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.

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