FIRST DEAL EVER!! Cracking into the CA Silicon Valley real estate investing market where everything costs $1M+ is very challenging, especially while working full-time jobs, traveling to China 4x for work, getting married and having two kids. It is all possible! rnrnThe seller responded to our handwritten greeting card from Nov 2017. His mother passed away in Feb 2018 but kept our card on the counter. He called, I did a quick desktop analysis, and drove to the property that evening. Turns out the property was in a Trust and there were FIVE heirs - and they didn't get along. Two of them didn't care. One of them was skeptical of everything and didn't want to sell. One of them negotiated everything. Another wouldn't even negotiate! (he would just get up, say 'I'm done', get angry and walk out of the room)rnrnNegotiating the price was a real challenge and I almost lost the deal several times because of the sellers' skepticism, short fuse and everything else. There were termites, rat droppings, carpet from the 50s, and even a death in the back bedroom. They grew up in the house and believed the house was worth $1.6M (keep dreaming) and just needed new carpet and paint. I spent roughly 12 hours meeting with the sellers multiple times, building a very complete wholesale package (photos, floorplan renderings, appraisals, inspections, etc) and working with other investors to find the right buyer. Among several interested investors, we found one through other Fortune Builders and sealed the deal!
How did the FortuneBuilders team and resources help you to accomplish this deal?
- Robynne Alexander's recommendation for the hand written greeting card campaign helped get us the call!rn- Erik Bee's Due Diligence Packet (unfortunately negotiating with five people was like facing a brick wall)rn- Mindset training and not being afraid to submit an offerrn- Than and Andy's Sales and Negotiation course by learning to posturern- Fortune Builder's network and community to find a credible investor to complete the wholesale transaction