My $52,996.25 wholesale deal complete!

My $52,996.25 wholesale deal complete!

Wholesaler · Atlanta, GA · Member since 2012 · 243 posts · 103 votes

Hello all,

I finally have my own success story. 

I guess this year alone has been a bit of a success story but Ill spare you and only discuss my most recent success, a 50k wholesale deal. 

I have been working on this deal for about 3 months (mainly waiting on probate to finish). My attorney, who is awesome, had to find 12 people to sign off on the probate documents. We actually got this sone pretty quickly to my surprise, especially since none of them were receiving any of the proceeds form the sale. 

Probate finally finished and my buyer was already prepared to close. 

We ended up pushing the closing back 1 week because the current owners had not found a new home yet. Eventually I convinced the owners that it would be best to go ahead and close so that taxes wouldn't continue to eat away their profits. 

Once they agreed, I tried to make the process a very smooth transition. I paid for professional packers to help pack the house, I paid for movers to transport the items to storage, and I even paid for 1 month of storage. Oh and not to mention $250 so that their disabled brother could live with a friend for the month until they found a new home. 

I thought this was worth getting the deal done since they had no money and I was ready to get this deal done. 

The day before closing, which is when the movers came to pick up the items of the house, the owner calls me at 6pm, several hours after the movers have left and delivered the stuff to storage, and says the movers didn't get everything so they were in the house trying to pack all of these big items in to a car smh. 

I got really frustrated and decided to get off the phone and call my buyer, who I have a really solid relationship with. She said she would help with whatever I needed and immediately got a contractor out there to turn the gas off and unhook the gas line from the heater (one of the things the owner failed to mention she wanted until the last minute). Th contractor came the next morning on time and got it done quickly. 

Now for the next problem. I decided the best way to handle all of the large items that were left in the house was to call another moving company. I decided to go to the property myself and place tape on all items that would need to be placed on the truck, at this point there was no room for mistakes. 

Luckily for me, the week prior to this happening, I attended a commercial RE networking event and just so happened to meet the owner of a small moving company. I decided to call him at around 8pm. Surprisingly he answered and said he would be able to have a crew out to the house in the morning. This was really a life saver on such short notice. 

Fast forward to the next day (closing day) everything is going as planned, but the rain is slowing traffic down which made the movers a bit late. No worries, still keeping a cool head. They finally arrived and got the items out of the house pretty quickly. This time I made sure that I checked the entire house before the truck was cleared to head to storage. The owner confirmed that everything that was tagged had been taken. 

Sounds like its over right? Nope lol. 

We get to the storage unit and when I opened the unit, it was backed very unprofessionally by the movers from the day before, it was a huge until and the movers did not use the space to its highest capacity. 

The movers quickly let me know that rearranging was not in their job description. I agreed and ask them how much would they charge to rearrange the storage just enough to fit the new items in there. They answered $25/piece for the two of them. I replied "hows $50/piece" they said that will work and immediately got to work. They finished pretty quickly which I was happy about. The only thing I wasn't happy about was the fact that the guy tried to play me by asking for $75 a pice instead of $50. I immediately said no because 50 was more than fair. He agreed and that was the end of that. 

Without boring you with details, we successfully closed on the deal and I got my largest wholesale check to date for $52,996.25.

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Rental Property Investor · Arlington, TX · Member since 2012 · 788 posts · 640 votes
10y

@James Wise Why so negative?  Sellers always have a choice.  I don't think a gun was held to their head telling them to sign docs.  They could have easily called a Realtor but for some reason did not or maybe they did and did not want to go that route.  I applaude @Fitzgerald Hall for solving these folks real estate problem.

FYI - This is coming for a Realtor/Investor/Landlord 

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  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    10y

    I am not entirely sure why there is such an effort for some to piss all over someone's success story shared. This is a common concern I hear as a moderator from the BP Nation, they are often scared to post because they are scared of the responses. I tell them they probably should not post then unless they have thicker skin, people will be who they will be and you need to deal with it.

    There is definitely a haters club here for wholesalers, I have been mistakenly taken for one in the past and clearly showed that is not the case. I can say I am disgusted at some wholesalers or wannabe wjholesalers and their specific immoral and unprofessional actions, however, that does not hold true for all. There is a small percentage who do the job correctly and create value on multiple ends.

    I think @Rick H. said it best, some people trade equity for piece of mind. Nothing could be closer to the truth. Some years ago, I had a transaction that went south and in the end, I sold the property (which was out of state and originally was just a loan) to an investor at a discount. Did that investor take advantage of me or withhold evidence that the property was worth more than what he paid me? Absolutely not, I traded that equity to get rid of my problem and concentrate on local investments that would yield high returns. I made up for it elsewhere.

    Those who presume to know what is best for any one person they don't even know is just an incorrect opinion and a poor one at best.

    I say, congrats on making some money, congrats on helping someone get something over nothing, and congrats on having the stones to share your experience. 

  • Wholesaler · Atlanta, GA · Member since 2012 · 243 posts · 103 votes
    10y

    @Will Barnard Well said. Thanks!

  • Real Estate Investor · Worcester, MA · Member since 2010 · 39 posts · 5 votes
    10y

    @Fitzgerald Hall Congrats Man! Don't be bothered by the naysayers, they will never get it..

    A Realtor's Mind is thus : how can i get the highest price for my seller, thus get the highest commission for myself ? (pure capitalistic approach)

    A wholesaler's Mind : How Can I find a solution for seller's situation that works for everyone ?

    A distressed / Motivated seller's mind : I need out Yesterday! How can someone get me out of this mess NOW!

        Distressed sellers are not always looking for "highest and best " price for their house, they just want a quick solution. So it's pointless trying to convince these realtors that your way is legit, they will never get it. Just rinse and repeat your process.

    The Savvy wholesalers I've seen are problem solvers and think outside the box to get things done. 

  • Wholesaler · Waldorf, MD · Member since 2015 · 459 posts · 245 votes
    10y

    @Will Barnard totally agree.

    Following the logic/advice of some of the licensed professions regarding this transaction, the house would be "listed" with some bank right now, & being put on their books waiting to be sold at some auction. Then none of the heirs would have received a nickel.

    I'm pretty sure @Fitzgerald Hall after receiving 52K, didn't lose any sleep over the naysayers here.

  • Private Money Lender · San Francisco, CA · Member since 2015 · 113 posts · 28 votes
    10y

    Great job!

  • Stockbridge, GA · Member since 2015 · 42 posts · 12 votes
    10y

    @Fitzgerald Hall - congratulations!!! As a new wholesaler in the Atlanta area you inspire me...not so much because of the money you made (although that is awesome) but for the example you set in having perseverance and going above and beyond to help another even at significant personal risk.  Thanks again for sharing. 

  • Investor · Brooklyn, NY · Member since 2015 · 13 posts · 5 votes
    10y

    Congratulations.  Thanks for the motivation to keep going!

  • Investor · Yokosuka, Japan · Member since 2014 · 631 posts · 184 votes
    10y

    @Fitzgerald Hall Congratulations on your deal and as @Will Barnard said the “stones” not just to share your success but to stand up the unwarranted attacks that often discourage people from posting. There are some here who make it a practice to tear people down in an effort to aggrandize themselves. That does not add value. There is a difference between critical debate which is thought provoking and enriching but personal attacks seldom bring about any value.

    You created something for the seller out of the nothing they were about to get. 

    Wait! Less than nothing! They were facing evection from their home without a penny to move themselves, their stuff and their disabled relative. Instead they got $175K after they didn’t even have $5K to begin to pull themselves from their situation! 

    How could you? Arrange to have them and their things moved, their relative placed until they manage to get a new place with the paltry sum of $175K? 

    The nice Realtor down the road could have listed their tear down property, had them put out on the street without a penny and all their stuff but it would have been the ethical thing to do because you don’t have a license! LOL!!! 

    All of us investing in Atlanta now want to be on your buyers list.

    Keep doing what you're doing.

  • Real Estate Professional · Phoenix, AZ · Member since 2015 · 27 posts · 3 votes
    10y

    wow you did an awesome job and I only pray I can find a deal like this one in my area !!!

  • Wholesaler · Plantation, FL · Member since 2014 · 194 posts · 121 votes
    10y

    UH so many haters on Bigger Pockets.  Congrats @Fitzgerald Hall on a job well done!!!

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