Podcasts

Episode 101: Successful Wholesalers Make Mistakes (and Learn From Them)

John Bowen has only been part of the Tribe for about five months, and he’s starting to gain a lot of traction. He’s made a few mistakes along the way, but he’s learned from them and now he has a lot of momentum.

The First Deal

John was a little skeptical of Wholesaling before he began. However, he trusted the Investor Grit system, followed the steps, and took action… and it paid off.

John started by finding a high equity absentee owner list, and then narrowed down who to target by finding a heat map of real estate purchases in his area.
He targeted the hot areas and sent out the Tribe’s traditional, hand-written white card mailers.
He was contacted by a property owner who lived out of state, and John listened to everything he said intently until he found a pain point: the seller was paying taxes on the property every year, and they’d never even seen it.
Before even seeing the property, John decided to put it under contract – there aren’t a lot of 10 acre lots in Greenville, NC.
He then discovered that the lot was already zoned for a mobile home park.
John accepted the first person who wanted the property. This was probably his biggest mistake because, shortly thereafter, two more people contacted him interested in the property, so he probably could have gotten even more.
However, John kept his word and sold the property for $55k, which earned him $16,000 from his first deal.
On top of that sweet assignment fee, John was able to add 10 new cash buyers to his list because they saw his listing on Craigslist and were interested in future properties.