Wholesaling Quick Cash
This is a continuation of the Flip2Freedom podcast with Sean Terry. In this episode, Sean interviews Robinson Aries and finds out how wholesaling took him from bankruptcy to making bank.
Robinson: Not only that but I also made a commission out of the sale. I did a commission of about $1,500. So I net on this property about $12,000. My first deal was for $12,000. It was unbelievable. Believe me. Because I was selling properties as a realtor, as well. I still sell some properties sometimes to customers. But now you’re selling properties for $60,000, $80,000. Commissions are so ridiculous. You can’t make a living with those commissions. So, making $12,000 in one deal, it was just crazy. I said, “Oh my God, this is the way to go. I’ve got to put in more offers.” Believe me, I check the Internet every single day. Now, there is a lot of competition. The market is very tight.
Sean: First of all, you had the law of attraction. You had it out there. You wanted the law of attraction and the guy calls off of a bumper sticker. You just got the property and all of the sudden you’ve got the deal together, number one. And number two, you had to have the closing but you didn’t have any cash to figure out how to do it. Then this lady just refers you for a $1,000 to get it done. I mean, people don’t understand. They think, oh that’s just a coincidence. Well, you think it’s just a coincidence. We’ll use the law of attraction to make a fortune. Now, Robinson, how many deals have you done? When did it close? That was November of 2011?
Robinson: Yeah, that was in November and I actually closed in December. Actually, I closed on November 23rd.
Sean: So, a couple of days before Thanksgiving. You had a good Thanksgiving.
Robinson: Excellent Thanksgiving. Unbelievable. I was so grateful.
Sean: I bet. So, now, from that point forward, you’ve closed your first deal to now. How much money have you made, and how many deals have you closed?
Robinson: All right. After the first deal, I closed another 6 deals, only from HUD. I’m just talking about HUD deals. The first two deals that I did were just wholesale deals. Then, after I realized that I was leaving some money on the table, because some of these deals I was sending to other investors and they actually were having to resale and making more money out of these properties.
I did fine. Of course, I didn’t have too much money. But with the first two deals, I was able to write $25,000. So, my third property, I bought for $24,000. I borrowed $5,000 from a friend of mine to do the rehab. And, I did the rehab in one week. I did the rehab in one week, and had the property and the contract in two weeks. I sold it to a cash buyer for $55,000 and I made a profit of $30,000 on that one.
Sean: That’s awesome.
See “F2F Robinson Aries Interview” Part 10…
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