What is the easiest deal you have ever done???

Buying & Selling Real Estate
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What is the easiest deal you have ever done???

James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes

So today the other co-founder of Holton-Wise (my business partner John Holton) closed on his new personal home today. This was by far one of the easiest deals I have ever been a part of.

Fellow Realtors & Investors as you know most of the time it feels like you are a tour guide traveling to property after property & when you finally get your offer in it feels like you are Moses parting the Red Sea to get the transaction closed

This deal was the easiest deal of my life. Here is the play by play.

  • Monday 10:30am- John "I want to move into a bigger #house. Put me on an MLS drip for the outer ring suburbs on the westside."
  • Friday 7:00pm- We go play our weekly Racquetball game because you know, calorie counting.
  • Friday 8:00pm- In between games 2 & 3. John shows me a house from the MLS drip John "I like this one, let's go see it tomorrow."
  • Friday 8:06pm- I receive the lockbox code from the listing agent, we can see it tonight if we want.
  • Friday 8:28pm- We arrive at the house.
  • Friday 8:40pm- John "yea, this is good. Lots of wallpaper but I'll renovate it. Submit an As-Is offer."
  • Friday 8:55pm- As-Is offer submitted.
  • Today- Deal closed.

When your buyer has a few hundred deals under their belt its pretty low key.

Realtors or Investors we always have tough deals or at least we talk about the tough ones. Today I want to hear about the easiest ones. Leave the play by play in the comments below. 🏡👇👇👇👇👇👇

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
9y

sounds fun... couple questions.. why would you have to call a listing agent for the lock box code? that seems last century.

@Dan Beaulieu  also closing table is also last century I have not gone to a closing in 20 years.. title company e mails me docs .. unless its a deed I get them to docusign most of it.. I have to train the closers.. In many states now you can even record the deeds electronically.. I just did a sale yesterday in INdy that was all electronic the deed included took me all of 7 minutes to sign and e mail back.. I have a notary in my office so don't even go out for that.

On buys  were no notary is required I just get docs either docusign or if they want then wet signed I print out sign email back .. I call bank wire funds done.. never leave my office at home... you guys have it tough you have to actually drive somewhere to transact.. cuts into your BP time.. Also even if you do want to waste the time to go to a closing ( which rarely happens unless its a buyer with loan docs.)  checks are not handed out at the closing table.. lender wants recording numbers then funds the next day and funds are wired to your account.. I have not received a check for proceeds in forever its all wires.. I wont accept a check.

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  • Antoine Martel
    Rental Property Investor · Miami, FL · Member since 2017 · 2k+ posts · 911 votes
    9y

    Love it. Congrats on the easy deal. 

    2Reply
  • Dan BeaulieuPro Member
    Lender · Knoxville, Tennessee (TN) · Member since 2016 · 422 posts · 667 votes
    9y
    Day 1: My friend / agent said that a wholesaler buddy of his reached out with a deal. I went to look at the property, decided that all it needed was touch up paint and some mulch in order to sell quickly on the mls. I made 2 phone calls and quickly raised 190k cash from some friends that I knew had lots of money sitting around. The purchase price was 320k and Comps selling for 390k. Day 2-6:go fishing Day 7: closing table. All cash sale between 4 people. All cash sales are so easy and clean! Day 8: start with painting and landscaping. Total 2,000 worth of work. Day 15: listed on MLS for 70k more than we bought it for. Day 23: Accepted a full price offer that went to closing. I wish they were all this easy!!!
    3Reply
  • James Wise
    OP
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    9y
    Originally posted by @Antoine Martel:

    Love it. Congrats on the easy deal. 

     What's your easiest deal Antoine??? Or should we get wild & talk about your hardest deal???

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    sounds fun... couple questions.. why would you have to call a listing agent for the lock box code? that seems last century.

    @Dan Beaulieu  also closing table is also last century I have not gone to a closing in 20 years.. title company e mails me docs .. unless its a deed I get them to docusign most of it.. I have to train the closers.. In many states now you can even record the deeds electronically.. I just did a sale yesterday in INdy that was all electronic the deed included took me all of 7 minutes to sign and e mail back.. I have a notary in my office so don't even go out for that.

    On buys  were no notary is required I just get docs either docusign or if they want then wet signed I print out sign email back .. I call bank wire funds done.. never leave my office at home... you guys have it tough you have to actually drive somewhere to transact.. cuts into your BP time.. Also even if you do want to waste the time to go to a closing ( which rarely happens unless its a buyer with loan docs.)  checks are not handed out at the closing table.. lender wants recording numbers then funds the next day and funds are wired to your account.. I have not received a check for proceeds in forever its all wires.. I wont accept a check.

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    4Reply
  • Anthony GaydenPro Member
    Rental Property Investor · Omaha, NE · Member since 2014 · 2k+ posts · 3k+ votes
    9y
    Originally posted by @Jay Hinrichs:

    sounds fun... couple questions.. why would you have to call a listing agent for the lock box code? that seems last century.

    @Dan Beaulieu  also closing table is also last century I have not gone to a closing in 20 years.. title company e mails me docs .. unless its a deed I get them to docusign most of it.. I have to train the closers.. In many states now you can even record the deeds electronically.. I just did a sale yesterday in INdy that was all electronic the deed included took me all of 7 minutes to sign and e mail back.. I have a notary in my office so don't even go out for that.

    On buys  were no notary is required I just get docs either docusign or if they want then wet signed I print out sign email back .. I call bank wire funds done.. never leave my office at home... you guys have it tough you have to actually drive somewhere to transact.. cuts into your BP time.. Also even if you do want to waste the time to go to a closing ( which rarely happens unless its a buyer with loan docs.)  checks are not handed out at the closing table.. lender wants recording numbers then funds the next day and funds are wired to your account.. I have not received a check for proceeds in forever its all wires.. I wont accept a check.

     I like the way you do business. Honestly it frustrates me that a lot of title companies are still so old fashioned. I found a good one though in my area that does electronic closings.

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  • Anthony GaydenPro Member
    Rental Property Investor · Omaha, NE · Member since 2014 · 2k+ posts · 3k+ votes
    9y

    @James Wise

    My easiest deal so far is the one I am closing on tomorrow. I got the deal when a lady who works in the same building as me walked up to me one day and offered to sell a home she had just inherited. No direct mail, no looking over deals for hours on end. The deal came to me.

    I made an offer that would make the deal a slam dunk, and it blew my mind when she accepted. I am buying the house cash for the first time, and there are no realtors involved, so the amount of paperwork and BS that I normally go through when buying a property was literally cut by 80%+.

    Honestly I wish every deal I have done was this easy.

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    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    @Anthony Gayden  I buy and sell 10 to 15 homes a week would be impossible for me to go to title company every time..

    and institutional buyers and sellers don't go to closings either.  its just old school .. just because that is what they know and are used to. I am closing 3 in Cleveland today tomorrow and will do so from the comfort of my Oregon Office that makes 7 buys in 5 days there... we are on fire in Cleveland.. next week we will do sells in Cleveland.. I have trained the title company took a few weeks but they get it now.  its Ohio Real title so as long as they keep doing as I direct we will keep sending them escrows.

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  • James Wise
    OP
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    9y
    Originally posted by @Jay Hinrichs:

    sounds fun... couple questions.. why would you have to call a listing agent for the lock box code? that seems last century.

    @Dan Beaulieu  also closing table is also last century I have not gone to a closing in 20 years.. title company e mails me docs .. unless its a deed I get them to docusign most of it.. I have to train the closers.. In many states now you can even record the deeds electronically.. I just did a sale yesterday in INdy that was all electronic the deed included took me all of 7 minutes to sign and e mail back.. I have a notary in my office so don't even go out for that.

    On buys  were no notary is required I just get docs either docusign or if they want then wet signed I print out sign email back .. I call bank wire funds done.. never leave my office at home... you guys have it tough you have to actually drive somewhere to transact.. cuts into your BP time.. Also even if you do want to waste the time to go to a closing ( which rarely happens unless its a buyer with loan docs.)  checks are not handed out at the closing table.. lender wants recording numbers then funds the next day and funds are wired to your account.. I have not received a check for proceeds in forever its all wires.. I wont accept a check.

     I texted her. Call her? OMG it's not 2001. That would have been horrible.

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    @James Wise  I don't text.. hate that

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  • James Wise
    OP
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    9y
    Originally posted by @Dan Beaulieu:

    Day 1: My friend / agent said that a wholesaler buddy of his reached out with a deal. I went to look at the property, decided that all it needed was touch up paint and some mulch in order to sell quickly on the mls. I made 2 phone calls and quickly raised 190k cash from some friends that I knew had lots of money sitting around. The purchase price was 320k and Comps selling for 390k.

    Day 2-6:go fishing

    Day 7: closing table. All cash sale between 4 people. All cash sales are so easy and clean!

    Day 8: start with painting and landscaping. Total 2,000 worth of work.

    Day 15: listed on MLS for 70k more than we bought it for.

    Day 23: Accepted a full price offer that went to closing.

    I wish they were all this easy!!!

     Well played.

    0Reply
  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    9y

    My easiest deal was a house I bought off CL. Some "wholesaler" tied it up for a couple of months and then disappeared. I went and looked, didn't negotiate down one time, and wrote a contract. Went to title co the next morning with EMD. Closed a few days later. All cash deal--40K.

    1Reply
  • Ryan Dossey
    Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
    9y

    Easiest deal? Seller called into our live answering service and requested an offer. His asking price was stupidly high for the property and area. We sent him an email with a low offer. He called and accepted it. Done deal! 

    1Reply
  • Kristopher Gomez
    Flipper/Rehabber · Riverside, CA · Member since 2016 · 130 posts · 105 votes
    9y
    Sent out 3000 post cards....got a call from a guy said he had a house in LA that was all run down...i offered 475k over the phone he said yes so I sent contract and he signed. 10 minutes later I text a friend of mine asking if he had a buyer in this area...5 minutes later he had a buyer for 535k.....10 days later I got a check for 60k and gave my buddy 12k for bringing in his buyer. Ez money
    3Reply
  • Dan BeaulieuPro Member
    Lender · Knoxville, Tennessee (TN) · Member since 2016 · 422 posts · 667 votes
    8y

    @Jay Hinrichs

    I've only done docusign when it's an all cash deal... Are you saying that it's possible to use Docusign when there is a Notary required? I.E., buying properties using HML, Bank Loans, or owner financing. It would be really nice to not have to go to the title company every time I want to flip a house using hard money!

    0Reply
  • James Wise
    OP
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    8y
    Originally posted by @Dan Beaulieu:

    @Jay Hinrichs

    I've only done docusign when it's an all cash deal... Are you saying that it's possible to use Docusign when there is a Notary required? I.E., buying properties using HML, Bank Loans, or owner financing. It would be really nice to not have to go to the title company every time I want to flip a house using hard money!

     When you need something notarized you need to be in front of one. Most of the time title companies will send notaries wherever you are. I have had clients sign documents in front of notaries from as for away as the U.S. Embassy in Hungary.

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    @James Wise  I have a notary in my office so I go 12 feet.. I do not like mobile notaries.. I was in NY city a few years ago and needed to close a deal they sent a mobile notary.. 340.00  was her fee.. I aint payin no notary fee ever.

    I can then if I want go into any title company in the US and sweet talk my way into having someone notarize for me as long as they are underwritten by fidelity family of title insurers.. FATCO etc... helps to talk the language.

    but normally I have my bank do it at the same time I am wiring my fundings.. and since I fund basically daily I am at the bank daily.. like right now be leaving in 15 minutes for my normal routine.. sign sell docs  sign wires go to lunch... its a tough life this life as a real estate investor.

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    1Reply
  • James Wise
    OP
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    8y
    Originally posted by @John Thedford:

    My easiest deal was a house I bought off CL. Some "wholesaler" tied it up for a couple of months and then disappeared. I went and looked, didn't negotiate down one time, and wrote a contract. Went to title co the next morning with EMD. Closed a few days later. All cash deal--40K.

     Well played.

    0Reply
  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    8y
    Originally posted by @Jay Hinrichs:

    @James Wise  I have a notary in my office so I go 12 feet.. I do not like mobile notaries.. I was in NY city a few years ago and needed to close a deal they sent a mobile notary.. 340.00  was her fee.. I aint payin no notary fee ever.

    I can then if I want go into any title company in the US and sweet talk my way into having someone notarize for me as long as they are underwritten by fidelity family of title insurers.. FATCO etc... helps to talk the language.

    but normally I have my bank do it at the same time I am wiring my fundings.. and since I fund basically daily I am at the bank daily.. like right now be leaving in 15 minutes for my normal routine.. sign sell docs  sign wires go to lunch... its a tough life this life as a real estate investor.

     "it is a tough life being a real estate investor":) 
    What would you do instead? Spend time flying your plane and jaunting off to Paris?  I see what you mean:)

    0Reply
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