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December 02, 2022, 09:49:49 am
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Author Topic: 5 Wholesalers in on this Insane deal, One is in Idaho, One is the Buyer  (Read 5134 times)

Offline Randoskie

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My wholesaling buddy Bob tells me he can get a 4/2 fixer w pool for 119,500. Now Bob can find these distressed fixers sometimes but he don't know how to sell them. I look it over and It looks like a great deal, the arv is 260-280K and the wholesaler that found it wrote up a nice sheet describing all the work needed with photos and comps, and he estimates 60K in repairs.
Bob tells me he will go get it on contract tomorrow after another investor that has an appointment looks it over. I tell Bob to get his hairy ass over there now because I can sell this. Of course Bob says tomorrow unless I got a confirmed buyer.
So I send it out to my buyers and getting some requests for photos. I also send it to Brad, another wholesaler that Bob and I did a sweet deal with 2 yrs ago. He lives in Frikin Idaho and this deal is in central Ca.
Almost instantaneously Brad tells me he wants it and wants to know who the other wholesaler are & if we can split if he finds the buyer.
Then Brad emails my buddy Alan who is also or was a wholesaler but now is looking for buy and holds. And Alan emails me and asks for a discount, I tell him its sold, he says I know, I'm buying it. I'm tossing my cookies up in the air.
I had also sent this deal to Alan but he took too long and he cuda saved 5 grand if Brad was out of the picture.
Brad and I finally got Bob in gear to get his butt over there and get the contract signed today.
I sold this deal in 45 minutes and have several back up buyers.
Life is good.
Let's make some Money....

Rando

First wholesaler has it at 114,500, and wer getting it from him for 119,500, and selling it for 135K, looks like were all making about 5 grand each for a total of $20,500 assignment fee, and there is 500 buks left over


Offline Randoskie

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Re: 5 Wholesalers in on this Insane deal, One is in Idaho, One is the Buyer
« Reply #1 on: December 14, 2017, 04:24:27 pm »
The wholesaler Brad is actually from Utah. Well ol Brad is not screwing around, he drew up all the assignments between us 3 and the first wholesaler, and he's got one for the buyer to sign, and he's got a title company and is having our buyer/wholesaler Alan put down a 5K earnest. He sent them to us with a automated signature document thingy, I got to get out of the cave more often.
Now he's talking about going in on some direct mail with me.
I'm wondering if Bob is happy with the 5 Grand he's making, or is thinking he cud hav made 15 grand if he went directly to Alan, and bypassed Brad and I, cuz were all in this grubby little bottom feeding wholesaler circle. Bob finds these deals and we pass them around like a cheap hooker. I'm amazed how I almost do nothing, a few phone calls and emails and txts while sitting on my lazy buns.
This property is really nice, It's old but the kitchen has been updated and it's got 2 1/4 acres with the town just 10 minutes away. The pool looks nice but there is a crack above water line. Nice mature trees and 2 acres of fenced pasture. One weird thing is this property shares a well w the neighbor. There are separate septics of course.
I hope I can keep Bob happy and bringing in the deals.

Offline Randoskie

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Re: 5 Wholesalers in on this Insane deal, One is in Idaho, One is the Buyer
« Reply #2 on: December 15, 2017, 12:18:44 pm »
I knew this buyer from b4 because we have done a half doz deals together, and I knew he was as flaky as a cheap pie crust, so the second I heard he was our buyer I was worried but thought hey, maybe he's got his crap together.
So last night Bob started txted me and emailing and calling, he was frantic, our buyer backed out.
Funny cuz I was half way expecting it.
I just sent it out again to all my buyers and got some killer ads running on CL, and have just got my first phone call. Brad has a few buyers lined up to view property Sunday. Were going to get all interested parties there at 1 PM to create a buyer feeding frenzy.
Let the heads roll.

Offline javipa

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"149 Ways (Plus One) To Find Motivated Sellers..!"  -Free Report-
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Offline Randoskie

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Re: 5 Wholesalers in on this Insane deal, One is in Idaho, One is the Buyer
« Reply #4 on: December 15, 2017, 01:45:00 pm »
My buyer Bill from Sacrament wants it at 130K Brad has a buyer at 135. I txt Bill that we got several buyers with appoints on Sunday at 135K I tell him this puppy is going down. 135K 3K earnest and let's put this bad boy to bed.
Oh crap, bill calls 5 minutes later, he'll do 135 but no earnest.
Brad calls, his guy is whining that he thought this deal was his.
I tell Brad, tell him your partner is a real ahole and this is his favorite buyer and yada yada. Maybe we can get their nuts in a vise and squeeze  more profit.
This is really fun, win or lose, it's exciting.

Offline Randoskie

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Re: 5 Wholesalers in on this Insane deal, One is in Idaho, One is the Buyer
« Reply #5 on: December 16, 2017, 12:25:58 pm »
I feel like the ring leader and gotta keep these wholesalers in line with minute directions.
Brad wants name of Title Co wer using. Bob says the Title company that I found that does assignments is closing end of this month. The ladies running their late Dad's title company are retiring. I tell Bob he lives in that area find us a Title company.
Brad is emailing contracts to mine and his buyers, and wants earnest.
My buyer Bill calls me and I tell him to cross it out and I might have to kick Brads butt. Then buyer Bill's wife talks to Brad and he gets them to agree to a $1,000 earnest deposit. She discloses she's a realtor, OMG.
Brad wants to get everything signed and locked up and in escrow by 5 PM today and it's already 2:30
I tell Brad, slow down pardner, let's get set up for the Sunday showing and by Monday we will know who our players are.
I ask Bob if he wants to be in on the Sunday meetup, he wants to know my phone number in case he is waiting and its a no or late show. I txt him back, its this same number you txting genius.
It's like the keystone wholesalers running around in circles and luckily for me, I luv it..

Offline Dmccright

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Re: 5 Wholesalers in on this Insane deal, One is in Idaho, One is the Buyer
« Reply #6 on: December 17, 2017, 09:54:09 am »
I feel like the ring leader and gotta keep these wholesalers in line with minute directions.
Brad wants name of Title Co wer using. Bob says the Title company that I found that does assignments is closing end of this month. The ladies running their late Dad's title company are retiring. I tell Bob he lives in that area find us a Title company.
Brad is emailing contracts to mine and his buyers, and wants earnest.
My buyer Bill calls me and I tell him to cross it out and I might have to kick Brads butt. Then buyer Bill's wife talks to Brad and he gets them to agree to a $1,000 earnest deposit. She discloses she's a realtor, OMG.
Brad wants to get everything signed and locked up and in escrow by 5 PM today and it's already 2:30
I tell Brad, slow down pardner, let's get set up for the Sunday showing and by Monday we will know who our players are.
I ask Bob if he wants to be in on the Sunday meetup, he wants to know my phone number in case he is waiting and its a no or late show. I txt him back, its this same number you txting genius.
It's like the keystone wholesalers running around in circles and luckily for me, I luv it..

I hate the word Realtor. Every one I have ever met knew everything about real estate and I knew nothing because I didn't take a weekend course for a month.

Offline Randoskie

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Re: 5 Wholesalers in on this Insane deal, One is in Idaho, One is the Buyer
« Reply #7 on: December 18, 2017, 12:19:16 pm »
Our buyer took one look at the place and ran for the hills. He was a serious prospect too, drove 4 hours each way from Sacramento. He's an experienced rehabber and told Bob this dry rot vermin infested abode needs a 100 grand in rehab.
Now what I usually do is get depressed for a day or 2, then get mad, then get motivated to sell the frikin thing.
Bob says we can't expect a lower price from sellers cuz they own 100 grand and just wanted a few buks to leave town.
I'm thinking I'm thinking.

 




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