Browsing: deal making

Real Estate Investing Basics

Cherry Picking

In basketball, the player that stands by the net the entire game and takes the easy shots is considered a cherry picker. This is frowned upon because they want you to be more engaged in the game. They want you to sweat and push your self so hard to earn each and every point. Not take the easy way out and cherry pick all day.

That’s not how you play the game, right?… Or is it?

Let’s get right to the purpose of this post. Because I’m not here to talk about going in the field and picking cherries and I’m not here to talk about the game of basketball.

I’m here to talk about the game of real estate and whether the concept of cherry picking in real estate can help or hurt your business. I’m also going to let you in on why I don’t follow the “first come, first serve” rule in my business and why you shouldn’t either.

But first, let’s start this off the right way…

What the heck is Cherry Picking When It Comes to Real Estate?

Real Estate Wholesaling

I’m currently working on my longest deal ever. So far it’s been about eight months in the making. Let me show you how this deal evolved so you can learn how to make $70,000…with only a few hours worth of work.

About eight months ago one of my partners got a lead from a guy who owns a beachfront condo in Virginia Beach, VA. It’s a gorgeous condo in perfect condition. The owner is an “eccentric” individual who travels a lot and didn’t want to have to deal with the property anymore.

I met with this owner twice in person to negotiate the deal. At first I thought it was going to be an awesome lease option deal. The mortgage balance was relatively low and the place could be rented out for $3,000 a week during the peak season. My partner and I were looking at over a thousand dollars a month in cash flow.