Jeff & Beth Thompson Thompson Victory

 

Jeff & Beth Thompson Thompson Victory

iClose Homes, Inc. in San Antonio, TX

Type(s) of Victory: Reached a business goal, Found a great team member, Closed on my first deal, Closed on another deal, It was just awesome


So Beth and I have been with this Mastery thing for a while. Have a couple wins that need to be mentioned. Our first wholesale is definitely one though we have already closed two investment keepers in the Solo K - Kudos for NCH for getting us set up and rolling on the Solo K. We have decided that more forward motion is desired. Week and half back overcame the fear and hired our personal assistant - part time as an alternative to struggling with the Elance platform and related communication issues. It's right for some but not ideal for us as we're more face to face, at least until we fully master all of this. Our new hire; well, all that stuff we never have time to get done she gets done, Craigs list, mailers, blog posts etc. with just a litle oversight from us. The big take away is why did we wait so long? Closed our first "company" deal Monday from a local newspaper ad and related negotiations prior to her arrival. She gets a bonus anyway, she's on this train - she's really excited now. This was a big deal for us on both counts- there is cash in the company account that is not a loan from us for the company start-up and the positive feedback loop I think is going to get the ball rolling even faster. Looking forward to What's next!! The deal technicals: Netted around 8k on 10k gross profit. Could have assigned the contract but 1.) Wanted a happy seller 2.) Developed relationships; a title company relationship (when I told them why I closed instead of assigned they actually refunded the title research fees of just under $400 even though they didn't get the resale) 3. Home run with a new private lender. Cost me 3 points on 40k for a week but he will do again in a heartbeat. Taking us to dinner - think he and his wife are happy. Besides he's an attorney and I now have his loan forms. Secured against a totally different property. Talk about scalable. Rinse repeat.....40k. Structures as a 6 month balloon at 10% with 3% prepayment penalty. This was workable as a rehab. Bought at 80 and sold at 90k with an ARV at 135-140 and about 15-20 k in repairs depending on end product. Hold minimum likely 2-3 months but more likely 5-6 given its a 4 bedroom if we wanted top dollar we most likely need summer. Unfortunately, the foundation warranty was worthless on work 8 years ago. Out of biz 1 month ago. Separate company estimated repairs at 8k (retail). I used to negotiate seller from 85 to 80. Choose to wholesale for cash into our company company in 2014 as opposed to a Rehab as have to disclose foundation issue on resale. Plus prime tile resale is summer some 6 months out, especially for a 4 Bdrm family home with lower winter demand. The icing on the cake is the buyer owns 100+ Single family homes locally - relationship there as well - BAM! Anytime I have a clear deal odds are he will buy in a heartbeat. Can't see how this could have worked any better for us realistically - every participant a winner other than perhaps the foundation company that we did not hire..... Looking forward to the next one!


Shout Outs & Testimonials

Shout out to all you FB Mastery Facebook folks that post your problems and solutions. They make me think.



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