5/18-5/31 (2 Week Update)
In the past 2 weeks we have put 4 houses under contract. Well we actually had the chance to buy 6 but one of them we decided not to buy bc we have a couple other houses in that area which may not turn out to be quite as profitable as I had hoped, so I wanted to wait on seeing how those turn out before committing to anymore in that specific area. I will discuss the other one at the end of my post.
The others are as follows...
1) 3 bdrm, 2 bath, 1,140 sqft, built 1979
purchase $155,000.00 Repairs $20,000.00 ARV $220,000.00.
Source-Wholesaler.
2) 3 bdrm, 2.5 bath, 1,520 sqft, built 1989
Purchase $175,000.00 Rehab $50,000.00 ARV $240,000
This one is from the same wholesaler, as deal # 1. He will be making $10,000 on this one (not sure about deal # 1) which is included in the purchase price. Like I've mentioned before treating your wholesalers right can be worth it's weight in gold!
3) Purchase $146 Rehab $22,000 ARV $220,000
This is one my main agent got off the MLS. I saw an e-mail from him last week that we got it but as I reviewed the e-mail right now I noticed it doesn't give the specs or address. I guess this just shows how hands off I am and how much I trust my team ;-)
4) 3bdrm, 2 bath, 1,304 sqft, built 1987
Purchase $100,000 Rehab $15,000 Resale $145,000
Source: Wholesaler who is getting a $5,000 fee.
Note: (After putting these updates I realized that #4 was from one that I posted last month but it fell out but we got it back so I basically took one away and then added one back or another way to look at it is I didn't count it at all bc it is one we already had, just FYI if you are confused with the #'s ;-))
So that puts us at a total of 40 with 110 to go to reach out goal!
Honestly a couple of days ago as it hit me that May has already come and gone and in only one short month we will be 1/2 way done with the year I realized we aren't even 1/3 of the way to reaching our goal, I wondered if I should concede and adjust our goals for the year to make them more reasonable with what we are on track to hit, however I then reminded myself that I recently hired a new acquisitions coordinator who's only focus is to buy houses and we plan on doing more direct marketing in the next 6 months than we have so far in the past 7 years!
However I will be the fist one to admit that the actual results will be somewhat of a wild card since we have yet to buy a house with him, and have never attempted to do this much direct marketing before, and I really have no way of knowing how things will work out, however I came to the conclusion that if we can somehow still manage to maintain our pace of 2 houses per week from outside sources and somehow end up buying 2 additional houses a week internally then our goal of 150 houses is still a possibility.
I also want to be 100% clear that I am not putting it out there that I know I am going to achieve this goal no matter what. The truth is I DON'T know! In fact I'll be honest in saying it is looking pretty tough to say the least! In fact not only do we have to REALLY kill it internally but we have to maintain consistency with our outside sources as well, so basically there is a lot that has to go right in order to reach this goal. However what I do know is that by having this goal and still trying to come up with ways to reach it has helped us work harder in trying to think of new ways to buy houses, push our limits and overall we will have a better year bc of it so for that I am grateful.
Ok so now regarding that last deal I mentioned. This is another deal that was brought to us by my brother @Steven Williams We saw some potential for this deal and thought we could buy it for the price he had it tied up for but weren't sure just how much more we could pay especially since it was an out of state deal and we are still getting familiar with that area. Steven sent the deal out to his buyers list to see if he could get some more feedback and got a buyer who was willing to take over the contract and pay him a $15,000 wholesale fee! Although I helped Steven with some of the marketing and have first right of refusal to buy his houses I wasn't sure if I could get him that same profit he was offered from this buyer even if it was in the back end when we finished the deal so I told him (ok Vanessa told him for me) he should take the bird in the hand offer he had from this wholesaler.
The fact that I will be buying one less house as a result of this doesn't come even close to comparing with how happy I am to see my brother having the incredible amount of success he is having in this business! It has been just under 4 months since he started out in this business and he has already put together 3 deals for a total profit of $38,000!!! He is doing all the right things and putting the fear of failure to the side and just taking action and not worrying so much about the end result but just letting things happen as a result of doing what I and so many others on this forum are teaching you to do.
Just like so many here on BP teach, this business is SOO much less about hype and finding that "secret sauce" as it is taking daily consistent action towards your goals!
What Steven is doing in this business will change his life forever! Keep it up bro! Super proud of you!
