Brent “Mr. TTP” Daniels, gives us a quick breakdown of a deal that he got in Utah. He bought the house for $260,000 and sold it for $315,000, making over $24,000 in profit. Wholetailing is an investing technique where you buy discounted properties, but you put them under contract, fix it up, and then list it on the MLS market for sale.
Brent shares the emotional story behind the property and how he was able to close that deal in just 10 days. He also talks about the importance of being loud so that you can get more opportunities.
5 Minute Breakdown – Breaking Down A $24K Wholesaling Deal That Came From A Referral
We are back with another deal breakdown. This one is so exciting because this is like a free deal. This was a referral from somebody that I know in Utah. They referred this deal over. They had worked with this seller before. The seller owns properties around the country, and they happen to own this property in East Mesa. We don’t do a lot of business out there because as you can see, it’s a nice community. There’s not a tremendous amount of distressed properties in this area.
When we saw this, we wanted to jump on it, but we did a different type of technique on this. We didn’t traditionally assign and wholesale this deal. What we did is we closed on it, and did what’s called a wholetail. That’s where you don’t put a lot of money into the property. You just buy it and put it right on the MLS or the market. That’s the strategy that we used.
Wholetail is where you don’t put a lot of money into the property and just buy and put it right on the MLS market.
We were able to buy this property at a discount, but the owner of this property bought two properties, one down the street. Unfortunately, he bought this property and had it fully furnished for his son and his son passed away. It’s a tragedy. It took them a couple of years to want to sell the property. There are a lot of emotions tied up in this. We were able to work with the sellers and make this really clean.
From the first time that we found out about this deal to the time it closed, it took us about ten days. We moved quickly. We bought it with our own cash, put a little bit of rehab and clean up into it, and put it right back on the market. It was good for everybody. They were finally able to release these emotions and we were able to get this opportunity. They didn’t want to put it on the market, deal with the furniture, and deal with anything that had to do with this property. Sometimes that happens.
You get these opportunities to get referrals if you are loud. Don’t be scared. Don’t be hidden in the shadows doing your real estate investing business. You need to turn this thing around, show people, document, put stories out there, post on your Instagram, Facebook, YouTube or whatever it is that you are comping properties or driving for dollars. You’ve got a contract and you’re doing a renovation. Any of those things need to be documented.
I know everybody hates their voice and what they look like on camera, but be brave. It is for your business and you’re going to get more opportunities. You can add 5 to 10 more deals a year if people know that you are a real estate investor. That is the biggest takeaway here. I’m going to break down the numbers because it’s interesting.
You get these opportunities to get referrals if you are loud.
We got this property and closed it quickly. It wasn’t the number that I typically liked. I like bigger deals but this was a little bit tight. That’s one of the reasons why we decided to take it down and put it right back on the market. It wasn’t a traditional wholesale deal. We didn’t net a tremendous amount on this one. All in all, it took us about 24 minutes to get this thing evaluated, put it together, and make a profit of over $24,000.
We bought this property for $260,000. It’s because we closed on it, we had to pay the closing cost of $45,094. Of the repair, we only put in over $17,000. This is critical. When you’re doing a wholetail deal, a flip or whatever, if your market is on fire like ours is across the country, you can negotiate. You don’t have to pay an agent 6%. We’ve got a fantastic, world-class agent for 4% and he does everything. He is phenomenal. He got it sold quickly. It was phenomenal. The closing cost on this is about $4,000. We sold this property in under a week on the market for $315,000.
If you add all these up, it equals $290,939, and that’s a profit of $24,061. In 24 minutes, we had 2 conversations with the wholesale in Utah to send it over to us. We’ve got this deal locked up and called our agent. He went over there, got it cleaned up and organized everything. We are profiting $24,000 all because we are loud.
People know what we do. We’ve got a great reputation. That’s what I want for you. If you are interested in joining the most proactive group in real estate investing, it is the TTP Program. Go to WholesalingInc.com/ttp, scroll down, and check out the hundreds of testimonials and what the program is about. If it feels good in your gut, then sign up for a call. I look forward to working with you personally.
About Brent Daniels
Brent Daniels is a multi-million dollar wholesaler in Phoenix, Arizona… and the creator of “Talk To People” — a simple, low cost, and incredibly effective telephone marketing program…
Also known as “TTP”… it helps wholesalers do more, bigger, and more profitable deals by replacing traditional paid advertising (postcards, yellow letters, bandit signs, and PPC) with being proactive and taking action every single day!
Brent has personally coached over 1,000 wholesalers enrolled in his “Cold Calling Mastery” training, and helped 10,000’s of others who listen to him host the Wholesaling Inc. podcast, watch his YouTube channel, and attend his live events…
A natural leader, Brent combines his passion for helping others with his high energy, “don’t-wait-around-for-business” attitude to help you CRUSH your wholesaling goals as quickly and easily as possible!