Quit Holding Rentals: Why This Investor Sells on Owner Finance Instead

Wyatt Seidel (00:00)
Wyatt, I can get you $15,000 down on this house. And I was doing my math. was like, well, I could refinance it. I could still be in for good enough. So I refinanced it and I got a $15,000 down payment.

And I make $650 a month in cashflow and I’m the bank. So if something goes wrong, of course I have the choice. If I’d like to help them, I can help them

Cody Crabb (00:16)
Welcome back to the Real Estate Pros podcast. I’m Cody Crabb with Investor Fuel, and today I’m joined by Wyatt Seidel out of Kansas City. Wyatt runs a high volume single family operation doing over 100 deals a year. But what makes his model really interesting and unique is instead of holding rentals,

He’s using Burr and then selling on owner finance. So we’re gonna break down what that is, how that works, how he scaled it, and kind of his all in on one thing mentality that’s been key to his growth. Wyatt, thanks so much for joining us today.

Wyatt Seidel (02:25)
Yeah, thank you, Cody. This is a huge blessing. I’m excited to be here and I’m just excited to jump in and see where we go.

Cody Crabb (02:32)
Yeah,

yeah, love it. ⁓ Well, I’d love to get a little bit of the superhero origin story here like Yeah, yeah, let’s let’s dig in ⁓ I’m assuming it wasn’t a radioactive spider, but if it was I’d love to go there But regardless, how did you get into real estate in the first place?

Wyatt Seidel (02:38)
super origin story.

Thank

I tell you what, it’d be a lot easier if it was a radioactive spider. It’d probably be a better story. Man, I tell you what, so my, man, I, so I went to, I got my bachelor’s in nursing.

Cody Crabb (02:52)
Yeah.

Wyatt Seidel (03:03)
And when my wife and I, lived in this little podunk, podunk town in the middle of Kansas, Emporia, Kansas, if anyone’s familiar, it’s like an hour and a half south of Kansas city. And ⁓ when we were in college, we house hacked a duplex. That was kind of my first intro to real estate. That was my first, ⁓ lights are on now. You know, we’re not making money. We’re living downstairs. I have a couple of buddies living upstairs. It’s like, well, our monthly payment is a little less because someone’s paying for it. We didn’t know what we were doing though. We were, you know, young dump.

kids and so anyways we graduated I got my bachelor’s in nursing and we moved up to Kansas City I tell you what about four or five months in I couldn’t do it I said I kept telling myself I’d get better you know when I make when I’m making 30 bucks an hour as a nurse and have good insurance and good benefits it’ll be worth it and yeah that lasts about five months I said I can’t do this I can’t do this my whole life

Cody Crabb (03:57)
Wow.

Yeah.

Wyatt Seidel (03:58)
My wife

and I, we actually had gone on a vacation. had maybe eight or nine days off in a row and we went to Boston and visited one of my best friends. And I remember my trip was ruined because all I could think about was when I get home, I have to go back to the hospital and go back to work. And so we came back.

Cody Crabb (04:14)
It does

seem like nursing specifically is one of those things where like, like it’s some, really just is, some people are built for it and I don’t understand those people. Like, yeah, yeah. Yeah, true. Yeah, you would know, yeah.

Wyatt Seidel (04:20)
College.

Yeah. Yeah, me neither. Yeah, me neither, frankly.

Yeah, I don’t get it. mean, I talk to people now who are, you know, CRNAs or nurses and they’re, you know, they loved it. It was a great career for them for a long time and now they’re ready to jump into real estate. So kudos to them. Wasn’t me. Four or five months as a new grad nurse. Yeah, I’m done. So anyways, I reconnect with a good friend of mine and I got my real estate license and I went and worked at an investment brokerage.

Cody Crabb (04:41)
Hmm. Yeah.

Wyatt Seidel (05:40)
So all we did was contract crappy houses and sell crappy houses to investors. And that was really my, I loved real estate.

You know, I told my wife I was like I’d rather do something I love and work really hard than do something I hate and you know only work three or four days a week as a nurse and So the goal wasn’t ever money. It was just I want to do something I like and I liked real estate I loved house hacking when we were in college when we moved to Kansas City we house hacked again in a duplex and I just made the jump I left I left nursing and it was basically February 1st of 23. So about three years ago

Cody Crabb (06:00)
Yeah.

Wyatt Seidel (06:17)
And I jumped into an investment firm and we just started, I started wholesaling. I learned wholesaling as a whole. Contracting a really bad house, selling a really bad house and watching the investor and luckily, know, Kansas City Midwest market, people are friendly here. They take you under your wing. They’re like, yeah, come join me. So I get to see these guys swinging hammers in the middle of the hood of Kansas City and see them make money when they sell it and the light bulb turned on. I’m like, my gosh, I want to do that. And so.

Cody Crabb (06:44)
Yeah, and it seems like being

in that rural kind of area too, like you kind of get opportunities that you can’t really get in your big cities and things. So that’s probably helpful too.

Wyatt Seidel (06:48)
Mm-hmm.

Yep. 100%.

100%. Yeah. People are so friendly, you know, they take you under your wing. And that’s something I would encourage people to is, man, if you’re interested in your kind of in real estate, go find an investor and say, can I just follow you around on a project or two?

and just see what happens, what it is. Because I think you find your individual, you find the portion you like, right? I thought, oh, maybe I’d like to be a contractor. So then I became a GC and did contracting work and was like, no, actually, I don’t really like this. And then I was like, well, let’s try a flip. I did a couple flips and they went fine. Nothing out of the ordinary. And I was like, eh, flips aren’t that good. So then I bought a couple rentals. So yes, we’re in a normal world.

Cody Crabb (07:18)
Mmm.

Not your favorite.

But it sounds like we’re getting warmer though. Like these are more positive reactions, yeah.

Wyatt Seidel (07:35)
Refining, we’re kinda, trial and error, right? Trial by fire, we’re jumping into, real estate is one gigantic tree that has a million different limbs. And this is where I’m eventually gonna go with just choosing your limb and getting really good on your limb. Is, you know, here I am now, this 22, 23 year old dummy who’s like, I’m just gonna try everything I can in real estate, right? I’ve done flips now, I’ve done wholesaling, I’m a contractor, I’m an agent, I did a little bit of retail agent stuff.

Cody Crabb (07:38)
Yeah.

Wyatt Seidel (08:04)
⁓ I now am on the rental side. was like, okay, I had maybe four regular rentals and I, I tell you what, the regular rentals just aren’t all what they cut out to be. They’re not what the gurus on YouTube tell you to be. They’re not passive. They’re not passive. You know, the whole, the whole thing that everyone pitches on YouTube and on podcasts is, you get to buy, you know, 10 houses and never work again. It’s like, well, I hate to break it to you. When a water heater goes out, who do you think the tenants calling?

Cody Crabb (08:18)
In what way? Just out of curious.

Yeah, yeah, and then when 10 of them go out, yeah. Yeah, good point.

Wyatt Seidel (08:33)
You know, if a tenner goes an A…

So here I am,

I’ve got four rentals now. They’re just regular rentals, they’re not owner finance. I didn’t even know what contract for deed lease option. I didn’t know what any of this owner finance stuff was. They’re just regular burs. And I’m supposed to be making $2,000 a month from them, 500 a door. And then I had one month where a water heater went out, and then the next month I had two tenants not pay. And I’m like, okay, there has to be a better way to this. There has to be a better way to this.

Cody Crabb (09:01)
Jeez.

Yeah.

Wyatt Seidel (09:07)
I had a couple of friends of mine introduce me to this book. It’s called The Art of the Slow Flip by Scott Jelinek. If you guys haven’t read it, easy read. He does a little variation of the kind of contract for deed model owner finance model. The principles though and the foundation is all really good. Anyways, I read that book. I had some buddies recommend it to me and I had this flip project I was trying to flip and I couldn’t sell it. And it was a beautiful house, three bed, two and a half.

Cody Crabb (09:15)
Mmm.

Wyatt Seidel (09:35)
bath, two stories. When I bought it, was down to the studs. was full. Everything was brand Gorgeous House. Just couldn’t sell it. And I just learned about this owner finance model. And at this point in time, my flips, I was not making very good money. I was maybe making five grand of flip 7,500 bucks, maybe 10. It was not life changing money by any means.

Cody Crabb (09:53)
Yeah.

Wyatt Seidel (10:29)
And I have a friend of mine go, Hey, Wyatt, I have a family that would buy this house from you. They’d put down a down payment and you get to keep it and you are now the bank, right?

on contract for deed, become the bank. And from a management standpoint, keep in mind, just, have four rentals that I’m supposed to be making money and all my cashflow for the whole year is gone because a water heater went out and two tenants didn’t pay one. And so I, yes, he goes,

Cody Crabb (10:50)
Yeah, yeah. So you hear about this down payment thing, you’re like, tell me more.

Wyatt Seidel (10:56)
Wyatt, I can get you $15,000 down on this house. And I was doing my math. was like, well, I could refinance it. I could still be in for good enough. So I refinanced it and I got a $15,000 down payment.

And I make $650 a month in cashflow and I’m the bank. So if something goes wrong, of course I have the choice. If I’d like to help them, I can help

Cody Crabb (11:12)
Huh, interesting.

Wyatt Seidel (11:18)
If you really want to come at it from a banking institution standpoint, you and I in our personal homes, if an outlet goes out at my house, I’m not calling the bank. I’m calling an electrician. So from a management standpoint, it really, I saw that the light bulb was turned on. I saw the light at the end of the tunnel. saw that, it actually can be kind of passive.

Cody Crabb (11:28)
Right, yeah.

Wyatt Seidel (11:38)
Now don’t get me wrong, being a, I would like to think a morally, a moral person, a morally intact person. Of course, if something goes wrong at my family’s houses, I’m going to help them and I’m going to, you know, maybe share the bill. I’m not going to leave them high and dry if a sewer line blows up. You know, that was the light bulb though. I was like, Whoa, I just made more money than I have been on flips. And I get to keep it and hold it as a rental and I’m their bank. So if they want to

Cody Crabb (11:57)
Yeah.

and it’s

less work. Yeah, it’s like, it’s the dream. Yeah.

Wyatt Seidel (12:08)
It’s less work. It’s like,

I, here’s a gorgeous, beautiful remodeled product that I could not sell on the MLS and I refinanced it. And now I have a family living there paying me a mortgage. And now they have the opportunity at home ownership when all the banks told them, no, I get to be their bank. And I get to say, yeah, I’ll vouch for you guys. You know, I think that’s where I finally found the limb of contract for deed or land contracts, as they say as well.

I found that limb on the tree and the light bulb was turned on. I told my business partner, Henry, said, Henry, this is all we are doing now. I was like, we’re not doing anything else. This is awesome. We get a little bit of money upfront and we get to keep it. That’s pretty sweet. And that’s all secondary. The primary point is we get to bless these families who can’t walk into Chase Bank and go get a loan. That fires me up.

Cody Crabb (12:51)
Yeah.

Yeah, I was just thinking that like in

Salt Lake City is nothing. Like you can’t get in anywhere. So hearing that, mean, that’s cool. That’s even ⁓ an option for you. I guess just kind of because our audience is kind of newish real estate investors or they’re kind of in the journey still, can you kind of walk me through maybe the difference between like somebody’s probably hearing this and going, what’s the difference between this and rent to own or something like that? Like give me an idea of how that works.

Wyatt Seidel (13:19)
Absolutely.

100%.

Yeah, that’s a fantastic question. in the regular world, let’s go through the burr process, right? You buy a distress property, you renovate the distress property. You usually will put a renter in there. I kind of flip those ours instead of rent, refi. We actually will refinance first. And then instead of putting a regular renter in there, we put in a family on terms. So where contract for deed and lease option or rent to own is different rent to own says, Hey, you’re still a tenant. And if you

hit these certain criteria. So usually like a lot of the common rent to own terms that I see are, hey, if you pay your rent, you know, ⁓ 12 months in a row on time, no late fees, it now converts into a contract for deed.

Whereas Contract for Deed, what I do is we go right into that. When we go to the title company, we’re notarizing documents as them being the owner. Now I’m still on title. It’s as a contract for the deed. So they don’t get the deed until they fulfill the 30 year bank loan, the same way we do when we buy a house, right? That’s the big difference. So lease option, rent to own says, when you hit certain metrics, we will allow you to now become the owner. Contract for Deed says, hey, you’re the owner on day one.

Cody Crabb (14:44)
Okay, somebody hearing you are now the bank

Wyatt Seidel (14:45)
and I’ll be.

Cody Crabb (15:31)
is probably like, but I’m not a bank. Like, what do I, how do I know if someone’s qualified and how do I know, you know, so give me a little bit of like, how do you see that? Like, how do you manage that side of it?

Wyatt Seidel (15:31)
Mm-hmm.

Yeah, and that’s the cool part. My business partner, Henry, he says, I need to stop saying we’re the bank. We need to say financial institution. I mean, the truth of the matter is though, is we are…

Creating mortgages for these people now they are they are unrecorded mortgages, you know, and they know that they know Hey, we cannot that is illegal on our refinance terms. We can’t do that. That’s illegal ⁓ Yeah, it’s you know, think of a banker think of mr. Burns and the Simpsons sitting up in the top of his tower You know, it’s ⁓ it is very and that’s a reference to the art of the slow flip book as well It is very much. So like hey, this is you are now

Cody Crabb (16:15)
Yeah.

Wyatt Seidel (16:25)
the owner of this property. I’m your financial institution. If you want to paint the walls a different color, I’m not your landlord. You don’t have to ask me. Paint the walls a different color. If you want to put in a new flooring because you don’t like the carpet in your bedrooms, I’m not your landlord and you are not the tenant. If you want to put in new flooring in your bedrooms because you don’t like the carpet, put in new flooring, right? If you want, you know, if an outlet goes…

Cody Crabb (16:50)
And it’s just upgrading

it, I suppose. Yeah, there’s… Yeah.

Wyatt Seidel (16:52)
It’s just upgraded

matter of fact I just had an appraisal this morning and on the same street we have another house I drove by and the family that lives there built this awesome carport on the back he extended his driveway I mean I was driving by I was like that is awesome he’s making this house

Cody Crabb (17:09)
Yeah, and technically

you still own that. So that’s, you’re like, thank you. Yeah.

Wyatt Seidel (17:11)
Yeah, yeah, so

you know, I guess the kind of the not to sound like predatory or anything. It’s like in the event the family moves out. I’m getting a nicer house back.

Cody Crabb (17:23)
Yeah, well, it’s a win-win. I mean, it really does sound like a win-win. Their payments are gonna probably be lower. They don’t have to put down such a massive payment and qualify for such a huge amount. And on top of that, if they’re good tenants, I mean, not tenants really, but like on paper, they’re tenants. If they are good tenants, then worst case scenario, they move out and you find other ones. But best case scenario, they just wanna stay there forever and you, yeah, yeah.

Wyatt Seidel (17:26)
Yes. ⁓

Yeah.

Yep. Exactly.

I want that, you know, I guess the really the big con, the big negative to this model is theoretically speaking, in 30 years, I’ll have no houses. I hope that’s the case, right? I’m in this for the family. So I spent two years in Kenya. I was a missionary kid.

Cody Crabb (18:00)
I guess that’s a good point.

Wyatt Seidel (18:08)
And my business partner is born and raised in Brazil. So our hearts go out to foreign communities. I’ll give you a prime example, a guy who lives in one of our houses. I won’t use his name just for the sake of this. good friend and one of the families who lives in our house, this guy is from Honduras. He owns a flooring company and this guy makes $250,000 a year. And he cannot walk into Chase Bank and get a loan for a house.

Cody Crabb (18:30)
Wow.

Yeah, see, something’s always rubbed me the wrong

way about, I try to explain to my mom, like, you don’t get it. Like, she’s a boomer. So I’m like, no, you don’t understand. Like, on paper, everything can look great. And then you walk into an institution and it’s like, you know, it just completely changes everything, yeah.

Wyatt Seidel (18:41)
Yes.

Yep. This guy

owns a million dollar flooring company in Kansas City. And because his ex wife destroyed his credit, he cannot qualify to buy a home. Right? Those are the people that are living in our homes are people who make money. I look at their bank statements, you know, that’s part of our vetting processes, you will, if you will, that’s really the only thing we do. It’s kind of like, can you pay? Okay, show me a bank statement. Okay, I trust you.

you know, because we’re not asking for so the first house we ever did right, we got $15,000 down every 95 % of the houses since then, we only do $5,000 down on our houses and our houses are fully, fully renovated. You know, these are, if I was, I could, the product of the houses that we have, I could list on the MLS as a flip today.

Cody Crabb (19:19)
Yeah.

Hmm.

Wyatt Seidel (19:39)
You know, they’re still nice houses. All of our families have courts, countertops. All of our families have brand new LVP, brand new electrical, brand new plumbing, brand new HVAC, brand new plump, you know, roofing. All of our families have brand new products because we want to bring the American dream to these families the same way that you and I, right, Cody? I mean, if you want to go buy a house, you hire an agent and you go walk 20 houses and you make offers and hope one gets accepted.

That is the exact same model we’re trying to create for these communities that make money. Maybe they don’t have papers. Maybe they have a crazy ex-spouse that destroyed their credit and they can’t qualify. They still can afford to pay to live in a house though. It’s the exact same opportunity. Hey, here.

Cody Crabb (20:17)
Yeah. Or I also

see like on paper, like on paper, maybe you’ve got a lot of debt or something and it’s ruining your credit. so, but you’re, paying everything just fine. It’s just that you have the numbers high. So like, could see that being really, really good. mean, I’m thinking of myself like early, early in my marriage, it was like, so we were so broke, like we made, we made, we didn’t have savings, but we had money. So I was like,

Wyatt Seidel (20:27)
Yeah.

yeah.

Cody Crabb (20:42)
What’s the problem? We would be qualifying for these $160,000 loans in Salt Lake City, which is again, not really helpful. My exact point is I’ve been that exact person before, and I will tell you that’s amazing. It’s a cool way to contribute to the community as well as make some money, and you’re a landlord but not a sketchy kind. It kind of sounds like the dream scenario. I’m a little bit like, why doesn’t everyone do this?

Wyatt Seidel (20:47)
Yeah.

Mm-hmm.

Yeah.

And I think the same thing now, here’s what I’ll say, right? You know the the I think the exact same thing Why is no one like why are people not doing this? Well, here’s where it gets scary right is this is an unregulated area of real estate So if you do not have the right intentions and ethics and morals in your heart if you’re not doing it for the right reason and you’re doing it so you can Buy more houses and make more money It can get predatory. You know, I know people that

Cody Crabb (21:23)
Mmm, so down the line.

Sure.

Wyatt Seidel (21:39)
have balloon payments in their terms. In two years, you have to pay me off. It’s like, dude, they’re coming to you because they do not have another means of financing. Why would you expect them to balloon in two years? And I know guys that will do these loans and go sell them to private equity. And then the private equity firms will come and kick these families out of the house after they’ve lived there for seven years because maybe they were late one month.

Cody Crabb (21:52)
Yeah, yeah, that makes sense, yeah.

Wyatt Seidel (22:06)
You know, so I think you really have to come from a standpoint of what’s your reasoning, right? I’m doing it because I love blessing families. Families is what fires me up. Change in Kansas City, one crappy house at a time in the hood, because I’ll be totally honest with you, of our, we own about 130 of them, and a hundred and…

Cody Crabb (22:16)
Mm-hmm.

Wyatt Seidel (22:26)
15 of them are in not that great of areas. And we get to go in there and do a full remodel and take pride in our work and put a beautiful house on the block. And now a beautiful family gets to come in there and actually live in it as a homeowner should live in it and take care of it.

Cody Crabb (22:41)
and they get to

own it. That’s something that is not very common nowadays. I’m a millennial. I’m looking around at all my friends and none of them are really owning anything. They’re just living in rentals. So I can see that being a massive cool thing that you can, from that perspective especially. I see why you would want to do that and it’s pretty cool. ⁓ All right, so kind of, what was that? Yeah.

Wyatt Seidel (23:02)
Yeah, it’s rewarding, very rewarding. It’s very rewarding. Yeah, very

rewarding. Seeing a family that didn’t think they’d ever be able to own a house because of, you know, a big thing we see is crazy ex-spouse destroyed their credit. You know, and now they have the opportunity.

Cody Crabb (23:17)
Yeah, I mean, I imagine, yeah, there’s

lots of reasons your credit could just be garbage, but for no real reason, you know what I mean? Like your spouse has tons of medical debt. That literally had nothing to do with you. It might have even happened before you got married, but there you go. Now you have 50 grand of debt. yeah. Yeah, see? Yes, that’s what I mean. So I think this is really neat. ⁓ So let’s shift gears a little bit. So ⁓ once you kind of locked into this model, how quick did it start to grow and… ⁓

Wyatt Seidel (23:30)
We have a couple guys like that, couple families like that.

Cody Crabb (23:44)
How many are you doing kind of at your current level per month or so?

Wyatt Seidel (23:48)
Yeah, yeah, that’s a fantastic question. So that first one I talked about where we got $15,000 down and we got to keep it in the light bulb kind of turned on. That was October of 2024. So that was what a year and a half ago just about. So the Q4 of 2024, I think we bought maybe 10 to 15 of them. And then in 2020, going into 2025, our goal was to do 20 a year for five years. Let’s get to 100 of them.

Cody Crabb (24:03)
Yeah.

Wyatt Seidel (24:18)
And then by the end, April 1st of 2025, so going into Q2 of 2025, we had already bought 15. I thought, well, let’s just, the Lord has opened the floodgates. We see the vision. We’ve got proof of concept now. At this point, we had maybe 20 to 30 of them. I told my business partner, Henry, I said, Henry, let’s just let it rip. Let’s just continue doing it. I mean, we thought we’d only do 20 and now we’ve done five a month. Let’s just continue going.

And so in 2025, we bought 84 of them. In this year so far, bought another, I think I had a closing this one, I think we’ve done another 25 as of this month, or as of this quarter, this quarter, this year so far. And so currently we’re sitting at, ⁓ or I think we’re doing eight active ones and we’re in the refi process on maybe another five or six of them. And, ⁓

Like I said, mean, when you find out what makes sense, I think real estate is a really, really, it’s a fantastic field, right? It’s just shiny object syndrome is very real. You know, I think when you try and do too many things, if you look at my story kind of in the beginning, I was an agent, I was wholesaling, I became a contractor, I was doing flips, I had regular rentals, I had the opportunity to buy into a syndicate to do some big multifamily crap. I think when you finally hone in on

Cody Crabb (25:24)
Hmm, yeah.

Wyatt Seidel (25:42)
one thing and you say, am going to perfect the one thing kind of monk mode, right? I’m going to just, I’m going to laser focus when we did, when we got that first proof of concept in October of 2024, we said, we’re going to build this out. So what, what’s a big piece of that? We need more private capital. What’s another big piece? We need a good lender who can refi for us and knows what we’re doing. What’s another big piece is renovation crew. So Henry, my business partner, he was a contractor for 10 years.

Cody Crabb (25:47)
Yeah.

Gotcha.

Wyatt Seidel (26:10)
He, that guy, I tell you what, partnerships are not necessary for growth. They are necessary for scale. We would not be able to do what we do if it weren’t for, if it was just Henry or if it was just me, we wouldn’t be able to do this. Because Henry, the day we close on the house is kind when Henry takes over. If you’ve got a good contractor and if you’ve got people that can actually rehab a house at a high quality and for a good rate, they are worth their weight in gold. Pay them more.

Cody Crabb (26:36)
Hmm, well and also

I hear that about a team teams a lot like if you lack in something That’s the easiest way to get better at it is hire someone who’s already really really good at it ⁓ Or yeah find them and networking. Yeah partner, too

Wyatt Seidel (26:46)
Yep, exactly. And partner with them.

that’s how Henry and I kind of, you when we met, you know, I’d say honestly, I don’t like partnerships. Partnerships suck. Now, the one thing I will say, though, like I said, is they’re not necessary for growth. You can grow on your own. They are necessary for scale when you’re actually trying to make an impact in your community, especially by, in our instance, renovating these homes and giving more people the opportunity at homeownership.

You have to have a perfect marriage partnership. Henry is elite S tier at the things that I am F tier and vice versa. know, so anyways, that being said, you gotta have your private money. You gotta have the deal flow, wholesalers, agents. We don’t do any marketing. It’s all just connections. ⁓ You gotta have the proof of concept. Do it a couple of times. And if you see the light at the end of the tunnel the same way we did, take off. Just focus on that. Don’t do anything else.

Cody Crabb (27:23)
Mm-hmm.

Yeah.

Gotcha. Yeah, I think that’s a really good philosophy. I’ve definitely seen people be very successful doing that. ⁓ And I love that you kind of, you didn’t just dive in on whatever. I mean, you did, but then you were like, nah, that’s not the thing.

Wyatt Seidel (27:59)
Yeah.

Cody Crabb (28:00)
but you

took the time to be like, no, we’re doing this. You said, I’m moving to Kansas City, I’m gonna do nursing, I’m gonna do it all in, and then you were like, no, I don’t like it, okay, bye, and then you just, let’s try the next thing. So yeah, instead of dipping your toes in the water, it could take you way longer to find out that that’s not the right fit. Yeah, and I think, ⁓ so going all in, what does that look like on a practical day-to-day basis?

Wyatt Seidel (28:17)
Absolutely.

⁓ Mm-hmm. That is a fantastic question. Going all in, I tell you what, guys, it starts what you do behind the scenes. If you’re not picking up the phone and connecting with people, because we’re in the people business. are not in the house business. We are not in the finance business. We are not in the real estate business. We are in the people business. If you’re not picking up the phone and talking to people,

lenders, appraisers, contractors, investors, flippers, wholesalers. If you are not talking to people and you feel stuck and you’re new and you don’t even know where to begin, have a 30 minute conversation with someone. Then have another 30 minute long conversation with someone.

Then have another 30 minute long conversation with someone, right? And as you see that you start to make connections, you start to build your network, you start to remember, a perfect example of this, when I started wholesaling, I just shotgun approach, I talked to anyone and everyone. I connect with a guy in Michigan, six months later, I got a random lead in Michigan, and I remembered him and called him and he ended up buying it. Right, it’s, you have,

Cody Crabb (29:24)
Yeah, see, you never know who you’re gonna help or who’s gonna help you.

Wyatt Seidel (29:27)
Exactly.

We are called to be disciples and that includes picking up the freaking phone and talking to everybody. So if you feel stuck and if you feel lost, go on Facebook, DM every single person in every single real estate group and just say, I’m new, I want to learn. Will you have a conversation with me? That’s what it takes. That’s what it takes. If you feel stuck and you don’t know what to do, it starts what you’re doing at home and that’s picking up the phone.

Cody Crabb (29:33)
Yeah

I love that. Yeah.

Yeah,

I love that. Okay, so just a couple questions about specifically what you do, just about the practicality of it, just because I know a lot of people are like, okay, I’m already sold, I’m doing this now. ⁓ So let’s say ⁓ one of your tenants doesn’t pay the rent. How does that work from an eviction standpoint? Are you the owner, are they the owner? How does that work exactly on paper?

Wyatt Seidel (29:59)
Mm-hmm.

Yeah.

That’s a fantastic question that we can get into some very high level stuff regarding that. So our first clause in our contract says, hey, yes, you are the owner. However, if you do not pay by day 30, if you are 30 days late, your contract for deed has now converted into a lease and we will not foreclose on you. We will start the eviction process.

Cody Crabb (30:44)
I see. Okay.

Wyatt Seidel (30:44)
We’re

really blessed. have some just beautiful families that live in our homes. We’ve only had to give one notice ever so far. And the guy paid like, you know, he was behind, it was actually recently, he was behind January. I gave him the notice the beginning of February and he had another 30 days. So it’s a 60 day process in the state of Missouri. And… ⁓

Cody Crabb (31:04)
Hmm.

Wyatt Seidel (31:07)
He paid about a week before the due date and he paid for January with the late fees, February with the late fees, and he paid for March. He’s like, hey, this also covers March.

And so in the event in the at least in our model everyone can do it a little differently. I’m not an attorney. I would highly advise talk with an attorney friend hire an attorney for a hundred bucks. It is well worth it to get an hour with them whatever they cost. The way we structure it though is hey if you don’t pay in 30 days you are now a tenant and this is now a lease because in our contract when we signed there is a lease in there we include a lease like just a standard lease that you would for regular rental.

Cody Crabb (31:17)
Awesome.

Wyatt Seidel (31:45)
And we will start the eviction process. And it’s also kind of a, we’re not, we’re not predatory people, right? We don’t, if you foreclose on someone as a lending institution, this person will never have the opportunity to do anything again, basically. And we tell them that we’re like, we don’t want to foreclose on you. And also from a selfish motive, like as the one who’s on title, it’s a nine to 12 month process to foreclose. It’s a 30 to 60 day process to evict.

Cody Crabb (32:01)
Mm-hmm.

Wyatt Seidel (32:14)
And I also don’t want to screw this family, even if it’s bad terms, they thrashed the place, it didn’t go well. They can still change their life around in 10 years. Who am I to foreclose on them and ruin their possibilities at trying to be better later?

Cody Crabb (32:14)
Yeah.

Yeah.

Sure, yeah, yeah.

Yeah, think that from your perspective, you’re like, wanna help people. I think that that’s the mindset to go into this with because if you don’t, it sounds like there’s a lot of ways that you could really take advantage of people, unfortunately. And if that’s the case, unfortunately, I’m pretty sure we’re gonna see a lot of that ⁓ if there is some. So keep an eye on that, everyone, if you see that.

Wyatt Seidel (32:41)
to really screw these people.

Yes. Yeah.

Please. If you don’t have the right intentions, please do not do this model. Go buy regular.

Cody Crabb (32:55)
Yeah, are plenty of real estate is a great model.

It’s a great industry to be in if you don’t have very many scruples, but maybe stay away from this specific this specific thing.

Wyatt Seidel (33:04)
Yes. Yeah, if you’re not doing it

for the people, do not do contract for DE LEASE option.

Cody Crabb (33:10)
Gotcha. Okay. So let’s say someone wants to connect with you, work with you, partner with you. They want to find out more about what you do. How can they connect with you and who should get in touch with you? That’s my main question.

Wyatt Seidel (33:23)
100%.

That’s a great question. If I can drop my phone number in here. I’m an open book. I got in the high. Yeah, my phone number, I’m gonna say it twice so you guys have it. It’s 541-505-6168. That’s 541-505-6168. You can text me, you can call me. I prefer text.

Cody Crabb (33:27)
Do it. Wow, that’s pretty impressive.

Wyatt Seidel (33:44)
I’m an open book. I don’t care who you are, where you’re from, what you’re doing, what you’re looking at doing. I’m happy to help. It’s not fun unless we get to do this together. People fire me up. So if you’re a new investor, whether you already own 500 doors or you don’t have any, text me. I’m happy to give you some input.

Cody Crabb (33:53)
Yeah.

Wyatt Seidel (34:01)
I don’t do coaching. don’t believe in mentorships and gurus and pay for my course. If you want help, I’m happy to help. Now I am just one person. So if it takes me a day to respond, please, you know, please cut me a little bit of slack. No, if you got, you can follow me on Facebook as well. Just my first name, last name. I’m a, I’m just a young dumb kid who God put something on my heart to help these kids, you know, to help these families and clean up Kansas city one house at a time. And, and I just,

Cody Crabb (34:27)
love that.

Wyatt Seidel (34:29)
My hope and my prayer is that people have the right intentions and are doing it for the right intentions for other people and for their families, right? Because it’s a win-win and it should be a win-win. No, it should be a win-win. We’re called for it to be a win-win. And so that being said, you can text me, call me anytime, tell me where you’re from, what you’re looking at doing. And I’m an open book. have nothing to hide. You guys need help at all. I got your back.

Cody Crabb (34:36)
Yeah, yeah, it’s a win-win.

Yeah.

Yeah.

Awesome, and I will just say this to everybody. ⁓ If someone is trying to sell you a course, this isn’t universal, but if someone is trying to sell you a course, maybe think about why they’re doing the course instead of the thing that they’re selling you the course about. So the fact that he’s willing to do this and he’s not selling you something, that should really say he probably knows what he’s talking about. So take advantage of that. He straight up gave you his phone number.

Wyatt Seidel (35:09)
⁓ man. ⁓ Cody, you hit it right on the head, man.

Yeah, you hit that.

Cody Crabb (35:23)
Please just take advantage of that. Thanks again so much, Wyatt, for joining us today. And thank you, everyone, for listening. If you liked what you heard, please go ahead and hit like, subscribe, comment, all the things, and we’ll see you on the next episode. And Wyatt, thanks again once more for joining us today. You take care.

Wyatt Seidel (35:38)
Yeah.

Thank you, guys.