Carolin Ricciardi Victory

 

Carolin Ricciardi Victory

Inspire Home Buyers in Calgary, AB
Carolin Ricciardi with Chris Cromwell

Type(s) of Victory: Made my first offer, Got my first deal under contract, Other type of victory


After attending the Denver Wholesale Bootcamp in April of this year, Chris and I cam back to Calgary so motivated, inspired and ready to get some wholesales under our belt. The week we left to Denver I had received a lead from my lawyer about a client of hers that was selling her home after separation but the property was located 10mins outside of our city. At first glance I thought this was not a deal because the home owner had told me she had renovated and judging by the pictures it looked pretty good. Well, on our way back from Denver and with new eyes, we decided to look at the lead again and Chris called the owner. He completed the Seller Lead Sheet and he could not believe all the information she shared with him. The home was already listed on MLS at $375,000 but she would go as low as $350,000. We pulled comparables and noticed it was the lowest listed home in the area based on its specs. We went to walk through the house and complete the deal analyzer, which revealed that in fact the house was partially renovated and still needed work to be completed. Our repair estimator indicated that with an ARV of $440,000 and repair costs at of $30,000 we had a DEAL! We were so pumped, we put in an offer and it was accepted at $350,000. We added conditions of lawyer approval and inspection. We put our $1000 deposit and a condition for an additional $4000 deposit once conditions were waved ten days later. At this point we had not called a coach! We went ahead and had an inspection completed, which was great because it gave a clear picture of what condition the house was at. Our general contractor came with us and completed his list of what needed to be done. Thankfully, nothing crazy came our of the inspection and our contractor was able to charge us $29,000 for the entire project. We were on top of the world excited to be getting closer to our first rehab so we decided to call a coach to run our numbers and make sure all was good before we dropped conditions the next day. Well, we ran through our numbers and the coach was able to point our that we had not calculated into our deal analyzer realtor costs (because we thought we would just market on our own), cost of borrowing private or hard money (we planned on using a traditional bank mortgage) and a holding time of 6 months (we planned 3 months). That was not a fun coaching call to experience but it was necessary. Chris and I realized that the coach was right and the numbers just weren't there to make this a deal. Initially we were were saddened because we wanted a deal so bad and because we genuinely wanted to help the home owner. We ended up walking from this property. As hard as that was, we are eternally grateful for FB coaches because although they are there to encourage us and help us reach our goals, they truly have your best interest at heart. That coaching call saved us huge potential money loss and stress. This ended up being a huge WIN for us because we learned so much that we have since changed the way we analyzed all of our deals and we always use the Maximum Allowable Offer calculation.


Shout Outs & Testimonials

A huge shout out to Craig Barton for having our best interest at hand and telling us the hard truth!



* These examples depicting income or earnings are NOT to be interpreted as common, typical, expected, or normal for an average student. Although we have numerous documented successful deals from our coaching students, we cannot track all of our students’ results, and therefore cannot provide a typical result. You should assume that the average person makes little to no money or could lose money as there is work and risk associated with investing in real estate. The students depicted have participated in advanced FortuneBuilders’ training and coaching. The participants shown are not paid for their stories; however, some of the students depicted may also be a FortuneBuilders' coach, and our coaches are compensated for their services. We believe in full transparency, so please read our Earnings and Income Disclaimers and Terms of Use.