Wholesaling Quick Launch
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 the problems you can run into when you obtain a property.
Eric: I’m jazzed about that because on a weekly basis, I’d say there’s 200 or 300 other properties that show up every week, so we’ll get some of them.
Sean: Yes, you will. 200 to 300 a week?
Eric: Yeah, I believe so.
Sean: Wow. Here in Phoenix there’s maybe 15 or 20 a week. But 200 to 300, wow, that’s a lot. See, now that’s awesome, and what that will do is, it will create the momentum, especially with writing letters and all that stuff, that you want to have all balls in the air. If he’s doing that, he’s going to get some acceptance.
And it’s funny, I got acceptance on a property two days ago where I bid on it back in November of last year. I was the backup. It went through like seven different people, and then I finally got the acceptance, but the amazing thing is comps were from November. So, I think it’s a $10-15,000 deal, which is pretty good.
So it creates that momentum too. And if you bid every single day on properties, then in your backup, you might not get accepted, but you’ll get accepted just like you did, in the next day, or down the road, or a week from now, or a month from now. They’ll just start coming in, which is cool. All right, what other challenges are you having?
Eric: Just cash flow. And, in a week I get paid for my consulting work here in Austin. Then I can afford to go buy more lists and there is a couple of searches of lists out there and I’m going to go after it.
Sean: Sweet. All right, tell me about your rehab project you’re having issues with. Is it more the extra money, or what?
Eric: Basically here in Austin, one of the common problems is foundation issues. There’s a lot of clay in the soil. When the clay dries out, it shrinks, and when it gets wet, it expands, and it wreaks havoc on slab foundations, and worse yet, the plumbing that’s under the slab under the house.
One of my projects, I had a plumbing system that passed inspection a couple months ago. We finished the house, and now it’s not passing inspection. I have a leak somewhere under the house. So, this is probably going to be a $4,000 or $5,000 problem. I was planning to put this property on the market in the next week or two, so it’s not quite the piece of news that I wanted.
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