Greg White Victory

 

Greg White Victory

Grapevine Properties in Chelsea, MI

Type(s) of Victory: Closed on my first deal


A gentleman called me after seeing my bandit sign on his way home from work. He had a house he wanted to sell for cash, but it had to be quick (7-10 days). The house was given to him, but he was afraid it would be attached to his bankruptcy if his creditors found out. He wanted 18-20k. I visited the house immediately and estimated repairs at 35k while I was having my agent put together a CMA. The comps came back at 75-80k and since everything would be new, I figured 80k was a safe number. 80x70%= 56k-35k(repairs)= MAO of 21k Since I am new, I am not set up with a hard money lender, so I did not think I had time to get a loan. (my money was tied up in my first rehab and also as a lender to another mastery student in North Carolina). I decided to offer 10k so there would be margin for a wholesale. After a few back and fourths, the seller signed a purchase agreement for 11k. I had a 2 hour open house for other investors and asked for 21k. I got an offer for 20k, so I accepted. It actually took over 2 weeks to close, but we closed on the 29th and I have my first profit as a real estate investor.


Shout Outs & Testimonials

Zak DeHondt (mastery student in my area) put together a wholesale packet for me, which put together all the photos, comps, and info on the house on a nice PDF. This helped me easily market my deal to other investors on my buyers list. Zak's wholesale packet costs $15 and he puts it together in 24 hours.



* 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.