Rental Property Investor · Spartanburg, SC · Member since 2013 · 253 posts · 56 votes
Finally!! Last Thursday I closed on my first official wholesale deal!!! It's been a long time coming and honestly wasn't too bad of an experience so I've been blessed so far! I have two more properties set to close (one at the table, waiting on buyer to sign) and another closing this Friday. I'm hoping this is the start of a good thing that will help supplement my income and generate more savings to purchase my first rental property in Spring of 2014! Thank you to all the BPers (countless many) who have helped me reach this point!! @Cameron P. was a great help and was truyl an inspiration to me along with @Sharon Vornholt and @Jerry Puckett . Thank you to all those who also commented on my posts and gave me great insight!
@Junior Salters your results are an accumulation of your ACTIONS. From reading to asking questions to putting what you learned into ACTION. This is the ONLY way to get a deal!!!
Congratulations Junior!! I knew you had it it in you. You stuck with it where many others would have quit. I'm sure your confidence level is soaring right now. Take that with you to every future negotiation.
Great job @Junior Salters !! I'm sure you are very excited on taking the first step to a successful REI business. I was wondering, if it is not much to ask, if you would like to share with us how did you do all the wholesaling process: from finding your prospect and marketing efforts up to closing the deal. Thanks and I wish you the utmost success in your business.
And sure no problem @David Ramos . As I'm sure you've heard wholesaling isn't easy, but it is simple. I started out just driving for dollars in neighborhoods that I saw were family oriented and had some houses for sale and did some added research to see that theses houses weren't just for sale, but were being purchased too. I stumbled upon the first house which seemed in fair condition minus the signs of vacancy (overgrown grass, very unkept around the sides). I took list of a few houses and sent out a direct mail marketing piece by going onto my county's tax assesor site and finding the owner. I did this back in June and got a response back from the seller's personal assistant saying that the owner was interested, but also wanted me to look at two other homes he owned in my county!!! I partnered with a more experienced local wholesaler to help me estimate the repairs and ARVs and so I saw we had something here.
I went by and looked at them, saw that they were in poor but good enough shape. The biggest thing was I knew this guy was motivated so I low balled him on the first offer for all three around 24K- being 5, 5 and 14. the house I originall wrote about was a 3/1 while the other two were 2/1s. He agreed, and I got all three under contract and went to work marketing. I did some craiglists, my REIA group and I also looked up houses in the area, owned by investors and LLCs and wrote direct mail pieces to them explaining that I had houses for purchase if they were looking to add to their portfolios. Interestingly, one of my buyers came from our local REIA group, another from craigslist and the last one came from my mailing lists!!
After that I used an investor referred closing attorney for the first two and a different one for the third just to compare businesses and the rest is the present!
Well done @Junior Salters ! So how many letters did you send out to get this deal (and did you send more than one letter to the same person)? Will you continue to use this same marketing strategy for future deals?
Congrats @Junior Salters it seems like teaming up with that local wholesaler really can make the difference. May i ask where you found yours? My biggest fear is finding someone and they going behind my back :/
You hit the Jackpot from the very beginning. I'm impressed that although you were originally looking out there for a single property you ended up leveraging the additional properties. The way you explained it shows how much due diligence you did before actually getting the deal(s) tied up. Now, since you engaged in mailing marketing to your sellers, do you think that it would be best to send letters first or actually to drive by and knock on their door first? Best of regards!
@Rachel Leonard Luckily (luck being the key word somewhat) I only sent out one letter to this seller being my first one and in my first mialing I actually only did about 25 letters but they were all vacants that I had picked up and had gotten a decent response (I believe about five people returned calls). I was very fortunate to get a deal in my first small mailing and understand this is the exception not the rule because I have done mailings since and gotten less response.
@Ceasar Blackman Yea he really helped with analyzing the properties moreso while I handled all marketing and got all the buyers. I actually met him through a local REI breakfast ever Wednesday at Denny's. lol
@David Ramos For me and my personality, I like going the letter route. I know D2D works, but I only want to talk to people who reach out whether thats FSBO, website or calls me back through DM.
@Junior Salters your results are an accumulation of your ACTIONS. From reading to asking questions to putting what you learned into ACTION. This is the ONLY way to get a deal!!!