Uncovering Real Estate Gold: Novation Deals with Rich Wonders

AZREIA Show

Join Mike Del Prete, Executive Director of the Arizona Real Estate Investors Association, in this exciting episode of the AZREIA Show. Today, we have a special guest, Rich Wonders, also known as the 'Novation King.' Rich is a seasoned real estate investor who specializes in novation deals and partners with wholesalers nationwide to close more deals. In this episode, Rich shares his journey from selling vacuums door-to-door to becoming a top real estate investor. He delves deep into the concept of novation deals, explaining their value, execution, and unique benefits.

Key Takeaways:

00:20 Introducing Rich Wonders: The Novation King

01:31 Rich's Journey into Real Estate

01:52 Lessons from Door-to-Door Sales

03:09 Transition to Real Estate Investing

04:27 Challenges and Growth in Real Estate

05:07 Discovering Novations

15:33 The Novation Strategy Explained

27:53 The Importance of Buying Low and Selling Low

28:53 Responsibility and Integrity in Real Estate

29:43 Calculating the Maximum Allowable Offer

31:55 Working with Real Estate Agents

33:53 Flat Fee Brokers vs. Real Brokers

36:17 Scaling Your Real Estate Business

36:48 Handling Repairs and Moving Assistance

39:02 Navigating the Novation Process

39:22 Choosing the Right Title Company

42:10 Protecting Your Interests in Real Estate Deals

44:57 Resources and Final Thoughts

Connect with Richard Wonders:

https://www.instagram.com/novationking/

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