#1 For 2014 ~ Turnkey 4-Pack Co-wholesale Nets $7.5K!!!

This is a deal that I started on in mid October. One of my buyers contacted me and said he had an “order” to fill for 100+ turnkey properties, and told me to start looking. This guy is actually a wholesaler that has a pretty exclusive buyers list…a former appraiser whose dad was a realtor. He knows a lot of the right people and has since began to mentor me.

Of course, I got right on it and posted ads on CL. I was contacted by a seller (again…the absentee tired landlord) that had 4 rentals she wanted to sell for $80K. They weren’t bad, but she was renting them well below market rates. Even so, the gross return was still over 32%!

So, we met them for the walk-thrus and struck up a pretty good rapport. They mentioned 2 more vacant properties with very delinquent taxes, they would let go REAL cheap. There was also, another vacant property that they would let go if we just paid the back taxes.

We negotiated a price of $73K for the 4 Turnkey properties, plus $1K each for the first 2 vacants…making a total of $75K. The 3rd vacant was thrown in for back taxes, and is being donated it to a local charity for cancer.

My buyer/partner found a buyer for $95K that already had some properties in the area.

We really tried to get this one closed before the holidays, but it just didn’t work out. There were some title issues with old seller mortgages and local municipal liens that made it drag out. Deal closed this past Thursday 1/9…received my wire on Monday afternoon.

I know that if you’re reading this, you’re probably thinking….the spread is $20K; why did John only make $7.5K??!! Well, my partner actually did a double close, paid all closing costs, excluding liens/judgements (there were some), plus all delinquent taxes. He really didn’t net much more than me; and did a lot of the work (contracts, etc.)! I’m just tickled pink with my $7.5K and couldn’t be happier!! 

I never went to closing, or had any kind of “official” JV or Referral agreement with my partner, either. Just sat back and waited on the wire to hit the bank!! It’s pretty cool to have the deal go down with the “good ole boy” method and a handshake! Of course, I don’t recommend it to everyone until you build the trust and relationship first!!

Keep kickin’ it people! You can do this! Just get out there and take some kind of action!! Make contacts, inquiries, put out bandit signs and network and get involved. SOMETHING WILL HAPPEN!!!!

NEXT!!! ….got orders to fill and I need to kick it up a notch!