3 closings this week, including a 21K Wholesale fee.

3 closings this week, including a 21K Wholesale fee.

Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes

All,

I have a success story to share. But it is not a success for the reasons you may think. I really learned a lot from this and from these mistakes I have made I changed the way I do my thing and this is causing a noticeable shift in my success rate and the way I run things.

I have been gone for a while. Had a hard time being social as I kept dealing with very dishonest sellers and buyers. I was in no mood to be social

If you are at all following my blog you will see that in May I signed a contract. I sold the contract and made a very easy 14K. That next month I signed an other contract... Well I was waiting to market till I got my fee, for selling the contract I signed. A few weeks ago the contract fell through. 

Yes you read it right I was dealing with this piece of &@)@&#@ for about 4 months. Then a dishonest buyer came my way by the name of Noreen Miller. I showed her the house and she signed the contract. By pure coincidence the home owner showed up just as she was leaving  in her car In the rear view mirror she  saw a car pulling up and she made a circle and came back to the house as I was talking to the homeowner. She got out of the car and introduced herself, exchanged names and I saw it coming. She waited till our contract expired by delaying things requesting very odd paperwork from my attorney that made no sense. My attorney told me that what she was asking was extremely odd and we couldn't make sense of it. Then I found out that she and the owner were in contact days before my contract expired already negotiating prices. Suddenly it made sense why she was requesting weird paperwork.

So it all fell through and lost a lot of money and time on this stupid deal. I made the biggest mistake a wholesaler can ever do. I stopped marketing because I was waiting for that deal to come through to get more funds to market. Big mistake!

From that point on I was done trusting people and I stopped helping others till I helped myself first.

So I stepped back, focused on ranking my site and took care of business without distraction. 

I placed a post here on BP (before I withdrew) asking if anyone was willing to fund, finance a deal both purchase price and repairs, and split gains 50-50. I was laughed at and told a hundred times that you need to have skin in the game and no one would agree to this.

I simply responded with... "I don't care how many will say no!, I just need one yes".

And guess what, I did get a yes!

Fast forward to October. I was invited to Zurich for a robotics competition called the Cybathlon. (Look it up, it is wicked cool). We placed second at the exoskeleton competition. 

When I got back 2.5 weeks later I had a hot lead waiting from my motivated seller website! I was worried the lead had gone cold, but it was blazing hot still!  This was one of the 3 closing I did this week.

ARV 255K

Signed contract for 64.5K and repairs are 65K

We will be in it for 135K and we are hoping to sell it for at least 235, but we will list it for about 255K

If we get what we are hoping to get for this house we will be splitting a 110K profit while the rehab will take about 8 weeks. The guy that was willing to fund it all and split everything 50-50 is now going to make about 40-50K with me. And I will do whatever it takes to keep this connection nurtured fat and happy!

This closing was not at all easy... but I will spare you the details. If you want to read on what exactly we had to go through to make it work, I am documenting this flip from beginning (finding leads and tweaking my website to make it a motivated seller beast magnet, to the entire flip). Find my blog to see it all come to life. To the new investors, this vid will be your golden ticket on how to do what we accomplished from newbie to 3 closings this week.

But getting leads from my website is "cheating". That is passive. They come to me.

I still want to make things happen for myself. So I did a scary thing.

I emptied my miserable retirement account and marketed again. This was the 3rd of November. Yes just last month.

A few days after my pieces landed I received a call. I signed a house with ARV of 160-180K for XX.5K. I was done dealing with dishonest buyers and sellers, so I bought the damn house myself. The next day I sold the house for XXK. Made 21K in about a week.

During those 24 hours, I got myself a 7K piano and other old antique furniture that came with the house when I bought it. 

So why is this a success? I tell you why.

I have marketed 3 times since I started. Every single time I marketed I have made a deal. 14K my first deal  21K my second deal, and an amazing flip opportunity for my 3rd deal. The reason I made just 3 deals this year was because I was stupid. Trust in people and waited for a good deal to market.

If you think that you need money to market you are so wrong! In reality, you need to market to make money. I learned this the hard way. But I beat it. With this I am stepping it up to insane levels! I have a lot in store for the next few months. You all shall see... soon enough!

This is why this is such a success for me. Sure the 21K is nice. But what I really got from this is a shift in mindset. I will be a beast in this game from this point on!

I am not slowing down one bit. I will not stop till I OWN CT!!

Newbies, read my blog if you want to know how I made it this far. It is a step by step recipe of the steps I took to get here. Of course thanks to many here on BP that held my hand. Now let me hold yours!

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
9y

Jerryll controlling your inventory via taking title is when you move from beginner to advanced and create a real business.

I under stand the lure of wholesaling and assigning.. but if you were simply listing these deals you would not be dealing with a bunch of defective folks with broken moral compass's  and with your ability and energy in that same 4 months you would probably have listed and sold 4 props a month not one in 4 months.

but fast forward to your new found gig of flipping.. Done right that is were the money is.  And it can then catapult you into bigger and better things as you get track record of success and experience in the industry.

Now just make sure you pay your income tax's and keep on rolling  don't get behind on that..

See this reply in the discussion

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  • Flipper/Rehabber · Sacramento, CA · Member since 2016 · 807 posts · 815 votes
    9y

    That was an awesome post Jerryll! 

    That was pretty low for the buyer to do that.  Have you considered requiring a non-refundable deposit from buyers?  That way,  if they try to back out last minute,  you can make up for lost time and energy.  

    Also,  maybe I can't see it on my phone but what's your blog?  I don't see a link. 

  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    9y

    Thank you very much Patrik. 

    About the EDM. I was not just dealing with 1 dishonest buyer. I was dealing with several. The first one just kept extending the contract and I was at his mercy because once he signed the assignment form, I stopped marketing the property. After a lot of drama, I decided to market again and I had just 1 week to close on the property. To make it more attractive for the second buyer, I told Noreen that I will wave the EMD. She seemed very honest and I was pushed in a corner.

    I know, was a stupid way to handle this transaction and I put too much trust in people.

    My blog used to be on this site, but I had limited control over it so I am in the process of moving it to my own personal site. 

  • Wholesaler · Pensacola, FL · Member since 2016 · 3 posts · 2 votes
    9y

    Congratulations. You are working harder than anyone I have ever known. You deserve this. I am very excited to see how far you will go. Everything you touch turns into gold. 

  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    9y

    @Dixie Lee Thank you Partner :D

    We start flipping tomorrow!!!

  • Real Estate Broker · Atlanta, GA · Member since 2016 · 37 posts · 17 votes
    9y

    @Jerryll Noorden   Congrats and keep up the good work!

  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    9y

    @Kristen Jackson My day is lived as follows. 

    wake up, 

    run to my desk.

    wake my computer up.

    Work on my site

    talk to motivated sellers that opted in on my website

    do ARV

    go to bed.

    I often forget to eat, shower, and sometimes even forget to get dressed!

    You bet your bumblebeez I shall keep it up!

    ^_^

    Thank you!

  • Investor · Wolcott, CT · Member since 2015 · 32 posts · 1 vote
    9y

    jerryll,

    I have read your posts over many months and I'm amazed at your determination to succeed. Your enthusiasm is contagious and I"m happy to see you are starting to make good progress which you deserve. I would be interested in meeting you to talk as we have a mutual friend Rick Santasiere who is my broker. I'm looking for rehab properties and I'm sure Rick would vouch for me as to my ability to close deals honestly with you. I sent you a colleague request  and hope to hear back from you so we can speak soon!  

  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    9y

    Hey Mr Greg Wright. (Love the last name).

    I am more than happy to help you with anything everything your little heart desires. One thing I ask in return, is be a goofball, be weird and ... honest. You do that I will be an awesome sidekick! :D

    Thanks for the kind words man. Yeah I have been relentless and it looks like it will be a fun future for me.

    As you have followed me in the past you then already know that I HATE WHOLESALING..

    So I am glad to share with you that I am doing my first flip now!  I am day 2 into the demo. I took that sledge hammer and yelled at  Dixie (my super sexy sweet female partner): " Where is my food woman" and punched an angry hole in the wall. I ALWAYS wanted to do that!!

    So a big item off of my bucket list. You should pass by the site when you have a chance. I can show you the workings of a flip. So far it is an awesome time.

    In my head I am HGTV's super star!!

    I told you all before, When I am filthy... (rich) I will be SUCH a stuck up prick!! I can't wait!!

  • Paul AmegatcherPro Member
    Rental Property Investor · Brookville, OH · Member since 2016 · 488 posts · 363 votes
    9y

    Congrats @Jerryll Noorden.  I see you use investor carrot for your online presence.  How many leads are you getting a month through the website?  I'm thinking about doing a website and wanted an opinion on investor carrot.  

  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    9y

    Investor Carrot Rocks MonkeyBunz!!

    If you want to be a serious investor you will have slim chance competing with someone that has investor carrot.

    Now you combine Investor Carrot with an obsessed no life,  crazy bushman like me.. and you will crush it sooner than later.

    I WAS getting a lead every other day. This however died down completely since end November. But that is to be expected...

    Keep in mind that IC is a tool. You have to wield your tool like I wield Thor's Hammer in a swarm of angry bees!

    The trick is be different, be smarter than your competitors and stand out.

    Although IC is great it is ultimately up to you how you leverage their services.

    If you need help, get in touch with me. I will share my juiciest secrets how to rank within months!

    You have to do as I say though. And the first thing I will demand is you call me "My Supreme Overloard of the known and unknown Galaxy". 

    MSOOTKAUG for short!

  • Trevor MauchPro Member
    Investor · Roseburg, OR · Member since 2014 · 141 posts · 149 votes
    9y

    Haha, I LOVE that story @Jerryll Noorden ! Man, it's soooo cool working w/ people like you who put in the work, trust the process, ask for help, and just DO it. The results come to those patient and willing to put in the work and trust the process of something that works. 

    Have a stellar New Year man and I'm hoping we can meet in person in 2017 somehow!!!!

  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    9y

    The mighty Trevorrr! Thank you man! One day like any other day in 2017, you will see a hairball bursting through the door in your office and wreak havoc, hopefully giving Jake a little heart attack! That will be me visiting! Yes It will happen! Thanks for helping me on my way to become successful at this! I will give you a quarter for every deal I make in 2017!

  • Paul AmegatcherPro Member
    Rental Property Investor · Brookville, OH · Member since 2016 · 488 posts · 363 votes
    9y
    Originally posted by @Jerryll Noorden:

    Investor Carrot Rocks MonkeyBunz!!

    If you want to be a serious investor you will have slim chance competing with someone that has investor carrot.

    Now you combine Investor Carrot with an obsessed no life,  crazy bushman like me.. and you will crush it sooner than later.

    I WAS getting a lead every other day. This however died down completely since end November. But that is to be expected...

    Keep in mind that IC is a tool. You have to wield your tool like I wield Thor's Hammer in a swarm of angry bees!

    The trick is be different, be smarter than your competitors and stand out.

    Although IC is great it is ultimately up to you how you leverage their services.

    If you need help, get in touch with me. I will share my juiciest secrets how to rank within months!

    You have to do as I say though. And the first thing I will demand is you call me "My Supreme Overloard of the known and unknown Galaxy". 

    MSOOTKAUG for short!

     I will definitely contact you MSOOTKAUG when I'm ready to proceed with IC.  Thanks

  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    9y

    You bet ^_^

  • Augusta, GA · Member since 2016 · 11 posts · 5 votes
    9y
    Jerryll, Awesome story and I love your determination. I was looking for your blog to get get some some of your secrets. I'm actually starting out to venture in the wholesaling avenue but will turn my focus to the others of flip n rehab. I know you hate wholesaling...is that from dealing with dishonest people? Did you completely give up wholesaling to actually buy n flip? I'm glad to see you doing awesome things. Keep up good work fulfill your dream.
  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    9y

    @Dreama Lewis I now have 2 blogs ^_^. As you read above I found a golden opportunity to graduate to flipping, as I indeed HAAAAAATE wholesaling!

    Found a cool little cash buyer that is out of state that is willing to fund my crazy butt with the purchase and rehab costs and we split profits 50/50. How awesome is that.

    So now I am making my own HGTV little flip. I am documenting the entire thing on my second blog for house flipping.

    So I now have a wholesaling blog where I share exactly how I did it from having no knowledge to my first paycheck. I think that is super helpful for beginners, and my flipping blog where everyone can follow along and point and laugh at all the mistakes we are bound to make!

    The reason why I hate wholesaling so much is it is inherently a dishonest way of making money.

    I am not saying wholesaling IS dishonest. It is dishonest unless you take extra steps to make it honest, like telling the homeowner you have no intention of buying the house and you are just finding buyers to sell the contract.

    That is why I do not like wholesaling. And this is why my buyers are worth gold to me. No longer do I have to find properties, then scramble to find a buyer once under contract. I have built a relationship with 2 buyers, where I simply market to their needs and specifications. WHen I get a hit, I tell my buyer "yo I have a property in XXX want to come see it with me?". So I don't even have the property under contract yet and I am looking at it with the buyer. If buyer wants it, I put it under contract and she gives me my wholesale fee. When the deal is super juicy I  make a deal with her where we split profits 50/50.

    For this to work you do need a good relationship with said buyer so they don't take the deal from under you.

    This buyer is really insane cool. She is like a mother figure. She yells at me and pinches my ears when she thinks I am doing something wrong.. (I never do)... 

    For the 21K wholesale fee I mentioned up there, she found me a buyer, and she just let me have  all the 21K.

    She is pretty awesome, and we are pretty close friends already. 

    People like that around you will make you successful REALLY quick. It seems I have the talent for getting good deals and they have the talent for having deep pockets ^_^. Win win!!

  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    9y

    @Dreama Lewis I have sent you my blogs through a private message :)

    If you need help let me know.

  • Augusta, GA · Member since 2016 · 11 posts · 5 votes
    9y
    Jerryll thanks much for the honesty and insight...I look forward to following you on blogs. I will reach out to you as I try to conquer this venture.
  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    9y

    Yooh Kann Doot Tit!!

  • Shawn AckermanPro Member
    Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
    9y

    @Jerryll Noorden HUSTLE!!!!!!!!!!!

  • Winter Park, FL · Member since 2016 · 40 posts · 26 votes
    9y

    @Jerryll Noorden . Awesome website bro. Congrats on your well learned lessons and successes.

  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    9y

    @Kurt Charles Thank you my good man. To be honest, my website doesn't usually look like that. I am running a split test on it to see how many clicks and scrolls and optin's I get. If it does good I will keep it that way. We shall see.

    Thus far the success are far in between, but that is my own fault. I am currently adapting my system based on my mistakes. I also read your wholesaling post in Florida. That is terrifying. I aways thought as long as I  deal with contracts and not properties I would be fine. I even asked my attorney here and they told me what I was doing is ok. But  in the end it would be my marble sculpted butt on the line. Good thing I am partnering with cash buyers now!

  • Winter Park, FL · Member since 2016 · 40 posts · 26 votes
    9y

    @Jerryll Noorden I'm not sure about the laws where you are, but anything I post will more than likely be specific to FL. If your attorney says it's ok, who knows better than an attorney, right? 

    Personally, I like to play things safe, RE is already a high risk Business regarding financial loss, so the more risk I can mitigate by doing things the right way, the better for me, mentally.

    Are you an internet marketer as well? You don't sound like the average throw up a website person who just happens to know what split testing even is, lol. I ask because I am developing my own website currently too, which will be very involved above the average website in online marketing.

  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    9y

    @Shawn Ackerman Always my man. ALWAYS!!

  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    9y

    @Kurt Charles Yup my friend. It is risky to do your own site, but if you know what you are doing, know what works, you will have full control over your site and sure as heck you will be original!

    If I am a marketer? hmm.. not by profession, but  it is a prerequisite to be a damn good marketer if you want to be an investor. Think about it. The best leads are those that find YOU!!  So how do they find you? By dominating the online presence. Which is marketing!

    We need to stick together. We can be of great help one an other! What do you think?

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