Hello everyone,
I just felt like I should share my little success story to keep new investors from quitting on their journey.
So far I’ve been wholesaling for about a year and a half or so. I was not consistent in the beginning (first 6-7 months) but ever since Dec of 2016 I’ve been very focused on building my business and scratching and clawing to get deals closed. Before this deal I’ve completed 4 deals by myself.
It all started with a call from a seller who received a yellow letter of mine. She mentioned that she lived outside of the city and might be interested in selling her vacant house. I asked her if we could schedule a time for me to view the property and she mentioned she didn’t have a key to the house(wth Lol). So I said no worries I’ll just go by and walk the property and peak through the windows. I get there and see that it’s definitely a property that needs work (Full Rehab) and it was impossible for me to see through the windows. Knowing I would have to get inside to view the house and to show buyers I was straight up with her. In a nice respectful way I asked her basically if I could break into her vacant house. She laughed (built a lot of rapport that day) and said go ahead.
So I get inside and just as I thought, FULL GUT!!! No worries. I give her a call and we start talking numbers and she mentions that she has a 10k lien on the property because she took a loan out to pay the property taxes. I then asked her what she would be comfortable walking away with and she said at least 10k. So with those two numbers I was able to figure out my numbers and see if it could be a possible wholesale deal. The comps in the area were horrible so I knew that it was going to have to be a special buyer to pick this property up. I called back and tried to negotiate with her but she wasn’t having it at all… So we agreed to 10k for her while me covering her lien… So I’m 20k in… Let’s find some buyers.
I marketed the property hard on craiglist and my buyers but really wasn’t getting the hits I wanted… A lot of tire kickers and people saying they couldn’t do anything with it.. Eventually I gathered enough interested buyers to have a showing. At the showing not one buyer made an offer and I was a honestly questioning if I was going to be able to sell it or not. That night I gathered a few remaining blank bandit signs and wrote some out stating “House for sale $26,000”. Took a trip and placed them at the nearest intersections. The very next day my phone blows up with people interested in the house but they were all offering way below asking price. The second day, it was about 7am in the morning I get a call from a son of a lady who lives on the same street. He mentions that they have family moving nearby and need a place to live. I told him we have had a few offers put in and that they should go check it out and let me know what they thought.
Fast forward to the next morning. I get a call from the son and they offer $35,000. It caught me so off guard when he made the offer that I kind of froze on the phone. Eventually I was able to murmur something out that sounded like “Yeah, I think that may work”… Knowing in my head that was absolutely w worthy offer. The next day I meet them out there and they walk through the house and still willing to pay the $35k. They sign the assignment contract, put down $1,000 earnest money and we scheduled closing.
That deal ended up netting me $13,700 because a few other little charges/taxes came up. But all in all it was the most profitable deal for me so far and I’m so grateful for it.
Moral of the story… When it looks like things aren’t going to go your way, get creative and keep on pushing. You never know what your extra efforts will do for you.
Thank you all for reading this far, Lol, I know it was super long.
Have a great day everyone!
Benjamin
