Posted on: October 02, 2017

Colin Ferrall is only 23 and he’s only been Wholesaling for the past 6 months, and he’s already found a great amount of success. We’re going to do something a little different and dig into his very first deal and a deal that hasn’t closed yet, but there’s too much gold there not to mine it.

 

The First Deal

  • Colin started by securing the Tax Delinquent and Absentee Owner lists from his city.
  • He sent out mailers based on the Tribe’s postcard template.
  • About a month and a half after sending that mail out, a potential seller called him saying he was finally ready to sell.
    • Hot tip: the people who hold onto your mail the longest are the hottest leads.
  • Colin walked through the script to find his motivation and how much he wanted, which added up to a great deal. They put the property under contract for $20k.
  • Colin’s buyer list was still new, so he actually ended up purchasing the property himself with transactional money – he wanted to make a name for himself in the buyer community by closing it himself.
  • They listed the property on MLS for $40k and, in three days, received an offer for $38k. They accepted the offer, and closed the deal for about $16k before closing costs.

 

The Big Deal

  • Colin went through a similar process with another property.
  • The seller wanted $65k for this property, but that was too high for Colin. He kindly said he couldn’t do that and made an offer of $50k.
  • About a month later, that seller called him back to accept the $50k offer.
  • People are still bidding on the property, but they’re expecting to make another $15k+.

 

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