As a real estate wholesaler, one of the the quickest and easiest ways to put cash in your pocket is by networking with other wholesalers in your market and partnering up on deals. In my city there are more wholesalers than you can shake a stick at, but instead of looking at them as my competition, I see nothing but opportunity!
Just yesterday I was able to wrap up a deal that I am partnering on with another wholesaler. I have about 3 hours of work in this deal, zero risk, and will end up making a quick 3k for my efforts!
Here’s how the deal went down:
Monday morning I got an email from one of the wholesalers whose buyers list I am on. He had several new deals available, one of which was in a neighborhood where I have done quite a bit of business over the last few years. I recognized right away that this was a pretty good deal, and figured I could probably sell it to one of the buyers on my list without too much effort. I called the wholesaler up and asked him if he could do any better on the price (he was asking 35k for it). He said he would take 32k net.
Monday afternoon I signed an option agreement with the wholesaler which gave me the right to purchase the property for 32k, and then I immediately began marketing the deal to the buyers on my list. I also put a few ads up on Craigslist, and made 20 signs to place in the neighborhood where the house was located.
Yesterday afternoon I got a call from an investor who saw one of my signs. I gave him the property address and he ended up calling me back within the hour and making an offer of 33k (I was marketing the deal for 36k). I told him 35k was the best that I could do, and after a few minutes of back-and-forth negotiations, he finally agreed to pay 35k for the property.
After executing a purchase contract with the wholesaler for 32k, I then met up with the investor and signed an assignment of contract agreement with him for my fee of 3k, and also collected a 2k deposit. The deal is scheduled to close this coming Monday.
While this isn’t a homerun payday by any means, I’m still pleased to be putting a few grand in my pocket in exchange for a few hours of my time!
Photo: Refracted Moments ™