My First Wholesale Deal

Today we will be talking about my first Real Estate Deal.

  • It was sometime in 2011
  • I had been sending out postcards but wasn’t getting responses
  • Came across a condo in South Nashville that a guy had inherited from his mother.
  • This condo was a complete mess btw
  • I spoke with the guy and I talked him down from 33k to 13k. He said he had to think it over.
  • The next day I called him only to discover that he had sold the condo to another investor.
  • When you search for a mentor one will appear.
  • I got him to tell me the name of the investor who had bought the house
  • A few weeks later I ran into this investor at a local rei meeting.
  • I wasn’t made because e had gotten the deal fair and square.
  • I introduced myself and got this investors number
  • We spoke over the phone a couple of time and he invited me to his office.
  • I noticed that his phone rang off the hook the whole time I was there.

I then thought to myself that my phone probably hadn’t rung all week, and that is when I made a commitment to get my phone to ring non-stop and that I wasn’t going to stop until I got a deal

 

  • I sent out 100 postcards every week $50 worth because I got paid weekly back then.
  • And I wasn’t going to stop end them out until I got a deal
  • About a month later a guy calls me and says he had a house in East Nashville that he wanted to sell
  • I went over and saw that the house had a big hole in the side

This guy wanted 30k but after a few back and forths I got him down to 10k

I got it under contract at 10k

Marketed it but no one was serious about buying it.

Was able to get my friend who I met at REI meeting to buy it from me

Made $750. It wasn’t a lot but showed me several lessons.

 

  • Lesson 1: you have to get to know your buyers and be on a first-name basis with them
  • Lesson 2: Work with people and not compete
  • Lesson 3: You have got to commit to something until you win

I have since then gone on wholesale tons of properties all over Middle Tennessee and have worked with numerous investors.

 

 

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