My last deal, 3 BP members, quick closing, SUCCESS!

26 Replies

Hi all, first of all, as you know, BP rocks!

I posted a wholsale here, and it was under contract the next day with a BP member, Kyle W. Super nice guy, we chatted a long while at starbucks while putting the deal together. My transactional funder was another BP member, Ted Akers who is super easy to deal with, an all around great guy and got this deal done super quick. He and I ended up chatting a long while at wells fargo to sign his paperwork.

I only had around 2.5 weeks to close, Kyle and Ted both came through perfectly with an on time double closing.

Ted gets his fee, I get mine, and Kyle got a house 71% of ARV AFTER rehab. All in all, 3 BP members profited from this deal. I asked for some $$ off for inspection and passed the savings on to Kyle.

Kyle W is a smart dude, has multiple money sources, knows rehab very well, and has a few deals under his belt already and I KNOW he will be a great success (hell, already is). He just moved to the top of my wholesale list, a very good buyer to work with.

Things I learned: When going in and out of town on a family emergency in the middle of a transaction, quadruple check title got your EMD check so it dosnt blow up the deal. Also, make sure they credit the right EMD to the right transaction!

Make sure the title company you use dosnt force the 1st side seller (bank) to sign a concurrent closing affidavit. Basically, I learned way too late that they require this on any hold open transaction that closes within 180 days of the original closing. Believe me, I argued with their lawyer long enough, but they assure me its their underwriting requirement. Well, thats what you get for using a title company owned by foreclosure attorneys. In the end, it wasnt a big deal, but the wrong asset manager on the wrong day could have blown this sky high.

Thanks guys!

Anson

Originally posted by BryanA:
BP is an abbreviation for BiggerPockets.

Anson, to help our newbie wholesalers, can you tell us how you came across this wholesale deal?

MLS trolling, was an REO, got its 3rd price reduction down to a decent deal level, negotiated $13.5k off the $99k list and went for it.

I do all MLS deals, no other sources (for now).

Anson, Thanks for the story. Very good for you 3!

I have read here on BP and other sources that MLS is so hard to actually find deals to wholesale. What do you say to that? I am a brand new wholesaler and feel like a deer in the headlights sometimes with where to start. The main theme I get is that a motivated seller should call me. There are no deals on MLS b/c they are scooped up by folks with 'inside' connections (?).

I may not be explaining myself well, but hopefully you get the idea of what I'm saying. : ) I'd love to hear your thoughts. (There. That's the bottom line ha ha).

Thanks!

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