Updated over 12 years ago on . Most recent reply
Found & Closed My First Wholesaling Deal in 7 WEEKS!
7 weeks ago, I decided to begin learning as much as I could about wholesaling. It sounded like a great way to learn about REI from the ground floor, while building savings to be put towards our first purchase.
So, I started working. I started driving neighborhoods everyday to learn as much about Baltimore as I could. I left my card at every vacant house I saw. I spoke to neighbors to get info on distressed properties, and left my cards with them too. I started a website to legitimize my new business. I began advertising on CL on a daily basis for motivated sellers. I started calling rental property owners to see if they, or anyone they knew, were interested in selling.
To my surprise, I got a call 1 week later from a seller who wanted me to make an offer on his vacant shell. He wanted $6500, and long story short, I was able to talk him down to $2000! Despite catching pneumonia a few days later, and not having 1 single "buyer" on a list, I sold the property 10 days later for $4,000! I know it's not much of a fee, but I was very proud of myself and my first deal :)
2 weeks later, I found out during the title search that the seller owed over $4,000 in taxes and liens on the property :( The seller claimed he had no idea, and tried to back out of the deal. I firmly reminded him that we had a contract where he promised to remedy any outstanding liens on the property, and that I intended to hold him to the contract. I also reminded him that my deal would at least get him $2000 in help with the liens. Lastly, I offered to donate $500 of my fee to assist. Eventually, he conceded and we went to settlement earlier today :)
I want to publicly thank Ned Carey for all of his advice and words of encouragement. He seems to think it was no big deal, but I really wouldn't have had the confidence to keep moving forward without his help. Thank you Ned!!
Just wanted to share my story with everyone. I know my first deal came a lot sooner than is typical, but I was focused with an expectation that I would succeed at this, and voila, I did. On to the next!
My second deal (a crazy story!) will hopefully close next week. Keep pushing everyone!
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Congratulations! Love to hear stories about new folks being aggressive and persistent!