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

    @Simon Shih

    I assigned and use the Patten Law Firm (Texas American Title)

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

    @Jill Williams

    No Jill, I had to explain to the realtor how an assignment worked.  I gave the seller $10/ earnest money that was deposited into Escrow, and I required a $2500 EM from the buyer

  • 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

  • Real Estate Investor 路 Houston, TX 路 Member since 2014 路 173 posts 路 128 votes
    10y

    Congratulations @Undrea King!  Well done!

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

    You really inspire me to do the same, Undrea. Way to negotiate!

  • New to Real Estate 路 Acworth, GA 路 Member since 2016 路 8 posts 路 1 vote
    10y

    Nice job!

  • Wholesaler 路 Columbia, SC 路 Member since 2016 路 75 posts 路 15 votes
    10y

    So cool!!!!!!!!!!!!!!!!!!!!!!

  • Investor 路 Salem, OR 路 Member since 2015 路 26 posts 路 5 votes
    10y
    That is awesome!!
  • Savannah, GA 路 Member since 2016 路 45 posts 路 6 votes
    10y
    RIGHT ON!!!!!!
  • Investor 路 Burlington, NC 路 Member since 2016 路 81 posts 路 25 votes
    10y

    Congrats on your first deal and thanks for sharing.

    Currently working on my first wholesale deal as well. In process of locking up property, but don't yet have a buyers list, YIKES! Your post gives me hope, plus this property is a Real deal!

    Do you mind sharing links to the successful ads you ran/verbiage? Feel free to inbox it as well. Thanks again!

  • Woodland Hills, CA 路 Member since 2015 路 23 posts 路 7 votes
    10y

    Impressive. Congrats!

  • Philadelphia, PA 路 Member since 2016 路 54 posts 路 6 votes
    10y

    Wonderful! I'm new to BP and excited about the future. Your success is inspiring. I'm taking some time to learn the business in an effort to avoid the "crash and burn". Any advice for someone frsh to the real estate investment business?

    Again, congrats!

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

    @Obed H. Bey

    Just put one foot in front of the other, and if you fall down, get back up and keep moving forward.

    What I found is that the pieces will start to come together as you take action.

  • Bulawayo, Zimbabwe 路 Member since 2015 路 1k+ posts 路 253 votes
    10y

    congratulations on the first deal.put the house under contract then start marketing

  • Investor 路 Syracuse, NY 路 Member since 2014 路 170 posts 路 73 votes
    10y

    Great job!!! Keep it going!!!

  • Investor 路 Gilbert, AZ 路 Member since 2015 路 30 posts 路 13 votes
    10y
    Congrats!!! Great feeling I bet! Thanks for sharing tips on what you would do different. Crush it in 2016!
  • Renter 路 Chicagoland NW Suburbs 路 Member since 2016 路 111 posts 路 19 votes
    10y

    Congrats!! Way to go very inspiring to all of us who are taking action to reap the rewards!!!

  • Wholesaler 路 Las Vegas, NV 路 Member since 2015 路 68 posts 路 7 votes
    10y
    Congrats! Well done & thanks for sharing
  • Investor 路 Houston, TX 路 Member since 2016 路 11 posts 路 1 vote
    10y

    Congrats @Undrea King!!! Great job! 

  • Wholesaler/ Investor 路 Houston, TX 路 Member since 2014 路 491 posts 路 113 votes
    10y

    Hey @Undrea King when you got the property under contract and started pushing it out to people you stated that each piece led them to your squeeze page.  Did you lead them to like the investor portion on your website or a specific temporary squeeze page referring to the specific property?

    I hope that question makes sense

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

    @Benjamin Blackburn

    I have a buying website and a selling (wholesale) website.  I placed a link to my selling website on all advertisements of the property.  By doing this I was able to pick up about 40-50 buyers without having to do much.  

  • Investor 路 North Bergen, NJ 路 Member since 2016 路 121 posts 路 14 votes
    10y
    Congratulations!!!!
  • Wholesaler/ Investor 路 Houston, TX 路 Member since 2014 路 491 posts 路 113 votes
    10y
    Originally posted by @Undrea King:

    @Benjamin Blackburn

    I have a buying website and a selling (wholesale) website.  I placed a link to my selling website on all advertisements of the property.  By doing this I was able to pick up about 40-50 buyers without having to do much.  

     Gotcha! That's Awesome!  Very inspiring.  

    I'm on a mission!!!!

  • Rental Property Investor 路 Orlando, FL 路 Member since 2016 路 76 posts 路 19 votes
    10y
    Nice dude! Congrats! I've been interested in wholesaling, but have no idea on where to start or go about it. Any step by steps you can share? Congrats again!
  • Flipper/Rehabber 路 Spring, TX 路 Member since 2015 路 99 posts 路 62 votes
    10y

    @Alvin Pereira

    Thanks! The majority of the info needed to get started wholesaling is right here in the forums on BP.

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