One man's trash is my $10k treasure

21 Replies

Hey BP family!

I am so excited to announce my first real estate success!

Deal Type - Wholesale

Direct mail Post Cards to a list of absentee owners from ListSource.com

A to B = $2,500

B to C = $12,000

Not a bad spread for my first deal aye? Great way to start the month of June.

Special thank you to my mentor who guided my through this.

Cool. Now you've gotten a taste. You'll be a full blown addict soon.

Congrats.

Hi @Joshua Dorkin

First off, tip of the hat to Brandon and yourself for all that you guys do.

Further details about the deal:

  • The property has a tax lien against it and was to be sold on the County court house steps today(06/03/2014). This was why the seller was so motivated to sell.
  • The property itself will need $15k-$20k of renovation before it is inhabitable.
  • Although the ARV was ~$120k and we could have marketed the property for as high as $40k - $50k ((ARV X 0.65)-repairs) , we didn't have the luxury of waiting around for the right buyer and decided to go with a lower price, especially given that we were able to get it under contract for $2,500
  • From initial contract to closing at the attorney, 7 days total.

Thanks @Sarah S. & Account Closed

How many times had you mailed to the seller previously?

How many cards did you send out, and how many leads did it generate?

Congratulations to you! Keep us updated on your future success!

Originally posted by @Rolanda Eldridge:

Great job!  Nice start!!!

Congrats on the deal @Luther M.

Wishing you many more.

Wow! what an awesome community. Thank you all! Please feel free to reach out to me if you have any questions

Originally posted by @Luther M. :
Wow! what an awesome community. Thank you all! Please feel free to reach out to me if you have any questions

I'm curious about the below question also since Im about to start my first mailing....

Originally posted by @Richard W. .:
How many times had you mailed to the seller previously?
How many cards did you send out, and how many leads did it generate?

@Chris K.   

Sorry, I meant to answer that question by @Richard W.  

This was my fist mailer ever. I sent out a 1,038 Post Cards.

Response rate very low @ ~1%

@Luther M. congratulations love hearing stories about there first deal. Keeps the firing going inside of me to accomplish that. You said you had a mentor who guided you through the process. if you would be generous enough to share how you found a "Mentor" who helped guide you through the process? I'm asking because I have read on here that networking/partner, with another wholesaler in a particular area is one way of gaining experience or getting the first deal under your belt, I'm looking to possibly go that direction. Even if that means helping with the end being no money in my pocket. The experience would be all I need! I was wondering if you did that same thing or if you went another direction on finding him/her or if it was just a friend of a friend?? Thanks for any response given! And best of luck to your future success!!!

No, you keep rocking it @Brandon Turner  !! We love you brother.

@Tanner Trokey 

The following is what I did and hope this helps:

  • Network, Network and yes Network! I joined my local REIA and you should too.
  • I bought a list and put a mailing out first and settled on a mentor once the phone calls started coming in. So I took action prior to asking for help.
  • My criteria was that I did not want to work with any mentor that asked for money up front. So I found someone that was willing to split the profits from the deal.

Every mentor is different. First decide what you are looking for and what you think is a fair arrangement and then go find someone that fits that criteria and your personality.

Originally posted by @Luther M. :

@Chris K.   

Sorry, I meant to answer that question by @Richard W.  

This was my fist mailer ever. I sent out a 1,038 Post Cards.

Response rate very low @ ~1%

 That is not a bad response rate for a first mailing. The real responses will come after a few more mailings to the same group. 

Congratulations on your successful deal!

Wow congrats! Thanks Luther for sharing your first of many successful deals with your BP fam! Your post has rekindled an increasingly dwindling flame within me. Thanks again and God bless.

@Luther M

That is great how you just jumped in like that. Thank you for your feedback and sharing your first hand experience!!

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