or was this a first one and you scooped two properties?

Tracy Perrin (04:30)
No, this was my first ever sheriff sale. I didn’t even know what I was doing. I was bidding on properties that I haven’t even seen them yet. And my sister’s nudging me and nudging me like, no, no, no, no, no, don’t don’t don’t do it. But I had some money to spend. You know, of course you’re buying these properties in some some situations you’re buying them sight unseen. And that’s that you know, my first one, it was just so much trash and And it was it was boarded up and and there were squatters living in it. And a after I took ownership of it, I literally had to put the squatters out. I had to I I went there and I I had to let them know that I’m the current owner and I’m sorry, but y’all have to go.

Dylan Silver (05:17)
Let’s talk about that, Tracy, because this is something that a lot of people really, really struggle with. You know, people have to go through a whole legal process. It doesn’t sound like you had to do that to get the squatters out. Walk us through that conversation, because I’ve been in those rooms and I’ve seen this. I haven’t actually had any success with removing squatters. What was that like?

Tracy Perrin (06:25)
Well, it was about three of us, family members. And we walked in there and we s we assessed the situation and we seen what was going on. And but I felt as though at that particular time I had every right to ask them nicely, kindly, to leave my property. And it wasn’t real hard, they left. They left. They just gathered up all of their stuff. Stuff was everywhere. I’m talking about a a house that was on the corner. And I’m looking at the the income potential. I mean, it was three bedroom, possibly two bath, I can make it to a two bath. It had a a a backyard and it was just trash everywhere. They they left. And I I proceeded to board the property up and started cleaning it out. And it was like, my gosh, I actually own a property.

Dylan Silver (07:25)
Let’s talk about next steps then, right? So first of all, it’s it’s not it’s nothing minor that you were able to purchase a property and then remove the squatters, you board it up. What then happens next to that property?

Tracy Perrin (07:36)
Well, the property sat for it sat for a while because I even though I had I had obtained possession of it, I wasn’t really at the time, you know, in position to actually start the whole rehab process. so for for the first couple of years I I I did nothing but pay the property taxes. I don’t have a mortgage on it. Only thing you responsible for is the property taxes. And also keeping other squirrels from getting out, you know, from actually getting into your property because it’s is is subject to to break ins and that nature. You know, but eventually I wind up selling that property to a family member.

Dylan Silver (08:21)
Can you tell us what the sales price of of it was?

Tracy Perrin (08:25)
I can’t. I I re I re I can’t I can’t reveal that information.

Dylan Silver (08:26)
Ha ha ha. That’s all right. That’s all right. That’s all right. Pivoting here, Tracy. You know, you you have this success, early success with the sheriff sale. Did you continue to go to the sheriff’s sale? Did you start looking at other ways to do acquisitions, whether that be through, you know, paying for leads directly or, you know, a foreclosure list? What was your strategy after that? Well

Tracy Perrin (08:51)
Well I was still in the the learning process. I felt that I needed to be educated because just buying a property isn’t you know, you just just buying the property. What about how do you value that property? You know, you have to be able to to do research and learn property values. You know, and I and that’s where I I made mistakes in the beginning. So now I can basically look at a property and you know look at the comps. You know, I’m not talking about with AI. You know, I’m talking about you know, being able to look at the comps, you know, and and actually say how much that how much that property is worth. You know, so the important thing is, you know, that to to educate yourself as much as you possibly can, you know, about about the real estate market. You know,

Dylan Silver (10:16)
No, no no question. I mean when we talk about being able to underwrite deals, this is probably the most important part of any acquisitions process, whether it’s as a wholesaler, fix and flipper, you short term, long term hold, or a multifamily property, you make the money on on the buy. Where were you getting your leads from at that point in time? Where were you looking at deals from?

Tracy Perrin (10:38)
county records and I did a few a c it was a couple driving for dollars situations where I c I would call up the this the seller. but then there was then came PropStream. So that’s where you know, right, and all in over the past couple of years we have all of these lead generation websites. so I started doing PropStream for for a little bit and and BatchLeads. but then I I I kept saying to myself I I was scattered because I had it’s all of these different CRMs, all these different websites and features. And I said to myself, Well, why can’t why why can’t I own my own? So that’s when I started thinking about iSpeedToClose.com and I said, well if I’m if I’m in the business, then why am I paying someone else to gather all this information up? Why can’t I be able to why can’t I create my own software to to do my own job for me, to do my own work in in the business. So that’s where iSpeedToClose came from.

Dylan Silver (11:43)
Now we were talking about iSpeedToClose in the green room before hopping on here. Very impressive, and you were able to show me a preview. For for our audience, what is iSpeedToClose and and what need does it match?

Tracy Perrin (11:55)
Well, my ta the tagline for iSpeedToClose is speed is the deal. Because you if you look at the way AI and and and the real estate businesses now, if you’re not fast when it comes to dealing with a motivated seller and and getting a deal because you it the competition is fierce. You have you might have like the a motivated seller might be talking to like to about four or five different people, different people that’s want that’s want you to buy their property. You know, so if you’re if you’re fast, you know, when it comes to actually making an offer or analyzing a deal or, you know, doing comps or or just making an offer in general, because the offer has to be good and feasible for both for the buyer and the seller. Because that particular person is in a in a in a probably in a very distressed situation. They’re trying to to to to to get out quick as possible. You know, so speed, speed is the deal. And I believe that iSpeedToClose solves that because it gives you the your your deal score, it it gives you the intelligence, and it actually is, it doesn’t take away, it doesn’t like not solve all your problems for you. Right. It makes you, it puts you in a situation where you have you have better judgment when it comes to making real est real estate decisions. Based on the actual data that you get.

Dylan Silver (13:23)
if we can get a little bit granular here, you know, there’s a lot of tools that that folks can use to help them evaluate and underwrite a deal. maybe give an example or or a case where iSpeedToClose really shines.

Tracy Perrin (13:37)
All right, I ran I ran numbers for on forty different forty different ways. checked the guardrails and finally on Tuesday night, eleven thirty, eleven thirty-two. I’ve I had Jarvis is my AI, my AI assistant. So I flipped on Jarvis and for one active seller, a woman named Diane in Bucks County. Then I went to bed, woke up at about six fifteen AM. Phone had seven messages in that thread. Diane had had asked Jarvis about the timeline and the condition and whether we’d buy it and the tenants in place and Jarvis answered every question. Yes, yes.

Dylan Silver (14:15)
Wow. So basically, I mean, not only is it gonna help you underwrite deals, but it’s also gonna be like an employee effectively alongside you answering your messages when you’re not able to.

Tracy Perrin (15:09)
Exactly, exactly. Yeah, exactly.

Dylan Silver (15:12)
One one of the things that has recently been on everybody’s tongue in the real estate space, whether you’re a realtor, a lender, an investor, is this idea of speed to lead, right? And people can be very fickle about committing to to one person. So y if you’re going to have a conversion, your best opportunity is as soon as they fill out a form. And it seems like that is in the same vein here and you’re really able to capitalize on that with iSpeedToClose.

Tracy Perrin (15:40)
Yes, yes, yes, most definitely. And and I also have a Lee Marketplace too.

Dylan Silver (15:47)
Tell us a little bit about that.

Tracy Perrin (15:48)
Where you can actually buy you can buy leads through iSpeedToClose.com.

Dylan Silver (15:53)
you know, one of the one of the things that that i is sometimes challenging for folks is understanding, you know, when is the right time for them to buy leads, how much should they be paying for leads, who do I go to, you know, how long before these leads turn into deals? You’re a lead provider, you’ve got iSpeedToClose, which you’ll be launching here soon, and you’ve got a wholesale background, have have purchased multiple properties. When folks are looking at buying leads, what should they be looking for?

Tracy Perrin (16:21)
I think the motivation. You know, there are a lot of different situations out there that actually motivates a person to want to sell. let’s t say for instance, a death in a family. You know, God forbid something happened to a family member that owns a property that’s in a situation where they they can no longer handle the property anymore. You know, the property gets willed to them. Or, you know, they take possession of property some kind of way. So when people are in situations like that, they are they are ready to unload the property. You know, or if a person say take a job in another city, they’re ready to move. They don’t want to continue to keep taking care of a property. Or let’s just if you have bad tenants, you know, I had a situation where the owner wanted to get rid of property because he had bad tenants. He didn’t want to be a landlord anymore. So you have all these different situations. You have all these different situations and you just have to stay on top of your game because once because once you had lead have leads coming in, my gosh, the I mean you have to stay on top of.

Dylan Silver (17:35)
Then it’s off to the races. we are coming up on time here, Tracy. I’m actually gonna share my screen so our audience can out iSpeedToClose. you’ll be launching you you mentioned around November. Anything you wanna mention to our audience here before we wrap?

Tracy Perrin (17:50)
Yes, I will we’ll be launching around November third. at if you go to the page, there’s a countdown to November third. So right now what we’re it’s in beta version, and what we’re doing is we’re offering a forty percent discount for life for any tier. We have there are four tiers basic, beginner, The one the all the nuts and bolts, which is the third tier, and i we also offer teams. So if you have five different VAs that that you’re actually working with, that’s considered a team. So forty percent off for life. You we only have a hundred slots available. I’m talking about forty percent off each tier. for life. No look no negotiation.

Dylan Silver (18:43)
Tracy, thank you so much for your time today. Thanks for joining us. Thank you so much.

Tracy Perrin (18:47)
All right, you’re welcome. Bye bye.