All Forum Posts by: Account Closed

:D I used to have wholesale guys that I would deal with, but I would never trust them. "Why would someone leave $10k or $20k on the table, are they crazy?" I didnt understand why till I started doing it myself. Most of the properties that I wholesale now are ones that dont quite fit into my investement portfolio, or if i'm too busy on other projects then I will wholesale some.

One example of a wholesale I did this year was a home I picked up for $52k 5 bed 1.5 bath, Well I was waiting to close it I called around to a few investors, I ended up selling it the day I closed without lifting a finger for $64k on a 6 month lease option with a $2000 extension fee. I financed the house but used the buyers 10% down to cover my 10% down and still ended up ahead about $500 then in 6 months I will make a net profit of about $12k. So I used none of my money, did no work, and spent 2 hours looking at the home and then selling it. Thats $6,000 an hour. Thats why I wholesaled. (Oh im a realtor so I also made 3.5% of the 52,000 purchase price) Moveing me up to a profit of about $13k or $6500 and hour. :shock:
I have wholesaled properties without using my financing when I had no money and no time. I bought one home for $57k and took a 3% commission on that, then sold it for $65k 5 minutes later. For a profit of around $8,000. plus my $1710 commission. I used a simultanious closing so that I bought the house using my buyers money, then sold him back the house that I bought with his money. So roughly $10,000 for 3 hours worth of work, :shock: and it could have been done with no money and no credit.
Basically it could have been done by anybody.

I have countless other ways to make money with no money or no credit that I have used, but if I told you I would have to kill you!!!

If I can do this anyone can, Im a complete dummy. :goofy:

Heck 4 years ago I had to borrow money for groceries, now thats broke!!!!

5:00

So I wake up this morning to run out and check out a cottage that I have just purchased out of foreclosure when im done with it it will sell for about $80,000 and I got it for $24,000, to finish more than likely I will have put about $10,000. I could be happy with a $45,000 return, and I get to use a lake house for 2 years. Then comes the 1031 Exchange. Then comes the next good deal on a lake house. So anyway on with my great day

8:30

Got a call from a realtor who is righting an offer on 5 of my properties, I have put about $190,000 into all five. (the market is bad here so homes are cheap). Anyway he sends me an offer for $60,000 a piece for a grand total of $300,000. I counter him back at $310,000.

1:00

Close on the cottage, call my contractors work starts tommorow for them. This real estate stuff is great, spend the banks money to make myself rich

2:30

Got a call from the realtor they excepted my $310,000 counter offer. $120,000 return not bad if I should say so myself.

5:00 Return home play with our child (were first time parents), good days work needs a good days play

Celebrate birthday, Im 31 thats pretty frickin old if you ask me. I have been noticing lately that people in america have no clue at how easy wealth is to build. 4 years ago I couldnt even buy groceries, no I have a corvette, harley, and we just sold our boat because of time constraints, not bad for a dumb kid. (note all toys are paid for in cash)

Anyway at dinner get a call from a Realtor to buy a 3 unit for $36,000. This will be an 85k home all day long when im done plus if I hold onto it, it will generate $1300/mo in rent. If my predictions are right this could cashflow about $1000/mo

So Im leaving dinner and I bump into one of my old customers who proceeds to tell me how bad the market is right now. How slow homes are selling, How he cant believe that im still buying. Did he along with 99% of the investors I know miss the lesson in" by low sell high"

After he finishes telling me how crazy i am too buy now, I keep it to myself that I just got an offer with over 100k in profit on the table, and that I picked up a lake home for 24k that later ill make 45k on. I also forget to tell him that just these two deals could make me over $140k. Thats $35k a year for the next 4 years, I know a ton of people that dont even make 35k a year.

These homes that I will make over 100k on, were just purchased this year, after many days on the market. Yeah its slow but it could stay slow forever as far as im concerned.

I have bought 3-4 homes from www.McBreo.com this is the HUD website and it is free. I have also purchased 12 foreclosures this year from the regular old mls, get hooked up with a realtor who knows their stuff, and does not invest themselves