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It's been several years and a bunch of deals since but here is my first wholesale success story....
I had been in the business for about 10 months. Had bought and renovated 2 houses and struggled my way through both deals (which is why it took 10 months). The second house I bought I purchased and rehabbed for $24,000 total and didn't have much left over to live on and had already quit my job so I had no additional income.
Literally with the last $3,000 I had to my name, I put an emd down on a property I had won the bid for at an auction for $6,500. The auction company gave me 30 days to close. I didn't have the money to close though, in fact I didn't have anything. So, while eating a peanut butter and jelly sandwich (again), I printed up a flyer (postcard size so I could get 4 copies out of each sheet of paper) and hand delivered them to every house in the neighborhood around the house I was trying to sell. Before I got off the block I had two people flag me down to take a look at the house right then. Within 30 minutes of returning home from the block I received a call from a man who lived on the block, got my card, looked at the house & agreed to pay me $11,500 cash for the house. I met him that night, signed a purchase agreement, took a $2,000 emd and two weeks later did a double closing and made my first 5k profit!
There aren't many feelings better than going "all-in" and immediately tripling your last dollar in a day. That was it, wholesaling worked & it continues to work! And that's what I've spent the last few years trying to perfect.
You gotta love this business!!!
Love it!! Awesome story.
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Awesome and inspirational post! Thanks, just what I needed!
great story, just what I like to hear!
The emotional swings in this business are extremely exhausting. You can wake up in the middle of the night in cold sweat and be on top of the world 24 hours later.
Thanks for sharing your story, Ryan, and kudos for the guts that must have taken. I think for most people it would already be "game over" when they were down to $3k and they'd be out looking for a new job.
This story is awesome Ryan! You give me alot of inspiration. I would like to do the same thing myself in the near future. Do you know about assigning purchasers agreements to the end buyer after finding good deals? Did the end buyer give you an earnest deposit until the close date?
Ryan, wonderful to hear success stories like this. In ten months you have rehabbed 2 homes and made a profit on the sale. I'm sure that you have learned a lot from the experience and mostly likely will do even better on future purchases.
Great story Ry!
Congrats Ryan! Way to get out there and make it happen!
Awesome story Ryan!! Keep up the great work!! I love it!!
I love hearing stories like that, Ryan! Way to go out on a limb and take action that gave you results.
Congratulations. Great story and attitude. You took a calculated risk and took action to make it happen. Nice job!
I read your story in awe......I love people who take risks.I myself am a risk taker.I purchased 1/2 ac a month ago.And I'm looking to wholesale few properties in the St Louis area.Keep up the good work.Keep posting,I need the positive energy......GL
Good story Ryan, sometimes all it takes is diligence to get things rolling.
Talk about motivation for newcomers.
Necessity got this deal done! Great Job. You had to go old school. Lots of folks (me included) should take note from this. Flyers in the neighborhood (same as knocking on doors in my opinion) got this thing sold!
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