Quintuple closing. Closed a deal on Friday net profit = $23,000.00

60 Replies

As many of you know my business partner and I have been using @Jerry Puckett with great success. 7k in marketing has turned into 30k+ in profit, two SFR, and 9 other offers we have pending.

Most recent deal took around 3 months to close. Attorney working with a family on an inheritance. From non notarized poa's to pushing back closing 3 times I had to jump through dozens of hoops to make this happen. We got 2 homes under contract as a package in a rough neighborhood in rough shape. We listed them on CL and postlets and they were sold within 3 days of listing. Our net profit was 22k. 

How is this for unusual though... Quintuple double closing. That's right. The title company did FIVE double closings in one day on these. 

Ryan Dossey, Real Estate Agent in IN (#RB15001099)

Thanks @Michael Noto  I guess they don't call us problem solvers for no reason. I don't think this would have ever closed without us. 

Ryan Dossey, Real Estate Agent in IN (#RB15001099)

@Ryan D.  Is this your first full scale marketing campaign?  We basically do everything but market for wholesale deals and I always go back on forth on whether to go for it or not.

Michael Noto, Real Estate Agent in CT (#RES.0799665)
860-384-7570

We have been at it for 6 months however... At my 9-5 I have dealt with direct mail for over 7 years. Part of which is why I think we have such great success with it. 

Ryan Dossey, Real Estate Agent in IN (#RB15001099)

R and R Homes strikes again!

Congrats Ryan! Keep that momentum going. Its an inspiration to us all.

Thanks guys! That's the whole reason why I even post these. I want to inspire you guys that are sitting on the sidelines to jump in. I also want to help people who are in a rut. Let me know if I can ever be of any assistance. 

Ryan Dossey, Real Estate Agent in IN (#RB15001099)

Are you wholesaling all of these? Would there be more profit if you fixed and flipped them? I would of thought you could make a lot more money off of 7k of marketing. How many letters was that and how many deals from those letters?

We have wholesaled we have also kept some. We did two separate lists. One list was 1k notices. (this ended up not being a very good list however we stuck with it.) Other list was 500 names (this one was worth its weight in gold. I guess counting the equity/value of our two SFR rentals that number is much higher. We wholesale when it doesn't make sense to rehab or hold. Why take 4 months to make 25k when I can make 15k in 2 weeks? I will only flip a home if it is a slam dunk. Great area, nothing funky, and straightforward.

Ryan Dossey, Real Estate Agent in IN (#RB15001099)

Great post!  Thanks for sharing!

@Ryan Dossey   Hi Ryan I'm new to wholesales and just wanted to know how your title company did the double-closings. Did you do assignment of contract. Did the buyer C blanket all the funding with cash? Did you fund the A-B transaction?   Just wanted to know your process my friend. :) 

@Roberto Gil  Great question man! We have never done an assignment. Only ever done double closings. We have averaged 10k profit per deal and that seems to large to be an "assignment fee" in my mind. Our title company will fund the a-b transaction with c's funds. I have never had to pay the a-b transaction. If yours won't allow that there are transactional funding companies. 

Ryan Dossey, Real Estate Agent in IN (#RB15001099)

Thanks! Answered perfectly.

@Justin Howe  

thanks man! I have another home that we listed on CL just yesterday and I have SIX people wanting to see it tonight. I'm hoping we move that one tonight as well. I'll keep you guys posted. 

Ryan Dossey, Real Estate Agent in IN (#RB15001099)

Hey Ryan, great post!  I too am new to investing and appreciate your offer to help others.  Where do you get the mailing lists from and what type of lists do you get to choose from?

@Ryan Dossey  what else did you post your property on other than CL? I just got a property under contract and need it sold by Friday. Any help would be appreciated.

Thanks

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