Tim got started in real estate back in 2001, and he spent time doing a little bit of everything: rehab, wholesale, lease options and auctions, Subject to’s, and even a few short sales.
He was out of the game for a while, but now he’s back, part of the Tribe, and consistently closing deals. We’re going to learn what he’s doing now, and how he managed to close a particularly difficult deal.
The Rollercoaster Deal
This deal is a rollercoaster, so prepare for a lot of ups and downs (spoiler: it ends on a high note!)
- Tim markets through bandit signs, direct mail, and cold calling. Tim has only been cold calling for a few months, but he’s already seeing a lot of success. He has mastered the hardest part of cold calling, which we call TTP: Talking To People.
- For this deal, Tim found leads from an equity list (homeowners who have at least 50% equity in their homes) via ListSource.
- Tim’s VA made calls to the people on the list, and she alerted him to a hot lead.
- He set up a time to meet the property owner, but it took a few weeks because she kept blowing him off. When he finally got to a meeting, she wasn’t there… but her (drunk) ex-husband was. However, persistence in the name of the game, so he didn’t give up!
- Tim called her back the next with day with an offer, and she said “let’s do it!”
- She was motivated because she had a $45k mortgage, the house had been vacant for 4-5 years, and she had to deal with her ex-husband.
- Tim’s offer was $65k, and the After Repair Value (ARV) of this property was about $225k. However, the house also needed about $65k worth of renovation so Tim wouldn’t budge, and she agreed.
- Five minutes after signing the contract, Tim started receiving a lot of worried texts. Later that night, she called saying she didn’t think she could do the deal (because her ex-husband was upset). She strung him around for a few days, and eventually said she wanted out because she found someone willing to pay $70k.
- Tim was firm – this was a legally binding contract – but he didn’t want her to feel bad about the transaction so he matched the offer. He redid the contract, but this time they met in front of a notary.
- There were 20-25 people who showed up to inspect the property, and they had a bidding war. Tim assigned the deal for $103.5k, which resulted in a profit of $33,500!
- If you want to learn the most exciting and proactive marketing technique that will help you find motivated sellers, go to www.wholesalinginc.com/TTP