Wholesaling Works
sorry joel for the caps it was a mental www.mistake.I was excited to tell all the newbies how this stuff really works. I made $70 thousand wholesaling and started with bad credit and little money. my motivation was this web site and all the information you seasoned investors shared on the www.forums.I read all of the motivational books think and grow rich rich dad poor dad and think big. i applied my knowledge with persistence and became successful because i wanted to change my life. to all newbies you can do this real estate investing thing if you put in the work. 
Congratulations! Excellent news! Too often there are no good stories shared with others. Keep em' coming.
Jeff
I posted a congrats here as well but somehow it didn't get posted. Oh well...again congrats!! Do you mind sharing w/ us your biggest deal as of yet? And also how many you avg per month. I would love to here more success stories..as jeff noted there really aren't a lot to read about.
One more thing, what advice do you have for beginners wanting to achieve the same results???
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I do believe with hard work and motivation one can succeed. First deal Netted $134K and some change.
It can be done
Bianca
I do believe with hard work and motivation one can succeed. First deal Netted $134K and some change.
It can be done
Bianca[ Edited by Bianca on Date 10/20/2004 ]
Congrats!
I agree that it is all about being absolutely committed to making it happen. I was living way beyond my means in Huntington Beach, CA with a great salary for about a year in a job I hated when I realized things had to change. I focused on cutting my expenses (sold my fun car, moved into a friend's one car garage in san diego, cut up all but one credit card). In 6 months I had paid of 15K in credit card debt and 3 months later bought my first flip in Phoenix. 90 days later I had made $4K on the deal on top of what I was saving. That was a year ago, right now I'm working on wholesaling a townhouse development I bought at foreclsoure in Tucson for $2.4M, and brokering a deal for the rest of the development that brings the total wholesale amount to nearly $8M. I can't wait to see what I can do this year!
This forum has been so supportive, I look foreward to hearing what everyone else is doing.
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I love when you guys post your success stories. The success you guys are haveing is one of main forces driving me. So, keep giving us newbies something to shoot for.
Bianca, was that deal on a million dollar home?
thanks for the replys my biggest deal was a wholesale deal of sixteen properties that i made 32,000 on. i assigned all sixteen properties for $2000 thousand apiece so i could close the deal www.fast.I usually charge 3,5 thouand a deal but now i look for investors who want to sell a package of homes and then wholesale them for 2000 apiece. if i make one thousand a deal that beats working 40 hours a week any time do not be greedy get some deals under your belt and you will see that this works.
This week alone my partner and I made 40K. By the end of the month we should be splitting a total of 80K. This is all because I finally applied myself and started really working the business. It does work!!!
Quote:
On 2004-10-20 23:44, shadow4 wrote:
thanks for the replys my biggest deal was a wholesale deal of sixteen properties that i made 32,000 on. i assigned all sixteen properties for $2000 thousand apiece so i could close the deal http://www.fast.I usually charge 3,5 thouand a deal but now i look for investors who want to sell a package of homes and then wholesale them for 2000 apiece. if i make one thousand a deal that beats working 40 hours a week any time do not be greedy get some deals under your belt and you will see that this works.
shadow4,
Congrats on your success!! May I ask how did you first get started? By just reading the posts here on TCI alone or did you invest in a course? If so which course did you invest in and do you recommend it to others?
Just figured I would probe your success post for some additional information for those out there that are looking to get started...
Justin
I started out reading books and then birdogging. I got ripped off buy a investor who did not pay me for birddogging so i started wholesaling to protect myself. and by reading the psts you can learn alot. I pick one day to go through all the posts on the forums I am interested in doing. so know i am studying the subject to forums and is about to buy john the money maker lockes book to get started.
Let's keep it going people...I know there are more successful investors in here than has posted.
Bianca do you mean you nette 134k off of one deal or a group of properties just as shadow did. And also was this strictly a wholesale or did you do some rehab and retailing??
Just curious as to how such a large profit can be made on one wholesale deal.
Keep it going people.....I need these success stories to keep me going 'til I conquer my 1st deal!!
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These stories are definately encouraging, I'll tell you that. I am a newbie wholesaler about to make a move here in a few days for the first time. I've tried over this past month to get all the things I think I need in order. I started an LLC, got bank acc for business, po box, the works just so that when I go out there I feel like I'm doing business, not as my self but on behalf of my company. It's like a way of psyching my self up. I hope it works out for my partner and I, because we kind of feel like we are walking into uncertainty. Thanks for the encouraging success stories! Keep them coming please! :-D
This post deserves the following:
"Results not typical. Your actual results may vary"
You can't expect to go into REI without knowlege and some direction. I would venture to say that there are probably far more losers out there than winners. Just being on this site lets us know which side you are striving to be on.
GOOD LUCK
Myfrogger, what was the point of your reply.........If the only thing that came to mind was a NEGATIVE comment, why even post?Honestly, do you think that you just helped someone?
my frogger the only who lose is the one who do not try? I was ripped off by unsavory investors when I started and the average individual would have called it quits then but i refuse to lose. if you study and read and learn and then go out and make offers and apply what you have learned you will come across a deal sooner or www.later.the one that lose is the one who does nothing.
I am a landlord but I also a full time job.
So I am doing ok with this.
But doesn't wholesaling entail being able to get to courthouses,etc during the 9-5 hours?
How can wholesaling be done part-time?
Thanks!
-Ariel
The biggest thing is to protect yourself - get it in writing. I had a partner - he provided the money and I did all the researcha nd found the properties and such. We bought over 20 vant lots worth over $250K for less than $30k. Now I found out he changed all the deeds before the sellers signed so the properties are registered to a corp he owns solely.
Burns my b**t but I surely learned about the value of getting it in writing FIRST. LAST and ALWAYS
Success is simply by being out there in the hard streets of real estate investing.
Let me share a deal that one of my students did in October of this year.
She had little no experience as an investor.
She found a bird dog to locate real estate for her and offered to pay him $750 per deal she was able to make.
He located a property from a simple drive-by. It was a vacant home and the owner was in the front yard.
Property was not listed or advertised for sell but the bird dog simple got out of his car and started talking.
Property would sell for on the open market for $59,900 with around $14,000 in rehab cost.
The owner was just sited by the city and fined $300 for not taking care of the property.
The owner's wife just left and cleaned out his bank account.
The owner said he was tired of all the problems and just wanted out and said if he could get $6,000 he would sell.
The property was purchased for $6,000 and placed under a 90-day contract and the property owner handed over the keys.
My student now went to work. The day of the contract she went and purchased $15 worth of for sale by owner signs and placed them all near the property. Within a matter of hours she sold the house for $13,000 to another investor.
This 1st deal netted her only $6,000 after all was said and done from a $15 investment.
This is not a home run, but what a great return for a days work.
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Well if we are going to share success stories, here we go....
One of my affiliates was contacted by an owner who was going thru a divorce. They had a property worth $400k that they were willing to sell for $305k.
My affiliate had a contract to purchase for $305k signed and opened up escrow as an 'assignment'. She then contacted an investor in her area at her local REI Club and 'wholesaled' the deal for $35k three days later! Yes, it can be done. Wholesaling is the fastest and best way for someone wanting to get into this business to start!
Congratulations to all of your success!
Best Riches,
Jeff Adam
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Jeffrey A,
So he actually got a 35k check for an assignment fee?? or double closed??
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