What's the fastest deal you have ever done?

Question

Sam Craven · Answer

Our fastest was quick from introduction, to contract to sale of the contract but it went the full 30 days after i had it assigned.

Came in from direct mail, we were one of 10 letters she got.   A house that was one lot away from the hardy toll road in a bad part of town that was in such bad shape it just needed to be torn down.  We offered her $5k, she started rambling and in the middle of the rambling she said the machine shop next door may want it but she hates the owner.  So we negotiated, settled on $13k, I then walked over and sold the contract to the machine shop owner for $25k, my initial asking price...should have started higher.

lady was a bit nutty...perhaps i could share her other stories if i meet some of you in person lol.

Roy N. · Answer

@Brandon Turner  et al.

[Note: this is a posting I originally made on August 26, but then asked the moderators to remove as I was not ready]

Post Title: Sometime things just fall from the sky

{No, this is not a story of pieces shed from aircraft or space junk coming home.}

Last evening I went for a walk after supper and came home with a duplex ... No, the duplex did not fall from the sky either.

As has been happening often of late, my walk took me past one of our properties which is nearing the end of a substantial renovation. As I stood there running over the remaining todo list in my head {over and over}, one of the neighbours walked up. He asked how the renovation was going and whether we had finished this or that, then came the question: "Are you still buying in the neighbourhood?"

Two or three years ago, this neighbour had listed his two unit back-split for what I thought to be princely sum. All that summer, I kept telling him I liked his house, but he wasn't serious about selling it. The house didn't sell.

Yesterday, I figured he was yanking my chain for sport, but when I turned and looked in his face, I had never seen a man more serious. "I'm sick again" he said, "and, I just don't want to look after things anymore."

Half-an-hour later we had an agreement. I had another property and my neighbour still has his home in which to live until he is ready, or compelled, to move out. The price was good for me and he has one less thing to worry about as he tries to get well again.

Chris Feltus · Answer

Partnered with another wholesaler in the area who has a much larger database than my own. And when I said today, I should have revised that to "just now".

Brian Farr · Answer

Wow, now that's a fast deal!!

Jon Klaus · Answer

Is this the one you just put up on Marketplace, Chris?  How'd you connect with your buyer?

Chris Feltus · Answer

Wholesale deal - today - 2 hours.

Brian Farr · Answer

My first rehab was my fastest.  It was a  "J. Scott Special".  By "J. Scott Special", I mean it was a fairly new house built in 1998, 3 Bed, 2 Bath ranch style in a nice neighborhood with an ARV of $105,000.  A first time buyer house.  During the rehab, I tried to mimic how  J. Scott does a rehab.  (What would J. Scott do?).  I spent 4 weeks on the rehab because I was very meticulous.  I put it on the MLS, and it was under contract in 24 hours.  The first person who looked at it, made an offer which I accepted.  We closed 4 weeks later.  So from the standpoint of when I put it on the market, until when I closed, it was my fastest deal(flip).  Thanks J. Scott!!

Tim G. · Answer

Wholesale deal.

Came from an absentee mailer.

Got the call Monday, viewed Tuesday, signed contract Wednesday, buyers deposit in escrow Thursday

Check for $15,000 picked up the following Wednesday.

What's the fastest deal you have ever done?

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