All Forum Posts by: Peter McKesson

Investment Info:

Single-family residence wholesale investment in Rocklin.

Purchase price: $340,000
Sale price: $342,500

Have you read the book the Alchemist - Paulo Coelho? The king described two beliefs to the young shepherd boy. One was that when you decide to do something the universe will come together and assist you. Secondly, there is a true magic called "beginner's luck". You only get this magic to happen once and this is all what seemed to have happened to me on this deal. I decided one Sunday morning to fulfill a long time desire to be a real estate investor. I simply read a few instructions about scanning Craigslist and calling sellers. Within a few days I found a local wholesaler. I locked in a deal amount for a property. I then turned my attention to finding a buyer from Craigslist and located Shane. I went back and forth with seller and buyer and then made the marriage! No paperwork , no money, not much time. DONE! Earned $2,500 in about 5 hours of work. Beginner's luck for certain!

What made you interested in investing in this type of deal?

It was local and knew no other deal type.

How did you find this deal and how did you negotiate it?

I called this ad in Craigslist and spoke to the wholesaler. What is even more lucky about this deal is both the seller and buyer had been offered this property earlier, but did not like the person so decided not to pursue the deal at all.

How did you finance this deal?

I explained that I was so new that had no paper work or money. I did not even know what earnest money was.

How did you add value to the deal?

My contribution was to be the match maker. I was only about 15 days new to this business.

What was the outcome?

about 45 days later I collected my check on solely a promise to get paid. Thank you Shane!

Lessons learned? Challenges?

Don't complicate this business. And this business is truly a people business.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I met and befriend my title person here locally.

Investment Info:

Single-family residence wholesale investment in New Hope.

Purchase price: $26,500
Sale price: $32,500

This was a nail-biter. 14 days to close - READY , SET , Go! There were 7 hot buyers, then as the days counted down there was just one. The seller was an experienced investor. She was very good to work with and provided me with all the data I needed. I then leaned on my mentors and they used their network to put me in touch with the final buyer. The buyer and I still connect every few weeks about deals. This business is truly a network of people business.

What made you interested in investing in this type of deal?

The willingness of the seller to work with me and the cash flow of the property.

How did you find this deal and how did you negotiate it?

I marketed to rental properties in the Huntsville area.

How did you finance this deal?

I wholesaled this deal to the final owner.

How did you add value to the deal?

I found the property and followed-up with the sellers. I then brought this deal to the final buyer who had been in the business for many years, but never actually bought a property for himself. This was his first buy/hold property.

What was the outcome?

Wholesaled the deal within 12 days. The buyer and seller met for coffee afterwards and now we have extended our network of real estate friends.

Lessons learned? Challenges?

Since this was my first my buyers list was short. I had to stop everything I was doing on the marketing side and start looking for buyers. I would recommend you have some sort of buyers list always worked on and ready. So, when a good deal or property like this arrives you can act fast.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My mentor is an experienced person.