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Updated 3 months ago, 09/04/2024
The house that taught me a $40,000 lesson in 2019...
It was a nightmare which only made me $4k.
After securing the deal, the buyer made my wife and I go through three-feet deep of snow to "winterize" the house so there wouldn't be any plumbing issues.
It was a 2 hour drive there, and a 2 hour drive back.
So much time and effort put into it for only $4k...
The person I sold it to made $40k weeks later doing nothing to the property but listing it on the MLS.
All because he had more leverage.
He knew I was in a tight situation financially and took advantage of me.
He turned me into a motivated seller.
As painful as this lesson was, it made me make major operational changes.
As well as it forced me to have a mindset change too.
A much needed one!
I no longer work from a place of scarcity.
I set myself up for success and work from a place of abundance.
I have built my cash buyer list to close to 5,000 buyers, invested into a coaching program for private lending, and developed multiple exit strategies to be ready for any situation that presents itself.
It let's me earn $40k per deal consistently today and occasionally hit some $90k+ homeruns.
Embrace your mistakes, learn from them, and adapt.
This is the only way to grow.
There are some really excellent points in here, thank you for sharing. How did they know you were hard up financially? Were you in a bad spot or just trying to get that deal done? Thank you again
Quote from @Jeremy Beland:
It was a nightmare which only made me $4k.
After securing the deal, the buyer made my wife and I go through three-feet deep of snow to "winterize" the house so there wouldn't be any plumbing issues.
It was a 2 hour drive there, and a 2 hour drive back.
So much time and effort put into it for only $4k...
The person I sold it to made $40k weeks later doing nothing to the property but listing it on the MLS.
All because he had more leverage.
He knew I was in a tight situation financially and took advantage of me.
He turned me into a motivated seller.
As painful as this lesson was, it made me make major operational changes.
As well as it forced me to have a mindset change too.
A much needed one!
I no longer work from a place of scarcity.
I set myself up for success and work from a place of abundance.
I have built my cash buyer list to close to 5,000 buyers, invested into a coaching program for private lending, and developed multiple exit strategies to be ready for any situation that presents itself.
It let's me earn $40k per deal consistently today and occasionally hit some $90k+ homeruns.
Embrace your mistakes, learn from them, and adapt.
This is the only way to grow.
#5 Investor Mindset Contributor
- Investor
- Greenville, SC
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#5 Investor Mindset Contributor
- Investor
- Greenville, SC
“The ability to attend to a task and stick to long-term goals is the greatest predictor of success, greater than academic achievement, extracurricular involvement, test scores, and IQ. Gritty students succeed, and failure strengthens grit like no other crucible.”
― Jessica Lahey
You said how horrible this person was you bought your house making all this money and took advantage of you. Stealing the equity in your largest asset at the time because of your ignorance and desperation. Now you do it on a big scale and teach others how to as well. Congrats?
Wholesaling is needed for out of state owners to get off their dead assets. Or to chase down properties after the owner has actually died. But states are passing laws to protect uneducated people just like your 2019 self. Had you called a broker you would have had about 90% of that extra money in your pocket. Which it sounded like you could have used at the time.
Probably gonna get a lot of hate, but seems this perspective was missed.
Quote from @Dave Kush:
There are some really excellent points in here, thank you for sharing. How did they know you were hard up financially? Were you in a bad spot or just trying to get that deal done? Thank you again
Quote from @Jeremy Beland:
It was a nightmare which only made me $4k.
After securing the deal, the buyer made my wife and I go through three-feet deep of snow to "winterize" the house so there wouldn't be any plumbing issues.
It was a 2 hour drive there, and a 2 hour drive back.
So much time and effort put into it for only $4k...
The person I sold it to made $40k weeks later doing nothing to the property but listing it on the MLS.
All because he had more leverage.
He knew I was in a tight situation financially and took advantage of me.
He turned me into a motivated seller.
As painful as this lesson was, it made me make major operational changes.
As well as it forced me to have a mindset change too.
A much needed one!
I no longer work from a place of scarcity.
I set myself up for success and work from a place of abundance.
I have built my cash buyer list to close to 5,000 buyers, invested into a coaching program for private lending, and developed multiple exit strategies to be ready for any situation that presents itself.
It let's me earn $40k per deal consistently today and occasionally hit some $90k+ homeruns.
Embrace your mistakes, learn from them, and adapt.
This is the only way to grow.
I was close to the cash buyer at the time, I had a previous deal fall through before this one so I really needed this one to go through.
Quote from @Josh C.:
You said how horrible this person was you bought your house making all this money and took advantage of you. Stealing the equity in your largest asset at the time because of your ignorance and desperation. Now you do it on a big scale and teach others how to as well. Congrats?
Wholesaling is needed for out of state owners to get off their dead assets. Or to chase down properties after the owner has actually died. But states are passing laws to protect uneducated people just like your 2019 self. Had you called a broker you would have had about 90% of that extra money in your pocket. Which it sounded like you could have used at the time.
Probably gonna get a lot of hate, but seems this perspective was missed.
I didn’t say the person was horrible, and I don’t blame them. In fact, I admired what they did and wanted to learn how to do the same. That experience pushed me to grow, learn, and ultimately do what I’m doing today—helping others create successful off-market real estate strategies. Wholesaling, when done right, can be a win-win for everyone involved, and my goal is to ensure that happens through transparency and education. Thanks for your input.
Quote from @Caleb Brown:
Love it! All about investing in yourself. Will always change your business
Absolutely my friend. This was a blessing in disguise and really helped me learn what I needed to learn to get to that level he was at.
Quote from @Mike Dymski:
“The ability to attend to a task and stick to long-term goals is the greatest predictor of success, greater than academic achievement, extracurricular involvement, test scores, and IQ. Gritty students succeed, and failure strengthens grit like no other crucible.”
― Jessica Lahey