We believe that wanting to earn a lot of money is one of the most noble things that a person can do – because the only way to earn a lot of money is to provide a lot of value and service to your marketplace and community. That’s it!
Today we talk to Spencer Shadrach about how, as Wholesalers, we can provide an exceptional amount of value and service to the people we serve (and earn an exceptional amount of money).
- Spencer found this deal through an online lead. They were an out-of-town, absentee seller who inherited the property.
- The property was worth about $130k after renovations, and the seller only asked for $60k.
- He went out to the property, and the seller was tired of maintaining it.
- Spencer could have signed the deal right there, but he started asking more questions about the house: what did he think it would be worth fixed up, and how much would it cost?
- Spencer was very candid about being an investor, and made no promise about having the highest offer – but he would have a fair and very quick offer.
- The owner said he thought it’d cost $10-15k to fix the house up, and that it’d only be worth about $80k after repairs.
- Spencer pointed out that there’s not a lot of room there to make a profit, and the property owner agreed. Spencer offered $40k, and the property owner came back with $45k; they split the difference and decided to put it under contract for on 42.5k. They drew up the paperwork and signed it on the spot.
- Spencer was willing to spend $60k on the property, but because he was patient, asked questions, and listened, he was able to make a better deal.
- Spencer ended up selling the property for $77k, so he earned a $34,500 assignment fee.
Thou Shall Prosper: Ten Commandments for Making Money by Rabbi Daniel Lapin