Wholesaling Notes: Eric Hits A Wall TGE Episode 3 (Part 14)

Wholesaling Notes

This is a continuation of “The Great Escape” interview with Eric Thiele. Eric is working with Sean Terry and Flip2Freedom.com to learn how to start up a successful wholesaling business. In this section, Sean and Eric discuss next week’s assignments.

Sean: You can have all this success, but there are times when I thought about quitting, when life sucked and I was like, “I can’t do this”, but if you never, ever, ever quit, how can you fail? You can’t fail if you never quit. You’ll figure it out eventually.

Thomas Edison, how many times did he try before he actually invented the light bulb? He could have quit, and guess what, we’d all be in darkness today, or someone else would have invented it.

So, if we never quit, we’ll get the results we want. It’s doing something small, one mission every single day that we can get the results. So our mission, number one, is to get some letters out, handwritten letters, 100 a week. Number two, we’ve got to get this property bid accepted and then get this sucker sold. And then we’ll reconvene and talk about that because I can’t wait for you to get your first check wholesaling houses. So, on this particular deal, real quick, what do you think it’s worth, and what’s your bid at?

Eric: I think it’s worth about 120, and my bid was 83.

Sean: Okay. Your bid’s 83, so you have about a thousand in closing costs, 84, and it’s worth 120. So, you’re going to put about 10 onto it, start off at 10. So you’re going to do it out like at 94?

Eric: Yep. Exactly right.

Sean: Now, for guys listening, that’s not your typical wholesale type of deal, but in a hot market, which he’s in a hot market, you want to push it. You’re going to want to push it because, if inventories are level, I’ll give you an example, I’ve got a deal on closing this week, got in a contract for 22. I initially thought about putting it out at 32, because that’s kind of what the comps in the market would bear. But I went in and looked at the MLS and found out that there’s really nothing available that’s similar up to $65,000.

So I said, you know what, it’s a hot market. It’s tight inventory. I’m just going to tack on another 10 grand, and I’m going to put it out at $45,000 and just see what happens. So I put it out this Tuesday. It’s now Thursday. I put it out on Tuesday. I got 30 calls. I’ve got four contracts back-to-back, full price. Took the contract, first one that came in because I typically do first come first served, took the contract, opened up escrow, we’re closing on Friday for a $23,000 deal that I thought was a $10,000 deal.

See “Eric Hits A Wall TGE Episode 3″ Part 15…

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