OfflineThis is insane. A wholesaler from out of state (Utah) calls my buddy Bob and asked if he wants a junk house. Bob lives 50 miles from where the house is located. Were here in Central California. Bob calls me bcuz the house is located in my city. I email my buyer the address and the price and he wants it. Brad the wholesaler from Utah was being really difficult, demanding a $5,000 non refundable earnest deposit.
I told him that was ridiculous cuz he had the house on contract for 25K and it looked like it shud be bulldozed. Finally we all agreed to a 2K earnest deposit and the buyer was OK with it. Buyer got it for $48,000 and he's a realtor and I don't know what he flipped it for.
We flipped this house for a $23,000 assignment fee we each got a check for $7,666.66 All I did was send an email to my buyer and a few phone calls to Brad and Bob.
I picked up my check yesterday, Bob is taking off from his day job to drive the 50 miles to get his check today and Brad is getting his check mailed to him.
The deal took 6 weeks. I also had a $2,500 check ready that I got from a another deal. I walked out of the Title company with $10,166.666
How sweet is that? It blows me away that because I have a bird dog buddy that I did a deal with 2 years ago calls me to help him out and I make $7,666
Is that what u call networking?
Let's make some MONEY.....
Rando
Rando
When you close deals do need to have a LLC?
If your going to wholesale a deal NO you don't need to have an LLC, If your going to buy and flip or buy and hold YES you should use an LLC.
Aaron
This deal took about 6 weeks, I had my doubts it wud close,
It just seems crazy. My buyer is a Realtor Broker and I'm sure he made money on top.
I asked my buddy Bob what he was going to do with his $7,666 He said he was going to get that new 60" LED Smart TV he has been drooling over.
I got mine in the bank and I'm gonna use 20% to do some more aggressive marketing. Direct mail, door knob fliers, and recruiting more bird dogs.
Let's make some MONEY.....
Rando
Rando
Rondo you seem to have the most interesting and amazing deals LOL. You post are very motivating.
Reynold Orozco
I got a call on a house in a small town about 50 miles away, I checked it out on Zillow and Google maps. I mailed an offer for 50K
Sellers said they needed 70, I told them on the phone I may be able to come up to 60.
I met them at the house a few days ago with my bird dog/partner that found it. He's also a General Contractor. I gave him instructions to point out all the deficiencies so we can get the price down.
The problem was, the house was in really good condition cept for counter tops and flooring. The after repair value is about 110K
We tried to get it at 55 but sellers wudnt budge. My buyer wants it at 65K
I'm still a little excited about making $2,500 each.
Although a few years ago that seemed like a lot of money.
I've done a bunch of these $2,500 deals and they pay the bills.
On to the next deal.
Rando
Rando
rando, im new and cant wait to get to the level you are. ive began getting buyers calling me.i dont have too much trouble finding the deals.i just freeze up.what did you do to get past that and how did you learn what to put in contracts to make it all work out?i have never done a contract before and i see what is in dg books....do you handle it all yourself and just use common sense or let escrow handle or attorney???how do you explain to other parties,escrow,attorney etc what you want to take place without coming off like a scam artist or worse a big flake?lol.in my area if you mention any thing creative all the realtors and title companies and attorneys get their panties in a wad.i know title companies do not do assignments. at least here they wont touch them. even the attorneys hem n haw about assignments or simultaneous closings.i dont know how to get the parties on board so i can have a team to tie the deals up that come in.any advise will be greatly appreiciated short of "rick go shoot yourself" hahaha!!! thanks, rick god bless you and yours p.s. you make it all look like a cake walk.lol
Rgm
Hey Rick, you got more questions than a dog has fleas.
I havnt found a Title company that wont do assignments, a few I had to educate them on how it works, one asked me if this assignment was like a demand for payment? I said yea, yes it is.
I use some simple contracts I got off a book on wholesaling. If you will personal message me I'll get that to you.
I usually don't deal with Realtors when buying, most don't know jack about Wholesaling and will tell you it's illegal. But I do sell most of my deals to Realtors that wholesale them to their clients. I get the sellers lowest price and get their signature on my contract. I run it past my buyers with my added fee. Once I got a buyer I email my purchase contract and assignment to the Title company, then the hard part, waiting for it to close. I've never been to a closing, and the only time I go to the Title company is to pick up my check.
Anyways, message me and we can email, I'll load you up with info and help you every way I can.
Rando
Rando
rando my friend hahahah I love reading your posts like Rey your's are the most interesting & funny & inspirational so true. right now I am battling but will redouble my efforts on off market bc yea mls is a blood bath right now.
Gonna be calling expired listings & doing bandit signs. I want to have an amazing story like the one you just posted too soon.
Tony
Go faster do more! GFDM!