Wholesaling isn’t always easy, but when you work past the rough patch of the road and reach your destination it can be exceptionally rewarding. In just one year as a member of the Tribe, Matthew McCourry has brought in over $67,000 – and that’s on top of a 9-5 job. Today we dig into how Matthew persisted through a difficult, four-month deal that eventually turned into a goldmine.
Digging into the Gold Mine: The Big Deal
- Matthew found this property from his county’s tax delinquent list. Because of the laws in South Carolina, the people on this list only have one year to renew their liens before risking foreclosure. They’ve already found two deals from this relatively small 800-property list.
- This list wasn’t easy to get – Matthew had to talk to numerous people in the county’s office before someone was able to provide it. Persistence pays off!
- Matthew marketed to this list using one of the Tribe’s templates (Why reinvent the wheel?) on a pink postcard, and they got a 5.75% callback rate. Almost all of those calls came in within 4 or 5 days.
- This particular individual started aggressive on the phone, calling Matthew a liar and scam artist. However, calmly, Matthew built rapport and stated that he ran a business buying homes – and discovered the caller owned a mobile home park.
- They met at the park that day. It wasn’t in good condition, but it had a LOT of potential value: city utilities, independent utility metering, city trash pickup, and a convenient downtown location.
- After the second time they spoke – and Matthew listened to his story – he could tell the property owner was a very motivated seller.
- They settled on a $180k contract, and then Matthew reached out to his cash buyers, listed the property on Craigslist, and shared it on Facebook.
- His cash buyers weren’t very interested, but after posting it online the phones started ringing off the hook.
- Then there was a problem: he found out that no more new mobile homes could be built on the property, which severely limited its potential. In response, Matthew called city council members (whose numbers were public).
- He gave a presentation at the next city council meeting, which ended up being packed with people from the town. Ultimately, they ended up rewriting the local ordinance, twice, and getting it passed at another council meeting.
- This deal took four months, but Matthew walked away with $42,500.
- Principles: Life and Work by Ray Dalio
- Rhinoceros Success: The Secret to Charging Full Speed Toward Every Opportunity by Scott Alexander