First wholesale deal in 3 weeks at 18

First wholesale deal in 3 weeks at 18

Developer · Fayetteville · Member since 2016 · 91 posts · 57 votes

Hello, I just closed on a property last week and have another one under contract that I will be closing on in august. I wanted to share some key points in what I did to be able to go to closing in hopes that it will help some of you who might be struggling. 

1) Make sure before you even start looking for deals that you have these key things in place

  • a) Title company that can perform double closings or assignment of contact. (have one more as a backup if need be and make sure you ask them how much your closing fees will be so you can incorporate that in your wholesale fee) 
  • b) List of cash buyers (15 minimum) with a bio for each buyer. Your bio should include what kind of properties they like, what areas they work out of the most, how far away they are willing to go, how much work they are comfortable with doing and obviously there name and contact info. 
  • c) 2 contracts, "Sales and Purchase Agreement"(this one is between you and the seller) and "Assignment of Contract" (this one is between you and your cash buyer) 
  • I have contracts if anyone needs them! 

2) After you have everything listed above you can now begin to start marketing. It is totally up to you how you market your service. Here are just a few things that I have used for marketing. 

  • Bandit signs (your city may be strict and take them down, put them up when city workers are not working and put them in front of a Church,Walmart or any other high traffic area because you will want full exposure) 
  • Craigslist ads (Be very consistent with these, 1-2 a week) 
  • Business cards (Very very beneficial if you give these to waiters or waitresses or people you know and give them a nice referral fee. They will work harder to find property owners for you because they will want that easy $500 to $1,000 fee) 
  • Flyers (Make these things bright and simple, you want to get your point across with as little writing as possible, very effective in church bulletins and message boards in establishments) 

Now obviously I covered the basics of what I did so if you want a little bit more in depth knowledge feel free to inbox me on BP. I hope this helped some of you guys who were struggling to get started or have been at it a while with no traction. Good luck! 

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Real Estate Agent · Camarillo, CA · Member since 2016 · 8 posts · 1 vote
10y
Brian Wheeler Congratulations on the close man! I am also 18 and currently marketing for motivated sellers! This was very motivating knowing someone my age has successfully done this! How did the whole process go if you are willing to share.
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  • Chicago, IL · Member since 2016 · 4 posts · 0 votes
    10y
    Hi, My Name is Brian as well lol. Congrats on your deal I'm a real estate investor in Chicago. I wouldn't mind taking a look at your contracts if your offering.
  • Real Estate Agent · Camarillo, CA · Member since 2016 · 8 posts · 1 vote
    10y
    Brian Wheeler Congratulations on the close man! I am also 18 and currently marketing for motivated sellers! This was very motivating knowing someone my age has successfully done this! How did the whole process go if you are willing to share.
  • Developer · Fayetteville · Member since 2016 · 91 posts · 57 votes
    10y

    @Jaime Valencia 

    Thanks so much man glad to hear! so basically the seller just called me and wanted me to come look at the property. I went walked through it, made an offer price and then sent it out to the buyers I knew loved this kind of deal, then within two days one of them was ready to buy it from me. 

  • Real Estate Investor · Lathrop, CA · Member since 2016 · 6 posts · 0 votes
    10y
    Brian Wheeler I'd love to hear from you how you have found motivated sellers and buyers
  • Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
    10y

    congrats on your deals @Brian Wheeler. thanks for sharing

  • Investor · Saint Charles, MO · Member since 2015 · 60 posts · 10 votes
    10y

    Congrats on your deals! I'd love to see your contracts if you don't mind! @Brian Wheeler

  • Professional · Brooklyn, NY · Member since 2016 · 20 posts · 19 votes
    10y

    @Brian Wheeler Congrats on your success! Could share with us how you acquired your first deal? What was the most difficult part? Were there any curve balls thrown at you in the process?

  • Investor · Columbus, GA · Member since 2016 · 1 post · 0 votes
    10y

    Congratulations!

  • Entreprenuer/Investor · Rochester, NH · Member since 2015 · 32 posts · 3 votes
    10y

    Great job starting at a young age. Please share more details.

  • Wholesaler · Newark, DE · Member since 2015 · 303 posts · 80 votes
    10y

    Nice, congratulations on a job well done. Wish I had started when I was 18. ;)

  • Developer · Fayetteville · Member since 2016 · 91 posts · 57 votes
    10y

    @Dustin Verley it's never too late! 

  • Developer · Fayetteville · Member since 2016 · 91 posts · 57 votes
    10y

    @Robert Lum 

    So I got my first deal through direct mail. Absent owned and run down. And the biggest curve ball was my buyer backing out 5 days before closing! Then he came back!! 

  • Plano, TX · Member since 2015 · 6 posts · 0 votes
    10y

    How cool man. Glad to hear it. Sadly my market (dallas/plano) is almost too competitive for wholesaling unless you have references for motivated sellers. There are already 4-5 "buy houses" bandit signs around every corner and our craigslist is just spammed with everyone's buy houses/rei ads (not properties). I'm 21, looking for a buy and hold. A few months back i had a wholesale deal set to close with my investor for a 6k assignment fee but he backed out a week before closing. 

    Good job with your success! Guess i'm moving to wisconsin lol

  • Plano, TX · Member since 2015 · 6 posts · 0 votes
    10y

    How much ($$) did your direct mail campaign run around? if you don't mind sharing

  • Port Hueneme, CA · Member since 2016 · 3 posts · 1 vote
    10y
    Brian Wheeler that's awesome how you have doe this at an early age Kudos to you!!!! My question is what did you do when your buyer backed out?
  • Wholesaler · Brookfield, WI · Member since 2014 · 76 posts · 28 votes
    10y
    great job!!
  • Flipper/Rehabber · Los Angeles, CA · Member since 2015 · 128 posts · 37 votes
    10y

    @Brian Wheeler Great Job on the first deal! It took me about ~2,000 calls from my site before I closed the first deal.  Its great to see all of these other young investors putting in the work and getting deals done!

    I send you a colleague request maybe we can work on something in the future. I get deals in Wisconsin from time to time.

  • Conroe, TX · Member since 2016 · 32 posts · 5 votes
    10y
    So what was your strategy to build a 15 person buyers list at such a young age?
  • Real Estate Agent · Denton, TX · Member since 2016 · 80 posts · 5 votes
    10y
    Brian Wheeler Congrats Brian. I was wondering if could get a copy of your contracts? Just like to compare to what i have and tweak mine if necessary. Thanks.
  • Developer · Fayetteville · Member since 2016 · 91 posts · 57 votes
    10y

    @Account Closed no market is too competitive! When you do get in contact with sellers do these 3 main things, these have helped me a lot 1.) Shut up and let them talk, they will tell you their whole story if you just shut your mouth and let them talk, this is very affective against other wholesalers who think that they are in charge. 2.) Genuinely care about their situation, you must actually give a damn about people in this business. 3.) Be the nicest most personal wholesaler out of the others. You do these 3 things you will be in business along time! Good luck! 

  • Developer · Fayetteville · Member since 2016 · 91 posts · 57 votes
    10y

    @Lisa Brown I hustled and called everyone I knew. My buyer did end up coming back so that was a huge break for me. 

  • Developer · Fayetteville · Member since 2016 · 91 posts · 57 votes
    10y

    @Account Closed do you do online wholesaling since you are out of colorado? 

  • Developer · Fayetteville · Member since 2016 · 91 posts · 57 votes
    10y

    @Zarak Sharwani great to see another person from Wisconsin! maybe we could collab sometime? 

  • Developer · Fayetteville · Member since 2016 · 91 posts · 57 votes
    10y

    @Matthew Sutton I solely just used craigslist ads. Make a blank ad saying house for sale. Use a very discounted price and just make up things that are wrong with the property. Make 2 per week and make up different numbers and problems, the great thing about this is based on who answers you already know what they want and the price they would pay for the type of work based on the description of the house. You will get the same buyers contact you on other ads but don't respond to ones you already talked to. Don't worry they will know that you are looking for more. 

  • Developer · Fayetteville · Member since 2016 · 91 posts · 57 votes
    10y

    And Sorry everyone but due to my technological illiteracy I cannot send my contracts because I do not have them in a PDF so I can only send pictures of them and if you so choose you can type them out. I honestly would contact another wholesaler in your area, get to know them and snag one off of them because they hopefully will be legal in your area. 

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