Wholesaler · Clearfield, UT · Member since 2014 · 51 posts · 13 votes
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!!!
Boston, MA · Member since 2014 · 152 posts · 63 votes
12y
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?
Investor · Redondo Beach, CA · Member since 2013 · 95 posts · 21 votes
12y
Congratulations Darren, I have a 4 month old. Thats why I am looking into RE investing. Wholesaling is not my thing, I am more of the buy and hold mindset. Alwayse good to hear a success story.
Rental Property Investor · Fort Myers, FL · Member since 2014 · 5 posts · 0 votes
12y
Darren,
I always like reading people´s comments the best, and the one where John Elmenhe said he could feel your excitement made me say ¨me too!¨
Meanwhile, the other comment about getting to your local REIA meeting was spot on as well.
A good lesson for other people reading this is try and get together a decent buyer´s list early on, so when you finally do your first deal, you can flip it a.s.a.p.
Real Estate Investor · Las Vegas, NV · Member since 2014 · 15 posts · 5 votes
12y
@Darren Nichols Congratulations on your first deal! Your excitement is palpable. I'm a newbie, in the education process, and it's great to see someone making it work. I love the way you're looking ahead and planning for the future you want. :-)
Belvidere, IL · Member since 2009 · 88 posts · 22 votes
12y
Congrats Darren Nichols ! Keep up the good work.
Just a little tip.
In your percentage breakdown about what you'd be doing with your profit from the wholesale. Your percentages added up to 100% which is great, but don't forget about taxes that'll be about 25-30% also. Maybe you had that factored in, in your mind, just wouldn't want you to be surprised at tax time.
Don't get me wrong paying more taxes is a good problem to have. Just not something you want to forget about, or even plan your expenses so you can write off some or, most of the profit. Get a good CPA.
Again congrats I look forward to hearing how it plays out.