So, I closed my first 'wholesale' deal

[BrandonS85]

If you've followed my other thread(s) on the forum, you'd see that my big interest is in rentals.

As much as I enjoy them, I HATE financing them, and have had to pass up on some great deals I've 'put together'.

Here's what I mean by 'put together' which is what everyone has to do with real estate deals, at least the good ones.

• Locate someone who has property to sell
• Physically inspect the property to determine the value
• Determine potential income and expenses for the operation of the property
• Perform due diligence with the information given to determine the likelyhood of meeting the profit & loss criteria

So, in this case I had found someone with 32+ rentals to sell, of which I WANT to buy most of them, but putting together the deal has been almost impossible due to the size, as at its core it's a million dollar package and I don't have the contacts to do it.

My total time on the million dollar package has been 10 hours or so. Most of which was physical inspection, the rest was due diligence and putting spread sheets together.

So, while I try to put together a deal to buy at least some of the properties, I carved out a little piece of the real estate, broke out my due diligence, excel spreadsheets, and sold it to a investor friend of mine.

Closed on it yesterday, and after the end of it all I'll put $7,500 or so in my pocket. I don't like losing deals, but building some income off of said inability to close on it was kind of nice.

 

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