I really love to share lots of my entrepreneurial stories with you! The reason is because there are extremely valuable learning lessons from them.
Also, I still make mistakes and I learn from them daily. Anyone who says they don’t make mistakes anymore because they are a total expert is full of s%#t. PERIOD!
So, I wanted to tell you a quick story about me wholesaling a house recently that made me $7,200 in profit that stemmed from about 20 minutes of effort.
About 2 years ago, I got a call from an attorney that I had dealt with in the past. His mother passed away and he wasn’t sure what the house was worth, but he asked if I would be interested in it.
He told me that it was in really good shape and very well maintained.
When you hear things like that from a seller, the likelihood of you making any profit on it is pretty much ZERO. They know that they can sell it by listing on the market and finding a retail buyer that will move into the property. They know they will be able to get full value for it. You and I are interested in properties that need some work that will justify a nice discount on the deal.
So, when he told me this, I could’ve said, “sorry, but it’s probably not going to be a fit for me, but thanks anyway” and ended the conversation soon after that.
BUT, instead, I knew that he might be able to refer a client to me at some point down the road (because he is a real estate attorney), so I took some time to help him.
Even though I knew for a fact, I wouldn’t make a dime on this deal, I decided to plant a small seed by taking about 20 minutes to comp out (find comparable sales) this house for him and tell him what I think he could get for it from a retail buyer.
I called him back when I was done with that, gave him a rough value range, and he listed it and sold it the first weekend it was on the market.
He called me once it closed and thanked me and he expressed how appreciative he was for me taking the time out to give him a hand on it.
Now, fast forward about 2 years later…
I get a call from a guy who really needed to sell a house that needed work and was vacant. He said that this attorney referred them to me and spoke very highly of me and said that I would take great care of them.
I walked through, made them a cash offer, brought in a buyer, and made a healthy profit. The photo for this post is the actual check from December 2nd, 2014.
The lesson that I really want to convey to you here is that you never know what will sprout from random seeds that you plant. The key is to consistently be planting them by showing sincere value to people and getting your home buying message out there as much as possible. That’s when people start to come to you to solve their problems. Got it? GOOD 🙂