Rule #1 for being a successful wholesaler is to bring value to the transaction. Typically this value is the value we (no, I don't have a mouse in my pocket; I'm speaking collectively for all wholesalers) bring to the investor when we find an off market property that truly is a no brainer deal. We the wholesaler gets a little profit in the assignment fee and the buyer gets a much bigger profit in whatever they are doing with the property.
At times, we can bring value to the current owner of the property by helping them through their situation. This value can be in relieving them of the property and solving that problem BUT it can also be in helping them find a way to stay in the property.
About a month ago, I was running a short list of pending sheriff sales. These were properties set to be sold this Friday (1/8). My goal was to find a property that I could buy prior to the sale. I stopped by 10 houses that I cherry picked out of over 200 set to be sold. A few owners were home and said they were working on trying to save it themselves. I leave a card and rarely hear back from them. Most aren't home or the house is already vacant. I'll leave a note with my contact in. Long story short- this owner called that night and gave me this long sob story about his ex dying and the county screwing up the title transfer and all her medical bills he had to pay even though they were divorced, and more things I can't remember. The bank won't work with him to modify the loan until he is on title. He just dropped $1500 fixing his truck so he could get to work. No money at the time to pay an attorney anything to help him. I sent him to my attorney who was able to help him get the correct papers filed to have title deeded back to him. I paid the attorney since the owner had nothing. He says he'll pay me back some day. I'm not expecting nor do I care if he ever does. There was no guarantee that getting him on title would stop the foreclosure sale.
Owner called me today and very excitedly (as excited as an elderly beat down gentlemen could) told me that the sale was postponed and the bank is working with him to modify the loan.
I'm not sharing this to brag or ask for pats on the back. I'm sharing this so others can see that there is more to wholesaling and investing then chasing closing checks or monthly rents checks -still waiting on some of those :( Be a light out there and positively impact other people even if there is no monetary return for you.
Sometimes doing good is more important than doing well.
👏🏾👏🏾👏🏾 not sure if my emoji hand claps will show but wonderful story! Motivation and inspiration all in one
Great story what a way to plant a seed. You will be blessed an accomplish everything you set out to do.