How I failed my lead measures and still landed my first deal!

[Aaron Wortham]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $295,000

This was a realtor's pocket listing. We initiated the contact and then passed off the property to a flipper friend.

I kicked off the summer with several goals that would stretch me.
The first was to run a mile in 5:59 or better. (The summer is not over yet).
The second was to get my first investment property under contract. My lead measures were: analyze 100 properties and make offers on 30.

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

My goal for the summer was to get something under contract. My buddy has a steady flipping business in the Portland area, so we decided to partner up with him in order to get some experience.

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

I have been running numbers on properties from the MLS all summer. My wife loves talking on the phones and interacting with people, so she started calling selling agents. She called this agent a couple times about some homes and he offered her a pocket listing.
Estimated ARV $500,000 and he thought the seller would take $300,000 for the property.
My flipper buddy went to the house and ultimately made the offer of $295,000.

What was the outcome?

My wife and I have added a valuable team player in this agent who offered the pocket listing. We are set to receive a finders fee for the property. (Probably between 5k and 10k) And we are back on the hunt.

The amazing part of this is that I had went on vacation, and then had a harder time finding 100 properties to analyze than I anticipated, so my lead measures for the summer are currently only 32 properties analyzed and 1 property offered on. And goal achieved!

Lessons learned? Challenges?

This taught me that this is indeed possible. Pocket listings and making purchases with these kinds of numbers seemed like a unicorn to me previously, but finding this has blown the glass ceiling off my world.