Corey Geary claims to be a self-made real estate influencer and investor who has done over a thousand deals in his wholesaling career. Quite an extensive experience (assuming it’s not cap) for someone who only got inspired by a TV show to do this thang. In addition, he’s also the dude behind Novation Nation, a program where you can apparently turn dead wholesale leads into big dollars. Is there any truth to this? Find out in my review below.
First things first, what the heck is novation? Not gonna lie, I didn’t expect this to be a real estate term until now. Thought it’s just a random ass name, but nope. Simply put, novation in real estate means replacing an old contract (in turn, nullifying it) with a fresh one. Of course, you’ll only be able to do it when all parties in the old contract agree with the changes.
You might ask, why would someone do that? Same reason why you update your age every year after your birthday. If there’s a need to change, you’ll do the change. Simple as that. In real estate, there’s a sh*t ton of scenarios where the contract needs updating. Renegotiating a property price, transferring a lease, releasing the responsibility for unpaid mortgages from property owner to buyer, you name it.
Specifically, the typical contract terms that are updated with executing a novation includes the following: Purchase price, rent amount, move out/move-in date, deposit amount, earnest money amount (deposit money, but for buying properties), names of the buyer, seller, landlord, etc., closing costs, and effective date (the date where stipulations on the contract apply).
That’s novation in a nutshell. It’s also the highlight of what Corey and Novation Nation does. He says it himself, they’re a “novation company first, wholesale second.” Essentially, the promise here is learning how to turn dead leads that you’ll likely throwaway into desirable ones. Something that you can sell and make the same amount of money, if not more than you’d have with a typical wholesale deal.
“There are some people in the industry that teach Novations besides me,” he admits, yet he claims that they’re built different. Different as in he and his program doesn’t really deal with the power of attorney unlike ‘em normies. They don’t operate that way mainly because of the perception towards it. When those are involved, he says that people get real scared for no valid reason. Like when you’re terrified of ghosts knowing they don’t really exist… or do they?
Now, how do they execute their Novation, then? Instead of involving an attorney and their “scary” notary documents, you’ll act as them. Means you’ll be the one to get permission from sellers to list their properties on MLS and act as if you’re the seller yourself. They’re like “okay, you can go sell my house on my behalf as long as I get X price.” They’ll apparently do it because they’re not a good candidate for a cash offer AND they still don’t have a listing agent on board.
Here’s the seven steps to seven figures with Novation Nation: One, disqualify the seller from cash offer; two, pitch the novation opportunity; three, send agreement documents like purchase agreement; four, take pictures of the property and list it on MLS; five, file and record notice of interest; six, sell property and have owner sign final hud; and seven, file release of interest in closing to zero out hud and get paid.
It’s somehow similar to overages where you’ll swoop in, pitch the thang, do some service, and get some cash for doing the latter. Which is why I believe that Novation Nation costs around $1,500. Y’know, just like the price of programs teaching how to do overages. A bit pricey to my liking especially when I can’t see the thousand deals Corey has apparently done. I only saw eight, the latest being a 2020 one. Makes me skeptical if he really walks the talk. Big dollars? I don’t think so.
Besides, I’m not a fan of the business model. Real estate combined with sales, oh hell nah to that brudda. He mentions it himself, this requires you to master some sales and conversational skills. No matter the amount of proven scripts and dialogue he has, you can’t teach charisma and sales chops. Knowing I have options, I won’t settle for this and I’ll recommend y’all to explore other alternatives as well. Sorry Corey, but your Novation Nation is a no for me.