First win - What a rollercoaster
So I have finally made my first sell. It seems easy to me to talk with sellers and negotiate the pain points to get a better price, but I had a block finding a buyer. The block has finally been broken. I managed to sell my first wholesale this weekend. The house was one that I had given up on selling, it was a complete mess, in a less than desirable neighborhood. But I had built rapport with the seller, a very unique old man, and he was willing to let me keep trying to sell the property for him. I had the property listed on several sites, as well as doing craigslist postings several times a week. It has been ongoing for most of 2 months and I would get a hit here or there, but no bites. I even offered it to another investor whose signs I called on for a mere $500 more than my contract; to no avail. Well I had steadily dropped the price on CL, but had forgot to update my listing on zillow and trulia. Then one day last week I got an email inquiry about the property. The man simply asked if the property was still available. I told him it was and he asked if owner financing would be acceptable with $6000 down (I still had the property listed at $12000 on these 2 sites) and payments of $1000 per month for 6 months. I couldn't believe it, he didn't ask to go in (I did have several pictures posted) nor did he try to drop my asking price. I was stoked, but I had to ask my seller if the offer was agreeable to him. He agreed to a contract for deed on our original asking price of $8000, and said I could take the difference out of the down payment! I immediately replied back to the buyer and said that his offer was accepted. He wanted to close the next day, and he named a notary firm. I drew up a contract for deed and met him and my seller at the firm. They both signed and I walked away with a check for $4000! Talk about an ecstatic afternoon! I guess other than to share the story, my point is, for all newbs like myself, persistence is key. Never give up even if it is a crap hole property!