Wholesaling Real Estate | How I Made $7500 in 3 Hours

Описание: So you found a good deal...Now what? How do you convert it into a deal and make money? On this video, I’m going to break down and show you the 6 steps I followed to acquire and wholesale a deal and how I made $7500 in 3 hours of work.

ALL-IN-ONE HOUSE FLIPPING SOFTWARE
http://GetFlipster.com

Step 1 Determine the ARV:
Once I saw this lead, before doing anything else I needed to know the after repair value or ARV. ARV is simply what the house will sell for to a retail buyer once it’s fixed up. Now since I had a really good understanding of the market, and using my deal analyzer software tool, it only took me a few minutes.

Using data from active, pending, and sold comps in the past 6 months in that neighborhood, I determined that the ARV was $115,000.

Step 2 – Determine the Cost of Repairs:
Following that, I sent my property scout to go to the property to do a walk through to look at the floor plan and layout and to take detailed pictures. He was in the area, did the walk-thru, and emailed the pics and list of items needing fixed.

Using my repair estimator tool, it tool about 15 minutes to calculate the repairs at $35,000.

Step 3 – Run the Formula:
Now that I had the ARV and repair cost numbers, I ran my “fix and flip formula” to determine the purchase price. The formula I used for this particular deal was ARV x 70% less repairs so ($115,000 x .70) – $35,000 = $46,000

Step 4 – Make an Offer:
Since the property was listed for $44,000 and my maximum allowable offer was $46,000, this clearly was a great deal. Now keep in mind, my this point it was 10am and I haven’t left my house. I immediately called back the listing agent to make an offer.

I explained that I was a “cash-buyer” and would like to submit an offer on his listing.
Now this next part is very, very important. I told him that I would like him to represent me on and submit my offer for me. This meant that he would get both sides of the commission (3% as the listing agent and 3% as the buyer’s agent).

Do you realize how motivating it is for a listing agent to get both sides of the commission? In other words, he will make double what he normally would make to sell this property. In return, I asked that he work extra hard to get my offer accepted.

Even though asking price was $44k, I offered $46,000. Why did I offer $46,000 when it was listed for $44,000? For 2 reasons:
1). $46k fit my buy formula and
2). I knew it was priced right and I didn’t want to risk a higher offer being submitted by another investor.

About 2 hours after that the listing agent called me back and explained to me that the seller is going to wait until 2 pm the following day before accepting any offers.


At noon the following day the agent called me and said there had been several offers submitted and 2 of them were cash offers for over list price and that the seller was requesting everyone to submit his or her “highest and best” offers. I decided to stay put at $46,000.

Fully anticipating one or more of the other investors to offer more than $46,000, I waited. That evening the list agent called me to inform me that the seller accepted my offer! He went on to tell me that there were a handful of offers that were over list price and a few that were more than my offer but the listing agent persuaded the seller to accept my offer!

Step 5 – Put Together a Wholesale Deal:
Now, having been in this situation before, I recognized that there were other investors who were willing to pay more than $46,000 for this property.

Then I called back the listing agent and asked if I could have the contact info for the buyers’ agents for the other investors that offered more than $46k on the property.

Next, I called the agents and told them that I was the winner on the property and that I had a lot going on and would be willing to assign my contract to their buyer for $55,000.

To make it worth their while I offered the buyer’s agents a $1,500 commission if they put the deal together.

The following morning, one agent called back and said their buyer accepted! I requested that the buyer’s agent get me a purchase agreement and a $2,000 earnest money deposit (EMD).

Step 6 – Close and Collect My Check
Two weeks later was the closing. We did a single closing that I did not attend and after paying the cash buyer’s agent $1500, I made a whopping $7500.

Total time spent on the deal - 3 hours.

------------------

GET PAID $10,000 to find deals for Jerry
http://www.My10kCheck.com

SUBSCRIBE:
   / jlnorton1234  

FREE DEAL-FINDING SOFTWARE
https://flippingmastery.com/datacrunc...

FREE BEST-SELLING EBOOK: Making Money in Real Estate
https://flippingmastery.com/ebook-10k...

Learn How to Mentor & Partner With Jerry:
http://FastTrackwithJerry.com

FACEBOOK:
  / flippingmastery  

INSTAGRAM:
  / flippingmastery  

#FlippingHouses WholesalingRealEstate #HowToFlipAHouse