Well-executed wholesale deals feel like well planned checkmate.
I just wanted to share in my excitement on another wholesale deal closed with my bigger pockets family. I recently closed on a wholesale transaction all by my lonesome. The reason I'm extremely excited about this deal is not because of the assignment fee I was awarded or the fact that I actually did every aspect of this deal by myself (oppose to doing a J.V.) But because of the help I was able to provide this particular homeowner. Which ultimately brings me gratification-knowing I’m helping individuals in need, who would otherwise be in a difficult situation.
The reason I love wholesaling is because generally individuals in financial difficulties have very little avenues to go about liquidating their hard assets. Often times the properties that distressed owners are selling aren't in habitable condition and most banks won't finance a loan on an uninhabitable property. Therefore the owner is reluctant to list the property with a realtor or is uncertain that it's not in a condition to post on the MLS. So the homeowner feels stuck between a rock and a hard place.
That’s when the art of wholesaling comes into play.
My last wholesale transaction was with me assigning my contract from an elderly man to an end buyer. This particular gentleman was a 74-year-old retired mechanic. He and his wife had just moved out of their three-story home to a much more comfortable and convenient senior citizen complex. The couple had contacted me through an infamous bandit sign and told me they were looking to sell their home. During our conversation about me viewing the property the gentleman “Mr. Brown” hinted to me that he would need transportation for him to show me the property, I agreed to pick him up as well as transport him back without a second thought.
After viewing the property and conversing with Mr. Brown, I detected that he was in serious need of some money and the home was in need of major repairs. The repairs included a leaky ceiling, mechanical and electrical upgrades. Selling his home of over 40 years was the only way he could get the finances he needed. I was able to make Mr. Brown an equitable offer, which he accepted.
I then began to work tirelessly on marketing this property, which was purchased 4 weeks later by a local investor. The beauty in this deal was 1) I was truly able to assist this homeowner with the finances he needed with genuine compassion and concern for his wellbeing and 2) the investor has acquired a property with great profit potential after rehab.
That my friends is why I love wholesaling, checkmate!!!
