First Wholesale Deal Closed!

89 Replies

We finally got our first deal closed. ARV on the house was about $125K We got it under contract for $79,400 and assigned the contract for 5,600! With this being our first deal we know that it is possible and there will be more to come. I want to thank Bigger Pockets for providing the wealth of knowledge. And we already have a second house under contract! Look out Augusta here we come. My partner @Andre Elston and I are going to be on the podcast one day hopefully. LOL

Agreed, I would like to add that it does take work but after the stepping stones the path becomes smoother.  If it was too easy then everyone would be investing so I'm glad that investing is somewhat of a challenge because it seperates us from the rest.  Also if you have partner or partners it's good to make sure that you compliment each other and are on the same page with your Goals.  Thanks again to Bigger Pockets! 

Dre'

Investment Venture League, LLC

Thanks guys we appreciate it. @Joshua Dorkin This deal was right under our nose. I posted on Facebook that we needed a house to buy and one of my coworkers responded and said that he had one!  Worked out great for everyone. I really appreciate you guys for all that you do. I listen to a different podcast everyday on the way to work. hopefully we get to do one in the near future... hint hint haha

Not a bad first deal at all Anthony. Once you get that first one under your belt, it gives you a ton of confidence to go out there and get more now that you know how the process works from A-to-Z. Congrats!

Congratulations!

I put $10 deposit down on mine and added "assignee assumes all roles and responsibilities of buyer". So the buyer ends up paying the deposit in the end. 

So what's the first thing you plan to do with the money you made?

congradulations on your first deal, can you please help me walk through the process. i am in the middle of several and don't want to loose them because i have no idea on documents and the right way to let the buyer see the sellers property. am i suppose to go, is it ok to let them make an appointment with the seller realtor. need a guide 

I understand you don't want to lose any of your deals, however you should make sure your not biting off more than you can chew right now. The most important thing is to have your paperwork straight. We let the seller know upfront that we are investors and we will be showing the home to our partners. I personally wouldn't let another investor meet with the seller unless you trust them. Our contact states that we get a key to the property during our inspection period so we use that time to show to whomever is interested. As long as your upfront and honest the seller shouldn't have a problem with anything you are doing. How many do you have under contract right now?

Congratulations!  What challenges or obstacles were you faced with this deal that a newbie can learn from?  Great job!  Hearing milestones like this keeps me motivated.

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