Real Estate Investing lessons

About a month or so ago, I was wasting time on Facebook and I just casually mentioned that we were looking for homes that are run down and in need of repair. I just posted that if anyone was interested, they could message me directly.

Unfortunately nobody responded.

But two days later, a real estate investor I’ve never met before saw our post and messaged me and my acquisition manager Bill that he had a property for us, but it wasn’t exactly what we were looking for.

He simply had a property near us he was looking to rehab, but was having trouble financing it. Two days after we got the lead, we had the contract wrapped up from the investor for a $10,000 wholesale fee.

Lesson #1:

Use any ethical means available to find deals – including your social networks. Just do it casually on Facebook.

Lesson #2:

When you get a deal – be flexible and open to any and all ways to get it done – even if it’s not exactly what you’re initially looking for.

In the following days, we couldn’t quite work out the details of when the seller was going to vacate the house.

The issue was the seller had so much stuff in the house (think “Hoarders” from TV) that they were just completely overwhelmed and were starting to get cold feet. The deal was starting to fall apart if we didn’t do something.

Bill and I met briefly and we decided we’d “buy” our way out of the problem. Bill called the wholesaler back and told them: “Listen, don’t worry about all the stuff – just knock $10,000 off the price of the house, we’ll take care of all the stuff on our own”.

He then stopped talking.

After what seemed like an eternity of dead air, the wholesaler said, “OK, let me …read more