First 2 contracts in 1 day!

I started putting out bandit signs in late September of 2015.   It took about 30 days to get a call.  In that day I got 2 calls!   I was blown away.  I moved out of my way in my own head, got rid of some negative energy, and let the universe do it job.     As a newbie wholesaler, I was stuck in the "Gotta get an assignment fee" phase.   Not fully ready to negotiate a Lease option or any other strategy.  I had heard that if it is listed on the MLS that you couldn't do anything with it.  Just one of my many misconceptions as a newbie.  Ok.  Here we go.

The first call was a $300,000 property.   Right away the value intimidated me.  After some conversation, I found out they wanted top dollar, and it needed some repairs.  After some more conversation, the owner told me that it was listed with an agent on the MLS, but she wasn't sure if the contract was up or not.  I then told her to find out if it was and that I couldn't do anything with it if it was listed.   I asked her to call me back if it wasn't and then we would work on a deal.  She didn't call back and I didn't follow up.  This was in November.  I just called her back in January and she said it had sold.    2 big mistakes.   The MLS listed issue and not following up.    So that one got away.

The second call was a half duplex.  He owned it free and clear and lives in Florida.  His friend here in Fayetteville NC was overseeing a bit of renovation.  It had a new HVAC installed with new paint and carpets inside.   He knew what he wanted for it.  I looked at the area on Zillow and saw that he wanted about $25,000 less than what that neighborhood sold for.  I agreed to meet with his guy in town.  I got stood up twice and then no contact.  The holidays were coming up and I let it go.  The last week in December his friend called me and said he was changing jobs at the time and got busy but if I was still interested he would meet me.  I met him and saw the inside of the house.  I decided to make an offer. We negotiated, and met on a price.   He accepted and I am in the process of trying to sell the deal.

I received a call from another bandit sign on the 6th of January.    A man had been through a divorce and lost some income.  He was 6 months behind and facing foreclosure court in February.  I spoke with him the morning of the 6th.  On the 7th, I went to my local REIA meeting and it changed everything.   It opened me up to the mindset of trying figure out how to work out each situation for your seller.  He said he owed 119,000 and thought the value was 150,000.  It needed a little fix up, but not much.  I thought, "good, I can work with that".  Turns out after running comps with my realtor, the value was 123,000.  I must admit, I got a little worried at the tight margin.  But then I went to that meeting.     I let him know about the lease option and he seemed a little apprehensive but receptive.  He just wanted out of the house and to not have a foreclosure on his record.  I told him to call the bank and get some info.  I told him to find out if he could catch payments up, if he could short sale, and what the real payoff was.  Turns out it is 109,000!!!  Even better, the bank will let him just restart payments and extend his loan at the end, and not have to pay the whole late amount of $5100.00.   He doesn't want to keep the house, but this opens a lot more options.   We settled on the amount for a contract price and number 2 was in the book.   I am wanting to help this person even if I don't make much money, or any for that matter.  I think if you can just help people in this business, the money will come.

For any new person reading this, I want you to know I was just scared.  Scared of it all.  Talking to people, answering the phone, trying to explain a lease option, all of it.  Every step I took through one of those fears just boosted my confidence and set me in faster motion towards my first deal.  I have got this far with almost no money out of pocket.   I paid $50 for some bandit signs off a guy on craigslist and another $50 for a tracfone.  The people I have connected with on here and at the REIA meeting have all helped me in one way or another.  I am constantly gathering knowledge, but I got caught up in the  analysis of it and never took real action.  I have been listening to bigger pockets since March of 2015.  I wish I would have taken action back then.    

My wife and I are going to be doing our own mailing.  Driving for dollars, buying a list and writing letters or postcards ourselves.  We are also going to get some more bandit signs.  I only have about 15 out there.   Don't let lack of funds stop you from just starting.   You never know who is out there looking.   

I will post my deal info when they sell.  I can't wait to change my profile status and take off the "newbie" status!  

Thanks for reading.