How I Made 30k on my First Wholesale Deal (guest blog post)
This is a special Guest blog post by our friend Josh Weidman at We Buy Homes 2 Fix, a real estate investment company specializing in Wholesale real estate in Philadelphia, PA.
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“Earn a Six Figure Income Wholesaling Real Estate in 2011â€
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<Enter Josh>
Remember when you were 12 and had this grand picture about how your life was going to turn out? I was going to play third base for the Philadelphia Phillies, live in a mansion and drive a Porsche. Now I’m 32 years old. I don’t drive a Porsche and never even played high school baseball. But I’ve discovered a way to make my grown up dreams a reality.
Five years ago I was broke. Beyond broke! I just closed my 3 year old construction company and was stuck with over $40,000 of unpaid credit lines. The two work vehicles I personally signed for were out of warranty by a month when the transmissions went out. Neither vehicle was worth half of what I owed on them. I’d taken a commission only, door-to-door water conditioner sales job in February and found myself frozen to the bone without a single sale for weeks. It was in one of those moments that I had a liberating realization. There was nowhere else to go but up!
In high school, I was enamored of Carlton Sheets and his “No Money Down System.†I bought his course, watched the videos and listened to his tapes over and over and over again. The idea of making thousands or millions of dollars in Real Estate was so exciting. But I was frozen with the fear of failure.
Fast forward to that day in February, frozen to the bone and overwhelmed with my financial, business and personal failure, when I realized I had nothing left to lose.
I scraped together a few bucks for business cards and opened up my rolodex. I called everyone that I knew and told them I was now a Real Estate Investor and was ready to buy some properties. That’s right. Penniless. Broke. Beyond broke. I had no idea how, but I was going to make myself a Professional Real Estate Investor.
It took me almost a month before I got the call that made me my first investment dollar. One of my sales people from the construction company just got out of rehab. He’d spent the previous six months on a bender and neglected to pay his mortgage. When he called me he said, “I heard you were buying houses.†We had a deal and a contract 2 days later.
Only a week before the call I was introduced to a concept called Wholesaling. The basic idea is finding investment properties at a discount, contracting with the owner of the property, and selling the contract to an end buyer who pays for the contract. I figured I would give it a try and see how much I could make.
Within a few days I had several offers on the house. I chose one and we went to closing a month later. At closing I walked away with a check for $31, 784.00. OVER THIRTY THOUSAND DOLLARS PROFIT ON MY FIRST DEAL!!!!
Since that day I have continued wholesaling properties. In the last 3 years my company has wholesaled more than 250 properties and has done as many as 12 transactions per month. We receive between 300- 400 motivated seller leads per month. I’ve given seminars on wholesaling and made untold thousands of dollars doing what I love to do.
If you’ve been thinking about getting involved in Real Estate, or you have some interest in wholesaling, it’s time to make a move. Your fear of failure is holding you back from reaching your dreams. While I no longer want to play third base for the Phillies, I still have dreams and goals to meet. I pursue them every day. I encourage you to do the same.
Sincerely,
Josh Weidman
Ps– If you haven’t registered already, do so now! The webinar on Thursday 3/31 is filling up fast.
http://bit.ly/FlipMore CLICK HERE to sign up “Earn a Six Figure Income Wholesaling Real Estate in 2011â€Â by Vena Jones Cox
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