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!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.