3 years and my first wholesale deal

[Scott Robinson]

So three years ago this Spring my wife and I decided to pursue real estate investing. My wife had just started working as a realtor and we saw an opportunity. I began attending the DFW REI Club meetings in Fort Worth to network and learn more about exactly what we were getting ourselves into. I am a full time teacher, football and track coach in Cedar Hill so not only do we not have a lot of capital to start us out but I also didn't have a lot of extra time. I was able to attend 4 or five meetings of the REI Club and everyone I talked to suggested to start off wholesaling, which sounded impossible, so I gave it a try.

For the next two years I bought a roll of stamps every month and mailed 100 letters at a time. I was targeting the foreclosure notices, expired listings from my wife's access and homes I saw driving around town. The first time my google "Real Estate" number rang I was so nervous, I still get butterflies every time but the conversation is easier now. Over the last few years I've taken 30-40 phone calls and had 3 homes under contract. Any time I had a question I contacted a guy I met at the first REI club meeting I went to and he would help me out, thanks Taylor Weakley. The first home I got under contract was over a year and half into this process and I think Taylor told me get it signed more for my morale than it actually being a good deal. He met me at the house and we quickly decided we had to terminate the contract, there was no room. I kept at it, my monthly process continued and then I got the second home under contract in July of 2016. There is a much longer story to this one, but it ended when title came back and said the owner owed $170k more than she had told me. It would have been a great deal, so it stung when I had to terminate.

During this time my wife was having success as a realtor and I was able to steer 5 of phone calls to her for listings.  I took the money she paid me for those leads, bought a listsource list and mailed out 400 postcards over the Summer, not a single call back.  Summer ended and I kept sending out letters every month.  January of this year I got a call on a letter I send to home near the fields my boys play T-Ball on.  Seller was motivated and ready to sell so I did what I always did, call Taylor.  He met at the house and had the home under contract in 4 days.  Much more to this story as well with Taylor doing most of the work.  Our seller had a health scare and we were not sure if he was going to make it so Taylor's father agreed to buy the home for the price we wanted.  Under contract for $85k, sold for $105k.  I was stoked!  My first deal was done, I got to open the champagne that was in the fridge for the last 3 years, all is well.  I took $2k to put toward marketing and I am still sending out letters every month waiting for the phone to ring again, I am more motivated than ever now, but my ambitions have changed.

Now I want to rehab a home.  A friend I work with has the same itch, he has rental experience and wants to get back into the real world.  Between the two of us we can finance a rehab but not the purchase, unless we find a great deal, so we are always looking and trying to meet like minded people.  My goal is to get a deal done before the Summer, his is to get 3 deals done this calendar year.  If anyone reading this is interested in a partnership feel free to reach out.

[Nikolas Ferreira]

@Scott Robinson IM both surprised and happy for you. 

im surprised it took that long for your first deal to close, specially having a wife that is an agent and can run numbers for you! BUT happy you stuck with it and have finally made some money. 

stick with it. more will come. maybe turn up the aggression a little send a few more letters per month, its a numbers game after all.. 

and for your money issues, look into hard money for the purchase price and portion of the rehab. if the numbers work that way why not take advantage of someone elses money!