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!

36Reply
145 views

Most Popular Reply

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

134 Replies

Jump to latestLatest
  • 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..

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

    Mister Jay!! You are absolutely right. I never liked wholesaling because yes it is inherently dishonest. The everyday wholesaler doesn't tell the seller they have no intention of buying the property.

    No I am not against wholesaling I am just against being tricky and dishonest. So I always made it a point to be honest. You can imagine why I don't like WS all that much.

    Yes it is better to buy the house yourself, and sell it the next day. A lot less stress and you don't have to worry about these friggin dishonest buyers and sellers! 

    I am being stalked like crazy from people on this forum and others... Yes don't think I don't know! Yes YOU there in the corner! I see you trying to steal my backlinks!

    But you know what? It doesnt matter. I have something most of you  dishonest ones don't have... honesty and integrity (and a sexy @$$ front woman that lures all the attention my way HAA!)

    Most importantly... everyone that meets us falls in love with us, our character, we are funny, sweet, goofy and kind. This has been my secret weapon and I will use this big time to crush all in my way! Muaaahahaha!

    But seriously... I will help anyone that is honest and serious. Find me on my blog and write me there! I will help you out with what I can!

    Yes I graduated to flipping. You are right (again) .. there is where the money is. Man this flip I am doing now.. fun!!!

    Taxes? What is those... Taxes you speak of?!

    kidding.

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

    @Jerryll Noorden Indeed! I am always open to networking with like minded people. My website will be up next week and I will be starting to put together some test marketing campaigns to figure out what will work best in my area and attract leads fast.

    However, I am also in the process of getting me RE license because I am uncertain if real world rules apply to online (probably unspoken, but I believe they do) , meaning connecting buyers and sellers, advertising properties etc. 

    As far as I see, all the big players with websites marketing online are also licensed in RE to advertise property legally, except the low level wholesalers with YouTube videos and half done sites. 

    Have you considered this legality regarding your website advertising properties as well as soliciting sellers and buyers online etc? 

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

    @Jerryll Noorden  you and the real estate Dingo should get together.. that would be a pair to draw to

    @Engelo Rumora     Mr. Rumora came from Aussie with 14 bucks in his pocket and we have been conversing for years now.. .. now he owns his own RE company list and sell ( shameless plug) is a TK provider that does very well.. and has a cool property in the Bahamas.. I stopped short of offering to teach him to fly though LOL.

    you young guys keep at it. and of course Dingo's success catapulted when he hooked up with Dominic...

  • Real Estate Agent · Dayton OH (dayton, oh) · Member since 2016 · 194 posts · 123 votes
    9y

    @Jay Hinrichs you not teaching him to fly is most likely the reason he has a pilots license on his list of Goals! And I agree, the #queenofcashflow definitely took it to a whole other level! He has $28 in his pocket now so she is doing something right haha!

  • Investor · Fort Walton Beach, FL · Member since 2015 · 568 posts · 966 votes
    9y

    @Jerryll Noorden Congraulations! Thank you very much for sharing. I can feel the energy from my PC monitor! I started investing the opposite way everyone seems to start. First with rentals, then flipping, then now I'm thinking of wholesaling but haven't done a deal that way yet. More success to you in 2017!

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

    @Kurt Charles

    Yes I absolutely have considered the legalities of advertising properties as a wholesaler. That is why I have never done it. Never!

    I think, but don't quote me on this, that it is ok to mass mail a list of buyers. And even then do I not send any specifics not even pictures. I just say I have a contract to assign.

    I find my buyers just on CL just asking who wants t be on my list.

    I am very careful with this.

    And yes, the next step is getting my RE licence. I have been studying and reading books for the majority of my life. (I spent 17 years of my life in university). Holy crackers, now that I counted the years I myself can't believe this 17!!! years?! Wow, that's actually sad!!

    anyways... so getting back to studying for a damn RE licence is really terrifying to me. I have nightmares about studying!!

    But I do what has to be done... ugh

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

    @Jay Hinrichs

    Who you calling young. I have FIVE grey hairs already. (3 of which were caused by investing... wholesaling to be more specific!)

    Have I mentioned today already that I HATE wholesaling?

    no?

    Well... I HATE wholesaling!!

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

    @Arianne L.

    Wow, yeah that is a very  rare way of starting it.

    I can't believe you want to go into wholesaling. You go gurl!!

    I am actually very interested to know how and why you decided to go to wholesaling .

    Money really is in the flipping. And not just the money. You can pretend you are a goofy HGTV star. 8itch contractors around, and be stuck up and annoying.

    It's great!!

  • Investor · Fort Walton Beach, FL · Member since 2015 · 568 posts · 966 votes
    9y

    @Jerryll Noorden Ha! I doubt I'd be a very interesting HGTV star. Most of my "work" flipping is making phone calls and looking at spreadsheets. Although I have had some interesting experiences dealing with sub contractors. That might make  for an interesting TV series. HGTV meet Cops TV! :D 

    I don't want to just do wholesaling. Rentals and flipping are still going to be the main thing. However, with flips, it can take 4-6 months before I get money back out of a deal, and right now I am at a point where wholesaling some deals while waiting for some funds to free up seem like a reasonable option. I am also looking for more financing partners so we don't have to wholesale the deals off. I guess we'll see what happens! 

    You're right. There's definitely more money to be made flipping! Looks like that deal your working on is an awesome one with huge returns!

  • Specialist · El Paso, TX · Member since 2016 · 105 posts · 84 votes
    9y

    I'm getting my real estate license also, I'm active duty military for 8 years, so I can care less ab being a agent but I think it would help a lot with networking and learning a bit more ab real estate since I'm a newbie 

  • Tommy MartinezPro Member
    Owner · Downey, CA · Member since 2015 · 71 posts · 22 votes
    9y
    Jerryll Noorden awesome post! I loved reading this story and reading the replies of your success. Please send me your blog as I'm still a newbie and would love to follow along with your success.
  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    9y

    @Tommy Martinez Thank you very much!

    I am currently doing 2 blogs. One for my flip, making my own little HGTV spoof ^_^, that one has just started. It will be more like a diary on al the things I am doing with this flip from getting the lead, to making the call to signing the contract, to picking a contractor, to making the plans to doing the flip, to selling the house to getting my check, to running 3 laps around the block naked yelling like a baby pig waving the check high in my hand. That should be the tradition of doing a successful deal. 

    Then I have the wholesaling blog. I am also editing that one to put more useful comments in the aftermath, and things I think any newbie should have done I didn't do, hopefully to make their first paycheck come way sooner!

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

    @Arianne L. Ha, thats awesome. That would be such a TV hot. .

    And yes I think you are doing it the right way. My goal is not to do just one flip a t a time. I would start 2 or 3 flips a month, and after that initial waiting time I would then monthly sell my rehabbed houses consistently, making a pretty hefty monthly income. 

    See I chose wrong. I chose the technical field. All the brains, creating awesome technologies and shtuff, yet the managers get all the credit and money. So of course I dont have the capital yet to do several flips at once, but I am (slowly) building up to that. Right now all I am doing is establishing myself. After I am THE name in CT to go to if a homeowner needs to sell, I will start building my rebel empire. Then my friend.. I will be filthy!               (rich) and finally can start building my army of terminators and take over!

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

    @Damarius Gilbert Yes I think having a RE licence will speed success significantly.

    I will get mine soon.. I just do not want to see books for a while...

  • Real Estate Investor / Wholesaler · Rochester, NY · Member since 2015 · 23 posts · 2 votes
    9y
    Jerryll Noorden great post/story these are the types of stories I love to read. I wish you as much continued success in 2017!!!
  • Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    9y

    Thank you friend.

    What Ever It Takes!!

  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    9y
    Originally posted by @Jay Hinrichs:

    @Jerryll Noorden  you and the real estate Dingo should get together.. that would be a pair to draw to

    @Engelo Rumora     Mr. Rumora came from Aussie with 14 bucks in his pocket and we have been conversing for years now.. .. now he owns his own RE company list and sell ( shameless plug) is a TK provider that does very well.. and has a cool property in the Bahamas.. I stopped short of offering to teach him to fly though LOL.

    you young guys keep at it. and of course Dingo's success catapulted when he hooked up with Dominic...

    Happy New Year everyone

    Thanks for the mention Jay and thanks for your help over the years.

    I'll be looking to get my pilots license this year and will need your help with that also hehe

    Can you assist with my flight hours or do I need to do them with an instructor?

    Thanks mate 

  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    9y
    Originally posted by @Rebecca G.:

    @Jay Hinrichs you not teaching him to fly is most likely the reason he has a pilots license on his list of Goals! And I agree, the #queenofcashflow definitely took it to a whole other level! He has $28 in his pocket now so she is doing something right haha!

    Get it right...

    I actually had $15,000 when I moved here but also $1.4m in debt lol

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

    @Engelo Rumora  Happy to help but I draw the line letting newbie pilots scare the @### out of me.

    Get your basic training In a Cessna 172... my plane is a Cirrus SR 22  which is a hot rod and where you want to end up.. that's the only plane I would fly long distance over water.. ( that is single engine)  Google the  Cirrus parachute pull off of Maui on U Tube or how ever you guys get on those sites its totally cool to watch.. ferry pilot had his gas tank fail and he ran out of gas 150 miles from Maui.. not to worry pull the chute land softly  cruise ship near by sends tender and your eating lobster for dinner.. do that in a plane without a chute and your lobster food.

  • Professional · Brooklyn, NY · Member since 2016 · 20 posts · 19 votes
    9y

    @Jerryll Noorden

    Your success story is inspiring and I know the best is yet to come. I am driven and burning with desire to get into the real estate investment game. I don't have much saved up by am saving. I also don't have much knowledge with wholesaling and fix/flips, but have been consistently learning. Upon my independent research, I have decided that a good route for me to take would be to start with wholesaling here in NYC. What kind of advice would you give me?

  • Realtor · Compton, CA · Member since 2016 · 9 posts · 1 vote
    9y

    Amazing! Thank you for sharing your experience!

    Could you share a tad bit more on your website?

  • Dallas, TX · Member since 2016 · 3 posts · 0 votes
    9y

    @Jerryll Noorden could you send me the link to your blog? I am interested in following your process as I am a newbie too.

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

    @Vivian Myers I just sent it to you. I have gotten a ton of requests and I will be revisiting the blog and adding more comments to it now that I know a lot more about wholesaling and making deals work. This will help the newer people speed up their first paycheck significantly.

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

    @Alejandra Corona

    You are absolutely correct. I just rushed to transfer my blogs from BP to my own personal site. Now I am putting a lot more value and information on each post with aftermath comments on my entries back then, now that I know a thing or 2 on how to get more contracts signed and how to make better deals, how to rank on google etc. etc.

    If you want to know when I update the posts I would say just "follow" the blog, as I am going to be spending a lot of effort to make this blog really helpful to others.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.