HEEEELP I got an offer acceted

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HEEEELP I got an offer acceted

Jerryll Noorden
Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes

I got an offer accepted and I am so high I cant even see straight.

I do NOT want to mess this up. It took me 2 months of spending my fortune to get this one.

Can you lovely people walk me through this?

What is next?

So I am supposed to meet her today to pick up the contracts. She asked me what the next step was and I said... "yeeaahhhhh...."

So Can someone just walk me through this step by step? I did the education but education only teaches the when things go smoothly steps. I rather ask you that learned from experience.

Thank YOUUUUUUUUUUU

(I should take a picture of my face.. and post it)

4Reply
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
10y

whats your exit.. do you have the funds to close on it.. or are you hoping to just assign contract or double close or whatever.

not much to it really.. get the contract close on the deal.. resell it. I suspect you got it at a price that will allow you to make some money and the end buyer make really good money.. that's how these things work the best..

Or if you going to close rehab and flip.. just open escrow and close it.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    whats your exit.. do you have the funds to close on it.. or are you hoping to just assign contract or double close or whatever.

    not much to it really.. get the contract close on the deal.. resell it. I suspect you got it at a price that will allow you to make some money and the end buyer make really good money.. that's how these things work the best..

    Or if you going to close rehab and flip.. just open escrow and close it.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    2Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    I am wholesaling it.

    Jay you ALWAYS help others. You really rock!!

    Thank you!

    And yes I am doing a double close.

    I wish I could do the flip. I just dont have the funds for that. (It all went poof on marketing)...

    0Reply
  • Percy N.
    Developer · Philadelphia, PA · Member since 2015 · 2k+ posts · 904 votes
    10y
    Jerryll Noorden , do you have your cash buyers lined up? If not, start working on it ASAP and market the heck out of the property.
    0Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    That was my other worry.

    I have a few cash buyers but not many.

    Am I allowed to market the property?

    Or will I get in trouble because I am not an agent.

    0Reply
  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    10y

    Market your interest in the contract, not the property.  Are you under contract yet?  

    I remember your posts from the beginning @Jerryll Noorden.  Many congrats on some fruition!  The diligent prosper!

    0Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    Steve!! No kidding Bud!!

    The reason I stopped posting here so much was because I felt SO stupid. Everytime I get a "motivated lead" I get excited, I post my happy post.. and nothing! You have no idea how often I quit (for an hour), then picked it back up.

    So GAAA%*#(@&@ finally... well almost.

    Not under contract yet. I left the contracts with the seller, and she just called me telling me she accepts the offer. So now I am rush hopping half naked with my toothbrush in my beak and one leg in my jeans to the car to drive her way to get the contracts.

    The diligent (and frustrated) prosper indeed!!

    You have been a great help my friend. Thank you!

    Hey hey.. can you explain that further?

    Market my interest in the contract, not the property.

    I think i know what it means, but ... I love to hear you talk :P  so please elaborate a bit further?

    2Reply
  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    10y

    Lol, don't break yer leg on the way to the house!

    I think if you preface the house details with something like "I am under contract to buy this house at $x (your price plus your wholesale fee) -I am selling my position in the contract" - you can then describe the house.   Sell your position not the house.  

    If you have to describe the house to sell your position, so be it.  Just my $.02 - I am not a professional wholesaler, just do  it when something isn't a fit for me.    

    1Reply
  • Duane Ortega
    Transactional Funder · Neptune, NJ · Member since 2011 · 187 posts · 86 votes
    10y

    @Jerryll Noorden

    @Jerryll NoordenI think every new wholesaler goes through the same emotions so be comforted that you're not alone :)  Since you are double closing, funders such as myself would need the executed AB contract and executed BC contract at the very least.  Therefore, you should definitely get a BC contract executed ASAP.  Then contact an investor-friendly closing agent/attorney/title company, contact a funder, and coordinate the double close.  I am more than happy to answer any of your double close questions.

    Good luck,

    Duane.

    0Reply
  • Andy Robison
    Investor · Kansas City, MO · Member since 2013 · 465 posts · 170 votes
    10y

    PANIC! Take a good 30 seconds and just freak the hell out. Scream, run, cry... whatever.
    Those 30 seconds are up. 
    Calm down, start marketing your position on the contract. And sell make some money and do it all over again.

    0Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y
    Originally posted by @Steve Vaughan:

    Lol, don't break yer leg on the way to the house!

    I think if you preface the house details with something like "I am under contract to buy this house at $x (your price plus your wholesale fee) -I am selling my position in the contract" - you can then describe the house.   Sell your position not the house.  

    If you have to describe the house to sell your position, so be it.  Just my $.02 - I am not a professional wholesaler, just do  it when something isn't a fit for me.    

     You my man are a genius! I will do just that!!

    0Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y
    Originally posted by @Duane Ortega:

    @Jerryll Noorden

    @Jerryll NoordenI think every new wholesaler goes through the same emotions so be comforted that you're not alone :)  Since you are double closing, funders such as myself would need the executed AB contract and executed BC contract at the very least.  Therefore, you should definitely get a BC contract executed ASAP.  Then contact an investor-friendly closing agent/attorney/title company, contact a funder, and coordinate the double close.  I am more than happy to answer any of your double close questions.

    Good luck,

    Duane.

     ok ok ok  you will call me unfit to be on this forum.. but I shall ask anyways :)

    what is a BC contract?  ohh also AB contract?

    :)

    Thank you for responding!!

    0Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y
    Originally posted by @Andy Robison:

    PANIC! Take a good 30 seconds and just freak the hell out. Scream, run, cry... whatever.
    Those 30 seconds are up. 
    Calm down, start marketing your position on the contract. And sell make some money and do it all over again.

     30 seconds... haaa. I think not. Took me since FEB to finally get one stinkin deal. I am going to saviour this. But you are right. I do need to get this thing done !!  Thanks Andy

    0Reply
  • Robert Germano
    Investor · Las Vegas, NV · Member since 2016 · 16 posts · 2 votes
    10y

    Hey Jerryll, I am very excited for you. Sounds like you have done the right marketing to get a deal. Do you mind sharing what you had for a marketing plan, I'm always curious to see what works. Good luck in your deal and please let us know how it goes.

    0Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    Ohh absolutely. One of my biggest pet peeves are people that don't share.

    a simple postcard. But that is not how I got it. The lady that got the card didn't believe the card was real. She called and when I answered she started laughing. That made me laugh and that made her laugh.. eventually the first word spoken after like 30 seconds of laughing was.. "I didn't think I would get a person on the line".

    From there on we met, she completely fell in love with my attitude. She was even talking to her friends about me after we met. When I called for the second time she said "HEEEEEEEEEEEY I was just talking about you".

    She thought I was the coolest thing ever.. and we just had a great interaction. Then to seal the deal I didn't just tell her I was honest. I showed her. I printed the calculator results here on BP. Showed her all the numbers and repair costs told her how much I would be making... and really when you are honest, it shows and people are really willing to do more when they feel like you are just a good dude.

    So am I saying you should disclose everything? No of course not. In this case, in my case, being me, being her, being this specific situation it just worked.

    The mailing piece really didn't do it. It is your interaction that does. I could have sent a letter, and I think it would have had the same result... HOWEVER.. maybe not... like I said.. she didn't think it was real.

    And I think because I put a picture of my partner on there. And 

    she

    is

    Smoking

    hot.

    I am a scoundrel I know. What can you do!

    :)

    2Reply
  • Aaron Miley
    Investor · North Port, FL · Member since 2016 · 137 posts · 58 votes
    10y
    Yeah! Well done sir!
    0Reply
  • James Green
    Wholesaler · Waldorf, MD · Member since 2015 · 459 posts · 245 votes
    10y

    @Jerryll Noorden, just wondering why are you doing a double close, instead of an assignment? A double close involves you paying 2 sets of closing fees, while with the assignment you get your money without fees.

    Also use the terminology from @Steve Vaughan and post an add on Craigslist, Backpage, Ebay classifieds. Also get some bandit signs and post near the property ex) "Investor special - Must sell, 3/2 2500 sq/ft  $150K - CASH ONLY! Call xxx-xxx-xxxx"

    Do all of this today & you will pick up some buyers.

    Also send an email to your local REIA & NJ meetup groups. On these emails, you can be a little more specific in your details. Make sure you have ARV, some recent comps, some features about the property that would be attractive to your end buyer(rehabber or landlord).

    1Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    Mr. Green

    Can I call you Lantern? :D

    I will do as you recommend!

    Really valuable info!

    0Reply
  • Duane Ortega
    Transactional Funder · Neptune, NJ · Member since 2011 · 187 posts · 86 votes
    10y

    @Jerryll Noorden

    @Jerryll NoordenAB contract = contract between seller (A) and you the investor (B).  BC contract = contract between you the investor (B) and your buyer (C).  These are the terms used for the respective parties in a double close.  Typically, you would assign contracts, but if you cannot assign or would like to not disclose profits to any party, one should double close.  Feel free to look at my profile, go to our website, find the FAQs for funding, browse our Press Page for case studies to learn more about double closings.

    Good luck,

    Duane.

    2Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    Duane, thank you.

    Yes I will take you up on that offer for your help.

    If you don't mind that is.. of course.

    I am on the way now to the seller to get the contracts signed.

    I sign the contract in front of her as well correct?

    Then I already made an appointment with my closing agent.

    I will also talk to her about an LLC. (I was waiting for my first deal to even consider this).

    And when talking to the agent I guess the procedure and plan of action will present itself.

    If I am missing something or if you can tell me other good things to do please feel free to do so.

    Cheers.

    Jerryll (and Dixie)

    0Reply
  • Hugo S.
    Bentonville, AR · Member since 2016 · 13 posts · 2 votes
    10y
    Hey Jerryll Noorden i am really new at this and would like to know how you got the funds? I am afraid of not having enough credit for a loan from the bank so i want to know who or how you contacted someone? Thanks
    0Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    bey sure. You should follow my blog here. I documented everything from how I started till now.... Well I have not written the latest updates but I shall..

    Short answer is... I saved about 40K before I started. I good either invest in a house with that money or I could use that money to find my marketing. I decided to find my marketing with that money because that has more potential of throwing my money. I am happy I did. You do not need a lot to get started I was lucky I had $40,000 but you can do it on a minimal budget. I spent about $2,000 a month and marketing and I got many leads I also got several motivated leads but my inexperience caused these leads to die out this one I did right I think and I got lucky. My advice to you is be smart with your money comma considered marketing asset investment not as an expense Karma and once you get a lead then the contract signed then dumped all the money you make back into marketing

    0Reply
  • Hugo S.
    Bentonville, AR · Member since 2016 · 13 posts · 2 votes
    10y
    Man that seems like alot lol i dont have any money bit i want to get started. Thanks for the advice and congrats on your deal!
    0Reply
  • Tapanga Matthews
    Mississauga, Ontario · Member since 2016 · 23 posts · 2 votes
    10y

    Hi @Jerryll Noorden!!

    this isn't even my deal and I have second hand excitement!! This post is a great inspiration to newbies like myself. Please be sure to keep us updated on all the fun paperwork you get to do. I'de like to learn how this whole thing comes to a close!

    Keep up the enthusiasm, its contagious!!

    **happy dance for you**

    Best regards, 

    T.Matthews

    0Reply
  • Lesley Govan
    Investor · Stratford, CT · Member since 2015 · 110 posts · 16 votes
    10y

    Hey Jerryll!  

    Congratulations! You got this!! Good Luck!

    Lesley

    1Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    hey it is a lot of money for you now sure but marketing doesn't have to cost money I had $40,000 so I did the marketing that fits my $40,000 if you have $500 to use just use the marketing that would fit that budget you can try $4 you can hand write you letters remember a stamp cost $0.40 even if you sent 100 letters out it's still something. If you only have 100 letters just make sure you're very targeted. You can go to Craigslist you can do a lot. The way I see it more money this allows you to be more lazy. I started writing my own letters handwritten letters I sent 400 yellow handwritten letters I hand-wrote the envelopes I did it all myself I hate it now that I have some money i am not e going to do it again. You don't need a lot of money to do this I had $40,000 but I didn't used to like I said I just used a little bit of it

    0Reply
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