I Got A MILLION DOLLAR DEAL... Now What?

On the previous blog post of  I bumped my head more than once violating Rule #1. I’ve now learned from my mistakes, I’ll never do that again.

Read Post 1: Mind Hacks That Will Increase Your Wholesaling Income 1000%

   Real Estate has its ups and downs and no matter how seasoned you are, you can never stop learning.  You should always be ready to experience hurdles you may never see coming your way. You must to be prepared with an exit strategy in mind (a decision of knowing what you will do with a deal before you contract it) 

Here's the deal, learn from my mistake.

  The year was coming to an end, I came across a deal that was the biggest I had ever encountered. It was a commercial property that was worth over a few million. I worked day in and day out trying to track down the owner of the property. I had nearly gave up, but I kept calling and searching until the last days. It’s 7:30pm and I’m at home depot, and my phone rings. The day before the foreclosure deadline, the owner called me back.

   You better believe it I freaked out ! It’s the day before the deadline of the foreclosure sale, I have not signed a contract nor have I even had time to come up with an exit strategy.

   PANIC !!! I called my partner at the time, and quickly explained the situation. I can’t get the contract signed, I’m at home depot looking like a construction worker who’s worked overtime. I can not make it home in time to shower, get dressed, print a contract and get it signed it’s almost 8 o’clock. What the hell do you want me to do?

Sabrina you can do this, relax I’m thinking to myself. I zoom home and start printing the contract, its 12 pages and the printer decides to run out of ink printing the 5th page. I’m really about to lose it now. Think fast!

   I called the owner back and took a long shot in the night, and asked her. “I know it’s late Mrs. Doe, but understand that I can’t help you unless I get this contract signed tonight. It has to be faxed with a time stamp showing today’s date, if I wait till morning it will be to late. If you want to make this deal happen I have to come to your house tonight”

Nothing but silence, the longest 2 seconds of my life, the owner replied 

“Not a problem Sabrina” come to my house I’m here, I will wait for you.

   So the universe was on my side, after all. I called my partner and told her, I need you to go over to Mr.Doe house and get this contract signed not NOW, but RIGHT NOW! She said done, and some how 15 mins later she had a printed contract knocking on the door getting the contract signed on my behalf. We faxed it over and made the deadline.

   Talk about a close call! Seriously, my head is about to pop off. I negotiated this deal over the phone for only $80,000K, I could wholesale this deal super cheap and still make just shy of three hundred thousand dollars. I would be set for the next 2 years maybe even 4 years. Perfect that’s exactly what I will do, wholesale this deal.

7 Days later the title commitment came back from the title company and everything was fine. Great! I will start marketing this property to my buyers list first thing tomorrow.

   The holidays are just around the corner, and $300,000 would surely tickle my mistletoe. Chestnuts will definitely be roasting on an open fire this Christmas, right along with my sellers contract. 

   I can’t believe this, all my hard work down to the wire, a signed contract, investors ready to buy and fight over this property; the title company tells me…..

   Find out in my next blog post what the title company told me, and how this deal turned into a scene from catch me if you can.

Until next time stay focused, humble, and true to yourself.

Sabrina Taylor

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