#230: The Deals Most Wholesalers Walk Away From w/ The Novation King — Richard Wonders

He went from burning out selling vacuum cleaners door to door to building a team of 12 closers, 200–300 leads per day, and 80–100 active novation deals nationwide — from his penthouse.

In this episode, Chris sits down with Richard Wonders — founder of Novation King and one of the most prolific novation operators in the country. Richard transitioned from door-to-door Kirby vacuum sales in 2019, discovered wholesaling through YouTube, and eventually found novations — a strategy that unlocked deals in markets and situations where traditional wholesaling simply doesn't work. He now runs a nationwide joint venture program offering 40% to lead providers and is building his team from 12 to over 100 people.

In this episode you'll learn:

How Richard went from top Kirby salesman to building a nationwide real estate operation from his penthouse

What novations are and how they differ from traditional wholesale deals

Why novations work in rural markets and distressed situations where wholesaling falls short

How his novation calculation works — starting from current condition value (CCV) rather than ARV

Why he purchases at 90% of current value minus at least $30,000 — and what that means for deal flow

How his JV program works: 40% to lead providers, 200–300 leads daily from marketing, 5–20 from JV partners

The compliance issues wholesalers need to know — especially in South Carolina where he lost $30K and $35K on two deals

Why proper seller disclosure and licensed real estate agents are non-negotiable in novation deals

His growth plan: scaling from 12 closers to over 100 team members