Made $16k in my first Wholesale Deal
Hello BP,
Today I closed on my first wholesale deal and wanted to share the experience with you guys and also hope to encourage others who are getting started to continue their journey and not give up!!!
The Deal: My brother-in law is a realtor and recently sold his house via owner finance. The next door neighbors had asked him to help them do the same thing with their property but instead him and I got the property under contract and sold it cash for $16k more than the contract sales price. We split the assignment fee.
There are some many people who I would like to thank but unfortunately cannot tag anybody lol,
@SeanTerry, @JoeMcCall, @MichaelQuarles, @matttheriault, @benleybovich and of course Josh and Brandon Turner. You guys have all inspired me to do what I do and keep going every day.
My advice to all the newbies out there is to educate yourself, listen to podcasts, attend your local REIA and meetups, find a mentor and last but not least, talk to everyone you meet and tell them what you do because you never know where that first deal may come from.
Most Popular Reply
@John Thedford There's no need to comment negatively on every single post related to assignments.
If he had double-closed on it the same day for a 16k profit, would it still be taking someone's equity? Do you know the property's condition and what the seller's motivation was? Ramon and his partner did this deal as investors and not agents, so yes they can split the profit. It's not a commission split.