This is one of my favorite Wholesaling Real Estate Stories
So i get a call from a past client stating that his manager will be calling me to buy an investment property. We talk back and forth on the phone for weeks. I think he maybe in the “Getting Ready to Get Ready” stage of investing. Finally I get him out to look at a 5 unit that should be marketed for around $240,000 and my wholesaler was going to sell him the house for $210,000. When we were leaving the house he asked my wholesaler for a card. After weeks of over analyzation on the house he decided to pass.
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Fast forward 2 weeks, and I get a call on Monday from my wholesaler and he said that this buyer had gone around me and called him, and told him not to pay me for anything he bought. He actually said I dont want Eric to know about us and I can save money if you dont pay him. My wholesaler and I have a great business relationship so I just told him to pay me 4% on whatever he bought. Well that thursday I took out the super buyer to look at homes and found a perfect investment property worth about 75k for 57k, he hemmed and hawwed, so I finally told him hay if you dont buy it I will so make up your mind. He called 15 minutes later and said I have some other projects going so Im going to have to pass on this one, because I have some other deals im looking at. Not 2 minutes after he called my wholesale guy calls me and tells me that the buyer called him and said he wanted to buy a 2 unit that I had sold to my buyer the first time around, the home he was selling was not a great deal in the least, but hey the buyer was on his own now. So the buyer ended up buying from my wholesaler and not knowing that I made 4% of 80k rather that 3% of 57k.
Oh but it gets much better, I went ahead and bought the property that he had passed on for 57k and then collected the 3% commission.
Oh it gets even better, I didnt need anymoney to close because I had sold the property to my wholesalers dad for 65k, he brough a cashiers check and we did a back to back closing so I didnt need a dime.
The results looked like this
without a weasel buyer I would have made 3% of 57k so around $1710
with a weasel buyer I made 3% of 57k $1710, 4% of 80k $3200 and $6500 wholesaling the property using none of my own money. for a total of a
Weasel killing $11,410 all done using none of my own cash, none of my own credit.
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