This is a story about never knowing where you can find your buyer or seller. About nine months ago, I was eating at a Chili’s restaurant and preparing for a wholesaling class I teach for our Real Estate Association in Orlando. A man started talking to me after he saw my ibuyhomes.com shirt. He said he was a Realtor, and we exchanged cards.
He called a little over a month ago and said he had a house he had to sell. (Of course, it was not listed.) He had inherited the house from his mother, and he was in foreclosure on his personal residence.
He wanted $172,000 to $175,000. It was a 3/2 on a ski lake. I offered $166,875. (I never offer a round number; this makes it appear I have calculated to the penny what I can pay.) And he accepted.
Before I could even get the contract signed, I was talking about the deal over breakfast at Einstein’s Bagels when one of the guys said he might be interested. I told him the price was $175,000. He looked at it and said he would buy it. He had just started searching for a lakefront house, and I didn’t even know it.
I then got the original contract with the seller signed for a closing 26 days later. I got an assignment of contract from my friend. We closed 24 days later. I made $8,125 with about 3 1/2 hours worth of work.
All this because I talk to people about what I do. Everyone in this transaction was thrilled. The seller avoided foreclosure on his house. The buyer got a house that appraised “as is” for $300,000, and I made some quick cash. This is a great business!