Just Closed My Second Wholesale Deal - 9 Weeks In! (crazy story)

[Ezinwanne Hawkins]

2 weeks ago I posted this summary about my first wholesaling deal - http://www.biggerpockets.com/forums/223-biggerpockets-success-stories , and a couple of days ago I closed my second deal! And what a story it is!

So I was in my home office one afternoon, and I received an email from a supposed motivated seller via my website. I say "supposed" because the email stated that they had a house they wanted to sell for $1 because they just wanted to be rid of it o_0. I thought, there's no way this is legit. So I cross checked the name they included in the email with the property address, and sure enough they matched! And I saw that the seller just bought the property last year and didn't pay much for it, so them selling it for $1 was entirely possible!

I *immediately* called the seller, and started listening to her "story" about why she wanted to sell. She'd bought the house for a future retirement project; the city of Baltimore was now requiring them to immediately begin renovation work; her husband put his foot down so now they wanted to sell. They'd put it on the market earlier this year for $10K and it didn't sell. So now they just wanted to give it away to be done with it :)

I couldn't believe it...I kept thinking someone was playing a joke on me. But I went to the property that same day (just to make sure it wasn't a burnt down shell lol), and then immediately sent them a contract which they signed the next day. I was ecstatic. After estimating some repair costs and researching comps, I decided to offer it for sale at 5K. It had sat on the market for months at 10K with little activity, so I felt good about that #. 1 week later, I got an offer of $4300 which I immediately accepted!

I just closed last Thursday and I still can't believe how this deal worked out. There were a couple of bumps with the closing (the out of state buyer arrived to settlemt with no check), but it all worked out. The sellers kept thanking me for taking the property off their hands. From the beginning, I disclosed to them that I may keep the property for myself, or sell it by the closing to another investor - they were *completely* fine with this. Just goes to show you the difference between a truly motivated seller and one who's not.

Just wanted to share my second deal with you guys. Keep pushing and remember to always keep your eyes and ears open for those deals!