A couple of weeks ago I posted a blog post about the power of being patient. I wanted to share this case study of two guys I started working with about a year ago that happened to come across a great deal on their first day out cruising for cash. Now it is very unusual that the first house you come across that's vacant the person is motivated to sell. Was it beginners luck maybe. This property was in a neighborhood that is very desirable by retail buyer's and investors. This house was a royal mess inside and out not to mention the title to the property had more issues than Lindsay Lohan.
Chuck and Nick started wholesaling because they heard about the quick returns. It usually takes 30 to 45 days to get a check after you sign a contract with a motivated seller. The seller of this house was motivated and we had a handful of motivated buyers/real estate investors in line to purchase the property it went under contract in no time, but it took us almost a year to close this deal due to the time it took us to clean up the title to the property. Not to mention our first end-buyer lost his patience even though after rehabbing this house he would have yielded a high five figure pay day.
Check out the videos below from the first marketing video, putting together our cash buyer signs, and finally getting to settlement: