Featuring Michael D.- Washington
Wholesaler “accidentally’ makes $100k”
Michael DeHaan started his off-market business in February of 2020. At the onset, it was just Mike and his business partner.
Fast forward and they now have four separate markets and a staff of eight. They will also be completing their 100th deal within the next couple of months.
Mike is a wholesaler and had a land deal fall in his lap.
Here’s how he made $100k with that one deal…
The seller inherited the land years earlier and had been trying to sell it on the MLS for several years. On top of that, the seller had listed the price way too high for all that time.
As the location was acreage and they didn’t know what they were going to do with it, Mike and his partner offered a lower number. The seller agreed and they got the property under contract for 50% of its original listing!
Immediately after getting the property, they began to research the ability to subdivide the property into lots. After determining everything that was possible for the property, they began to search for a buyer.
Due to it being a unique property, Mike and his partner experienced numerous ups and down in attempts to get it sold. They were able to finally lock in a deal with a developer and made $100k!
- Purchase price: $200k
- Asking price: $485k
- Re-sale Price: $300k
- Net Profit: $100k
- How many letters sent: 6500
- The list: Inherited property on Absentee owner list
- Mailing piece: Ballpoint handwritten mailer
- How many touches? 9+ follow up calls