How I got my first wholesale deal

[Derrick Burns]

Investment Info:

Single-family residence wholesale investment in Titusville.

Purchase price: $20,000
Sale price: $30,000

On this deal I completed my first wholesale deal within threes weeks of starting my wholesaling journey! I found this deal by driving for dollars in my hometown of Titusville, FL. I called the seller up and the situation happened to be perfect. Within two weeks of building rapport with the seller she agreed, we got her under contract, and we sold to a buyer about two and a half weeks later. It was an amazing way to began my career in real estate investing and my path to financial freedom.

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

As a college student, I don't have a lot money similar to many college students across the U.S. I was desperately looking for ways to make money on the side and I came across wholesaling on YouTube. I knew immediately when I saw wholesaling I could do it myself.

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

I found this deal by driving for dollars in my hometown. I simply skip traced the owner on BeenVerified and called the seller. Once I spoke to the seller I was about to connect with her and get her under contract.

How did you finance this deal?

We spent $0 on this deal unless you count gas for driving for dollars and the small monthly fee we pay for BeenVerified. The buyer bought the home with cash, paid all closing costs, and existing liens/property taxes.

How did you add value to the deal?

I worked with a business partner to do this deal. I drove for dollars, called the seller, negotiated the price, and then my partner did a lot of stuff on the back end like getting the contract drafted and actually meeting the seller and buyer at closing.

What was the outcome?

We got the property under contract for $20,000 and sold it for $30,000.

Lessons learned? Challenges?

I'd say we learned how to properly work with the title company and how to connect with buyers.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No, we worked alone.