Investor Spotlight
Issue #3:
Featuring Eric R. – Atlanta, Georgia
No Stress Wholesale Deal!
Eric Ruben is a solo wholesaler/rehabber (no AM’s just himself, but he’s looking to hire an admin now), operating in Atlanta. He gets most of his deals from cold calling and mailings, with a few sporadic deals coming from referrals and being in the right place at the right time (like having a seller check out his rehab while he happens to be there during his routine inspection).
He plans on ramping up his mailings because they’re giving him better long-term ROI and ease of mind.
The Story
This was a single-family house in a suburb of Atlanta. It was an out-of-state landlord looking to liquidate and move into another deal. The house was in great shape but it had tenants in it. However, they negotiated to hold escrow until tenants move out.
Here’s what Eric said himself about the deal:
This one was a quick wholesale deal in a suburb of Atlanta. Lead came in via text responding to a BPM mail piece. Seller was an out of town landlord with a previous expired listing. He was looking to liquidate and get into another deal. We agreed to 230k after a quick back and forth and went under contract a little over a week after first contact. I assigned it for 250k, and we closed a little under 30 days later. It went pretty smoothly so there was minimal stress. I like those better than the ones that end up having a crazy story to tell later! LOL
The Numbers
Quick and easy $20,000 wholesale for Eric…
- Purchase price: $230,000
- Assigned Price: $250,000
- Wholesale fee: $20,000
- Length of closing: 30 days
The Marketing
- List: Expired Listings
- How many addresses mailed to: 5,000 (mix of several different lists)
- How many touches: 1 mailer, 10 touches of calls/texts till contract signed (including getting paperwork and signature)
- Marketing piece used: BPM Comic Postcard
This one didn’t take much follow-up. From first contact to close took 10 days. Pretty much, went straight into negotiations from first contact, and then immediately sending offer via e-sign and pdf.
It was done all virtually, over the phone.
