Made $16k in my first Wholesale Deal

[Ramon Cuevas]

Hello BP,

Today I closed on my first wholesale deal and wanted to share the experience with you guys and also hope to encourage others who are getting started to continue their journey and not give up!!!

The Deal: My brother-in law is a realtor and recently sold his house via owner finance. The next door neighbors had asked him to help them do the same thing with their property but instead him and I got the property under contract and sold it cash for $16k more than the contract sales price. We split the assignment fee.

There are some many people who I would like to thank but unfortunately cannot tag anybody lol,

@SeanTerry, @JoeMcCall, @MichaelQuarles, @matttheriault, @benleybovich and of course Josh and Brandon Turner. You guys have all inspired me to do what I do and keep going every day.

My advice to all the newbies out there is to educate yourself, listen to podcasts, attend your local REIA and meetups, find a mentor and last but not least, talk to everyone you meet and tell them what you do because you never know where that first deal may come from.

[Ramon Cuevas]

@Scott Harper The owner finance was an available option to the buyer but he was able to pay cash.

@Pratik P. Thank you for your post. The property was a mobile home in need of extensive repairs. The seller was not in a position to make repairs to the home and had already purchased another mobile home on some acreage. The ARV was probably around $110k, seller was happy to get rid of the property without having to do any repairs or trying to figure out how to deal with a child support lien and abstract of judgment that came up during the title search. Buyer was all in for about 70% of ARV minus repairs. In my opinion a win win for everyone @John Thedford Seller was aware that we were going to sell the property for more. I am curious about what Hard Money goes for these days? 2.5 points and maybe 10-11%? Do you educate your clients on the benefits of getting a loan at a bank or borrowing private money from friends or family versus borrowing hard money? I am pretty sure you don't and the reason why some people would borrow money from you is because they are not in a position to get traditional financing. You are not forcing them to get a loan from you right? The same way a wholesaler is able to buy a property from a motivated seller and sell it for a profit.