First Wholesale Deal
Finally......first deal is in the books. You can read about it here: http://www.biggerpockets.com/topics/56178-potential-deal-ii-flip-to-buyer
Yes, most say I should have increased my fee, but it is what it is and I'm (and the buyer) am happy. Made a little over $4700 and he'll stand to make nearly $40k.
Alot of pressure last week....the amount of work didn't bother me, but making sure the DC would happen was stressful. Title company folks were a big help (knew the folks at the company for about a year) and got a big discount on the second closing....networking played a HUGE role and will in the future. My buddy (REO agent) and father-in-law (contractor) were a HUGE help, too. They were willing to flex their schedules and more to help. Been blessed to make some other good contacts....
Can't tell you how helpful BP was/is.....great advice. I love this site.
Also can't tell you how broke I was before the deal closed. Some many bills due...low on food, car note two months behind, etc..that was extremely stressful, but having a patient and supportive wife...sometimes words truly can't explain how grateful someone is. Determined to not let my family suffer...I was putting this deal together during my lunch time and after hours. But the joy of getting paid doing some that I know I'm suppose to do....REI. Whoever says you can do deals without funds - they must know something I don't. You've got to have a little funds for advertising at least.
Regardless, I can't explain the feeling.....
:mrgreen:
I would like to take a break, but can't....working on another property. I'm hoping to get the point where my I can utilize my wife's home staging skills and some property management. That'll come eventually...my only concern is building my buyers list. We Need More Potential Buyers....having one is good, but more solid buyers is better.
Folks, for those of you starting out....you've got to be honest w/ yourself and find out if this is something that you have a passion for or just something that you want to do. The former provides the fuel you need to push you until a deal is done....you also need a good team, which means you must network with agents, title companies, contractors, etc.. Do your due diligence - this is the hard part for some folks because it is time consuming, but it'll make your buyer more confident in you and comfortable with you. Have a process in place....go through the process w/ your team....absorb what you can from this and other reputable sites - nothing replaces the experience of doing a deal, though....Whatever you do, please don't give up....you will hit a pothole from time to time, but keep in mind that it's just a pothole. You can recover from a pothole....a "train wreck" may do you in, but you can recover from a pothole. Get out there and get it done....this forum is waiting for you to add your story.