Just closed on our first deal

[Matt Shope]

We just closed on our first deal! It was a wholesale mobile home here in Albuquerque, NM. Feels like it's taken so much time, energy, and hustle to get here but I can finally say I am a real estate investor. On to the next one. 

[Matt Shope]

Wow. Thanks for all the congrats. Here are the details. 

Marketing: We use postcards, although we really need to dial that in. We were doing about 1,000 every three weeks and we only got 4 calls from 4,000 cards, this was one of the first. 

The deal: The home is a mobile home with a 1,000 ft bonus building and it comes with the land. We offered her 53k back in March, she verbally accepted but her sister told her she could get more so we never got it under contract. I called her back to follow up in late April and she was ready to sign. Our plan was to wholesale but we don't have a very large buyers list so we marketed it to some of the REIA groups, on Craigslist, and Facebook. The guy who bought it isn't a professional investor but wanted a place to stick his money. We sold it to him for a $26,000 assignment fee.

As a side bonus, I really got to know the seller. She's an older woman who lost her husband a year ago. She couldn't keep the property up so she moved in with her cousin. Her 50 year old step-son moved in without permission and started using the property to make meth. She was afraid of him and felt guilty about kicking out her late husbands son but she also knew he was making meth and stealing form her. Cleaning up 5 tons of garbage, crack pipes, heroine, and adult videos was a learning experience. In the end the seller was so grateful that we helped her cut ties with the step son. We got to help her move on with life and make money doing it.