How to Turn Rejected Cash Offers Into Creative Finance Deals | Aaron Wilmer

Aaron Wilmer (00:00)
⁓ Don’t judge yourself based on the results. Judge yourself based on the process. Because I’ll I’ll give you example. There was a month I locked up maybe nine contracts. Okay. Zero closed.

⁓ not for price reasons, it was title reasons, or debt reasons, but it wasn’t it wasn’t a contract price, it was like debt or you know, title issues or something like that. And but so the process was working, but the results weren’t matching the process. So but for instance, this month I should be closing like eight deals.

Scott Bursey (02:08)
Welcome back to the Real Estate Pros podcast powered by Investor Fuel. I’m your host, Scott Bursey And today we’re joined by Aaron Wilmer, the force behind Meridian Equity Capital.

With a standout college career at Delaware Valley University and a background playing pro football, Aaron brings a unique level of discipline and intensity to the world of real estate. We’re going to dig into how he’s crushing it in the wholesaling and creative finance markets. Aaron, welcome to the show.

Aaron Wilmer (02:36)
Scott, thanks for having me on. Like I said, this is my second go round. So excited to share what’s new at Meridian and and where we’ve gone since then.

Scott Bursey (02:43)
Awesome. It is great having you here, my friend, and to help our listeners get up to speed. Please give us the front row seat on how your career ignited and where you’re pouring your fuel now.

Aaron Wilmer (02:53)
Well, I mean, right now ⁓ a lot of the the fuel that we’re putting into the market space is is acquisitions, getting properties under contract and helping our end buyers get those at at at great deals. ⁓ we work with a lot of ⁓ national buyers, some some even some hedge funds. ⁓ and for my dispositions, I always use easy REI closings. Heather and David Olds are are awesome with that.

and also we’re doing a little bit more of the creative finance with some more acquisitions that we’re gonna keep in house. we were we’re working on two creative finance deals now. ⁓ one is actually a subject to and one is gonna be a seller finance deal.

Scott Bursey (03:29)
Awesome. Well, thanks for sharing that, Aaron. It’s fascinating to see that transition from the gridiron to real estate and how the business is climbing. You know, what really caught my attention about you was the way you’ve been able to pivot your athletic drive into a high octane real estate investment vehicle. And on that note, since you’ve moved into the investment space, what has been the most transformative shift in

In your mindset when closing your first deal versus now.

Aaron Wilmer (04:00)
⁓ well, obviously just like anybody else that’s doing something new, you’re you’re nervous. ⁓ you’re and also you’re scared too, because ⁓ you know, starting my own company, ⁓ and and and betting on myself and saying, Hey, like I can actually do this, ⁓ no one else was gonna make those calls. So I had to, you know, put put my big boy pants on and and I was prepared. I mean, just like in football as a quarterback,

⁓ you get prepared throughout the week. So when it’s game time, you’re really not nervous. And that’s the same way I take my seller calls and all my calls that I do with homeowners. ⁓ I’m so prepared for the call that I already know what the play is gonna be that’s coming up ⁓ and I’m able to adjust on the fly ⁓ to help the seller.

Scott Bursey (04:38)
That makes perfect sense and curious to know. Regarding your strengths in the wholesale market, what specific part of your process keeps the deals flowing consistently?

Aaron Wilmer (04:48)
⁓ well, you know, there’s a lot of different avenues that a lot of wholesalers out there take. you have cold calling, PPC, PPL, ⁓ you know, Google ads, however you want to h however you want to get your leads in. A lot of what I’m doing is actually just cold calling and driving for dollars. and it’s been wildly successful. I know that some people don’t think that cold calling works, but it’s really just a numbers game. If you make X amount of calls, you should get X amount of leads, and out of those X amount of leads, you should you should get X amount of contracts.

and then out of those we’ll see what gets to the finish line. Usually about fifty percent of the deals that you sign will end up closing. ⁓ so that’s probably the ⁓ the yeah. I would I would say that’s kind of the the navigation you have to go to to kind of get that to the finish line.

Scott Bursey (05:31)
Love that, Aaron, and we’d love to hear your thoughts on potential weaknesses or better yet, gaps that you see in most new investors’ strategies today, in your view.

Aaron Wilmer (06:31)
Yeah. What is a couple of things? So from from the acquisition standpoint where I’m getting the properties on assignment and then doing dispositions for them, ⁓ I don’t I can’t make enough calls. ⁓ so which is why I have one of my weaknesses is bringing in qualified people that are driven and ready to do cold calling. ⁓ I’m sure that there’s some people or some, you know, wholesale companies out there that only do PPL or PPC. And while those conversations are more targeted and, you know, they may get

I guess maybe better conversations. I feel like with cold calling, you do get better spreads on the deals because if somebody’s gonna pick up a f a call from a cold caller and wanna sell the property, they usually gonna sell for cheap. ⁓ so that’s definitely one of the weaknesses is the acquisitions part. On the other side, as on the disposition side, you know, a lot of flippers out there, ⁓ either they don’t have their numbers right or they don’t

Or they or they want to lowball you, I I guess you would say, ’cause I mean we run our numbers pretty conservatively and you know, the everybody still wants a deal. So y you can’t get it low enough. So all my acquisitions I try to lock up even lower than I normally do, just to not have those conversations with in buyers that are trying to get it lower.

Scott Bursey (07:42)
That is some solid advice right there. Yeah. And Aaron, help us understand the opportunities you see in creative finance that most people are overlooking right now.

Aaron Wilmer (07:54)
Yeah, Scott, so the the creative finance is is basically as a quarterback in football, when I would come up to the line, I would have two or three plays that I could audible to. So if I’m calling a distressed seller and, you know, they can’t take a cash offer because they have a their debt is too high, they have a high mortgage or something like that, most wholesalers don’t know how to pivot and call an audible. If you know how to call an audible in that situation, you’re gonna say, Hey, listen.

Instead of us giving you a cash offer because it’s not gonna be enough, you’re gonna walk away, you’re gonna have bring money to the closing table. Why don’t we offer to do a subject to deal where we can take over the debt for the property? we’ll make the payments, we can put the property in a trust and we’ll buy the trust. so that way you don’t get hit with ⁓ the bank, you know, calling in the loan due. ⁓ so that’s one way that you can call an audible. Or if somebody wants a higher number,

⁓ let’s say like the one I’m working on right now, ⁓ a seller wants a hundred thousand. The cash offer I gave him was sixty thousand. And I said, Hey, listen, the house is vacant, you know, he’s moving to another place, he doesn’t need the money all at one time. I said, I’ll give you five thousand dollars down. You put ninety-five thousand dollars seller finance at two percent. We’ll do a five-year balloon. I can rent the property. So I think the number came to about four hundred and fifty dollars a month to the seller, and the property would rent for fourteen hundred. I just gotta clean it, paint it.

Maybe put some floors down and now we already have a cash flowing asset in our, you know, acquisition ⁓ space. So that’s that you gotta be able to call audibles when you’re on the phone with some sellers.

Scott Bursey (09:22)
⁓ I love that analogy, Aaron. It’s all about looking at the lay of the land and then pivoting and acclimating your strategy correctly. I love that. And Aaron, if you could give us your thoughts on the biggest threats or market risks you’re currently preparing your business to handle.

Aaron Wilmer (09:39)
Yeah, ⁓ I mean some of some of some of the threats, one is definitely inexperienced wholesalers that are ⁓ out in the marketplace, not locking up contracts at the right numbers, ⁓ disappearing on sellers. ⁓ and then, you know, we get a bad rap that way, which leads to the next part of the threats, which is the regulations. ⁓ where some states, you know, I won’t even call certain states, ⁓

for for that specific reason. Like I actually don’t like Ohio to be honest with you. Ohio’s ⁓ regulations are pretty strict, but for the most part, your regulations, inexperienced wholesalers, and and obviously sometimes yourself can be a threat as well because sometimes you can get in your own way. ⁓ you know, especially as a a as a solo operator trying to, you know, get a bigger s you know foothold in in the in the the real estate space, I need to be thinking about the business

twenty four seven, which I do. I mean, I’m up at six AM. I don’t show up my laptop till nine o’clock at night. You know what I mean? I’m doing my own ⁓ SMS blast, I’m doing email blasts. ⁓ so we’re all over the place. But it’s a full time business. I mean, people think, you’re wholesale. If you wanna do you can trade time, you can trade time and just do PPL or PPC. ⁓ but for for what I’m doing, I’m doing a lot of cold calling, so I’m I’m contacting, you know, three to four hundred people a day, having maybe

ten to twelve good conversations, trying to get one deal a day.

Scott Bursey (11:04)
That’s a huge distinction right there. And Aaron, if somebody’s listening, they’re saying, hey, this is somebody that I really like, what would you like them to know first about your business?

Aaron Wilmer (11:49)
⁓ the what I what I what I would like the them to know about first buy my business is I will bring anybody on that has a hunger and a grit to wanna do something better for their lives and for their family. And I don’t want you to work with me for five years. I want you to work with me for six to eight months, maybe a year, and then you start your own company. Because eventually that’s what you’re gonna have to do because I’m gonna take, you know, bulk of the commission from you. You’re gonna make twenty percent on commission.

⁓ so I’d want you to get a couple of deals under yourself, l understand the business, and then you can go off and do your own thing.

Scott Bursey (12:21)
That is powerful. And Aaron, digging into your daily operations, how do you stay timeless or sustainable, ensuring your business model lasts through market shifts?

Aaron Wilmer (12:32)
Well, it’s there’s certain markets. So for instance, Florida right now is having a huge foreclosure situation. So there’s certain like for so we’re I’m doing a lot more calls in Florida now, trying to get subject to deals. ⁓ so that that’s one strategy you can do when the market shifts. The other strategy is just sticking to what works with wholesale real estate. Targeting areas that are that have cash buyers that

⁓ there’s a lot of sale activity and the median sale price is around two fifty. ⁓ and then where you can lock up contracts for a hundred, a hundred and twenty, and then you can flip them to an in buyer for one fifty. He does the rehab, he sells it, he makes fifty or sixty thousand. So just stick to the basics and the fundamentals of wholesale real estate and you should be okay.

Scott Bursey (13:18)
I love that as well. And interested to know, you know, with your professional football background, what’s one habit that keeps you locked in on your long term goals in real estate?

Aaron Wilmer (13:29)
hungry. I I mean I I no quit attitude. I mean, I love this business. Like I said, I mean, I I’m I’m usually on I’m literally on my laptop at six AM in the morning. ⁓ which my morning routine is usually ⁓ I’ll go and do just some driving for dollars. I’ll go on Google Maps and just drive around. I’ll pick a zip code, drive around, jot some addresses down. ⁓ and then by eight thirty, nine o’clock I’m on the phone ⁓ until about ⁓ one o’clock.

And then I’ll take a break there and probably hit the gym. And then I’m back on the phone right around like three thirty, four o’clock before I usually close up shop around six o’clock. and then hopefully I’m already sending contracts. I’m working with my dispositions team ⁓ and trying to get deals to the finish line.

Scott Bursey (14:12)
Aaron, thanks for breaking that down. And curious to know, what’s ⁓ the vision for your company, Meridian Equity Capital for the next, let’s say twelve to twenty-four months?

Aaron Wilmer (14:24)
⁓ I mean I had a goal of doing five hundred thousand gross in wholesale assignment fees. ⁓ I think I’m going to hit that mark. ⁓ just this month I should be right around fifty or sixty it depending on we’re waiting on one to get title back, but I should be around fifty or sixty thousand gross this month. and I’m only gonna get better as, you know, the the rest of the months come in. So

I think I’m on track to get about five hundred thousand gross assignment fees and t in twelve months to a year. I’m sorry, in twelve months to twenty four months, ⁓ I wanna be a million dollar ⁓ a year operator.

Scott Bursey (14:59)
Awesome. Awesome, Aaron. And let’s switch gears here just a bit, my friend. What does your professional network look like right now?

Aaron Wilmer (15:06)
Yeah, so my professional network, ⁓ I have a lot of folks that are buyers. I have people that do the same thing I do. I also have people that are realtors. ⁓ and it’s always good to have these connections because there’s certain deals that I’ll just I’ll I’ll flip to somebody, say, hey, this one looks like something that you guys would do. Like there’s one deal I just did in Jersey, where ⁓ there’s a buyer that typically just does wholetail deals where they’ll they’ll buy the property, they’ll paint floors, put it back on the market, list it. ⁓ so

I if I see a whole tail deal, I’m like, okay, he this is probably for him. Cause he likes to go in, put thirty thousand in, put it on the market, list it, and make it make his money that way. ⁓ there’s certain buyers that are, hey, give me the the the shell property, I’ll I’ll I’ll fix it up. Either either flip it or rent it. Just depends on what you know his avenue is with it. So networking is is huge. not just in this business, that’s just in life, I believe. I mean, you have to network. ⁓

There’s there’s a saying, as I’m sure you’ve heard, it’s it’s not what you know, it’s who you know. ⁓ but it’s also who knows you. Like who can call you when they say, Hey, like one of the first deals I got, ⁓ my buddy John Sweeney, ⁓ who he he sent me a deal from a buyer in or from a seller in New York, but their property was in Pennsylvania. ⁓ and that was actually my first deal. and that was a nice there’s a big spread on that one too. So that kind of

You know, who knows who knows you is a little bit more important than who you know.

Scott Bursey (16:30)
That makes total sense. You know, your network really is your net worth. Yeah. Couldn’t agree anymore. And Aaron, you have given our pros a lot of really good words of wisdom today. But is there any additional advice you could leave with our listeners?

Aaron Wilmer (17:25)
Absolutely. and this is nothing that they haven’t heard before, Scott, and it’s hard work always pays. I don’t care what industry you’re in, what job you’re in, ⁓ rel it it it ties to everything. Relationships, personal or or or or private relationships, ⁓ you know, work, your family, ⁓ you know, your relationship with God. Hard work always pays. I don’t care what line of work or what you’re doing and whatever you’re doing, if you put work into it, you will be rewarded.

And there’s an old saying with that as well. ⁓ the luckiest ⁓ or how’s it go? It it I I I I’m luckier the harder I work. I believe it goes. I get luckier the harder I work or something like that. And that’s true because the ho usually that’s where the opportunities are.

Scott Bursey (18:09)
Dedication and consistency. Yeah. Thank you for that, Aaron. And for those of our listeners

Aaron Wilmer (18:16)
I wanted to note here too, Scott. One more thing I wanted to note is ⁓ a lot of people that are operators that are maybe just starting off. This is a kind of an advice to them. ⁓ Don’t judge yourself based on the results. Judge yourself based on the process. Because I’ll I’ll give you example. There was a month I locked up maybe nine contracts. Okay. Zero closed.

⁓ not for price reasons, it was title reasons, or debt reasons, but it wasn’t it wasn’t a contract price, it was like debt or you know, title issues or something like that. And but so the process was working, but the results weren’t matching the process. So but for instance, this month I should be closing like eight deals. So it just depends on ⁓ how you view things, and I think you should view things based on the process and not the results. Because if the process is in order, if you’re doing everything, check, check, check.

Then everything will eventually work out in your favor.

Scott Bursey (19:15)
And Aaron, on that note, if you were starting your real estate journey over from scratch today with zero cash, but with all the knowledge that you have now, what is the short term play you would make to land your first deal?

Aaron Wilmer (19:29)
⁓ if if I if I started from scratch, ⁓ you know, all I had was a cell phone and a laptop, there’s two things I would do. I will pull a tax sheriff cell list or a tax delinquency list or a vacant property list in whatever county you want, co-call that list. I guarantee you you will have a deal. If you make a even a modest, if you made a hundred phone calls a day, you would have a deal, at least one deal every month. I guarantee it. If you just called a tax sheriff cell

vacant property list in whatever county USA, you will have a deal for sure.

Scott Bursey (19:59)
You just move the needle for a lot of people. And for those of our listeners that want to keep this conversation moving here and stay in your lane, you know, collaborate with you on perhaps future deals. What’s the best way for them to plug into your pipeline and reach you directly?

Aaron Wilmer (20:13)
⁓ Facebook or ⁓ LinkedIn. ⁓ or you can go to my website, meridianequitycapital.com. ⁓ you can reach me there as well. ⁓ I’m open to have many conversations. Even I just had coffee with a a CEO here in Philly ⁓ just to catch up and and pick his brain. He’s in a different industry than I am, but just to to talk shop at a high level and and and understand what his viewpoints are on certain things and may see how I can apply that to my business.

Scott Bursey (20:39)
Aaron, thank you for joining us today on the Real Estate Pros podcast.

And to our listeners, we appreciate you. If you receive value from today’s episode, please subscribe. We’ll be filling your tanks with a lineup of elite guests, just like Aaron Wilmer, who are accelerating and setting the pace for the rest of the industry. Until next time, keep your standards high and your vision clear. We’ll see you in the next episode, everyone.