Closed on my 1st Wholesale Deal!!!

Closed on my 1st Wholesale Deal!!!

Flipper/Rehabber 路 Spring, TX 路 Member since 2015 路 99 posts 路 62 votes

Hello BP!

I'm a little late to announce this, but I closed on my 1st wholesale deal on Feb 6th! It was a learning experience, and I could not have done it without the info on this site.  It was all about just taking the 1st step and start marketing. I didn't have ANYONE on my buyers list, but was able to start building a BL once I got the house under contract.  It took a little over a month to close due to title issues, but in the end I walked away with a $10,000 assignment fee of which I paid $3150 to a Real Estate agent that brought the cash buyer leaving me with $6850 net!

Things I will do differently:

--give my buyers a short window to close--I had 2 buyers string me along and held up the deal.

--Go to the 1st couple of closing to ensure everything is correct--The title company made a mistake at closing, which held up closing an additional day.

--Get the property on Craigslist 5x's per day, Zillow, Facebook, back page, a flyer at REIA meeting, etc All with links to my squeeze page-- IMMEDIATELY--- It took me 2 weeks to do this because I thought I had 2 buyers (but both were full out it)--Once I did this I got a real buyer in 2 days and 60 buyers on my buyers list.

Well on to the next one!! I have another house under contract!! My goal is to wholesale 50 properties by 12/31/16!

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Altadena, CA 路 Member since 2016 路 8 posts 路 3 votes
10y

Hi Undreamed,

Your deal was strategicly executed... I really hope to do a deal like yours.

It was very inspiring!

There's hope for me.

I would love to do a deal with you in the future馃槉

Again Congrats馃憦馃従馃憦馃従馃憦馃従馃憦馃従

Jill

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  • Realtor 路 Fort Lauderdale, FL 路 Member since 2016 路 271 posts 路 144 votes
    10y

    GREAT JOB!!!!

  • Residential Real Estate Broker 路 Tylertown, MS 路 Member since 2015 路 61 posts 路 27 votes
    10y
    Congratulations and keep up the momentum.
  • SC 路 Member since 2014 路 303 posts 路 183 votes
    10y

    Congrats on your success!  Can you provide anymore details on the deal?

  • Orlando, FL 路 Member since 2016 路 18 posts 路 2 votes
    10y
    Congratulations
  • Professional 路 Atlanta, GA 路 Member since 2015 路 85 posts 路 15 votes
    10y

    AWESOME!! 馃憦馃従馃憦馃従馃憦馃従馃檶馃従

  • Littleton, CO 路 Member since 2014 路 195 posts 路 72 votes
    10y

    Congrats!

    Were the first 2 buyers from Craigslist?

  • Boxborough, MA 路 Member since 2014 路 230 posts 路 62 votes
    10y

    yay for you!!! That is awesome!!! If you don't mind me asking, where did you find your deal? And what did you say to the seller?

    Again, kudos to you!!!

  • Edgewood, MD 路 Member since 2015 路 15 posts 路 3 votes
    10y

    congrats!

  • Covington, GA 路 Member since 2014 路 295 posts 路 93 votes
    10y

    Truly Awesome @Undrea King!!! Keep it Up!

  • Moreno Valley, CA 路 Member since 2016 路 6 posts 路 1 vote
    10y

    Congratulations on your first deal. I'm still working on mine. Reading posts like these motivates me more. Thank you for posting your experience.

  • Flipper/Rehabber 路 Spring, TX 路 Member since 2015 路 99 posts 路 62 votes
    10y
  • Flipper/Rehabber 路 Spring, TX 路 Member since 2015 路 99 posts 路 62 votes
    10y

    Thanks! Everyone!

    @Robert Blanchard--Yes , the first 2 buyers were from Craigslist--As a matter of fact on my first showing of the house 6 buyers showed up at once-but 2 of the buyers made it clear they wanted the property-but both were flops.

  • Specialist 路 Orlando, FL 路 Member since 2015 路 33 posts 路 9 votes
    10y

    CONGRATULATIONS @Undrea! Please share more details. 

    1. Was the property once on the mls?

    2. Why that amount to the agent? Did you have a formula?

    3. How did you advertise the property on the site? (Wording) *feel free to inbox it to me.

    4. This new deal under contract, how did you find it?

    5. Are you leaving any deposits with the seller?

    6. Are you informing the seller out right that you are looking to assign it? 

    7. Did you already have a relationship with the agent or did you creatively get one onboard and had them market it for you as a pocket listing? 

    8. Did you do a mail out? Ie. yellow letters?

    Continue to soar to newer heights!! 

  • Flipper/Rehabber 路 Spring, TX 路 Member since 2015 路 99 posts 路 62 votes
    10y

    @Dave Hurt@Carol Zeroual

    This property came from Craigslist, I called him back and at some point I asked "If you don't mind me asking, what reason did you need to sell? I found out that he had it on the market for 5 months for 225K, but it didn't sell.  I heard motivation, so I set the appointment. I found out on the appointment, that the house was a modern house in a rural area, which made it weird 3/3 about 2100sqft built in 2010.  After building rapport and viewing the house, I asked his price knowing all that we would be taking care of. He wanted 130-140k.  I told him after repairs and to get this done quickly, we could only offer 105K --I shut up--There was awkward silence--He said lets do it!

  • Boxborough, MA 路 Member since 2014 路 230 posts 路 62 votes
    10y

    Awesome!!!

  • New York City, NY 路 Member since 2016 路 25 posts 路 15 votes
    10y

    @Undrea King. Great job man keep up the momentum

  • Mission TX 路 Member since 2016 路 12 posts 路 3 votes
    10y

    Congratulations to you! 

  • Investor 路 Houston, TX 路 Member since 2012 路 354 posts 路 186 votes
    10y

    @Undrea King

    Did you do it as a double close or as an assignment? What title company did you use?

  • Real Estate Agent 路 Las Vegas, NV 路 Member since 2016 路 9 posts 路 1 vote
    10y

    Great advise, especially the part about giving the buyers a deadline to perform. 

  • Real Estate Investor 路 Norristown, PA 路 Member since 2011 路 4 posts 路 0 votes
    10y

    Great Job...

  • Altadena, CA 路 Member since 2016 路 8 posts 路 3 votes
    10y

    Great Job!!! I wanted to know if your realtor was an investor friendly realtor who understood investment language or a realtor who just happened to get your property assigned.

    Also did you need an earnest deposit?

    Thx so much for sharing your deal with us... I'm inspired to get my 1st deal!!!

  • Pasadena, CA 路 Member since 2016 路 41 posts 路 9 votes
    10y

    Congratulations @Undrea King! And thanks for the play by play. It is really helpful to us newbies.

  • Philadelphia, PA 路 Member since 2014 路 24 posts 路 8 votes
    10y
    God bless you and congratulations! I am also looking into wholesaling could you please help I have an email address would you be able to send me links to lead me in the right direction please!
  • Rental Property Investor 路 Fond Du Lac, WI 路 Member since 2015 路 261 posts 路 78 votes
    10y

    Awesome! Where did the lead come from? How many deals did you try to put together before this one worked out? Are you sending direct mail, if so what kind? 

  • Columbia, MO 路 Member since 2013 路 46 posts 路 11 votes
    10y

    That's so awesome!!!

    Congratulations @Undrea King! 

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