Wholesaling Properties Review for the Week

Wow this has been a crazy week! I was actually thinking about doing video post for this but I have my 5 month old baby crying in the back round 🙂 We went on a quick trip to NYC my home town and he got all off schedule. He is getting there.

Well anyway this week has gone UP and this week has gone DOWN. You know thats how business works, right? You will have your really good weeks and you will have your really bad weeks. You will have your kicking months and you will have months that absolutely SUCK!! This week I had three deals that I am working on and all of them looked really solid.

I had one deal where the house is worth 160K and they guy was seriously entertaining selling it for 80K. Hello? Thats 50 cents on the dollar! I will tell you exactly what went wrong with that deal. I am not sure you have heard this type of terminology but it is called the “one-legger.” Basically what that means is you are only dealing with half of the decisions makers. In this case it was his ex girlfriend that is on title with him. You don’t know how many times I have told myself I am not going on anymore “one leggers.” You see the problem with this deal is that both decision makers are not present and therefore the other party who is not present does not make their decision based on your influence. They make the decision based on what the other party’s take was of you. Not the best situation! Now I don’t care if you are the best closer in the world but you cannot close somebody that you cannot talk to! Long story short I thought I had this deal all wrapped up but two days later he finally answered my phone call….no, no, I am sorry, he finally had the decency to text me back and let me know they were going to go another route! Oh well, that one goes in the follow up file! You will probably be seeing my check from that in another 3 months or so 🙂

The next deal I was working on told me that they would take 55K for their house when I know it is worth at least 140K. Another good deal! However this lady lives out of state and we were supposed to meet with her on Friday but she cancelled because of a “doctors appointment.” Now sometimes I guess that could be true but sometimes they cancel on you to buy more time and you cannot do a thing about it. Oh well…people are people and you have to live with it. We are in the people business! She goes in the follow up file as well!

Another deal I have been working on has all been done via phone and fax. Sometimes this is cool because you dont have to meet with anybody. The negative thing about his deal is that you cannot really look into the sellers face to see what they are really thinking. You really have to be there sometimes to get their first reaction when you give them that LOW offer. A great thing about dealing with a lot of motivated sellers is that you learn how to read people. Once you learn this skill you will be unstoppable! I can give a seller an offer an tell before they say anything if they are going to take the offer or not. It all comes down to their body language. You cannot do that over the phone. To make a long story short, he finally faxed the contract back to me signed just a few hours ago! It is small deal worth 3K but every little bit helps right 🙂

Now for the fun part! I had a closing this week and below is the check!

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Yep, thats right ten thousand dollars! I have another closing this week coming up for another 10K so that makes for a great month. There is money to be made so what are you waiting for? Start marketing, get the phone ringing, start talking to motivated sellers and get yourself a deal!

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  • Its funny in dealing with thousands of homeowners, the situations some people get themselves into. Great blog!