90 Day Challenge Thanks BP
Well after almost two years of learning and running into walls I can accredit the 90 Day Challenge Podcast that Brandon did to lighting a fire under my *** to really take massive action and me realizing my first deal. Looking back at the past two years I can honestly say that I was inconsistent with time spent on RE and marketing for my "marketing and people business". I focused on my "why" and stopped making excuses.
I realize that the 90 day challenge was for rental property , but...
After hearing the podcast I decided to ramp up my marketing and begin to treat my RE business like a business. As i'm sure a lot of us can agree paying in all that time and $ without seeing anything on the other side can be frustrating. Overnight I decided that I would be consistent with bandit signs and direct mail and it has delivered me a wholesale deal and two lease option prospects i'm working on now. I was so frustrated that round of bandit signs that I posted. I had posted them about 20 different times at that point and always received a very low number of calls, but this round brought me my first deal. I wanted to post the details and really just a big thank you to BP. I upgraded my account, it costs upwards of $100k for some RE coaching programs and you get more for free here at BP.
Wholesale deal (from me posting and cursing at my bandit signs that "this is the last time!!!!!!"
ARV (neighborhood standard) $121k
Purchase Price from Seller $50k
Sales Price to another Investor $57k (had signed contract for $62k see below)
Profit $5,700 after paying all closing costs. Probably doesn't seem like a lot to some, but the first one truly does top off the tank and makes all the difference. I learned in incredible amount failing forward.
This place was in rough shape due to Hurricane Irma. So bad that after I had signed a contract with buyer the county came in next day and put a nice orange sticker and letter on window stating that the house was uninhabitable!! I thought to myself well here we go... this is going to fall through.. I stayed positive and instead of going back to the poor family that basically lost their home to the storm I ate $5k out of my fee and stayed in the deal. After this violation the end buyer has to have engineering write off before anyone can live there again. Engineers are expensive...
I read a lot of posts giving wholesaling a bad rap, but in this case there were so many problems to solve and issues with property that it truly could of ended up bad for the homeowner. After the property received that violation the county gives a timeline for tear down and after tearing down to my understanding the homeowner gets a bill. I communicated with county and found out the situation and they worked with me on the time. The homeowners needed money for a down payment and planning for new home. The offers they received from the code violation callers were no where near my end offer, which you can't blame the callers for that. The homeowner had enough equity and received a check from title that is more than enough for a down payment on a house and am advising them on how to get an FHA loan. I learned quite a bit about opportunities for home buyers in the past few years and helping these people has both provided money for my family my "why" and given me fulfillment.
Thank you very much BP!