Very first property under contract

42 Replies

Well I have some exciting news, I got my very first property under contract yesterday!!! The last 5 months of just education through bigger pockets, youtube, many books, and Sean Terry's free podcast have prepared me so much!! Over the last 5 months I have listened to Sean's podcasts on my commute to and from work and he provided the best knowledge when it comes to wholesaling properties!!! Just opened up escrow with a title company and now I am marketing for cash buyers!! This has been a really fun and busy processes and I can't wait until I can do 2-3 of these a month. My goal is to put away 50k in the bank and then at that point I am quitting my full time job and getting out of the rat race!! Exciting and fun times ahead!!! 

HERE'S TO FREEDOM!!!

Excellent news. I am just getting into the education part as well. I figured within 4-6 months I might be ready to move out into the investing side as well. Looks like I figured about right. Of course, I'll have to convince my spouse that it's a wise thing to do.

With a young kid in the house, it is a scary proposition!

@Ronald Perich its the way to go trust me! I have a 3 year old daughter and she is the main reason to do this because I want her to have an even better life than she already has. You can do this part time and you will have to make sacrifices but it will be worth it. We tend to be afraid of taking risks and that is exactly why people continue to be miserable at their jobs barely scrapping by because they refuse to think and act differently. Go after your dreams and be tenacious and don't give up. One of my favorite quotes I have heard: "What is there to be afraid of you're not dead, there isn't a bullet in ya"!

Hey @Darren Nichols  ! I love the enthusiasm. I can just feel your  excitement and joy radiating through my computer screen, I love it. Something tells me you're going to love fishing for your own wholesale deals when you get out there full-time buddy!

And.... HERE'S TO FREEDOM AS WELL!!!

Getting out of the rat race is a big step for you. I'm a newbie and I haven't done my first deal yet, but man o' man, I get so motivated reading threads like this one!

Sean Terry's podcast is something I need to look into. 

How did you go about finding your property Darren? Please tell me all about how you successfully got this deal?

Can't wait to hear more Darren!!! :)

@John Elmenhe I appreciate the remarks! Well I actually put out yellow bandit signs which I did get a lot of grief here on BP for it but anyways I got I 8 calls from putting out 24 signs and I contacted all of them and all it took was one to be motivated enough and for the numbers to be right. Now I am no expert but like I mentioned Sean Terry before if you want to wholesale properties go to http://www.flip2freedom.com/ and scroll down to where you can put your email in and then you will get access to Sean's free 129 page book that seriously holds nothing back and tells you step by step how to wholesale. Then listen to his free podcast as well. Also read everything on BP you possibly can about wholesaling properties!!! I probably won't be doing bandit signs anymore cause they aren't legally in my surrounding cities. I will however be doing yellow letters which generally get about an 11-15% response rate and Sean talks tons about them as well! The best advice I can give right now is learn as much as you possibly can but you don't need to wait for all your ducks to be in a row to take action and do't be afraid to fail because you will but that is how you will succeed!!! Good luck and feel free to message me anytime you have questions and if I can't answer them I will find you the answer somehow!! Happy Investing Man!!!!

Excellent work and congrats!! You never forget your first!!

You'll probably have to rethink the retiring once you get $50k in the bank though. That really doesn't go too far these days.

Chris K.

    Well Chris the plan is to get one year's salary in the bank and then quit ( I make about 30k a year post taxes) The way I see it is if I have managed to get 50k in the bank from only wholesaling properties part time then jumping to full time then I should feel comfortable leaving my full time job. From every deal that I do I will put 20% back into marketing, 40% into savings, 20% towards debt and 20% towards play money. Quitting my job wont mean retirement but it will mean doing RE full time and I want to have many rental properties that create that passive income.

    Way to go @Darren Nichols !! That's awesome. Keep us posted on how your first transaction goes. I am looking forward to hearing more of your successes!!

    Congratulations!  I'm looking forward to reading all about it.  And, thanks for the link to more good podcasts.

    Congratulations!  You just made a giant leap forward in your plan.  Once you know it works, that will sustain you going forward!  Keep on keepin' on!!  I like your % breakdown  - I'll be borrowing that "formula" - LOL

    Now if I could get some cash buyers to get in contact with me. So I sent an email out to seven or eight local cash buyers but zero response. I posted the property on Craigslist and the local classifieds website here in Utah and zero calls. Do I need to be more patient or is there more things I could do to market to cash buyers?

    @Darren Nichols  

    Congrats man!!

    Can you email me the packet? I'll see if I know anyone that would be interested.

    @Darren Nichols

    Have you been to any of the investors association meetings in the area?  SLREIA for example (which met just last night) I would think would be a great place.  There's wholesalers and cash buyers there making connections all the time.  Congrats too!  That's awesome to hear.

    Where is the property located? What are the numbers? Is it a good enough deal that a cash buyer would want it? Will seller carry or is this strictly cash buyer?

    @Darren Nichols send me a PM with the details and I will see if it might work for us. Best of luck on your first wholesale!

    @Ethan Bowen  and @Mike Palmer  if you guys could give me your email addresses I can send you the details of the property. @Greg Wilson  I just sent you a PM. @Josh Butler  I did not attend SLREIA this time but I go to all the monthly luncheons in Layton an the next one isn't until July 2nd. Thanks for your help guys!!

    @Greg Wilson  if that didn't work then if you could send me you email and I will email you. Thanks again!

    I'm new to the site but congratulations Darren! I'm a new wholesaler and it pumps me up reading stories such as yours! Keep everyone updated!

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