First allow me to say Happy Valentines today to everyone the couples and the singles. I have been through both....
Today, me and a flipping partner here on BP @Jay Hinrichs (Turnkey-Reviews) put an incredible deal under contract on Valentine's Evening.
Purchase Price: $520k
Selling/Closing Cost: $100,000
Gross Profit: $400,000
Now that is a HECK of a deal. But here is the lesson of the story.
I was sitting on the coach getting ready for the Valentine's Date and I got a text from a great wholesaler here in the area, @Wes Love @Manesh Hardeo , Wes simply stated I am leaving a house and here are some numbers.... He then sent over comps within 30 minutes.
Within 30 minutes of us getting the info on the house @Jay Hinrichs jumped on the deal and Wes drew up the contract and docusign was complete.
Moral of the story.... is that deals don't wait on us, they don't work on our schedule or around holidays, or no nights or weekends. You had three "fairly successful" investors on Valentines Evening closing up a flip. With possibly around 400k of profit. So when the deals come, you must be ready as well.
Good Luck to everyone this year!!
We will keep you posted on this New Build.
Congrats and I Agree! Real estate deals happen when the majority of buyers are taking time off, such as nights, weekends and Holidays! You have to act quickly and not wait for the next "business day"
show me a RE broker who goes home at 5pm with all the others and does not work weekends and I will be its not a top producer
Originally posted by @Andrew Cordle :
@Joe Moore Thanks man.
@Brian Ortins next business day is code for "not so serious". Now I do admit I wish I could find a way to have more work life balance :)
@Peggy Liu I tried to explain that to my wife, that this was a Valentine's Gift for her, but I don't think she bought into it :)
I know the feeling of my girl not buying into the extra hours I put in, buy she always likes the rewards.
I am still trying to get the guts to attempt a monster deal.
@Andrew Cordle Any time your wife doesn't want your gifts, send them over to me ;-)
Awesome, proceed to the finish line!
It was especially good reading this given the fact that I am working on/wondering the following on a Sunday night when it is literally 0 degrees outside:
- preparing marketing mailers for the real estate sales part of my business
- putting together a scope of work for the week for a rehab project a business partner and I are doing
- wondering why I haven't heard back on 3 offers I put in yesterday (2 for me and 1 for a client)
- preparing a lease for a tenant moving into one of our rentals this week
Great motivation and reminder on why you put in the hours.
@Andrew Cordle I sure will. The plan intrigues me, i wonder in the end the reaction of your Valentine. Lol! Have fun.
Andrew, Thanks for posting this! I am glad you moved so quickly and were able to get this one without any competition. We come across about 10 deals a month as an office and the best ones are sold within an hour or two. I cant wait to see this project when its done! I appreciate your business and looking forward to many more!
Another moral of the story shows how imperative it is to surround yourself with a great network of people that can help you these these kind of deals! Whether their great acquisition partners or investors. Whatever the need may be, having the right network in this business is important!
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