1st wholesale and Pro membership

14 Replies

Today is a great day. I just picked up a $5000 check for my 1st assignment deal and with that my wife let me become a Pro member. This happened because of a connection that I made here on Bigger Pockets!

Life is good and I am very blessed!

Elliot

Congratulations Elliot!  That's a great accomplishment!  I know I speak for a lot of folks when I say that I'd love to hear more details about the transaction - how you found the property, how you found the buyer, and how BiggerPockets helped you!

Scott Trench, Real Estate Agent

Congrats elliot!  Are you able to give a break down of the numbers on the deal?  

Very Cool man! I owe all of my success to this site/community. The monthly cost is pennies compared to the thousands of dollars you will make off of this site, relationships, and knowledge you reap. 

My wife was skeptical will I brought home that first check for 12k!

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

So we sent out 100 mailers. Two batches of 50. As I work 60 hours a week I didn't want to get to busy. the first 50 sucked I only had one lead and he didn't like my offer. So we changed up the wording and got 8 resonses on the next 50. I got two contracts on those. I am keeping one and I wholesaled one.

Numbers for Duplex

$115000

Comps $150-$180

2/1 side

Rent 1380

NOI $10466

Cap 9.46

Most caps in this area are 4.5 - 7

We signed the contract on 3-28-15 and closed 4-6-15  9 DAYS!!!

@Ryan D.

My wife said that we couldn't get the pro until it paid for itself. She is awesome with our money, we are pretty frugal.

It is great that you got started in your 20's.  I have a Father that has been doing RE since I was a toddler.  I am the 5th of 6 kids.   He was a fireman which allowed him to do RE on his days off.  Back then, they worked 24 hours and had 48 off.  I still need to get more involved in RE and will probably keep a few rentals along with doing some flips.

Congrats.. and looking forward to reading about your next Success Story.

Originally posted by @Elliot Smith:

So we sent out 100 mailers. Two batches of 50. As I work 60 hours a week I didn't want to get to busy. the first 50 sucked I only had one lead and he didn't like my offer. So we changed up the wording and got 8 resonses on the next 50. I got two contracts on those. I am keeping one and I wholesaled one.

Numbers for Duplex

$115000

Comps $150-$180

2/1 side

Rent 1380

NOI $10466

Cap 9.46

Most caps in this area are 4.5 - 7

We signed the contract on 3-28-15 and closed 4-6-15  9 DAYS!!!

@Ryan D.

My wife said that we couldn't get the pro until it paid for itself. She is awesome with our money, we are pretty frugal.

 Wow that's great! Success stories like your gives us newbies motivation to carry on !

I know how you feel especially it being your first wholesale deal. My first one I got 1k exactly for the deal, I feel I was cheated in the end because of how much the buyer made in the end but that doesn't matter, I made money appear out of thin air. Great feeling especially when you loved one is excited that they can partake in the fruits beared. Second deal I made 5k... I got real lazy after that. Don't get comfortable with that money and keep hustling!

Hey Elliot, I'm curious what did you change on your 2nd mailing that got the higher response?  Would you care to share?

Originally posted by @John Tu Nguyen :

Hey Elliot, I'm curious what did you change on your 2nd mailing that got the higher response?  Would you care to share?

 It was pretty simple. We printed them offun of excel and did a mail merge. The message was simple. 

My wife and I are interested in your property at 123 main. 

We can close fast and will buy the property in any situation and condition. please call me anytime. 

This is not the exact one but close. (I didn't want to get my computer out) 

Elliot 

Originally posted by @Elliot Smith:

Today is a great day. I just picked up a $5000 check for my 1st assignment deal and with that my wife let me become a Pro member. This happened because of a connection that I made here on Bigger Pockets!

Life is good and I am very blessed!

Elliot

Congrats and greetings fellow Washingtonian!

Was this deal in Vancouver?

Adrian Chu

    Originally posted by @Adrian Chu :
    Originally posted by @Elliot Smith:

    Today is a great day. I just picked up a $5000 check for my 1st assignment deal and with that my wife let me become a Pro member. This happened because of a connection that I made here on Bigger Pockets!

    Life is good and I am very blessed!

    Elliot

    Congrats and greetings fellow Washingtonian!

    Was this deal in Vancouver?

     Adrian,

    Yes it was in Vancouver. Where are you from?

    Originally posted by @Elliot Smith:
    Originally posted by @Adrian Chu:
    Originally posted by @Elliot Smith:

    Today is a great day. I just picked up a $5000 check for my 1st assignment deal and with that my wife let me become a Pro member. This happened because of a connection that I made here on Bigger Pockets!

    Life is good and I am very blessed!

    Elliot

    Congrats and greetings fellow Washingtonian!

    Was this deal in Vancouver?

     Adrian,

    Yes it was in Vancouver. Where are you from?

     Very cool. I am based in Seattle.

    Adrian Chu

      can you tell us some more about the transaction?  i'd love to hear details about successes.  

      Patrick Britton, Real Estate Agent in WA (#120557)

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