I am pretty new to Real Estate Investing. I have recently done my first wholesale transaction & REIClub is partly responsible for it.
Watching one of your webinars a couple of months back you had a speaker, Charrissa Cawley, who shared so much great info & just one of her tips made me $4,200 on my first wholesale deal through the use of Bandit Signs.
To make a long story short, I put up exactly 20 signs around the area I wanted to farm. When the signs first went up I got a lot of responses and a couple of good leads which I am still currently working. But after the initial two weeks or so after I put up the signs, the responses dropped off for about 2 months.
Until about 3 weeks ago when I got a call from a homeowner who was begging me pretty much to take his house before it could be condemned by the city of Durham, NC.
The property address is 301 Maple St. He owned the property free and clear but fell on hard times and couldn't afford to keep the property up or pay the taxes. He just wanted out because he couldn't do anything with the property in its current condition meaning he couldn't rent it or sell it.
So I offered him $10,000 for the property told him I was a wholesaler & exactly what I would do in regards to assigning the contract. I found a buyer through my local REIA group and sold it to him for $14,200, he haggled me down from $15k I was asking.
The ARV after about $10k in repairs will be approx $72,000 and this all happened within the space of a week from my 1st initial contact to the closing in which the end buyer, who was another wholesaler, paid me in cash & the seller with a money order.
I think that investor is going to keep the property as a rental though I`m not sure. Well that was my story and I am looking forward to doing many more flips.