First Wholesale Deal

[Logan Boyter]

Hello everyone on BiggerPockets! I have a propensity for rambling, so I'll try not to make this into a novel. (No promises)

On Tuesday of this week (11/19/13) I closed my first wholesale deal. My check from the title company was $16,000, plus the $1,000 deposit from the buyer, means that I made $17,000 on my very first deal. I am absolutely floored, and I couldn't have done it without the help of many many people.

....

2 months ago I was working a factory job at a place that makes generic pharmaceutical drugs, and I could not have been unhappier. I would listen to BP podcasts during my break, and one of them was @Jerry Puckett talking about his wholesaling business, and his website Market Like A Wholesaler. Well I checked it out and decided that this was my guy. So I scraped together the funds to send out ~500 letters to absentee owners in my area (I was only making $10.50/hr at the time, but I am fortunate enough to still have very few bills since I live with my parents) and I sent them off. I got about 25 calls off of the first ~250 I sent out, and one of them turned out to be someone who was really interested in selling quickly.

It was a very long process and I'm sure I don't need to detail out every step here, but I asked Jerry a multitude of questions along the way, as well as my sister, who is a Realtor here in Shreveport. I don't know where I'd be without either of them. But thanks to both of them, I got the contract on the property for $50,000, then I noticed that I overlooked the ancient electrical work and had to talk them down to $43,000. I listed it on a Thursday morning at 8 AM on craigslist for $55,000, and by 11 AM that same day I had two buyers looking at it and they actually bid it up to $60,000. By 2 PM that day I had the assignment of contract form signed and had the deposit in my hand from the end buyer, and from then I had to just wait for closing without getting too nervous. Everything went fine at closing and everyone involved was very happy. The people I sold it to actually plan on living in it with their children that will go to the school next door, and the owners were happy to have it off their shoulders and have money in their pockets.

If you're considering wholesaling and need to send yellow letters, or do anything else he offers, I wholeheartedly recommend Jerry. No, he did not put me up to this :) He is just that awesome. He answered every question I had, and gave me the tools I needed to follow up on leads efficiently. Like I said earlier, I couldn't have done it without him, my sister, or the awesome attorney at the closing title company. This is just the beginning of a wonderful journey!