1st Wholesale deal complete! More to come!
Hello BP,
Thought I’d share my first deal with you all. I won’t take up too much of your time.
So this deal actually came from cold calling old Zillow listings that were about 100 days old. So I called this listing that looked super beat up and was highly overpriced. It ended up being a bird dog that posted it and he immediately told me that the price was super flexible. The listing was posted at 50k and I threw out 20K. He hesitated for a minute and said “Let me get you connected with the decision maker and you can go from there”. So then he gave me the number to an individual who worked at a large firm that bought and sold investment properties for individuals. I called him and after going back and forth with the numbers we finally agreed to 28K. I was kind of bummed out because I didn’t think that anyone in their right mind would purchase this property even close to that price range.
I sent the contract over and he had to then send it to the original seller to get it signed. I got that back and immediately started marketing the property. The next day I went over to take pics and took a few videos. So after about a week of marketing it I still had no hits and was highly discouraged…. Until I got a random text in the middle of the night from a builder that lived in the area and was interested in the property. I texted him back and told him that he could check it out first thing in the morning so that’s what he did(it was vacant and unlocked). To my surprise he liked it and made an offer for 25k. L We went back and forth and I was finally able to get him to 29K. I was so excited and sent him the assignment contract right then and there while we were on the phone.
The next day I sent both contracts to the title company that I already introduced myself to previously and they started the process. After about a week of back and forth with the seller and the title company we finally had a closing date… Then this happens :(
So a day before closing the buyer called me telling me that he didn’t know that there was going to be closing costs he would have to pay(I stated that the buyer had to pay closing costs in the ad but didn’t verbalize it to him over the phone). So he basically said that he was going to back out if he had to pay… I told myself “Look Ben! You’ve gone this far… you better do whatever it takes to close this deal!” So, I offered to go half with him on the closing cost in order for him to stay in the deal and continue the process SMH!!! I will never be doing that again btw… I just needed this first deal under my belt. So he was then happy of course L and the next day we show up to the title company and the transaction is final. My first deal is complete!!!!
The kicker is… since I had to pay half of the closing costs for the buyer, that put me at a $400 assignment fee… Then I had to pay the dang bird dog $250 because he had an agreement to get $500 from the Investment firm if the deal closes and they were acting janky and only wanted to pay him $250 so we split it… that left me with a whopping $150 bucks!
At the end of the day, yes the $150 was depressing but the fact that I got my first deal under my belt means so much to me. I went through the entire process from point A to Z and now know the ropes. I will be framing this $150 check in my office and will reflect on all the BS I had to go through to get my first deal.
Well there you have it.. My first deal! Hope I didn’t put anyone to sleep out there, Lol… Have a great day!
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