OfflineIt's been a while since I shared my experience in wholesaling, well, what happened 3 days ago can be one of my most exciting experience in wholesaling specifically wholesaling in such a competitive market.
An owner occupied townhouse in one of the hottest rental neighborhood here in Baltimore called me in respond to my bandit sign. Long story short, her house was so dirty but I can tell that by replacing the carpet and a little bit of touchup paint and cleaning of clutters, the house should be in good shape. New roof in 2013, updated appliances. Agreed with the price of 15K, my regret I FORGOT TO BRING A CONTRACT WITH ME for her to sign right away. Ok I went back to my home office and emailed her the contract (as per instruction) and called her in the evening so I can pick it up. No answer.
I took the initiative of posting it in a website for 27.5k and to my surprise, got a lot of response that same evening. Take note, I still don't have the signed contract. The next day, I called her to pick it up only to find out that she already did a contract with a different wholesaler (maybe she likes him more for some reason). My brows became wet, my body trembled. I have nothing else to do because she just hung up without giving me a chance to speak.
Same day I saw her property being advertised in one website, called the wholesaler and told him the story. He agreed to do a JV with him for I told him that I already have a buyer lined up. He posted it for 23k, told him I have a buyer for 25k if he split with me the profit 50/50. My buyer went to the property yesterday and immediately signed the contract and give EMD for 2k. We will close in 2 weeks.
Lesson learned: Always carry a blank contract with you. Hope you all have a productive wholesaling week. LA
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-
Wow, super close call on that one but I'm glad to see it worked out ok for you this time. It's obvious your seller was, we'll say "motivated" and didn't care who they sold to for her to get another wholesaler like that.
In the REI world, things can happen sometimes instantaneously which is why you should always have spare contracts/files on hand just in case...
John 14:6
get a plastic file box to keep contracts and paperwork in trunk of car......
http://www.uline.com/Product/ProductPopUp.aspx?BrowseListing=Y&ZoomImage...
congratulations la......
Question how did you and the other buyer do paperwork? I mean if your name is not on the assignment contract can't he screw you over?
There is a separate contract between the other wholesaler and the new buyer. The other wholesaler is referred to as the original buyer (Assignor) who assigns all rights in the contract to the New buyer referred to as Assignee. There must be one provision in the Assignment of Contract that should state "Assignor agrees to pay 50% of the Assignment fee to LA. In this particular case, I insisted that we use my own Assignment of Contract document, thank you to my mentor for providing me such contract. LA
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-
Nice job on being persistent and calling the other wholesaler to ask to JV on the deal. Some people would of took it as they lost the deal and moved on to the next deal. Lesson learned and money made, sounds like a great deal.
Reynold Orozco
good thing you followed up, and didn't just let it go...
congrats!
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
and learned something too! Well done!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
It's a Good job till I cashed the check. That's one thing I learned from this business. I have more to share in my wholesaling experience that turn out ugly. Some did not go thru because of some title issues, some had issues with the Lot being eaten by the property next to it of different owner (this issue I was able to resolve by calling the owner of the other property and sold it to him), LOL. As you see, there is always a way as long as you put your mind into it, think, don't give up and most importantly, prayers.
Thanks to all your comments. Blessings to all. LA
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-