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

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

Flipper/Rehabber 路 Wilton, CT 路 Member since 2015 路 4k+ posts 路 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 路 Summerlin, NV 路 Member since 2014 路 45k+ posts 路 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 路 Wilton, CT 路 Member since 2015 路 4k+ posts 路 4k+ votes
    9y

    @Robert Lum

    A lot of people here are very sensitive about wholesaling. I wont tell you you should or should not do it. I will however tell you what I did.

    I didn't have enough money to just go and buy houses. I did wholesaling because some &#(@^ guru told me it was easy and no money needed. What a load of Crap!

    But... as it requires a whole lot less money than just buying houses, I was forced to start with wholesaling. OK so apart from the right or wrong war on wholesaling, I can tell you this.

    I was honest. I tell people I would wholesale the contract. Often they appreciated the honestly and the smart sellers understood they had nothing to lose so they went for it.

    I think people think I am charming so it is very easy to win their hearts and trust  if you got that certain "it". So I had an advantage.

    My big pointers are, get a website, and make it rank NOW. Not later, not when you become bigger, not when you have a first deal, no.. NOW!

    You may not understand why I stress this so much, but don't worry about why. Do it.

    And call me MSOOTKAUG for Pete's sake!

    ^_^

  • Real Estate Investor 路 Middle Island, NY 路 Member since 2016 路 147 posts 路 68 votes
    9y

    Great thread, really inspiring for someone like me just getting into investing. Is the majority of your leads coming from your site? Are you doing any direct mail?

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

    Most of my leads come from DM. My site has only recently started to rank 1 on google, for the keywords I am after. I am just now getting leads from my site, including my flip I am working on now!

  • Silver Spring, MD 路 Member since 2015 路 2 posts 路 0 votes
    9y

    @Jerryll Noorden Congrats! Your post is quite impressive and encouraging and i wish you the best. I am a newbie in the REI taken classes, attended seminars/meetings at my local REIA clubs. I went to a tax lein event in SC but kind of disappointed because the properties i had bargained for were invaded by Hedge-fund.

    I have visited your blog and reading through your site and i am interested in learning from you.   I would appreciate it if i can contact you and to be honest, i really don't like Wholesaling.

    Once again, thank you for sharing your success story and good luck.

  • Investor 路 Burtonsville, MD 路 Member since 2015 路 18 posts 路 5 votes
    9y

    Congratulations Jerryll! Where can I find your blogs? I am a new Real Estate Investor I would like to get all the information I can. Thanks in Advance

  • Broker / Investor 路 Tewksbury, MA 路 Member since 2008 路 1k+ posts 路 351 votes
    9y

    Congrats on your success. Please send a link to your blogs, id love to read them.

  • Real Estate Investor 路 Woodinville, WA 路 Member since 2015 路 8 posts 路 0 votes
    9y

    Jerryll, love your post and your enthusiasm. Could I get you to share the link to your blog, to help me get kicked off in the right direction?

    Thanks,

    Tim Wilkson

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

    @Tim Wilkson Wow thank you kind friend. Yes I will PM you my blog. Keep in mind I am still adding more useful info as I reread my very old posts back when I was still a total newbie trying to get my first deal.

    Thank you for the interest :D

  • Real Estate Professional 路 Newark, NJ 路 Member since 2016 路 1 post 路 0 votes
    9y

    Great success story Jerryll.

    I`m new ,and I love this,  your story is a strong push for me to take a real action .

    thanks.

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

    @Rich Hupper and @Kenya Curtis

    Thank you so much for the support. Please get in touch with me if you need any help.

    I will sent you my blog through pvt message :)

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

    Hey @Lola Okunrinboye

    Thank you for the kind message.

    Absolutely, lets connect and I will share all I know with you. Keep in mind 3 4 5 deals do not make me a guru. I can only share what I know from mistakes  and successes I have had. At least I can promise I am and always will be humble and will never pretend I know better. That way you can learn from me and I from you.

    How does that sound ?

  • Wholesaler 路 Houston, TX 路 Member since 2016 路 1 post 路 0 votes
    9y

    Jerry, so glad i stumbled across your thread this evening. Your enthusiasm is contagious thru my screen. Can you please send your blog links as well?

  • Bluford, IL 路 Member since 2014 路 11 posts 路 2 votes
    9y

    Great post. Very inspiring!

    I too have a killer deal to offer any investor willing to fund 100% purchase and repair for a 50%/50% profit split. The deal is a SFH with a purchase price of $180K and repairs should be no more than $80K to be all in at $260K with a ARV of $385-$400K. Looking to split $125K -$140K.

    Let me know if anyone is interested in going in on this deal.

    Thank you.

    Aaron

  • Roswell, GA 路 Member since 2016 路 32 posts 路 11 votes
    9y

    Jerryll,

    Love! Love! Love! Your spirit....your crazy is contagious and I want to be like you when I grow up ( minus the prick thing 馃槉) please send me your blogs and allow me to learn as you learn oh great MSOOTKAUG...ok that was hard to remember so if I got it wrong forgive me. Keep the hustle real my friend! Ttyl

  • Investor 路 Chicago, IL 路 Member since 2015 路 13 posts 路 2 votes
    9y
    Great post and great motivation.
  • Danbury, CT 路 Member since 2016 路 2 posts 路 6 votes
    9y

    WOW! Just WoW! This is the first post of yours I've read and I find myself being educated, slightly terrified and thoroughly entertained all at the same time. I'll be reading your blogs religiously from now on, I'm so new to all this I squeak so I'll take all the help I can get!  Thank you for sharing 

  • Ian WalshBusiness Member
    Lender 路 Philadelphia, PA 路 Member since 2016 路 2k+ posts 路 1k+ votes
    9y

    Really nice work.  

  • Professional 路 Clover/Lake Wylie/Rock Hill, SC 路 Member since 2016 路 8 posts 路 2 votes
    9y

    @Jerryll Noorden   I just love that story from a newbie.  You said several of things that inspires me as a newbie!  1st  you focused on you!  That's right!  Then everything else fell in place.  2nd all you needed was a 1 yes!  That is dedication forget all the no's that didn't matter!  3rd I like that you will record this flip or your flips so newbies can see.  I do appreciate that! I'm going to your blog now.  And finally thanks again for inspiration.  Just believe in yourself and let no one or any deal discourage you! There are more deals to be closed!!!

  • Investor 路 Alpharetta, GA 路 Member since 2015 路 242 posts 路 185 votes
    9y

    @Jerryll Noorden -Just visited your web site - what a great job! Saw your videos with Dixie - you two make a fun team ( and it shows!). I've been in touch with Investor carrot previously, I'm with Clever Investor right now (in their mentoring program) - so sticking with their M5 marketing web site for the time being. Looks like IC is more scalable, with more options per page. Your site flows real well between the pages too. Good luck - I know continued success is yours with the right attitude, and work ethic that you have!

  • Silver Spring, MD 路 Member since 2015 路 2 posts 路 0 votes
    9y

    @Jerryll Noorden, Sounds like a plan.  Thank you.  I will follow up with a call

  • Real Estate Investor 路 Frisco, TX 路 Member since 2014 路 8 posts 路 2 votes
    9y

    Cool story man. Could I get the link for your blog as well? 

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

    @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.

    hehe

    Did you see the recent place crash in Lake Erie?

    Scar stuff - http://www.cnn.com/2016/12/30/us/plane-missing-lake-erie/

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

    @Engelo Rumora  yup Citation 535 I believe.. light jet.... owner pilot.. late night departure into scuddy weather.. the speculation on our COPA pilots site is special disorientation... followed by a nose dive and yet another fatality...

    I had a deposit on a jet... but it never got built and I got too old.  but if I was to jump into a light jet ( still have not taken that off the table.) I would have a full time co pilot... the safety record between 2 pilot and one pilot is on the order of 10X  10 X safer...

    Also night IFR single pilot... NO way Jose... maybe if it was summer time and full moon stars were out etc etc.. but night bad weather over water.. receipe for a JFK Jr. special.  which when the reports come out is most likely exactly what happened.. could have had a auto pilot disconnect and he could not keep up with the airplane manually.

  • Las Vegas, NV 路 Member since 2016 路 26 posts 路 9 votes
    9y

    Hey @Jerryll Noorden send me your blog links when you have time, would love to follow! Also, congrats on your latest deals, thanks for the insight!

  • Real Estate Investor 路 Fairfield County, CT 路 Member since 2014 路 9 posts 路 2 votes
    9y

    Hi Jerry, wonderful and very encouraging. Congrats, you need every bit of it. I'm in Bridgeport. You need to show me how. 

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