Dennis Miano Wholesale Deal

 

Dennis Miano Wholesale Deal

RCI Homes in Parrish, FL
Dennis Miano with Rob Isbel

What was wrong? I had not got a deal for a whole year after joining FortuneBuilders. It was getting me down. Making me question everything about Real Estate Investing, and myself. After talking to several coaches it was determined that I had to get back to basics. So I re-attended Marketing Boot camp in August 2018. While I was there, I signed up for Realeflow and Internet Quickstart. As soon as I got home, I did my first mail campaign focused on foreclosures. It took a while but I eventually got three leads. One was a dead end, one was a short sale still in process and the third ended up being my first deal. I received a call from the owner who was two weeks away from the auction date. I advised him that this is a very difficult situation to save him from foreclosure, but I will try my very best. I started the process of gathering info and communicating with the bank. When I visited his home, he handed me a business card of another investor who also came to see the house. I called that man to see what he was up to. He said he found the house on the county auction website and just wanted to see it before he bid on it. He said he purchased many houses from the auction website. He told me it’s frustrating because you never know if you are going to win the bid and get the house. I told him the situation with the auction date coming up and the lack of time for me to follow the normal procedure to get funding before the auction. He said, “How about if I provide the funds at no cost, since you brought the deal, and we share the profit 50-50?” My answer was “ABSOLUTELY!” I ended up finding my first Partner, Rob. I emailed him the payoff info, then filed a Quit Claim Deed with the County Clerk. The next day he wired the money to the Foreclosure Lawyers Escrow Company. We stopped the foreclosure just in time! He knew from my Deal Analyzer and Repair Estimator, that it was a skinny deal. He stated that it would be best if we could sell the property fast, at a discount, to a commercial Buyer, and let them do the rehab work. This was music to my ears. We both posted the property on our websites and on social media. Rob got an offer and signed the contract within 10 days. Three weeks later we closed on the property, got paid and split the proceeds. This was a win-win scenario. Rob and I made a small profit quickly, and the owner was happy. We stopped the foreclosure, protected his credit, and gave him time to put his furniture into storage and move in with a friend. This was my first deal as a FortuneBuilders investor. It did not work the way I planned it. But who cares? I’m happy and on my way to the next one.

Wholesale Details

Property City: Riverview
Property State: FL
Purchase Price: $139,000
Repair Costs $22,386
Sale Price: $187,500

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Case Study

How did the FortuneBuilders team and resources help you to accomplish this deal?

I used the tools and training to get the lead and do the groundwork so that I had everything organized when a Money Partner came along. The Realeflow team helped me create my first mail campaign. Estus got me started and Evan and Michael supported me after the mailers went out and I needed help. Afterward, I needed help with Deal Analysis. Patrick Judd was very generous with his time and expertise. He coached me to put together several purchases and exit strategies. Patrick really helped me understand that the deal was good only if I could buy the house at the right price, and sell it at the right price, without investing too much in repairs. It turned out that is exactly what went down. Thank you, Patrick. I have to give credit to all my instructors, coaches and webinar hosts. Everything I learned came into play and allowed me to make this deal happen. Major gratitude to all of you! I am still working hard and hope to post another win soon.