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Wholesale flip with my last $3,000

17 Replies

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  • Posts 47
  • Votes 43

Ryan Wilkinson
Real Estate Investor from Southfield, Michigan

posted over 9 years ago

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!!!

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  • Posts 1.6K
  • Votes 556

Anson Young
Flipper/Rehabber from Denver, CO

replied over 9 years ago

Love it!! Awesome story.

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  • Posts 28
  • Votes 12

Matthew Rose
Real Estate Investor from Honolulu, Hawaii

replied over 9 years ago

Awesome and inspirational post! Thanks, just what I needed!

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  • Posts 369
  • Votes 47

Tony Nguyen
Investor from Orlando, Florida

replied over 9 years ago

great story, just what I like to hear!

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  • Posts 151
  • Votes 58

Edwin Brown
Real Estate Investor from Chattanooga, Tennessee

replied over 9 years ago

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.

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  • Posts 449
  • Votes 171

Harry M.
Real Estate Investor from Dallas, Texas

replied over 9 years ago

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.

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  • Posts 16
  • Votes 0

Dorsey Matthews
Real Estate Investor from Tempe, Arizona

replied over 9 years ago

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?

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  • Posts 3.4K
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Account Closed

replied over 9 years ago

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.

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  • Posts 75
  • Votes 27

Account Closed

replied over 9 years ago

Great story Ry!

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  • Posts 21
  • Votes 3

Matthew Atchley
Real Estate Investor from Amarillo, Texas

replied over 9 years ago

Congrats Ryan! Way to get out there and make it happen!

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  • Posts 4
  • Votes 0

Schmoll Reaves-bey
Real Estate Investor from NY, New York

replied about 9 years ago

Awesome story Ryan!! Keep up the great work!! I love it!!

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  • Posts 326
  • Votes 146

Shari Peterson
Lender from St. Louis, MO

replied about 9 years ago

I love hearing stories like that, Ryan! Way to go out on a limb and take action that gave you results.

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  • Posts 763
  • Votes 257

Ted Akers
from Centennial, Colorado

replied about 9 years ago

Congratulations. Great story and attitude. You took a calculated risk and took action to make it happen. Nice job!

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  • Posts 50
  • Votes 3

Diedre Bullah
Real Estate Investor from Los Angeles, California

replied about 9 years ago

Ryan,
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

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  • Posts 79
  • Votes 76

Joe Dube
Real Estate Investor from Palm Harbor, Florida

replied about 9 years ago

Good story Ryan, sometimes all it takes is diligence to get things rolling.

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  • Posts 3
  • Votes 0

Chad Carrone
Real Estate Investor

replied about 9 years ago

Talk about motivation for newcomers.

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  • Posts 130
  • Votes 49

Brooks Conkle
Flipper/Rehabber from Mobile, AL

replied about 9 years ago

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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