Closed on my 1st Wholesale Deal!!!

Closed on my 1st Wholesale Deal!!!

Flipper/Rehabber · Spring, TX · Member since 2015 · 99 posts · 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 · Member since 2016 · 8 posts · 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😊

Again Congrats👏🏾👏🏾👏🏾👏🏾

Jill

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  • Grand Rapids, MI · Member since 2016 · 36 posts · 5 votes
    10y
    Great job! Some advice on how to get rid of those stringing you along... - Get all buyers to provide proof of funds or get pre-approved with your mortgage person. (They don't have to use them but if they are serious/qualify they'll do it. Non serious buyers will drop out...) - Ask for Non-refundable earnest money (non-refundable after inspection period.) Hope this helps!
  • investor · McDonough, GA · Member since 2015 · 230 posts · 77 votes
    10y

    @Undrea King

    Congratulation! This is encouraging to me because I don't have a buyers list yet for the area that I'm sending yellow letters to. I just had to get started. I got my first call from my letters a couple days ago. 

  • Tallahassee, FL · Member since 2015 · 6 posts · 1 vote
    10y

    Congratulations!!! Any tips on securing a good whole sale contract? I have a couple but they are all co fusing. I'm in Florida

  • Real Estate Professional · Lafayette, LA · Member since 2016 · 5 posts · 1 vote
    10y

    @Undrea King Congrats on an awesome close! I use to live in Spring, TX years ago. Things have really grown in that area. 2920 expanded and the Grand Parkway. Wow. I am a rental property investor and would like to learn more about wholesaling. Do you have any advice or info?? Thanks in advance for your help.

  • Albuquerque, NM · Member since 2016 · 18 posts · 12 votes
    10y
    Congratulations!!!
  • Tampa, FL · Member since 2016 · 65 posts · 12 votes
    10y

    congratulations 

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

    Well, I thought I would update my post from 7 months ago when I closed my 1st Wholesale deal.  I'm now on 13th deal in 7 months working part-time! 

    What I've learned-

    1. Find a Mentor or Mentors and continue to learn the business

    2. Marketing scheduled and sent out weekly on the same day without fail

    3. Know your lead conversions

    4. Follow up, Follow up, Follow up

    5. Understand the value you bring to the marketplace 

  • Flipper/Rehabber · Springfield, MA · Member since 2016 · 641 posts · 204 votes
    10y
    Awesome! Congrats
  • Dallas, TX · Member since 2016 · 74 posts · 16 votes
    10y

    that awesome buddy ! keep the ball rolling 

  • Rental Property Investor · Upper Marlboro, MD · Member since 2016 · 18 posts · 1 vote
    10y
    That is amazing. You are meeting that goal fast sir!
  • Rental Property Investor · Upper Marlboro, MD · Member since 2016 · 18 posts · 1 vote
    10y
    Which kind of marketing has given you the most success thus far? Mailers, Craigslist, etc?
  • Flipper/Rehabber · Springfield, MO · Member since 2014 · 114 posts · 67 votes
    10y

    Congrats @Undrea King ! Once you realize you don't have to have every answer before doing a deal, you become a lot more confident! Keep moving forward!

  • Flipper/Rehabber · Spring, TX · Member since 2015 · 99 posts · 62 votes
    8y

    Persistence and Progress, Hard to believe that just a little over 2 1/2 years ago I closed my 1st wholesale deal. Since then I've learned a lot over the years on what to do and what not to do. I'm proud to say that I've scaled my business over the past year, to the point that I have not been to a seller appointment in almost a year. I have an amazing team around me and with their help we will finish with 120+ Wholesale transactions for the year.  Financially I've gone from making six figures per year to six figures per month.  To think that this all started with watching "flip or flop", that lead me to googling wholesaling, that lead me to a ton of youtube video, which lead me to BiggerPockets which eventually lead me to my 1st deal. I've continued to invest in my education of which I've spent well over 6 figures in the past couple of years. My advice to someone getting started--Use all the free resources you can to self educate yourself, but don't over analyze, move to action immediately even if you don't understand the next step.  You will figure out the next steps of the process as you go and when you get some money in the bank, hire a mentor or join a group of  highly active investors, that can help you continue to grow!

    Got get it!

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