Closed on Our Largest Wholesale Deal Thanks to BP!!!

Downingtown, PA · Member since 2015 · 1k+ posts · 101 votes

I just wanted to take some time out and give a huge shout out to BiggerPockets and everyone who has a part in making the company great!! We were able to close on out largest wholesale deal today and the buyer found us through BiggerPockets. I am very excited because this deal took us over 6 months and we had so many people walk through until we found our end buyer. Everyone left the closing table happy today and that is why I am so very thankful to BP. This site and all the information is truly invaluable to me and has helped me so much in my career thus far. Thanks @Joshua D. and @Brandon Turner for continuing to put out your amazing podcast with endless amounts of insight and information, you guys rock!!!!!

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Bob Norris

Investor · Kennett Square, PA · Member since 2012 · 45 posts · 25 votes

Shaun, congratulations on the deal. With all 3 parties were happy, nicely done!

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Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
9y
Wow, @Shawn Connors, that's great! Care to share some details of the transaction? (I'm kind of a real estate geek...)
[email protected]Podcast Guest on Show #261
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Derek Curtis
Physical Therapist Assistant · Springfield, MO · Member since 2015 · 28 posts · 6 votes
9y
I second @Mindy Jensen, would love to hear the details!
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Kristopher HanksPro Member
Rental Property Investor · Davenport, FL · Member since 2016 · 593 posts · 382 votes
9y
Details, Details!
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Shawn Connors
OP
Downingtown, PA · Member since 2015 · 1k+ posts · 101 votes
9y
So the marketing that brought this deal in is really the winner. We haven't done much marketing that is "outside the box," except for this one. We are located in Pa and in Pa there are a ton of diners. In every diner there are place mats and on each place mat is a local company that advertises there services. We decided to buy a section and see what happens. We paid $400 for 20,000 mats to have our company printed on them and we got one call which yielded 41k!!!!
The call came in around June or July and we went on the appointment. It was a large, old farm house in an A class neighborhood. Where we are located in Pa is Chester County and there are a bunch of old farm houses. This property was a WRECK!! We made an offer, went back and forth for awhile and finally got it under contract. Our goal was to flip it ourselves but we had so many projects going on that we decided to shop it out. Originally we had a 60 day contract and told the seller we were going to look for a buyer for him and he was happy about that. We couldn't find anyone in 60 days and had to extend for another 60 days. We had so many people come through and most people made offer well below our contract price. We thought the seller wouldn't keep extending but he did. Finally another BP member contacted me about it and fell in love with it.
In the past month we were able to negotiate the price down from what we originally had it at and wholesaled it today. Thankfully we found someone that saw the value in it that most other buyers didn't. If we had to close on it, we were going to try and subdivide the lot, build a new home and restore the old one which would have taken 8-12 months. We didn't have to go that route and everyone walked away from settlement happy today!
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Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
9y
@Shawn Connors, that's an awesome, outside-the-box marketing plan. A $400 gamble is always worth it.
[email protected]Podcast Guest on Show #261
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Aaron Mazzrillo
Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes
9y
Multiple extension and renegotiated the price so you could reap a bigger profit? Not how I do business, but I'm sure you don't feel unethical at all cashing that check.
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Shawn Connors
OP
Downingtown, PA · Member since 2015 · 1k+ posts · 101 votes
9y
@Aaron Mazzrillo Everyone walked away happy. The seller was able to sell a property he couldn't get rid of, the buyer walked with a home that he will make his new family home and we took a much smaller profit than we would have if we decided to keep it.
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Simon Ghandil
Investor · Virginia Beach, VA · Member since 2016 · 90 posts · 49 votes
9y
Wow, is it a coincidence that I got a phone call for same thing today? $350 to be able to advertise on 10,000 pizza boxes from two pizza shops. I'm probably going to call him and proceed with it. Great job!
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Shawn Connors
OP
Downingtown, PA · Member since 2015 · 1k+ posts · 101 votes
9y
@Simon Ghandil You should call them immediately!!
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Bob Norris
Investor · Kennett Square, PA · Member since 2012 · 45 posts · 25 votes
9y
Shaun, congratulations on the deal. With all 3 parties were happy, nicely done!
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Tim Hall
Flipper/Rehabber · Tallahassee, FL · Member since 2014 · 462 posts · 237 votes
9y
Nice one Shawn, I like that everything was as it should be, open, honest and above board. I believe that wholesaling is a relationship business. Negotiating and renegotiating is part of it. You got the job done and that's it. Everyone was happy, what more is there.
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