Recently I got my first real chance to wholesale a house.The seller was asking a reasonable price and the property was a burden for her. Since it was my first I wanted guaranteed success. I could not fail. To complicate things it looked like the sale would have to happen while I was in vacation! My solution was to partner with a Pro.
Matt Larsen (Pinellas Beautification Project LLC) is a member of Bigger Pockets, works in my area and has completed a lot of "deals" over the last few years. When I approached him with the opportunity he was eager to help. He agreed to mentor me and walk me through the entire process. Matt met me at the property and engaged in the talks with the seller. He was professional, confident and encouraging to both the seller and myself.
The next week while I was vacationing with my family Matt orchestrated and completed the closing. He kept me posted through texts.
When I got home we met at a restaurant and he very patiently went through every document line by line and answered every single question. He never once said that my questions were ridiculous... :) It was a pleasure to partner with a professional like Matt Larsen. I understand far more now than I did before. I'm so glad he was willing to work with me on this. I think I saved a lot of time, money and possibly even some pain.
If you are new to this I would highly recommend partnering with somebody with experience.
That is great you received this type of help.
Did you have to pay him or did he make any profit from helping you as this would be important for people to know how things worked out.
Many people are looking for mentors but most people wont help anyone unless they see some dollar signs on their own.
Thanks for sharing!!
Oh absolutely! I thought that went without saying. We did an even split and I had no problem doing so. I feel like I should pay somebody that is willing to take the time to teach me something.
Great success story, thanks for sharing!
Hi Sam - thanks for such kind words!
I always say the hard part is finding the deals, which you brought to the table with your marketing. I know the 1st deal is always the hardest and most scary, but once you have gone through a couple it becomes routine and in my experience you just hope nothing un-expected pops up - like mortgages, liens, judgements, etc - which seems to happen A LOT. This one went through without a hitch - free and clear - after a few checks and re-checks.
It's also a lot easier when you have a couple of big buyers in your back pocket which we had so it fast tracked the process( the 1st person I called took it and could close within days). So that made it pretty easy.
The next thing to have in your back pocket is a great Title Company or Closer that handles all the details and manages the buyer and seller. This legitimizes the whole thing and puts everyone at ease - as everything is done professionally and above board - and we have one of the best in town for our deals - so that also makes things a lot easier and less stressful.
Great deal Sam! Now go out there and do some more! :-)
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